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ALERT: Scotiabank Tries to Talk SilverDoctors OUT of Buying Physical Silver!

The Doc from SilverDoctors.com informs us that while trying to acquire enough physical silver to fill a 7-figure order, the Silver Doctors contacted Scotiabank in Canada and were promptly scolded for trying to get one of their well-heeled investors into the silver market. Scotiabank informed Doc that “the silver market is far too small for wealthy investors” and then tried to talk the Silver Doctors out of trying to fill their physical silver order. We also talk about silver’s fast pace to $32, $35 and back to $40. “Anyone who gets in in the low $30′s will be very glad they did in a few years,” Doc says, “We haven’t seen anything yet.”

37 comments to ALERT: Scotiabank Tries to Talk SilverDoctors OUT of Buying Physical Silver!

  • Tom G.

    Trying to listen to this video at 2:20am EDT and Ned Naylor-Leyland comes on CNBC World at the same time. He feels gold is ready to move higher. I hope silver can get over 37.50 sometime before Christmas. I’m kind of amazed at how when silver got bashed from 50 to 32 everyone was heartbroken. Then it consolidated and got smashed again to 26. To keep things in perspective, it really hasn’t rallied that much, and there is no certainty it won’t get smashed again although I doubt it goes below 30. The point being, I’m not really excited yet. I think we need to be patient until the Comex and LBMA collapse or silver gets over 40 for a few months and withholds a smash.

    Thanks for the interview Sean.

    • SGT

      Thanks for tuning in Tom. From this vantage point it seems unlikely that silver wouldn’t be at least $40 by Christmas. But, as is always the case with the manipulated metal, who knows. I, like you, welcome the cheap prices since I don’t have a bottomless treasure chest with which to stack.

  • Schmederling

    I live in Toronto and visit the Scotia ( Moccata ) head office regularly – I purchase all my 1000 oz. silver there… 6 to 8 months ago I requested 1 million worth of Physical – spoke with the director for arrangements. A tractor trailer was requested and a mandatory requirement. They had no problem fill the order as requested. If this is accurate – then we are quickly running out of Physical at least here in Canada – Scotia is the main supplier here for bullion from my research.
    I’ll check on Tuesday as I am placing another substantial order – will report back on what the outcome is….. Sean…. can we circle back on this one? I can update on Tuesday with my findings if this info is of any interest… you have my email…. We need to keep the information stream moving on such items of importance…

    I am in Germany until the 10th but will place a call Tuesday AM… Cheers Schmed…

    • Alvin

      I wish I could afford one monster box, but I have managed 350 oz’s, so I’m pretty happy with that. But I am very proud of my food stock that I have collected over the past year. It took 4 car loads to get everything from my store to my home. I sorted everything out yesterday and have my shelves all aligned. I have a bit of tweaking to do, but not much more then that. If I could get my store sold before Christmas, that monster box just may be possible. Good luck to you and your family. Check this out. http://sgtreport.com/?s=alvin+felix&submit.x=0&submit.y=0&submit=Search

      • SGT

        Hello Alvin – way to keep stacking, 350 oz is nuthin’ to scoff at. And a boatload more than 99% has.

        • Alvin

          Thanks Sean. Your work is beyond appreciated. Even if nothing happens, my family has about 1-2 years worth of food and I will work my land ever more in the future. I will learn what has been lost here for the last 40+ years. Hopefully, I, along with a few others around here that are growing some food, can teach others that food is not just another trip to the super market. Weird that they put the word “super” in there. Seeds will be stored every year, and I will live as much as possible from the paradigm that we live in now. And Sean? You know that you have a place here if you ever have to leave the U.S. I have almost 25 acres, and you are welcome to settle on part of that.

      • stuart

        Keep at it! Im adding another 10oz next week in eagles, and another 6 the week after, takes me to 346 oz :)

    • SGT

      Sure, let me know what you find out Schmed, you have my e-mail. Write a brief article about your findings if you’d like to, I can post it.

