Silver Shortage Reports

Reader Feedback!

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Silver Stock Report

by Jason Hommel, April 2, 2008

I get so much mail from readers, and this batch was particularly insightful, and I thought I’d share these with you, since many people are finding a sense of community in hearing other people’s stories of the silver shortage.  For the sake of the protection and annonymity of my readers, most names are reduced to a single letter.  All of these letters are in response to my last article, titled, “Silver Shortage Drives Men Nuts“.  The range of responses was amazing, and I also wanted to post this to let people know that when you start telling the truth, some people will love it, and others will hate it.  (But more tend to love it.)

Some of my answers are short, brisk, and a snappy retort, but that’s because my time is extremely short, and I still have not answered all email.



you are really passionate about your believe in the silver shortage. For whatever reason the silver price wants to go down at present. Of course I don`t but maybe the current silver shortage has already been factored into the recent peak of USD 21. The situation is indeed bizarre!



It looks like every one read my saying “If you don’t hold it, you don’t own it”…Ponce

Only physical PM is safe in what is to come……….

Jason Responds:  Yes, Ponce, I got that from you.  Thank you!



Jon Nadler is a blathering fool, and not even a tinfoil hat could help him tune out kitco’s bearish bias and overpriced silver, and tune into reality.

You noticed his rant to day, too, huh?  He says WE have the tin foil hats.”Something’s happenin’ here, what it is, ain’t exactly clear….” _ Buffalo Springfield


Proposal…….  The Jon Nadler Memorial Buy 20 Ounces of Silver a Week Program Participants must encourage 3 of their friends who are not subscribers to Silver Stock Report to do likewise

Essentially Jason I am recommending that you have revolving buying campaigns for your readers to participate in giving them the satisfaction that the weekly purchase of bars is in the name of the latest silver basher LOLOLOL ūüėé


Wow you really know how to stir up a hornet’s nest.

I am taking delivery of gold from Perth Mint, they are pretty slow in responding due to all the inquiries they are getting.  We’ll see how long it takes them, I’ll keep you updated as it progresses.

Keep yourself out of trouble, the last thing anyone wants is for you to get stuck in a legal battle.  They have lots of lawyers, after all.


Hi Jason,

Until I began reading your report I didn’t really appreciate how much my husband’s Safety Awards from Sunshine Mining and Refining could contribute to our retirement fund.  We have 12 pounds of silver in the form of 1 ounce rounds, each given out for safety.  Given the silver shortage you report, silver should surely increase beyond current projections.

Speaking of silver prices, I would be delighted to relate a story to you about the incredibly tight money market for silver mining juniors.  I work with a silver junior with outstanding formerly producing mines that are on patented ground. No permitting issues, no EPA issues.   The company needs to raise money to undertake exploration on 1000 acres of land, in order to identify how much silver is in the ground — there is no doubt it is there the only issue is how much.  Money for exploration has completely dried up, even on grounds that have older resource reports.  The company I work with wishes to define the amount and best locations in an historic district which has been profitable in the past when the ratio of silver to labor prices was less favorable.  I have been told repeatedly that there is no funding available for exploration.

The company could be into significant production in 2 – 3 years.  Given the current silver shortage, the past production from the property, the enthusiastic endorsement of geologists who last looked at the property, the enthusiasm of current geologist knowledgeable about the property and older resource analyses showing significant ounces in the ground, why is it impossible to find funding for exploration?  And, in the end, what is the strategic implication for North America if companies holding promising properties are unable to explore them?


Jason Responds:  When the junior market starts to move up, money will pour into the sector.  This could happen very soon, maybe within 6 months.


Personally I think that we are up to about round 3 of a very interesting and even bout at this stage.
I am delighted that this debate has taken on such a wide audience. P


Hi Jason, i have also heard that thailand has silver can i but it there… how do i know they pure silver,Tks s

Jason Responds:   Sivler purity can be detected in several ways.  Does it ring?  Does it weigh slightly heavy?  If it were easier to counterfiet coins, then U.S. coinage dated 1965 and later would look a lot like silver, but you can see the copper in the middle, and they weigh lighter, and ring different. 


Hi Jason

I want to thank you for your outstanding emails relating to the silver trade. I find it to be a platform where one learns about the intricate dealings of major silver houses and where such dealings can be brought to light, also your articles are very informative.

As an amateur collector of silver coins (panda’s & maples) your articles helps me to enjoy this hobby with enthusiasm, I am even contemplating to invest in silver more aggressively. Thanks for all the effort you place into your writings.

Kind regards.


Jason Responds:  Thank you, God bless you!


Dear Jason,I am just a small swiss private investor, ( and a mother trying to foresee the mess my swiss/american children are going to find themlseves in, in their retirement age), who tried to buy  a fair amount of silver last week on and I am confirming to you and your readers that I had to wait several days before the transaction could take place due to shortage. The silver had to be eventually shipped from their London vault to their vault in Z√ľrich.The staff on Mr. Turk’s website was very polite and apologetic, I hasten to add and they did block the buying price to the day of my purchase.
So I am confirming your position.
The reason I am buying online for the moment, against your rightful advice is that I  still have not come up with a solution yet of where to store it, except to buy a very large safe specially made for holding precious metals, doublebolt it in my very accessible cellar in my apartment building and not say anything to my children, aging parents, neighbours or insurance company. The fewer people know about it , the better.
My question is: how do you eventually sell it? Do you have to carry the stuff one by one into your car and go with it the bank or a dealer?Please excuse my ignorance!
I thank God for your newsletter which is very accessible and easy to understand for individuals like me swimming in the dark.Very gratefully yours,


Jason Responds:  Thank you, God bless you!  To sell silver, yes, you can take it to a local dealer.  I expect I’d have to drive mine to one of the largest refineries or dealers in the nation if I sold it all.  But I don’t expect that I’d ever need to sell it all at once; I didn’t accumulate it that way, and I don’t expect silver to “spike”, but rather, slowly grind ever higher as nations begin to use silver as money again.


Hi Jason, I really enjoy your news letters on silver,
and find your concepts for the most part easy to
comprehend. I must confess that I am a "man on the
street" investor, with slightly less than 200 oz troy
in American pre 1965 silver halves. I have Kennedy,
Franklin, and walker halves. Does any type have any
advantage over the others? When asked my opinion on
what the metals market will do, I say that I have 2
balls, and neither one is crystal, so I don`t know. Do
you have any idea when the market will go back up to
say, $21.30 oz., so I can make a profit on my
investment if I so choose? Yes, I`m a Tiny investor,
but there are a lot of us. Please respond.
Thanks..........Silver Half.

Jason Responds: The Kennedy, Franklin, and Walkers sell for the same price.  Walkers, older, are usually a bit beat up, with slighly less silver.  

I think the market will turn back up quite fast, given the increased investor demand leading to the shortage, which means refiners are getting less or no silver sold to them by the coin shops.  This, I think, is why few people can say when they will have silver next, since their “source” is the public, not another business.

==========Hi Jason, Well done. Keep up the pressure on this situation, as I’m thinking we might just be at the edge of the long awaited silver rocket. Please keep updates coming regularly and the increased scrutiny and investment demand may help finally lift the lid on all the crooks. CheersD
PS Saying openly you have 6t of silver in safes, may be tempting for some, like knowing somewhere has a few million in cash. A bit harder to carry away but for that sort of money worth planning for. Be wise, pray for wisdom on how to make it as safe as humanly possible and then pray for angelic protection also!

Jason Responds:  Yes, but if they don’t know where it is, how can they get it?  Besides, we have many millionaires, even billionaires in America, from Buffett to Gates.  Further, few thieves read investment newsletters, and if they do, they try to get your money by pushing scam investment companies on you.  I know nothing is 100% safe, everything has a risk, but you have to be able to weight the risks vs. the reward for everything.  Risk of theft out of hidden and guarded safes is very low.



