Silver Monitoring Thread £ (GBP) only.

[HonestMoneyGoldSilver]

7 minutes ago, silversky said:

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

True but on March 17th when spot was $22.50, a 2023 ASE was $35.50 (100 coins) on SDBullion. Now on April 12th when spot is $25.05, that same 2023 ASE is $45.51 (100 coins). So spot went up $2.55 and the premium went up $7.96 for a total price hike of $10.01/coin or $1001 on 100 coins.

With 2023 KCIIIs, the price on 17th March was $26.64 (100 coins) and right now it's $30.82 (100 coins) on sale. So spot went up $2.55 and the premium went up another $1.63 for a total price hike of $4.18/coin or $418 for 100 coins. KCIII is on sale and is $3 cheaper than QEII, the QEIIs having a $4.62 premium hike + $2.55 spot, a total hike of $7.17/coin or $717 for 100 coins since March 17th. 

I commented on ASEs a couple of pages back but the same holds true for all coins, generic rounds + constitutional silver. The only stuff you can pick up without being fisted by premiums are 10oz-1kg + generics. Yankee Stacking and Silver Dragons did a joint video on this a few days ago when they both said they had given up stacking sovereign coins and generic rounds due to premiums. They were recently stacking Britannias and Maples, not Eagles. Now they are doing 10oz-1kg + generics. Imagine how those poor fellows would react to 20% VAT 🤣

It's a physical silver squeeze starting in the largest market - the USA. It will feed over here too, just like with oil and gas. We produce that ourselves and get most of the rest from Norway but as prices are set internationally, we got fisted. The higher silver premiums get in the USA, the higher they will get here too 😬. Great for sellers I suppose, not so much if you're trying to stack 😨

 

On 26/03/2023 at 22:09, HonestMoneyGoldSilver said:

 If demand for gold and silver increases but the supply remains constant or decreases, the price will most likely increase. A great example of this is American Silver Eagles. The US Mint was effectively ordered by Congress to ramp up production to meet domestic demand (their legal obligation) yet the US Mint did not deliver. In 2021 there were approx 28 million Silver Eagles minted, the US Mint promised to increase production, yet in 2022 there were only approx 16 million Silver Eagles. That led to a huge spike in the premium for Eagles (it exceeded 100% at times) and these factors are still in play in 2023 with the US Mint failing to meet its obligations in both mintage numbers and quality assurance. | U.S. Mint (usmint.gov) for production figures.

[silversky]

Looks like that smash up is underway...  Are they playing for a stop run and then a big drop?  That game always seems to happen in the early hours...

[HonestMoneyGoldSilver]

@silversky _ IDK my friend but it's really pumping. I've been trying to figure this out for a while. Hoping I wake up tomorrow and spot is £250 😋

Edited April 12, 2023 by HonestMoneyGoldSilver
ran out of reactions or I would hit you up

[HonestMoneyGoldSilver]

@silversky My best guess is that occasionally cryptos and paper PMs have an inverse relationship - funds are taken from one and funnelled into the other. This is fully tax efficient if you liquidate crypto-related ETFs and dump them into PM ETFs (0% tax on profits)

Crypto has been pumping all week and today but is now on the retreat, perhaps a number of investors have decided to take their profit from the "knife-edge" of BTC (some analysts are saying BTC has to break $31K to remain on a bull run or else it could fall off a cliff, e.g. Kitco), and throw their lot in with actual money, or a closer approximation of it.

Of course correlation doesn't always equal causation. It could just as likely be as you suggest - JPM and friends manipulating PM markets, again. 

[MBTPSilver]

£20.60 today, and some very impressive gains this past month (20% +). It'll be interesting to see if it can sustain a price above £20 for a while.

[DarkChameleon]

15 minutes ago, MBTPSilver said:

£20.60 today, and some very impressive gains this past month (20% +). It'll be interesting to see if it can sustain a price above £20 for a while.

but will the premiums come down to match the rise or stay silly.

[MBTPSilver]

13 minutes ago, DarkChameleon said:

but will the premiums come down to match the rise or stay silly.

