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Gold and silver prices are down

Varmint said:
Where were all these friggin buyers when silver was tooling around for years at $15?

Now that I think about it, they were all short silver at $15. Lol.
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I bought the majority of mine between $15.50 and $18. The latest stash was $15.50 and I'm REALLY thinking it's time to sell.
 
new guy said:
Stopped by my local coin shop today. As far as I could tell everyone there was buying, despite the un-sale they were running.
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This is why I feel this push has legs.

Back in 2011 when silver was just below $50/toz all the local metal stores had plenty of silver on hand, and I literally watched old-timers bringing in boxfuls of 100oz Engelhard billet bars to cash in (Gate City Coin). Everyone was selling.

This time it's different...

Everyone is buying.
 
Transcribed this from the Sprott Money podcast today cuz this quote is comedic gold 😆

From Eric Sprott himself:
“Some guys are selling when their stock hits 500 or 1000% but you have to realize that there’s massive upside here. I bought seven stocks yesterday but they had silver, some whom I’ve never even heard of before, but they were trading at garbage market caps but I said fine, “You got 30 million ounces of silver and your market cap’s $5 million, fine. I’ll buy 20% of your company and hope you have it and we’ll see where it goes.” Because I’m imagining it may go up 20, 40, 60, 100 times. You never know. Get in there baby!”

This guy is hilarious. Wish I had money to throw around like that in a bull market of a lifetime...but he may be right!

Daniel
 
djbradles said:
Transcribed this from the Sprott Money podcast today cuz this quote is comedic gold 😆

From Eric Sprott himself:
“Some guys are selling when their stock hits 500 or 1000% but you have to realize that there’s massive upside here. I bought seven stocks yesterday but they had silver, some whom I’ve never even heard of before, but they were trading at garbage market caps but I said fine, “You got 30 million ounces of silver and your market cap’s $5 million, fine. I’ll buy 20% of your company and hope you have it and we’ll see where it goes.” Because I’m imagining it may go up 20, 40, 60, 100 times. You never know. Get in there baby!”

This guy is hilarious. Wish I had money to throw around like that in a bull market of a lifetime...but he may be right!

Daniel
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I remember he was buying up stocks of low-grade silver miners like crazy back when silver was $16. Deposits that wouldn't be profitable until silver is $25. People were like "What did he just buy?"

He's starting to look like a genius.
 
Varmint said:
I remember he was buying up stocks of low-grade silver miners like crazy back when silver was $16. Deposits that wouldn't be profitable until silver is $25. People were like "What did he just buy?"

He's starting to look like a genius.
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He’s Savant level at this point.
 
So apparently it isn't physical demand at all that's been driving up gold and silver prices, it's all ETF demand.

Due to Covid, demand for physical PMs has been depressed. So you've got your next drive for prices, when all that demand returns with a vengeance.

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image007.jpg
 
Varmint said:
So apparently it isn't physical demand at all that's been driving up gold and silver prices, it's all ETF demand.

Due to Covid, demand for physical PMs has been depressed. So you've got your next drive for prices, when all that demand returns with a vengeance.

Ahead of the Herd – Hundreds of top-notch, thoroughly-researched articles on commodities and junior resource companies

Hundreds of top-notch, thoroughly-researched articles on commodities and junior resource companies
aheadoftheherd.com aheadoftheherd.com

image007.jpg
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Just wait until COMEX can’t fulfill physical and all hell breaks loose.
 
djbradles said:
Just wait until COMEX can’t fulfill physical and all hell breaks loose.
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My understanding is that traders don't request physical if they're not sure they can get it - that they don't want to be on the hook for something they didn't receive. Also I thought from reading that the physical delivery at the Comex isn't something the exchange has to do, it is a recent thing. There's a lot of confusion about the way the Comex works, and there's a lot of tinfoilers spreading misinformation, so I'm not sure what is correct.
 
Varmint said:
My understanding is that traders don't request physical if they're not sure they can get it - that they don't want to be on the hook for something they didn't receive. Also I thought from reading that the physical delivery at the Comex isn't something the exchange has to do, it is a recent thing. There's a lot of confusion about the way the Comex works, and there's a lot of tinfoilers spreading misinformation, so I'm not sure what is correct.
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Hmmm. I gotta look a bit deeper into this. To me it would be a crisis of confidence and the whole world is watching the COMEX, not just US investors.
 
djbradles said:
Hmmm. I gotta look a bit deeper into this. To me it would be a crisis of confidence and the whole world is watching the COMEX, not just US investors.
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I've listened to some podcasts with experts on how the Comex works, and it doesn't sound tinfoily like a lot of people think. It's very complicated so I think that's why people think there's monkey business going on. But I do think you're seeing a short squeeze going on in silver.
 
100 ounce silver bars are selling for $3300-$3400. Silver Eagles, if you can fine them, are in the high 30's and low 40's per coin.

There's a clear separation between spot and physical PM assets. Supply and demand...
 
richc said:
100 ounce silver bars are selling for $3300-$3400. Silver Eagles, if you can fine them, are in the high 30's and low 40's per coin.

There's a clear separation between spot and physical PM assets. Supply and demand...
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I have an offer to buy some of my bars at current spot ......should I be looking for over spot?
 
whacko said:
I have an offer to buy some of my bars at current spot ......should I be looking for over spot?
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I think that is reasonable.

Are these 100 ounce bars? If so the current market seems to be $4-$5 over spot per ounce. It would seem that there should be some recognition of that in an offer price.

Is this from a dealer of a personal transaction? If a personal transaction I'd think a couple bucks over spot is a good place to meet in the middle.
 

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