Silver price about to plummet

[Pete]

2 hours ago, dicker said:

Some time ago, I thought I would not ever make a profit on some of the Ag that I had purchased....entire position is now positive 

Lucky you !!
I might agree with 25% of my portfolio - at least getting my money back - but long wait for the rest.
Wake me up from the dead when we crack £25 then on to £30 per ounce like the good old times.

[StackerNoob]

1 hour ago, Kookaburracollector said:

This guy called the big silver price rise  a week before it happened...always useful...rather than some smart xxse telling us why something happened after the event. it’s a short video and nicely explains open interest on the COMEX..hope you enjoy! 👍
 

Interesting indeed. Its good to know, if this is whats actually occurring, that the laws of supply and demand are still able to influence price for silver. It also means that its entirely possible to break the comex system. Surely if others holding comex claims see a big spike in demand for delivery, it will spark a run on the comex?

In any case, I'm glad I have my physical tucked away safely a securely!

[HawkHybrid]

2 hours ago, Kookaburracollector said:

This guy called the big silver price rise  a week before it happened...always useful...rather than some smart xxse telling us why something happened after the event. it’s a short video and nicely explains open interest on the COMEX..hope you enjoy! 👍
 

 

it would be more well rounded if he'd compared the comex figures with those in 2015.

 

HH

[Kookaburracollector]

19 minutes ago, HawkHybrid said:

 

it would be more well rounded if he'd compared the comex figures with those in 2015.

 

HH

Could you provide these COMEX figures for our benefit please, as I can’t find them, and explain why 2015..I’m a little confused as to the relevance.

In 2015 silver traded from around $18 down to $14...

In 2016 it traded from $14 up to $21..more relevant to what we are seeing today surely? perhaps the COMEX figures from just before te sudden rise in 2016 would be more useful?

 

 

[HawkHybrid]

I don't have the comex figures for 2015(but he might). 2015 was when silver physical demand was the

highest in the last decade.

https://www.silverinstitute.org/silver-supply-demand/

the relevance is that we could be entering a topping pattern as seen in 2016. not comparing current figures

with those of 2015 means that he either doesn't have the figures(inconclusive analysis) or he's doesn't want

to compare it to 2015(biased).

(remember we made a lower low(march 2020 $silver) before topping the 2016 highs(higher high). we're

neutral at best and far from out of the woods. breaking the downtrend means nothing. the shorter downtrend

was broken by the 2016 highs which was then followed by the recent lower low.)

 

HH

[sovereignsteve]

8 hours ago, ilovesilverireallydo said:

One of the reasons silver is up is because America just approved 50billion of green recovery stimulus. 

This means more solar tech, more photovoltaic cells in huge quantities possibly. 

And silver is needed for that. So big institutional investors have bought billions in last two days driving prices up.

So silver behaving as a commodity then, not money as the conclusion that some people have jumped to?

[ilovesilverireallydo]

1 minute ago, sovereignsteve said:

So silver behaving as a commodity then, not money as the conclusion that some people have jumped to?

I would say so. 

[sovereignsteve]

@Wonger are you getting close to being stopped out yet?

[Bluenitsuj]

Honest question to those more knowledgeable. 

If hypothetically silver rises to £50 oz sometime in the future, how easy would it be to sell silver bars and coins?

For example, people are paying £230 for a 10oz brit bar now, would they still buy at £500+ for the same bar in the future, and if not, how do you offload some of your silver?

[HerefordBullyun]

10 minutes ago, Bluenitsuj said:

Honest question to those more knowledgeable. 

If hypothetically silver rises to £50 oz sometime in the future, how easy would it be to sell silver bars and coins?

For example, people are paying £230 for a 10oz brit bar now, would they still buy at £500+ for the same bar in the future, and if not, how do you offload some of your silver?

I can see it being over £50 - because the aftermath of the next financial crash is going to be insurmountable! The only people who are going to pay that want to protect thier weath so there will be some espically those who have never stacked! there will be a market but its going to be a smaller one.

[h103efa]

30 minutes ago, Bluenitsuj said:

Honest question to those more knowledgeable. 

If hypothetically silver rises to £50 oz sometime in the future, how easy would it be to sell silver bars and coins?

For example, people are paying £230 for a 10oz brit bar now, would they still buy at £500+ for the same bar in the future, and if not, how do you offload some of your silver?

As a quick sanity check, worth checking the old sales posts on here from Aug/Sept 2011 when silver was about £25/oz and see what coins/bars were going for?

Edit - i dont think there are posts from that time!

[Bluenitsuj]

2 minutes ago, h103efa said:

As a quick sanity check, worth checking the old sales posts on here from Aug/Sept 2011 when silver was about £25/oz and see what coins/bars were going for?

Unfortunately can only search back to early 2014

[HawkHybrid]

thesilverforum didn't exist as far back as 2011.

 

HH

[Kman]

3 minutes ago, h103efa said:

As a quick sanity check, worth checking the old sales posts on here from Aug/Sept 2011 when silver was about £25/oz and see what coins/bars were going for?

Edit - i dont think there are posts from that time!

