SD Bullion notified customers today that increases in sales volume in recent weeks has led to delays in order processing and shipping. The company cited a huge demand in precious metals sales that began with the announcement of the Silicon Valley Bank collapse several weeks ago.
Under normal circumstances, the company typically ships orders within 1 to 3 business days of payment clearance.
Current backlog for some orders is reportedly extending out 7 or more business days. In addition, they are temporarily limiting new orders to over $500.
Money Metals Exchange provides a note on their website stating to expect order delays of up to an additional 1 to 2 business days.
In discussions across various online forums, precious metals buyers assert strong sentiment about fear about the true state of the economy and cited an overall lack of confidence in current leadership.
Wholesale and secondary market inventories have been drying up across the industry. One major industry wholesaler shows shipping delays on many common gold bullion products extending into April.
The same wholesaler is reported extended delays of newly minted 1 oz silver rounds extending to mid-to-late April.
Long shipping delays on the wholesale level are often indicative of underlying issues with the supply chains feeding the refineries and private mints. Reports from COMEX have shown a tremendous outflow of silver in recent weeks as more paper contract holders are opting to take physical delivery.
Analysts are predicting the most recent rate hike may likely be the last and are forecasting that lower rates will be coming in a future cycle.
