Wallstreetbets eye up SLV

[AndrewSL76]

FYI - for anyone wanting to take advantage of the digi-silver service the Royal Mint offers, bear in mind that even though this is 'digital' silver, they STILL charge 20% VAT!!!!!!!!!!!!

[Silversavant]

7 minutes ago, sixgun said:

i hear there is 10 million of them in this Reddit group. A $1000 a piece would be $10 billion in firepower. 

And if the silver market is 20 billion USD (physical) thats a sizeable chunk

[Oldun]

8 minutes ago, sixgun said:

i hear there is 10 million of them in this Reddit group. A $1000 a piece would be $10 billion in firepower. 

For a short time. The Fed has unlimited firepower. 10 billion is chump change. This isn’t a quick battle. It is a long haul and you would need serious seed capital to even start to smoke the real players out.

Edited January 31, 2021 by Oldun

[sixgun]

3 minutes ago, Oldun said:

For a short time. The Fed has unlimited firepower. 10 billion is chump change

And how is the Fed going to stop a rise in the silver price?
Sell short on the COMEX these days and delivery will be demanded of the shorts. The banks are desperate to come from under their shorts.
The Fed cannot print physical into existence. 

Edited January 31, 2021 by sixgun

[Paul]

visuals/pictures are worth x1,000 words  

[goluckystayhappy]

People talking about silver the next target. I see Apmex now have a message on their website 'Due to unprecedented demand on physical silver products, we are unable to accept any additional orders on a large number of products, until global markets open Sunday evening.'

[FrehleysBoots]

16 minutes ago, goluckystayhappy said:

People talking about silver the next target. I see Apmex now have a message on their website 'Due to unprecedented demand on physical silver products, we are unable to accept any additional orders on a large number of products, until global markets open Sunday evening.'

SD Bullion also

[silenceissilver]

47 minutes ago, sixgun said:

And how is the Fed going to stop a rise in the silver price?
Sell short on the COMEX these days and delivery will be demanded of the shorts. The banks are desperate to come from under their shorts.
The Fed cannot print physical into existence. 

With all their fiat surely they can afford the best alchemists.

[axteca]

https://www.zerohedge.com/markets/reddit-preparing-unleash-worlds-biggest-short-squeeze-silver

 

Interesting link on #silversqueeze

[RiverbankSilver]

[FrehleysBoots]

Great commentary;

 

 

 

[Paul]

6 minutes ago, RiverbankSilver said:

i am checking UK bullion dealers most days to be be fair BBP, Atkinsons, UKbullion, ATS have all had delay banners a while now for whatever reasons COVID/less worker/high demand before the SLV reddit campaign the past few days 

[Chrissyblards1]

What time will the markets open here GMT for spot price changes if any.

[sixgun]

51 minutes ago, goluckystayhappy said:

People talking about silver the next target. I see Apmex now have a message on their website 'Due to unprecedented demand on physical silver products, we are unable to accept any additional orders on a large number of products, until global markets open Sunday evening.'

What they mean is they expect the price of silver to pop and they aren't going to sell silver at today's price. 

[Paul]

2 minutes ago, sixgun said:

What they mean is they expect the price of silver to pop and they aren't going to sell silver at today's price. 

exactly what i thought when i read it, I've met someone was sceptical and untrusting as myself !! 

 

[Paul]

from Atkinsons blog 31st jan today

https://atkinsonsbullion.com/news/january-2021/delivery-update

"Our despatch team are working hard to ensure your orders are on their way to you as soon as possible. Due to unprecedented demand, we are currently estimating that despatch may take around 5-7 working days* after we have received cleared payment.

Enormous effort is going on behind the scenes to ensure we get your products to you as quickly as we can, whilst also keeping our staff safe and maintaining social distancing.

Please keep your eye on the banner at the top of our website, as we will adjust the message accordingly to keep you updated.

For further updates on deliveries, please see the Royal Mail website.

We thank you for your patience and understanding.

- The Atkinsons Team

*5-7 days refers to products that are in stock and available for despatch only. Other items may have a longer despatch date, these will advised on the individual product."

