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Silver Monitoring Thread £ (GBP) only.


Message added by ChrisSilver

To discuss price action in USD instead, please see here: https://thesilverforum.com/topic/19861-silver-monitoring-thread-usd-only/

 

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30 minutes ago, Cornishfarmer said:

100 million Troy oz is just over 3 tonnes? Is that right.    If so could get that on a small lorry or at I doing my figures wrong

As I have (in my Past) driven waggons - a self drive/hire vehicle from Ryders is a 10 tonner  so go "LARGE"! 😉👍🤣

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57 minutes ago, Rll1288 said:

And someone is dumping Silver at the moment.... strange world

No-one is dumping physical silver - they are dumping representations of silver.

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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38 minutes ago, Cornishfarmer said:

100 million Troy oz is just over 3 tonnes? Is that right.    If so could get that on a small lorry or at I doing my figures wrong

It's a little bit more than 3 tonnes.

100 000 000/32 = 3 125 000 kg = 3 125 tonnes.

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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3 minutes ago, sixgun said:

No-one is dumping physical silver - they are dumping representations of silver.

bang on

 

Just now, sixgun said:

It's a little bit more than 3 tonnes.

100 000 000/32 = 3 125 000 kg = 3 125 tonnes.

I'm happy to take any discrepancies left over 😉👍🤣

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4 minutes ago, 5huggy said:

bang on

 

I'm happy to take any discrepancies left over 😉👍🤣

Good to see you back posting at full bore - hope you are keeping well.

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 minute ago, stackingsi said:

is it not a multiple of the 100,000,000 not a division?

I make it out to 3,110.348 tonnes 

For easy reckoning there are 32 troy ounces in 1 kg - so divide by 32 to get the kg and then divide by 1000 to get the tonnes.

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 minute ago, sixgun said:

Good to see you back posting at full bore - hope you are keeping well.

 

Cheers buddy @sixgun - it was a rather torrid time for me at the end of 2020 - glad to seethe back of that one - AND DAMNED GLAD /LUCKY to be here in 2021 

Lets just see HOW a "MINION" can screw this one up! 

minions GIF

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1 hour ago, sixgun said:

No-one is dumping physical silver - they are dumping representations of silver.

Yep, you are correct the choice of words insinuated I meant physical when all I meant was ... selling spot 

Edited by Rll1288
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Spot price is similar to what it was for last months, or even lover than at August. But premiums has skyrocket.. And I wanted to top up like a tube of 1oz silver at payday now.. Well, have to wait will it calm down. Or will look more for the gold when it drop even more.

What I hear, is that US will be paying BIG benefits, more that one off checks for 1k$ earlier 2020. Stock markets and crypto pumped up. Now on crypto is a Bull time, everything is going up. Probably, as long as there will be source of free money.

Just wonder how physical metal will react.. As more $$ may be loaded into high profit/risk assets. Last year PM gone up, as the governments terrorized population. Now they are slowly calming down with "magical vaccine" .. So low risk /low profit assets may be left behind, or at least not attract such big interest. We all know that PM market is well manipulated by big banks. But gold is falling down a lot now, silver stays high - I guess as per reddit fame. Should it go down soon with the gold? If not, it may be a good time to move from Ag to Au (when GSR will be lower?) Anyone have a crystal bowl? :)

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53 minutes ago, sixgun said:

"Houston, We Have A Problem" - 85% Of Silver In London Already Held By ETFs

https://www.zerohedge.com/commodities/houston-we-have-problem-85-silver-london-already-held-etfs

ps - slight problem - SLV, the biggest silver ETF almost certainly doesn't have all the silver it claims to have.

Heavy reading for those NOT familiar with ALL the numbers etc - but damn good spot/shout @sixgun👍

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On 05/02/2021 at 01:24, pablitto83 said:

Spot price is similar to what it was for last months, or even lover than at August. But premiums has skyrocket.. And I wanted to top up like a tube of 1oz silver at payday now.. Well, have to wait will it calm down. Or will look more for the gold when it drop even more.

What I hear, is that US will be paying BIG benefits, more that one off checks for 1k$ earlier 2020. Stock markets and crypto pumped up. Now on crypto is a Bull time, everything is going up. Probably, as long as there will be source of free money.

