Silver Monitoring Thread £ (GBP) only.

[silversky]

Ahh, the heady days of populism.  What a breath of fresh air to hear such straightforward honesty from a political candidate.  But the swamp struck back hard.  No reverse gear for these people.  Eventually the dollar will crack, and when it does, metals will explode.  Wish I knew when though.

[SidS]

1 hour ago, sixgun said:

London and the US will put up a price for gold and silver but when the pricing mechanism has already broken, that price will be meaningless. The people that matter will ignore it. Large premiums for tonnage amounts of metal for immediate delivery are being paid.

None of this is new of course. The official US gold price is still $42.22, and all the bullion on the US books (Fort Knox etc.) is still valued on this price. When was the market price and this official price last in parity? If of course it ever was, and it was probably temporary... 😁

[sixgun]

36 minutes ago, SidS said:

None of this is new of course. The official US gold price is still $42.22, and all the bullion on the US books (Fort Knox etc.) is still valued on this price. When was the market price and this official price last in parity? If of course it ever was, and it was probably temporary... 😁

The US doesn't have any gold. Where did the thousands upon thousands of tonnes that went through London and Switzerland on a one-way trip to China come from?

Nixon stopped the convertibility of the USD into gold in August 1971. Gold was at that time valued at $35.
The $42.22 is the value put on gold by the US government in 1973. It hasn't moved from that since.
Both gold and silver have been confiscated from US citizens by their government - at the official price at the time.

So what is the $42.22 / oz about when it is obviously a ridiculous value?

In 1979 The Franklin Mint shipped a large number of Krugerrands on TWA airlines. The shipment was lost by TWA. As a result The Franklin Mint sued to recover its losses claiming the actual market price of gold at the time. In Franklin Mint Corp. vs. Trans World Airlines, the Supreme Court ruled that gold bullion values in commerce are limited to $42.22 an ounce.

Could it be that the US has a plan to confiscate gold again someday at the official value of $42.22?

https://www.mining.com/beware-official-us-government-price-for-gold-is-only-4222oz/

Edited July 17, 2022 by sixgun

[silversky]

5 minutes ago, sixgun said:

In Franklin Mint Corp. vs. Trans World Airlines, the Supreme Court ruled that gold bullion values in commerce are limited to $42.22 an ounce.

Could it be that the US has a plan to confiscate gold again someday at the official value of $42.22?

Yikes.

If the supreme court were to reverse this ruling, surely it would save an awful lot of boating accidents each year.  

[SidS]

28 minutes ago, sixgun said:

The US doesn't have any gold. Where did the thousands upon thousands of tonnes that went through London and Switzerland on a one-way trip to China come from?

Notice I said 'on the books' - officially it's there, whether it really is, well that's been disputed for years.

[sixgun]

22 minutes ago, silversky said:

If the supreme court were to reverse this ruling, surely it would save an awful lot of boating accidents each year.  

Maybe it would but some people are accident prone.

[SidS]

21 minutes ago, silversky said:

Yikes.

If the supreme court were to reverse this ruling, surely it would save an awful lot of boating accidents each year. 

Seems some corporations lose them in plane accidents.

Just shows class distinctions are alive and well, the rich get planes, we get row boats. 😁

[Happypanda88]

11 hours ago, sixgun said:

Countries in BRICS have the physical - the Western cabal doesn't.

It'll be the BRICS vs those PRICS for the next New World Order ! 

[sixgun]

Interesting to hear a big move into silver 

https://twitter.com/scottsdalemint/status/1549455783301042176

 

[Russell]

Have not posted for ages but thought I would drop a line.  Still here, still stacking and waiting for the inevitable.  Only thing that has changed is that the world is in a bigger mess now than when I started stacking in March 2020 and the world is gettting worse by the day.  So the Comex is not fooling this stacker and the dollar will turn down soon and the FED willl pivot then BOOM! 😀

[silversky]

1 hour ago, Russell said:

Have not posted for ages but thought I would drop a line.  Still here, still stacking and waiting for the inevitable.  Only thing that has changed is that the world is in a bigger mess now than when I started stacking in March 2020 and the world is gettting worse by the day.  So the Comex is not fooling this stacker and the dollar will turn down soon and the FED willl pivot then BOOM! 😀

I'm beginning to think it might be a while away yet.  It looks impossible, but it always looks impossible, which is precisely why the market always fools the majority.

