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  1. #1

    Reddit and Silver

    I just read an article on ZH concerning silver. The Reddit group that embarrassed the hedge fund managers are "reportedly" looking at the controlled price of silver. They are suggesting that the silver market is the largest suppressed market. They suggest people purchase physical silver instead of futures which will panic the market (likely because it is over sold). They suggested that silver prices will spike and the price will be where it should be at about $1000. May you live in interesting times.

  2. #2

  3. #3
    at my reading silver up 3.68 %on the sites commodity chart...
    i went to apmex... to check coins.
    site chart is about 25 cents close of saturday under apmex spot ... supposedly current today, sunday noon.


    ref... silver dolllars the cheapest i saw was 32.49 and i forgot how much silver in one... maybe .77??
    Last edited by rockriver; 01-31-2021 at 01:00 PM.

  4. #4
    I saw that the other day also and put a sell in on ASM and AUMN mining stocks. One of the AUMN trades got picked up, the Avino did not.

    Maybe this will finally push silver into anywhere near the territory it was during the last run. I would love to off load the last of these mining stocks, they have been dogs for years now.
    Boris- "He's famous, has picture on three dollar bill!"

    Rocky- "Wow! I've never even seen a three dollar bill!"

    Boris- "Is it my fault your poor?"

  5. #5
    This was in my inbox just now-

    To our valued customers,
    APMEX Statement On Current Market Conditions:

    In the last week, we have seen a dramatic shift in Silver demand from our customers. For example, the ratio of ounces sold per day was running about two times earlier in the week and closer to four times the average demand by the end of the week. Once markets closed on Friday, we saw demand hit as much as six times a typical business day and more than 12 times a normal weekend day. Combined with the extremely high demand levels, we are also seeing a surge in new customers. On Saturday alone, we added as many new customers as we usually add in a week.

    Any Precious Metal dealer will take a long position in the futures market to protect against spot price exposure when the markets open. We do this because it is our goal not to take a speculative position on metal. The weekends are unique as we are not able to real-time hedge our position. We took an aggressive position this weekend, but clearly could not have predicted the volumes that were seen. We have partnerships around to world that allowed us to cover these long positions, but only to a point. Once we exceeded our comfort levels, we had little choice but to stop the sale of Silver on our website. This was a difficult decision to make and unprecedented in our history.

    As we evaluate the markets, it is difficult to know where Silver's price and demand will go in the coming day and weeks. APMEX is highly capitalized and has more than $150 million in inventory to support demand. We have made strategic decisions to procure additional metal, locking up any metal we can find in the market place. We suspect premiums will rise and rise quickly, as we are seeing significant increases in our costs, when we can even locate the metal. It is also highly likely that we will need an additional day or two to fill orders based on current order counts. The one guarantee we can make to our customers is that you will only be sold metal that is on-site, or we have procured the metal with a firm commitment date from our partners. In markets like this, we feel this is the best approach a retailer can take, as no one can predict product availability.

    We want to thank our customers for their patience and understanding during these turbulent times. APMEX prides itself on best in class service and delivering on promises to our customers.
    Sincerely,
    Ken Lewis
    CEO, APMEX
    Boris- "He's famous, has picture on three dollar bill!"

    Rocky- "Wow! I've never even seen a three dollar bill!"

    Boris- "Is it my fault your poor?"

  6. #6
    I cut and pasted that from mail, fully expecting to see some major run in Pm prices when I checked. Silver was slightly over $30. that was it.

    Didn't it get up to $38. in the 2010'ish run? Another time where everyone was stating how it was "going to $100" soon?

    So the $38. an ounce people are still down $8. an ounce on their "hedge against inflation"- you got "HEDGED" alright.... LOL Maybe those folks can finally sell without a loss soon!
    Boris- "He's famous, has picture on three dollar bill!"

    Rocky- "Wow! I've never even seen a three dollar bill!"

    Boris- "Is it my fault your poor?"

  7. #7
    Administrator
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    I have a friend who's crazy about precious metals. I'm not so much...it's a volatile market.

  8. #8
    i think about what could i trade to get a laying hen, or a bushel of corn, or a tube of bb's or a gallon of gas? hard to know what someone would want and if i'm likely to have that item....

    this is where i see the benefits of precious metals... maybe i could get a few hens for an ounce of silver, the seller maybe could trade that for someone to repair his tool that he needed for gardening or hunting... that coin may have real value... but then again, that laying hen would have real value!!

    we cleaned off the citrus trees at Christmas... we put a lot of them in the fridge.. i think the refrigerated satsumas are better now than in november... wondering how long they will last in the fridge? but believe that i could get a hen for a dozen of these things... especially if the guy on the other side hasn't had any citrus groceries in a while!

  9. #9
    Back well under $30. Maybe just the reddit kids showing the markets they have some power? Either way, was finally able to offload some metals mining stocks, so that's good.
    Boris- "He's famous, has picture on three dollar bill!"

    Rocky- "Wow! I've never even seen a three dollar bill!"

    Boris- "Is it my fault your poor?"

  10. #10
    whew... silver... got a few coins.. not much... but i probably shouldn't admit to having any publicly!
    nosed around and found this link... https://www.ngccoin.com/price-guide/...lt-values.aspx

    silver dollar that's not worn thin... has .7734 ounce of silver...

    the premium to get silver in the form of a coin is sometimes less on silver dollars than eagles.

    just for funsies have you or your 3rd cousin got some for sale ?? if so what would "they" take for them now?
    i'm not eager to sell at the current total situation... nope, nope, notta gonna doit!
    seems like additional runup in price is underway.
    but.. several times silver has "runup" and i could have made a profit selling and bought again, when prices tumbled...

    what say ye?
    got some for sale? how much per coin. or are ye anxious to buy? what would you pay?

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