Several major dealers of silver, gold, and other precious metals say they’re encountering shortages of silver, in particular, after some Reddit users in the popular forum WallStreetBets called for users to create a run on the precious metal.
Later, top users on the Reddit WallStreetBets forum called on others not to purchase silver stocks, or SLV, saying that it could benefit Citadel LLC, while calling on others to purchase and hold GameStop and similar stocks like AMC.
On Sunday, Bullion dealers wrote on their respective websites about shortages of physical coins.
APMEX wrote that “due to unprecedented demand on physical silver products, we are unable to accept any additional orders until markets open on [Jan. 31] evening.”
JM Bullion, another major bullion dealer, wrote that due to an increase in demand, there will be shipping delays of five to 10 days “from cleared payment.”
Next was SDBullion, which said on Jan. 31 that it couldn’t fulfill any additional orders until the market opened.
“In the 24 hours proceeding Friday market close, SD Bullion sold nearly 10x the number of silver ounces that we normally would sell in an entire weekend leading to Sunday market open,” SDBullion CEO Tyler Wall wrote on the company’s website on the morning of Jan. 31.
“Due to extremely high weekend volume, we cannot accept any more new orders until global markets open on Sunday night.” MoneyMetals similarly stated.
JM Bullion, a major bullion dealer, wrote on its website that due to an increase in demand, there will be shipping delays of five to 10 days "from cleared payment." Screenshot/JM Bullion
A number of popular 1-ounce silver rounds were out of stock on the four aforementioned websites and others.