Jason Responds: But Sub-prime debt WAS re-packaged as AAA rated.  Thanks for the lesson on implied vs. inferred.



The price of SILVER is down under 17 tonite, and you keep quoting

Scripture about any thing….like people should read their Bibles ??

What about you ?? Jesus said sell ALL YOU HAVE and give to

the poor, and YET I DOUBT you would ever CONSIDER doing that

with your Silver would you ??

Tell me the truth…………im not stupid


Jason Responds:You have successfully unsubscribed

Thank you – We have received your unsubscribe request and have removed your email from our list.

To answer your question:   I would think you could see that I am giving all that I have to help people like yourself.

If you can’t see that, perhaps you are blind.  

In the law, those who made money dishonestly, had to give it all away, the money itself was considered tainted.  I believe that was the case with the man in question, since he proclaimed himself fully righteous, which is the tell-tale sign of a sinner.

On the other hand, the Bible is clear that we are to be fruitful and multiply.  One way to do that, I sincerely believe, is to invest in silver, since it is honest wealth, rare, and the antidote to the fraud of paper money, which the bible never supports, and as you should know, all frauds end.



I’m disappointed to see a continuation of interminable accusations and no proof, and now name calling. 
You’ve had your 5 minutes of fame.  Now its time for some proof.  Unsubstantiated accusations don’t go down too well in the Australian business context.  In fact they can get you into big trouble when a company can prove that someone has depressed or diverted business through rumour in inuendo.  Of course you are making your accusations from America, where you are safe.  This reflects no great honour upon you. 
I know you’re not in the mood to listen, but I hope you are big enough to apologise when the time comes, unlike Ted Butler who decided never to mention Perth Mint again, when he was called on his baseless accusations. 



Jason Responds:  I have proven time and again that I’m capable of apologizing, so you ought to be big enough to apologize to me right now, right? 

Furthermore, I don’t have “unsubstantiated accusations”, I have email reports from real people, that’s called substantiated claims. 

Furthermore, I’m not making any accusations, I’m reporting, opining, and asking.  It’s what journalists are supposed to do, report.  What about that do you not understand? 

K Responded:  Perhaps you have apologized in the past, but of course the damage has been done.   What would I be apologizing about ?  I merely hope that you will be big enough to do so in the future.  Email reports are not worth the paper they’re written on.  While they might be written by real people, it is not unknown that people contrive and concoct emails to feed to people with strongly held views.   They are certainly not by any stretch of the imagination substantiated claims.  I think the name calling was pretty accusative, and some of the inuendo.  Journalists usually try to look at both sides of a story – have you asked any of the following for comment : Perth Mint, Department of Consumer and Employment Protection, Australian Securities and Investment Commission ?   Journalists look for balance not necessarily because of some high motive, but for self protection for both legal and reputational reasons.  It is your neck however, and you can stick it out as far as you like. 

Jason Responded again:  While that may be the case [that people contrive and concoct emails]; that is not the case with Perth Mint now.  There are too many people telling me the same thing, and nobody telling me anything to the contrary.


Hi mate,
I’m an aussie working in the equities business for a large global bank, and have recently stumbled upon your website whilst researching the silver market. Just wanted to write and say congrats and keep it up for getting this story out there. I couldnt agree more that silver is on the cusp of a mega bull run, this thing has at least 7 years left in it… and who knows how high it could go. I find it hard to believe how much press coverage silver does not get, i suppose its like everything else… no one even knew what uranium was until its price hit $100 and every global bank, website, and newspaper in the world started talking about it as if they were all uranium experts from way back. I suppose this will happen with silver also when it hits $100 and the world realises there is not even enough of the stuff left for Dell and microsoft to keep manufacturing computers
I have recently been trying to source as much silver as i can get my hands on, most bullion dealers here in Australia have at least a 3 week wait on small quantity bullion (eg below 5K bars) and are now charging ~5% spreads either side. They claim this wait is not cause they dont have the silver, but cause they cant produce the bullion fast enough. In and case waiting to get 1Kg of silver from the biggest bullion dealer in the state is telling me only one thing. People are also paying 10-20% over spot for silver bullion on ebay, and the amount of demand for sterling silver products and coins has quite frankly amazed me. There are clearly people out there who are onto this silver thing as well. 
The other interesting thing of note to me is the shortage of silver mining companies. Australia happens to be one of the largets holders of almost all kinds of mineral deposits in the world. We have recenty seen booms (or bubbles if you like) in uranium, copper, iron ore etc…. and each time there have been tens to hundreds of companies and juniors popping up claiming they have large and viable deposits. Some of these things have gone up thousnads of percent. I then go and look at silver companies, and there are few, if any, that exist here at all. Silver is not a common element like iron or uranium, so it is very unlikely that there will be a rush of small silver companies to market any time soon. We have coeur de’alaine which is not even Australian based, and Macmin Silver (MMN.ASX) a junior which is hitting rolling year lows. Every other silver producer is simply mining as a small and insignificant by product of other mines. Companies like RIO and BHP have been ramping up iron ore production as fast as they can, and BHP and ERA are ramping up uranium output…. but as you keep saying, once silver takes off…. its not as if these majors are going to go and spend billions of dollars ramping up zinc and lead mines to produce an additional 2% silver as a by product. This has led me to believe that silver is completely unique and unlike any other widely traded commodity on earth.
It amazes me that these people come out and say theres an abundance of silver out there…. when a simple every day Aussie like myself can’t even get his hands on a few Kg’s at $17 an ounce. So what if silver pulls back from $20 to $15, critics of the silver bull start talking about this being the end of the world cause silver pulls back 25% and you would be crazy to invest… i cannot understand these people. i think in the short term silver may pull back and i certainly hope so, 
so i can start buying some cheap. 
So cheers for the emails mate, keep them coming…. it is mind boggling to think where silver could go when the world starts producing base load solar energy farms and replaces the worlds long distance power cables with superconductive cables full of silver. 
All the best.

Jason Responds: Thanks for your report and support.


Dear Jason….Each day I look forward to your email and that is because I feel not only do I learn about silver but that you share the word of our Lord with me and I feel that I am also walking the way our Lord would want me to walk.  Thank you for talking about rebuking that which is not in the Light of our Lord.  Deep faith is necessary to do what is right in action and deed and also to guide others away from the darkness and to stay within the light.  Thank you so much for sharing the Lord.s word with us and I am very glad that I have your website. 

       Without your heart many of us would be led to slaughter unknowingly and Jason I am making copies of your work and sharing them.  One young woman who recently read your work and had lost her babies after caring for them in her womb was sad and she read your articles and compound interest and she said…Yes Jason is very good and wants to read always about your work which I share with her.  She helps mom and I on Saturdays and my mom enjoys her so very much and mom sings when she is here.  Maria knows of loss and she believes when the Lord wants her to have her children they will come.  Maria and her husband work hard and soon will lose their home which has fallen way down from what they paid and the payments alone are so very high three thousand a month and because she was working so hard she lost her children and knows now that to have her family is most important and the opportunity to have a home will happen again some day.  Your articles give her courage and they give me courage as money helps but our Lords word is what is important and is the center and everything that comes to our lives is from Our Lord.  Thank you for your courage about Perth Mint, and other unscrupulous companies who take hard earned money and give back nothing which is backed only by false paper.  May Our Lord continue to bless you.  Sincerely, Christina

Jason Responds:  Your letter almost made me break down in tears.  It is the most supportive letter I have received in months.  It’s letters like these that can keep me writing for years, even if the entire world was arrayed against me.  I’ve written about the difficult times that people like your friend Maria is suffering as a result of our fiat money system, and is one reason why I work as hard as I do.  But to hear your first hand report is very encouraging to me, thank you.


