silversky

2 years above $20 , the 1st dip below was always going to be strong, many giving up on silver, this is when the banks are BUYING.

I reckon it's fear of an everything crash.  People are starting to shore up liquidity before the inevitable.  I don't blame them personally.  Only gold is holding up to this proxy war environment, and it makes sense.  Having said that there might be an oversold bounce at some point, but I don't think it'll last.
Scrap cars for the crusher have been dropping for a while now, and they took a huge drop down yesterday.  With all the energy price increases just around the corner, there's absolutely no doubt that there's going to be some very serious economic problems if we don't change course soon.
Unfortunately, I don't think gramps or the flying fatman are in any mood to change their minds.  And this means that there will be serious economic damage for certain.  I'm not sure how the pound will hold up, but I now expect another equal leg down for Silver, despite roaring inflation.  It's only at the end of the crash that silver will play it's phenomenal inflation catch-up game.  Not before.  No idea when that will be, but I can see the miners getting hammered soon.  There isn't a market for silver in a crashing economy, and it doesn't matter what the price is, there won't be the volume.  There just isn't a market for high value items that need Silver, when no one can afford food or heating.
I expect a hunkering down this winter, as people choose between heating their homes, or eating something better than spam.  All I've been hearing locally, is concern over energy and food bills.  This is IRL, not on the internet.  There's real concern, and I think this means there's real trouble coming.  The market has completely fallen out of second hand commercial vehicles, according to a trader I know, and this indicates to me that all sorts of people are experiencing a contraction in their own personal money supply.
I just don't see much demand for Silver in this environment, and I think that inflation and the cost of energy to mine, are pretty much all that's keeping a floor on the price just now.

I reckon it's fear of an everything crash.  People are starting to shore up liquidity before the inevitable.  I don't blame them personally.  Only gold is holding up to this proxy war environment, and it makes sense.  Having said that there might be an oversold bounce at some point, but I don't think it'll last.
Scrap cars for the crusher have been dropping for a while now, and they took a huge drop down yesterday.  With all the energy price increases just around the corner, there's absolutely no doubt that there's going to be some very serious economic problems if we don't change course soon.
Unfortunately, I don't think gramps or the flying fatman are in any mood to change their minds.  And this means that there will be serious economic damage for certain.  I'm not sure how the pound will hold up, but I now expect another equal leg down for Silver, despite roaring inflation.  It's only at the end of the crash that silver will play it's phenomenal inflation catch-up game.  Not before.  No idea when that will be, but I can see the miners getting hammered soon.  There isn't a market for silver in a crashing economy, and it doesn't matter what the price is, there won't be the volume.  There just isn't a market for high value items that need Silver, when no one can afford food or heating.
I expect a hunkering down this winter, as people choose between heating their homes, or eating something better than spam.  All I've been hearing locally, is concern over energy and food bills.  This is IRL, not on the internet.  There's real concern, and I think this means there's real trouble coming.  The market has completely fallen out of second hand commercial vehicles, according to a trader I know, and this indicates to me that all sorts of people are experiencing a contraction in their own personal money supply.
I just don't see much demand for Silver in this environment, and I think that inflation and the cost of energy to mine, are pretty much all that's keeping a floor on the price just now.

I reckon it's fear of an everything crash.  People are starting to shore up liquidity before the inevitable.  I don't blame them personally.  Only gold is holding up to this proxy war environment, and it makes sense.  Having said that there might be an oversold bounce at some point, but I don't think it'll last.
Scrap cars for the crusher have been dropping for a while now, and they took a huge drop down yesterday.  With all the energy price increases just around the corner, there's absolutely no doubt that there's going to be some very serious economic problems if we don't change course soon.
Unfortunately, I don't think gramps or the flying fatman are in any mood to change their minds.  And this means that there will be serious economic damage for certain.  I'm not sure how the pound will hold up, but I now expect another equal leg down for Silver, despite roaring inflation.  It's only at the end of the crash that silver will play it's phenomenal inflation catch-up game.  Not before.  No idea when that will be, but I can see the miners getting hammered soon.  There isn't a market for silver in a crashing economy, and it doesn't matter what the price is, there won't be the volume.  There just isn't a market for high value items that need Silver, when no one can afford food or heating.
I expect a hunkering down this winter, as people choose between heating their homes, or eating something better than spam.  All I've been hearing locally, is concern over energy and food bills.  This is IRL, not on the internet.  There's real concern, and I think this means there's real trouble coming.  The market has completely fallen out of second hand commercial vehicles, according to a trader I know, and this indicates to me that all sorts of people are experiencing a contraction in their own personal money supply.
I just don't see much demand for Silver in this environment, and I think that inflation and the cost of energy to mine, are pretty much all that's keeping a floor on the price just now.

