Silver at bargain prices!
Several readers of ArabianMoney have written to us over the past two weeks to express their astonishment at the current price of silver because demand where they live is so high that stocks have run out.
Consider this comment: ‘I used to buy silver from a shop in Kobar in Saudi. From the last four weeks they said they ran out of silver. I cannot find anyone who sells silver in Saudi now. I asked them from where do they get their silver. They said the UAE. The problem is they only have 1kg bars…and I still cannot find any supplier.’
No stock
Well don’t bother coming to the UAE. Our information is that the 1kg bars mentioned here and featured in a video on the website last month (click here) are all sold out too. We’ve also had feedback about low or no stock in Texas and Australia from big private bullion dealers there.
Here's a comment left on the above linked item:
Comment by Greg Hudson - 06 October 2011
Report from the Bullion trenches in Sydney (ABC Bullion):
Brisk trading again today with clients queued before we opened and queues of 30+ mins to get in the front door at lunch time and early afternoon. A mix of gold and silver buyers. Very few sellers, in silver we only bought back 2kg of silver over the counter.
As expected last week we have sold out 1kg silver bars for immediate sale, and the wait list for 1kg bars from the PAMP refinery has blown out from 4 to 6 weeks.
The only silver bars we have to sell over the counter to take now is some beaten up 50 & 100 oz Harrington bars from the 70’s that we bought back several weeks ago when prices were much higher (we are selling them at loss!) and sub 1kg bars, such as 100 & 500gram, but the 10oz bars have sold out.
1oz & 1kg silver coins are still available.
Gold bars and coins are still readily available but we are getting warnings of supply issues in the pipeline from our suppliers which is not a good sign going into the Indian gold buying festival of Diwali on the 26th.
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