Great article as usual.



Jason Responds: Thanks!


Greetings, Jason-

The following may be of some value to your readers who have very
limited budgets but still would like to get their hands on SOME

For what it's worth, there APPEARS to be enough circulated US coinage
currently available [in small lots of ~$4- face up to about 15# [yes,
there are quite a few multiple-pound lots currently for sale] on eBay
that the prices I've observed this past week have been between 11.1
and 14 times face value, [with the usual premiums being paid for coins
with numismatic value.]

 I'm cheap-I so far haven't paid over 12.7x face, including  factoring
in shipping and insurance...this while spot has varied from $21- down
to the low 17's.  Dimes are the cheapest, then quarters.  90% halves
seem to be selling at a small premium over spot, as are both Peace and
Morgan dollars-the 40$ Kennedys are selling at a greater discount than
dimes-see below

Prices being paid for silver eagles have been from $19- to over $30-
in lots of ~1-10 coins, 1oz .999 rounds seem to be running right at
$20/oz and Sterling silver Franklin Mint-type  "art" ingots in various
sizes from a few pennyweights up to maybe 12 troy ounces have been
selling for right around $20-24/troy oz [when converted to .999 silver

  I'm pretty well convinced that a significant number of people I see
bidding on these things are completely unaware of both the copper
content in sterling and the difference between troy and
avoirdupois...and the significant cost of shipping and insurance when
buying art ingots singly can easily push the delivered cost per oz. of
.999 fine silver to well over $30!

  For us poor, small investors this may be the only game in town at
the moment since APMEX suspended their sales in quantities as small as
$1.00 face value and the few local coin shops here in NW Montana are
either sold out or wanting a 20% [!] premium over spot  for 90%

What are your thoughts on  the desirability of 40% silver coins?   At
silver spot of $20, a 40% Kennedy is worth $2.96, while a 40% Ike is
$6.32, according to the online calculator found at:

  I've purchased Kennedy rolls at prices equating to $15.30-$17/oz  of
.999 content this past week-can't figure out why they are selling at
such a discount to melt value-

You preach spreading your buying among multiple sellers-I'm DEFINITELY
doing that!  So far, every transaction has been perfect, no shortages,
no switches, no losses-

Love your work and style, Brother-God bless-and keep fighting the good fight!

Jason Responds: The 40% is heavier and bulkier, of course, so I don’t prefer it.  Also, smelting costs for it will be higher than 90%, so it should sell at a slight discount.

Keep up the good purchases!


Wow, this is getting fun, Great Job!!

========== Hi, Jason. Nice article once again.

I read your emails with avid interest and decided to visit the mint in Perth
last Friday. Tried to purchase both 100 once and kilo bullion over the
counter - no such luck 6-8 weeks I was told and we only have kilo coins in
stock. I left disappointed and later went back and being served by another
person enquired about 20 ounce and 10 once bars - yes we may have some.  I
observed her go to the drawer to reveal one bar she then went out the back
and returned almost immediately with as many as she and another woman could
carry in both sizes!! No silver?? All a little amusing and confusing! 


Jason Responds:  Thanks for the report!


Thank you so much for the update .and Q&A I may have not seen an artical on Silver .that is stamped  S13   have a cross that has this on appears solid silver ?  what % silver is it any Idea Thanks Gene

Jason Responds:  That’s not my specialty.  Try or try a jeweler or book on the kind of “article” it may be, such as flatware, etc.



You are doing a great service to all by helping to expose the shortage of real, deliverable silver vs. the amount of sworn promises that oceans of silver are available for delivery at some distant future date.  Same deal on the CRIMEX  Whoops!, I mean COMEX, where they have plenty of window dressing but make it so very difficult for anyone to take any of it home.  Same deal with SLV, as I myself wrote about last year:

So it seems that the SLV Investor(1) owns the iShares(2), which are issued by the Trust (Bank of New York)(3), which hires a Custodian (JPM Chase Bank)(4), which can have any number of Sub-Custodians, Agents or Depositories(5), where the silver(6) might be held. Compare this schematic with the true silver owner(1), who owns and controls his own silver(2).

JP Morgan Chase, as I’m sure we all know, was implicated in the Enron accounting fraud, the Blanchard/Barrick lawsuit, and many other high-finance scams too numerous to recount. I guess that makes them a perfect choice for this assignment.

You might have innocently thought that all this 100+ million ounces of silver is sitting quietly in one place in a New York vault. Maybe it is.

But, if there should ever be an audit, JPMC has TEN DAYS to round up enough silver to satisfy the auditors. Even then they don’t actually have to have it on hand for inspection by the auditors, or anything as tedious as that. This is the 21st Century! All they have to do is to say it is located at one of those Sub Custodians and it would be too much trouble and expense to move it.

This is just custom-made to allow real silver to do double and triple duty. If the auditor wants to get snotty and insist on seeing all the silver assembled in one place, JPMC has to be assured of payment by “somebody” for the trouble and expense of doing so.

Never Happen.              Just Say No to the Silver ETF (Rube Goldberg Strikes Again)

So in the end, it boils down to this: there is plenty of silver for everyone, as long as everybody will just leave it where it is and not insist on taking it home with them.  It¬ís called fractional reserve banking.

Jason Responds:  Perfect summary of why to not trust the ETF, or anyone else to hold your silver for you.  Thank you.  Yes, with all those middle men in between you and your silver in the ETF, it’s astounding.  The other bad thing about the ETF is that your holdings and gains are reportable, and taxable at the “collectable” rate for silver, which I hear is 28%.  In contrast, when you buy and sell silver to a coin shop, it’s not reportable, and it’s up to you to voluntarily report and pay capital gains if you owe them.


Hi Jason,In reading your latest email, I feel I should share my dealings in buying silver.I first bought silver, at the advice of a friend who has read your’s and many other articles for a few years dealing with silver and gold.The first silver I bought was in 1kg bars from AGR Matthey’s in the there Perth city office, in the first week of March 08. Very nice, very helpful people and the silver was to be held for my collection within a month (free of charge).I rang again just over a week later to buy more and was informed that the Perth City office was closing down and I needed to contact there Newburn (also in Perth) office if I want to but more silver. I must clearly state that AGR Matthey did in fact have my silver and did forward it on to me within 2 days after I found this out. I did find it somewhat puzzling as to why they would be closing there Perth city office(rent must be to high). I was informed by the Newburn office that they didn’t sell silver bullion and to contact there Melbourne office. I then contacted another bullion company here in Australia and was told they were out of stock and wouldn’t have any most proberly until early May. Then I rang AGR Matthey in Melbourne and was told they didn’t have any silver bullion to sell and if I wanted to buy some to contact the Perth mint.When I rang the Perth mint in very late March and asked if they had $A10,000 to sell me there and then if I walked in off the street, was told after a few seconds (checking stock levels) that they did “If I didn’t want specific sizes” they would have it for me.I did buy a few 100oz bar (maybe rather foolishly) for my collection in a “few weeks”. The friend I spoke about earlier has had his own problems with his silver allocation with the Perth mint that has already made your emails Jason. I have wondered if they(Perth mint) do have the silver there that they should have and if so, why they so slow to be able to produce it in to collectable form. My experience and thoughtsB

Jason Responds:  Thanks for the report, yes, why should Perth be so slow, is the million dollar question these days.


An interesting comment on today’s newsletter. 

I called a coin shop I have bought from before and asked if they could sell me 12 100oz bars.  They said no problem, they could have them by the time my check cleared.  I then asked about any shortage they have seen and they told be that they were having trouble getting hold of 1oz rounds and 10oz bars, but most of their customers were not looking for 100oz bars.

Just thought the information may be of interest to you.


Jason Responds: Thanks!


