And the fun begins. . .

derryb · January 31, 2021 12:12AM

major bullion dealers on and off ebay have pulled most of their silver products while greatly increasing their premiums on what remains.

Appears to be wait and see. First clue will come when futures markets open Sunday evening. A knee jerk reaction will push spot much higher, only to prove to be temporary.

ScarsdaleCoin · January 31, 2021 5:51AM

I think you are missing the why. Demand for physical product has been off the chart. Dealers can’t restock so they must pull and or raise premiums. The ones that have some leftover product can sell and others who don’t know will get caught short

TPGS · January 31, 2021 6:07AM

Frog goes "Reddit Reddit".
Please let this happen.

blitzdude · January 31, 2021 6:54AM

Bulgarians?

derryb · January 31, 2021 7:07AM

@ScarsdaleCoin said:
I think you are missing the why. Demand for physical product has been off the chart. Dealers can’t restock so they must pull and or raise premiums. The ones that have some leftover product can sell and others who don’t know will get caught short

A lot of major bullion ebay sellers disappeared from the ASE tubes listings last night, yet none of them show up in completed sales for the last 24 hrs. I didn't check other forms of silver bullion but I can bet the ASEs or a good indicator that products are being pulled because sudden higher prices are expected. Without an open spot market it remains unknown.

And why the sudden demand? Reddit attack? I think there is a valid question of exactly what affect all of this talk of going after the shorts with silver is going to do to the price in the short term. I believe price in the last few days is telling many sellers of silver to "wait and see." I suspect they believe there are even better profits to be made in the short term and then suddenly there will be much more silver available at the right price.

This is what happens to the available supply when a sudden surge in price is viewed to be "right around the corner." If prices do not jump, look for supply to return.

DrBuster · January 31, 2021 7:44AM

Don't fight the reddit boys! I might have to see what their play is and hop along.

derryb · January 31, 2021 9:08AM

From the CEO at SDBullion:

"In the 24 hours proceeding Friday market close, SD Bullion sold nearly 10x the number of silver ounces that we normally would sell in an entire weekend leading to Sunday market open.

In a normal market, we normally can find at least one supplier/source willing to sell some ounces over the weekend if we exceed our long position (the number of ounces we predict we will sell over the weekend).

However, everyone we talk to is afraid of a gap up at Sunday night market open.

This is about ready to get really interesting as there was very little inventory left from suppliers/mints going into Friday close.

Our direct AP supplier informed us after close on Friday that the "US Mint will be on allocation for the remainder of Type 1" (Current Silver Eagle Design).

Our sales for the month of January exceeded any one month last year during the heart of the pandemic. It was an all-time record month in our company history."

MsMorrisine · January 31, 2021 9:09AM

hop is what you want with a silver trade

hop in then hop right out.

they don't have the fire power to kill the silver shorts.

MilkmanDan · January 31, 2021 9:18AM

I’m sitting on a couple monster boxes. Let’s say the spot price jumped to $50, I’d sell one, maybe both of them, but how does one quickly dispose of such heavy items? This is the question I keep coming back to with the idea that redditers will drive up SLV. It’s one thing to drive up a stock, but another to buy or sell large quantities of silver.

We also don’t know how the relation between SLV and spot will go, if such an event were to unfold.

tincup · January 31, 2021 9:20AM

Will be an interesting week.... new dynamics are in play.

derryb · January 31, 2021 9:22AM

@MsMorrisine said:

they don't have the fire power to kill the silver shorts.

From a stacker point of view all they have to do is give them a good scare.

derryb · January 31, 2021 9:24AM

tick tock, tick tock, tick . . .

MsMorrisine · January 31, 2021 9:31AM

plus, they have to fight world traders.

the futures and spot markets are global markets.

derryb · January 31, 2021 9:31AM

@blitzdude said:

"Till markets reopen Sunday?"
Tells me it is not a supply (availability) issue, it is price (greed) issue.

MsMorrisine · January 31, 2021 9:32AM

they want to hedge.

I bet they sold a lot when markets were closed and are scared to sell without a hedge.

s4ny · January 31, 2021 9:35AM

https://www.zerohedge.com/markets/reddit-preparing-unleash-worlds-biggest-short-squeeze-silver

hchcoin · January 31, 2021 9:42AM

This will be a fun week. Everyone has an opinion but nobody really knows what is going to happen which creates great opportunities.

blitzdude · January 31, 2021 9:52AM

@derryb said:
tick tock, tick tock, tick . . .

T-minus 6 hours and 13 minutes

derryb · January 31, 2021 9:57AM

Hey Blitz, is the crimex broken yet? lol

DNADave · January 31, 2021 10:02AM

Who all is pulling out their stack to look at where to start selling? I have about 15 rolls of 40% I’d like to dump first.