 

Previous delay warnings banner on home page was 2-3 days delay last week

 

[Chrissyblards1]

2 minutes ago, Paul said:

exactly what i thought when i read it, I've met someone was sceptical and untrusting as myself !! 

 

Clearly they don’t want to get burnt by selling something that could potentially go up by a fair bit of a margin. 😁 

1 minute ago, Paul said:

from Atkinsons blog 31st jan today

https://atkinsonsbullion.com/news/january-2021/delivery-update

"Our despatch team are working hard to ensure your orders are on their way to you as soon as possible. Due to unprecedented demand, we are currently estimating that despatch may take around 5-7 working days* after we have received cleared payment.

Enormous effort is going on behind the scenes to ensure we get your products to you as quickly as we can, whilst also keeping our staff safe and maintaining social distancing.

Please keep your eye on the banner at the top of our website, as we will adjust the message accordingly to keep you updated.

For further updates on deliveries, please see the Royal Mail website.

We thank you for your patience and understanding.

- The Atkinsons Team

*5-7 days refers to products that are in stock and available for despatch only. Other items may have a longer despatch date, these will advised on the individual product."

 

Previous delay warnings banner on home page was 2-3 days delay last week

 

They are still selling though.

[LawrenceChard]

On 31/01/2021 at 12:28, Cornishfarmer said:

@LawrenceChard you will have as much insight as anyone on this.     Have physical sales taken off this weekend?    If silver does skyrocket will you be paying what you are now or will you hold off until it settles.

personally I can see it going up but not as big as game because the market in silver is too big world wide with too many holding where as with the shares it’s easier to do.   Don’t get me wrong I think silver is manipulated and not where it should be but can’t see it going to the moon..... As much as I would like it to.        Next question.  Who will buy when we want to sell?

 

Sure, I have as little insight into this as anyone else.

Having been aware of the WSB and GME fun and games, ZeroHedge or Seeking Alpha mentioned that the Reddit crowd might look at silver next. Sure enough silver did pop up by between £1 and £1.50; and the Gold:Silver ratio dipped below 70:1 to 68.3.

It will be tremendously entertaining if these guys do crowd into silver, and do a Bunker Hunt.

We have not seen any sales spikes in silver, and I remain quite happy about that, as transport and deliveries are still problematic, due to both Covid and Brexit. Freight rates are still high, you may have seen reports about them being up by a factor of about 8. If we get huge sales spikes, we should be able to consolidate shipments, keeping unit shipping costs low, but on the other hand, it sounds like most mints are having transport and supply problems with blanks. This may cause greater backlogs, which we don't like, but have to deal with.

If the conspiracy theorists seize on mint supply and delay problems, they may concude that demand is higher than it actually is, or that silver as a commodity is in short supply, creating publicity to that effect, and start, drive, or feed hysteria for investors, speculators, and gamblers, to pile into silver.

As we sell silver bars and coins, we will be happy to try and service some of this demand, but we may get swamped if it turns into full-blown hysteria.

We will maintain a market, and our buying prices should not chnage much relative to intrinsic.

I think you are right that a silver play is unlikely to get as crazy as GME.

I don't go along with the conspiracy theories that silver is manipulated, at least not in a major way.

We will still be buying silver, but did I menton that I think platinum is too cheap, certainly when looking at the Gold:Platinum ratio, currently about 1.71 compared with typically about 1.0 for much of the past 40 years. Platinum price has been below gold since about 2001, and i think it is overdue to recover.

 

 

Edited February 1, 2021 by LawrenceChard
fixed typos

[Paul]

1 minute ago, Chrissyblards1 said:

Clearly they don’t want to get burnt by selling something that could potentially go up by a fair bit of a margin. 😁 

Would you sell if you knew it has a chance to go parabolic ?? 

even if they go dark and say say all bets are off "no product available " this onlys works to prove the reddit trend right, if joe public looks and shelves are sold and bear, what does that do to the SLV price? ETF price? ebay price buying physical from actual people private sellers ?

