What an incredible weekend! The silver market has massive momentum at the moment, and it looks like it could continue into the short-term future at least.
The spot price of silver has increased with added speculation and new buyers entering the market. The spot price is the price generally recognized worldwide as the base price for silver or gold. Note that buying physical metal at spot price is virtually impossible in any market, and especially in a volatile market like we see today.
To purchase any physical metal, you will always encounter what is called a premium. That is the amount of money over the spot price that a particular coin, round or other carries because of the additional resources required to take it from raw form into a designed coin or round, etc.
It is important to note that premiums will fluctuate in volatile markets like we are seeing today, sometimes drastically, based on the actual supply of the metals available for sale in the market.
The increased interest in silver is causing a drastic short-supply of metal, specifically silver eagles, causing premiums directly from suppliers to increase.
The other by-product of the sudden increased demand for silver is that many suppliers and retailers could not continue selling silver eagles through the weekend. Some are still not able to offer them because of the diminished supply.
We are happy to report that via soundmoney® wallet, we could remain open and operational through the entire weekend. The adjustments in the premiums are due to direct increases from suppliers. We are monitoring and adjusting continually to be as competitive as possible and continue to operate.
We continue our guarantee of having 1 oz of physical silver or gold backing every 1 oz of silver or gold purchased via soundmoney™ wallet, ensuring delivery to you if you should ever want it physically. We are also happy to report that we have been operating under a surplus for both asset classes and continue to do so for added confidence to you, our members.
Relationships that have been built because of your loyalty and trust continue to ensure a supply of silver eagles for purchase via soundmoney® wallet.
Please understand that the soundmoney® wallet is not meant to be a day trading platform, but rather a vehicle to increase a long term store of value without the risk of keeping it at your home or other. All general transactions that involve moving asset classes (gold to silver, silver to gold, or both to cash, etc.) will be subject to typical market purchase and sell back rules (bid/ask). Be very aware of the posted values at which you are transferring before liquidating your assets in any way.
Please also note that even with the market volatility today, the AutoSaver program will continue to operate normally and with current pricing. We have previously made extensive commitments of the metal needed to service the AutoSaver as the core of 7k for the foreseeable future.
We are genuinely excited about the future of 7k and excited to navigate the ever-changing market of gold and silver with you. We have full confidence that our model will continue to attract more and more people around the world looking for financial stability and value.
We appreciate all you do and...
We Believe in You!