Interesting note from a German coin dealer;
http://www.goldreporter.de/german-precious-metal-dealers-report-huge-run-on-silver-coins/gold/46086/
Precious metal dealers in Germany have literally been run down after the latest slump in gold and silver. Wholesalers already expect deferred deliveries.
The latest plunge in gold and silver late last week has led to a sharp increase in demand by German precious metals investors, which also continued on Saturday. There was a particularly strong demand for silver coins. “On Thursday and Friday people had to draw numbers in order for us to control the run”, reports Andreas Heubach, CEO of Heubach Edelmetalle in Nuremberg. “On both days we sold each around 40,000 silver ounces – incredible”, he said. “Demand is back – and hysteria as well”, he evaluated.
Tremendous Run
“The run is tremendous, even today on a Saturday”, Christian Brenner, CEO of Philoro Edelmetalle GmbH in Leipzig and Berlin reports. Despite the high counter trade level in September, demand has increased by 100 percent, online-trade even soared by 300 percent.
“Run is not the right expression“, says René Lehmann of Münzland in Dresden. “We’ve seen up to 80 percent of our regular customers taking advantage of the slide to build up more positions. On those two days, on Thursday and Friday, we made approximately 50 percent of our monthly revenue”, he reports to Goldreporter. Maple Leaf (1 oz.), 1 kg Lunar and ½ oz. Great White Shark were particularly in demand, since Münzland had a special offer on them. In gold especially 1 oz. Maple Leaf and 1 oz. bars have been purchased. The ratio of buyers to sellers has generally been at 50 to 1.
The sentence I highlighted is an important point.. one I have brought up before. Realize please that there is not broad participation in the US for PM buying.. yet I will tell you that Texas Precious Metals, which only sells what they have in stock, and had, prior to the latest smash down, everything in stock for a matter of months, is now out of stock for Maples, Phils, and some 90%. The stress on the system now is almost completely a result of
repeat buyers.. i.e. the AWAKE. Chris stated he is in for 1000 ounces recently... I have added as well.
What happens when more people wake up and want some metal? If just the small contingent of the monetarily awake can drive retail markets like this… what is to come?