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This kind of volatility we are seeing in silver is insane, and is
further proof that the paper market is manipulating the price! Silver hit a
low of $26 yesterday, yet 3 days earlier it was $40.50!
$40.50 minus $26 = $14.50/oz. dip.
$14.50/$40.50
= 35.8% drop in three days!?!
And yet, this morning, silver hit a high of $33.65. In just over 24
hours, silver bounced back by about 29%?
$33.65 minus $26 = $7.65/oz. gain.
$7.56/$26
= 29.4% gain in just over 24 hours!?!
I know this kind of market volatility and price changes are unusual.
It's unusual even for a tiny $3 million market cap penny stock! And the
silver market is a major $30 billion annual industry, which is 10,000 times
larger than more stable penny stocks!
How can a dealer deal at 3% or less in this kind of environment?
We, at www.jhmint.com
were super busy on Monday, 9-26-11. We sold $260,000 worth of silver and
gold. We only bought $30,000 from the public, so we had to order $230,000
from the wholesale suppliers, who, again were all super busy themselves, and
had busy signals on the phone today. We are rapidly running out, and risk
being sold out of a few products tomorrow. Therefore, I raised prices by 1%
across the board, again, to help ration product availability.
Our shop, jhmint.com, was super busy last Friday, 9-23-11. The public
bought $250,000 worth of silver and gold from us, about 3/4 silver, 1/4 gold,
and most of it all in cash, all under $10,000 limit. We took in only $60,000
from online wires, in 7 different wire transfer transactions. This move down
in the silver price is totally fraudulent, the
people are buying like mad at these levels. If this price holds for some
insane reason, while people buy this much, then I'm thinking that silver at
most of our suppliers will run out in about a month or less. Most people were
buying like crazy. Exhausting day! Fun Fun!
On my facebook page, people were commenting about shops running out of
silver already!:
https://www.facebook.com/jason.hommel
Regarding these clearly manipulative price changes, a reader asked me
at facebook:
When will the sellers like YOU just shut up shop during times like
this! - put a sign in the window - 'gone sailing,
back later' - Kiwi.
I replied:
No, we NEED to sell to the public, so that we can allow the public the
opportunity to challenge, and take on the JP Morgan manipulators. I'm not
"selling", I'm "passing it through", as for every sale,
we re-purchase the silver immediately, in bulk from wholesale suppliers, and
mints, who manufacture fresh new 1 oz. rounds.
And I replied again:
Also, Stephen, we have FIXED costs, such as telephone book ads, rent,
employees, internet, electricity, garbage collection. If I close up shop, on
some of our busiest days, I would be a horrible businessman. The trouble is
not me, the trouble is that the public, such as
yourself, do not understand the first thing about the free market, and how
free market competition is the ONLY thing that will ultimately end the price
manipulation. See, the price manipulations fail when the public goes on a
buying spree like they did on Thursday and Friday.
The reader responded with appreciation and understanding:
cool - I appreciate the response
Jason, except i do understand the free market, I just didn't realize you were
buying at the market price.
I reply finally:
Yes, we always have to buy back daily. If we can't buy from the
public, then we have to re-order from wholesalers. Unlike other dealers, I'm
not content to sit on cash, I always go all back
into metal at the end of the day, and during the day. We do this so that we
will survive this bull market in silver, and survive the run up to $500/oz.
and beyond. This is not just my market prediction hype,
we are basing our business plan and strategy and business procedures to
ensure business success while the price rises explosively.
I strongly advise you to take possession of real gold and silver, at anywhere
near today's prices, while you still can. The fundamentals of silver
indicate rising prices for decades to come, and a major price spike can
happen at any time.
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