Gonna be an interesting week

Who knows? we all might get our RM 2oz silver Three Graces for "spot" at this rate !  😎😎😎

[Chrissyblards1]

Just now, Paul said:

Would you sell if you knew it has a chance to go parabolic ?? 

even if they go dark and say say all bets are off "no product available " this onlys works to prove the reddit trend right, if joe public looks and shelves are sold and bear, what does that do to the SLV price? ETF price? ebay price buying physical from actual people private sellers ?

Gonna be an interesting week

Who knows? we all might get our RM 2oz silver Three Graces for "spot" at this rate !  😎😎😎

We can hope it goes crazy. As long as there are buyers like Atkinsons and chards still willing to buy.

[Chrissyblards1]

8 minutes ago, LawrenceChard said:

Sure, I have as little insight into this as anyone else.

Having been aware of the WSB and GME fun and games, ZeroHedge or Seeking Alpha mentioned that the Reddit crowd might look at silver next. Sure enough silver did pop up by between £1 and £1.50; and the Gold:Silver ratio dipped below 70:1 to 68.3.

It sill be tremendoudly entertaining if these guys do crowd into silver, and do a Bunker Hunt.

We have not seen any sales spikes in silver, and I remain quite happy about that, as transport and deliveries are still problematic, due to both Covid and Brexit. Freight rates are still high, you may have seen reports about them being up by a factor of about 8. If we get huge sales spikes, we should be able to consolidate shipments, keeping unit shipping costs low, but on the other hand, it sounds like most mints are having transport and supply problems with blanks. This may cause greater backlogs, which we don't like, but have to deal with.

If the conspiracy theorists seize on mint supply and delay problems, they may concude that demand is higher than it actually is, or that silver as a commodity is in short supply, creating publicity to that effect, and start, drive, or feed hysteria for investors, speculators, and gamblers, to pile into silver.

As we sell silver bars and coins, we will be happy to try and service some of this demand, but we may get swamped if it turns into full-blown hysteria.

We will maintain a market, and our buying prices should not chnage much relative to intrinsic.

I think you are right that a silver play is unlikely to get as crazy as GME.

I don't go along with the conspiracy theories that silver is manipulated, at least not in a major way.

We will still be buying silver, but did I menton that I think platinum is too cheap, certainly when looking at the Gold:Platinum ratio, currently about 1.71 compared with typically about 1.0 for much of the past 40 years. Platinum price has been below gold since about 2001, and i think it is overdue to recover.

 

 

Thanks for the update. We may possibly be selling you some to help you sell to others then. If the price is right? I’m nice like that. 😁👍

[motorbikez]

22 minutes ago, Chrissyblards1 said:

What time will the markets open here GMT for spot price changes if any.

2300 hrs you can see what the Asian markets are up to.

[Scuzzle]

Even if this all comes to nothing I think the increase in awareness of the silver situation won't go wrong, looking at the new sign ups to the forum over the last few days this looks like a vast increase over the norm so to my mind that bodes well.  I would also like to know if there is any discrepancy in supply and demand between the UK and the US as I believe the situation is vastly different between the two.  Here in the UK we have the rise in premiums of late combined with the shock to the system that is the full 20% VAT, I for one can't bring myself to buy of late and am thankfull I accumulated a decent position while the prices were better, I started stacking in 2015 and it looks like a happy accident that I got in at the bottom.

The US situation to my mind is different, they have coin shops everywhere, we just have a tiny handful, they don't pay anything like we do for silver in the way of hiddenn extras like VAT. What is blatantly ovbious is that these shennanigans are not just kids with a gripe against the system, there is big institutional money working alongside.

Edited January 31, 2021 by Scuzzle

[Chrissyblards1]

8 minutes ago, motorbikez said:

2300 hrs you can see what the Asian markets are up to.

Thanks.

[Paul]

1 hour ago, FrehleysBoots said:

Great commentary;

 

 

 

@44.00 mins in you have Andy Schectman from Miles Franklin, USA bullion dealer giving his info from the inside as to what's going on and what is happening in his business