I have physical silver in an Everbank account. When you
call them, they sell the following AM in London market.
Called them on Thursday to sell on Friday am, and, as luck would
have it, the London market was closed on Friday for (you guessed
it) the Royal wedding!! Can you stinking believe
it?
Not only that, it's also closed tomorrow for Mayday. Looks
like I will be taken to the woodshed and there is nothing I
can do about it. Live and learn...
Point well taken. I was actually considering that on
Friday, but alas, I made the mistake of hoping the price would stay
fairly stable till Tuesday with London being closed. In
reality, with silver being such a thin market, the big boys in NY
can probably "rock the boat" on the price quite a bit.
Fortunately, the price has recovered a bit back to 45.
I personally sold a few of my 100 ounce silver bars to a
local dealer, it's a bit of a hassle since it's a 40 min drive
through traffic, but they give great prices and either cut you a
check or give you cash. Since they are also a national
distributer, they will buy any amount of gold or silver you have,
there is no limit, you can bring in 1 ounce or 1/2 million.
The problem with most local coin shops is that they can only
buy what they can afford at the moment , they can't afford to lock
up so much cash. That's why if you sell to a shop, make sure
they are a national distributer as well.
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The downside of having physical silver instead of SLV...
Posted by mfogli1 on 1st of May 2011 at 08:49 pm
I have physical silver in an Everbank account. When you call them, they sell the following AM in London market. Called them on Thursday to sell on Friday am, and, as luck would have it, the London market was closed on Friday for (you guessed it) the Royal wedding!! Can you stinking believe it?
Not only that, it's also closed tomorrow for Mayday. Looks like I will be taken to the woodshed and there is nothing I can do about it. Live and learn...
Silver
Posted by jsk1 on 1st of May 2011 at 09:28 pm
Sorry to hear.
Good to have a futures account to be able to hedge in situations like this.
Everbank
Posted by mamaduck on 1st of May 2011 at 09:00 pm
wow... why don't you hedge with buying puts, and keep your physical silver?
SLV puts
Posted by mfogli1 on 1st of May 2011 at 09:15 pm
Point well taken. I was actually considering that on Friday, but alas, I made the mistake of hoping the price would stay fairly stable till Tuesday with London being closed. In reality, with silver being such a thin market, the big boys in NY can probably "rock the boat" on the price quite a bit. Fortunately, the price has recovered a bit back to 45.
oh man that's crazy about
Posted by matt on 1st of May 2011 at 08:58 pm
oh man that's crazy about your story!
I personally sold a few of my 100 ounce silver bars to a local dealer, it's a bit of a hassle since it's a 40 min drive through traffic, but they give great prices and either cut you a check or give you cash. Since they are also a national distributer, they will buy any amount of gold or silver you have, there is no limit, you can bring in 1 ounce or 1/2 million. The problem with most local coin shops is that they can only buy what they can afford at the moment , they can't afford to lock up so much cash. That's why if you sell to a shop, make sure they are a national distributer as well.