Silver at over £24 an ounce, ie spot + UK VAT price.

[silvergaga]

What do TSF members think about this long Easter Weekend ie 4 day break for the UK Banks.

I have a sniff of something cooking with our banks, will they re-open on Tuesday next week without any Financial drama unfolding?

[James32]

1 hour ago, silvergaga said:

What do TSF members think about this long Easter Weekend ie 4 day break for the UK Banks.

I have a sniff of something cooking with our banks, will they re-open on Tuesday next week without any Financial drama unfolding?

A little confused with the title versus the question?

[silvergaga]

I am just wondering what this sudden high silver price is trying to tell us. Is it banks, recession, jobs, inflation? Or am I missing something?

[Zeuk]

4 minutes ago, silvergaga said:

I am just wondering what this sudden high silver price is trying to tell us. Is it banks, recession, jobs, inflation? Or am I missing something?

All of the above plus gold, war and its general trend for the last few weeks before it hits resistance.

[Fadeingstar]

I think it is interesting that Tesla, Amazon and Nvidea (among others) have taken a slight tumble in the past few days and at the same time Gold and Silver are on the rise. Reuters are pointing to weak economic data fueling recession fears and we all know that in times of recession "traditional" investments like silver and especially gold are seen as the safest port to weather any storms.

The CEO of JPMorgan Chase warned that the US banking crisis is ongoing and that its impact will be felt for years, other US banks are down such as Bank of America and Wells Fargo as well as the S&P 500 bank index.

For me, I think the current global inflation issue isn't really helping matters. Central banks around the world seem to think putting up interest rates is the best way to go about things. I am no economist however the BOE is banging up interest rates and inflation is still hovering around 10%. We have enjoyed very low-interest rates now for longer than a decade with the idea that low-interest rates encourage people to spend money rather than save money which gets money into the economy and helps businesses expand, also because debt has been relatively cheap a number of people have large mortgages often tracker types that they were just about able to pay. I can see why people took out a tracker mortgage when the past decade of data shows that rates have been consistently low. As an anecdote, a chap at work's mortgage has gone up over £400 when his current mortgage product ended recently.

Also, businesses have been able to take on huge amounts of cheap debt to fuel post-economic crisis growth and also following the pandemic the growth of companies has been unprecedented. Now with the rising cost of debt and just about everything else companies are having a hard time. If you look at the tech sector for example large multinationals have been trimming people out left and right. Microsoft, Amazon and Meta have all let a large number of people go.

With regards to silver, I think the $25 an oz mark seems to be where the resistance is I have been looking at the silver price chart just now in the kitco website and silver has been getting close just poping it head above the $25 an oz line then falling back to around $24.90

 

[Zeuk]

Tesla, Amazon etc. have been getting hammered for a while now, really since interest rates started rising, ive lost a bucket on them.  But high-interest rates are bad for stock and printing money was inflating them.  When interest rates start to turn there will be a good opportunity for stocks imo 

[Fadeingstar]

Just looking at Amazon and it is 39% down since this time last year. Tesla is 49% down since this time last year. I tend to agree that once things start to turn it could be a opportunity to buy some stocks the question being though when that will be. Personally I do not think we are out of the woods yet.

[bobski]

BRICS is getting stronger. dollar won't be the worlds preferred trading currency soon. Saudis don't want to do business with Joe biden after breaking promises to them after selling off their reserves and not replenishing. Learn to speak mandarin and buy gold

[bobski]

America has the choice between crippling interest rates or massive recession lol

[HonestMoneyGoldSilver]

Silver is roughly half ($24.93) its all-time high ($49.45) while gold ($2020.61) is nudging her all-time high ($2067.16)

Silver still has a lot of catching up to do and hasn't been adjusted for inflation. While inflation was running wild, silver actually went down in price by ~ 40% (from $29.58 to $17.95). We haven't recovered the highs of $29.58 seen during 2021 (and almost $29 in 2020)

Food and energy, the two things we need to live alongside water and air, are not included in inflation stats. Energy is crucial for mining, refineries and minting. There is no reason why silver shouldn't already be at $30 and at the risk of sounding optimistic or carried away, silver should be much higher than $30. Silver and gold are not just a store of value but a store of the energy invested to mine and mint. 

The conditions for silver are much more favourable now in terms of awareness, global stacking, inflation and interest rates than in 2020/21. The silver price is going to keep climbing, we haven't even hit the trigger points at the Fed, BoE and ECB yet, which are all but guaranteed to boost prices. Silver has massive upside potential, perhaps the most it has had in decades. I'll stop short of being an outright propagandist about silver as many people have said what I just said over the years and been wrong

[bobski]

I think normal people buying silver will push the silver price, and financial institutions and the top earners will push the price of gold. which one gets the biggest push in the next 12 months obviously depends on too many things to predict.

