Reddit Activity in the Silver Markets

 


Feb 1, 2021

Demand  for physical Silver and Gold has been exceptionally strong since the November election, but we woke up today to the precious metals' markets seemingly on fire.  After having had grand success in the Short-killing run up of GameStop and AMC stock, the Reddit group has now turned it's massive buying attention to the silver markets.  Overseas trading Sunday night had silver showing a 5% to 10% increase that spilled over into London's market Monday morning, and New York trading near the close Monday is still solidly up 7%-9%  from Friday's closing price.  Even more interesting for us than the price move, is the dramatic effect that this retail demand has had on physical metal supplies.  Inventories of physical silver have been exhausted and we are seeing big spikes in the premiums that physical coins and bars bring.  We are being forced to sell many items based on extended delivery times.  We saw a similar situation in March-April 2020 caused by physical demand from big Covid inspired price drops, delivery times became extended but metals trading never stopped and eventually the delivery times got back to normal, even with consistently strong demand. Demand was already very strong since the November elections, but now it's notched up.  (We sold as much in precious metals in the period of November, December & January as we had in all of the year 2019)  Gold items are affected as well, but the bigger retail demand is currently focused on Silver.

So where are at the moment?  Currently, we can still take pre-paid, guaranteed orders on many products, where the material is sold to you and prices are locked-in and protected from market changes. With the most notable changes being increased premiums and much extended delivery times.  As of last week, most orders were taking about two weeks for fulfillment, with some items like pre-65 US 90% Silver coins taking longer.  Now going forward, we will have to estimate delivery on a case by case basis based on inventory updates from our various vendors and mint distributors.

Please see other posts in this blog series that illustrate and discuss the most popular silver and gold bullion products that we sell.

Other Important Notes for buying:

1. Due to the volume of activity, it's difficult to get on the telephone. Email is still the best way to handle specific questions or to place orders. (Retail at NashvilleCoin . com) 

2. We can accept payments by Bank Wire or electronic payments through CashApp or PayPal. Please note for PayPal: transfers by their "Friends & Family" method cost us nothing to receive and is recommended. PayPal's standard transfers cost us an additional 3.5% which we must pass on to you the buyer if that method is used.  Credit Cards can be accepted on a limited basis through PayPal, again with that 3.5% PayPal fee.

3. Orders picked up or shipped within the borders of Tennessee will have 9.75% Sales Tax added. Orders being shipped or delivered outside of the State of Tennessee have no Sales Tax, only a small shipping charge (usually $15 range).

4. Orders over $2,000 get free shipping.



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