No silver shortage except in your satanic little mind.  How much do you want?  The check has been received!  GOODBYE!  JESUS LOVES YOU!

Jason Responds:  This crazy guy has been pestering me for a while and does not knoww how to communicate in response to my inquiries; he refuses to provide substantial information in a professional manner.  I unsubscribed him.


Dear Jason, I don’t about others and the 13 ounces, but I can say since you said to buy it I bought 600 ounces which is still small compared to what someone with more funds could buy, but I still got on the train and awaiting the ride!  Now all the coin shops in my area have little if any silver cause I call them weekly to verify.

L  South Bend, IN

Jason Responds:  Thanks.


Dear Jason,

Thank you for your enlightening emails.  I only wish I hadn’t lost so much money in cftn that I could afford to sell what remains but the comission charges would eat up quite a bit.  Still I wait and hope for a rebound to the $1.10 buyin price I had.  Hope springs eternal as they say…

If you could answer this question for me I would appreciate it as I find everyone who knows cftn stock seems to lie to me over and over for the last six years.  Do you believe they really have one billion ounces of silver or was that hogwash as well?  This IMM company they say that they have contracted with looks as fishy and unprofessional as can be when I pull up their website.  Thank you in advance for any help you can offer as to if cftn is a scam or the next thing to it.  They just have lied so much and they seem to be living the life of Reilly whereas I pray they get a concience for those investors like me who fell for every word they and their promoters pumped out. 

Enjoy your day,


Jason Responds:  Clifton Mining does seem to act like a scam company.  I don’t think they are one, though.  Their Colloidal silver solution works, and I take it.  Clifton, I think, is doing the right thing by not trying to spend money to get up to producing silver now.  Why produce silver when silver is too cheap?  Their investor relations could be better, but “professional” IR and promotion costs money, too.  I still hold some stock.


I still cant get how with this massive shortage we are getting hammered lately.

Its doesnt add up unless there is no real shortage

Jason Responds:  The price is set primarily by the paper exchanges, not by the meek public who can’t find any to buy.  The price is set by actual buyers who are willing to pay up to get silver.  Last week, the price dropped when leveraged holders of futures contracts sold 1/5th of their positions.  The coin shops were running out of silver at the peak, at $20/oz., not after the price drop, so it’s particularly frusterating to see.  However, this bodes well for a quick rebound in the price.  Take advantage of it, and get silver now below $20 while you still can.

==========Jason I don’t get it.  Silver keeps crashing as you continue to elaborate on the silver shortage.  Since I became a subscriber about a month ago, I’ve invested 10K in silver and gold and have seen the value of my investment now drop 25%.  You say then this is a good time to buy but my investment cash isn’t a bottomless pit.  Also, my coin shop has plenty of silver on demand, any way I want it.  (Coin Gallery, Phoenix AZ).  I would rather have seen silver go from $21 to $25 instead of going to $17.  And I think that silver isn’t going to trade above $20 for a long time.  The U.S. government industrial complex isn’t going to allow the paper dollar to collapse.  The spin in the media is putting fear into the public about investing in precious metals.  It’s going to take another decade for the price of silver to double.  Probably longer if John McCain is in the White House for 8 years. RM

Jason Responds: If the government is “all powerful” and won’t let silver rise, then why did gold move from $20 to $35 in the depression in the 30’s?  And why did gold move from $35 to $850 from 1970 to 1980?  The government has little to do with silver, and ran out of any to sell quite a few years ago.


Hi Jason, I don’t doubt that silver is in short supply; but you convinced me of that 3 emails ago.  I’m putting a request in for you to comment onwhy you think the price of silver is going down (in a future news letter).  I’m happy that the price is going down because I know it’s going back up.  If you are able to determine what is causing the silver pice to go down we would all like to hear what you have to say. Thanks, Jacob

“No one is as hopelessly enslaved as the person who thinks he is free.” Goethe

“Government big enough to supply everything you need is big enough to take everything you have. The course of history shows that as a government grows, LIBERTY decreases.” Thomas Jefferson

Benjamin Franklin: “It is the first responsibility of every citizen to question authority.”

Thomas Jefferson: “I sincerely believe…that banking establishments are more dangerous than standing armies.”

Paul Volcker, former Chairman of the Federal Reserve System ( privately owned banking establishment): “The standard of living of the average American has to decline. I don’t think you can escape that.”

Jason Responds:  I actually commented on why silver was down in my last email, to which you responded.  Here it is again:

This weekend, the Silver COT’s came out, and showed that it was the spec longs that sold 1/5th of their positions, and Commercial shorts covered less than 1/10th of their positions, which explains the major price dip from $20/oz starting on Wednesday, March 19th.

It was thought by Howard Ruff that this was related to margin increases, and “deleveraging” of positions. 

========== Jason, The fall in the price of silver over the last several days indicates that there have been more sellers than buyers of paper silver. I believe lots of industrial silver supply/demand is essentially price inelastic. I have verified that some industrial users do sell their silver when prices run up and buy it back when prices dip. Regarding small investor physical silver in the form of 90% coins and 10 or 100 oz bars, my own research, which included talking with numerous coin dealers and a refiner in Pennsylvania, indicates plenty of current availability if a person is willing to pay up. Also, you picked a misleading analogy about sea water vs drinking water that makes me further question the validity of your concept of a current shortage. You can’t drink sea water unless you have a distillation facility such as a very expensive desalination plant that takes years and 10s of millions of $ to build and to connect with an existing water distribution network. However, if a silver refiner feels there is a shortage of a particular form of silver and a corresponding demand, such as in 10 or 100 oz bar forms, they can turn scrap silver into those bars and sell them to dealers over the course of several weeks to 3-4 months. In other words, there is no shortage of silver. Will dealers be willing to buy them at this price? What appears to be a shortage is just a temporary problem in instantly getting the silver you want in the form you want and at the price you want. A shortage in finding old Englehard poured 10 oz bars, which are no longer freshly minted, is not the same as a shortage in 10 oz bars that can be fabricated next month if the refiners and fabricators are willing to make new 10 oz bars. There may very well be a shortage of silver later this year or several years from now which will cause the price to run up into the $30, $40, or even $50+ range. But such a price run up will not happen because several thousand or even 25,000 1000 oz bars are melted and fabricated into 10 oz bars or 100 oz bars to meet perceived new investment demand. New investment demand that causes a collective equivalent of what the Hunt Brothers attempted 28 years ago will have to be many, many times larger than what you and other bloggers can stimulate. There is lots of new supply coming from mines year over year that should roughly balance increased demand. The Mother of All Bailouts, that included Bear Stern, and the drop of crude oil over the last several days appears to have put out any silver rush fire at this time. For how long the new silver rush has been stymied is known only to the Creator and Sustainer of the world. However, in my opinion, the current price dip gives everyone a chance and choice to accumulate silver, in the forms and prices you can find, for roughly 20% less $ than it cost a couple of weeks ago. Keep plugging away at the extra risks in investing in silver that you can’t personally touch or otherwise verify exists.  Please let me know if you want to talk with me about having a regional refiner fabricate  10 or 100 oz bars, with your name and logo, that you can sell directly to the public or accumulate for yourself. We have spoken before about my skepticism of OT Mining. J in Pennsylvania

Jason Responds:  Water desalination plants can distill water on demand, but my point is that droughts and shortages of water still occur, and the existence of some water somewhere does not disprove the existence and fact of a drought.  Similarly, many coin shops are sold out, and many fabricators and mints are sold out.  

New investment demand, if it doubled, would be 100 million ounces this year, and it looks to me like we are on par for that level of buying, or higher.  That is the equivalent of what the Hunts bought, or more, if it continues for more than one year.

The Fed bailout of Bear Stearns and other bailouts added $350 billion, which is about 350 times the investment demand into silver.  Shocking, and it will cause silver to move that much higher in the long run.