Premiums are based primarily on fixed costs (salaries, energy bills, manufacturing, packaging delivery etc), so it'll take a much bigger silver price rise to outweigh those. I'd reckon around £40/50 an ounce you might see premiums come down a bit. Demand would also need to come down a lot, if Royal Mint can sell silver Brits at £30 + VAT they will continue to do so. Stick to second hand from dealers, or private buying, and the premiums start to come down.

[CANV]

I like the whole theory of the actual physical market finally breaking the paper market, when deliveries are finally required and the paper cant be rolled over...

id love to see it happen but I fear it will require a crisis event.  maybe real traction in 'de dollaring' by some significant countries and a new currency backed by gold or maybe even silver due to the scale of thing.  

[MBTPSilver]

£20.70 today, it's certainly one of the more impressive rallies I've seen from silver in the past 5 years. Building some good momentum now, maybe even £21 by close of play tomorrow.

[Paul]

5 minutes ago, MBTPSilver said:

£20.70 today, it's certainly one of the more impressive rallies I've seen from silver in the past 5 years. Building some good momentum now, maybe even £21 by close of play tomorrow.

. . . . .  to da' mooooooooooooooooooon 1980 all time high 

Edited April 13, 2023 by Paul

[MintageSeller]

27 minutes ago, Paul said:

. . . . .  to da' mooooooooooooooooooon 1980 all time high 

And the elon goes on snl and it goes the lowest it has ever been 

[silversky]

28 minutes ago, Paul said:

. . . . .  to da' mooooooooooooooooooon 1980 all time high 

Just out of interest... What is the inflation adjusted all time high?  I wonder if there's anyone still waiting to break even...  

[SidS]

2 minutes ago, silversky said:

Just out of interest... What is the inflation adjusted all time high?  I wonder if there's anyone still waiting to break even...  

Me.

[SlugForAButt]

15 minutes ago, silversky said:

Just out of interest... What is the inflation adjusted all time high?  I wonder if there's anyone still waiting to break even...  

Silver hit $138 in 1980 which was £58.

£58 in 1980 is equal to £318 today.

[SidS]

2 minutes ago, SlugForAButt said:

Silver hit $138 in 1980 which was £58.

£58 in 1980 is equal to £318 today.

It still hasn't made £500 then even inflation adjusted.

[HonestMoneyGoldSilver]

20 minutes ago, SidS said:

Me.

You're not alone there my friend. A boatload of folks bought in 2020/21 with prices $28.50-$29.50 and are still 15-20% in the red. Salivate Metal (USA, YouTuber) is one of those people as is everyone who has bought on allocation weekly/monthly over the last 3 years, especially during the covid shenanigans

[silversky]

23 minutes ago, SidS said:

Me.

Anyone got some lovely 1980 silver coins?  I'm guessing there weren't many made... 

[CANV]

‘Vintage’ yank stuff.    It’s superb 

[Happypanda88]

9 hours ago, silversky said:

Anyone got some lovely 1980 silver coins?  I'm guessing there weren't many made... 

I guess some punters may have stacked kilos and kilos of pre-1920 silver coins when it was at ATH. 

[James32]

Trying it's best to break £21 

[flyingveepixie]

26 minutes ago, James32 said:

Trying it's best to break £21 

Anyone got any ideas as to what's driving it..?

Edited April 14, 2023 by flyingveepixie

[EdwardTeach]

1 hour ago, flyingveepixie said:

Anyone got any ideas as to what's driving it..?

Fear of more banks collapsing probably. Gold has already gone up so people are looking at alternate options.

Edited April 14, 2023 by EdwardTeach

[James32]

1 hour ago, flyingveepixie said:

Anyone got any ideas as to what's driving it..?

Other than it being long overdue, likely demand because of banking fears etc. Gold is nice, but not reachable for the majority. 

[Booky586]

No words required, chart says it all.......

[artalien]

2 hours ago, flyingveepixie said:

Anyone got any ideas as to what's driving it..?

Is it panicked Americans, dollar is dead etcetc? I am currently accepting all "the end is nigh" type wooden boards for my ark.

Edited April 14, 2023 by artalien