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Reddit Investors Piling Into Silver Drive Up Prices a Second Day

solarion

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It's not going to get a bunch better either it seems. Already 345 silver contracts standing for delivery in May. That's 1.725m oz. standing for May delivery right before March delivery week begins. Highly unusual activity on the crimex.

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You guys buying from the major dealers...

The insurance policy that at least one of them use has a clause in the fine print. This clause requires the buyer to notify the seller if the package is delayed within 7 days of the package ceasing to update location in transit....if you pass that 7D milestone, and later have a missing package, you are no longer covered by the insurance!

- keep track of package in transit

- always notify seller if it stops moving within 7 days
Been there done that with Bullion Exchanges a couple of years back if I remember correctly. I ended up getting the box, but you bring up a very good point. It is in fact up to the buyer to notify the shipper of delays as soon as a tracker is provided, the shipper won't know until the buyer tells them. This is also true in industry as packages have an expected lead time and if there is a delay the vendor won't know unless the purchaser notifies.

Also some food for thought: both APMEX and Provident provide insured shipping labels when you go to sell. That should mean they are on the hook to notify. They are now the buyer, albeit providing the shipping label. But they are the receiver now too. As always DYODD!
 

solarion

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