Supply Squeeze of Physical Gold and Silver May Be Heating Up
HonoluluDude
Posts: 2,167 ✭
HonoluluDude
Posts: 2,167 ✭
Comments
analysts were talking about peak oil. Whenever prices go up, we'll always hear about this from the bulls, it's nothing
new under the sun.
<< <i>Take his comments with a "grain of salt." Keep in mind, he's a bullion dealer. >>
You always seem to dump cold water on these types of posts. Why is it people will listen to "experts" when they talk about their field but not coin dealers? If a realtor says "buy this house" people say "well he is an expert so I should listen to him". Same with stockbrokers, bankers, art dealers, etc. They are all trying to sell the product they promote and will make a great profit if it does sell. Why don't you constantly question their motives?
Same as this guy:
""Along with my expectations of higher gold and silver prices, I have also predicted that supplies of physical metals would dry up. This may be now occurring. However, we cannot be sure until we see the pattern continue for another couple of days. Should this pattern continue through next Tuesday afternoon, I would recommend not waiting any longer to establish your position in precious metals. To be extra safe, you may now want to wait even that long.""
He may be right, he may not. I see typical posts that begin with: "I have a feeling...." OK, here come another guess.
Caveats run amok: "just in case, it may happen, who knows, I think, this may be now occurring, keep in mind" in an attempt to hedge. Cover one's ego's ass.
LA Money hedged:
""Yes, I said the trading range was 800 to 950, but even a "trading range" needs a little leeway.
As Ive said before, we need a break out to a new all time high to signal a new bull market. That would mean a closing price around 1050, I think. ""
Roadrunner has rarely hedged. You gotta respect strong convictions.
I think gold will rise. Period. Regardless of supply issues. There. I have an opinion.
Miles
<< <i>
<< <i>Take his comments with a "grain of salt." Keep in mind, he's a bullion dealer. >>
You always seem to dump cold water on these types of posts. Why is it people will listen to "experts" when they talk about their field but not coin dealers? If a realtor says "buy this house" people say "well he is an expert so I should listen to him". Same with stockbrokers, bankers, art dealers, etc. They are all trying to sell the product they promote and will make a great profit if it does sell. Why don't you constantly question their motives? >>
Because this is a PM forum & not a commodities or stock forum. Anyone who is in the business to sell, regardless of what it is, will always try to drum up or overstate their product. Guess what, I don't listen to most politicians either. I would suggest that you go back and read some of his overblown & way out in left field predictions. I will read RR comments and take them to heart, although I don't always agree with his interpretation, at least they are mostly unbiased.
In 2008 there was a so called 'planchet shortage' AND a price collapse from Jul (17.50ish) to Oct (9.50ish).
The first cut supply... the latter raised premiums.
After reading article from 08' maybe we should 'thank' Bix Weir for the nonexistent 09/10? proof and burnished ASE's.
*** btw: Gainesville has some eng/jm 10oz bars for $8 more than the generic. link
<< <i>You always seem to dump cold water on these types of posts. Why is it people will listen to "experts" when they talk about their field but not coin dealers? If a realtor says "buy this house" people say "well he is an expert so I should listen to him". Same with stockbrokers, bankers, art dealers, etc. They are all trying to sell the product they promote and will make a great profit if it does sell. Why don't you constantly question their motives? >>
It's right to question the motives. But if you can't find any contradictory information, then it makes sense to believe it.
Has anyone ever posted any contradictory claims?
Information shouldn't be disregarded solely because of the source if you consider all sides and evaluate multiple sources.
<< <i>Take his comments with a "grain of salt." Keep in mind, he's a bullion dealer. >>
And only a bullion dealer would know about this.
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When the market gets tight the buyers will come out of the woodwork and
most sellers will retreat. If this causes the price to go up and the shorts to
be taken down it will cause a twenty fold increase in physical demand and
very little new selling.
It will cause a large increase in exploration for silver though.
Someday we will see fireworks in this market.
Someday we will see fireworks in this market.
cladking.I think we already are.
Fleck's reply: "Why would I want to hedge it?" Left the interviewer speechless.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>Someday we will see fireworks in this market.
cladking.I think we already are. >>
Yeah.
I've been following some of these links and found Kitco has a silver forum (one
of the best on the net if the last few days worth are any indication).
It does appear that a major crossroads is afoot. People are being denied deliv-
ery of their own silver. These accounts for which one has to pay storage and
handling (and maybe a dusting fee) are aopparently backed by nothing but paper.
The smoke and mirrors are dissipating and crumbling and now it's time to find out
who caused it and how much the government will need to bail them out. China
renounced these debts in advance. This is probably unprecedented in human
history.
Fireworks might be an understatement the way things look this minute.
<< <i>
<< <i>Someday we will see fireworks in this market.
cladking.I think we already are. >>
Yeah.
I've been following some of these links and found Kitco has a silver forum (one
of the best on the net if the last few days worth are any indication).
It does appear that a major crossroads is afoot. People are being denied deliv-
ery of their own silver. These accounts for which one has to pay storage and
handling (and maybe a dusting fee) are aopparently backed by nothing but paper.
The smoke and mirrors are dissipating and crumbling and now it's time to find out
who caused it and how much the government will need to bail them out. China
renounced these debts in advance. This is probably unprecedented in human
history.
Fireworks might be an understatement the way things look this minute. >>
I just went through the Kitco Forums. Where do you see that people are being denied delivery of their own silver? Perhaps I missed it.
TD
<< <i> I just went through the Kitco Forums. Where do you see that people are being denied delivery of their own silver? Perhaps I missed it. TD >>
That makes 2 of us.
I didn't make a note of it.
It was a woman in Toronto who was quite elderly and cancer ridden who wanted her
silver from ScotiaBank. (She says) they chased her all over and wouldn't honor a po-
wer of attorney. When she finally got her silver after months of legal maneuvering she
said she actually had to show up in person on an upper floor. The bank claimed they
have an obligation to their customers to protect them.
In the sdame thread was the story of someone who finally got to see the stored silver
at some repository and it was wholly insufficient to cover all the paper written on it. It
would appear the banks are doingf "reserve banking" on the silver they are supposed
to be holding and charging handling and storage fees for.
Squeeze has been and continues to be heating up. Talk about a bubble!
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>Oh shoot!
I didn't make a note of it.
It was a woman in Toronto who was quite elderly and cancer ridden who wanted her
silver from ScotiaBank. (She says) they chased her all over and wouldn't honor a po-
wer of attorney. When she finally got her silver after months of legal maneuvering she
said she actually had to show up in person on an upper floor. The bank claimed they
have an obligation to their customers to protect them.
In the sdame thread was the story of someone who finally got to see the stored silver
at some repository and it was wholly insufficient to cover all the paper written on it. It
would appear the banks are doingf "reserve banking" on the silver they are supposed
to be holding and charging handling and storage fees for. >>
That Toronto story has been out for quite a while.
TD
<< <i>That Toronto story has been out for quite a while. >>
Since 7/18 to be exact ... surprisingly ScotiaBank is still in business and I've been unable to track down any additional followup stories of customers not being able to redeem their PM's from ScotiaBank.