I reckon it's fear of an everything crash.  People are starting to shore up liquidity before the inevitable.  I don't blame them personally.  Only gold is holding up to this proxy war environment, and it makes sense.  Having said that there might be an oversold bounce at some point, but I don't think it'll last.
Scrap cars for the crusher have been dropping for a while now, and they took a huge drop down yesterday.  With all the energy price increases just around the corner, there's absolutely no doubt that there's going to be some very serious economic problems if we don't change course soon.
Unfortunately, I don't think gramps or the flying fatman are in any mood to change their minds.  And this means that there will be serious economic damage for certain.  I'm not sure how the pound will hold up, but I now expect another equal leg down for Silver, despite roaring inflation.  It's only at the end of the crash that silver will play it's phenomenal inflation catch-up game.  Not before.  No idea when that will be, but I can see the miners getting hammered soon.  There isn't a market for silver in a crashing economy, and it doesn't matter what the price is, there won't be the volume.  There just isn't a market for high value items that need Silver, when no one can afford food or heating.
I expect a hunkering down this winter, as people choose between heating their homes, or eating something better than spam.  All I've been hearing locally, is concern over energy and food bills.  This is IRL, not on the internet.  There's real concern, and I think this means there's real trouble coming.  The market has completely fallen out of second hand commercial vehicles, according to a trader I know, and this indicates to me that all sorts of people are experiencing a contraction in their own personal money supply.
I just don't see much demand for Silver in this environment, and I think that inflation and the cost of energy to mine, are pretty much all that's keeping a floor on the price just now.

I reckon it's fear of an everything crash.  People are starting to shore up liquidity before the inevitable.  I don't blame them personally.  Only gold is holding up to this proxy war environment, and it makes sense.  Having said that there might be an oversold bounce at some point, but I don't think it'll last.
Scrap cars for the crusher have been dropping for a while now, and they took a huge drop down yesterday.  With all the energy price increases just around the corner, there's absolutely no doubt that there's going to be some very serious economic problems if we don't change course soon.
Unfortunately, I don't think gramps or the flying fatman are in any mood to change their minds.  And this means that there will be serious economic damage for certain.  I'm not sure how the pound will hold up, but I now expect another equal leg down for Silver, despite roaring inflation.  It's only at the end of the crash that silver will play it's phenomenal inflation catch-up game.  Not before.  No idea when that will be, but I can see the miners getting hammered soon.  There isn't a market for silver in a crashing economy, and it doesn't matter what the price is, there won't be the volume.  There just isn't a market for high value items that need Silver, when no one can afford food or heating.
I expect a hunkering down this winter, as people choose between heating their homes, or eating something better than spam.  All I've been hearing locally, is concern over energy and food bills.  This is IRL, not on the internet.  There's real concern, and I think this means there's real trouble coming.  The market has completely fallen out of second hand commercial vehicles, according to a trader I know, and this indicates to me that all sorts of people are experiencing a contraction in their own personal money supply.
I just don't see much demand for Silver in this environment, and I think that inflation and the cost of energy to mine, are pretty much all that's keeping a floor on the price just now.

I reckon it's fear of an everything crash.  People are starting to shore up liquidity before the inevitable.  I don't blame them personally.  Only gold is holding up to this proxy war environment, and it makes sense.  Having said that there might be an oversold bounce at some point, but I don't think it'll last.
Scrap cars for the crusher have been dropping for a while now, and they took a huge drop down yesterday.  With all the energy price increases just around the corner, there's absolutely no doubt that there's going to be some very serious economic problems if we don't change course soon.
Unfortunately, I don't think gramps or the flying fatman are in any mood to change their minds.  And this means that there will be serious economic damage for certain.  I'm not sure how the pound will hold up, but I now expect another equal leg down for Silver, despite roaring inflation.  It's only at the end of the crash that silver will play it's phenomenal inflation catch-up game.  Not before.  No idea when that will be, but I can see the miners getting hammered soon.  There isn't a market for silver in a crashing economy, and it doesn't matter what the price is, there won't be the volume.  There just isn't a market for high value items that need Silver, when no one can afford food or heating.
I expect a hunkering down this winter, as people choose between heating their homes, or eating something better than spam.  All I've been hearing locally, is concern over energy and food bills.  This is IRL, not on the internet.  There's real concern, and I think this means there's real trouble coming.  The market has completely fallen out of second hand commercial vehicles, according to a trader I know, and this indicates to me that all sorts of people are experiencing a contraction in their own personal money supply.
I just don't see much demand for Silver in this environment, and I think that inflation and the cost of energy to mine, are pretty much all that's keeping a floor on the price just now.

