Silver Monitoring Thread £ (GBP) only.

[timsk]

Without wishing to teach granny to suck eggs or to take coals to Newcastle, it's worth reminding ourselves, I think, of the key drivers of price rises in precious metals. The most important of those that doesn't get mentioned too often is 'Risk On : Risk Off' (RORO). For my money, the rise in the price of gold is due in part to the increasing unstable global political situation, with the war against Russia that the west is clearly losing and a rapidly deteriorating situation in the middle east. When Ramadan ends this week and the Iranians exact revenge on Israel for their attack in Damascus - which they surely will - then Israel will escalate what is set to become a tit for tat exchange. This could easily - and quickly - get out of hand and WWIII could soon be upon us. Let us not forget that both Israel and Iran are nuclear powers. Sadly, we live in extraordinarily unstable and dangerous times. 

To conclude, if the situation continues to go from very bad to even worse in the region, then I think its very likely that gold will continue its rise and drag silver up with it. As much as I would like to see the price of the reflective metal go 'to da moon', I'd far rather see a sudden and uncontrolled outbreak of peace and love - even if that results in the collapse of precious metals prices. 

Edited April 9 by timsk

[flyingveepixie]

1 hour ago, katyc said:

Kilo bars currently at dealers; £870+ for preowned and £920+ for new

(Meanwhile you probably can't shift one for £700 on here 😆)

Actually, what's the going rate atm on TSF? Not seen many going.

 

1 hour ago, Gruff said:

Morning, yep the sellers conundrum. Price go up, me want to sell, but no-one want to buy...

You also an insomniac or just an early riser?

People will start to buy again once they get their heads around the raised spot price and understand that this weeks high could be next weeks low.  I imagine it will take a while with silver though as it's been wallowing around at such a low spot for so many years.  Everyone is still a bit sceptical that this is a flash in the pan and spot will fall again. If it doesn't, FOMO will take over.

As @Petra keeps telling us on an almost daily basis : "just keep buying"  😁

Edited April 9 by flyingveepixie

[FriedrichVonHayek]

 Shanghai

9 Apr 2024 

USD 31.10

How will the Comex react to this?

The Chinese are slowly grinding the price upwards.

[Petra]

Don’t stress, just keep buying 🤔🤔

[FriedrichVonHayek]

Shanghai PM fix was $30.79 which is currently a 10% arbitrage over the Western Silver price.

[FriedrichVonHayek]

3 hours ago, katyc said:

Kilo bars currently at dealers; £870+ for preowned and £920+ for new

(Meanwhile you probably can't shift one for £700 on here 😆)

Actually, what's the going rate atm on TSF? Not seen many going.

This is why I only buy scrap Silver, you can buy it for around spot and sell it for spot.

Even if you can't sell it here I could get close to spot from Gerrards.

When and if the Gold/Silver ratio goes my way I'll convert my scrap into Sovereigns.

[sellerstacker]

3 hours ago, katyc said:

Kilo bars currently at dealers; £870+ for preowned and £920+ for new

(Meanwhile you probably can't shift one for £700 on here 😆)

Actually, what's the going rate atm on TSF? Not seen many going.

I think this would change soon. I sold a few cheap as my bars were from stock. However, I got a rude awakening when I tried to buy some this morning. Once people sell what they have and try getting new stock the fun would start.

[theman73]

4 minutes ago, sellerstacker said:

Once people sell what they have and try getting new stock the fun would start.

Pinned and framed.

[KevjustKev]

4 hours ago, Gruff said:

Morning, yep the sellers conundrum. Price go up, me want to sell, but no-one want to buy...

You also an insomniac or just an early riser?

You never know, I may wish to buy in a week or so😀

[Spyder]

I will sell 5kg at £725 and another 5 at £750. If it goes up more, it OK with me, always leave some profit for the next buyer.

[silversky]

2 hours ago, FriedrichVonHayek said:

Shanghai PM fix was $30.79 which is currently a 10% arbitrage over the Western Silver price.

Most interesting.  Where are you getting the data please?  Is it just published government AM/PM fixes?  Or is it live exchange feed?

Importing exporting PM's to from China is less than easy for private individuals, and I don't really trust the official numbers because of all the restrictions on trade.

[FriedrichVonHayek]

13 minutes ago, silversky said:

Most interesting.  Where are you getting the data please?  Is it just published government AM/PM fixes?  Or is it live exchange feed?

