Why silver price is going down when we have such inflation?

[Silverlocks]

On 19/08/2022 at 14:26, LawrenceChard said:

Before I was old enough for a driving license, I used to cycle around the Fylde Coast to banks, to buy up their stocks of silver threepences.

😎

Uphill both ways, no doubt.

I reserve the right to dad joke without warning.

[GoldDiggerDave]

Sometimes the only thing more dangerous than a question is an answer. 

[Petra]

2 minutes ago, GoldDiggerDave said:

Sometimes the only thing more dangerous than a question is an answer. 

as the song goes….. there’s more questions than answers!🤔

 

[GoldDiggerDave]

3 minutes ago, Petra said:

as the song goes….. there’s more questions than answers!🤔

 

I was quoting one of the rules of acquisition............Rule 31 is a sound bit of good advice "Never make fun of a Ferengi's mother."

the best one is rule of acquisition 59 "Free advice is seldom cheap".

[Bigmarc]

1 hour ago, GoldDiggerDave said:

I was quoting one of the rules of acquisition............Rule 31 is a sound bit of good advice "Never make fun of a Ferengi's mother."

the best one is rule of acquisition 59 "Free advice is seldom cheap".

 

 

Oh!

[Silverlocks]

And, in related news, the seventy maxims of maximally effective mercenaries -

1. Pillage, then burn.^[1]

2. A Sergeant in motion outranks a Lieutenant who doesn't know what's going on.^[2]

3. An ordnance technician at a dead run outranks everybody.^[3]

4. Close air support covers a multitude of sins.^[4]

5. Close air support and friendly fire should be easier to tell apart.^[5]

6. If violence wasn’t your last resort, you failed to resort to enough of it. ^[6]

7. If the food is good enough, the grunts will stop complaining about the incoming fire.^[7]

8. Mockery and derision have their place. Usually, it's on the far side of the airlock.^[8]

9. Never turn your back on an enemy. ^[9]

10. Sometimes the only way out is through. . . through the hull.^[10]

11. Everything is air-droppable at least once. ^[11]

[ . . . ]

https://schlockmercenary.fandom.com/wiki/The_Seventy_Maxims_of_Maximally_Effective_Mercenaries

@Bigmarc - If you haven't read Schlock Mercenary, you might like it - it's had Hugo nominations and picked up several other gongs.  As it's quite the opus (7300 episodes) folks are generally recommended to read from the beginning of Big, Dumb Objects rather than issue 1.  

I want a t-shirt that says Pillage, then burn.  Does this count as thread drift?

Edited August 26, 2022 by Silverlocks

[Silver2022]

Yes, One billion ounces Silver sold on February 01, 2021. Today silver should be $50/ounce

[theman73]

[GoldDiggerDave]

8 hours ago, theman73 said:

With higher energy, fuel and likely wage costs we could see 30-40% dealer premiums instead of 20%?  Wait until you see dealers crying about the cost of living crisis.  It might be a good option to get a few more monster boxes now.  

With the world energy prices it has to be more expensive now to mine, refine, manufacture and transport  silver rounds and bars.   If everything else is going up in price due to energy prices silver has to right?........And this is one post where I'm not stomping all over silver, I've not been it's biggest fan but it has to go up in price at some point.   Or if paper silver is keeping physical silver low it might not even be economical to mine so we could see production stop.....that would be good for holders of physical silver in the short term. 

 

 

[SidS]

43 minutes ago, GoldDiggerDave said:

Or if paper silver is keeping physical silver low it might not even be economical to mine so we could see production stop.....that would be good for holders of physical silver in the short term. 

Cheaper to refine old silver no doubt? Plenty of flatware and cigarette cases that could be melted down.

[GoldDiggerDave]

9 minutes ago, SidS said:

Cheaper to refine old silver no doubt? Plenty of flatware and cigarette cases that could be melted down.

Is it?  I was watching my local news last night where a metal company makes and galvanises industrial fences and they were saying its becoming very expensive to heat the tanks to 400deg.    Silver would need smelting and then refining the cost is likely to be more than the value of the silver if energy prices continue to rise.   I know  toughened glass is getting so expensive just to firing up a kiln.  Anything that uses energy especially heavy industry can not escape the manipulated energy prices even manipulated silver.    It's going to be an interesting 6 months. 

