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Silver falling off a cliff!

jclovescoinsjclovescoins Posts: 1,849 ✭✭✭✭✭

Doesn’t seem to be any bottom lately. Yikes!

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Comments

  • blitzdudeblitzdude Posts: 5,293 ✭✭✭✭✭

    Don't be alarmed the APES are all set to break the Comex tomorrow.

    The whole worlds off its rocker, buy Gold™.

  • derrybderryb Posts: 36,022 ✭✭✭✭✭

    The sellers of real silver apparently didn't get the memo. Jeez, will they ever take the COMEX's word for it?

    The decline from democracy to tyranny is both a natural and inevitable one.

  • jclovescoinsjclovescoins Posts: 1,849 ✭✭✭✭✭

    My real silver is still at $30-$35 if anyone wants some. This drop from $30 to $24 is pathetic given the massive spending, anticipated inflation, and political agenda necessitating silver for clean energy, etc.

  • blitzdudeblitzdude Posts: 5,293 ✭✭✭✭✭

    @jclovescoins said:
    My real silver is still at $30-$35 if anyone wants some. This drop from $30 to $24 is pathetic given the massive spending, anticipated inflation, and political agenda necessitating silver for clean energy, etc.

    Wouldn't expect you will find many takers at that price. Oh well, maybe next time. Good Luck!!

    The whole worlds off its rocker, buy Gold™.

  • derrybderryb Posts: 36,022 ✭✭✭✭✭

    @blitzdude said:

    @jclovescoins said:
    My real silver is still at $30-$35 if anyone wants some. This drop from $30 to $24 is pathetic given the massive spending, anticipated inflation, and political agenda necessitating silver for clean energy, etc.

    Wouldn't expect you will find many takers at that price. Oh well, maybe next time. Good Luck!!

    buyers beg to differ. lol

    The decline from democracy to tyranny is both a natural and inevitable one.

  • chesterbchesterb Posts: 961 ✭✭✭✭✭

    I wouldn't necessarily say $24 is falling off a cliff. It is still up there compared to historical and has been there for a while.

  • jmski52jmski52 Posts: 22,266 ✭✭✭✭✭

    Apmex is still quoting the same 44% premium for ASEs at qty = 100 that they were at yesterday. It ain’t exactly a fire sale.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • CoinHoarderCoinHoarder Posts: 2,381 ✭✭✭✭✭

    Gold has also dropped over $27.00, to $1,685.00.

  • derrybderryb Posts: 36,022 ✭✭✭✭✭

    and cryptos are on the move. Guess it's obvious how buyers are voting with their dollars.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • ɹoʇɔǝlloɔɹoʇɔǝlloɔ Posts: 1,436 ✭✭✭✭✭

    the premiums are killing me - agree in a small way w prev commentor; a buying opportunity, but only if these 33% premiums reduce

    don't understand why there's an $8 premium on an oz of silver

    I know a reaponse'd be, cause people are buying, but jeez peeps - cool it on the buying so these megasellers come back to current reality w the premiums - I got pucks I need to buy 😎😄

  • derrybderryb Posts: 36,022 ✭✭✭✭✭

    Maybe paper silver is underpriced?

    The decline from democracy to tyranny is both a natural and inevitable one.

  • CoinHoarderCoinHoarder Posts: 2,381 ✭✭✭✭✭

    The premiums always drop much slower than the spot price.

  • HigashiyamaHigashiyama Posts: 2,133 ✭✭✭✭✭

    If the price falls below $20, I may buy a futures contract and then take delivery -- just to demonstrate that "paper" and "physical" converge for larger transactions!

    (I'll plan to document my journey)

    Higashiyama
  • derrybderryb Posts: 36,022 ✭✭✭✭✭

    @Higashiyama said:
    If the price falls below $20, I may buy a futures contract and then take delivery -- just to demonstrate that "paper" and "physical" converge for larger transactions!

    (I'll plan to document my journey)

    be interesting to see how many cents on the dollar you are offered for cash settlement.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • jmski52jmski52 Posts: 22,266 ✭✭✭✭✭

    be interesting to see how many cents on the dollar you are offered for cash settlement.

    Yup, I've never seen a report on the actual settlement amounts in cash (fiat) for a busted Comex delivery contract.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • tincuptincup Posts: 4,722 ✭✭✭✭✭

    The disconnect between the price of physical silver and the comex quoted price is becoming wider and wider. Some sort of battle certainly taking place.

    "Maybe paper silver is underpriced?"

    derryb, at this point that very well may be.

    ----- kj
  • taxmadtaxmad Posts: 960 ✭✭✭✭

    Stay strong - this is just a knock down to get all those Redditers to panic and sell before the break the Comex tomorrow. In the immortal works of Cramer - BUY! BUY! BUY!

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    Will make the coming rise in PM's all the more exciting.... Cheers, RickO

  • jmski52jmski52 Posts: 22,266 ✭✭✭✭✭

    If you are halfway good at money management, these fluctuations don't really matter and there is always a chance that a buying opportunity will manifest itself, except for the premiums which are way, way, way out of line (for now).

