MintBuilder Statement On Current Market Conditions:
In the last week, we have seen a dramatic shift in Silver demand from our customers. For example, the ratio of ounces sold per day was running about three times earlier in the week and closer to six times the average demand by the end of the week. Once markets closed on Friday, we saw demand hit as much as ten times a typical business day and more than 14 times a normal weekend day. Combined with the extremely high demand levels, we are also seeing a surge in new customers. On Saturday alone, we added as many new customers as we usually add in two weeks.
Any Precious Metal dealer will take a long position in the futures market to protect against spot price exposure when the markets open. We do this because it is our goal not to take a speculative position on metal. The weekends are unique as we are not able to real-time hedge our position. We took an aggressive position this weekend, but clearly could not have predicted the volumes that were seen. We have several partnerships that allow us to purchase bullion when most of the market is out, however even with this we exceeded our comfort levels, we had little choice but to stop the sale of Bullion on our website. This was a difficult decision to make and unprecedented in our history.
As we evaluate the markets, it is difficult to know where Silver's price and demand will go in the coming day and weeks. MintBuilder has made strategic decisions to procure additional metal, locking up any metal we can find in the market place. We suspect premiums will rise and rise quickly, as we are seeing significant increases in our costs, when we can even locate the metal. It is also highly likely that we will need an additional few days to fill orders based on current order counts. The one guarantee we can make to our customers is that you will only be sold metal that is on-site, or we have procured the metal with a firm commitment date from our partners. In markets like this, we feel this is the best approach a retailer can take, as no one can predict product availability.
We have set aside plenty of inventory for all subscriptions and we have a good amount of semi Numismatic, Numismatic and Coin Jewelry at the best prices available. We will be adding more in the next few days.
We want to thank our customers for their patience and understanding during these turbulent times. MintBuilder prides itself on providing the best customer/member service in our industry
|Paul Stramer's link to Mint Builder is https://mintbuilder.com/296110|