  • Schmederling

    When manin-stream media starts talking about the PM sector.. I am sure we can then expect a good correction in the near future… this is is out of character…. wait for the dips…. we also had a massive correction last year on Sept 21… I remember as I sold before the crash – Clive M called it as well… Cheers

    • MAN KIND

      When manin-stream media starts talking about the PM sector..

      that can only happen in such case like investors ask jpm for silver delivery !

      then we can expect the media talk…other wise it will continue manipulating market.

  • Tom G.

    Finished listening to the interview. I still haven’t seen anyone in our community offer a cogent argument of why the Eurozone banks will collapse soon. People and banks still accept paper. So when things get bad they will print more paper. You have to convince me that paper will no longer be accepted in the short term before I believe there will be a collapse. I think instead, the Fed will coordinate with the Eurozone banks to help bail them out. I posted last summer 2011 on Turd’s blog that I wouldn’t be surprised to see some ridiculously large money print like 10 trillion dollars to liquify all the banks including the big boys over here. Are you telling me that if they did something like this then no one would accept the 10 trillion in paper? Of course they would. You have to start thinking in terms of a coordinated effort if things get bad. Bernanke has already admitted that the money from a few years ago went to overseas banks. So there has already been a coordinated effort there. This game will only stop when paper is no longer accepted, and though I may be wrong, I think that is a few years away. The most important thing is that paper equals power for TPTB so they have a vested interest in accepting each other’s paper.

    • Alvin

      Good point. I own a general store in a rural area of Newfoundland and all my dealings are with Scotia. 80% of all transactions are digital. People rarely have cash, even for SMALL purchases. This game could go on for a long time but there are at least 6 major banks in the U.S that are about to go bust and I have no idea how many overseas banks are in the same boat. Once we see these banks starting to topple, it will be like domino’s. But I’m sure that Bernanke has one or two cards left to play. As I have always stated. The bull run hasn’t even started yet, actually, the bull is not even at the gate. He is still in the pasture. When it starts, you will damn well know it and the sheep will not even notice.

    • GoodOleBoy

      An argument, hmmmmm… Well, let’s talk about the banks. The European banks have been used in the same way our banks have. They finance Government deficits by buying bonds and in return they get 0% interest on all the money they want. Problem is, they have to use extreme leverage to do what they are doing so when they get a 1% negative move in the bonds of (pick a country) they have huge margin calls to cover. And the problem is not just in the bonds themselves but in the $300+ trillion in interest rate swaps. The problem is not liquidity but solvency. If the ECB or the Fed prints $trillions to loan the banks, it goes down as a debt not an asset. If you are going in to foreclosure and you refinance your home, how does that improve your situation? Especially when your home is constantly losing value and you only put 1% down. Not to mention the money you borrowed from your neighbor and used to gamble with posting it as the 1% margin for your marker. I understand the thought they they have the presses so they can continue you this in perpetuity but the reality is that reality catches up to you before long. When the rest of the world stops participating in the insanity, then you basically are in a closed loop and the wealth stolen from the people with inflation is not enough to pay for the $1 quadrillion in derivatives. Then what happens when the world want accept diluted currency as payment for debt?

      Thanks for staying on top of it Sean.

      • Tom G.

        GoodOleBoy: You are making an argument for why things will collapse. I agree. But you didn’t address my contention that things will not collapse in the next few years. Of course you are right that it’s a solvency problem. We all know that. The problem is that pushing paper around is beneficial for those in power. I think you and most in our camp, especially the KWN crowd, underestimate how long this fantasy can go on. Celente and Sinclair who know far, far more than I know both predicted collapse as imminent two years ago and last June 2011 respectively. They were both wrong and in fact have proven my thesis to be true already. Do I think this goes on for 5 or 10 years- no, I don’t. But I think you all underestimate how badly these folks want to retain power.

        Paper= power for those that are in charge.

        No one has convinced me or even addressed why paper won’t be accepted in the short term. It is only when it becomes painfully obvious that paper is worthless that this game will end. This is a function of normalcy bias, attempts to retain power, and human nature.

        • Tom G.

          A couple of minutes ago after I posted above I heard Max Keiser on Alex Jones predict the whole thing collapses next year. Alex Jones gets goose bumps, etc., etc. Max says this can’t go on. Of course it can’t. I think those in our camp already have known that for quite some time which is why we are preparing. I just want to know why paper won’t be accepted in the short term and thus able to offer a temporary, albeit phoney, fix. This is just a question no one has addressed, not some idea I am married to although it has proven true for the past 2 or 3 years.

