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About Kraken

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    Devon, UK
  • Stacker/Collector

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Kraken's Achievements

  1. It's interesting to see how things have changed since February. GME is now basically persona non grata on WSB and is universally dumped on by the media, but despite that it's been in triple digits since March, and over $200 for weeks now. I actually believe that GameStop is a good turnaround play, considering that the company is making moves to modernise its business model, has raised a lot of capital, and wiped out its prior debt. A short squeeze is just icing on the cake (and no, the shorts haven't covered, despite what the media would have you believe).
  2. I lurk (and occasionally comment) both here and on Reddit. The consensus view of /r/wallstreetbets is that Citadel, the company that bailed out Melvin Capital (the big hedge fund that shorted GameStop), have a significant holding of either physical or SLV, and are trying to spread FUD in the media to pump up silver and recoup their losses. CNBC's Jim Cramer has previously said about how when he was a hedge fund manager they'd leak false information to the media to get markets to move in the way that they want.
  3. Congrats @Fadeingstar on your excellent mint guessing skills, and @The1GramMan for out-ridiculousing the rest of us!
  4. Kraken

    Free Silver Coin

    About 80p worth of silver for £2.50 isn't such a great deal, especially considering that if you're buying in decent quantities a lot of old silver coinage can be had at very close to spot.
  5. I was in town at the weekend and saw three separate pawn shops that weren't around a few months ago all offering to buy gold and silver. I was tempted to go into one and ask how much they'd sell either for.
  6. My legit guess is 309 mints. My daft guess is that there aren't any mints at all as all of them, the jar itself, this thread, and the entire forum are all part of 5huggy's Covid-induced fever dream.
  7. I wish I had ten grand spare to dump into PMs. There's definitely some nice stuff you've picked up there. I'm especially a fan of those 5 oz bars.
  8. I'd like to go on the waiting list for two bars if possible, please. I don't have any preference for the numbers.
  9. From now on, all my stacking will be based exclusively on the gold-to-bread and silver-to-eggs ratios. Anyone know of any bakeries for sale?
  10. The biggest contender I'd say is the Euro, but it's still got a lot of ground to cover before it even gets close. But yes, these are all points in favour of the dollar's continued supremacy for a good long while. I wouldn't count the United States out just yet. Russia will attempt to destabilise them, and China will try to compete economically with them, but it's not yet inevitable that they'll lose the top spot.
  11. Even debt to GDP isn't a huge red flag by itself - Japan has a debt over twice its GDP, yet is considered a stable economy. If the government were unable to collect taxes though, then that would be a major issue. I think we're broadly in agreement - every country has a big stack of dollars, so they have a lot to lose if it looks like the dollar's on its way out. The article you linked is interesting, and I think somewhat reinforces my point - the Bank of England has a lot of other countries' gold, and as is the motto on this site, if you don't hold it, you don't own it. While we'd get absolutely ravaged diplomatically if the UK government seized it all, for a nation that's been destroying its international reputation for the last few years and soon to have very few trade deals, it may just be worth it...
  12. You're right that the system would collapse if people no longer trusted the dollar, but people would need a reason not to trust it - the only way this would be the case is if the US government demonstrates that it's unable to meet its debt obligations. For a country as economically strong as the US, this seems nigh impossible, although of course anything can happen. Simply having a high level of debt isn't enough to demonstrate an inability to repay. There'd have to be much larger systemic issues in the US economy - greater even than the conditions that allowed the events of 1929 to happen. Considering that it's the world's reserve currency, I feel confident in saying that if major warning signs were showing up, other countries would step in to help prop up the dollar purely to avoid losing out on what they're owed. Ironically, if I had to pick a major Western economy that is most likely to experience hyperinflation, it'd be my own country (the UK), although even then I don't see it as a major threat. My concerns are much more about supply chain disruptions starting from next year, so I'm preparing more for that more immediate threat. As such, I mainly stack as a hedge against regular old inflation, with a slight speculative edge on silver, as I feel that it's somewhat undervalued, although I'd definitely be selling at $200 / oz unless there were other economic red flags at the time that would suggest that I should hold out instead.
  13. I would be surprised to see it reach $200 / oz anytime soon, let alone $100,000. The author asserts that the price increase would not curtail industrial demand, but I don't agree - while this is probably true for, say, medical and scientific purposes, most consumer-grade manufacturers using silver will inevitably swap to a cheaper material in case they price out their target market. You might be willing to pay $1,000 for an iPhone, but you'd probably think twice if it was $5,000. There's also the questionable point that fiat currency would inevitably collapse if only silver wasn't manipulated. Gold never seems to be mentioned as part of these manipulations, and the price has been going up for decades, but fiat currency's still around. If silver's price goes up enough, it will either be seen as a bubble, or occupying a similar status to gold as a store of value, depending on how quickly the price rises. I'm sceptical of the idea of major Western economies experiencing hyperinflation in my lifetime. Of course, it's possible, but the collapse of the dollar (for example) seems very unlikely when there are a lot of extremely wealthy people with lots of reasons to keep the dollar at the centre of the global financial system.
  14. That's possible, but if you have a clean blade and don't let it heat up too much I'm not sure how much of an issue it would be in practice - the blanks for coins are cut using steel dies, and jewellers have special saws. If you were concerned, you could sand the cut edge to take off the potentially contaminated layer, or use a laser cutter (an expensive option, but if you've got 36 kg of silver you're trying to take delivery of, it's likely to be comparable in price). Additionally, you could always send the finished product to an assay office to get the silver content verified.
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