Silver Monitoring Thread £ (GBP) only.

[Gruff]

4 minutes ago, modofantasma said:

Sub £16 soon? 🤔

Perhaps, the death throws of FIAT currency

[Paul]

18 minutes ago, modofantasma said:

Sub £16 soon? 🤔

 

[modofantasma]

Happy to take a monster box of silver 1 oz Brits at £10 an Oz before it goes to zero as long as they're not milky 🤣

If anyone is offloading 

[modofantasma]

https://www.bairdmint.com/products/100oz-silver-cast-bar
 

Might finally be able to get a bit of silver below £20 

[Gruff]

And just like that...

[sixgun]

There is huge backwardation in the markets - this is being arbitraged. 
i hear that from Pit open to Pit close 124K lots, (386 tonnes) of gold was put on sale at market as part of a move to suppress all commodity prices.
The issue is that delivery can and is being taken in the spot markets, the spot markets are Basel III compliant.

It's the FOMC meeting today.

GBP and especially the EUR has been in a dive compared to the USD. With the EUR in the 1.02 handle against the USD we are almost looking at parity. It hasn't been this low since 2002. Things are coming unhinged. Keep stacking physical - this feels at or near the bottom b/c the Global South is hoovering up physical at these prices. Maguire says it is worst than the March 2020 blow up.

[timsk]

I'm looking at the best deal for a monster box of 2022 silver Britannia's and the prices from Sharps Pixley look to be about the best, followed by Chards and Tavex.  The issue is timing! I've taken the gamble that spot would drop to the £16.00 mark and had it in mind that as this is a clear support level I would buy when it got there. Now that it has, I'm hesitating! There are three factors that are causing this, so I thought I'd share them here to see what other members think: is my reasoning sensible or waaaaay off track? Here goes. . .

1. The Ukraine war. Spot price rose at the start of the conflict but failed to breach the Feb' 2021 high - let alone the Aug' 2021 high before that. As and when we hear talk of a settlement - hopefully soon (please god!) - I think that will have a negative impact on price as the threat of nuclear war recedes. Safe haven - risk on : risk off principle.

2. I expect that inflation and recession to get much worse, which will result in a worldwide downturn in economic activity, i.e. a falling demand for PMs - along with everything else. Falling demand will be reflected by a falling price.

3. Looking at the weekly spot chart below, we can see that price has flirted with the £16.00 level repeatedly over the past year or so, with relatively few bullish moves, so downward pressure appears (to me) to be dominant. 

Taking the three points together, I'm now thinking a move even further down is more likely than a full blown reversal that sees spot sky rocketing. I think that will happen eventually but, in the meantime, I'm inclined to sit tight and wait and see what happens. As I say, I'd be interested to hear your thoughts?!

 

Edited July 6, 2022 by timsk

[Martin1983]

9 hours ago, timsk said:

I'm looking at the best deal for a monster box of 2022 silver Britannia's and the prices from Sharps Pixley look to be about the best, followed by Chards and Tavex.  The issue is timing! I've taken the gamble that spot would drop to the £16.00 mark and had it in mind that as this is a clear support level I would buy when it got there. Now that it has, I'm hesitating! There are three factors that are causing this, so I thought I'd share them here to see what other members think: is my reasoning sensible or waaaaay off track? Here goes. . .

1. The Ukraine war. Spot price rose at the start of the conflict but failed to breach the Feb' 2021 high - let alone the Aug' 2021 high before that. As and when we hear talk of a settlement - hopefully soon (please god!) - I think that will have a negative impact on price as the threat of nuclear war recedes. Safe haven - risk on : risk off principle.

2. I expect that inflation and recession to get much worse, which will result in a worldwide downturn in economic activity, i.e. a falling demand for PMs - along with everything else. Falling demand will be reflected by a falling price.

3. Looking at the weekly spot chart below, we can see that price has flirted with the £16.00 level repeatedly over the past year or so, with relatively few bullish moves, so downward pressure appears (to me) to be dominant. 

