Silver Monitoring Thread £ (GBP) only.

[Gruff]

27 minutes ago, HerefordBullyun said:

Does that mean if I upgrade to platinum plus membership its going to cost me a lot more in the future?

Yes!!

[argentmajor]

4 hours ago, LawrenceChard said:

I would not even qualify, as I think you have to be "Born in the USA", although I bet the first one wasn't.

😎

Sort of. George Washington was a native Virginian, but born when it was still a British colony. The eighth president, Martin Van Buren, was the first to be born a citizen of the USA.

[LawrenceChard]

2 hours ago, argentmajor said:

Sort of. George Washington was a native Virginian, but born when it was still a British colony. The eighth president, Martin Van Buren, was the first to be born a citizen of the USA.

Thank you for the info.

What about Bruce Springsteen?

😎

[James32]

5 minutes ago, LawrenceChard said:

Thank you for the info.

What about Bruce Springsteen?

😎

He's american....Well so he says 🤣

[LawrenceChard]

15 minutes ago, James32 said:

He's american....Well so he says 🤣

I'll bet he would make a better President than most of the recent ones!

😎

[Gruff]

2 hours ago, James32 said:

He's american....Well so he says 🤣

Is that the same as Barack Obama?  

[DarkChameleon]

9 hours ago, LawrenceChard said:

Dream? - no, nightmare - yes

Too old - no, still too young.

I would not even qualify, as I think you have to be "Born in the USA", although I bet the first one wasn't.

😎

Alas youmdo, I'm a citizen but I can't run, I coukd I think becomeva governor or senator or statevrep but I don't think anything federal, not like Canadian prime Minister 

[Martin1983]

It’s a tough gig at the moment trying to decide to either invest in physical metals or in stocks 

[EdwardTeach]

13 hours ago, Martin1983 said:

It’s a tough gig at the moment trying to decide to either invest in physical metals or in stocks 

I suspect the stock markets have a little bit more to drop yet before they stop falling. Personally I'm saving to put some more into gold soon.

[gji25]

As we all know silver has its ups and downs. But don't despair it will rise again just like what viagra did to deflation 🚀 🚀

[EdwardTeach]

I was watching Maneco64 on youtube today and he pointed out what he calls “the mother of all teacup formations” for silver which spans over a 50 year time period. No doubt many people on here are aleady aware of this but I’ve never noticed it before. It looks so obvious now I’ve seen it.

Edited May 29, 2022 by EdwardTeach

[Stacktastic]

On 13/05/2022 at 09:51, EdwardTeach said:

I suspect the stock markets have a little bit more to drop yet before they stop falling.

My bet is the 2020 levels before they do any serious reversal, but there are two major points before that. 
It all depends what happens really on the world stage?? Fed tapering seems to me the main thing.  
Rough levels, but when it hits the two tight lines will be interestesting. 

39 minutes ago, EdwardTeach said:

I was watching Maneco64 on youtube today

I dont really watch this guy anymore - he feeds off doom and gloom shock horror & does not know much about economics/markets (although he pretends too & has made some very stupid predictions based on nothing really), but that is an interesting observation.  

This is one of two people i go to now for advice. Gareth Soloway would be the best person for the charts. 

 

 

Edited May 29, 2022 by Stacktastic

[EdwardTeach]

50 minutes ago, Stacktastic said:

My bet is the 2020 levels before they do any serious reversal, but there are two major points before that. 
It all depends what happens really on the world stage?? Fed tapering seems to me the main thing.  
Rough levels, but when it hits the two tight lines will be interestesting. 
 

In the short term I think we're due a rebound soon and it will go up again for a while.

In the long term (months? years? who knows when?) the stock maket is heading for an almighty crash and because of the size of financial bubble we’re in it will result in an even bigger crash than what happened the 1920’s.

Edited May 29, 2022 by EdwardTeach

[EdwardTeach]

46 minutes ago, Stacktastic said:

I dont really watch this guy anymore - he feeds off doom and gloom shock horror & does not know much about economics/markets (although he pretends too & has made some very stupid predictions based on nothing really), but that is an interesting observation.  

This is one of two people i go to now for advice. Gareth Soloway would be the best person for the charts.

Yeah I don't watch him often anymore for the same reason. He does get rather depressing at times.

I'll check out Gareth Soloway as I've never heard of him before.

[sixgun]

Yesterday Maguire said a huge [bank's] silver position on the OTC (London spot) market was squared off. The banks are level or long - funny how silver takes off.

