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Silver Monitoring Thread $ (USD) only


ChrisSilver
Message added by ChrisSilver

To discuss the price action of silver in £ GBP instead please see here: https://thesilverforum.com/topic/368-silver-monitoring-thread-£-gbp-only/

 

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39 minutes ago, Minimalist said:

 

You really have a problem with this idea in not believing in charts, the whole system. Tell you what, since you clearly believe in it, lets take a bet on ETNs (exchange traded notes) - any ETN of your choice - you go long, I go short. £10,000 bet that I come out on top. I will even get a lawyer involved.

 

 

I'm in also draw me up on the plan I will wager half my stack to go short with you.....

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12 minutes ago, Martlet said:

I simply asked where Burry made the revelation. I follow the twitter account and there was no such claim.  There was something about the PCE number cutting the top 31% of expenditure, from a WSJ article.  The account has been nuked again so we'll never know, unless you provide some source to the claim of 32% inflation?

I can assure you that my experience recently when purchasing goods account to that rate of inflation, particularly organic items, especially beef.

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40 minutes ago, Minimalist said:

I can assure you that my experience recently when purchasing goods account to that rate of inflation, particularly organic items, especially beef.

So you don't have a source and use one single, anecdotal data point. 

Well i'm convinced, i shall re-evaluate my entire macro-economic thesis on the basis of the price of organic beef. :unsure:

Edited by Martlet
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i am hearing through Maguire and through Kinesis (wholesale physical silver) that at the moment in the paper market conditions are vapour thin, not so in the physical market, demand for silver is massive. Kinesis took delivery of 24 tonnes of silver yesterday from Russia at the Lichtenstein vault and a further 100 tonnes is being sought for immediate delivery (but the market is tight so it isn't available right now).
Maguire has commented somewhere in the last week or so that refiners cannot sell above certain limits or their banks take action against them. He mentioned a Russian refiner - so i wonder if this is the one who delivered the 23 tonnes yesterday but can't supply the other 100 tonnes (but may well have at least some of it).
A few years ago, about 6 months before Kinesis started Maguire talked about the gold market taking off. A massive order was being placed for gold. This would have sent the gold market into outer space. Maguire got some stick as the gold market did nothing. The order was refused by the bullion banks. 

If you want a tonnage order of gold or silver you cannot just get it. You might not be able to fill it for months. But with the price of metal on the paper markets on the floor - one would think it would be plentiful. From the charts no-one wants the metals. The charts reflect paper in the COMEX and on the spot market. If you want large volume orders filled you will not pay the chart price. It will be significantly higher. So if you can't buy larger amounts of metal at the chart price what does the chart price mean? What is the chart about? It is a fictional price for volume orders. At best it is a rough indicator. If there were a true market price in an unfettered market then we would be looking at much higher prices. Chartists look at the charts and think this reflects the true price. It doesn't. They have no sight into the physical world beyond a handful of coins.

Edited by sixgun

Always cast your vote - Spoil your ballot slip. Put 'Spoilt Ballot - I do not consent.' These votes are counted. If you do not do this you are consenting to the tyranny. None of them are fit for purpose. 
A tyranny relies on propaganda and force. Once the propaganda fails all that's left is force.

COVID-19 is a cover story for the collapsing economy. Green Energy isn't Green and it isn't Renewable.

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5 minutes ago, sixgun said:

i am hearing through Maguire and through Kinesis (wholesale physical silver) that at the moment in the paper market conditions are vapour thin, not so in the physical market, demand for silver is massive. Kinesis took delivery of 23 tonnes of silver yesterday from Russia at the Lichtenstein vault and a further 100 tonnes is being sought for immediate delivery (but the market is tight so it isn't available right now).
Maguire has commented somewhere in the last week or so that refiners cannot sell above certain limits or their banks take action against them. He mentioned a Russian refiner - so i wonder if this is the one who delivered the 23 tonnes yesterday but can't supply the other 100 tonnes (but may well have at least some of it).
A few years ago, about 6 months before Kinesis started Maguire talked about the gold market taking off. A massive order was being placed for gold. This would have sent the gold market into outer space. Maguire got some stick as the gold market did nothing. The order was refused by the bullion banks. 

If you want a tonnage order of gold or silver you cannot just get it. You might not be able to fill it for months. But with the price of metal on the paper markets in on the floor - one would think it would be plentiful. From the charts no-one wants the metals. The charts reflect paper in the COMEX and on the spot market. If you want large volume orders filled you will not pay the chart price. It will be significantly higher. So if you can't buy larger amounts of metal at the chart price what does the chart price mean? What is the chart about? It is a fictional price for volume orders. At best it is a rough indicator. If there were a true market price in an unfettered market then we would be looking at much higher prices. Chartists look at the charts and think this reflect the true price. They have no sight into the physical world beyond a handful of coins.

