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Auction Notice!: 125 Engelhard 100 oz. Silver Bars

By: Jason Hommel, Silver Stock Report

-- Posted 14 October, 2008 | | Discuss This Article - Comments: Source:


Silver Stock Report

The auction for silver is running, live, at:

Auction ends on Wednesday, Noon, Pacific time, October 15th. That's the middle of the day of the middle of the week.

Actually, a series of auctions is scheduled, running over the course of 26 minutes, ending Noon on Wednesday, because there are 26 separate auctions.

The lowest current bid is $13.25/oz., or $1325 per 100 oz. silver bar, for a single lot of 10, full lot only, for a total of $13256.

Here's a picture of my bars for this auction:

I can ship immediately upon receiving the wire transfers from the customers, after the auction.  Wires must be sent within 24 hours after the auction's close!

After the auction, I plan to use the proceeds to buy more silver, such as 1000 oz. COMEX bars, to make a profit.

I own over 200,000 oz. of silver.  I'm not selling out.  I'm only selling 12,500 ounces, and I plan to buy more silver, cheaper, but in a different form, such as 1000 oz. bars.

Since this auction is going so well, I plan to auction more silver next Wednesday. 

The price manipulation at the COMEX is so severe, that it has now created the profit incentive to create a free market in silver, through this auction, in order to arbitrage between the two markets, by buying in one, and selling to the other.

Al Korelin interviewed me this morning and I spoke briefly about the profit opportunity in silver because of the premiums:

It is impossible for me to "price gouge", because I'm not setting the price.  The free market is setting the price.

There are some questions about how the bidding works.

The bidding system at uses PROXY BIDDING!


How to bid:

First, register at

Proxy bidding at works similar to, however, the "bid increments" at seekbullion are much smaller. 

The high bid wins, but is never what is paid.  The second highest bid mostly determines the price!

The highest bid is always hidden from view.  The bid you see is nearly always the second highest bid, plus a small increment over that, due to the automatic proxy bidding of the highest bidder.

For example, if by the auction's close, one person has bid $1800 for a bar, and the next highest bid is $1600 for a bar, then the auction software lists the highest bid as $1601, and the person who bid $1800 is the highest bidder, but will only pay $1601.  The person who bid $1600 will not win, and their bid is only used as a base for the automatic proxy increment bid of $1 over that price.

It's like each bar is bid at least twice at very near the price you see. 

This really prevents price gouging, because the bids have depth--at least two buyers willing to pay very similar prices. 

The second to last auction, for 20 bars, has a bid history of 172 bids, partly because the automatic proxy bid increase for the highest bidder is so small.

If you want a free market in silver, then please tell people about my auction at:

If you want government solutions instead, please read here:


    Jason Hommel

    My offer:
    For the price of just a few ounces of silver per month, you can look at my silver stock portfolio. Once a month, at the end/beginning of the month, around the 31st or 1st, for paying subscribers, I update the stocks I own and the percent of each stock or position in my portfolio. It's very simple. Very revealing. Very useful. It's not trading advice. It's not a model portfolio. It's my portfolio.  Sign up here:
    Paying subscribers also get access to the member's forum where some very, very smart people discuss silver, stocks, economic issues, growth rates, why peak oil & global warming are frauds, and many other things.

    -- Posted 14 October, 2008 | | Discuss This Article - Comments:

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