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Posted on 01/30/2021 10:05:16 PM PST by Technocrat
APMEX prices started rising by the minute two hours ago and they are now out of stock on all significant silver coins. Available rounds if you can find them are now priced at double to triple the spot price. A coordinated attack against JP Morgan and other silver market manipulators was proposed on Reddit on Friday. The link above goes to junk silver.
The action now appears to be spreading to Gold somewhat
True longs didn't want delivery and so just kept selling and selling into the final hour of trading. The price closed at minus $37 but the settlement price is VWAP of the final half hour. So certain that was negative, meaning the shorts owed money to the longs. That a nice squeeze spot to be in.
Suddenly they have nothing but numismatics.
I got this stuff through my father’s death last year and trips to the safety deposit box are a hassle. But it means I don’t really know what it’s “really” worth beyond melt value. I almost dumped the 40% silver stuff in December because it weighs about 60 lbs and is a hassle to deal with. I’m kinda glad I kept it, now.
Banks have to mark to market their own contracts and that info shows up in their quarterly reports. Back in 2011 when silver went up to $50 and this same nonsense was going about, none of the trading backs showed any significant loss increases in their quarterlies. Total debunked myth.
I saw all of those “Bigly” posts and, though I think he may know what he’s talking about, his methodology of sharing his wisdom is a bit, um, juvenile.
I just figured it was “drunk posting”. :)
Here's a sample:
Furthermore,in the event that the London market for physical silver should become relatively illiquid and thereby materially restrict opportunities for arbitraging by delivering silver in return for Baskets, the price of Shares may diverge from the value of physical silver,
If SLV can not get physical silver, their share price just diverges, no hard short squeeze on forced delivery. So that's a FAIL!
Plus if the price of silver goes up, silver producers will gladly sell into that, locking in those higher prices, and driving the price back down. Another FAIL!
...a financial crisis needs to happen.
This will be epic. Hence my tag line.
I think things are going to get real bad.
2021 has told 2020, ‘here hold my beer.’
Yes, hella run on silver going on.
There’s a tremendous amount of pent-up emotion with silver, ten times or more as much as with a piddly little gaming stock. I think these people are enjoying the rush of success against the big boys and decided to light the dynamite for fun. It will of course be contained after an initial run but we can only hope they don’t generate enough momentum to push the balance off the zero point energy curve :)
And I am sure some Chinese bitcoin millionaires are being encouraged to participate, if not for the destruction, then simply to measure how much power remains in the backstops so the true attacks can meet with success.
Actual silver prices are not exploding.
Jusy buy DOGE here on Robinhood around $0.029 and sell at $0.10. Easy money.
Peter Hug, Global Trading Director of Kitco Metals.
“[Reddit users] indicated they were trying to short-squeeze silver. Much more difficult to do [than with GameStop] because here we’re talking about the big, big global banks involved in the market and the metals will trade on supply and demand fundamentals, albeit there is tightness in the market in investment products for silver. The larger 1,000 ounce bars have ample supply available…so there is no shortage of big bars on the market,” Hug said.
Ample supply of silver. Sounds like another pin to the fantasy balloon.
A true short squeeze on the silver market will destroy the entire financial system. It is the biggest rigged market in the history of finance and its tentacles run deep into every institutional house. If this is true we are about to bear witness to events of a magnitude beyond comprehension.
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Where is the evidence for that?
Everywhere. Go try to buy some physical silver. I’m hearing all the big banks are going to try to buy silver tomorrow. Good luck. ETFs are all that’s available. No physical.
OTOH, the U.S. has produced some really beautiful coinage over the last couple of centuries. For myself, I'm especially partial to Morgan dollars. I have been since I was a kid, and some moron gave me one to buy a pack of smokes at my parent's grocery store. I have a lot of 'junk' silver that I picked up over the years at face value. All of that is a great investment, because there is no way to lose money at face.
On the gripping hand, if you're really just interested in buying silver, you're better off buying bullion. See my post here that goes into a little more detail.
I like silver, because it's easier to have smaller value in hand than gold, thus easier to trade. If these guys can run up the price to my long-time sell point, I'll be cashing in several pounds of bullion, and will wait until the price falls again to start buying it all back. If they don't that's OK with me. I'll keep holding.
All of the precious metal suppliers have stopped receiving orders until the market reopens this evening.
I’d recommend being on a supplier’s site at market opening and buying quickly after open for the best price/ availability.
Good advice if there’s anything left. We’ve been holding for 14 years. I would not sell now with talk that silver may hit $1,000.
I think the retail market of Silver is maybe not as large a proportion of the overall silver market as would be needed to sway things very far in any direction. Yes, there’s a lot of coins and rounds out there, but what is it proportionately compared to the overall picture?
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