government stores??

[whitesid]

i have herd that the government had stores that buy silver and gold bullion for 100% of the metal price. has anyone else herd of these?

 

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[cavers5]

Nope! Hadn't heard that one!

Cavers5

 

[Siegfried Schlagrule]

i have herd that the government had stores that buy silver and gold bullion for 100% of the metal price. has anyone else herd of these?

Stores is another word for stockpile. There is a strategic reserve of oil and other materials that would be needed by the government in the event of war. Silver and gold and all other items like that are bought at full retail and stored in the strategic reserve. When someone reports that the government is selling oil to bring down prices it comes from the strategic reserve and gets replaced later after the prices drop. Where the money goes from those sales i don't know. I'm not real sure where the precious metals get storted most likely at West Point or one of the other mints. The oil is pumped into salt mines in Louisiana and stored there. siegfried schlagrule

 

[whitesid]

im talking about stores as in the meaning of a shop that buys it from the public, kind of like the jewelry stores. but thanks for the info

 

[bradyboy]

Nope, never.
Where did your hear this from?

 

[whitesid]

i remember reading it some years ago

 

[jewelerdave]

Long time ago, when only the government would buy gold from mining etc, The US mint would buy it, but this is a very long time ago, there may have been stores set up in the 30s when the gold was taken away from the public. But I thought they just used banks?

Today it goes though variouse refiners.

Getting spot for gold is not a problem if you have enough. As well buying gold for spot is easy if your buying enough.

I prefer to get gold for under spot and sell it for over spot. But who dosnt.