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Precious Metals In Short Supply?

I received the following letter this morning from a company that I have bought precious metals from in the past:

Dear David,

Due to the OVERWHELMING demand for precious metals, our online ordering system has been unable to keep up with our customers’ needs. We have had to disable the ordering system to allow us ample time to upgrade our site to accommodate the increased demand. We apologize for this temporary problem. In the mean time, we will be accepting telephone orders for the following items only as we have them available:

“¢ 1 ounce Gold American Eagles
“¢ 1 ounce Gold Canadian Maple Leafs
“¢ 1 Ounce Gold Krugerrands
“¢ 100 oz Silver Bars
“¢ Misc Generic .999 Fine Silver
“¢ 90% Coin Silver

During this time, we will have a minimum order of $5,000. We regret we have had to make this drastic change to our ordering process and rest assured, we are working expeditiously to correct the problem. As soon as we have our new site up and running, we will notify you via e-mail when you can again place orders online.

So I guess people are trying to pick up some Gold and Silver in the last couple weeks, huh? With MSN Money advocating getting out of your stocks while the getting is good, things are getting interesting around here…


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Comments (9)

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  1. Mccavity says:

    Kind of sounds like a scam. You know, like infomercials “Call within the next 5 minutes to get this deal, but hurry, stock is running out!”.

    I’m just suspicious because, unless you had a pending order with them that they’re telling you that they can’t fulfill, it’s a mass emailing.

    Do you think they’re trying to influence a mass mentality (since everyone else is buying gold, gold must be a good option, so I’ll buy gold), or is there really a run on precious metals?

  2. david says:

    I thought the same…but I saw some other metal suppliers saying the same type of things in the last couple of days, so who knows. There was more to the email about fulfilling already-placed orders, etc, but the gist was “we are slamming busy, so please call if you need something”

    Either way, I am not buying – I just found it interesting.

  3. Zachary says:

    Hi David,
    It amazes me that so many people are advocating buying gold right now with the price of gold so high ($1000/oz yikes!). While it is true that the stock market’s short-term prospects don’t seem that great, staying in for the long haul gives everyone a chance to buy stocks at a low price and wait for them to go back up (without making the gold companies richer!).
    Best,
    Zachary

  4. x says:

    zachary, i tend to agree with you. while i feel long term, way long term, the metals should go higher, this has been a bit much.

    the stock market has been volatile, but what do you think is going to happen when all the hedge funds and large institutions storing value in precious metals decide it is time to sell… it could get ugly real quick.

    a quick side, the rise in platinum has been simply insane. in about a thirty-five day period from the end of january it jumped from 1500 to 2300. but for a good laugh, check out the five year chart on rhodium,

  5. Wow! You weren’t kidding about the rhodium, David! Makes me wish I had an ounce or three laying around. I just don’t see the same thing happening to gold, however. But therein lies the intrigue of investing. The future is hard to predict.

  6. […] speaking of the economy, apparently people are getting more into precious metals…leaving brokers a bit overwhelmed @My Two […]

  7. […] Precious Metals in Short Supply? – David shares a shocking email he received from an online supplier of precious metals, gold and silver. This was an eye opening article that speaks to the mindset of the American investor right now… […]

  8. […] Precious Metals in Short Supply? – David shares a shocking email he received from an online supplier of precious metals, gold and silver. This was an eye opening article that speaks to the mindset of the American investor right now… […]

  9. Here in Japan where I live there has also been a shortage of bullion, both coins and bars. Many items are no longer available, and silver and platinum are particularly hard to get your hands on.

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