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Reddit Investors Piling Into Silver Drive Up Prices a Second Day

solarion

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Ebie

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Silver paper price is down.
Apmex is sold out of ASE. (Delay, pre-order only)
Premiums are higher than I ever remember seeing.
How long can they keep this up?
As long as they support the small physical market.
Or they can allow 2 prices for silver.
I think that they will take some pressure out of the system in the next 0-8 weeks.
(That is allow the paper price to rise.)
 
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Joe King

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On a related note, this guy says the LBMA is running low too.

LBMA Vaults DAYS Away from Running Out of Silver

 

Tbonz

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nowon

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solarion

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So how can Sprott sell silver at $27/oz (I think that is the price.)
The NAV on PSLV is currently 9.77. To redeem one would exchange PSLV unit value equal to 10*1000oz London bars. Currently that'd be somewhere around 27,635 units of PSLV(excluding fees). Current premiums on 1000oz bars are around $.80 over spot.

From the PSLV prospectus pg 7-8 :

Redemption of Trust Units for Physical Silver Bullion Unitholders whose trust units are redeemed for physical silver bullion will be entitled to receive a redemption price equal to 100% of the NAV of the redeemed units on the last day of the month on which NYSE Arca is open for trading for the month in respect of which the redemption request is processed. Redemption requests must be for amounts that are at least equivalent to the value of ten London Good Delivery bars or an integral multiple of one bar in excess thereof, plus applicable expenses. A “London Good Delivery bar” weighs between 750 and 1,100 troy ounces (approximately 23 to 34 kilograms) and usually are approximately 1,000 troy ounces. Any fractional amount of redemption proceeds in excess of ten London - 8 - Good Delivery bars or an integral multiple of one bar in excess thereof will be paid in cash at a rate equal to 100% of the NAV of such excess amount. The ability of a unitholder to redeem trust units for physical silver bullion may be limited by the sizes of London Good Delivery bars held by the Trust at the time of redemption. A unitholder redeeming units for physical silver bullion will be responsible for expenses in connection with effecting the redemption and applicable delivery expenses, including the handling of the notice of redemption, the delivery of the physical silver bullion for units that are being redeemed and the applicable fees charged by the Mint in connection with such redemption, including but not limited to silver storage redemption fees, pallet repackaging fees and administrative fees.

https://sprott.com/media/1452/pslv-prospectus-supplement-en.pdf
 

Buck

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LOL

here is the contract...a hoop that they've set on fire

"Come and Get It!"


"- and only in the quantity we authorize"


this is gonna be fun

:popcorn:
 

Zed

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BTW.

SLV had to add 110 moz to inventory. They are allowed to use paper to manage the fund. Odds are they went long 110moz on the Comex (22,000 contracts) to cover their exposure. They will need to stand for delivery @ the start of March to put the 110moz of metal into the fund.

This could get interesting in March.

One to watch.
 

solarion

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lol

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solarion

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A couple threads on WSB seem to be indicating that some...uh...slower thinkers are finally "getting it" with regard to the rigged silver market. This after causing the huge spike in spot silver by gobbling up shares of SLV and then having mods on WSB clamp down on those posting about silver and deleting silver posts. Now some on WSB and WSBnew are beginning to assess the ramifications of JP Morgan altering the SLV prospectus while directly and implicitly acknowledging a physical silver squeeze.

https://www.reddit.com/r/wallstreetbets/comments/ljmwyt https://www.reddit.com/r/wallstreetbets/comments/ljcf4e https://www.reddit.com/r/Wallstreetbetsnew/comments/ljch4h
The implications are huge...given that these two channels have > 9 million subscribers.

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Shocking. Who'da thunk a criminal bankster operation that has repeatedly been busted rigging PM markets was untrustworthy as a custodian of a PM ETF.

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...that could leave a mark.

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solarion

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Supply crushed...premiums high...spot price DROPPING. Makes perfect sense...in rigged markets.

JMB has ZERO kilo bars for sale...

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https://www.jmbullion.com/silver/silver-bars/kilo-silver-bars/

Premiums on London delivery bars are sky high. Nominally this is around 20 cents over spot.

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Nothing to see here folks...everything is fine!

