Silver Monitoring Thread £ (GBP) only.

[Fluttershy]

LOL, barring a major economic collapse/incident, we`ll see £8.xx regularly and even £7.xx dips over the next year or 2.

stack fiat for now, there`s a long way down to go yet!

 

this is of course my opinion only

 

 

 

[Scuzzle]

1 hour ago, Fluttershy said:

LOL, barring a major economic collapse/incident, we`ll see £8.xx regularly and even £7.xx dips over the next year or 2.

stack fiat for now, there`s a long way down to go yet!

 

this is of course my opinion only

 

 

 

It's looking like silver sellers have a bottom line which they refuse to go lower than though and any reduction in spot will just be offset with a higher premium to them.  Just my observations but many sellers looked unwilling to drop prices all the way down when spot was nearer £9.

[DRooster]

Wiht this current dip to £9.40 spot I ordered a few more Kangaroos at a very decent in-the-hand price anyway.

With such public coin demand, even if spot falls plenty I reckon Scuzzle's right in that we won't see retail prices much lower than they are right now. The sellers aren't silly and the buyers will still be plentiful who will pay the premiums on bullion.

[garthy]

Silvers the lowest it's been for 6 years today, 2015 is the year Mike Maloney said I'd be able to buy a house with 500oz, I guess he lied 

 

[HelpingHands]

A dolls house.

[Carpe Diem]

I'm sure there's a nice 3 bed semi available somewhere for 500oz.  Assuming you don't mind commuting from Botswana.

[HelpingHands]

As it's thanksgiving let's give thanks for that smack down.

[Danny-boy]

As it's thanksgiving let's give thanks for that smack down.

No smackdown on my charts, although another forum ticker shows a 20p drop.

Wtf

[HelpingHands]

Maybe something to do with only non-US markets open?  It might depend on your chart source?

[Danny-boy]

Bullion vault UK is £9.46.

Kitco is the same.

Atkinsons is £9.48

Only place I see different (9.25ish) is SilverStackers ticker.

Weird.

[garthy]

Market should be closed, opens again at 11, I don't understand where that smack down came from but it's definitely not showing up everywhere, strange.

[garthy]

Official figures, World silver deficits 12 years running, basically demand's out stripped supply now 12 years in a row.  

 

Edited November 26, 2015 by garthy

[HelpingHands]

The markets seem to have fixed themselves but now there is a floating blob.

I think Friday has half a day trading after the thanksgiving day off.

[garthy]

I think there'll be a few raised eyebrows today if silver ends up where that false smack down finished up.

[HelpingHands]

Well it's making the first week of the spot direction competition interesting.

[shemyaza]

I'll display below the annual ETF and Exchange Physical Silver ounce builds adding to demand which is included in the above graph enabling huge speculative selling of Silver into the market the total is shown below of total dumpable Silver by Exchanges and ETF's beginning 2014:

2005= 15.9m, 2006=117.8m, 2007=76.3m, 2008=94.2m, 2009=141.6m, 2010=122.1m, 2011=11.8m, 2012=117.3m, 2013=10.4m, 2014= -7.5m Total=699.9m ounces.

Note: 700 million ounces are held ready for dumping. See the 2 lines below the Physical Surplus/Deficit official figures which add in the above demand to find the NET BALANCE! Take the above figures out of the graph and you have normal Physical Surplus/Deficit. https://www.silverinstitute.org/site/supply-demand/

That is an enormous position by Derivatives of 700million ounces and tells me the direct opposite to what the graph is initially saying by looking at the actual data behind the graph. That's an awful situation for the Paper price when 100's of paper ounces are backed by single physical ounces. Scary.

Edited November 29, 2015 by shemyaza

[Stu]

Looks like it may drop into the $13's again? Down, down, deeper and down.

[garthy]

Mike maloney of all people now saying silver could go to $7.

[BaldyBob]

Got a link Garthy ?

 

[garthy]

12 hours ago, BaldyBob said:

Got a link Garthy ?

 

It's quite a good watch, go to about 28 minutes when He talks about $7 silver.

http://goldsilver.com/hsom/silversummit/?utm_source=newsletter&utm_medium=12-1-2015&utm_campaign=SilverSummit2015  

[shemyaza]

It won't fall to $7. If I were reducing risk, looking at the 20yr Gold to Silver ratio I'd buy as a paper contract trader as much Silver right now as possible, which naturally pushes the Ratio from it's now apparent top, downwards. As it reaches it's bottom, you sell all the Silver and use that to buy as much Gold as possible. Price doesn't exist, ounces for ounces becomes the mantra and doing that looking at the last 20yrs is a risk free rise in stack ounces using the swings of the Ratio. Demand for metal is based on that not the price which is secondary and not relevant to long term ounce wealth builders. In Baseball terms you become a "Switch hitter". When the above ratio is low, you sell all your Silver and buy as much Gold as possible. Then when the ratio is high you sell all your Gold and use those funds to Buy as much Silver as possible. By definition, you increase your held Silver without spending an extra penny from top to top and increase your Gold ounces bottom to bottom without spending an extra penny. Paper or Physical, doesn't matter, Gold and Silver become ounce dividend holds producing in extra Ounces.

Edited December 8, 2015 by shemyaza
Edit: 20yrs represents the Derivative Age

[DRooster]

Gonna go under nine??

 

...bah humbug, went down near £9 but now back up a bit,

I was watching it out of interest really : bought mostly how much silver I intended to already.

Edited December 15, 2015 by DRooster
time

[shemyaza]

The Pound weakening might prevent it. Brent crude goes through the £ then $. We still do have some Petro-Pound left. Oil is key.

[a_a]

I thought we'd be well into next year before seeing £9, this is great

That chart suggests we are at or near a peak, also that when it does switch the steepest pukes take roughly 12 months..

[shemyaza]

The bloody pound weakened actually, un-reported, the Bank of England devalued the £ by 2% world wide. If US observers want to accuse Japan and Europe of trying to force the dollar up to maintain trade advantages, look only at what happened on Friday to the £. This caused WTI crude to rise against Brent as Brent is traded £'s into $'s. Our Silver held steady. Gold is in deep trouble, 4 Commodities are cheap at tops against it now. Alasdair Macleod knows that Silver is approaching the Ratio turn point where Algorithms trigger DY/DX derivative trading from one paper metal currency into another as Gold paper is very expensive against Silver paper. Holding Paper metal currency seems to be more important than holding fiat currency.

Edited December 20, 2015 by shemyaza