[modofantasma]

Will we see sub £17 today?  🍿

[Gruff]

1 hour ago, modofantasma said:

Will we see sub £17 today?  🍿

They're trying hard to get it below $21 and keep it there. There was a similar smash down yesterday from memory when I checked. 

[sixgun]

Yesterday i saw the lastest Arcadia Economics video Dave Kranzler did. He was saying the banks are long silver. This is noteworthy b/c rising prices would benefit the usual suspects. Looking at silver futures on the CFTC website the Swap Deals are net long. The Swap Dealers are the banks. Plain vanilla fundamental analysis would dictate that the metals should be much higher. It is getting more and more expensive to mine and refine them. 
We see fiat currencies depreciating against real assets. Most are priced in USD and with the dollar index high that means the price of commodities in other currencies tends to be even higher.

Looking at the 2022 Silver Institute Report for what it's worth https://www.silverinstitute.org/wp-content/uploads/2022/04/Metals-FocusWWS2022Launch.pdf it shows that silver demand has increased, especially investment demand, which was up 36%. Mined production also increased but there was a deficit. 

Logically price should go up unless there is more than pure supply demand dynamics in play. We come back to the same old same old story - the market in precious metals is rigged. Well it is heavily managed. The price of real money (gold and silver) shooting up in fiat terms looks bad - as if people didn't already know the pound in their pocket doesn't buy them much anymore. At some point the dam will burst. i have studied the fundamentals for years and in all honesty they don't help other than they tell me that at some point the price has to rise, and rise a lot. The thing is we look at a fictional price - the paper price. The supply of paper contracts can be turned on like a tap which of course bears no relation to real physical. We know you can't actually buy silver for the paper price, so it genuinely is a fictional price. Perhaps the BRICS commodity currency which it appears will figures silver highly will break the camel's back. i suspect when the dam breaks it will be suddenly and quite unexpectedly for many. That the Swap Dealers are long is usually a good pointer to a reverse in decline.

Edited June 24, 2022 by sixgun

[Martin1983]

Ordered stone X bar and it arrived today, just got stung for the bat £128 to pay at the door, gutted I thought I would get away with it 

[Gruff]

7 minutes ago, Martin1983 said:

Ordered stone X bar and it arrived today, just got stung for the bat £128 to pay at the door, gutted I thought I would get away with it 

Ooooof, sorry to hear that

[StackerBritt]

Silver going down fast today

[BackyardBullion]

Big old drop in silver today!

[Dakaras]

It's not a crash yet but it's sinking back to Jan levels fast it seems

[Zhorro]

17 minutes ago, Dakaras said:

It's not a crash yet but it's sinking back to Jan levels fast it seems

End of month / half year profit taking / portfolio adjustments?

[silversky]

55 minutes ago, Dakaras said:

It's not a crash yet but it's sinking back to Jan levels fast it seems

I reckon it's fear of an everything crash.  People are starting to shore up liquidity before the inevitable.  I don't blame them personally.  Only gold is holding up to this proxy war environment, and it makes sense.  Having said that there might be an oversold bounce at some point, but I don't think it'll last.

Scrap cars for the crusher have been dropping for a while now, and they took a huge drop down yesterday.  With all the energy price increases just around the corner, there's absolutely no doubt that there's going to be some very serious economic problems if we don't change course soon.

Unfortunately, I don't think gramps or the flying fatman are in any mood to change their minds.  And this means that there will be serious economic damage for certain.  I'm not sure how the pound will hold up, but I now expect another equal leg down for Silver, despite roaring inflation.  It's only at the end of the crash that silver will play it's phenomenal inflation catch-up game.  Not before.  No idea when that will be, but I can see the miners getting hammered soon.  There isn't a market for silver in a crashing economy, and it doesn't matter what the price is, there won't be the volume.  There just isn't a market for high value items that need Silver, when no one can afford food or heating.

I expect a hunkering down this winter, as people choose between heating their homes, or eating something better than spam.  All I've been hearing locally, is concern over energy and food bills.  This is IRL, not on the internet.  There's real concern, and I think this means there's real trouble coming.  The market has completely fallen out of second hand commercial vehicles, according to a trader I know, and this indicates to me that all sorts of people are experiencing a contraction in their own personal money supply.

I just don't see much demand for Silver in this environment, and I think that inflation and the cost of energy to mine, are pretty much all that's keeping a floor on the price just now.

Edited June 30, 2022 by silversky