Silver Monitoring Thread £ (GBP) only.

[HerefordBullyun]

1 minute ago, stefffana said:

Of course, you are selling them tube after tube.😊

No Im just @James32 private intermediary service im just the monkey hes the organ grinder.

Just now, Rains said:

How about £22 per monkey 😄😄

youve had a bargain already!

[silversky]

Just now, HerefordBullyun said:

The melt value is still worth more than what they hold now.

I've been sifting the copper ones out for years.  A fun way of saving cash that will be worth more than face value when it becomes legal to melt them.  Not long now at 8% inflation!!!  Tick tock.

[stefffana]

3 minutes ago, Rains said:

What metals i have no idea

Heavy Metal never dies!

 

[Spark268]

6 hours ago, Gruff said:

I don't see BV in the article. I've searched as well. But not sure. BV is simply a bonded warehouse and is stores PMs. It might have sellers that will sell to the LME. Not sure, but if so I would expect that to come from their London vault if it needs transferring to an LME vault. However, with BV if you have sufficient weight of silver, you can reserve a 1000 ounce bar with serial number and that bar gets allocated against your "internal BV" name, that can be seen on your account. This can be tracked on the daily list that is available of what bars are physically allocated to customers. This then means that they aren't used to as fractional bars to sell to other customers.

Please accept my apologies, I was trying to be sarcastic without making that clear in my post 😕

The drain on Comex is also off the charts this month though, courtesy of WSS:

 

 

Edited March 13, 2022 by Spark268

[Gruff]

4 hours ago, Spark268 said:

Please accept my apologies, I was trying to be sarcastic without making that clear in my post 😕

The drain on Comex is also off the charts this month though, courtesy of WSS:

 

 

Indeed, if you look at what was left in OI and what's been bought within the delivery month, I think it is close to 51 million ounces.  I would hazzard a guess that a lot of that demand is due to the uncertainty around the conflict in Ukraine and the economic sanctions imposed on Russia. Companies that use silver in their products perhaps stockpiling enough to allow them to see how the the next few months play out. 

[Gruff]

This could prove to be a factor in PMs in the coming weeks. If Switzerland is proposing bail-outs to it's TBTF banks, then they know that these banks are in a massive liquidity crisis. That is evident for anyone that monitors the overnight repo market in the US, that the Fed has stumped up nother of $1.5 trillion nightly for the last year or thereabouts.

https://www.reuters.com/business/finance/swiss-govt-proposes-public-liquidity-backstop-big-banks-2022-03-11/

But will this cause contagion in the markets, will it rattle others?
Will there be a flight to safety?

As a top tip for people living in the UK. Ensure that if you are fortunate enough to have more that £85,000 in savings in the bank it is not in one account. 
The below exceprt (apologies for the length), is from something I wrote for my missues friend that wanted to invest in PMs. I've removed the investment part as we should all know about that on here. But the bank bail-ins, people need to be aware of! This came in off the back of the 08/09 debacle.

 

https://www.bankofengland.co.uk/paper/2021/executing-bail-in-an-operational-guide-from-the-boe

- Check out the PDF on this page "Executing bail-in: An operational guide from the Bank of England"

- This details basically how the banks can enact this scenario. However there is no mention of a limit or amount at which the bail-ins get taken. Eg: £85000 and above

 

https://www.bankofengland.co.uk/freedom-of-information/2021/questions-about-bail-in-and-customer-deposits

- Whilst they state that protected deposits are protected (FSCS Protection £85,000 per account per banking license**) and you wouldn't lose any money, you might not be able to access it for a period whilst the bank stabilises itself. As you could imagine, if a bank did perform a bail in, a lot of customers would want to move banks. This could trigger a further requirement for funds.

- I wouldn't take the above to mean that upto £85,000 or £170,000 on the joint bank accounts would be safe, we know how the Central Bank and Government like to change the rules to suit

 

** - FCSC determines that an individual can have upto £85,000 or £170,000 jointly protected by a banking license.

   - https://www.fscs.org.uk/making-a-claim/customer-info/banking-licences/

   - As of March 2020 (PDF below ~52 banking licences that cover over 350 Managed Financial Institutions)

   - https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/authorisations/which-firms-does-the-pra-regulate/2020/fscs-banking-brands-march-2020.pdf

 

https://www.gov.uk/government/consultations/bail-in-powers-implementation-including-draft-secondary-legislation/bail-in-powers-implementation

- The Bank of England links above are backed up by the UK Gov website

- This does however state the following:

The BRRD also includes provisions regarding the ranking of deposits in the insolvency hierarchy in what is currently Article 98A (subject to renumbering). It requires Member States to ensure that:

 

eligible deposits – that is, deposits of any amount that qualify for protection under the Deposit Guarantee Scheme (in the UK, the Financial Services Compensation Scheme)

– from natural persons and SMEs, have a higher priority ranking in insolvency than the claims of ordinary unsecured creditors

covered deposits – that is, deposits that qualify for protection under the Deposit Guarantee Scheme, up to the coverage limit (in the UK, £85,000) shall have a higher priority ranking in insolvency

than the part of eligible deposits from natural persons and SMEs that exceed the coverage limit

 

As outlined above, the government is seeking views in the consultation on the transposition of certain aspects of the BRRD. The government will consult on transposition of the remainder of the BRRD in due course.

