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Bill Murphy: Big Money Scrafing-up Silver; SD Bullion Sales Figures Substantiate “Doc’s” Eagle Hypothesis
Bill Murphy Warned For Several Years That $18.50 Would Serve As A Trigger For Silver.
Sure Enough, Silver Prices Rocketed Higher After Reaching $18.50.
Has the Road Been Cleared For A Mega Move to $50/oz, and Then On to $100?
We Invited the GATA Chairman Back On the Show This Week To Discuss What Comes Next For Silver Prices. Key points:
- One of the Biggest and Fastest Moves in History Could Begin NOW
- Silver Is In Play, and the BIG MONEY is Going After It – “It’s Going to Be BREATHTAKING”
- NO MAJOR CORRECTIONS On the Way Up? Why Big Money Could Continue Buying Silver Until the Public Becomes Involved
- Think the Mining Shares Have Moved in 2016? Wait Till You See What the Shares Do When the Public Comes In!
- Murphy Warns: Once It Gets Above $21, Silver Will Reach $50 Faster Than It Did in 2011!
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DOC’S GOLD & SILVER MARKET UPDATE:
After the MASSIVE panic into physical gold across the market in the wake of BREXIT caused wholesalers and Authorized Purchasers to sell out of 2016 Gold Maples and 1 oz Gold RCM Bars, last week, supplies have been replenished and maples as well as 2016 Gold Eagles and Gold Buffalo coins are once again pretty readily available across the market.
In Silver:
What the heck is going on with 2016 Silver Eagle sales? The US Mint is reporting a whopping 695,000 Silver Eagle coins sold for the entire month of July to date – which equates to less than 350,000 coins a week!
This is an astonishingly small sales number considering the fact that SD Bullion has easily sold over 200,000 Silver Eagles in that same time-frame, which implies to us that the Authorized Purchasers have collectively made the decision they are over-stocked on Silver Eagles and are simply selling down their inventories from their stock-piles built up during Q1 and early Q2 as we have discussed on several recent Metals and Markets shows.
Physical demand at the retail level has been extraordinary in both gold and particularly silver coins at SD Bullion over the past week. SD Bullion recorded all-time record sales for the week ending 7/9, even surpassing the epic demand experienced during Q3 of 2015.
If this type of demand continues (or even accelerates) as the summer progresses once gold heads towards $1500 and silver clears $22 and begins shooting towards $26/oz, it will be interesting to see how long the wholesalers and Authorized Purchasers can keep precious metals and particularly silver bars and coins in inventory when the momentum crowd joins the fun and the market is no longer only die-hard gold and silver bugs.
Source: http://thenewsdoctors.com/bill-murphy-big-money-scrafing-up-silver-sd-bullion-sales-figures-substantiate-docs-eagle-hypothesis/