Yesterday i saw the lastest Arcadia Economics video Dave Kranzler did. He was saying the banks are long silver. This is noteworthy b/c rising prices would benefit the usual suspects. Looking at silver futures on the CFTC website the Swap Deals are net long. The Swap Dealers are the banks. Plain vanilla fundamental analysis would dictate that the metals should be much higher. It is getting more and more expensive to mine and refine them. 
We see fiat currencies depreciating against real assets. Most are priced in USD and with the dollar index high that means the price of commodities in other currencies tends to be even higher.
Looking at the 2022 Silver Institute Report for what it's worth https://www.silverinstitute.org/wp-content/uploads/2022/04/Metals-FocusWWS2022Launch.pdf it shows that silver demand has increased, especially investment demand, which was up 36%. Mined production also increased but there was a deficit. 
Logically price should go up unless there is more than pure supply demand dynamics in play. We come back to the same old same old story - the market in precious metals is rigged. Well it is heavily managed. The price of real money (gold and silver) shooting up in fiat terms looks bad - as if people didn't already know the pound in their pocket doesn't buy them much anymore. At some point the dam will burst. i have studied the fundamentals for years and in all honesty they don't help other than they tell me that at some point the price has to rise, and rise a lot. The thing is we look at a fictional price - the paper price. The supply of paper contracts can be turned on like a tap which of course bears no relation to real physical. We know you can't actually buy silver for the paper price, so it genuinely is a fictional price. Perhaps the BRICS commodity currency which it appears will figures silver highly will break the camel's back. i suspect when the dam breaks it will be suddenly and quite unexpectedly for many. That the Swap Dealers are long is usually a good pointer to a reverse in decline.

Yesterday Maguire said a huge [bank's] silver position on the OTC (London spot) market was squared off. The banks are level or long - funny how silver takes off.

Does that mean if I upgrade to platinum plus membership its going to cost me a lot more in the future?

Thanks for this. 
What a giant mistake this is, what a reversal, what a tit-up

Interesting to see how platinum has reacted to the news on Sunday.
https://www.reuters.com/world/uk/britain-increase-tariffs-russian-platinum-palladium-new-sanctions-2022-05-08/
With the announcement that Britain would be applying a 35% tariff to Platinum and Palladium, it's interesting to examine how their prices have reacted.  Down initially with Silver on Monday, but they have now diverged and are rising.
I'm not really sure how Britain alone charging its own consumers an extra 35% for Russian Platinum and Palladium, will make any difference.  It appears to me that the only effect will be that the UK economy will run short of Platinum and Palladium, or have to put in place very strong commitments from South Africa.  The Chinese will no doubt buy it at a slight discount from Russia.
The scrap car market is an interesting proxy for the price of physical.  One year ago, I could scrap my old banger for £300.  Three months ago that was up at just under £400.  After the war started it reached £585 then fell back to £550.  I'll have to get another quote again, but I imagine that the application of a 35% tariff can't have done much to alleviate the pressure on those metals.  As far as the overall price on the world market, I can't see that changing much to be fair.  If the UK ends up sourcing all its Platinum demand from scrap cars and South Africa, the Chinese would have to be muscled out of some of their supply from there.  If so, they'll just increase their deliveries from Russia.
It seems to me that the same amount of Platinum will get used worldwide (after all the old cars in the UK have been stolen and crushed (yes that's happening!!)).  And the impact on the global price won't be terribly large.  The UK consumer will lose out to higher prices when manufacturers (if we have any left) are forced to source it from Russia.  The Chinese will resist fully any attempt to lower their supply from South Africa to facilitate increasing the UK supply, and we'll end up recycling things that aren't old enough to be recycled.
All in all, I expect little change to the price because of this move, unless it becomes a western wide push, in which case, car manufacturing in the west will take a massive hit.  Interesting times to see tariffs used as offensive weapons.  They're normally applied as defensive strategies, to protect a domestic market.  But in this case they are being applied without heed to the result domestically.  Most foolish in my opinion.  I expect the local price of physical to end up higher than the published paper price.  One to watch...

