Photographer: Chris Ratcliffe / Bloomberg
Photographer: Chris Ratcliffe / Bloomberg
There were oversupply in sales sites with demand for silver bars and coins on Sunday, echoing the frenzy sparked by Reddit that markets roiled last week ‘s roiled goods into corporate assets.
Sites from Metals of Silver and SD Bullion gu JM Bullion and Apmex, the Walmart of North America precious metals products, said it was unable to process orders until Asian markets opened up due to unprecedented demand for currency.
Robert Higgins, chief executive of Argent Asset Group LLC in Wilmington, Delaware, said he has been on the phone trading all day, with people in a hurry to buy gold or silver.
“It’s a very tight corporate market right now,” he said. “And I don’t know if there’s an answer except when things settle down or the market explodes on Sunday at 6pm.”
Retail traders, inspired by Reddit posters, entered the money market last week and thrived on the prices of the metallic metal, silver miners and trading currencies. Spot prices, cash futures on the Comex and the largest currency trading fund, iShares Silver Trust, climbed more than 5% a week.
Reddit crews can find products harder after spoiling money
Prices on American Eagle coins have risen to nearly $ 5 from a normal level of $ 2 over the past three days, according to Everett Millman at Gainesville Coins in Florida. His company A message website states that orders take longer than usual to fulfill.
“That totally encourages more people not only to jump on the band with the Redditors,” Millman said by phone. It also “reinforces the tendency to keep corporate money safer than considering the stock market. ”
What is unusual this time around in the corporate money market is that “everyone has been raising their prices,” according to Millman. In normal times, some retailers will be able to offer lower prices.
There are also signs that investors are holding on to money they have, rather than trying to take profits.
“Now we see nothing, not a single offer, which is frightening,” Peter Thomas, senior vice president of Zaner Group, said by phone from Chicago. “Whatever we sell, people keep it. Metal doesn’t come in at all. ”
– Supported by Eddie Spence
(Commenting from Argent in the third paragraph)