Gold And Silver Physical Market And Inventory Update From The Source: "In A Word, Ugly"

04/22/2013

By now everyone and their kitchen sink has speculated on what caused the great precious waterfall which started on April 12 and continued for the next four days. The factual reason for the biggest gold down days in history will likely remain unknown. In fact, in a sea of unfounded opinions, the only thing missing so far has been an informed opinion on what is really happening in some market - be it the paper of physical, especially in the aftermath of the unprecedented scramble to buy physical, not paper, gold and silver. So to avoid further speculation, and focusing on fact, here is what the CEO of Texas Precious Metals has to say about the state of the actual physical market, not the one where one can create "gold" and "silver" out of thin air. The bottom line? "The physical silver market is, in a word, ugly" and more importantly, "Last week, we turned away business in excess of 100,000 ozs of silver because of stock depletion." Botton line: please keep selling your paper metals - the demand in the physical space has never been greater, and is absorbing all the available inventory at current prices.