Sprott Money Temporarily Runs Out of Physical Silver

With gold and silver prices plunging, King World News sources are reporting massive physical demand.  One example is Sprott Money, which completely ran out of physical silver.  Larisa Sprott, President of Sprott Money told KWN, “It’s been pretty wild, especially the last three or four days because of the price drop.  People are trading in their paper money for gold and silver, but we are seeing more purchases of silver net.  In fact the buying has been really skewed in favor of silver, there is tremendous demand.”

Larisa Sprott continues:

“We have completely run out of physical silver, so we are temporarily out of stock.  You have to remember, Eric, that like Dubai, we only sell product that is on our shelves, that we have in stock.  We do expect a shipment later today, which will allow us to restock and give us more product to sell.  

Our clients are very savvy, sophisticated and when a price drop of this magnitude occurs, they step in and buy very aggressively.  Right now there is dramatically increased volume and what we are seeing is buying across all spectrums in terms of the size of the orders.

To clarify, we may have some client buying a single tube of silver maples, while at the same time, another client is buying $5 million of 100 ounce silver bars or gold maple leafs.  The bottom line here is the drawdown in price is creating a tremendous amount of demand.” 

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