I’ve been very disappointed in OT Mining.


you are one egotistical religious fanatic…lol   do you honestly believe you are responsible for the silver “SHORTAGE?”  if there was a shortage, the price would be going UP not down…you kill me

Jason Responds:  Well, not everyone is capable of understanding math, it seems.  I’ll try again.  About 50 million oz. of silver were bought by investors in 2006.  About 200 million oz. are recycled, and I’d estimate about 50 million oz. is sold by coin shops to refiners over the year, or 1 million oz. per week.  My list is 74,000, which means that my readers only need to buy 13 ounces each, each week, to create a shortage at coin shops.  Clearly, many readers are buying much more than that.  That might not be enough to cause an immediate change in price, but it will affect it, as refineries will have less silver to make into bars, and could cause a short squeeze in the coming months as regular expectations of 1000 oz. bar deliveries may be much lower.


Jason,Where do these published spot prices come from?Who determines them and how?It appears to me that they don’t take into consideration the price demand in the market place which seems too disconnected from spot.Thanks,R

Jason Responds: Spot prices are an average of the bid/ask quoted for the current delivery month for futures contracts for 5 1000 oz. bars of .999 fine silver.  Until that market can’t deliver, that market will continue to be a trusted source.


Question : why would a mint or any refiner/miner/supplier wish to report more silver then they have, wouldn’t it be in thier own interest to have silver go up in value and profit from their own inventory?

Jason Responds:  If they are short, a mint might want to lie, and claim to have silver that they don’t have.  And if they don’t expect prices to rise, or if they have borrowed from their inventory as one borrows money, those kinds of loans get very expensive and impossible to repay, as most businesses are not growing profits at a rate of 38% compounded each year like silver is going up.


Thanks, Jason, for these great email reports!

Keep making them SQUIRM!

Best regards,


Jason Responds: Thanks!


Good morning Jason. There is only one way to end the battle of ‘I have it’…’No you don’t’ speculation when it comes to these mints and their holdings. If they say it’s there, they need to prove it. And the only way these mints will prove you wrong (or right) is to allow a full inventory of their holdings with you, one other disinterested party, and their designated representative(s) present. These mints will never allow this if they are misrepresenting the truth…which is the nice way to articulate the word lying. If they have what they say, they will hop on this offer as it will ‘rid the thorn’ by quelling your contentions and publically embarrassing you.

So…Perth Mint, Northwest Territorial Mint, and any other mint which has disputed your claims, I say this: “Either put up or shut up.”

I would fully expect the normal legal and political language from them concerning ‘company policies, security, and safety’ as a reason for not allowing this. If you get this instead of an invite, I would assume the worse. At this point, the world’s politicians and legal community need to step in and demand a full inventory to be conducted as proposed above. And they are perfectly within their rights to do so, considering one of the aspects of their jobs is to protect the people. I believe this will never happen, as the ramifications of false claims on the mint’s part would send a shock wave through the world’s financial markets unseen since America’s Great Depression. There would also be quite a few very powerful and wealthy men and women going to prison for a very long time.

The time is now Jason. Make the offer…and make it a public forum where you will be heard.


Jason Responds:  I would not travel to their location.  No need.  They could easily buy a $300 video camera, and make a Youtube video of the silver in their vaults, and show a rough estimate that they do, indeed, have plenty of silver.


there will be plenty stories planted by “insiders” to confuse anddisourage the world public from buying silver and hold onto paperthis is only the startthe Chinese have a proverb “if you want to catch fish in netsyou have to make turbulance at the inlet to net” all you seeis the “financial noise”-S

Jason Responds: Interesting.


Hello Jason, Its S— here in Vancouver. I met you and your wife at the GATA reception a couple years ago after the Gold Show here. I write a newsletter for friends/family called Why Gold, Why Now? I have been buying silver since ¬í02. I spoke to Mr. Nadler @ Kitco yesterday, to confirm when Kitcowould be re-supplied with Silver Maples? He told me the problem was with the Cad Mint, and that they had chosen to focus on Olympic silver products with 2010 approaching. He told me that there was no shortage of silver, that the Perth Mint was ¬ďchoking in 1000oz bars¬Ē and that evidence of this was their increased storage fees (or their recent implementation of storage fees), to encourage holders to take it home. He also referred me to ¬í06 CPM report as verification that there is no silver shortage. Mr. Nadler mentioned your name and Ted Butlers name and quickly identified me with the conspiracy crowd. He told me Mr. Butler¬ís opinions were wrong. I responded by asking how a COMEX short position of 200M ozs held by four traders was anyone¬ís opinion? I understood that to be a FACT! He got testy and told me to take it up with the Cad Mint, either with David Madge, Marketing/Sales Director, or Beverly Lepine, who I believe is the Mint¬ís President? I had actually been referred to Mr. Madge by the Mint¬ís Manager of Customer Relations (Nicole Chevrier) last week.  Mr. Madge was away at the time but he returned my call yesterday – unfortunately it went through to voice mail. I have since left him a voice msg and hope to hear back today. I have a few questions, specifically, why is a Canadian citizen being denied the chance to hedge against FIAT with a 100% pure silver product produced by the Canadian Mint at a reasonable price in Canadian Dollars? The Mint is a Crown corporation here in Canada, is this not one of its mandates? As you probably know, the Mint only sells Maples through dealers. They will sell commemorative coins to the public, $39 and up. Secondly, if they are indeed short silver, can a Canadian citizen like myself produce my own 1000 oz bar for conversion to Maples? And at what cost (if any)? I¬íll pass along his response when/if I hear from him today. Any other questions you might have for him?

Finally, my good friend Joe from J&M Coin told me last night he was hoping to confirm an order for 30,000 Maples today. Last Tuesday his attempt to book 20,000 Maples with the Mint was declined. Joe is an honest dealer here in Vancouver for nearly 40 years (¬ďhe¬ís never seen anything like this¬Ē). He told me in ¬í07 he sold 100,000 Maples, so far this year 50,000, but for the last three weeks he has not been accepting any bookings. He is also sold out of 10 and 100 oz bars and is not accepting bookings for those either. I am planning to speak to Joe today ¬Ė my guess is he will not get his Mint order confirmed.

I will keep you in the loop of you like?


Jason Responds: Yes, please keep me updated.  It’s simply amazing to hear about the bias and arrogance and dismissal of facts from Mr. Nadler.  It’s also refreshing to hear yet again from another dealer who confirms, “he’s never seen anything like this”.


Dear Jason: Your newsletter has become more and more difficult to read. In fact I find it impossible to get all the way through one before I must hit the delete button.  For a man of God as you claim you are, you show very little patience in your opinions of other newsletter writers or in companies that choose to operate on a different platform than one you prescribe.  You lash out with insults and innuendo pretending or believing that you know all…only to have to retract your opinion, although in a very smug or condescending way down the road. I tell you if I was the owner of the these companies I would not hesitate to sue your ass. I read a lot of different industry analysts who all have a song to sing because of their investment style or beliefs. And most believe the way they do because of two reasons. They want to convince the reader to invest in the same things as them so it can boost that share, option or commodity price or to sell their own newsletter/opinion. I.E. it is done for the express reason to make a profit, read greed…not out of the goodness of their own heart. You are no different and in fact in recent months you have become more and more desperate by using a very simplistic math formula or if that doesn’t work quoting the bible as if that will change their mind or God may choose to smite them down for you. Although this does give me a good laugh once in a while it is not the reason I read your newsletter. Frankly I think you have lost it. Just thought you’d want to know how someone with no axe to grind feels about your ramblings. R

Jason Responds:  If I’m “no different” from someone who is saying the exact opposite thing, then you lack discernment.  Somebody is a liar, and it’s up to you to figure out who it is, that’s called discernment.  You gain discernment by exercising the skill in yourself.  Keep reading.  One day the light bulb will go on.  Trust me.