Interesting that buddy. I had the Kensis Account manager contact me the other day. He was challenging why I hadnt deposited yet. My answer was thus simple - how about sorting out depositing than fannying around with IBAN transfers, which are costly or have another money transfer account to fund it. Its just a pain in the ass. Cue grovelly response to say Im sorting this out with the developers. but they would get more custom if they did so, its really that simple for me. 

Edited by HerefordBullyun
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2 minutes ago, HerefordBullyun said:

Interesting that buddy. I had the Kensis Account manager contact me the other day. He was challenging why I hadnt deposited yet. My answer was thus simple - how about sorting out depositing than fannying around with IBAN transfers, which are costly or have another money transfer account to fund it. Its just a pain in the ass. Cue grovelly response to say Im sorting this out with the developers. but they would get more custom if they did so, its really that simple for me. 

Yes i tend to agree - onboarding of cash needs to be easier.

Always cast your vote - Spoil your ballot slip. Put 'Spoilt Ballot - I do not consent.' These votes are counted. If you do not do this you are consenting to the tyranny. None of them are fit for purpose. 
A tyranny relies on propaganda and force. Once the propaganda fails all that's left is force.

COVID-19 is a cover story for the collapsing economy. Green Energy isn't Green and it isn't Renewable.

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18 hours ago, HerefordBullyun said:

Interesting that buddy. I had the Kensis Account manager contact me the other day. He was challenging why I hadnt deposited yet. My answer was thus simple - how about sorting out depositing than fannying around with IBAN transfers, which are costly or have another money transfer account to fund it. Its just a pain in the ass. Cue grovelly response to say Im sorting this out with the developers. but they would get more custom if they did so, its really that simple for me. 

Currently using Wise or Crypto to fund Kinesis.. not ideal, but I'm hopeful it won't be too long now with a banking solution. So I wait and I earn my holders yield.

@Minimalist organic meat and veg prices... Wow.. I've started hiding the supermarket receipts from the wife... nothing goes to waste thought dog gets scraps of meat the wormety get the veg. 

Edited by Groundup
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9 minutes ago, Groundup said:

Currently using Wise or Crypto to fund Kinesis.. not ideal, but I'm hopeful it won't be too long now with a banking solution. So I wait and I earn my holders yield.

its just a pain mate. of setting up another account to do it, customer experience is key to me.

Ive had enough bad experiences by plonkers before, not going to suffer it no more. Fix it or not bother

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23 minutes ago, GoldStandardPartyUK said:

I first heard about Kenisis on Palisades Gold Radio in April 2021. 

They have different products, I admit I got lost trying to understand the pros and cons of each

Being pedantic i know but it's Kinesis.

Always cast your vote - Spoil your ballot slip. Put 'Spoilt Ballot - I do not consent.' These votes are counted. If you do not do this you are consenting to the tyranny. None of them are fit for purpose. 
A tyranny relies on propaganda and force. Once the propaganda fails all that's left is force.

COVID-19 is a cover story for the collapsing economy. Green Energy isn't Green and it isn't Renewable.

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33 minutes ago, GoldStandardPartyUK said:

I first heard about Kenisis on Palisades Gold Radio in April 2021. 

They have different products, I admit I got lost trying to understand the pros and cons of each

Theyve got lots of good options, becuase you can easily switch between them. The bug bare is the depositing.  

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Maguire said yesterday that he is trying to source 100 tonnes of silver for immediate delivery. He is coming back to the UK after filming the silver delivery in the Kinesis vault in Liechtenstein. 
Says that the refinery they have been dealing with in Russia only has 70 tonnes available for the rest of the year and that is for everyone. You cannot see this on a chart of paper contracts. The price of silver should and would be shooting up but the paper traders will follow the lines and sell even if there is no silver left in the world. That is why the COMEX metal contracts were created in the 1970's. It was when US citizens could own gold again after Nixon ended the convertibility of the dollar into gold. It was to keep them away from physical - to give them a means to speculate and not have the gold. This is the reason for the likes of the SLV and GLD ETF's. To keep them away from the metal and keep the metal inside the banking system. The COMEX and the LBMA paper spot market gives banking cartel the ability to control the price of gold. Gold is the foundation of the monetary system.  If the gold price runs away it is the end of the USD and the end of the Western financial system as we have come to know it. This is why the East is de-dollarising and creating their own system which will be based on gold. This is why Russia and China have something like 40 000 tonnes of gold each. They intend to go back to a gold standard. You don't amass those quantities of gold for fun and b/c it is shiny.
If gold runs away, then that means control and been broken and silver will run but silver is quick and will run much faster. i expect the gold silver ratio to fall when this happens and get down to at least 20. 

https://www.shotguneconomics.com/2017/01/wikileaks-reveals-that-us-created-gold.html

Always cast your vote - Spoil your ballot slip. Put 'Spoilt Ballot - I do not consent.' These votes are counted. If you do not do this you are consenting to the tyranny. None of them are fit for purpose. 
A tyranny relies on propaganda and force. Once the propaganda fails all that's left is force.

