Wallstreetbets eye up SLV

[Davros006]

It'll sure be amusing if some of these multitude of paper contracts stand for delivery..

This pass the parcel of lending the same bars over and over might just come a cropper.

 

 

[Oldun]

Premiums will go up until the bottleneck is unblocked.

[BackyardBullion]

Nobody has mentioned a big winner from all the UK dealers "selling out" of silver....the VAT man. A cool 20% on every purchase from this weekends hype and talk....

Taxman always wins 😉

I feel sorry for the people that didn't know better and are sitting on £33/Oz Britannia when the look at the buy back prices tomorrow

[Martlet]

The WSB pumpers dont want physical, that'll be snapped up by existing silver stackers.  WSB's will buy the wide range of ETF and derivatives they can get their hands on, which will pump everything but also spread their firepower too thin.  I'm eyeing up the 3x ETF, enjoy the rollercoster, just remember to get off. 

Edited February 1, 2021 by Martlet

[BackyardBullion]

Maybe WSB will visit my channel and say hello 😉

[silversky]

1 minute ago, BackyardBullion said:

Nobody has mentioned a big winner from all the UK dealers "selling out" of silver....the VAT man. A cool 20% on every purchase from this weekends hype and talk....

Taxman always wins 😉

I feel sorry for the people that didn't know better and are sitting on £33/Oz Britannia when the look at the buy back prices tomorrow

I don't think that there are that many buyers of full vat silver.  It will not be being bought in large amounts as actual silver in the UK.  Other vehicles are available which don't suffer that problem to UK investors.  It is demand in the rest of the (as yet untaxed) world that will drive price.  I honestly don't think the taxman is winning by fencing off the UK from standard priced physical.  He'd do far better out of allowing the retail market to buy without VAT and gaining the tax from the bullion dealers profit who would be able to expand business as a result.

[BackyardBullion]

1 minute ago, silversky said:

I don't think that there are that many buyers of full vat silver.  It will not be being bought in large amounts as actual silver in the UK.  Other vehicles are available which don't suffer that problem to UK investors.  It is demand in the rest of the (as yet untaxed) world that will drive price.  I honestly don't think the taxman is winning by fencing off the UK from standard priced physical.  He'd do far better out of allowing the retail market to buy without VAT and gaining the tax from the bullion dealers profit who would be able to expand business as a result.

Don't forget all the silver bought from Europe this weekend bound for the UK will have VAT applied!

[Scuzzle]

3 minutes ago, BackyardBullion said:

Don't forget all the silver bought from Europe this weekend bound for the UK will have VAT applied!

Is it still viable to buy from Europe under a level VAT amount, I would have thought the likes of Atkinsons might have worked out the same now.  I was just off to attempt a basket comparison and do a 25x Brittania comparison between the two but everyone appears to be out of stock both in Europe and the UK.

[silversky]

6 minutes ago, BackyardBullion said:

Don't forget all the silver bought from Europe this weekend bound for the UK will have VAT applied!

What silver bought from Europe this weekend?  I don't believe that there are armies of people in the UK buying it at full vat.  They have far better options to ride this tiger than paying vat.  Second hand perhaps will pick up as it will come at a fairer price but the volume for UK brand new physical from Europe must have fallen off a cliff.

[Oldun]

Brilliant read from 4 years ago if you have the time.

https://www.zerohedge.com/news/2021-01-30/repost-silver-abuse-1990s

[BackyardBullion]

Just now, silversky said:

What silver bought from Europe this weekend?  I don't believe that there are armies of people in the UK buying it at full vat.  They have far better options to ride this tiger than paying vat.  Second hand perhaps will pick up as it will come at a fairer price but the volume for UK brand new physical from Europe must have fallen off a cliff.

Well, if you believe the banners on bullion by post and Atkinsons saying silver high demand and them basically being out of stock then many people have bought with VAT applied.

Personally I think they have done this to hold back the majority of their stock to cash in tomorrow and not be beholden to the price changes for restocking their shelves.

[silversky]

2 minutes ago, BackyardBullion said:

Personally I think they have done this to hold back the majority of their stock to cash in tomorrow and not be beholden to the price changes for restocking their shelves.

Definitely but remember they are also short the same amount of physical stock that they hold.  Balanced books.

But also it doesn't suggest that their demand has actually been in silver on those banners.  They have had busy banners for quite some time now.  Some will be silver for sure but I also think gold is on a lot of peoples radars recently.  I'm prepared to be told that I'm wrong by any of the bullion dealers who frequent this forum but I'd be surprised if there was a significant and substantive volume of silver buyers.  Let's not forget that most retail silver bullion in the UK has not been bought from a UK dealer for a long time.  Everyone who has been around for more than a few months learnt to buy it at the "correct price" from Europe.  Sure there will be a few who are new and accept the 20% rape but most will know to use a different vehicle to ride this tiger.

[Stwills]

Opens with a gap - 32USD 1st target, going to be an interesting week

\

[silvernewbie]

Theres no way bpb and atkinson have sold out, they simply dont want to sell at these lower prices in anticipation of large spikes next week, even silvertrader took his site down.  When ordering from EU its not just vat but delivery and courier fees, better to buy from the fb groups or even ebay is cheaper than EU.  