What could be an Interesting scenario is where industry still needs refined fine silver but they can't afford the inflated cost......where could they get their hand on tons of refined fine silver?..........Stackers!   Might even see cash for silver adverts on TV it could get to a point where it's cheaper to cut out the mining refining part and just buy fine silver on the open market and offer say £30+ oz.

Gees I'm sounding like a silver convert...........    

[GoldDiggerDave]

Could industry melt down silver brits or anything with the queens head on it? Is it illegal to melt down or damage UK currency? 

[flyingveepixie]

21 minutes ago, GoldDiggerDave said:

Could industry melt down silver brits or anything with the queens head on it? Is it illegal to melt down or damage UK currency? 

Good point, but I'm sure the 'they' would just pass a law to make it legal if it suited them..  They do that with everything else...

Edited September 6, 2022 by flyingveepixie

[AaaGee]

11 minutes ago, flyingveepixie said:

Good point, but I'm sure the 'they' would just pass a law to make it legal if it suited them..  They do that with everything else...

But Borris is out now so maybe not so much lol

[flyingveepixie]

27 minutes ago, AaaGee said:

But Borris is out now so maybe not so much lol

What, you think they just started doing that kind of thing in 2019 when fatso got the job..? 

[AaaGee]

No, not at all. But it became more obvious to those not into politics.

[Defeatless]

On 23/08/2022 at 21:15, LawrenceChard said:

 

 

 

Thank you for clarifying that when you said "In most EU countries there is NO Vat on Bullion silver.", you meant "official minted coins from a country with a monetary value", although I would have hope you might be able to clarify the required fineness.

You also claim "These are still VAT free in many EU countries, like Belgium.", although you have failed to list a single other EU country where this applies.

I did say "If you would care to correct me by pointing to an official EU source which states otherwise, I would be grateful.", but you appear to have ignored this.

I would be happy to accept an official Belgian government source.

You did say "Please stop with giving misinformation.", yet you have offered very little evidence that my post constituted misinformation.

I remain patiently waiting for more and better information from you.

😎

 

There is no VAT on "official minted coins from a counrty with a monetary value" in The Netherlands. It is classified as a margin exemption. The dealers pay only tax on their margins, which is 21%. They don't have to clarify the VAT on the bill, because it will show how much they have payed for / how much profit there is on the coins, which is secret business info.  In Belgium the same rule applies.

This applies to all grades of silver. Even the numismatics.

Yet silver round, generic bars and whatsoever come with 21%. As so with palladium, platinum, rhodium etc...

All gold is exempt from VAT.

I bought quite some silver at goud999.com which is a Belgium site. They send it to The Netherlands without any VAT on the coins, see attachment. I put a little sticker on my adress.

So everyone is right a bit. A dealer does have to pay VAT in both The Netherlands and Belgium, but not on the coins, only on the margins they make.

[flyingveepixie]

8 minutes ago, AaaGee said:

No, not at all. But it became more obvious to those not into politics.

Ah, I see.   Apologies...😊

[LawrenceChard]

2 hours ago, GoldDiggerDave said:

Could industry melt down silver brits or anything with the queens head on it? Is it illegal to melt down or damage UK currency? 

Could industry melt down silver brits or anything with the queens head on it?

Yes, just like I could do 155 on the M55, but it is not legal. I presume we are talking about British coins, not medals, medallions, tokens, tankards...

or the rest of the queen, (also illegal)

Is it illegal to melt down or damage UK currency? 

Yes, except for the RM itself, or otherwise with Treaury permission.

😎

[LawrenceChard]

3 hours ago, GoldDiggerDave said:

Is it?  I was watching my local news last night where a metal company makes and galvanises industrial fences and they were saying its becoming very expensive to heat the tanks to 400deg.    Silver would need smelting and then refining the cost is likely to be more than the value of the silver if energy prices continue to rise.   I know  toughened glass is getting so expensive just to firing up a kiln.  Anything that uses energy especially heavy industry can not escape the manipulated energy prices even manipulated silver.    It's going to be an interesting 6 months. 

