Silver Monitoring Thread £ (GBP) only.

[SidS]

5 hours ago, silversky said:

I think we're in agreement here.  I'm expecting a low back in the mid 17's again.  If it dips to the 16's then its a screaming buy.  Inflation is a backstop against losing money at that level, so if I had spare to pump in at that price I would be.  I might be a seller a bit higher up though, I think they'll cap all this trouble and tamp things down again for another year or so.  It looks like an abc ongoing in elliot wave theory, with a flat a and c wave likely at 17 handle.  But I could be horribly wrong of course.  I just think that anything in the 16's will be very short lived no matter what happens.

Suddenly I feel like President Benson.

Edited April 2, 2023 by SidS

[James32]

Just broke £20 GBP 

@GoldDiggerDave bow before me 😆 

[CANV]

Sterling’s up as well.  I’ve been out all day. What’s the beef causing a 7 per cent rise in usd terms !

[Paul]

31 minutes ago, James32 said:

Just broke £20 GBP 

@GoldDiggerDave bow before me 😆 

Why you commenting on the peasants threads ?? 

I thought you just moderated all new gold for sale posts here @James32?? 

[CANV]

This is the proles thread.  The peasents are on the copper forum 

[Paul]

Gold is the money of kings, silver is the money of gentlemen/ladies/none binary/misc/LGBQTWRTFVUKBFUGDHJGJGJFFJKNH, barter is the money of peasants – but debt is the money of slaves.

I've brought Norman Franz quote up to date to keep the woke folk happy 

[Happypanda88]

4 hours ago, James32 said:

Just broke £20 GBP 

@GoldDiggerDave bow before me 😆 

 

You mean like this ...........🤣

[SidS]

10 hours ago, CANV said:

This is the proles thread.  The peasents are on the copper forum 

Erm middle class I'll have you know. I'm no prole.

[SidS]

10 hours ago, Paul said:

Gold is the money of kings, silver is the money of gentlemen/ladies/none binary/misc/LGBQTWRTFVUKBFUGDHJGJGJFFJKNH, barter is the money of peasants – but debt is the money of slaves.

I've brought Norman Franz quote up to date to keep the woke folk happy 

What about those of us who identify as cats? 🐈

[Paul]

2 hours ago, SidS said:

What about those of us who identify as cats? 🐈

They can buy palladium or something 

[FriedrichVonHayek]

Silver looks to be pretty solid at £30 per ounce on ebay at the moment, I may offload some on there if it keeps going up next time they have 80% off fees.

Alternatively if I can get £30 per ounce on the Silver Forum in the next few weeks I will sell on here.

[FriedrichVonHayek]

Wrong thread.

Edited April 10, 2023 by FriedrichVonHayek
Wrong thread

[SlugForAButt]

I hope you've all being keeping your powder dry, JPM is seemingly doing you a favour... again.

How do they get away with it? Unless they're acting on behalf of the govt...

[Stacktastic]

56 minutes ago, SlugForAButt said:

I hope you've all being keeping your powder dry, JPM is seemingly doing you a favour... again.

How do they get away with it? Unless they're acting on behalf of the govt...

This sort of stuff combined with the bank scenario calming down (or people getting bored) might result in a really good dump for silver. 
options contracts must be largely long IMO especially with retail 'investors' gamblers.  

It was on a decent pull back to sub £16 again before all this happened after all.  
Sitting and waiting. GDXJ makes a lot of sense as is has a lot of silver miners. 

I might be very wrong, but I have seen all this bullishness before. 😛 
Usually a good time to become a contrarian with silver. 

Edited April 11, 2023 by Stacktastic

[timsk]

2 hours ago, Stacktastic said:

. . . Usually a good time to become a contrarian with silver. 

I'm of a similar mindset to you Stacktastic but, equally, those that think silver has just taken off on its long journey to the moon have a strong case. The ace up their sleeve is the demise of the USD$ which will, IMO, will be the single biggest driver for a rise in the price of silver.

Time to take another look at the chart - note that this is the monthly time frame. (It's useful to pan out on occasion to see the wider picture.) Price is at the top of the channel and, from a TA perspective, we can say that it's overbought and, furthermore, that based on past evidence a pullback is more probable than a breakout. That's not to say that it can't or won't go higher - it will do whatever it wants - the lines idiots like me draw on charts mean sweet FA! Certainly, if it ever revisits the sub £16.00 level (a very big if!) - it'll be time to back up the truck to your favourite bullion dealer.

[SidS]

Silver's going down and it's going down hard!

[silversky]

Many on here seem to think that for the short term.  Perhaps a sign that there isn't as much downward pressure as we imagine.  However, it's so heavily manipulated that sentiment barely matters these days.

[Mphys]

2 hours ago, timsk said:

I'm of a similar mindset to you Stacktastic but, equally, those that think silver has just taken off on its long journey to the moon have a strong case. The ace up their sleeve is the demise of the USD$ which will, IMO, will be the single biggest driver for a rise in the price of silver.

Time to take another look at the chart - note that this is the monthly time frame. (It's useful to pan out on occasion to see the wider picture.) Price is at the top of the channel and, from a TA perspective, we can say that it's overbought and, furthermore, that based on past evidence a pullback is more probable than a breakout. That's not to say that it can't or won't go higher - it will do whatever it wants - the lines idiots like me draw on charts mean sweet FA! Certainly, if it ever revisits the sub £16.00 level (a very big if!) - it'll be time to back up the truck to your favourite bullion dealer.