Dear Jason:
I’ve been a regular reader of your reports for about three years now but it seems of late you’ve gone wacko on some things (like the Perth Certificates to name just one).  
You’ve delivered interesting information in the past but you do not exactly approach things in a methodical and sane manner.  Maybe success and a feeling of infallibility has gone to your head.
I guess I’ll get my information elsewhere.  
I also guess you have 73,999 readers now.

Jason Responds:You have successfully unsubscribed

Thank you – We have received your unsubscribe request and have removed your email from our list.

Actually, my list is now 74,692.



Touche ! Mon ami

Jason Responds:  God bless you!


Jason, you are a good man. I really appreciate all your words of wisdom.I do not know how big perth mint is but i`m worried for you. I do believe you that they are not very proffessional and definately are not an honest company. I believe eveything always come out in the wash. Just watch your back as you keep us informed. If anything ever happens to you, we will know where to look for justice. God-Bless you always. P

Jason Responds: Thank you.


Jason is now a good time to get into silver or should I wait a little longer…maybe will fall a little more not much more as it is a good buy at 16-17 dollars .

Jason Responds: I never assume it will fall when I’m assuming it will go up.


I think you do your self, your readers and your letter a disservice by
bring yourself down to the level of people you don't agree with or who you
feel aren't as smart as you judge yourself to be. I don't disagree with
your view but certainly you are intelligent enough to make it without
trying to harm others with name calling or insults.

It also seems a little disingenuous to appoint yourself, based on Bible
scripture, as the one who needs to rebuke anyone. And that those who don't
agree with you need to read their Bibles more, like you are not only
smarter than the rest of us but more of a Christian also.

Merely things to consider when writing this type of email to 74,000
people. I enjoy your analysis and think you are mostly correct in your
positions and assumptions, but allow for other possibilities as well.

Jason Responds:  Yes, I understand that if you argue with a fool for too long, then other people will begin to not be able to tell the difference.  But fools do need to be refuted.  Look here:

Proverbs 26:4 Do not answer a fool according to his folly, or you will be like him yourself. 
5 Answer a fool according to his folly, or he will be wise in his own eyes.

Now here’s a question for you.  If you think I’m not supposed to criticize or rebuke Nadler, why do you think you can criticize or rebuke me?  Oh the irony is rolling now. 

==========Hi Jason, I bot silver from Sunshine mint last night & my order was accepted & processed, $$ in the mail.Today I wanted to buy some more silver & the website says:”Trading is temporarily suspended – Extreme market volatility” Then it gives the folowing excuse (notice the dates are for 2007 – ???):

Sunshine Silver will be closed for vacations May 21st thru May 28th 2007
All prices are indications only, based on market close May 18th, 2007.

Live trading will continue Tuesday, May 29th, 2007.
  Keepup the great work,A

Jason Responds: Thanks.


Dear Jason, Again I wish to thank you for your great reporting of the silver shortage.  I always appreciate your out-of-the-box thinking.  Incidentially, a person at “Investment Rarities”, a very honorable company that publishes Ted Butler and other sarvants writings, has told me that Friday was the first time in their 30 year history that they completely ran out of silver bars, bulleon silver coins, and other stock. I have an propaganda idea to break open the false perception that there is a “No silver shortage”.  Please call me at my home (916) 435-3846 and I will sent you a one page description plus a one page “Pledge” you might wish to publish/distribute. India: I have been interested about silver stockpiles in India for about six years.  India is a unique situation.  Even though they have about one billion ounces of Silver in the country, mainly married women’s security/doweries (sp?), they have very strict laws that prevent the shipping of silver and gold out of the country.  U.S. and European banking establishments have been trying to ask them to void these laws, with little success.  So even though they may have one billion ounces of Silver, it cannot be shipped to the rest of the world.  Interesting??? As for Indian women selling their only security of gold and silver for paper against arbitrary divorce by their husbands, this will not happen, as it would change a 400 year marriage custom. Sincerely, M
Jason Responds: Can you email me the 1 page description of your propaganda plan?


Squirm like worms!


>From here on in I am in take possession mode.

Jason Responds:


Jason:  I purchased 10 100oz bars from Kitco, unfortunately right before the blow-off, on 3/17.  The bars were shipped on 3/20 and I have received them.  The bars are somewhat beat up, but I have them (2 still in Engelhard plastic and 8 naked).  Also, purchased 29 bars for my IRA on 3/17.  The transfer was completed last week.  So I am not seeing a problem with silver delivery at this time

Ripon,  CA

Jason Responds:  It seems the 100 oz. bars are getting beat up.  I got 28 Englehards on the dip at $17.50/oz., and they are the worst quality I’ve ever seen.  Maybe some paper silver shorts were pounding on them out of frusteration?  Who knows.


I wrote you about a friend that has bought from Gulf Coast Coins over a 100,000 dollar order from Mike Joyce  and today he still does not have his silver and he is pissed —over  a 30 day wait

Jason Responds: Sorry to hear it.



Just my own personal note here, but once the prices on silver started dropping, there were far fewer people selling silver products through the Nucleo Exchange on bulliondirect. I really don’t think that there is a shortage, I just think that there are a lot of people holding silver that aren’t willing to sell right now because they think that the price is somehow destined or bound to go up. If or when spot prices get back over the $20 mark, where they were before the sell off started, I think that there will start to be a lot more silver available to buy on things like Nucleo Exchange, as people will want to lock in some profits.

So far as your opinions on Jon Nadler go, he did say that it looked like a sell off was in the cards, with some significant drawdowns in spot prices coming. He has been right on that so far, and his day to day analysis tends to be pretty good. I don’t think that you have any room to say that he’s a “foolish raving lunatic”, especially when you keep going on about some sort of an “engineered” price drop in the metals. Why not go with the simplest explanation? It tends to be the best. There are more sellers than buyers. I myself sold off at the most recent peak and am watching to see where I think my money will best go next. Whether that be silver, or stocks, or real estate, I don’t know. But I will be watching.


Jason Responds: Everybody has an opinion.  My understanding is that I first heard that Amark was out of 100 oz. silver bars at $20/oz. on Tuesday, before Wednesday’s price crash, and Amark is the largest silver dealer in the U.S., and Johnson Matthey’s primary distributor to the public.  My local dealer told me this and bought 25 bars from me at $19.96 or so, which got me started on this story before anyone else.  So, my understanding is that this is not an “unwillingness to sell on a dip” situation.  This was a situation of the largest dealer being flat out sold out at the peak, and my local dealer saying that the public had cleaned him out, too!


hey whats up with the drop in gold and silver?  i like to know what you think.

Jason Responds:  hey, you actually have to read my reports to know.   I bolded and underlined the section in my below that addresses it.



I have been buying 1 and 5 pound lots of 90% silver US coins on Ebay, and other lot sizes of 90% silver US coins there.

I would not recommend this for everyone, only someone VERY familiar with Ebay transactions/feedback/vendors AND also very familiar with buying collectible US coins (though being comfortable with the Ebay seller by checking feedback is the most important factor since most of these coins aren’t really terribly collectible).

However you are comfortable and able, buy all the silver US coins that you can.  They all do actually have a tiny to a significant premium value in excess of the silver value, or they soon will.  As with the rest of the existing silver supply, a large percentage have already been melted and more will be in the time coming.  In time, even the ‘junkiest’ of real silver coins will have some added value compared to the bullion value.


Jason Responds: Thanks, some of my readers will find ebay helpful.


