Who is buying the 1,000 ounce silver bars?

johnnyb

When silver is sent to a refinery and melted down, what form is it taking? Is it usually 1,000 ounce bars or is it typically smaller sizes? (I am a novice and don’t know how what happens to everything after it gets melted down)

Which begs my next question: if refineries are pumping out 1,000 ounce bars, who is buying them? Exchanges? Investors? Foreign entities? Industry?

MsMorrisine

it would be nice to know

try emailing elemetal and see if they reply

jmski52

The silver is cast into 1,000 oz. "good delivery bars" and moved to Comex where buyers "stand for delivery". Nobody knows who is buying, but it is probably a mixture of central banks, industrial users like Samsung, Apple, Tesla, solar manufacturers, AI companies. India has declared silver to be good collateral. China is restricting silver exports. There's alot going on.

softparade

@jmski52 said:
The silver is cast into 1,000 oz. "good delivery bars" and moved to Comex where buyers "stand for delivery". Nobody knows who is buying, but it is probably a mixture of central banks, industrial users like Samsung, Apple, Tesla, solar manufacturers, AI companies. India has declared silver to be good collateral. China is restricting silver exports. There's alot going on.

Nah. Where's muh $35 silver lolzz..

dcarr

Saudi Arabia bought SLV shares a couple months ago. Maybe they intend to take delivery (or already have been) ?
If so, this would likely be 1,000-troy-oz bars.

coastaljerseyguy

Someone is taking SLV delivery. 21MM ozs. gone in a month.

jmski52

Someone is taking SLV delivery. 21MM ozs. gone in a month.

It won't be too long before the paper markets are exposed for what they are - rehypothecated junk.

DisneyFan

@jmski52 said:
Someone is taking SLV delivery. 21MM ozs. gone in a month.

It won't be too long before the paper markets are exposed for what they are - rehypothecated junk.

Are you distinguishing between the SLV ETF and "paper markets?"

jmski52

Are you distinguishing between the SLV ETF and "paper markets?"

I'm referring to all markets that aren't 100% represented by real physical metal stocks. It appears to include LBMA and Comex. Does that include ETFs? I'm hearing that physical deliveries are being taken from SLV. Is that true?

291fifth

The mega-billionaires use them as doorstops.

Goldminers

@291fifth said:
The mega-billionaires use them a doorstops.

For many years I used a 100-ounce JM bar as my doorstop when silver dropped to around $5/ounce from 1990 to 2003 after I had paid $10+ an ounce for it in the mid to late 80's after the Hunt fiasco.

I would have agreed with Blitz and called it gutter during that time. I actually still have it. LOL

taxmad

@Goldminers said:

For many years I used a 100-ounce JM bar as my doorstop when silver dropped to around $5/ounce from 1990 to 2003 after I had paid $10+ an ounce for it in the mid to late 80's after the Hunt fiasco.

Are your experiences with silver in the past tempering your enthusiasm for the current spike?

blitzdude

@291fifth said:
The mega-billionaires use them as doorstops.

You could always try sitting on one. Rumor, is they cure hemorrhoids better than the Preparation-H. The caveat is your skin may turn blue. RGDS!

philographer

PCGS should bring back the dislike button. The precious metals forum really needs it!

taxmad

@philographer said:
PCGS should bring back the dislike button. The precious metals forum really needs it!

and a 'Holy Sh!t' button