by Steve St. Angelo, SRSRocco Report:

I was finally able to spend some time today talking with precious metals dealer, Tom Cloud this morning.  Tom Cloud, like all precious metals dealers, has been busier this past week than in the last 30-40 years.  The response I’ve seen by many of these dealers, they haven’t seen anything like this in the past.

Tom told me that business has been so busy, the office was still returning calls and processing orders until late in the evening.  He says, there is now a long line of people, in the queue, waiting to purchase precious metals when they become available…. especially silver bullion. According to Tom, 75% of the volume buying is in silver bullion while 25% is for gold:

This ratio is probably true for most precious metals dealers due to the larger silver paper price sell-off versus gold.  Silver is down 31% from just a few weeks ago, while gold is only down 13%.  Thus, precious metals investors are taking advantage of the much lower silver price to stock up silver bullion.  Unfortunately, available silver bullion dealer stocks have been wiped out, and broker-wholesalers are now severely backlogged.

Tom also told me that during the past week, there’s been an enormous surge in BRAND NEW FIRST-TIME BUYERS of precious metals.  These are likely individuals who have friends and family that have spoken to them about precious metals in the past. But now, with the rapid disintegration of the economic and financial system, many are finally PULLING THE TRIGGER to purchase physical gold and silver.

I emailed Tom’s associate Dan, this morning about their prices OVER SPOT for various silver bullion.  I wanted to get an idea of what their clients were paying for silver bullion coins, rounds, and junk silver.  Dan replied with these following prices OVER SPOT as of this morning, March 19th:

I looked at some of the larger online precious metals dealers and saw that some of their prices were higher than what Dan posted this morning. However, we can see just how high the JUNK SILVER price is now above spot… $6.85!!  Tom told me that Junk Silver was only 20 cents over spot about three weeks ago.  How quickly things change.

Junk Silver refers to pre-1965 U.S. silver Dimes, Quarters and Half Dollars.

As for Silver Eagles and Maples, Cloud Hard Assets are selling them for $17.75 based upon a $12.15 spot price.  Of course, any Silver Eagles and Maples are going to take weeks or a month-plus to receive the product. And, if the global contagion continues to impact the financial markets negatively, increased silver bullion demand will make the BACKLOG period even longer… possibly 2-3+ months. Although, some dealers may not provide any quotes for bullion products if availability extends more than two months.

Tom also shared that he can still acquire gold bullion from his brokers, but there aren’t any silver bullion stocks available… only at much longer wait times.  If you have any questions about precious metals or bullion prices, you can contact Tom or Dan here at the following page: Precious Metals Investing:  Cloud Hard Assets

Will The Precious Metals Market Get Even More Crazier In the Future?

One of the questions I get asked the most recently is… What will happen with the precious metals in the future?

The best way for me to reply to that depends on how much this “Global Contagion” impacts the economic and financial markets in the next 2-4 months.  There are many different opinions on the spread of the virus and how it will affect the global economy and financial system.  Even if the pandemic comes under control in the next 1-2 months, I believe the DAMAGE to the Supply Chain, Small-Large Businesses, Employees, Credit Markets, etc. will only continue to get worse into the Q2 2020.

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