can silver reporters be trusted

"Two Silver Auctions: 24 Bags of 90%, and 200 Engelhard bars
(http://www.seekbullion.com)
Silver Stock Report
by Jason Hommel, October 17th, 2008

I've listed two major auctions now, live, at seekbullion.com .

My 90% Auction ends Monday, October 20th, Noon Eastern time, or 9AM, Pacific.

My 200 Engelhard 100 oz. bar auctions end Wednesday, October 22nd, 3PM Eastern time, or Noon Pacific. It's a series of 30 auctions that close a minute after each other, over 30 minutes. The last auction is for 50 bars.

Here's a major twist on the 90% auction:

Hannes Tulving of Tulving.com emailed me to say he would bid $4/oz over spot for all of my 24 bags in my auction! I asked him if he wanted to lock in the price based on the spot price of $9.35 for the weekend close, and he said yes. He also said I could publish his bids! Normally, a person would not advertise their "reserve" bid, which is hidden by the software, so others don't know how high they are willing to bid. But Tulving's bid is $9.35 + $4 = $13.35 per oz. x 715 per bag = $9545.25 per bag.

That would be a $229,086 trade, if Tulving buys all bags at that price, but that won't happen. He will either pay less, or be outbid. I think he will be outbid, but he may get some bags, it's hard to say.

This is extraordinary. Unprecedented. Tulving is announcing the price of his top bid, and wants me to do so!

What does Tulving get out of it, by announcing his bid price? He wants me to advertise his "buy" price, so that others will sell to him. He'll buy anyone's 90% silver at that price, in full bags!

So, this market between us, is fully open. Anyone else can now enter this "deal flow", between Tulving and me, and get silver at "wholesale" by bidding a small $1 over Tulving's reserve price of $9545.25 per bag, and get in between Tulving and me, and squeeze Tulving out of the deal!

Or, the market might not bid up to Tulving's price, and he could get the bags for less, because of the way the auction software works. See, the final price is not $9545.25, but less, as can be seen right now. The final price is a result of at least two bids, because of the way the system places automatic proxy bids at increases of $1.01 over the second highest bid."

Okay, very dodgy, why is this "silver investor" selling off his load. Also 90% silver coin is the last part of silver you would sell after all else, thats the keeper. And does he think we are stupid that he's got someone to up the bid an extra $4 over spot, and telling the reader to now go and bid $4 over spot. That guy who is bidding an extra $4 over spot is not a real buyer, Jason obviously got him to shrill bid so nobody could bid near spot price of $9.50 and win the bid, their only choice now is to bid an extra $4 over spot to beat the shrill bidder.

He must think his readers are stupid, I would too if I could make a living selling the same old silver stock report. (No bashing Dave Morgan, he's got class).

http://silverstockreport.com/2008/auction-5.html

What do you think?

Subscribers being taken for a ride?