          • Glitter1

            Tom, as Lindsey Williams and others have stated, TPTB’s plan is: the Dollar will be dead by the end of 2012, not gone. I believe what this implies is a massive Dollar Devaluation, probably at least 40-50%. Here is a likely scenario; you wake up on a Monday with the President declaring a Bank Holiday for a week or two. You will not have access to your funds, your ATM and Credit card will not work. The banks reopen and the assets you had prior to the BH are now only worth half (purchasing Power).Food,Fuel, etc will now cost double what they were two weeks ago. Gold and Silver will have advanced Gold:hundreds/thousand and Silver:double, etc. That’s just a start as the World dumps the Dollar enmass moving it towards worthlessness, then perhaps creation of a new Dollar/Currency. In the mean time the economy will be in caos due to crushing inflation. It’s coming like a runaway freight train without brakes.

            • Tom G.

              Glitter1: Thanks for your response. You guys keep rehashing scenarios that we all know will probably take place. My contention with you all is that you haven’t provided a cogent reason why this will take place by the end of the year. Do you really think we will have a bank holiday by the end of the year? I don’t. You guys still haven’t addressed why paper won’t be accepted this year. Because if they are still accepting paper the game goes on.

              I fully expect the Dow to tank 1000 or 1500 points in the next two months. Then Bernanke will print, probably as a coordinated effort with the Eurozone. Another breaking news item that supports my thesis is that just in the last couple of hours or so Greg Hunter is reporting on a possible giant money bomb being coordinated with the countries overseas. This is just what I posted 12 hours ago (which I predicted last summer 2011). I agree with your scenario, but I see that as happening two to five years from now, not this year or even next.

              You all may be right and I may be wrong. I just can’t see these scenarios all happening as long as money printing is accepted as money.

              • Glitter1

                I believe it’s all about the Derivitives (Unseen Market) that will have the effect on the IRS & CDW’s, which will take the Banks down, i.e.BofA,JPM,Citi,Goldman.This is the event that will precipitate the banking crisis(Bank Holidays).Currency will be exchanged/accepted, just purchasing power will be less.Fed & Central Banks will crank up the printing presses into hyperspeed to try and save the system. Look, The Brics(Brazil,China,Japan,Russia et al) have already created another system for trade around the Dollar(Petro-Dollar), Saudia Arabia is at the very early stage of being the next to fall, China has signed a deal with SA to build the largest refinery in the world.When Syria falls then it’s on to SA, oil will rocket to $150-$200 barrel and maybe until that time a tanker is sunk in the straight of Hormuz or Isreal/US attacks Iran, The Petro-Dollar will be DONE/DEAD.The Elite time line was by the end of 2012,but that may be delayed by serval months, but they will ensure it happens as planned.

                • Tom G.

                  The dollar chart is in long-term free fall no doubt. But it will still be the last currency to fall. Don’t forget that we will go to wars with anybody or attempt to overthrow their govt if they dispense with the dollar. I don’t think I need to provide examples. So the counter-argument is that we cannot possibly go to war with everyone, and that is true. Lindsey Pencil & Papers Williams, while interesting, I have second thoughts about. He makes an assertion and then when his time-line gets put off he says it got delayed. His assertions end up dying the death of a thousand qualifications.

                  I will have around $13 tomorrow afternoon in my checking account after my YMCA check clears. Then I will put just what I need to pay bills, and after they all clear I will have around $5 in my account again- rinse, repeat. I am totally with you guys on the bank collapse. Do you guys really let your accounts go to $5 or less, because I really do. It’s embarrassing looking like a poor low-life when I go to the bank and I know the teller is thinking what’s up with this low-life. But like you I see the day coming. I just don’t see it happening as soon as you guys.

                  You know where to put your trust Glitter if I remember some of your previous posts. It’s going to be tough for us but we win in the end.

  • Alvin

    I still have this feeling that what we are paying for 1 oz of physical NOW, we will be paying that SAME price for 1 GRAM in the future. It’s a no brainer. 1 oz now = 31 grams X $31 = $961.00 / oz. Of course, the bull run hasn’t even started yet. Keep stacking.