Interesting to see how platinum has reacted to the news on Sunday.
https://www.reuters.com/world/uk/britain-increase-tariffs-russian-platinum-palladium-new-sanctions-2022-05-08/
With the announcement that Britain would be applying a 35% tariff to Platinum and Palladium, it's interesting to examine how their prices have reacted.  Down initially with Silver on Monday, but they have now diverged and are rising.
I'm not really sure how Britain alone charging its own consumers an extra 35% for Russian Platinum and Palladium, will make any difference.  It appears to me that the only effect will be that the UK economy will run short of Platinum and Palladium, or have to put in place very strong commitments from South Africa.  The Chinese will no doubt buy it at a slight discount from Russia.
The scrap car market is an interesting proxy for the price of physical.  One year ago, I could scrap my old banger for £300.  Three months ago that was up at just under £400.  After the war started it reached £585 then fell back to £550.  I'll have to get another quote again, but I imagine that the application of a 35% tariff can't have done much to alleviate the pressure on those metals.  As far as the overall price on the world market, I can't see that changing much to be fair.  If the UK ends up sourcing all its Platinum demand from scrap cars and South Africa, the Chinese would have to be muscled out of some of their supply from there.  If so, they'll just increase their deliveries from Russia.
It seems to me that the same amount of Platinum will get used worldwide (after all the old cars in the UK have been stolen and crushed (yes that's happening!!)).  And the impact on the global price won't be terribly large.  The UK consumer will lose out to higher prices when manufacturers (if we have any left) are forced to source it from Russia.  The Chinese will resist fully any attempt to lower their supply from South Africa to facilitate increasing the UK supply, and we'll end up recycling things that aren't old enough to be recycled.
All in all, I expect little change to the price because of this move, unless it becomes a western wide push, in which case, car manufacturing in the west will take a massive hit.  Interesting times to see tariffs used as offensive weapons.  They're normally applied as defensive strategies, to protect a domestic market.  But in this case they are being applied without heed to the result domestically.  Most foolish in my opinion.  I expect the local price of physical to end up higher than the published paper price.  One to watch...

Interesting to see how platinum has reacted to the news on Sunday.
https://www.reuters.com/world/uk/britain-increase-tariffs-russian-platinum-palladium-new-sanctions-2022-05-08/
With the announcement that Britain would be applying a 35% tariff to Platinum and Palladium, it's interesting to examine how their prices have reacted.  Down initially with Silver on Monday, but they have now diverged and are rising.
I'm not really sure how Britain alone charging its own consumers an extra 35% for Russian Platinum and Palladium, will make any difference.  It appears to me that the only effect will be that the UK economy will run short of Platinum and Palladium, or have to put in place very strong commitments from South Africa.  The Chinese will no doubt buy it at a slight discount from Russia.
The scrap car market is an interesting proxy for the price of physical.  One year ago, I could scrap my old banger for £300.  Three months ago that was up at just under £400.  After the war started it reached £585 then fell back to £550.  I'll have to get another quote again, but I imagine that the application of a 35% tariff can't have done much to alleviate the pressure on those metals.  As far as the overall price on the world market, I can't see that changing much to be fair.  If the UK ends up sourcing all its Platinum demand from scrap cars and South Africa, the Chinese would have to be muscled out of some of their supply from there.  If so, they'll just increase their deliveries from Russia.
It seems to me that the same amount of Platinum will get used worldwide (after all the old cars in the UK have been stolen and crushed (yes that's happening!!)).  And the impact on the global price won't be terribly large.  The UK consumer will lose out to higher prices when manufacturers (if we have any left) are forced to source it from Russia.  The Chinese will resist fully any attempt to lower their supply from South Africa to facilitate increasing the UK supply, and we'll end up recycling things that aren't old enough to be recycled.
All in all, I expect little change to the price because of this move, unless it becomes a western wide push, in which case, car manufacturing in the west will take a massive hit.  Interesting times to see tariffs used as offensive weapons.  They're normally applied as defensive strategies, to protect a domestic market.  But in this case they are being applied without heed to the result domestically.  Most foolish in my opinion.  I expect the local price of physical to end up higher than the published paper price.  One to watch...

