We will not be receiving our shipment of RCM 10 oz Silver bars. This coupled with an internal inventory discrepancy has effected a few of our customer orders. We have been working diligently each day to secure RCM bars through various sources for our customers at any cost. Unfortunately, we were unable to fulfill some orders, including yours. – Email sent to Provident Metals customers who prepaid for silver bars which Provident had represented to be in Provident’s inventory
“Internal inventory discrepancy?” What other inventory discrepancies are occurring at Provident. What kind of “inventory discrepancies” are occurring at other bullion dealers. I can’t believe Provident sent notice of delivery default with a claim of inventory control issues.
Why not just admit the truth that the bullion dealer pre-sold bars that it was expecting to receive from the RCM and the RCM stopped production and ran out of supply before Provident received its full order allocation?
On the heels of Bullion Direct direct blowing up, this is another indicator that the fractional bullion system is beginning to collapse.
YTD silver eagle sales reported by the U.S. mint are running well ahead of 2014’s record sales pace. Gold eagle sales in July were up 456% from July 2014. I heard today that the RCM is now putting silver maple leafs on allocation. Retail demand for bullion is beginning to avalanche.
Gold sales in Malaysia were up 50% in July – LINK. South Korea is on track to import a record amount of gold in 2015 – LINK. Gold imports into India have accelerated well ahead of the biggest seasonal buying period, which begins in a few weeks. Deliveries into and withdrawals from the Shanghai Gold Exchange our occurring now at a record rate.
The Federal Reserve, in conjunction with the U.S. Government and the Central Banks and Governments of the EU, has chosen to push down the visible price of gold as much as possible primarily by flooding the market with the naked short-selling of paper gold. The motive behind this is to support and reinforce the highly artificial and uneconomic policies of zero interest rates and money printing in order to keep the U.S. and European economic systems from collapsing.
The unintended consequences of this operation are now starting to surface, not the least of which are several indicators which suggest that there is significant stress in the availability physical gold and silver in both the U.S. and London.
The capitulation is remarkable. I see it everywhere. However, I continue to believe that, in retrospect, this will be seen as the best buying opportunity in the history of gold and,especially, silver. – John Embry (from email exchange with John earlier this week)