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Reddit Investors Piling Into Silver Drive Up Prices a Second Day
- Thread starter Scorpio
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I hope so, but I highly doubt it. I've heard this over and over for decades. Even if it goes into shortage, what then? Price goes up, holders are enticed to sell, price goes down--the same as any other commodity. At no point does it really DO anything. Silver is no longer intrinsic to the monetary system. If you want something to actually happen, you have to build up gold/silver into the financial system again.
One day people in power might remonetize gold again for their own reasons (maybe the dollar will be collapsing). That will spike the price of gold and silver will follow. But gold will lead and silver will follow. It's not silver that countries and central banks hold, it's gold.
One day people in power might remonetize gold again for their own reasons (maybe the dollar will be collapsing). That will spike the price of gold and silver will follow. But gold will lead and silver will follow. It's not silver that countries and central banks hold, it's gold.
...and clog up the refinery channels with 40% and Sterling (92.5%), the refiners hate that stuff because it takes longer to process, produces way more byproduct that they have to dispose of. Most Comex refiners only do 99.99% and 90% so they need to get the silver from another refiner who processes all the odd ball types of recycled silver.
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Silver is money...just as gold is money. Of course the government and their crony banksters don't want gold and silver prices to rise as it would reveal the scam that is their fiat currency system.
Silver and to a lesser extent gold are not treated like other commodities because they're not like other commodities. The banksters and government rightly see them as a threat to their rigged markets and in the interests of protecting that system they attack anything that attempts to compete. The physical silver market has, to my mind, the best chance of breaking free as it's a tiny market relative to physical gold.
The objective is to point out the absurdity of burying commodity market price signals beneath layers of paper fictions.
Silver and to a lesser extent gold are not treated like other commodities because they're not like other commodities. The banksters and government rightly see them as a threat to their rigged markets and in the interests of protecting that system they attack anything that attempts to compete. The physical silver market has, to my mind, the best chance of breaking free as it's a tiny market relative to physical gold.
The objective is to point out the absurdity of burying commodity market price signals beneath layers of paper fictions.
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How about the goldl and silver chaos, aka paper shit. If yellen doesn't understand short selling and covering why the fuck does she have this job
Janet Yellen Says She Needs To "Understand Deeply" The GameStop Chaos
by Tyler Durden
Thursday, Feb 04, 2021 - 12:10
What would easily explained "chaos" in the markets be if Fed enabler turned Treasury Secretary Janet Yellen didn't weigh in to muddy the waters?
Yellen said Thursday she wanted to "understand deeply" what happened during the GameStop fiasco before making any regulatory decisions, according to Reuters.
On Good Morning America on Thursday, Yellen, responsible for overseeing possibly the largest Fed-induced market bubble in history, said: “We really need to make sure that our financial markets are functioning properly, efficiently and that investors are protected.”
Yellen also argued for "a massive federal stimulus plan", which probably explains why gold dumped 2.3% early in the Thursday cash session.
“We never had anything so large even during the great recession. We need to make sure people have jobs, if they don’t have jobs, that they’re supported,” Yellen said. She said she is putting together a meeting with the heads of both the SEC and the Federal Reserve Bank of New York, along with the CFTC, on Thursday.
That sure makes us feel better...
Yellen said that regulators will “discuss whether or not the recent events warrant further action,” and, for some added comic relief told ABC that she needed to "understand deeply what happened before we go to action but certainly we’re looking carefully at these events.”
GameStop stock - after being pumped by everyone from Chamath to Elon Musk, in combination with millions of Reddit users - has been sliding steadily since short interest in the name has dried up. And if Yellen needs a place to start "understanding deeply," we recently covered some of the more interesting ways that shorts stuck in GameStop have been covering.
5,16162
NEVER MISS THE NEWS THAT MATTERS MOST
Janet Yellen Says She Needs To "Understand Deeply" The GameStop Chaos
by Tyler Durden
Thursday, Feb 04, 2021 - 12:10
What would easily explained "chaos" in the markets be if Fed enabler turned Treasury Secretary Janet Yellen didn't weigh in to muddy the waters?