COVID-19 is a cover story for the collapsing economy. Green Energy isn't Green and it isn't Renewable.

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2 minutes ago, HerefordBullyun said:

They've got lots of good options, because you can easily switch between them. The bug bare is the depositing.  

My daughter opened a Kinesis account and a Wise account. She did a test deposit. Put money in Wise, converted to USD and sent it to Kinesis. It arrived in her account the next day. i accept it is a faff but it will get there and get quicker. i am looking forward to the bank accounts that will be attached to Kinesis accounts.

Always cast your vote - Spoil your ballot slip. Put 'Spoilt Ballot - I do not consent.' These votes are counted. If you do not do this you are consenting to the tyranny. None of them are fit for purpose. 
A tyranny relies on propaganda and force. Once the propaganda fails all that's left is force.

COVID-19 is a cover story for the collapsing economy. Green Energy isn't Green and it isn't Renewable.

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On 21/09/2021 at 10:38, sixgun said:

i am hearing through Maguire and through Kinesis (wholesale physical silver) that at the moment in the paper market conditions are vapour thin, not so in the physical market, demand for silver is massive. Kinesis took delivery of 24 tonnes of silver yesterday from Russia at the Lichtenstein vault and a further 100 tonnes is being sought for immediate delivery (but the market is tight so it isn't available right now).
Maguire has commented somewhere in the last week or so that refiners cannot sell above certain limits or their banks take action against them. He mentioned a Russian refiner - so i wonder if this is the one who delivered the 23 tonnes yesterday but can't supply the other 100 tonnes (but may well have at least some of it).
A few years ago, about 6 months before Kinesis started Maguire talked about the gold market taking off. A massive order was being placed for gold. This would have sent the gold market into outer space. Maguire got some stick as the gold market did nothing. The order was refused by the bullion banks. 

If you want a tonnage order of gold or silver you cannot just get it. You might not be able to fill it for months. But with the price of metal on the paper markets on the floor - one would think it would be plentiful. From the charts no-one wants the metals. The charts reflect paper in the COMEX and on the spot market. If you want large volume orders filled you will not pay the chart price. It will be significantly higher. So if you can't buy larger amounts of metal at the chart price what does the chart price mean? What is the chart about? It is a fictional price for volume orders. At best it is a rough indicator. If there were a true market price in an unfettered market then we would be looking at much higher prices. Chartists look at the charts and think this reflects the true price. It doesn't. They have no sight into the physical world beyond a handful of coins.

agreed with this assessment. The main argument for silver and gold is the security from holding it physically. That's why silv premiums are still around 40%.

The paper price is just that - and it might as well be the dogecoin price.

 

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7 minutes ago, Spark268 said:

agreed with this assessment. The main argument for silver and gold is the security from holding it physically. That's why silv premiums are still around 40%.

The paper price is just that - and it might as well be the dogecoin price.

 

Those premiums will fall as the price of silver rises. There will be the bug bare of VAT for those who have to pay it but otherwise percentage premiums will fall. The cost of minting a £1300 coin in gold is the same as a £17 coin in silver. The packing cost is the same. The work to sell it is the same. So the percentage premiums should fall. 
i would say the paper price is even worse than Dogecoin - at least Dogecoin admits it is intended to be a joke.

Always cast your vote - Spoil your ballot slip. Put 'Spoilt Ballot - I do not consent.' These votes are counted. If you do not do this you are consenting to the tyranny. None of them are fit for purpose. 
A tyranny relies on propaganda and force. Once the propaganda fails all that's left is force.

COVID-19 is a cover story for the collapsing economy. Green Energy isn't Green and it isn't Renewable.

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24 minutes ago, Spark268 said:

that's true about dogecoin, but i disagree with premiums falling as prices rise, they usually work in the same direction as more and more people are drawn in!

Premiums are dependant on several factors.

The relative costs of minting and then dealing with a coin. Relative is the crucial word. 
In a frenzy the premiums will rise significantly because of FOMO on the part of buyers, dealers taking advantage of that and dealers having to pay more to source stock.
Crazy premiums can occur but this isn't what i am talking about. i am looking to times when prices are higher but are not so frenzied.