Interesting to see how platinum has reacted to the news on Sunday.
https://www.reuters.com/world/uk/britain-increase-tariffs-russian-platinum-palladium-new-sanctions-2022-05-08/
With the announcement that Britain would be applying a 35% tariff to Platinum and Palladium, it's interesting to examine how their prices have reacted.  Down initially with Silver on Monday, but they have now diverged and are rising.
I'm not really sure how Britain alone charging its own consumers an extra 35% for Russian Platinum and Palladium, will make any difference.  It appears to me that the only effect will be that the UK economy will run short of Platinum and Palladium, or have to put in place very strong commitments from South Africa.  The Chinese will no doubt buy it at a slight discount from Russia.
The scrap car market is an interesting proxy for the price of physical.  One year ago, I could scrap my old banger for £300.  Three months ago that was up at just under £400.  After the war started it reached £585 then fell back to £550.  I'll have to get another quote again, but I imagine that the application of a 35% tariff can't have done much to alleviate the pressure on those metals.  As far as the overall price on the world market, I can't see that changing much to be fair.  If the UK ends up sourcing all its Platinum demand from scrap cars and South Africa, the Chinese would have to be muscled out of some of their supply from there.  If so, they'll just increase their deliveries from Russia.
It seems to me that the same amount of Platinum will get used worldwide (after all the old cars in the UK have been stolen and crushed (yes that's happening!!)).  And the impact on the global price won't be terribly large.  The UK consumer will lose out to higher prices when manufacturers (if we have any left) are forced to source it from Russia.  The Chinese will resist fully any attempt to lower their supply from South Africa to facilitate increasing the UK supply, and we'll end up recycling things that aren't old enough to be recycled.
All in all, I expect little change to the price because of this move, unless it becomes a western wide push, in which case, car manufacturing in the west will take a massive hit.  Interesting times to see tariffs used as offensive weapons.  They're normally applied as defensive strategies, to protect a domestic market.  But in this case they are being applied without heed to the result domestically.  Most foolish in my opinion.  I expect the local price of physical to end up higher than the published paper price.  One to watch...

Interesting to see how platinum has reacted to the news on Sunday.
https://www.reuters.com/world/uk/britain-increase-tariffs-russian-platinum-palladium-new-sanctions-2022-05-08/
With the announcement that Britain would be applying a 35% tariff to Platinum and Palladium, it's interesting to examine how their prices have reacted.  Down initially with Silver on Monday, but they have now diverged and are rising.
I'm not really sure how Britain alone charging its own consumers an extra 35% for Russian Platinum and Palladium, will make any difference.  It appears to me that the only effect will be that the UK economy will run short of Platinum and Palladium, or have to put in place very strong commitments from South Africa.  The Chinese will no doubt buy it at a slight discount from Russia.
The scrap car market is an interesting proxy for the price of physical.  One year ago, I could scrap my old banger for £300.  Three months ago that was up at just under £400.  After the war started it reached £585 then fell back to £550.  I'll have to get another quote again, but I imagine that the application of a 35% tariff can't have done much to alleviate the pressure on those metals.  As far as the overall price on the world market, I can't see that changing much to be fair.  If the UK ends up sourcing all its Platinum demand from scrap cars and South Africa, the Chinese would have to be muscled out of some of their supply from there.  If so, they'll just increase their deliveries from Russia.
It seems to me that the same amount of Platinum will get used worldwide (after all the old cars in the UK have been stolen and crushed (yes that's happening!!)).  And the impact on the global price won't be terribly large.  The UK consumer will lose out to higher prices when manufacturers (if we have any left) are forced to source it from Russia.  The Chinese will resist fully any attempt to lower their supply from South Africa to facilitate increasing the UK supply, and we'll end up recycling things that aren't old enough to be recycled.
All in all, I expect little change to the price because of this move, unless it becomes a western wide push, in which case, car manufacturing in the west will take a massive hit.  Interesting times to see tariffs used as offensive weapons.  They're normally applied as defensive strategies, to protect a domestic market.  But in this case they are being applied without heed to the result domestically.  Most foolish in my opinion.  I expect the local price of physical to end up higher than the published paper price.  One to watch...

Interesting to see how platinum has reacted to the news on Sunday.
https://www.reuters.com/world/uk/britain-increase-tariffs-russian-platinum-palladium-new-sanctions-2022-05-08/
With the announcement that Britain would be applying a 35% tariff to Platinum and Palladium, it's interesting to examine how their prices have reacted.  Down initially with Silver on Monday, but they have now diverged and are rising.
I'm not really sure how Britain alone charging its own consumers an extra 35% for Russian Platinum and Palladium, will make any difference.  It appears to me that the only effect will be that the UK economy will run short of Platinum and Palladium, or have to put in place very strong commitments from South Africa.  The Chinese will no doubt buy it at a slight discount from Russia.
The scrap car market is an interesting proxy for the price of physical.  One year ago, I could scrap my old banger for £300.  Three months ago that was up at just under £400.  After the war started it reached £585 then fell back to £550.  I'll have to get another quote again, but I imagine that the application of a 35% tariff can't have done much to alleviate the pressure on those metals.  As far as the overall price on the world market, I can't see that changing much to be fair.  If the UK ends up sourcing all its Platinum demand from scrap cars and South Africa, the Chinese would have to be muscled out of some of their supply from there.  If so, they'll just increase their deliveries from Russia.
It seems to me that the same amount of Platinum will get used worldwide (after all the old cars in the UK have been stolen and crushed (yes that's happening!!)).  And the impact on the global price won't be terribly large.  The UK consumer will lose out to higher prices when manufacturers (if we have any left) are forced to source it from Russia.  The Chinese will resist fully any attempt to lower their supply from South Africa to facilitate increasing the UK supply, and we'll end up recycling things that aren't old enough to be recycled.
All in all, I expect little change to the price because of this move, unless it becomes a western wide push, in which case, car manufacturing in the west will take a massive hit.  Interesting times to see tariffs used as offensive weapons.  They're normally applied as defensive strategies, to protect a domestic market.  But in this case they are being applied without heed to the result domestically.  Most foolish in my opinion.  I expect the local price of physical to end up higher than the published paper price.  One to watch...

