The Physical Factor

So everyone is piling into physical.  Coin shop inventory is bare (understatement), buillion is selling on ebay like it's $50 spot+ and APMEX is begging for eagles (not getting any if the rumors are true...  Duh!).  So, in a volatile market that is becoming less liquid by the second, have we reached a point where we have a truley split market.  I think yes.  A quick survey of online silver dealers and auction sites, inculding ebay (sorry), produced the following price data:

Average ASE (late mintage): $51
Silver round:                             $49
10 Oz Bar                                 $480
100 Oz Bar                               $4650

Those are some hefty premiums, and they're flying off the shelf!

Auction premiums are not following the daily dumps, so with the transaction time in the physical market being hours to days, the short term price action appears to be discounted. 

We have a clear bull market trend in physical with technical trading in the paper market.  The actions are clearly split.

Keep on stacking, no trend change in sight for now.  A break below 42.50 for the week might change my tune a bit.