I think that there's a good chance that houses in the UK will continue to rise in value, despite terrible economic, financial and political headwinds.  I don't think that the FED will actually take much action, until it's waaaay too late.  Inflation will be partly ignored for some time to come, and the dollar will remain strong for far longer than anyone can imagine right now.  There is quite literally no good reason for it, and yet it remains strong defying all logic.  I could of course be wrong, nothing functions these days as a real market.  All markets are so interfered with, that none of the traditional logic applies anymore.

The midterms and a democratic wipeout will probably boost US confidence, with hope for an improvement in 2024.  Regardless of whether that improvement in politics is actually forthcoming, the market will price it in over the next two years.  Once 2024 rolls around, any potential recovery will already be fully in the price.  The systemic problems are gigantic, and collapse of the western leveraged system is all but inevitable.  In the meantime, the wall of worry will be climbed, gold and silver will be left out in the cold for a while longer.  It all depends on whether cheap energy can be sourced or not.  The UK is in a terrible situation over that, less so the USA if they incentivise the local producers and refiners.

Sorry to be so short term bearish on PM's, but if all that's happened over the last two years has resulted in lower prices in real terms, I just can't see the inevitable further bad news being much of a catalyst for rising prices.  Not until it's meltdown time, and we're actually a fair way off that for now.

Of course, how this effects the price in pounds is anyone's guess.  It'll depend on whether our new leader is able to pretend to be Maggie and galvanise the nation into believing a load of gibberish.  Ultimately though, the UK is facing far too many serious problems, and I imagine that the pound will devalue further over the coming two years.  This is likely to have the effect of cancelling out any drops priced in USD, making PM's a safe neutral bet.  Longer term however, I believe that they're a screaming buy.

[Gruff]

6 minutes ago, silversky said:

I'm beginning to think it might be a while away yet.  It looks impossible, but it always looks impossible, which is precisely why the market always fools the majority.

I think that there's a good chance that houses in the UK will continue to rise in value, despite terrible economic, financial and political headwinds.  I don't think that the FED will actually take much action, until it's waaaay too late.  Inflation will be partly ignored for some time to come, and the dollar will remain strong for far longer than anyone can imagine right now.  There is quite literally no good reason for it, and yet it remains strong defying all logic.  I could of course be wrong, nothing functions these days as a real market.  All markets are so interfered with, that none of the traditional logic applies anymore.

The midterms and a democratic wipeout will probably boost US confidence, with hope for an improvement in 2024.  Regardless of whether that improvement in politics is actually forthcoming, the market will price it in over the next two years.  Once 2024 rolls around, any potential recovery will already be fully in the price.  The systemic problems are gigantic, and collapse of the western leveraged system is all but inevitable.  In the meantime, the wall of worry will be climbed, gold and silver will be left out in the cold for a while longer.  It all depends on whether cheap energy can be sourced or not.  The UK is in a terrible situation over that, less so the USA if they incentivise the local producers and refiners.

Sorry to be so short term bearish on PM's, but if all that's happened over the last two years has resulted in lower prices in real terms, I just can't see the inevitable further bad news being much of a catalyst for rising prices.  Not until it's meltdown time, and we're actually a fair way off that for now.

Of course, how this effects the price in pounds is anyone's guess.  It'll depend on whether our new leader is able to pretend to be Maggie and galvanise the nation into believing a load of gibberish.  Ultimately though, the UK is facing far too many serious problems, and I imagine that the pound will devalue further over the coming two years.  This is likely to have the effect of cancelling out any drops priced in USD, making PM's a safe neutral bet.  Longer term however, I believe that they're a screaming buy.

