Apmex swamped with sellers

[inflationhawk]

Interesting data point. Earlier this week I sold some silver to Apmex taking advantage of them paying 2.50 over spot on ASEs. I bought gold with the proceeds. Today, I get this letter:

"Thank you for the recent Purchase Order xxxxxxxx and shipment of product. Due to unprecedented volumes and unforeseen obstacles within the postal and delivery systems, your order processing may be delayed. Please allow 5-7 days once your package arrives at our facility for your package to be fully processed and payment submitted.

Your business is very important to us. We are proactively implementing procedures to reduce any and all delays. Our Receiving Department is working extra hours, 7 days a week in an effort to reduce processing times. As always, you will receive an email confirmation from our Receiving Department once your package has been checked in as well as again when your payment is issued.

We greatly appreciate your patience and understanding during this time. We look forward to future opportunities to transact and to remain your precious metals dealer of choice.

Sincerely,
Purchasing Department"

[97guns]

but they have to be selling the crap out of it right now too

[HelloMeteor]

Got the same message for my two sales. I got rid of almost all of my silver. A bit at $48, and all but around 10% of it at $42. I almost feel bad for them. They don't even have my silver yet and it's not worth what they paid.

[Morsecode]

I was looking to buy a few rolls of eagles from them, but they're asking $6.70 over spot. Seems high.

[inflationhawk]

They've gone from a shortage of supply where they were willing to pay $3 over spot to now being backed up with new supply coming in and dropping their buy price to $2 over spot. I would think the next step would be to lower the premiums on the selling price, but that remains to be seen. You could try bullion direct's nucleo exchange. I have sold on their before, but I've never bought.

[hejira11]

I wouldn't feel too bad for them. They are making a good deal of money on all the 2011 ATB 2 coin sets they sold at TOP dollar. Mine is still not here, but it's status has been updated to "Vault B." Had the previous status been, say, Vault A or Vault C, I may find more comfort in knowing my silver has made it into Vault B. As it stands now, I am left with a picture of my silver order sitting next to The Arc of the Covenent in a huge warehouse ala Indiana Jones.

[franklin]

Last night they had ASE monster boxes with an average of $54 per coin. I don't think they got the memo.

[moneydog]

They've gone from a shortage of supply where they were willing to pay $3 over spot to now being backed up with new supply coming in and dropping their buy price to $2 over spot. I would think the next step would be to lower the premiums on the selling price, but that remains to be seen. You could try bullion direct's nucleo exchange. I have sold on their before, but I've never bought.

ive bought and sold on bullion direct nucleo exchange its good

[fasTT]

Check out Spotmex.

Regardless, big dealers like Apmex do not really care if the price moves up or down, they hedge everything to lock in a margin. Either direction in pricing, they make money if they can forecast the demand well.