In a steady state situation the relative premium is dependant on the base cost of metal.
When silver was £10 an ounce people would pay £15 - £17 for a coin. There might be a cost of £2 to mint the coin. There was VAT. Dealer profit, other costs and so on.
If silver were £100 an ounce is the sale price going to be £150 - £170?
The minting cost is still £2, the other costs are probably about the same. 
When the paper price just does not reflect the true cost of metal there is going to be more premium b/c it actually costs more than the paper price to get hold of metal but even so are buyers going to be prepared to pay the percentage premium.

Edited by sixgun

Always cast your vote - Spoil your ballot slip. Put 'Spoilt Ballot - I do not consent.' These votes are counted. If you do not do this you are consenting to the tyranny. None of them are fit for purpose. 
A tyranny relies on propaganda and force. Once the propaganda fails all that's left is force.

COVID-19 is a cover story for the collapsing economy. Green Energy isn't Green and it isn't Renewable.

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1 hour ago, sixgun said:

Maguire said yesterday that he is trying to source 100 tonnes of silver for immediate delivery. He is coming back to the UK after filming the silver delivery in the Kinesis vault in Liechtenstein. 
Says that the refinery they have been dealing with in Russia only has 70 tonnes available for the rest of the year and that is for everyone.

If he want's more than available in the market, Maguire needs to offer a higher price.  That's the nature of markets, bid more to make more supply become available. What he is saying is he doesn't want to pay more than the current price.  I know a man in kitchen trade, they have dealt with recent "supply shortages" by overbidding for all their materials, suddenly they have no supply problem and fitting as fast as they can.  I dont see why silver would be any different. 

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The point Maguire was making was the refiner in question only has 70 tonne of silver to supply for the rest of this year to all comers.
So even if the refiner gave him all they had they wouldn't be able to fill a 100 tonne order. Refiners supply the COMEX with the 1000 oz bars. Some refiners have been buying silver back from the COMEX to fill customer orders, the market has become that tight. Refiners' banks have been limiting the amount of silver they can sell to any one customer by way of threatening sanctions. A refiner could have credit facilities withdrawn or reduced - they could be put in a bad situation. 

A lot of silver is coming directly out of Russia these days. It would not surprise me if this were a sanction stunt by the LBMA. The precious metal markets are not free markets. Defending the dollar is a matter of national security. It is the number one priority.

LBMA suspends Russian precious metals refinery from 'good delivery' lists

LBMA suspends Russian precious metals refinery from 'good delivery' lists | Reuters

Edited by sixgun

Always cast your vote - Spoil your ballot slip. Put 'Spoilt Ballot - I do not consent.' These votes are counted. If you do not do this you are consenting to the tyranny. None of them are fit for purpose. 
A tyranny relies on propaganda and force. Once the propaganda fails all that's left is force.

COVID-19 is a cover story for the collapsing economy. Green Energy isn't Green and it isn't Renewable.

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14 hours ago, Groundup said:

@Minimalist organic meat and veg prices... Wow.. I've started hiding the supermarket receipts from the wife... nothing goes to waste thought dog gets scraps of meat the wormety get the veg. 

The keynesians in here will deny the organic prices. We are probably hallucinating.

Edited by Minimalist
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https://news.sky.com/story/south-london-councils-burn-recycling-waste-as-hgv-driver-shortage-disrupts-bin-collections-12404763

The farm to fork supply chain - which transports local, high quality, organic and seasonal produce - was missing around half a million of the four million people that usually worked in the sector, according to Mr Wright.

Help thread for members new to silver/gold stacking/collecting

The Money Printing Myth the Fed can't and don't money print - Deflation ahead, not inflation 

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  • 1 month later...

They still haven't learnt.

 

Always cast your vote - Spoil your ballot slip. Put 'Spoilt Ballot - I do not consent.' These votes are counted. If you do not do this you are consenting to the tyranny. None of them are fit for purpose. 
A tyranny relies on propaganda and force. Once the propaganda fails all that's left is force.

COVID-19 is a cover story for the collapsing economy. Green Energy isn't Green and it isn't Renewable.

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On 21/09/2021 at 08:19, Minimalist said:

I can assure you that my experience recently when purchasing goods account to that rate of inflation, particularly organic items, especially beef.

https://uk.finance.yahoo.com/news/uk-inflation-jumps-to-decade-high-making-interest-rates-rise-inevitable-084503064.html

 

Nothing about organic beef, clearly you're deluded </sarcasm>

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