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • Good

  • 3stars3stars Posts: 2,278 ✭✭✭✭✭

    but, but, but the Reddit group was coming for silver...

    Previous transactions: Wondercoin, goldman86, dmarks, Type2
  • MsMorrisineMsMorrisine Posts: 32,039 ✭✭✭✭✭
    edited March 30, 2021 9:19AM

    not all brokers allow delivery of futures contracts.

    and those that do, assume the two parties each know how to settle.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • crazyhounddogcrazyhounddog Posts: 13,758 ✭✭✭✭✭

    Our government is printing money like freaking toilet paper. Do you really think silver and gold will keep dropping in price? That’s a joke. I for one has no idea what’s driving the silver and gold prices down at this point in time. If I could find silver at today’s price I’d jump on it. Apparently sellers didn’t get the phone call that the price has dropped 3 bucks an ounce over the last week or so.
    I’m still looking to buy at today’s prices.

    The bitterness of "Poor Quality" is remembered long after the sweetness of low price is forgotten.
  • tincuptincup Posts: 4,722 ✭✭✭✭✭

    And if I recall... you could not buy it anywhere near that price at that time either....

    ----- kj
  • blitzdudeblitzdude Posts: 5,293 ✭✭✭✭✭

    @MsMorrisine said:
    not all brokers allow delivery of futures contracts.

    and those that do, assume the two parties each know how to settle.

    Doesn't it take up to 30 days to settle even if you have a broker that's willing to accept delivery? Then you have transfer and storage fees. And oh yeah if they choose they can tell you sorry no metal we are settling your contracts in cash. Look like big daddy is about to teach these reddit kids a thing or two about the real world.

    The whole worlds off its rocker, buy Gold™.

  • MsMorrisineMsMorrisine Posts: 32,039 ✭✭✭✭✭

    the broker won't take delivery. you'll be paired up with someone on the sell side.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • JimnightJimnight Posts: 10,677 ✭✭✭✭✭

    I don't think so.
    I'm still enjoying the ride.

  • sumrtymsumrtym Posts: 394 ✭✭✭

    @tincup said:
    And if I recall... you could not buy it anywhere near that price at that time either....

    You recall wrongly.

  • AzurescensAzurescens Posts: 2,665 ✭✭✭✭✭

    @PerryHall said:
    Sounds like a buying opportunity to me. :)

    Finally some voice of reason! Spot can drop all it wants. The cat is out of the bag, metals and coins are more popular than ever, anyone with an internet connection knows how much of a scam it is. The younger generations have been following the COMEX failure, mint shortages, and bank runs closely. I love it.

    Countries are bailing on the dollar. People are hoarding gold worldwide and doing bank runs on silver.

    Perth Mint just released some propaganda today, showing off a dismal stack and talked about how much they have and how safe it is. Things must be a lot worse than they seem. Charging storage fees for something they never had would piss me off, too. Being out of said thing completely would piss me off a lot worse.

    In any case, both gold and silver are fantastic short and long plays at the moment. Buy it while there is still some for sale. Literally just keep buying. Stay the course, lads.

  • dcarrdcarr Posts: 7,890 ✭✭✭✭✭

    The recent drop in Comex spot prices may have to do with large institutional investors' reaction to higher interest rates. Smaller silver holders are not as affected by small changes in interest rates, and so that could explain why physical silver prices haven't changed very much.

    With at least one known hedge fund melt-down recently, there are stresses and forced liquidations going on. In the past, forced liquidations have included assets such as precious metals.

    Note, however, that during the run-up of gold prices from about $100 in the early 1970s to over $800 in 1980, interest rates were rising significantly due to inflationary forces. We may be seeing the same sort of thing starting up now.

  • thefinnthefinn Posts: 2,652 ✭✭✭✭✭

    @jmski52 said:
    be interesting to see how many cents on the dollar you are offered for cash settlement.

    Yup, I've never seen a report on the actual settlement amounts in cash (fiat) for a busted Comex delivery contract.

    Ask Warren Buffet. He did that for I believe 130,000,000 ounces. He fared pretty well on it - $97,000,000+.
    https://markets.businessinsider.com/news/stocks/warren-buffett-bought-3500-tons-silver-made-thomas-kaplan-billionaire-2020-5-1029228443

    thefinn
  • blitzdudeblitzdude Posts: 5,293 ✭✭✭✭✭

    Good morning fellow stackers and APES, today is the day we have all been waiting for. Fasten your seatbelts for the ride of our lives. @derryb 's 1000th prediction that The Comex will implode could very well come to fruition today. HODL!

    The whole worlds off its rocker, buy Gold™.

  • carew4mecarew4me Posts: 3,459 ✭✭✭✭

    Silver:
    now: C.O.N.S.O.L.I.D.A.T.I.O.N
    next: $30+ spot this year
    then: D.E.C.O.U.P.L.I.N.G (from Gold, Bitcoin has Gold by the throat now and will not let go)

    Silver's future is so bright , lady liberty should be wearing sunglasses on the type 2's.