[Silversavant]

So, obviously everyone on here owns physical silver. If price were to go up drastically, will you and sell and who do you think you would sell too? I'm not sure if the Bullion dealers knowing what is happening would actually be willing to buy back if prices went up by a decent percentage due to WSB. Please feel free to correct me if you think I'm wrong and put me in the naughty corner.

I don't think that I would be looking to buy or sell in a rapidly increasing market as that's not what I buy silver for.

[Oldun]

For those playing gamestop, they should take their profits and run. WallStreet (the casino) will let them have this lucky battle win but wont let them win the war. Not a chance. They have trillions at their disposal and will crush the gaggle that are reddit and WSB.

Edited February 1, 2021 by Oldun

[Oldun]

5 minutes ago, Silversavant said:

So, obviously everyone on here owns physical silver. If price were to go up drastically, will you and sell and who do you think you would sell too? I'm not sure if the Bullion dealers knowing what is happening would actually be willing to buy back if prices went up by a decent percentage due to WSB. Please feel free to correct me if you think I'm wrong and put me in the naughty corner.

I don't think that I would be looking to buy or sell in a rapidly increasing market as that's not what I buy silver for.

I think most will hold for the next few years if you are talking physical. Paper, who knows ? Easy in, easy out.

[SilverDrum]

https://new.reddit.com/r/wallstreetbets/comments/l6novm/the_real_dd_on_slv_the_worlds_biggest_short/

Interesting DD

[Silversavant]

5 minutes ago, Oldun said:

I think most will hold for the next few years if you are talking physical. Paper, who knows ? Easy in, easy out.

Sadly, my wallet says "easy out" as well. Thing be damned. 😕

[MrFreezerrr]

I think silver might rise for a while but will eventually bounce back. It’s just too hyped up (again and again) and all the fomo going around...a lot of dealers playing mindgames amongst the masses so they can sell big. I like silver but refuse buying physical silver at these crazy prices. Big dealers: If silver price is low, you mostly pay high with the premiums. If silver price is high, it’s harder to sell at a decent price. If silver price is predicted to rise, all dealers shut down. Above all that there’s brexit bringing VAT and/or customs to play...pffff...it feels more like a hassle then a joy for me. Like Oldun says, maybe a.t.m. there’s some good opportunities for silver paper investment; in-and-out. But I’m still focussed on holding mostly physical gold. I know people will dissagree on that but it’s just a personal choice on what believes/thoughts for the future you hold.

Edited February 1, 2021 by MrFreezerrr

[Oldun]

41 minutes ago, Silversavant said:

Sadly, my wallet says "easy out" as well. Thing be damned. 😕

Lol, yes indeed. Only buy physical with money you dont need for a while. Imagine those who bought in 2011 at $50.......they are still underwater 10 years later or would have lost up to 80% of their money if the sold at the bottom. Silver is a very dangerous thing to play with.

Edited February 1, 2021 by Oldun

[Oldun]

3 minutes ago, MrFreezerrr said:

I think silver might rise for a while but will eventually bounce back. It’s just too hyped up (again and again) and all the fomo going around...dealers creating chaos amongst the masses so they can sell big. I like silver but refuse buying physical silver at these crazy prices. Big dealers: If silver price is low, you mostly pay high with the premiums. If silver price is high, it’s harder to sell at a decent price. If silver price is predicted to rise, all dealers shut down. Above all that there’s brexit bringing VAT and/or customs to play...pffff...it feels more like a hassle then a joy for me. Like Oldun says, maybe a.t.m. there’s some good opportunities for silver paper investment; in-and-out. But I’m still focussed on holding mostly physical gold. I know people will dissagree on that but it’s just a personal choice on what believes/thoughts for the future you hold.

Wise words. I think the majority hold physical here and are not new to the game and will have seen and experienced at least the last run up a decade ago and subsequent doldrums into 2016 and slow grind higher from there.

Edited February 1, 2021 by Oldun

[Silversavant]

9 minutes ago, MrFreezerrr said:

I think silver might rise for a while but will eventually bounce back. It’s just too hyped up (again and again) and all the fomo going around...a lot of dealers playing mindgames amongst the masses so they can sell big. I like silver but refuse buying physical silver at these crazy prices. Big dealers: If silver price is low, you mostly pay high with the premiums. If silver price is high, it’s harder to sell at a decent price. If silver price is predicted to rise, all dealers shut down. Above all that there’s brexit bringing VAT and/or customs to play...pffff...it feels more like a hassle then a joy for me. Like Oldun says, maybe a.t.m. there’s some good opportunities for silver paper investment; in-and-out. But I’m still focussed on holding mostly physical gold. I know people will dissagree on that but it’s just a personal choice on what believes/thoughts for the future you hold.

a Bit like mortgages (UK at least) when the market is good, you pay more for the house but a cheaper rate for your mortgage. when the market is bad, the house is cheaper but you pay more interest.

[SilverDrum]

Maybe we shall see more silver 1/10th's around 😁

[Silversavant]

1 minute ago, SilverDrum said:

Maybe we shall see more silver 1/10th's around 😁

and maybe for the price of 1oz yesterday lol