Importing exporting PM's to from China is less than easy for private individuals, and I don't really trust the official numbers because of all the restrictions on trade.

Bullionstar from Singapore publishes the Shanghai Gold and Silver fixes everyday on their website.

https://www.bullionstar.com/charts/silver-price-today

[silversky]

29 minutes ago, FriedrichVonHayek said:

Bullionstar from Singapore publishes the Shanghai Gold and Silver fixes everyday on their website.

https://www.bullionstar.com/charts/silver-price-today

I always wondered if these were simply higher because of all the import export restrictions placed on private individuals by the Chinese government.  There's a lot of gold smuggling all across Asia, much of it seemingly due to restrictions on ownership and taxes for import export, rather than just standard criminal activity.

As an individual, it seems hard to take advantage of the arbitrage in physical between west and east.  One cannot take delivery of a few kg of gold in the west, and then travel to China and sell it.  They'll have it off you at the border, because it's not permitted.  As a result, I've always been a little bit sceptical over some of the claims made regarding the premiums in Shanghai.  Protected markets tend to have skewed prices.  I think both the east and the west have corrupted markets, just in different ways.  Happy to have it explained to me what's really going on, if someone has a solid read to recommend on the process.

[FriedrichVonHayek]

3 minutes ago, silversky said:

I always wondered if these were simply higher because of all the import export restrictions placed on private individuals by the Chinese government.  There's a lot of gold smuggling all across Asia, much of it seemingly due to restrictions on ownership and taxes for import export, rather than just standard criminal activity.

As an individual, it seems hard to take advantage of the arbitrage in physical between west and east.  One cannot take delivery of a few kg of gold in the west, and then travel to China and sell it.  They'll have it off you at the border, because it's not permitted.  As a result, I've always been a little bit sceptical over some of the claims made regarding the premiums in Shanghai.  Protected markets tend to have skewed prices.  I think both the east and the west have corrupted markets, just in different ways.  Happy to have it explained to me what's really going on, if someone has a solid read to recommend on the process.

I would imagine that refiners in Switzerland and the Middle East will be selling to China  for the 10% extra premium rather than to the Western markets.

 

[MBTPSilver]

£22.31 so far today. £23 this week would be quite the milestone to reach.

[Paw]

Interestingly I do not see as many people selling silver lately - is it because everyone is confused and waiting for the price to settle at some range?

 

Edited April 9 by Paw

[Wilsonl01]

2 minutes ago, Paw said:

Interestingly I do not see as many people selling silver lately - is it because everyone is confused and waiting for the price to settle at some range?

 

I noticed the same

[DisplayName]

I'd suppose people are noticing the rise and holding on to see when it goes horizontal again, which causes the rise to continue, so more people notice and hold on etc.

[theman73]

9 minutes ago, Paw said:

Interestingly I do not see as many people selling silver lately - is it because everyone is confused and waiting for the price to settle at some range?

 

Because no one had any more silver, they all sold it and bought sovereigns. The ones who have silver, have it, but in small amounts.

Edited April 9 by theman73

[Wilsonl01]

That was some big old drop ☠️

[DisplayName]

7 minutes ago, theman73 said:

Because no one had any more silver, they all sold it and bought sovereigns. The ones who have silver, have it, but in small amounts.

Why sovereigns though, what's the appeal? 

[theman73]

Just now, DisplayName said:

Why sovereigns though, what's the appeal? 

British?

[Paw]

1 minute ago, DisplayName said:

Why sovereigns though, what's the appeal? 

I would guess - cause of tax implications, recognition/history and status

[HonestMoneyGoldSilver]

3 minutes ago, theman73 said:

Because no one had any more silver, they all sold it and bought sovereigns. The ones who have silver, have it, but in small amounts.

Maybe some people have a reasonable amount of silver but don't plan on selling until the end of 2025 at the earliest ...

I added 100oz in the last few weeks before spot mooned 🤗

I think @arphethean gave a good explanation here if you can read between the lines @Wilsonl01, @Paw

It doesn't make sense for a legit seller or private stackers like us to offload silver at £23-24 when spot price is £22. It should arguably be £25+ at current spot price but not many people on TSF seem to want to buy at that price unless it's a semi-numismatic or foreign coin (Perth Mint, Germania, Komsco, ASEs, Coronation Brits, Una, Liberty, etc)

[DisplayName]

1 minute ago, theman73 said:

British?

What's the appeal about that 🤭