Seems to me like this could be a flash in the pan and one may have to move fast to take advantage of the craziness.

johnny9434 · January 31, 2021 10:06AM

Wish the ruskies wouldn't interfere with it

blitzdude · January 31, 2021 10:08AM

@derryb said:
Hey Blitz, is the crimex broken yet? lol

Depends how much money theses Reddit kids have and I suppose if the Bulgarians, Chinese, Indians and others decide to join the party. I will certainly be watching (and hopefully selling). 🍿🍿🍿

jessewvu · January 31, 2021 10:55AM

I wonder what it will feel like to drive a Ferrari

MilkmanDan · January 31, 2021 11:01AM

@blitzdude said:

@derryb said:
Hey Blitz, is the crimex broken yet? lol

Depends how much money theses Reddit kids have and I suppose if the Bulgarians, Chinese, Indians and others decide to join the party. I will certainly be watching (and hopefully selling). 🍿🍿🍿

Well, we know some of them have a lot more than they used to, after taking their GameStop gains.

tincup · January 31, 2021 11:06AM

@jessewvu said:
I wonder what it will feel like to drive a Ferrari

Well, I don't know about a Ferrari.... but I could settle for a new F150 pickup!

Bochiman · January 31, 2021 12:24PM

@blitzdude said:

Depends how much money theses Reddit kids have

Shouldn't just look down your nose at them....you do realize that many there are not "kids" but are actual adults with actual jobs, right?

Sure, some are young, and in college, but many are past that point.

Reminds me of the old story around Microsoft and the area.....a "kid" would go to a car dealership, dressed normally in jeans and a t-shirt, and would get ignored because salespeople stereotyped them as "kids with no money"....

They had the money...from stock. People missed out.

blitzdude · January 31, 2021 12:31PM

@Bochiman said:

@blitzdude said:

Depends how much money theses Reddit kids have

Shouldn't just look down your nose at them....you do realize that many there are not "kids" but are actual adults with actual jobs, right?

Sure, some are young, and in college, but many are past that point.

Reminds me of the old story around Microsoft and the area.....a "kid" would go to a car dealership, dressed normally in jeans and a t-shirt, and would get ignored because salespeople stereotyped them as "kids with no money"....

They had the money...from stock. People missed out.

Not looking down my nose at anyone. In fact I hope them little whippersnappers are able to take it TO DA MOON!

dpoole · January 31, 2021 12:56PM

So who's going to actually buy your tubes and monster boxes of ASEs when all this spikes tomorrow?

MilkmanDan · January 31, 2021 12:58PM

@dpoole said:
So who's going to actually buy your tubes and monster boxes of ASEs when all this spikes tomorrow?

I might call APMEX tomorrow just to see what they’re offering…out of curiosity.

CaptHenway · January 31, 2021 1:25PM

Where is the popcorn gif?

Justacommeman · January 31, 2021 1:38PM

@CaptHenway said:
Where is the popcorn gif?

We are going with this now. Get with the program

derryb · January 31, 2021 1:39PM

dagingerbeasttt · January 31, 2021 1:49PM

@tincup said:

@jessewvu said:
I wonder what it will feel like to drive a Ferrari

Well, I don't know about a Ferrari.... but I could settle for a new F150 pickup!

Take mine, and the payments 😂😂

derryb · January 31, 2021 3:16PM

dennis1219 · January 31, 2021 3:20PM

Monster boxes selling for near 20K on eBay right now.

Wingsrule · January 31, 2021 3:29PM

Need the John Belushi Luz Taylor Heimlich move

MilkmanDan · January 31, 2021 3:32PM

@dennis1219 said:
Monster boxes selling for near 20K on eBay right now.

Some of that premium must be eBay fees though.

derryb · January 31, 2021 3:35PM

Tick tock, tick tock

Reminds me of the approach of midnight on 12/31/1999

jessewvu · January 31, 2021 3:41PM

100oz silver bars started around 2900 this morning and are closing in the $3600, one over 4k.

20 minutes until go time

toadstrangler · January 31, 2021 3:49PM

@DrBuster said:
Don't fight the reddit boys! I might have to see what their play is and hop along.

They call each other "retards"
Sorry if that slang word we all know offends anyone. But THAT THEY AIN'T

MsMorrisine · January 31, 2021 3:55PM

5

Wingsrule · January 31, 2021 3:56PM

4

MsMorrisine · January 31, 2021 3:57PM

3

blitzdude · January 31, 2021 3:58PM

Futures up 23%

MsMorrisine · January 31, 2021 3:59PM

1

Wingsrule · January 31, 2021 4:01PM

Opening print.

Wingsrule · January 31, 2021 4:01PM

blitzdude · January 31, 2021 4:02PM

EPIQ! Go Gutter!

RonB · January 31, 2021 4:03PM

$40. oz. coming?

https://www.fxempire.com/forecasts/article/silver-may-rally-above-39-on-range-breakout-697221

MsMorrisine · January 31, 2021 4:03PM

MsMorrisine · January 31, 2021 4:05PM

And the fun begins. . .

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