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<p>[QUOTE=&quot;medoraman, post: 1324655, member: 26302&quot;]But just to play devil&#039;s advocate, I believe most here would not be holding Comex receipts, but physical PM. Jeff&#039;s comments I agree with, especially the part if the market is falling how discounts off market increase substantially. I know I sound like a broken record to some, but many here have never experienced a down PM market, and are unaware how your losses get magnified by the dealers unwilling to pay the same mulitiples as they do today. In an up market a dealer may pay you 90% or above spot for PM, in a down market the offer may be 50% of spot. This is well documented and I experienced it as well, so its not just hearsay, personal anecdote, or wild story. &quot;The herd&quot; moves both ways, right now PM is popular so dealers are willing to pay strong prices. When PM is not popular, and dealers cannot move their inventory, their pay price drops sharply. Everyone who ones physical PM should simply be aware of this.</p><p><br /></p><p>Chris[/QUOTE]</p><p><br /></p>

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