 

 

 

[EdwardTeach]

On 12/03/2022 at 23:56, HerefordBullyun said:

The melt value is still worth more than what they hold now.

Only the pre-1992 coins contain 97% copper and have a melt value which is higher than the face value. The post-1992 ones are made out of a stainless steel alloy with only a thin copper plate.

[EdwardTeach]

On 12/03/2022 at 23:59, silversky said:

I've been sifting the copper ones out for years.  A fun way of saving cash that will be worth more than face value when it becomes legal to melt them.  Not long now at 8% inflation!!!  Tick tock.

Me too. I have about £200-£300 worth of pre-1992 copper coins.

Edited March 14, 2022 by EdwardTeach

[silversky]

17 minutes ago, EdwardTeach said:

Me too. I have about £200-£300 worth of pre-1992 copper coins.

My collection pales in comparison to yours.  When I started collecting them a few years ago there were plenty of them.  But it's getting much harder to find the copper ones.  Either there's a bunch of hoarders like us, or the bank must have been quietly sifting them out and replacing them with steelies.  Finding a copper one these days is getting rare.

I've got a magnet sitting on the desk specifically for going through the pocket change.  Steelies go in bags to be added up to a pound and swapped back in the local shop.  Coppers go into the savings melt pot.  Won't be long now before they take them out of circulation and they're worth more than face value.

[EdwardTeach]

31 minutes ago, silversky said:

My collection pales in comparison to yours.  When I started collecting them a few years ago there were plenty of them.  But it's getting much harder to find the copper ones.  Either there's a bunch of hoarders like us, or the bank must have been quietly sifting them out and replacing them with steelies.  Finding a copper one these days is getting rare.

I've got a magnet sitting on the desk specifically for going through the pocket change.  Steelies go in bags to be added up to a pound and swapped back in the local shop.  Coppers go into the savings melt pot.  Won't be long now before they take them out of circulation and they're worth more than face value.

When it’s quiet I sift through the tills at work and swap out all the copper coins for steel ones so I’ve managed to build up quite a collection over a relatively short space of time. I find the copper to steel ratio is somewhere around the 20% to 80% mark.

I don’t intend to retire on it any time soon but it keeps me entertained and I might make a couple of hundred quid profit one day.

[DarkChameleon]

1 hour ago, EdwardTeach said:

Me too. I have about £200-£300 worth of pre-1992 copper coins.

They do that here too...but the cost of gas to melt them is the difference and it's illegal for now to sell them once melted..the cartwheel pennies are where it's at..lol..those must be profitable...lol.

[Spark268]

fascinating discussion gents/gals but what does any of this have to do with the silver price 😛

p.s. didnt the govt have to issue loads of new 1p and 2p coins last year?

[silversky]

4 minutes ago, Spark268 said:

fascinating discussion gents/gals but what does any of this have to do with the silver price 😛

p.s. didnt the govt have to issue loads of new 1p and 2p coins last year?

They have to issue steelies to replace the copper ones from circulation.

[Minimalist]

On 13/03/2022 at 08:54, Gruff said:

you might not be able to access it for a period whilst the bank stabilises itself.

I suspect this will be the facilitation or process where people can only access their currency (£85k) on the condition of the new central bank digital currency system. As much as the Bank of England can state that it is doing it out of "protection" and "may take some time" this is nothing more than a deliberate designed opportunity that will con/deceive the public into this digital social credit system (basically, central bank communism).

When this comes in, theres actual no purpose in working for a living in the West. Period.

[Gruff]

1 minute ago, Minimalist said:

I suspect this will be the facilitation or process where people can only access their currency (£85k) on the condition of the new central bank digital currency system. As much as the Bank of England can state that it is doing it out of "protection" and "may take some time" this is nothing more than a deliberate designed opportunity that will con/deceive the public into this digital social credit system (basically, central bank communism).

When this comes in, theres actual no purpose in working for a living in the West. Period.

100% agree! No purpose to work. 
Happily I have no where near that limit, but I'm looking to further dilute my meagre savings across several banks and also to get some more outside of that system.

[Minimalist]

1 minute ago, Gruff said:

100% agree! No purpose to work. 
Happily I have no where near that limit, but I'm looking to further dilute my meagre savings across several banks and also to get some more outside of that system.