Taking the three points together, I'm now thinking a move even further down is more likely than a full blown reversal that sees spot sky rocketing. I think that will happen eventually but, in the meantime, I'm inclined to sit tight and wait and see what happens. As I say, I'd be interested to hear your thoughts?!

 

Why not just buy uta already hovering around that price, I’m looking to buy some 1Kg bars and more gold soon I think gold has further to go down

[James32]

9 hours ago, timsk said:

I'm looking at the best deal for a monster box of 2022 silver Britannia's and the prices from Sharps Pixley look to be about the best, followed by Chards and Tavex.  The issue is timing! I've taken the gamble that spot would drop to the £16.00 mark and had it in mind that as this is a clear support level I would buy when it got there. Now that it has, I'm hesitating! There are three factors that are causing this, so I thought I'd share them here to see what other members think: is my reasoning sensible or waaaaay off track? Here goes. . .

1. The Ukraine war. Spot price rose at the start of the conflict but failed to breach the Feb' 2021 high - let alone the Aug' 2021 high before that. As and when we hear talk of a settlement - hopefully soon (please god!) - I think that will have a negative impact on price as the threat of nuclear war recedes. Safe haven - risk on : risk off principle.

2. I expect that inflation and recession to get much worse, which will result in a worldwide downturn in economic activity, i.e. a falling demand for PMs - along with everything else. Falling demand will be reflected by a falling price.

3. Looking at the weekly spot chart below, we can see that price has flirted with the £16.00 level repeatedly over the past year or so, with relatively few bullish moves, so downward pressure appears (to me) to be dominant. 

Taking the three points together, I'm now thinking a move even further down is more likely than a full blown reversal that sees spot sky rocketing. I think that will happen eventually but, in the meantime, I'm inclined to sit tight and wait and see what happens. As I say, I'd be interested to hear your thoughts?!

 

Half now half in a few months?

This covers both eventualities. 

[sixgun]

@timsk you are thinking too hard. You are talking about a paper price and then factoring in things like the Ukrainian war.
Over the last few days there has been serious amounts of market manipulation - there is totally crazy talk from G7 about capping Russian oil between $40 - $60. Talk about not insuring oil cargos if they were bought / sold for >$40 - $60. Not providing shipping. As if Russia can't get shipping and insurance outside of the West. These people are so deluded and drunk on their own self importance. They are losing the plot. Well they lost the plot a long time ago if we are honest.  If they really piss Russia off the gas and oil could be cut off and 'oil prices could skyrocket as high as $380 a barrel, according to analysts from JPMorgan.' i hear there is a strike of Norway's oil and gas workers - that gas to the UK could be cut off at the weekend - there is a lot of s*** going on and in the real world all of it has the potential to send GBP down and silver up.

The silver price has held up today (unlike gold) - the futures price is heavily backwardated and it is being arbitraged. There hasn't been an appetite for sell the paper price down. The silver market is actually broken - you cannot hedge spot with futures. We are on the cusp of it blowing up just like in March 2020. Refiners are taking delivery off the COMEX to fill orders. 

So i see Sharp Pixley's is £11,342.40 inc VAT - if you want a stash of silver in the UK and you have discovered it is cheapest there and you have the cash, then buy it. You will not get the bottom - it is sod's law but do you really think silver will fall a lot further? - remember you also have to factor in GBP - there is plenty of bad stuff going on to push the pound down - there could be a leadership election - some dimwit gets elected - a general election and Sir Keir 'can't define a woman' gets elected. We are heading into what could easily be stormy waters. So just accept that if you buy now you could have got it a bit cheaper and then you won't be disappointed but the point is actual physical is flying off the shelves. If we get an actual blow up like March 2020 then silver will become unobtainium. Buy it now and you have it in hand. Shove it under the bed and forget it. Job done.

Edited July 6, 2022 by sixgun

[ArgentSmith]

11 hours ago, timsk said:

I'm looking at the best deal for a monster box of 2022 silver Britannia's and the prices from Sharps Pixley look to be about the best, followed by Chards and Tavex.  The issue is timing! I've taken the gamble that spot would drop to the £16.00 mark and had it in mind that as this is a clear support level I would buy when it got there. Now that it has, I'm hesitating! There are three factors that are causing this, so I thought I'd share them here to see what other members think: is my reasoning sensible or waaaaay off track? Here goes. . .