Yellen said Thursday she wanted to "understand deeply" what happened during the GameStop fiasco before making any regulatory decisions, according to Reuters.
On Good Morning America on Thursday, Yellen, responsible for overseeing possibly the largest Fed-induced market bubble in history, said: “We really need to make sure that our financial markets are functioning properly, efficiently and that investors are protected.”
Yellen also argued for "a massive federal stimulus plan", which probably explains why gold dumped 2.3% early in the Thursday cash session.
“We never had anything so large even during the great recession. We need to make sure people have jobs, if they don’t have jobs, that they’re supported,” Yellen said. She said she is putting together a meeting with the heads of both the SEC and the Federal Reserve Bank of New York, along with the CFTC, on Thursday.
That sure makes us feel better...
Yellen said that regulators will “discuss whether or not the recent events warrant further action,” and, for some added comic relief told ABC that she needed to "understand deeply what happened before we go to action but certainly we’re looking carefully at these events.”
GameStop stock - after being pumped by everyone from Chamath to Elon Musk, in combination with millions of Reddit users - has been sliding steadily since short interest in the name has dried up. And if Yellen needs a place to start "understanding deeply," we recently covered some of the more interesting ways that shorts stuck in GameStop have been covering.
5,16162
NEVER MISS THE NEWS THAT MATTERS MOST
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Glad to see someone is paying attention. I give silver jewelry away to friends if it's clean and still looks good. It ain't worth enough to try to sell it on ebay. I also have a pile of nasty corroded silver coins and jewelry in a baggie I have been throwing the stuff in for the past 4 years. One of these days I'll bring it in when I scrap some Gold, but it ain't worth enough to bring in on it's own. I forget what % I get for it, but it ain't much..
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One good thing the Reddit gang is doing is putting pressure on banks, brokerage and clearing houses so that they can’t play any of their exotic manipulations, only plain vanilla ones. One mistake, their whole charade comes apart. This alone must be burning their biscuits and dashing their plans for their bonuses.
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How about instead of another meaningless fine, some of the JPM criminal ASSHOLES instead go to prison?
I know, crazy talk.
JP Morgan traders commit massive fraud and the company gets a fine. What a joke the just-us system has become.
https://www.bloomberg.com/news/arti...0-million-admits-misconduct-in-spoofing-probe
I know, crazy talk.
JP Morgan traders commit massive fraud and the company gets a fine. What a joke the just-us system has become.
https://www.bloomberg.com/news/arti...0-million-admits-misconduct-in-spoofing-probe
I'm thinking $8.50/share would be a good entry point.
But what's to keep it from dropping even lower??
Is there a short position out there that needs to cover, or is this just a pump n dump?
$500k in shares is about 58.8K shares which sounds like a lot, but when you put that up against 1 million shares it's not.
But what's to keep it from dropping even lower??
Is there a short position out there that needs to cover, or is this just a pump n dump?
$500k in shares is about 58.8K shares which sounds like a lot, but when you put that up against 1 million shares it's not.
My last interest statement was 2 cents.
Next will be negative 2 cents.
Taxes. At this point, although I set digits aside to cover it, I suspect we have a 50% chance of there not being a individual tax filing for 2021.
Yeah, I know.
I'm trying to break my normalcy bias, cognitive dissodence and mental self interest gymnastics in order to think outside the box {coffin}.
Next will be negative 2 cents.
Taxes. At this point, although I set digits aside to cover it, I suspect we have a 50% chance of there not being a individual tax filing for 2021.
Yeah, I know.
I'm trying to break my normalcy bias, cognitive dissodence and mental self interest gymnastics in order to think outside the box {coffin}.
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I dunno. We haven't had a deflationary crunch yet, and that comes before runaway inflation. All the existing debt has to crush people before the money eventually becomes worthless. The government isn't creating trillions in dollars, it's creating trillions in debt--there is a difference. There are several end results from debt that gets out of control... devaluation/inflation or default. Neither will happen until there is pressure on the debt. The Fed actually WANTS inflation to pick up again. It's run away deflation they are scared of... that's what will lead to either devaluation/inflation or default.