And So It Continues: Another 92 Thousand Ounces In Physical Silver Withdrawn From Comex

zero hedge ^ | 5/5/11 | Tyler Durden

[Nachum]

At this rate, tomorrow, for the first time, we will see a 32 handle in Comex registered silver ounces, where apparently despite the massive drubbing in paper silver, demand for physical inexplicably persists.Speculators to be blamed for this in 5...4...3...

[mamelukesabre]

not if you are a frequent buyer/seller.

[Cyber Liberty]

That makes you a day-trader, not an investor.

[Thunder90]

I knew that today was all about profit taking in the commodities markets. Oil, Silver, Gold, and food future prices will stabilize tomorrow, and begin a slow rise next week.

[Cyber Liberty]

WOW! Thanks for that! I thought they were dead...that was 30 years ago, and they weren’t spring chickens.

[DoughtyOne]

There you go. I’ll have to give that a try. ;^)

[kevao]

You aren’t using your head. All that eats into your profit. Buy paper and there’s nothing to eat into your profit.

I've been wanting to buy physical gold and silver for some time. But from whom? What dealers? How do you know what they're selling you is even real?

Plus there's the transaction cost. I'm not talking about today's transaction cost, but if you're buying physical to protect yourself against a dollar collapse, and TSHTF, can you imagine the black-market transaction cost after Fedzilla confiscates precious metals and outlaws their ownership, as in the 1930s?

How much to convert my illicit silver coins into the 15,000 Bernankes I'll need to buy a loaf of bread at Safeway? And what kind of neighborhoods will I have to go to to convert my coins into Bernankes? And how many armed friends will have to accompany me to get safely into and out of those neighborhoods?

What's the little guy to do? Buy paper shares? Like I said before, the next scandal will probably be like "The Producers" movie -- SLV is oversubscribed by some 30,000%. "Oops! We're awfully sorry about that! We'll send someone to jail and make it all right."

They supposedly audit those London vaults twice a year, but Enron had auditors, too.

All this just because we have a central bank run by lunatics....

[Atlas Sneezed]

Last week I actually contemplated going out to purchase some silver.

---

You are blessed with good not to have bought. But if you aren’t buying now, you’re a fool.

Not all at once, but taking what you have allocated, and using 20% now, 40% if silver hits $30, and 20% more each month until you have completed your transfer from cash to silver, will not steer you wrong.

[Atlas Sneezed]

“good” = “good luck”

[mamelukesabre]

wow, you have a lot to learn

buy physical silver/gold from bullion dealers...or coin dealers. many times one type of dealer is also the other type as well.

Bullion minted into round coins is called “rounds” These are minted by mining companies and by governments.

Just go to wikipedia and search “silver rounds” then read

then learn what “junk silver” (aka coin silver) is

learn the difference between an ounce and a troy ounce

lean what numismatic value means

learn what spot price is

various well known mints and well respected are as follows:
northwest territorial mint
sunshine silver mint
pan american silver corp
canadian maple leaf
american silver eagle
englehard
Johnson Matthey(JM)
and others

To spend silver as money in the event of a total collapse, you will need silver coins, not bars. No one will have change for gold coins or silver bars. Many people think the ultimate currency in a total breakdown of the economy will be old silver dimes. one silver dime is estimated to be roughly equal in value to a days rations of something simple (beans and hashbrowns perhaps) for one person. One silver dollar should be approx equal to a days wages for a person earning minimum wage...provided they can find work and someone that can pay them.

search the internet for the various producers of silver rounds, learn what they look like, learn their names. get a feel for relative desireability of each brand, then go to a bullion dealer and shop for them. If you wanna start small, buy old silver american coins instead of silver rounds. Silver quarters, dimes and such are sold in “face value”...that is, if you buy a dollar face value in silver dimes you are buying ten silver dimes.

Learn how to calculate the silver value of a silver dime, quarter, half dollar, and silver dollar.

[mamelukesabre]

I started buying when it sunk from $49 to $46. Probably a mistake. Probably shoulda waited until it hits $30

[Delta 21]

I keep mine buried in the back yard.

[kevao]

wow, you have a lot to learn

I sure do. I've been in stocks, bonds, and MFs for twenty years, but don't know the first thing about physical precious metals. And you've been a great help. Thanks!