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Posted (edited)

Hi all – I'm seeing significantly different silver spot prices from different sources and dealers. Here's what I found when I took a snapshot at 12:11 GMT/UTC today, March 26, 2020. All prices were with seven seconds of each other, and none of them changed significantly in the ensuing 30 seconds. These are all Ask prices as far as I can tell, which is the most relevant price:

SilverPrice.org: $14.42

JM Bullion: $14.74

GoldPrice.com: $14.70

APMEX: $14.84

Kitco Spot: $14.54

These differences are too large. I assume they're all supposed to be COMEX prices. Something is out of whack here. What's particularly disturbing is how much higher the dealer-quoted spot price is compared to the non-dealer sources. The difference between APMEX's quoted silver spot and SilverPrice.org is 42 cents! And JM Bullion is 32 cents over.

Differences that large don't make any sense, even if the quotes are a full minute or two delayed compared to SilverPrice.org or Kitco's quote. Hell, even if they're ten minutes off, it wouldn't explain a 32 - 42 cent disparity – spot didn't move nearly that much in the ten minutes prior.

The reason the dealer-quoted spot is troubling is that in both cases they're much higher than the true spot price. This would make their product prices look better than they are, because the premium over spot will look smaller than it actually is... That's a problem. Do you think it's a coincidence that the dealer-quoted spot prices are higher than the correct value? Or intentional?

This ties into my other post about where people are getting the silver spot price. No one seemed to know what the ultimate source was (e.g. COMEX or some other exchange). The disparities are annoying, as is the fact that it's hard to tell exactly where these different sources are getting their silver price.

Edited by Bimetallic

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Posted (edited)

Same thing going on in Gold which may also be being reflected in Silver. I am sure someone more knowledgable will advise.

Got this from a dealer yesterday regarding spreads, not Spot Price, but may be related if things are going nuts.....

Precious metals markets have now broken all boundaries and reached a surreal turmoil I have never seen trading 45 years.  Normally the wholesale bid/ask spread for gold is $3.00.  Today one wholesaler is quoting a $75 bid/ask spread, another $50.  Silver’s normal 5¢ spread has widened out to 25¢.  

 

What’s happening?  "London [bullion exchange] has announced it has suspended gold delivery gold for pool accounts.”  My biggest wholesaler just told me that.  Then he said, “That means all the rumors we’ve been hearing for 25 years about all the  paper gold not being backed by gold are true.”  I don’t know which “pools” this covers, but suspect ETFs and physical pool accounts will be among those deprived.  The spread in London is $30, $1,614 at $1,644, and you can add $20 to that for Comex in the USA.

 

Edited by Uksilverstackers

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