  • freedom Fighter

    Im glad this subject was brought up … First of all i would like to tell all new investors for silver NOT to waste your money buying SILVER from Banks such as SCOTIA … they RIPPP you off bad on shipping prices per/Oz of Silver. You can easily buy from local store or APMEX. com and pay way cheaper price on silver delivery.

    • Shana Hughes

      Provident beats apmex hands down!

      • Scott Wolf

        Absolutely,Shana.I also have sold to them.The entire process-from locking in the spot price to receiving my check-was less than 2 weeks.Provident Metals is definitely one of the very best online dealers.APMEX is very reputable,though.I have bought from them and never had a problem.

        I am stacking pre-21 Silver Morgans right now.BU Morgans are worth $41/oz right now on Provident’s site.Imagine what their worth will be 20 years from now.Keep Stacking.I also want to get some new Antelope from the Canadian Wildlife Series.

      • Hans

        Sean,
        Thanks to your link on your site, comparesilverprices.com, I now get my silver at a great price from a store I did not even know about last year. Libertycpm.com is in San Diego and Scottsdale and they beat Provident and Apmex on price all day. Great prices and service and quick shipping. These guys are the next Apmex but with much better prices! Thanks again Sean and Hi Ho Silver!!
        Hans

      • Lowell

        I will second that on Provident. I’ve done business with most and I have found two I really like. Provident being one and Northern Nevada for second. Both are equally fine companies to deal with.

        For security, I prefer Northern. Just a phone call and a handwritten reciept. No high speed stuff, just good old fashion….”git r done”

  • Hman

    Silver fundamentals are screaming buy with or without a collapse. That’s why both Buffet and earth depopulation master Bill Gates owned silver (and I am sure they still do).

  • Bryan Lonn

    Bought 10 more pounds of silver to add to my already insane size when silver was $26. I work in Estate Law and the amount of people dying in the Baby Boomer age range with nothing is not shocking anymore. We are at the end of the road in the U.S.A. at this point. Even at seminars in my profession, Lawyers are heading overseas to work as the U.S. dissolves into a Police State.

    • Glitter1

      Thanks Bryan for your comments/perspective relative to the Boomers. I agree based on statistics I’ve read over the last ten years confirms what you are saying.I’m 59,been retired for a year now and was very fortunate to go to work at an electric utility at age 18.I wouldn’t say I’m wealthy,just somewhere in the middle middle class.I feel I made the best of the opportunities that came my way over 40 years.I don’t consider myself wealthy by any stretch. My wife and I are very conservitive in our spending. We don’t buy new cars,go on multible expensive vacations or live extravacantly. We custom built our dream home 20 years ago, which has been our retreat to relax.It’s my feeling that the vast majority of people/Boomers are in the shape their in due to their own actions like drinking the kool-aid of get it now, got to have it now, don’t deny yourself,buy-it-now, etc. They never had a long term financial plan, I know because I have siblings in this shape.My wife and I have never felt deprived,we can do whatever we want and are invested in assets that appreciated in the current/future inflationary enviornment.We own everthing we have, the only expenses are monthly utilities and property tax. We have always deferred impulse to spend on fleeting immediate gratification. Some would say that we have deprived ourselves, we don’t think so and that’s a choice we’ve made just as those that have little or nothing to show for after a life time of working will have to live with their choices.

      • Alvin

        I wish I knew then what I know now. I woke up much too late, but not late enough to acquire some silver, copper pennies, organic seeds, garden equipment, 37 chickens, food stock for about 1-2 years. Been scanning youtube for anything from pasta making to preserving to cold frames and hoop houses. Only problem I have is…. DEBT. I can easily move my family back to my parents, which is NO problem. I do have about 20 acres of unencumbered “back” land that I can easily tear down a huge barn that I have, and move and build a “cabin” in the back part of my property. I at least, have an option. But if I’m lucky enough on my gamble of silver purchases, I can maybe pay off that mortgage. I know of NO ONE in this community that has ANY silver or is PREPPING. I’m only 45, and have a bi-polar wife and autistic son (8 years old) and I’m sure I will have more then my hands full. I will never have this so called “wealth”, but I am happy with decisions of the last 1 1/2 years to prepare. Listening to all you folks gives me courage to keep my chin up and think positive. And my wife, son and myself will likely never ever see a vacation. Actually, my wife and I have not even seen a dentist in almost 8 years. I know not of what to expect, but can only prepare for the worst. And like you, we have no frills in our life and have strayed from all the hype of toys and dreams. We will just have to wait and see who will be the better off. Best to you and your wife…and children (if applicable).