This concurs with what the RebelCapitalist said in a video the other say analysing what Jamie Dimon had said. Analysis that also showed that the US checking accounts had more funds in than pre-March 2020. Dimon estimated anohter 6-9 months before those additional funds were spent. So that could tie in nicely with the mid-terms and also what others are seeing in short term bearish sentiment/pressure on PMs. Once that's spent however, that will force the Fed to reverse and open the spiggots again.

[silversky]

Some are forecasting deflation is on its way.

The BBC added a new tab called "cost of living" only a couple of days ago.  Usually when the media make a big noise about something economic, the effect of it is already close to its peak.  The American press have been talking about their inflation issue for quite a while now, and I'm getting overblown vibes from it all.

Just came across this article today.  It describes a situation where inventories have been built up higher than previous over the last 18 months, mostly because of supply chain fears, and that these high inventory levels, mean lower prices as businesses struggle to get rid of product.  They therefore forecast a deflationary pulse is on its way.

https://deflation.com/expert-commentary/stack-em-high-and-sell-em-cheap-a-deflation-pulse-is-coming/

Edited July 21, 2022 by silversky

[SidS]

Ah but there lies the danger, there's only one thing that scares policymakers more than high inflation and that's deflation. They'll do everything they can to stop even the smallest amount of deflation, and you know what that means...

 

Fire up the presses...

[Raindog]

On 21/07/2022 at 09:10, SidS said:

there's only one thing that scares policymakers more than high inflation and that's deflation.

Actually, our current US government fears two things worse than deflation: Losing their stranglehold on most US media outlets and the 2nd Amendment.  If they can control the FIrst and Second Amendments, the rest of the US Constitution will fall.

Edited July 25, 2022 by Raindog

[gji25]

dont panic, the correction will follow especially as jp morgan are getting out of the futures contracts as they know they cant fulfill them lol

[Lyrinn]

Silver going up a bit today. Was circa £15.50/oz this time yesterday, now circa £16.30 at time of writing.

Where is @Paul when you need him to tell us that we're no longer doomed?

[Paul]

16 minutes ago, Lyrinn said:

Where is @Paul when you need him to tell us that we're no longer doomed?

 

[silversky]

Hang on, hang on, hang on.  Paul usually says something like "are we at £50 an ounce yet?"  Come on Paul, say the line... 

Edited July 28, 2022 by silversky

[Paul]

10 minutes ago, silversky said:

Hang on, hang on, hang on.  Paul usually says something like "are we at £50 an ounce yet?"  Come on Paul, say the line... 

ive more than a few quotes now in the precious metals market analysis repertoire now !

"Wake me up when it gets to £50oz" if i recall it was i said 

 

" Mike Maloney said i could buy a house with 500oz of silver " was another 

Well, i should have a street by now, but ive got a down payment for Wendy house currently and a wasted near 15 years of investing in silver 

[modofantasma]

17 minutes ago, Paul said:

I should have a street by now, but ive got a down payment for Wendy house currently and a wasted near 15 years of investing in silver 

It's up 4% today... almost time for the red hotels 

[Paul]

2 minutes ago, modofantasma said:

It's up 4% today... almost time for the red hotels 

. . . . .and itll be down 8% again in one day, soon . . . . . .AGAIN ! . . . . . ./for the umpteenth time, as its done many times int he past 

 

[silversky]

32 minutes ago, Paul said:

ive more than a few quotes now in the precious metals market analysis repertoire now !

"Wake me up when it gets to £50oz" if i recall it was i said 

 

" Mike Maloney said i could buy a house with 500oz of silver " was another 

Well, i should have a street by now, but ive got a down payment for Wendy house currently and a wasted near 15 years of investing in silver 

Ah yes that's the line...  YAY!! 

 

[Stacktastic]

 

[Paul]

Current (paper) silver to gold ratio sat at 

92.89 : 1

Its best ratio this week since July 2020

 

I wonder if we are destined to over 100+ : 1 ratio again any time soon ?