I cant make over £30k a tax year year n most years since I left high school and I co own a business with my extended family. Whats the point if I cant make more and my purchasing power is going to not only in full control (digitally) but ordered to spend at certain times that is determined by the the Banks and Govt? Im sorry but this "system" that is going to come ahead makes me want to wrap it all together. That doesnt even consider housing prices either. Im not working on a limit, where the government and banks decide what I can buy and my future generations have to rent everything. No way. 

[Gruff]

2 minutes ago, Minimalist said:

I cant make over £30k a tax year year n most years since I left high school and I co own a business with my extended family. Whats the point if I cant make more and my purchasing power is going to not only in full control (digitally) but ordered to spend at certain times that is determined by the the Banks and Govt? Im sorry but this "system" that is going to come ahead makes me want to wrap it all together. That doesnt even consider housing prices either. Im not working on a limit, where the government and banks decide what I can buy and my future generations have to rent everything. No way. 

Amen brother. I hear you. I agree. I'm not prepared to be told how and where and when I can spend the fiat I have been given in exchange for my time. At the moment for me owning a house is completely out the question. I've even relocated to a "cheaper" region of the country and it's still unaffordable here. 
Slowly giving up on the dream of having my own place and being able to be "king of my castle"

[SilverDrum]

4 hours ago, EdwardTeach said:

Me too. I have about £200-£300 worth of pre-1992 copper coins.

You should get them all graded. 

[Minimalist]

10 minutes ago, Gruff said:

Amen brother. I hear you. I agree. I'm not prepared to be told how and where and when I can spend the fiat I have been given in exchange for my time. At the moment for me owning a house is completely out the question. I've even relocated to a "cheaper" region of the country and it's still unaffordable here. 
Slowly giving up on the dream of having my own place and being able to be "king of my castle"

Thats the reality, I feel for you pal because I got lucky through an auction for a place (repossessed) and theres no way I could afford to sell it up and buy somewhere else at these prices, no way.

If you look at all the trends, from finance to ownership rights you name it 2030 is the year it will become completely almost impossible for people to own their own place (unless, they downsize into few rooms and a location where the standard of living is lower than their previous location - which goes against everything people work for).

Its practically all over tbh. Most people think by ignoring it prices will come down (lol) and social attitudes in relationships are completely dysfunctional (women wanting £300k houses with the family is not going to happen).

Its all down to monetary policy and people are refusing to not only accept the truth but refuse to learn from where this its coming from. JustEat, watching Eastenders and talking sh*te on instagram is more important. Again, I post this over and over but its full on schizophrenic. 

Edited March 14, 2022 by Minimalist

[dicker]

Absolutely, I will be retiring to Australia and taking the children with me / us.

No inheritance tax, housing cheap if you live outside of a big city, and a fantastic climate and quality of life.

If making serious money is your thing, London is still the place but I think quality of life and work life balance might be better for my children in Australia.

Plus there is prospecting as a retirement hobby.

[silversky]

Oil, Platinum and Palladium have fallen hard in the last few days.  Silver less so, but still significantly.  What does this mean for Gold and Silver?

Could it be that traders anticipate a resolution and normalisation of relationships with Russia?  Seems very unlikely to me.  More likely, they envisage a massive worldwide economic downturn, and are pricing everything down in case demand craters.  Less demand for oil indicates less demand for manufacturing and less demand for catalytic converters.

But where does this leave Silver?  Somewhere in the middle perhaps?  Propped up by golds monetary value, while simultaneously being dragged down by reduced industrial demand?  Interesting to try to piece together what traders expect in the next few months.  Oil is obviously a big tell today, it dropped through one hundred a barrel.  Hard to see it going below 80 though.  And what of China?  Now would be the perfect time for them to insist on some sort of unification deal with Taiwan.  A conflict or seizure there would bring to a halt the worlds supply of microchips for cars.  Perhaps that angle is why Platinum and Palladium are at or below pre-war levels.  No point making cats if there aren't any cars to fit them into!

Thoughts on price action?

[Spark268]

i think the increases were too sudden and some fallback/profit taking was to be expected. Palladium in particular was too swift, and can be substitued in many cases with Platinum.

The fed decision is tommorrow, and will be interesting to see how monetary policy pans out in the next few months. Several interest rate rises have been priced in, but this was before the invasion of Ukraine, and the exclusion of Russia from Swift.

Industrial demand should continue to rise.

Edited March 15, 2022 by Spark268

[dicker]

Still all relatively quiet on the Silver front in GBP.  Little in the way of fireworks, despite what various chartists have predicted over the last few months.

[Shinus73]

Silver 4% down at the open. Even by crazy silver world standards, that’s an extreme move. Something is definitely afoot.

[Rains]

1 minute ago, Shinus73 said:

Silver 4% down at the open. Even by crazy silver world standards, that’s an extreme move. Something is definitely afoot.

How do you mean?