Interesting to see how platinum has reacted to the news on Sunday.
https://www.reuters.com/world/uk/britain-increase-tariffs-russian-platinum-palladium-new-sanctions-2022-05-08/
With the announcement that Britain would be applying a 35% tariff to Platinum and Palladium, it's interesting to examine how their prices have reacted.  Down initially with Silver on Monday, but they have now diverged and are rising.
I'm not really sure how Britain alone charging its own consumers an extra 35% for Russian Platinum and Palladium, will make any difference.  It appears to me that the only effect will be that the UK economy will run short of Platinum and Palladium, or have to put in place very strong commitments from South Africa.  The Chinese will no doubt buy it at a slight discount from Russia.
The scrap car market is an interesting proxy for the price of physical.  One year ago, I could scrap my old banger for £300.  Three months ago that was up at just under £400.  After the war started it reached £585 then fell back to £550.  I'll have to get another quote again, but I imagine that the application of a 35% tariff can't have done much to alleviate the pressure on those metals.  As far as the overall price on the world market, I can't see that changing much to be fair.  If the UK ends up sourcing all its Platinum demand from scrap cars and South Africa, the Chinese would have to be muscled out of some of their supply from there.  If so, they'll just increase their deliveries from Russia.
It seems to me that the same amount of Platinum will get used worldwide (after all the old cars in the UK have been stolen and crushed (yes that's happening!!)).  And the impact on the global price won't be terribly large.  The UK consumer will lose out to higher prices when manufacturers (if we have any left) are forced to source it from Russia.  The Chinese will resist fully any attempt to lower their supply from South Africa to facilitate increasing the UK supply, and we'll end up recycling things that aren't old enough to be recycled.
All in all, I expect little change to the price because of this move, unless it becomes a western wide push, in which case, car manufacturing in the west will take a massive hit.  Interesting times to see tariffs used as offensive weapons.  They're normally applied as defensive strategies, to protect a domestic market.  But in this case they are being applied without heed to the result domestically.  Most foolish in my opinion.  I expect the local price of physical to end up higher than the published paper price.  One to watch...

Stacking makes me sleep good at night Another tube of 25 Britannias. Thanks go to @silversky

Silver is split somewhere between monetary protection against currency debasement (what you are referring to above) and industrial demand which requires a functioning electric economy to flourish.  Good Silver deposits are becoming rarer to extract at profit so the story goes.  The confluence of rising demand for Silver and falling ore grades are imagined to one day cause a big price increase.  The cost of extraction is heavily energy price sensitive, so Silver is an indirect and somewhat delayed bet on the energy price as well.  When energy gets too expensive, mines shut down, and Silver demand outstrips supply.  But this is only true if the world continues to want iphones, solar panels and small electronics which all benefit from the use of the best conductor on the planet.  If we choose instead to destroy all that demand, by prosecuting a pointless economic war (as we're currently hell bent on doing), then perhaps Silver will not turn out to be such a good investment.  The white metals are all waaaaaaay down below pre war levels, and only gold with its purely monetary uses is acting as monetary protection in the scenario you describe above.  Gold's industrial uses are limited to only a few certain space applications along with specialist industry, so it has essentially zero force on its price other than monetary anxiety.   Aaaaaaaand of course central bank manipulation!  The last thing they like to do is publicly accept that gold is anything other than a relic from "uncivilised" times before the printers and credit creation made them into gods.