Just wonder how physical metal will react.. As more $$ may be loaded into high profit/risk assets. Last year PM gone up, as the governments terrorized population. Now they are slowly calming down with "magical vaccine" .. So low risk /low profit assets may be left behind, or at least not attract such big interest. We all know that PM market is well manipulated by big banks. But gold is falling down a lot now, silver stays high - I guess as per reddit fame. Should it go down soon with the gold? If not, it may be a good time to move from Ag to Au (when GSR will be lower?) Anyone have a crystal bowl? :)

Don’t underestimate the huge impact ongoing uncertainty triggered by Covid, is yet to have on the markets.

The markets are acting on a ‘inoculations have cured the Covid’ stance... I’d say the mess from Covid has only really just begun. When the boat gets rocked again, personally i think that’s coming soon, we will see people flock back to the save haven of precious metals, pushing the prices back up, whilst the stock markets take yet another dive.

Many thanks, Elliot

Check out my ebay store, buy direct and get at least 10% discount. https://www.ebay.co.uk/str/investincoins888

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17 hours ago, InvestInCoins888 said:

Don’t underestimate the huge impact ongoing uncertainty triggered by Covid, is yet to have on the markets.

The markets are acting on a ‘inoculations have cured the Covid’ stance... I’d say the mess from Covid has only really just begun. When the boat gets rocked again, personally i think that’s coming soon, we will see people flock back to the save haven of precious metals, pushing the prices back up, whilst the stock markets take yet another dive.

The one universal truth in this game, especially with silver is, nobody knows what the hell the price is gonna do. Its kinda like gambling in a way. 

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Another mysterious drop.

so with physical silver sold out everywhere, even with dealers charging premiums of 30-40%, how is SLV picking up massive amounts of silver at no premium, and on the same day? There's hardly any silver left in the london vaults as per the bullionstar article - the ETFs have bought it all without impacting the silver price much (and possibly further facilitating its unexplainable drops)

surely it would have to pay some premiums like the rest of us, at least some of the time? This would affect the profit and loss of the ETF vehicle. If it was able to get silver with 0% premiums, then the ETF itself would be trading on a premium to net asset value.

they may be pretending to buy silver, but at least they are not cheeky enough to add phantom premiums too.

 

Edited by Spark268
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1 hour ago, Spark268 said:

Another mysterious drop.

so with physical silver sold out everywhere, even with dealers charging premiums of 30-40%, how is SLV picking up massive amounts of silver at no premium, and on the same day? There's hardly any silver left in the london vaults as per the bullionstar article - the ETFs have bought it all without impacting the silver price much (and possibly further facilitating its unexplainable drops)

surely it would have to pay some premiums like the rest of us, at least some of the time? This would affect the profit and loss of the ETF vehicle. If it was able to get silver with 0% premiums, then the ETF itself would be trading on a premium to net asset value.

they may be pretending to buy silver, but at least they are not cheeky enough to add phantom premiums too.

 

Ok, so here's an explanation how ETFs work: In fact, an ETF like SLV does not in principle buy any silver in the sense of buying on an open market. They just give the participating banks an opportunity to bring their silver to ETF, in exchange for which banks receive new units, which they can sell on the market to investors. So, ETF manager does not care about premiums - they always deal with participating banks at spot (I am disregarding possible special arrangements they may have between themselves).

If no bank wants to acquire new units, or return existing units to ETF, then the total amount of units remains constant. This means that there are no inflows of silver to ETF or outflows, irrespective of daily trading volume of ETF units. But this is perfectly fine - you can still buy any number of ETF units you want. Such trade is then only transfer of right to existing silver from previous to new unit holder.

So, I hope I have clarified some of your questions, if not just ask 😉

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2 minutes ago, CollectForFun said:

Ok, so here's an explanation how ETFs work: In fact, an ETF like SLV does not in principle buy any silver in the sense of buying on an open market. They just give the participating banks an opportunity to bring their silver to ETF, in exchange for which banks receive new units, which they can sell on the market to investors. So, ETF manager does not care about premiums - they always deal with participating banks at spot (I am disregarding possible special arrangements they may have between themselves).

If no bank wants to acquire new units, or return existing units to ETF, then the total amount of units remains constant. This means that there are no inflows of silver to ETF or outflows, irrespective of daily trading volume of ETF units. But this is perfectly fine - you can still buy any number of ETF units you want. Such trade is then only transfer of right to existing silver from previous to new unit holder.

So, I hope I have clarified some of your questions, if not just ask 😉

SUMMARY! - "they rehypothecate" (more commonly known as "MANIPULATE" the paper market in a commodity) 😒

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