I love these lines you can plot anything you like. Plot the last month and we are going to the moon

[HonestMoneyGoldSilver]

I agree there are coherent narratives for shot-term dips and long-term bull runs along with everything in between

Several things are different this time:

1) Inflation particularly in energy, shipping, wages, ESG and finance. Energy and compounding finance costs related to ESG have raised the floor for precious metals. They will never go as low as they once did. Inflation in the wider economy/world makes all goods and services more expensive. It doesn't make sense that silver went down 40% from peak to trough while inflation raged, does it? That will work itself out and we will see sustained price increases IMHO at least until $30

2) War in Europe and rumours of war, especially in Taiwan. WWIII-scenarios haven't been a serious risk for 30 + years

3) The central banks. The banks will pivot in the near future and then things will get wild for precious metals as opportunity costs evaporate. That is the real lift-off point that I've been waiting for. It's only after the CBs pivot that we will see the true potential of silver. This is scary for all of us but the IMF is claiming we're going back to "pre-covid" (i.e. 0%) interest rates:

Central banks' interest rates to fall to pre-COVID levels, says IMF | Kitco News

4) There are many more industrial and medical uses for PMs than at any time in history. If we were all to transition to EVs and solar panels (as per regulations in several important jurisdictions such as California, EU, UK), that would be immensely bullish for silver. Then you have gold as a viable solution to multidrug-resistant superbugs. If that went mainstream it would be enormous for gold and PMs

Gold-based drugs proving effective in treating deadly 'superbugs' | Kitco News

5) The changing of the guard for "safe haven" assets. There used to be one Tier-1 asset - the USD and her sister products of US Treasuries. Gold could be either Tier-1 or Tier-3. Now gold (Basel III) is a Tier-1 asset alongside USD. Other traditional safe havens like bonds, GBP, JPY, physical real estate and defensive stocks (e.g. medical/consumer healthcare, supermarkets/consumer staples, utilities and REITs (Real Estate Investment Trusts)), are more or less in vogue than they used to be, mostly less. Some "respectable" people are even talking about bitcoin and cryptos as a "safe haven" asset. That's so insane to me I can't describe it

6) We tend to be myopic about "the golden billion" of North America, Western Europe and Japan/South Korea/Singapore/Hong Kong/Australia. There have been huge advancements in 3rd-world and developing economies. That guy from YouTube, Mike Maloney, has good stats on this like the retail money (consumer credit) available for investment in PMs now is 220 times greater than in the last great bull run of the 1970s/80s, along with stock market cap being 49 times larger, assets under management about 40 times greater ....

 

[SidS]

Oh God Mike Maloney, and I quote: "I don't know when, but there's going to be a new monetary system and it'll be within this decade," - spoken in about 2013. Correct me if I'm wrong but the 2010s ended a few years ago.

Somebody once told me that silver was going to the moon in 2005 - the moon either wasn't very far from the ground or there's a LOT of optimism.

I've been leading the silver horse to the water for some time now, but I can't get the beggar to drink.

We won't see £500 silver this decade, I don't even think we'll see £50 silver this decade. I reckon at best £30 by December 2029, maybe £35 at a stretch with a really, really strong breeze.

I'm not bullish or even bearish on silver - I'm sideways-ish.

[HonestMoneyGoldSilver]

@SidS - Sure but the video doesn't contain any predictions just statistics. I don't entirely agree with anyone but that's what makes the markets tick and keeps life interesting, right? If a bitcoin can be worth $67,000 and a Pokemon card be worth $5,275,000, then an ounce of silver can be worth any arbitrary number. 

[flyingveepixie]

43 minutes ago, SidS said:

Oh God Mike Maloney, and I quote: "I don't know when, but there's going to be a new monetary system and it'll be within this decade," - spoken in about 2013. Correct me if I'm wrong but the 2010s ended a few years ago.

Somebody once told me that silver was going to the moon in 2005 - the moon either wasn't very far from the ground or there's a LOT of optimism.

I've been leading the silver horse to the water for some time now, but I can't get the beggar to drink.

We won't see £500 silver this decade, I don't even think we'll see £50 silver this decade. I reckon at best £30 by December 2029, maybe £35 at a stretch with a really, really strong breeze.

I'm not bullish or even bearish on silver - I'm sideways-ish.

I'm with you on the sideways-ish thing, and also on the Maloney thing. He kind of does my head in a bit, although I admit I very much enjoyed his 2013 'Hidden secrets of Money' series. I watched that as a stacking fledgling and learned quite a lot from it.

[silversky]

Genuinely surprised this is still hovering about at this level.  I expected a turn down and profit taking, or a sudden lunge through as a bunch of stop buys from the shorts got wiped out.  Perhaps the manipulators will get to play it both ways in the early hours...  

[HonestMoneyGoldSilver]

1 hour ago, silversky said:

Genuinely surprised this is still hovering about at this level.  I expected a turn down and profit taking, or a sudden lunge through as a bunch of stop buys from the shorts got wiped out.  Perhaps the manipulators will get to play it both ways in the early hours...  

There have been several dips but the buying pressure is too strong. The biggest dealers in the west (literally) are having trouble keeping items in stock and shipping out existing orders, premiums are reaching insane levels. It used to be possible to buy Eagles $3 over spot now they're currently $21.75-22.25 over spot. You read that correctly. An ASE is $46.80 on SD Bullion and $47.30 on APMEX

I check international sites regularly, mostly USA and Asia. Even when spot dips the premiums are rising faster than the dips. Everybody that says this is invariably wrong but I don't mind if I am wrong ..... it's different this time. This is just the beginning

[silversky]

ASEs have been low on stock for quite some time.  They seem to under produce these days.  But other models are available, and Britannias are available on 2 week order for $31.29