The paper markets for metals allow miners to sell their silver today, and then supply it in a couple of months time.  So the miners in a way can be considered as shorting the market.  They are sellers.  But they don't really care what the price does after they've sold their contract to supply, because they've committed to honour the contract at that price and deliver the Silver after they've got it out the ground.
The complication comes in where other investors are allowed to trade those contracts between the miners and the consumers.  Because these are paper contracts, other investors can buy and sell those paper contracts without having to handle the dirty metal stuff at all.  That all sounds well and good if it was just like that, but it's not.  What is allowed, is for large investors to sell contracts effectively as if they were miners and going to supply, and then to close the contracts out by buying other contracts back before they have to make the delivery. The contracts come into existence and go out of existence without any of that promised future Silver ever leaving the ground.
This could obviously get a bit crazy, so its supposedly kept in check by backing the made up paper contracts against a bunch of real ounces sat in a vault in the COMEX (the exchange who make the paper contracts), just in case any of the buyers of the made up paper contracts, actually want the dirty metal.   Even that sounds sort of okay in principle, but like everything in the financial world, the further you get away from the basic deal of two people bartering a commodity amongst themselves (capitalism rather than financialism), the shadier things get.
The amount of real Silver sat in that vault backing the temporary paper you would imagine should be about 1 : 1 ratio.  But it's not.  It like bank loan leverage, and it has been allowed to climb to very high multiples.  The excuse is that no one want's the real stuff so there won't ever be a bunch of claims on it all at once.  I seem to remember reading somewhere that there were around 400 potential claims for every real ounce sat in that vault.  Not exactly a stable position.  This is the reason for the monkeying around near the end of a delivery month.  Sometimes, more paper contracts are blasted into existence to try to push the price around before the close.  If you can print up imaginary metal in vast amounts, you can force the paper price of that metal down, making a fortune.  It also fleeces the miners, who often end up having to sell at low prices in the subdued paper market, while the financial industry "wizards" in nice offices make bank with ones and zeros.
The system is creaking and groaning under the weight of the parasites.  It's unclear how much longer this imaginary future product market can continue.  The leverage is what makes it a joke.  It's unfixable, and it needs to be swept away.  But that isn't going to happen until the entire system melts down for real.  And Central bankers will bet all of our lives away before they roll over and accept that.

The paper markets for metals allow miners to sell their silver today, and then supply it in a couple of months time.  So the miners in a way can be considered as shorting the market.  They are sellers.  But they don't really care what the price does after they've sold their contract to supply, because they've committed to honour the contract at that price and deliver the Silver after they've got it out the ground.
The complication comes in where other investors are allowed to trade those contracts between the miners and the consumers.  Because these are paper contracts, other investors can buy and sell those paper contracts without having to handle the dirty metal stuff at all.  That all sounds well and good if it was just like that, but it's not.  What is allowed, is for large investors to sell contracts effectively as if they were miners and going to supply, and then to close the contracts out by buying other contracts back before they have to make the delivery. The contracts come into existence and go out of existence without any of that promised future Silver ever leaving the ground.
This could obviously get a bit crazy, so its supposedly kept in check by backing the made up paper contracts against a bunch of real ounces sat in a vault in the COMEX (the exchange who make the paper contracts), just in case any of the buyers of the made up paper contracts, actually want the dirty metal.   Even that sounds sort of okay in principle, but like everything in the financial world, the further you get away from the basic deal of two people bartering a commodity amongst themselves (capitalism rather than financialism), the shadier things get.
The amount of real Silver sat in that vault backing the temporary paper you would imagine should be about 1 : 1 ratio.  But it's not.  It like bank loan leverage, and it has been allowed to climb to very high multiples.  The excuse is that no one want's the real stuff so there won't ever be a bunch of claims on it all at once.  I seem to remember reading somewhere that there were around 400 potential claims for every real ounce sat in that vault.  Not exactly a stable position.  This is the reason for the monkeying around near the end of a delivery month.  Sometimes, more paper contracts are blasted into existence to try to push the price around before the close.  If you can print up imaginary metal in vast amounts, you can force the paper price of that metal down, making a fortune.  It also fleeces the miners, who often end up having to sell at low prices in the subdued paper market, while the financial industry "wizards" in nice offices make bank with ones and zeros.
The system is creaking and groaning under the weight of the parasites.  It's unclear how much longer this imaginary future product market can continue.  The leverage is what makes it a joke.  It's unfixable, and it needs to be swept away.  But that isn't going to happen until the entire system melts down for real.  And Central bankers will bet all of our lives away before they roll over and accept that.

