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Tulving Paying Premium $ For Silver
http://silverstockreport.com/2008/highpremiums.html
High Silver Premiums Explained (Tulving did it again! ) Silver Stock Report by Jason Hommel, October 20th, 2008 Tulving just bid $2/oz over spot for all 200 of my Engelhard bars in the live auction that closes on Wednesday, at NOON Pacific. at http://www.seekbullion.com/ He's the top bidder for most of the bars, but not all of them. Tulving also said he will bid up to $3/oz. over spot in the hour before the auction closes, when it's more firm that he'll know what spot prices will be at that time. Just in case spot drops between now and then. And, he wants me to publish his top bids! In my last auction, that is now closed, Tulving bought 16 out of the 24 bags, for $149,055.08, which was for a total of 11440 ounces (16 x 715), which brought the "per oz." price to $13.03. In the last hour before the auction close, the silver price hit $9.60. Therefore, Tulving got the bags for under his bid price of "spot + $4/oz.", because he ended up paying $13.03 - $9.60 = $3.43 over spot, which was a premium of 35.7%. That's how it works. You pay less than you bid, most of the time, because of the incremental proxy bid system that automatically bids the smallest amount that you need to win. So, essentially, the winning bidder pays a price of just over the second highest bidder. |
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