[HonestMoneyGoldSilver]

7 minutes ago, bobski said:

I think normal people buying silver will push the silver price, and financial institutions and the top earners will push the price of gold. which one gets the biggest push in the next 12 months obviously depends on too many things to predict.

By all accounts from the USA, silver has gone bananas. Some LCSs are completely sold out of silver which is highly abnormal. LCSs are usually quiet like jewelry stores, now there are lines outside the door at opening time. Some LCSs (Local Coin Shops) have changed their terms to no walk-ins (by appointment only) and $500 minimum orders. SD Bullion have also infamously put in a $500 minimum order

I agree with you as gold, especially ounces, are beyond the majority of people even in the US and western Europe. The ordinary family does not have a spare £1600/$2000 + to spend on a gold coin. Sovereigns and even 1/10ths are out of reach for most without saving up. But a few silver coins for £/$100, people can actually afford that from their monthly wage.

[bobski]

the real question is the supply and demand. how much silver is there and what rate is it being bought by poorer people, and then the same for gold and richer people. I'll tell you the answer but you'll have to wait 6 month lol

[flyingveepixie]

10 hours ago, silvergaga said:

I am just wondering what this sudden high silver price is trying to tell us. Is it banks, recession, jobs, inflation? Or am I missing something?

The Trump fiasco in the US undoubtedly has something to do with it.

We also have the ongoing scenario with multiple countries wanting to ditch the $US and join up with the BRICS, including that little maggot Macron who has just agreed some kind of deal with the Chinese to buy gas in Yuan.

Banks are always up to mischief and are the primary cause of inflation.

The Saudis have also just stabbed the US in the back.

Join the dots and add everything up and you have your answer.

 

Edited April 6, 2023 by flyingveepixie

[Zeuk]

China are playing a long game by seeing that an oil currency that can hurt them with sanctions isn't the strategic future play, but they do still have many things that go against them.  They're a huge dictating bureaucracy and copy more than they innovate and if they do start to see recession one-day thats a big population over a massive territory to try to keep in control.  Companies on the US stock market are more responsive, Tesla being a good example make good money in China.  

I dont think the Silver all-time high is that much of a consideration, it looks like it was a bit of a freak run rather than an area of sustained interest, the price its at now is much more an area of peak when you look through the noise on the long term charts, if it builds a base here which judging by golds action is very possible it could then start trending between 20-25 over the next few years.

[MonkeysUncle]

Supply and demand.

US Citizens taking money out of the banking system and stocks for something "safer" will account for a decent proportion.

US$'s goose will be cooked, maybe as early as this decade. China and the Saudis have snuggled up to trade oil/ Yuan. Yuan and gold are exchangeable very easy in Shanghai. I see the Arab nations very happily selling oil for gold.

China's rise to be THE economic force is coming, and possibly in my lifetime. Definitely within the next quarter century. 

[CANV]

I dont think we have financial chaos ahead. stock market and bond markets are fairly solid.   we do have a a new bunch of 'semi rich gold buyers' who want some of their wealth off grid..

a new generation of youth who think gold is an easier bitcoin.   and when its all too expensive .  which it now is. silver is next up..   

[bobski]

The Fed announced CBDC coming in July, Which is a scary acceleration. The lead up to that will be crazy!! The demonic US Government having ultimate control over the populations money, will scare the hell out of even the most clueless.

 

in my opinion

[CANV]

Alas it won’t. The clueless will welcome it as they will be told to.  Also they will bung em 500 free new currency units or something  to sweeten the deal 

[silvergaga]

CANV,

You are always on the money. Can't you get a job as a journalist on the MSM?

[bobski]

I'm ramping up my stacking and ordering new weapons (for target shooting obviously)

[flyingveepixie]

12 hours ago, bobski said:

I'm ramping up my stacking and ordering new weapons (for target shooting obviously)

What've you got for target shooting bud?   Have you looked at the prepping thread on here..? There's quite a lot of discussion on the sporting items people have and use for target shooting.

 

Edited April 9, 2023 by flyingveepixie

[bobski]

7 hours ago, flyingveepixie said:

What've you got for target shooting bud?   Have you looked at the prepping thread on here..? There's quite a lot of discussion on the sporting items people have and use for target shooting.

 

I didn't even know there was a prepping thread on here mate. Cans, bottles, boxes, target trap etc. my neighbour doesnt use his garden so i shoot in it. use the boundary wall as a backstop lol

[HillWalkerDundee]

On 05/04/2023 at 19:24, silvergaga said:

What do TSF members think about this long Easter Weekend ie 4 day break for the UK Banks.

I have a sniff of something cooking with our banks, will they re-open on Tuesday next week without any Financial drama unfolding?

What could possibly go wrong. Best hope it doesn't. I dislike banks but I don't want the walls to come tumbling down.

[silvergaga]

Jericho is coming again eh!