The paper markets for metals allow miners to sell their silver today, and then supply it in a couple of months time.  So the miners in a way can be considered as shorting the market.  They are sellers.  But they don't really care what the price does after they've sold their contract to supply, because they've committed to honour the contract at that price and deliver the Silver after they've got it out the ground.
The complication comes in where other investors are allowed to trade those contracts between the miners and the consumers.  Because these are paper contracts, other investors can buy and sell those paper contracts without having to handle the dirty metal stuff at all.  That all sounds well and good if it was just like that, but it's not.  What is allowed, is for large investors to sell contracts effectively as if they were miners and going to supply, and then to close the contracts out by buying other contracts back before they have to make the delivery. The contracts come into existence and go out of existence without any of that promised future Silver ever leaving the ground.
This could obviously get a bit crazy, so its supposedly kept in check by backing the made up paper contracts against a bunch of real ounces sat in a vault in the COMEX (the exchange who make the paper contracts), just in case any of the buyers of the made up paper contracts, actually want the dirty metal.   Even that sounds sort of okay in principle, but like everything in the financial world, the further you get away from the basic deal of two people bartering a commodity amongst themselves (capitalism rather than financialism), the shadier things get.
The amount of real Silver sat in that vault backing the temporary paper you would imagine should be about 1 : 1 ratio.  But it's not.  It like bank loan leverage, and it has been allowed to climb to very high multiples.  The excuse is that no one want's the real stuff so there won't ever be a bunch of claims on it all at once.  I seem to remember reading somewhere that there were around 400 potential claims for every real ounce sat in that vault.  Not exactly a stable position.  This is the reason for the monkeying around near the end of a delivery month.  Sometimes, more paper contracts are blasted into existence to try to push the price around before the close.  If you can print up imaginary metal in vast amounts, you can force the paper price of that metal down, making a fortune.  It also fleeces the miners, who often end up having to sell at low prices in the subdued paper market, while the financial industry "wizards" in nice offices make bank with ones and zeros.
The system is creaking and groaning under the weight of the parasites.  It's unclear how much longer this imaginary future product market can continue.  The leverage is what makes it a joke.  It's unfixable, and it needs to be swept away.  But that isn't going to happen until the entire system melts down for real.  And Central bankers will bet all of our lives away before they roll over and accept that.

The paper markets for metals allow miners to sell their silver today, and then supply it in a couple of months time.  So the miners in a way can be considered as shorting the market.  They are sellers.  But they don't really care what the price does after they've sold their contract to supply, because they've committed to honour the contract at that price and deliver the Silver after they've got it out the ground.
The complication comes in where other investors are allowed to trade those contracts between the miners and the consumers.  Because these are paper contracts, other investors can buy and sell those paper contracts without having to handle the dirty metal stuff at all.  That all sounds well and good if it was just like that, but it's not.  What is allowed, is for large investors to sell contracts effectively as if they were miners and going to supply, and then to close the contracts out by buying other contracts back before they have to make the delivery. The contracts come into existence and go out of existence without any of that promised future Silver ever leaving the ground.
This could obviously get a bit crazy, so its supposedly kept in check by backing the made up paper contracts against a bunch of real ounces sat in a vault in the COMEX (the exchange who make the paper contracts), just in case any of the buyers of the made up paper contracts, actually want the dirty metal.   Even that sounds sort of okay in principle, but like everything in the financial world, the further you get away from the basic deal of two people bartering a commodity amongst themselves (capitalism rather than financialism), the shadier things get.
The amount of real Silver sat in that vault backing the temporary paper you would imagine should be about 1 : 1 ratio.  But it's not.  It like bank loan leverage, and it has been allowed to climb to very high multiples.  The excuse is that no one want's the real stuff so there won't ever be a bunch of claims on it all at once.  I seem to remember reading somewhere that there were around 400 potential claims for every real ounce sat in that vault.  Not exactly a stable position.  This is the reason for the monkeying around near the end of a delivery month.  Sometimes, more paper contracts are blasted into existence to try to push the price around before the close.  If you can print up imaginary metal in vast amounts, you can force the paper price of that metal down, making a fortune.  It also fleeces the miners, who often end up having to sell at low prices in the subdued paper market, while the financial industry "wizards" in nice offices make bank with ones and zeros.
The system is creaking and groaning under the weight of the parasites.  It's unclear how much longer this imaginary future product market can continue.  The leverage is what makes it a joke.  It's unfixable, and it needs to be swept away.  But that isn't going to happen until the entire system melts down for real.  And Central bankers will bet all of our lives away before they roll over and accept that.

I can try to explain it with gold as the example.
 
Let's say I'm super confident that the price of gold is going to go way down. How can I make money from that?
"Hey Flying Vee Pixie, lend me that 1oz gold bar of yours, I'll give it back to you in a month"
So you give me your bar. I immediately sell it on the silver forum for £1500. 
One month later, the price of gold is down at £1300, so the day I'm supposed to give you it back, I buy another 1oz gold bar from Lawrence Chard or someone at that day's price of £1300. 
I give you 1oz of gold back as agreed. And I keep the £200 profit.
 
That's an oversimplified explanation of shorting. As others have said there are borrowing fees, and imaginary shares etc. But that is the principle of how someone makes money from the price going down.