Silver falling off a cliff!

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

@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!!

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.

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

The premiums always drop much slower than the spot price.

@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 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.

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

not all brokers allow delivery of futures contracts.

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

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

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

@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.

@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

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.

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.

Thats what I'm thinking also blitzdude.

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.

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

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.

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

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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.