1. The Ukraine war. Spot price rose at the start of the conflict but failed to breach the Feb' 2021 high - let alone the Aug' 2021 high before that. As and when we hear talk of a settlement - hopefully soon (please god!) - I think that will have a negative impact on price as the threat of nuclear war recedes. Safe haven - risk on : risk off principle.

2. I expect that inflation and recession to get much worse, which will result in a worldwide downturn in economic activity, i.e. a falling demand for PMs - along with everything else. Falling demand will be reflected by a falling price.

3. Looking at the weekly spot chart below, we can see that price has flirted with the £16.00 level repeatedly over the past year or so, with relatively few bullish moves, so downward pressure appears (to me) to be dominant. 

Taking the three points together, I'm now thinking a move even further down is more likely than a full blown reversal that sees spot sky rocketing. I think that will happen eventually but, in the meantime, I'm inclined to sit tight and wait and see what happens. As I say, I'd be interested to hear your thoughts?!

 

Im inclined to agree, until the next tranche of easing silver could touch £14, 12 10? . However if you wait for the market to capitulate and get your timing right you will most likely find the premiums on physical are elevated due to... long story.

Why not do what James suggested, you could even split into 3/4 purchases. For the sake of argument if you buy @ £16 £14 and £12 you will still have an average at £14, if we don't drop that much at least you have your foot in the door, if the slump is relentless, great news you fill your next tranche at an even better price. The danger of waiting for an intraday dip, it will bounce quickly and you will be paying over the odds with no time to shop for a competitive deal. 

I know this will raise eyebrows but if you want to buy the absolute bottom and can identify the intraday low the futures market is your best bet.

Good Luck

 

[sixgun]

Incredible how unlucky so many people are. So many tragic boating accidents.

[BackyardBullion]

Thumbnail for tomorrow....

Silver is dropping!

[modofantasma]

Sub £15 soon? 🧐

[StackerBritt]

2 minutes ago, BackyardBullion said:

Thumbnail for tomorrow....

Silver is dropping!

I have one of those 😁

[modofantasma]

https://www.bairdmint.com/products/100oz-silver-cast-bar

Not sure if £19.80 odd is a deal considering current spot but even with the vat ... Below 2k

[Zhorro]

Silver has dropped nearly 5% today!

[matt1r]

Will be back at £13 an oz in no time 😅😀

[Gruff]

2 minutes ago, matt1r said:

Will be back at £13 an oz in no time 😅😀

And not available anywhere for anything close to that "spot price" 

[silversky]

9 minutes ago, Gruff said:

And not available anywhere for anything close to that "spot price" 

If by some strange miracle it is available at that price point, it would be time to sell the house and back the truck up... assuming the housing market hasn't tanked as well...  

[sixgun]

48 minutes ago, Gruff said:

And not available anywhere for anything close to that "spot price" 

It's $18.50 / 1876 on the Kinesis Exchange right now.

It is $21.60 for single ounces with GoldSilver.be

i know this is the GBP thread but these are the prices i relate to at these times.

Edited July 14, 2022 by sixgun

[Gruff]

38 minutes ago, silversky said:

If by some strange miracle it is available at that price point, it would be time to sell the house and back the truck up... assuming the housing market hasn't tanked as well...  

Just sell the kids instead  

[Paul]

Well i might tempted to have another grand gold sale this weekend !!

to park the proceeds & profits into bullionvault for a year or two in SLV 

....hhhmmmmmmm

[Gruff]

18 minutes ago, Paul said:

Well i might tempted to have another grand gold sale this weekend !!

to park the proceeds & profits into bullionvault for a year or two in SLV 

....hhhmmmmmmm

I'll buy you gold for a quid  

[Paul]

7 minutes ago, Gruff said:

I'll buy you gold for a quid  

Ive no 1/1450oz gold coins im afraid or id be happy to deal 

. . . .. . i thought 1/20s were small