I think @Pete has a spreadsheet somewhere of prices he paid during that time 

[h103efa]

14 minutes ago, Kman said:

I think @Pete has a spreadsheet somewhere of prices he paid during that time 

Like wise @LawrenceChard might have some insight?

[Kman]

I used archive.org these are some prices from BullionByPost from June 23rd 2011

They're bulk prices though

This is a Canadian Maple

QTY    Net*    VAT*    Gross*
1+    £33.79    £6.76    £40.55
5+    £28.99    £5.80    £34.79
10+    £26.99    £5.40    £32.39
25+    £26.59    £5.32    £31.91
100+    £25.99    £5.20    £31.19
500+    £25.59    £5.12    £30.71
1000+    £25.39    £5.08    £30.47
 

 

[Pete]

24 minutes ago, Kman said:

I think @Pete has a spreadsheet somewhere of prices he paid during that time 

I have copied an extract from my purchases spreadsheet for the period in question.
I have only shown full tubes i.e. 20 or 25 coins and 30 for sheets of Pandas.
THESE WERE THE LOWEST PRICES AVAILABLE AT THE TIME FROM DEALERS ( ALL OUTSIDE THE UK - AS EVEN HIGHER PRICED )

Hope this helps

[LawrenceChard]

24 minutes ago, h103efa said:

Like wise @LawrenceChard might have some insight?

Thanks for asking, but I can't really help much with that.

I just looked to see that silver peaked at £29.29 on 28th April 2011; and I do remember that we offloaded a quantity of kilo silver bars to a refiner, but overlooked a stack (I think 200 or more) kilo bars, which we eventually sold a few weeks later at about half the price.

This was when we were busting to the seams for space at our Lytham Road office, before we moved to Harrowside. Hopefully, at wouldn't happen again now.

It is always woth keeping an eye on the gold:silver ratio. At the time, I think it was as low as about 30, possibly lower, but I am happy for anyone to check and correct me.

[LawrenceChard]

4 minutes ago, LawrenceChard said:

It is always woth keeping an eye on the gold:silver ratio. At the time, I think it was as low as about 30, possibly lower, but I am happy for anyone to check and correct me.

With gold:silver currently about 82:1, I don't think it is overpriced. It's just because the ratio was about 126 a few weeks ago that silver sounds/feels high comparatively, but it could take years for G:S to get down to about 50 - 55 levels.

[HerefordBullyun]

6 minutes ago, LawrenceChard said:

With gold:silver currently about 82:1, I don't think it is overpriced. It's just because the ratio was about 126 a few weeks ago that silver sounds/feels high comparatively, but it could take years for G:S to get down to about 50 - 55 levels.

Well if anyone knows the market its certainly you @LawrenceChard

[DarkChameleon]

2 hours ago, Bluenitsuj said:

Honest question to those more knowledgeable. 

If hypothetically silver rises to £50 oz sometime in the future, how easy would it be to sell silver bars and coins?

For example, people are paying £230 for a 10oz brit bar now, would they still buy at £500+ for the same bar in the future, and if not, how do you offload some of your silver?

They bought at $47/oz...hoping it wouldgo to $100, although they were helped by tv hosts telling them it would like glen beck and his world ending gold predictions.

[LawrenceChard]

5 hours ago, HerefordBullyun said:

Well if anyone knows the market its certainly you @LawrenceChard

Thank you, but I certainly cannot always forecast where prices will go, only apply a few simple principles. G:S is not infallible, but it is a good guide to value between gold and silver, but only in the medium / long term, months and years rather than days and weeks.

[LawrenceChard]

4 hours ago, DarkChameleon said:

They bought at $47/oz...hoping it wouldgo to $100, although they were helped by tv hosts telling them it would like glen beck and his world ending gold predictions.

There always were, atill are, and will be people hyping gold, silver, platinum, palladium, snake oil.

Glen Beck used to help promote at least one big US bullion (bullshit) dealer, it might have been Regal Assets, wjho I stongly suspect used "bait and switch" to lure investors towards bullion, but switch them towards "pre-1933", "non-confiscatable", overpriced gold, such as French 20 francs at high premiums, perhaps 30% to 50% rather than 2 to 3%. Lots of gullible Americans got suckered out of their money believing friendly "Account Managers".

I class Fox News in the same vein, take big advertising and promotional dollars from the highest bidder, to rip-off the suckers.

I am not an expert on American politics, media, etc; our son Duncan is much more clued up than I am, but he does not share his knowledge easily.

[vand]

7 hours ago, ilovesilverireallydo said:

I would say so. 

Let's see. Gold is up. Platinum is up. Palladium is up. Miners are up.

Silver is also up. 

Ever heard of Occam's razor? Silver is going up because its a precious metal and behaving in line with the rest of the precious metals, not because it's a commodity.

[ilovesilverireallydo]

10 minutes ago, vand said:

Let's see. Gold is up. Platinum is up. Palladium is up. Miners are up.

Silver is also up. 

Ever heard of Occam's razor? Silver is going up because its a precious metal and behaving in line with the rest of the precious metals, not because it's a commodity.

It’s not that it’s up, it’s up disproportionately to other metals in a short period of time