What could be an Interesting scenario is where industry still needs refined fine silver but they can't afford the inflated cost......where could they get their hand on tons of refined fine silver?..........Stackers!   Might even see cash for silver adverts on TV it could get to a point where it's cheaper to cut out the mining refining part and just buy fine silver on the open market and offer say £30+ oz.

Gees I'm sounding like a silver convert...........    

Some of what you just said helps to explain the disproportionately higher cost of processing / producing silver, compared with higher value metals, such as gold in particular.

The difference in energy costs between melting gold and silver is likely to be very small, whereas the ration of their value is more than 90:1!

Silver stackers take note, as this question gets asked every day, on TSF or the Rest of the World.

😎

[sixgun]

3 minutes ago, LawrenceChard said:

Could industry melt down silver brits or anything with the queens head on it?

Yes, just like I could do 155 on the M55, but it is not legal. I presume we are talking about British coins, not medals, medallions, tokens, tankards...

or the rest of the queen, (also illegal)

Is it illegal to melt down or damage UK currency? 

Yes, except for the RM itself, or otherwise with Treasury permission.

😎

It's illegal to destroy UK coins which are or have been legal tender in the UK since decimalisation.

Coinage Act 1971

S10. Restrictions on melting or breaking of metal coins.

(1) No person shall, except under the authority of a licence granted by the Treasury, melt down or break up any metal coin which is for the time being current in the United Kingdom or which, having been current there, has at any time after 16th May 1969 ceased to be so.

This would apply in the UK - you could take said coins to another jurisdiction and melt them down. There is the same sort of law in the US and i suspect most jurisdictions.

i sent BYB some Somali Elephants to melt down to make some hearts - he did this on video - it is on youtube. No-one has been knocking on my door and i doubt the Somali authorities are chasing BYB.

[GoldDiggerDave]

3 minutes ago, LawrenceChard said:

Some of what you just said helps to explain the disproportionately higher cost of processing / producing silver, compared with higher value metals, such as gold in particular.

The difference in energy costs between melting gold and silver is likely to be very small, whereas the ration of their value is more than 90:1!

Silver stackers take note, as this question gets asked every day, on TSF or the Rest of the World.

😎

Without a doubt it’s far more economical and energy efficient to produce gold per intrinsic pound/dollar than it would cost the equivalent in silver…….with higher worldwide energy prices is likely we could see higher gold/silver ratios.

 

another reason  to buy gold it’s more environmentally friendly compared to silver

it would be interesting to see if there’s any information on how much it cost to mine and refine silver vs gold per intrinsic pound/dollar……it will be almost certain than it will cost more in energy and base metal  to make a 1 pence coin than it’s worth in 2022. 

[Darr3nG]

6 minutes ago, sixgun said:

i doubt the Somali authorities are chasing BYB

What say you @BackyardBullion? Have you had anyone calling round from the Embassy?

[GoldDiggerDave]

6 minutes ago, sixgun said:

It's illegal to destroy UK coins which are or have been legal tender in the UK since decimalisation.

Coinage Act 1971

S10. Restrictions on melting or breaking of metal coins.

(1) No person shall, except under the authority of a licence granted by the Treasury, melt down or break up any metal coin which is for the time being current in the United Kingdom or which, having been current there, has at any time after 16th May 1969 ceased to be so.

This would apply in the UK - you could take said coins to another jurisdiction and melt them down. There is the same sort of law in the US and i suspect most jurisdictions.

i sent BYB some Somali Elephants to melt down to make some hearts - he did this on video - it is on youtube. No-one has been knocking on my door and i doubt the Somali authorities are chasing BYB.

Mate I’ve used 2 pence piece as washers as it was cheaper to use them as washers than pay 10 pence each for them…….plus it saved  the drive to the diy shop. 

[sixgun]

There is a shocking amount of impropriety and downright criminality going on on this forum. I am literally shaking.