Jason,               You recently stated that “every book in the New Testament was written because some people in some Church somewhere were acting foolish and needed to be rebuked and corrected, as we are commanded to rebuke those who are wrong.”  The first part of the sentence is correct, while the last part is woefully incorrect and seriously misguided. I would like to ask you what business is it of yours to judge those outside the church? Are you not to judge those inside? God will judge those outside.

 1 Corinthians 5

9I have written you in my letter not to associate with sexually immoral people¬ó 10not at all meaning the people of this world who are immoral, or the greedy and swindlers, or idolaters. In that case you would have to leave this world. 11But now I am writing you that you must not associate with anyone who calls himself a brother but is sexually immoral or greedy, an idolater or a slanderer, a drunkard or a swindler. With such a man do not even eat. 12What business is it of mine to judge those outside the church? Are you not to judge those inside? 13God will judge those outside. “Expel the wicked man from among you.”[b]Note very carefully:  The epistles of Paul were all written to whom?  They were written exclusively to the churches and to leaders of those churches who were instructed to disciple, encourage, exhort, and rebuke teach those churches. They were not written to the world, nor intended as instruction in how to rebuke or exhort people outside of the church.  This is another area in which you are clearly in error.  2To Timothy my true son in the faith:4To Titus, my true son in our common faith To the saints in Ephesus,[a] the faithful[b] in Christ Jesus:2To the church of God in Corinth To the church of God in Corinth, together with all the saints throughout Achaia2To the holy and faithful[a]brothers in Christ at ColosseTo the churches in Galatia:  Now Jason, it really is time you put your focus where it rightfully belongs and stop being misdirected and misguided in your efforts. It is time for you to move on to greater maturity and focus, don’t you think?  Have you considered getting a Bible education and perhaps joining a Bible believing church where you can learn and be accountable and use your gifts to the edification of the church instead of blowing hot air where you shall most certainly reap absolutely nothing from? Rebuking and exhorting people in the financial markets may indeed seem to give you some satisfaction to your ego, but in the end it shall certainly be burned away and shown for the hay, straw and stubble it really is on that day. The true silver you ought to seek is eternal and shall be the works done in the Spirit and truth directed towards God’s people, not the world. Unless of course it is evangelism which is proclaiming the death, burial and resurrection of Christ and his soon return, which historically was the only message approved by our Lord for the world, and certainly the only message the Apostles preached.   1 Corinthians 2

 when I came to you, brothers, I did not come with eloquence or superior wisdom as I proclaimed to you the testimony about God.[a] 2For I resolved to know nothing while I was with you except Jesus Christ and him crucified. 3I came to you in weakness and fear, and with much trembling. 4My message and my preaching were not with wise and persuasive words, but with a demonstration of the Spirit’s power, 5so that your faith might not rest on men’s wisdom, but on God’s power.                       So, either you are a minister to God’s sheep, or you are an evangelist in the Apostolic tradition. However your current direction you are taking in rebuking the finance world is a big waste of your considerable talent and you are sadly being misdirected. This is why I take the time to point these things out to you, in the off chance that you are simply behaving out of ignorance more than stubbornness and rebellion. Perhaps your talents, abilities and gifts are being eclipsed by your considerable stubbornness and refusal to get with God’s program? Perhaps you enjoy Jason Hommel’s program better than our Lord’s? I suspect so. This shall pass in due time as I have warned you before on other occasions, and now warn you again. It might feel better in the short term to continue on your reckless path, but in the long term, you shall not reap the kinds of imperishable rewards the Lord would have for you, in choosing to do the Lord’s work his way, with his message, in his Spirit.  This will cost you something as indeed it costs us all.   Revelation 318I counsel you to buy from me gold refined in the fire, so you can become rich; and white clothes to wear, so you can cover your shameful nakedness; and salve to put on your eyes, so you can see. 19Those whom I love I rebuke and discipline. So be earnest, and repent. 20Here I am! I stand at the door and knock. If anyone hears my voice and opens the door, I will come in and eat with him, and he with me. 21To him who overcomes, I will give the right to sit with me on my throne, just as I overcame and sat down with my Father on his throne. 22He who has an ear, let him hear what the Spirit says to the churches.” Sincerely,

Jason Responds:  I have carefully weighed and thought very carefully about all your scriptures and words, because I do know that if the Lord is speaking through you, then I must listen.  But I think you take 1 Cor 5 out of context, and I will respond with others.

When Jesus in Matthew 23 was rebuking the Pharisees, was Jesus rebuking people inside the Church, or were they of the world?  Jesus said they were of the world.

Peter, in Acts 2 rebuked the whole crowd, as murderers, and they repented, and were saved.

Stephen, in Acts 7 again rebuked the Pharisees.  

Paul, in Acts 17, rebuked the Romans as superstitiously worshping out of ignorance, an “unknown” god, who he began to preach to them as the Lord.

If I had to take what you are saying as reality, then we, as Christians, who are supposed to be able to ‘judge angels’! should never judge anything outside the Church, then our power would be destroyed, our effectiveness removed, our light hid, our power to trample snakes and cast out demons removed.  

Where does this false idea come from?  I think I know.  The vast majority of Churches are non profit 501c3 organizations.  They do this so that their donors can deduct donations from their taxes, contrary to how the Lord says to conduct giving, which is to be done in secret, not so you can boast about it on your taxes.

Matthew 6:1 Take heed that ye do not your alms before men, to be seen of them: otherwise ye have no reward of your Father which is in heaven.
Matthew 6:2 Therefore when thou doest thine alms, do not sound a trumpet before thee, as the hypocrites do in the synagogues and in the streets, that they may have glory of men. Verily I say unto you, They have their reward.
Matthew 6:3 But when thou doest alms, let not thy left hand know what thy right hand doeth:
Matthew 6:4 That thine alms may be in secret: and thy Father which seeth in secret himself shall reward thee openly.

See, when Churches become a 501c3, they also have to obey the rules of the IRS, which say that they cannot speak about political candidates.  Weak-minded Church men then have to justify such foolishness with scripture, so they twist 1 Corinthians 5 into saying something that it does not say.  

Paul is saying we are not to “judge” those outside the Church to such an extent that we refuse to do any business with them, after all that is a type of isolationism that he is not preaching at all, because we do have to trade with the world, and by doing that, we can act as a powerful witness to them.  And the Church does have the power to isolate, or not pay, those people who want to be in the Church, and not associate with blatent hypocrites, and not let them receive Church donations or support, as that was one of the functions of the Church, to distribute money to Church elders.  If such elders had lost their way, they were to be cut off.  That, in no way, means we are not to judge evil actions done outside the Church as evil.  Yes, those outside the Church will be judged by God, because they will reap the fruits of their way, outside the Church.  

Those in the Church have full power and authority to call a spade a spade, both inside, and outside, the Church.  

You missed Paul’s context in the very next Chapter!

1 Cor 6: 2Do you not know that the saints will judge the world? And if you are to judge the world, are you not competent to judge trivial cases? 3Do you not know that we will judge angels? How much more the things of this life!

12″Everything is permissible for me”¬óbut not everything is beneficial. “Everything is permissible for me”¬óbut I will not be mastered by anything.

But yet, you would forbid me to say things to those outside the Chruch?  So you greatly err.

Finally, I will answer Paul’s rhetorical question, “What business is it of mine to judge those outside the Church”?  It is my business, as you may have noticed, this is the “Silver Stock Report”, and thus, I give reports about silver and silver companies.  I judge them, and evaluate them, and they are outside the Church.  That’s the entire nature of my business.

Further, if we are to judge angels, then we are to judge kings of this earth, too.  We, as Christians, are to give advice to Kings, and tell them whether they do right and wrong, in contrast to 501c3 rules.  

Joseph was adviser to Pharoh.  Daniel was advisor to Nebuchadnezzar.  Esther advised Xerxes.


Are you paying attention?  Silver is PLUNGING.