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solarion

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ZH has a new article on the paper silver ETF/P/V scams overseen by JP Morgan.
But it gets even better, for on page 7 of the amended SIVR Prospectus, Aberdeen Standard again confirms whose side it is really on and specifically why it is so scared of this online campaign to free the silver market from the clutches of the hedge funds and banks.
For on 02 February, in the amended text under a newly inserted heading of:

A possible ‘short squeeze’ due to a sudden increase in demand of Shares that largely exceeds supply may lead to price volatility in the Shares."
the Prospectus also added that:

"As of the date of this prospectus, the Fund and other Silver ETPs are experiencing a sudden increase in demand of shares following an online campaign to harm hedge funds and large banks with substantial short exposures to silver.
The campaign encourages retail investors to purchase shares of Silver ETPs as well as physical silver in order to intentionally create a short squeeze. This activity could result in temporarily inflated prices of Shares and the difference between trading price and NAV per share may widen."
So there you have it, one of the biggest silver-backed ETFs in the world apart from SLV, with a claimed 36.7 million ozs (1140 tonnes) of silver stored in London with custodian JP Morgan, is worried not about the interests of its investors, but about the outstanding short interest silver positions of the hedge funds and large banks. And out of concern for these entities that are short, Aberdeen Standard in fearful of market forces which will 'intentionally increase silver prices'.
More at link

https://www.zerohedge.com/commoditi...-silver-will-harm-hedge-funds-and-large-banks

Meanwhile PSLV stacked another 3,400,000 ounces today. That's a whopping 19,655,789 ounces of silver stacked so far this month. I wonder if that's putting a kink in supply. ;)

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As of close yesterday the crimex had 1,963 Ag contracts(9,815,000 oz) and 33,085 Au contracts(3,308,500 oz) standing for delivery. It'll be interesting to see how many more are rolled over and what remains at the deadline next week. Given the clear spike in investment demand, it'll be interesting also to see how long the crimex can keep this up. The retail channel is clearly depleted and needs restocking and Sprott is stacking a couple million ounces a day just in the PSLV.

Great story on WSS:

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solarion

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The Empire smashes the people's money!

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The rebel alliance strikes back!

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Year to date 7.42 ounces of silver have been mined for each ounce of gold. This ratio has fallen significantly over the years. Not long ago it was > 9:1.
 
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solarion

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First Majestic. Kill two birds with one stone.
Great idea. ...but only if he can stack enough fiat to buy the mine out from underneath Musk.

Not held = not owned. Even then if silver goes ballistic some sovereign entity could steal it from you. Of course they'd call it something else. ...nationalize I believe they usually say.
 

solarion

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^^ Seems legit! lol

Fresh troops coming into the WSS fold from the WSB crowd? This is a cross post I make here from a WSS post made by one "TheHappyHawaiian". ...though who knows if he's an imposter or not. I mean dood could be an angry ray-ciss in Hackensack for all we know. lol

"Edit: Seems someone from WSS FINALLY managed to get a live post onto WSB to attempt to communicate about metals with their 9.2m degenerates without the mods there instantly taking it down. That post appears to be a well written book and the WSS guys are currently upvoting the crap out of it to increase visibility. Clever HappyHawaiian dood is clever it seems...

https://www.reddit.com/r/wallstreetbets/comments/lnzeho
 
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Tecumseh

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Placed a couple orders recently with JM Bullion. One was on February 6th. Check didn't clear until February 11th but still hasn't shipped. Placed another by credit card on February 13th which also hasn't shipped yet. The delays people are talking about seem legitimate - retail hasn't caught up yet.
 

solarion

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My oldest order currently at any online vendor(JMB) was paid on 2/13, cleared in seconds(bitkorn) and hasn't shipped. Since that time I have multiple orders at JMB, SD, silver.com, provident, and moneymetals. ...apmex sucks and never has anything I like for a price I'll pay. They're all slow as frozen molasses now and were never anything like this before. I also have an order in with monex, not exactly an online vendor, but a distributor which required pay by check. That check cleared last Tuesday and according to them ships on Monday.

The vendors are swamped and are apparently struggling to keep inventory. ...meanwhile the paper fictions of monetary metals are doing absolutely nothing. This market is broken and there is no functional price discovery mechanism.
 

Tecumseh

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I'm going to keep ordering monthly but at this point will hold until at least one of my more recent orders is in hand. It does feel different - something is about to give.
 

solarion

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I keep trying to spread out orders over multiple vendors, even some with the same ownership, to wit silver.com and JMB. Yet they're all really slow now and none of them have been in the past. At this point, I'm struggling to find more vendors that are trustworthy, crypto friendly, and have something I wish to purchase.

Never seen anything like this. Interesting times indeed.
 

solarion

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I've little patience for fleabay these days, I wish I did. Too much crap for sale making it tough to sift through. I always feel like I need a shower after trying to find anything worth buying. I can see the appeal for collectors, but as a guy that wants to stack weight at the lowest price tags I don't really see the appeal.

Just when you thought the reddit crowd were all impatient youngling that haven't a clue. This looks like a conversation we'd have here...

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Would love to know the age of all these posters. I'd love to believe these are mostly millennials exhibiting patience and wisdom.
 

