Who is Buying all the melted silver and gold?

Where is all that melted gold and silver really going? Like from all the cash for gold/silver shops, etc. Who is buying it? And how is it being used? Please tell me?

 

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The truth is, nobody knows.

 

...and once it's been melted, who knows where it came from.

Conspiracy theories in 3, 2, 1...

 

precisely

 

A lot of the gold is being refined and shipped to the world's central banks, which are net buyers, as well as to India and China for the general public. As for silver, most of it is probably going to industry, though some of it is used for jewelry and bullion. With gold, you are dealing with central bank whales; with silver, you are dealing with many small fish stacking ounces of silver.

 

i have been buying it and storing it in 5 gallon buckets in my backyard

 

What is your address? TC

 

I think the market still wants gold and silver even though the price is going down. I hate to think of all those really cool coins being melted so that someone can make them into bars though. I guess it brings up the price of what's left...

 

I only know about the gold... and I'm not at liberty to say. However, this article, though factually incorrect, hints at where the gold is going. Enough said...

http://weeklyworldnews.com/aliens/40937/aliens-here-to-take-our-gold/

 

Heck Jim, it all makes perfect sense to me. Thanks for posting the link........

 

Emerging global markets probably figure into this demand the most prominently. I don't know the guys' names, off-hand. But they're there.

 

Coins & jewelry don’t actually get melted, unless they’re damaged beyond repair. Dealers just quote “melt” as a factor of their buy price. Why melt something that’s worth more than melt in the retail market?

 

Are those the guys who keep sending me the e-mails saying I've inherited $50,000 and all I gots to do is provide them with a bank account # and they'll deposit the money in my account (after I send them $100)?

 

That is not quite true. Many coins DO physically get melted. Its a matter of cash flow. Smelters pay quickly, and have no issues with large amounts. If a dealer buys $150k worth of gold coins, many times he has no choice but to turn them quickly and take his profit. If no dealer or customer stpes up, he has no choice but to send them to the smelter. Heck, I read of a dealer 30 years ago who sent a few hundred thousand BU morgans to the smelter since there simply was not enough demand to move so many bags of morgans in a reasonable period of time.

So, coins do get melted. Oh well, it frees up enough PM to make more new issues. Que sera.

 

It goes in a train to the west coast, then in a ship across the ocean over to China. Or perhaps it is flown on a plane.

The golden rule: he who has the gold makes the rules. Who has the most gold? USA, but for how long we will see. China is accumulating.

 

I’m not saying it never happens, but it’s rare, as most of the coins you mention are almost as liquid as cash.

 

do you happen to have a fence or security systems or something like that in your back yard? *says while looking how long it would take to drive from Illinois to Florida* :devil:

 

I hear that he has a very large and ferocious dog patrolling the region.......

 

I think the market WANTS to push it down, PM is so used in tech. who knows.

 

You would think so, but I know for a fact a dealer very recently bought a number of British proof gold sets. No one but a refiner was quick enough with money for his needs, so most went to the refiner. Cash sometimes trumps desire to keep coins unmelted. You would think morgans are almost liquid as cash, and they would be to an EXTENT, but have 300,000 of the same date/mm, and there is a limit as to how quickly you can move them.