        • Glitter1

          Alvin, It would appear that you are wealthier then you can imagine. You are on the right track, keep it up.Stay informed, you will do right by your family and will be way ahead of the curve.

  • hoser

    I heard there are a lot of BANKSTER’S wearing Concrete Goulashes at the bottom of the ocean. I call that a great start! TEE HEE Hee.

  • Ed_B

    Thanks, Sean, for yet another great interview. I spend some time on the Silver Docs web site and they are a great bunch. Glad to see them interviewed here.

    As to Scotia Mocatta bank… I think that they are in the same jam as the CME / COMEX, JPM, HSBC, and other big bullion banks. They have X amount of silver but they have loaned it, hypothecated it, and rehypothecated it to the point that every grain of silver they now have has 5-6 or more “owners”. They are juggling the limited supply as best they can so that this does not become obvious to one and all, which would destroy the paper silver market. They MUST maintain the fiction that they CAN deliver silver to those who buy silver futures contracts and stand for delivery. Once this cat escapes the bag, they will not be able to get it back in there again and the great paper silver manipulation game will be well and truly OVER.

    ” I posted last summer 2011 on Turd’s blog that I wouldn’t be surprised to see some ridiculously large money print like 10 trillion dollars to liquify all the banks including the big boys over here.”

    Well, Tom, that is just it. The banks are in the crapper because they have been playing the form of Russian Roulette known as “derivatives”. At the present time, there is over 1 quadrillion dollars worth of this financial sewage flowing through the world-wide banking system. There is simply no way that they can be given enough money to paper this crap over. Governments and central banks are trying but it is a fool’s errand. Guess that they are the perfect ones for that job, though. lol

    As to timing… no one knows… or maybe those who know aren’t saying and those who are saying don’t know. Either way, many of us have that “we’re being watched” feeling about this that causes our hair to stand up. We do not know when the lid will blow off of this pressure cooker but we do know that the needle on the pressure dial is in the red zone. Personally, from my study of the US financial markets over the past 35 years, I can tell you that this market is like a staggering drunk making his way obliviously through a mine field. Sooner or later there is gonna be a BIG BOOM! I’m betting on sooner rather than later but maybe that’s just me. Although I have no more data than anyone else does on this, my feel of the market says that we will see a collapse of some kind, probably in 2014-15. Watch Europe as they will be 1st. The UK will be second and is the trip-wire for the US. If we see the UK collapsing, that will be our last warning to get out of paper ASAP because in just a few days after the UK goes, it will be our turn. Others think 2012-13 but TPTB are very good at doing all they can to stretch out this process. Collapse IS inevitable but time still can be bought and they are doing that. My advice to others is to stack food, ammo, trade goods, and silver because we are going to need all four of these before this is over and done. Peace and good luck to all of us because, as Sean says, “We’re all in this together”.

  • Kim

    Great interview Sean, as always with the Silver Doc.
    I agree with Freedom Fighter with regards to buying silver other than banks.
    I recommend Miles-Franklin in MN, they are excellent to deal with, and their is no duty into Canada. Beats lining up at 44 King Street and getting ripped off with their (Scotia Banks) hidden fees, etc.

  • Troy

    Silver should be to $34 this week.

  • Lowell

    I am very excited for the “doc”/Jon. Great website silverdoctors.com.

    7 figures…mmmm impressive.

    If Eric is the Admiral, Doc my be a “full Bird” on an aircraft carrier.

    Good luck Jon, and fare seas.

  • Joe

    The title of your interview states, “tried” to talk them out of purchasing silver however your guest didnt say one way or the other whether he did make that purchase or not. So did He?

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