ZZZZZ

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I've little patience for fleabay these days, I wish I did. Too much crap for sale making it tough to sift through. I always feel like I need a shower after trying to find anything worth buying. I can see the appeal for collectors, but as a guy that wants to stack weight at the lowest price tags I don't really see the appeal.

Would love to know the age of all these posters. I'd love to believe these are mostly millennials exhibiting patience and wisdom.
The appeal is good prices, no delays, no extra charge for credit cards, and eBay Bucks bonus.

It's not hard to sift through the listings with tightly constructed Searches, and then re-sorts. I spend about 5 minutes twice a day finding the deals I want to consider buying.

Beats all of those Big Coin Dealer websites where almost everything is out of stock or with ridiculously high priced.
.
.
 

solarion

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My experiences are different. I've checked over and over and I see silver eagles for 725 per tube. Which is higher than online or local and rarely enough volume available to bother with. Plus it takes forever to sort through garbage because so many people put up misleading auction titles to get picked up by more search keywords. It's not for me. I rather not waste a bunch of time, just go over to JMB or SD and stack 1k sovereign coins at 5 bux over to melt and toss into the lake out back and be done with it.

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Deals like these at fleabay don't really appeal. Eagles for 36.15 are okay, but not great. Admittedly eagles are overpriced everywhere, which is why I haven't stacked them in months, but I don't see nearly the alternative sovereign coin options available in volume on ebay. Maybe I'm just not being patient enough, but there's a whole lot of crap for sale and I don't want to sift through it to stack 50 or 100 ounces.

https://www.ebay.com/itm/2021-Ameri...689614?hash=item56f206588e:g:7GgAAOSwza9f~6-X
https://www.ebay.com/itm/Roll-of-20...041812?hash=item2cb0479354:g:hTcAAOSwZVlXn1Go
 
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This is having an effect on premiums. So much so my most recent purchase consisted of a 1997 American Eagle Impressions 3 coin set and a a BU $20 St. Gaudens. The high premiums on bullion are making numis more attractive. Gotta spend the stimmy money somewhere.
 

ZZZZZ

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My experiences are different. I've checked over and over and I see silver eagles for 725 per tube. Which is higher than online or local and rarely enough volume available to bother with. Plus it takes forever to sort through garbage because so many people put up misleading auction titles to get picked up by more search keywords. It's not for me. I rather not waste a bunch of time, just go over to JMB or SD and stack 1k sovereign coins at 5 bux over to melt and toss into the lake out back and be done with it.

View attachment 202501

Deals like these at fleabay don't really appeal. Eagles for 36.15 are okay, but not great. Admittedly eagles are overpriced everywhere, which is why I haven't stacked them in months, but I don't see nearly the alternative sovereign coin options available in volume on ebay. Maybe I'm just not being patient enough, but there's a whole lot of crap for sale and I don't want to sift through it to stack 50 or 100 ounces.

https://www.ebay.com/itm/2021-Ameri...689614?hash=item56f206588e:g:7GgAAOSwza9f~6-X
https://www.ebay.com/itm/Roll-of-20...041812?hash=item2cb0479354:g:hTcAAOSwZVlXn1Go
I like the Phils, but I'd rather pay a buck more and get Eagles.

I find the best deals on eBay are odd lots from individuals not the big dealers. Many individuals don't keep up on the market prices and they don't adjust their selling price when "spot" goes up. So I pick up 8 eagles here, 12 there, another 15 here....
.
.
 

solarion

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Gotta spend the stimmy money somewhere.
I wouldn't know, I've never gotten any and wouldn't use it if I did. The premiums, or rather the compression of the premiums is why I'm stacking sovereign coins and not generic rounds or bulk bars. There's almost no difference in premiums at this point.
I like the Phils, but I'd rather pay a buck more and get Eagles.
I'd probably stack eagles again...at least in some quantity for a buck more as well. However they're typically 4 bucks over Austrian, UK, & NZ bullion. Monex had eagles for 34 in quantity, but they sold out a couple weeks ago. I've seen zero eagles on fleabay for under 35, and most are 36 - 40.

US mint bullion is hideously overpriced. SD bullion eagles. That's cheap compared to apmex. I wouldn't spend the time picking up a few eagles here and there. I want to press a button and get 100 to 1000.

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nowon

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You guys buying from the major dealers...

The insurance policy that at least one of them use has a clause in the fine print. This clause requires the buyer to notify the seller if the package is delayed within 7 days of the package ceasing to update location in transit....if you pass that 7D milestone, and later have a missing package, you are no longer covered by the insurance!

- keep track of package in transit

- always notify seller if it stops moving within 7 days
 

ZZZZZ

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