theman73

3 minutes ago, HonestMoneyGoldSilver said:

I'm having issues trying to post so I'll keep it brief, maybe 😂

Silver is not only being hoarded and stacked like gold. Silver is being consumed in large quantities. According to the Chinese, the price needs to be a minimum of $100/oz to make recovering the consumed silver economically viable. For China a boom in silver is considered a positive outcome whereas in the west a boom in either gold or silver is not looked upon favourably by the "pet rock" crew at the central banks and TradFi behemoths.

As @sixgun said there are silver deficits. What the magnitude of those deficits are and the balance between east and west, it's hard to say. I like the really boring nerd guy at CPM whose videos get 0 likes when I post them. He's been doing this for 40 years and called bullshit a few years ago when everybody was saying the vaults are empty, the COMEX has no more silver, etc. He was right then. He is now warming to the idea of silver shortages, or perhaps more accurately, a shortage of 999 good delivery silver that's available today. There is no shortage of silver but there is a shortage of the type of silver that people want within the timeframe they want it. The imbalance this year between supply and demand is about 40% of the total production in 2023, that can't be ignored especially when deficits have been compounding in recent years

The fundamentals on silver are solid. In the grand scheme of things $31/£25 is nothing, we're still £5 short of the highs from 2011. There's been a tiny bit of expansionary monetary policy and inflation since 2011. You could pick a figure between £30 and £100 for the true inflation-adjusted price since 2011 and I would probably believe you. According to shadow stats the inflation-adjusted price in 2011 was $67.50 and today even with the boom it's still trading at less than half that.

 

 

You can use different figures and get an inflation-adjusted ATH of $189

Anyway, you're totally right, silver is more of an industrial metal than a monetary metal but silver is unique in straddling both of those markets. A lot is talked about the catalysts for the recent price moves in metals. I mentioned one a few months ago that doesn't get a lot of headlines. So one of the main reasons metal prices are so easily manipulated is because the miners and refiners are complicit. They agree to sell their silver in advance in exchange for money now, often selling their finished product at only a fraction of spot. Famously some hedge funds and investors have secured options on silver well below $10/oz, which is staggering when you think about it, right? 

So the miners, producers and refiners have had enough of selling their product below market value. Several started to go "naked long" a while ago, refusing to play the game of options and derivatives. Some people might remember the hilariously witty remark I made about finding excuses to keep using that phrase - naked long. I wanna go naked long, don't we all, eh? The people mining and refining the silver control the market if they are brave enough to take the bulls by the horns. It seems like a no-brainer to people like us to go naked long on silver but with silver being volatile and the world steeped in uncertainty, doing so is not without risks. I wouldn't be surprised to hear that one of the factors that led to the west losing control of the metal prices was the major producers refusing to dance to their game. Why not go naked long if China is paying a hefty premium on silver? Seems a better idea to flog it to them for $25-30 rather than a wall street suit for well below spot

Sorry mate, I was always going to go on an extended rant. I'm done now though that I've read the latest from bullionstar. Wow, they've been reading the GMT and SMT, stealing all our best ideas, and consolidated them in one article. This is one of the best comprehensive and free analyses of silver I've come across in a while:

Why a Powerful Silver Bull Market May Be Ahead (bullionstar.com) (written 20th April 2024)

If you can explain in simple terms and logical why silver was £17 two months ago I will pray for your soul this Sunday at my church

3 minutes ago, Roy said:

@theman73

Minimum spot plus 20% for new coins, cheaper than this is only old stock of people who want to take their profit.

16 minutes ago, sixgun said:

No of course it isn't 'solely down to paper traders'. Mined supply is falling - there has been big silver deficits since 2021. Demand is soaring both industrially and from physical investors. The Shanghai price is dollars higher than the suppressed Western price which further sucks silver out and to the East. The net result is the supply does not equal demand so the price is getting pushed up; and as the price gets pushed up the shorts have to start closing which compounds the rise. 

I understand that HSBC have a very big short on silver, maybe they are hunted by the other banks so we have a very ''healty'' grow...

3 minutes ago, Airhead said:

Whilst it is rather gratifying seeing the price of silver so high, especially when I can remember buying silver at £12-ish an ounce VAT free from Estonia, the thing I am wondering is why. After spending so much time in the doldrums, why has the price shot up so much in such a relatively short period of time?

Paper traders make money both ways.

Just now, ant1882 said:

£24.60

Me gusta

9 minutes ago, Wilsonl01 said:

£24.51 now, didn’t think I’d be seeing these prices for a whole 

Smashing innit

Just now, James32 said:

Enough for half a steak

I will let him know

1 minute ago, James32 said:

He just made over £3000 today, and more to come

And if he also has 2.6oz of gold?

3 hours ago, HerefordBullyun said:

I was watching a video the other day on how much in ozs of gold and silver do you need to own to be in the top 1% per person in the world.

Surprisingly is 500oz of silver by retirement 

And 40oz of gold by retirement.

Interesting I thought.

What about the one who has 3000oz of silver?

Asking for a friend.

Just now, Tomthomas said:

If still available I will take them all please 

58x and 20x available

Do you want them all?

44 sold

Silver is £23.84

26 minutes ago, MBTPSilver said:

£24 an ounce!

Where are the mofos now? I can't hear them.

33 sold

50 sold

278 sold

Brand new, sealed

£200 plus postage

BT PPFF
 

5 minutes ago, TheShinyStuff said:

I expect we would soon have proof that RM do in fact resell substandard returns.

14 minutes ago, stefffana said:

What meaning for you this, @Petra? Can you elaborate a little, please?

He still live in the Empire times

Some Spitfire in the sky...

13 minutes ago, Petra said:

a third rate European leader

What?

Dump

75 sold