Jason Responds:  Are you paying attention?  People cannot find where to buy silver, there is a silver shortage.  This is a result of the public scrambling to buy silver from coin shops and cleaning them out, and price fixing by large traders who trade a different form of silver, paper silver, and 1000 oz. bars of silver.

Hi, Jason,
               Why the price is going lower everyday? Will it go back
over $20 again?

Jason Responds: It’s going lower because 1000 oz. bars are sold at the COMEX.  It will go up again very soon, I think.


supply vs demand, it’s that and only that. i’ve had no problem getting 1 and 10 oz bars, but 100 oz is another story. jason, is your theories only Bible based or reality based? i am a christian, let’s put that to rest, but are you still behind you’re aggressive forecast of 12,000/oz in the next decade? just wondering, while i’m steadily collecting. thanks, thomas

Jason Responds: Yes, I still think silver can reach $8000/oz. in 15 years.  

Hi Jason:  I went to my local coin shop in Edmonton (Alberta) no 100oz
bars. “No over the countert sales” “four weeks wait”, just what I was told today. First time I have seen a shortage in anything and the price goes down 20%? Thanks for all your information.Jason Responds: Thanks for the report.


JASON,            This is Sudarshan and u mentioned in your last mail that there may be some different silver in India so i can tell u one that here there are lot and lot of coins and even bars but we dont know about shipping and any other thing if u can come here and u want do some shipping of silver u r most welcome i will take care do believe me as if u come down here i can get as much as silver u want i do gurantee that what ever silver i give u is pretty pure and its silver only. Think me as a good friend and please do believe me.                                       Thank you and you are welcome

Jason Responds:  I read there is a ban on silver export out of India.


Hi Jason, Todd from Canada, just wanted to tell you that CIBC ( a major Canadian bank ) has 10 oz certificates of gold. ( they might have silver also? )
It is the same idea where they keep the gold and give you the certificate. I was told by the banker that the certificates are backed by the actual gold.
   I am not worried about being scammed out of money by the bank.  I wonder if they really have all the gold though.  The bank would not give you the gold any way if you cashed in your certificates. They would give you value in Canadian dollars less the spread. The price is a bit better at the coin shops anyway.

  Another problem with the bank is that you have to show proof of where you got the money from.  Banks have to abide by the anti-terrorist / money laundering
regulations to report  any suspicious money.

Just like as in the USA, the real reason is for The tax man to catch the average citizen to get more tax.

If someone walks in to the coin shop/currency exchange, there is less hassle.

Jason Responds:  Why would you not be worried about being scammed by the bank, while you are concerned they might be selling you gold in the form of certificates that you cannot take delivery of, and that you think they might not have?


Should we start demanding our silver instead of a bank holding them,I want about 10 myself if the price goes south between 15-16 i will take delivery.

Jason Responds: Yes, take delivery!



Jason Responds:  That’s not a very specific report.  How many Eagles?  Which shop in Fresno?


Thanks, for exposing Nadler; I really enjoyed that. I had complained to Kitco about him before. I’d call him an idiot, not for his bias, which constitutes an agenda, but for his inability to be able to hide it any more effectively.Jason Responds:  Funny.



Do you still feel good about


Jason Responds: yes



I would like you to ask each and every reader to go out TODAY (or within one week, seven days) to buy 10 oz of silver (coin is easiest for most average readers) at whatever source they find in their area or on line, and report back to you (us) about their experience!!

It would not be posed as a challenge,, people I think would be more likely to respond if asked,, and their responses will matter—- they would like to participate, not be challenged, and that their story will be important for us.

I realize the tabuling of many responses might be difficult, but ten bright young people in a room could take care of it,, and the tabulating is not really the most important part of the exercise,,, it is the removal of so much silver coin from the system.

I respect what you are doing, keep up the good work.


Jason Responds:  I’ve never tried to appeal to people to buy the same amount in such ways; it’s not appropriate I feel.  The reason is that some people can afford only 1 or 2 ounces, and others can afford 1 or 2 tonnes, and it ought to be up to each person to decide how much silver they want and need.  The more the better is what I’ll preach.

But yes, I like the idea of publishing people’s responses, I’ve been doing that.


Hi Jason,

Thanks for sending me your intriguing emails. You have
got me convinced, and now I am certainly interested in
purchasing silver. However, I have stumbled in the
first hurdle. I live in Bangkok, Thailand, and I can't
seem to find anywhere that will sell bars of silver,
tho there is plenty of silver jewelry. 

Have you got any links, or do you know anybody here
that deals in silver bullion, or coins? Shall I buy
from abroad, using ebay or something, to be shipped

Maybe gold would be easier?.... There is a large
market for gold here.

As you can tell, I am a bit confused. It would be of
great interest to me to hear your thoughts.

Yours sincerely,

Jason Responds:  I’m sorry, I don’t know any sources for you.  You can try to buy the ETF, CEF, or, but I strongly recommend you find physical, or import it to your location somehow.


Jason, Thanks for your reply. The big question is:  is new investment demand sustainable? For example, an offtake or supply of an unanticipated 5- 8 million oz over 6-12 months once can’t sustain a rally or a pullback. However, if this net movement continues and grows, now we have something! I am working with a friend who has a PhD in finance to figure out how to supply 10 and 100 oz bars with little but not zero risk. In other words, primarily an on demand brokerage. Let me know if you are interested as I can have new bars fabricated with your name and logo and/or probably make a deal with a large local refiner to sell the Englehard and JM bars that they were otherwise going to melt. My preliminary idea is to have you offer them to your subscribers at a slight discount to what the general public has to pay. If you have further interest, call me tomorrow, later today, Fri morning , or next week. Alternatively, I’ll call you at your convenience. I am leaving after this email for at least 2 hours. With regard to OT, my personal plan is to wait just one more drilling season: By this time next year, this summer’s results should be disclosed.  Joseph in Pennsylvania 

Jason Responds: OT seems dead in the water.  With a low stock price, they are not raising money.  And without money, this drilling season will slip by once again.

I’m not yet ready to deal out my silver, and not ready yet to mint it.

Minting charges are too expensive; and the mints I know are not making much money.  Why?  Because they have to mint in very large volumes, and compete with previously minted material that was being sold which drives down prices.

The previously minted material must really dry up, and people must be willing to pay real minting costs, and this demand must be sustained before that seems like a profitable business.

Prior to now, it was profitable to buy up 1 oz. rounds from the public, and sell them to refiners, ie, destroy product!


Jason, I spoke for 20 mins with dir of sales at Cad Mint yesterday, David Madge. Huge demand, on pace to sell 12M maples in 08 compared to 4M in 07. He said they had confirmed maples for border gold and they should he here next week. I said we buy at J&M and he has no supply for three weeks! You have one dealer in a town of 3 million!? Joe had been declined earlier yesterday on his attempt to confirm 30000 maples. Madge said that’s crazy, its because his agent had flight flight delay and was away from the office. He can call us and book and you can then place your order. I called Joe afterwards with news and gave him Madges number. Apparently it had some effect, Joe told me late yesterday that Madge had confirmed 20000 and that he was planning to send money today. Not sure of price or delivery date, could easily be 6-8 weeks. They’ll be sold by Friday I expect. I’m just entering the store now. Madge had some other interesting comments. I also stopped in at Scotia Metals desk yesterday. They had a few maples, 20.50 each. I asked about a thousand, not in stock. Maybe in Toronto?? No 100 oz bars. I got a quote for one kilo gold bar, 30900 usd. Over 32000 cad! I called Joe, 29431. I’m here now at J&M to help a client take it home. Steve Make it a great day! 


There were plenty of other emails that I received in response to my last report, that had a different subject title, and I did not include them here, these were about half of the mail I received in the last 24 hours.


Jason Hommel