    Loves me some shiny!
  • S_McduckS_Mcduck Posts: 4
    edited April 7, 2021 10:25AM

    Correct me if I'm wrong, but it doesn't seem as thought the WSB silver squeeze is having any affect on Comex and the PM markets as a whole...

  • derrybderryb Posts: 36,022 ✭✭✭✭✭
    edited April 7, 2021 11:10AM

    Increased physical demand is having a great affect. It is forcing comex's major players to increase their short positions as they hope to reduce the price of real silver. They do not want the competition it forces on spot.

    comex players will attempt to counter and fight the squeeze effort by shorting more silver (drives spot down). The fact that they have increased their short positions in the face of higher physical demand (in an effort to drive premiums down) is a very good sign as long as physical sellers don't give in and reduce their premiums. If physical premiums continue to hold and paper players continue to increase shorts, paper market will reach a breaking point and the squeezer and the holders of physical silver will prevail.

    The more the physical market makes spot irrelevant the more irrelevant it will become.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • blitzdudeblitzdude Posts: 5,293 ✭✭✭✭✭

    @S_Mcduck said:
    Correct me if I'm wrong, but it doesn't seem as thought the WSB silver squeeze is having any affect on Comex and the PM markets as a whole...

    LOL yep "Welcome to the Gutter," Someday they will have to sell all that stuff they just paid 20-50% premium on in the failed attempt to "break" the Comex.

    The whole worlds off its rocker, buy Gold™.

  • Thats what I'm thinking also blitzdude.

  • jmski52jmski52 Posts: 22,266 ✭✭✭✭✭

    Interestingly, the dollar value of my silver holdings seem to have increased very nicely over the years. Same for gold.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • derrybderryb Posts: 36,022 ✭✭✭✭✭

    Physical prices say silver is not falling off a cliff. Spot prices say the bullion banks continue to create volatility in the paper futures market with their shorts so they can continue to make obscene profits. Least we forget they have, on numerous occasions, paid almost obscene fines for doing so, yet the dance continues.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • TwoSides2aCoinTwoSides2aCoin Posts: 43,758 ✭✭✭✭✭

    I'm a cliffhanger.

  • thefinnthefinn Posts: 2,652 ✭✭✭✭✭

    Only “shortage” is in 1oz. rounds/coins and bars under 1,000 oz. Big bars are readily available.

    thefinn
  • USASoccerUSASoccer Posts: 445 ✭✭✭

    I look on eBay and see a shit ton.

  • MsMorrisineMsMorrisine Posts: 32,039 ✭✭✭✭✭

    if you don't mind paying $10 over.

    you'd think there were a 1,000 bar supply problem with the longevity of this premium.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • jmski52jmski52 Posts: 22,266 ✭✭✭✭✭

    you'd think there were a 1,000 bar supply problem with the longevity of this premium.

    oh, to be a fly on the wall at the Comex executive suites...

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • blitzdudeblitzdude Posts: 5,293 ✭✭✭✭✭
    edited April 13, 2021 4:56PM

    Interesting if true. To lazy to look it up, dyodd

    Subreddit Icon
    r/Wallstreetsilver
    •Posted byu/Ditch_the_DeepState
    🔥 The Fire Rises
    29 minutes ago
    All-Seeing Upvote
    PSLV adds another $11.7 million and buys 200,000 oz today. Meanwhile COMEX bleeds another 600,000 oz out of registered. PSLV now has 13,100,000 more oz than COMEX registered.
    Due Diligence
    Since the start of the Squeeze PSLV has now swung from a 56,500,000 oz deficit to a 13,100,000 oz surplus compared to COMEX registered. That is a 69,600,000 oz swing in 54 business days or 1,300,000 oz per day. That's an Ape rampage!

    Our scorecard at COMEX:

    EDIT: These curves are juxtaposed only for our visual delight. I'm not implying that PSLV is purchasing silver directly from COMEX vaults. In fact, I'm certain that PSLV doesn't go through the COMEX system to purchase silver because their prospectus prevents them from purchasing derivative products like futures.

    None of this would prevent PSLV from buying bars directly from bar owners who have metal stored in COMEX approved vaults. So, some of the bars could, I suppose, be transferred out of COMEX and head straight to PSLV vaults, but I'm not inferring that.

    PSLV's physical purchases, like other silver buyers, are no doubt putting demand pressure on the entire market creating stress everywhere, including COMEX.

    Mostly, I'm trying to get this image out into the ether so the shills come and attack PSLV. I'm ready to expose their silliness.

    The whole worlds off its rocker, buy Gold™.

  • jmski52jmski52 Posts: 22,266 ✭✭✭✭✭

    You may think it's gutter metal, but I hope you decide that it's worth keeping some. You won't regret it. B)

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
This discussion has been closed.