Here’ s your Silver Market Update for the first week of November 2015. Can you believe it’s November already?? It was truly a remarkable Summer-Fall for the Silver Market. As I posted previously here, the market experienced an unprecedented Physical Silver Shortage.
On July 8th of July, Silver hit $15.00 per troy ounce, down from $15.65 at the beginning of the month. We saw a bounce back up from that support level in the days following. Yet on July 16th Silver prices dipped below the psychological support level of $15.00/oz and things got funky in the world of physical silver!
Technical/Institutional trading triggers kicked in, and the supply of Physical Silver quickly dried up as short positions were being covered at this low price, and silver product producers, both public and private scrambled to replenish their depleted stock of the popular grey metal. As the Summer progressed, and word got out that physical silver was in very short supply, demand grew exponentially. So much so that the U.S. Mint, in fact, ran out of the hugely popular 1oz Silver Eagle Coins, as well as the raw silver to produce new ones!! Private mints ran out of raw silver as well to refine and produce 1oz, 10oz, and 100oz bars! It was mayhem! The perfect storm! Huge demand and no supply!! Many products saw big premium increases, and delivery dates were being pushed back as far as 3 months!!
Well, just as I predicted, things have normalized (mostly) in the silver world. I am here to share with you in this Silver Market Update that most products are available and premiums have evened out to essentially normal levels. HooRaay! (At least for the moment). Most mainstream products (in small amounts) are available for immediate delivery, and larger orders are back to regular one week delivery time (subject to change). Check with us for current pricing and availability.
One thing to keep in mind though, today 11/5/2015, Spot Silver closed at $15.05 per ounce. Curiously close to the price level that sparked the Great Silver Shortage of 2015! So keep you eyes on silver, and if you are looking to add to your physical holdings of #Silver, contact us!!
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