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Rumors’ of looming COMEX silver default

Goldhedge

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Voodoo

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That was the most depressed "breakout" video I've ever seen. You'd think that guy was part of the shorts.
 

ZZZZZ

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That was the most depressed "breakout" video I've ever seen. You'd think that guy was part of the shorts.

That guy used to be Mr. Enthusiasm. He's got a lot of personal problems and he's clearly depressed, He needs to get back on his meds.
 

solarion

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Yeah Marcus is a nice guy, but he's real emotional. I guess he's got family members with health problems and he's looking for a home in Mexico since leaving the US. It all wears a bit thin after a time.

That said, the current silver delivery month at the crimex does show some anomalies. Specifically they seem to be dragging their feet at getting the deliveries out of the way where they usually get it all done within a couple days. Last I looked they weren't even halfway through the 8552? contracts that were standing for delivery on Friday. It's easy to check on the progress here:


Also some of the big crooked banks seem to be gobbling up additional supply well beyond normal...which also shows up above.
 

Goldhedge

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You'd think by now this time it would be over...

'specially with war looming on the horizon...

unless,

there ain't no kinda war looming and it's all window dressing designed to extract the maximum dollar from the peasants via higher energy costs....
 

the_shootist

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You'd think by now this time it would be over...

'specially with war looming on the horizon...

unless,

there ain't no kinda war looming and it's all window dressing designed to extract the maximum dollar from the peasants via higher energy costs....
Agree 100%!! The entire war thing seemed to me to be a head fake from the start. When I look around does non't feel to me like we're on the cusp of a world war.
 

nickndfl

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FWIW.

Paper silver up $1.16 as I type.

First +$1.00 daily move in a lonnnnnnnnnnng time.
Would be interesting to see if it is putting in a new base by the numbers.
 

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Voodoo

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Ruh Roh Shaggy.

I went to check on premiums on APMEX. They seem to be EXPANDING not shrinking on this rise.

AE's for 1-20 $38 or $13 premium for an insane 52% premium
Maples for $33.05 or 32% premiums (way higher than I last remember)
Rounds for (Sale) $30 bucks or 20% premiums (much higher)
100 bars $2,924 or 14% premium (slightly up)
 

Voodoo

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I think it's more of a sign that there is real scarcity of the real deal. They will charge what they think it will cost them to replace plus the margin.
 

the_shootist

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Yep. Once they got us used to a 10% premium they ain't backing off.
I've avoided APMEX for a while now because of exactly that...they're just too damned high!!

This is where I go when I'm 'premium' shopping across the online vendors I like to do business with..


They do all the calculations for you
 

solarion

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This $500 face bag of 90% is up 927.88(8.8%) from where I bought it 15 days ago. Spot was 23.91 when I pulled the trigger. So spot is up 6.44% and the premium has expanded by 2.36% in just a couple weeks. This is SD Bullion too, so their prices are generally very fair.

 

Avalon

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I've avoided APMEX for a while now because of exactly that...they're just too damned high!!

This is where I go when I'm 'premium' shopping across the online vendors I like to do business with..


They do all the calculations for you
nice tool Shooti.
 

Cigarlover

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Guess I shoulda bought that 100 oz last week. :(.
Gonna load up on wheat berries now instead. Inflation will attack everything eventually.
 

ZZZZZ

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Stopped at the local pawn shop today. (We don't have a LCS in my little town.) 40 tamales for Eagles! I didn't even bother to talk to the lady.
 

solarion

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The lamestream media is still pretending like the surge in gold and silver is all about the conflict in Ukraine. Conveniently ignoring the fact that the current leg up in gold began way back in late September of last year. Ignoring also the huge surge in the manufacturing inputs of nearly everything. Inflation? What's that?

40 tamales for Eagles!
Wow that's spendy, I'd have passed too. I talked my guy into 32 for the WHOLE stack of eagles he had left the day before yesterday...all 7 of them. Bet he'd want a couple more bucks for them today though. Looks like the 2022s are 35.50 on SD Bullion just now. Still too much.
 

Silvergun

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"This time is different".

I remember reading many threads just like this here back in 2010 or 2011 by Historystudent and other pumpers. I even purchased quite a few tubes when it was in the 30s, 40s as its exciting. ITS GOING TO THE MOOOOONZ. I guess I havent technically lost because I dont sell shit, but damn. Deja vu. Meanwhile, it was boring when it went back in the teens, but the threads were very slow and poeple would complain "OMG I am not paying $5 mark up per coin when its at $15"...thats 30%!!! Human nature cracks me up.

Be careful out there friends, especially people who are new to this. Don't get too caught up in the hype and pumping when some upward movement shows itself again. Buy more when its boring. Slowly stack with what you can afford to buy while still paying your bills and responsibilities. YMMV. DYODD.
 
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Silvergun

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Here is a trick Ive discovered lately...

Find some crappy numismatic websites that also sell 90% on occasion and they dont seem to be as quick to update their premiums since they are focused on collectible crap. They also usually have free shipping with purchases over $150 to $200. The sites I use to get bullion from if i bought online are always adjusting premiums like provident, etc.

Picked up some deals doing this over the last several months...
 

Avalon

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Guess I shoulda bought that 100 oz last week. :(.
Gonna load up on wheat berries now instead. Inflation will attack everything eventually.
I have a nice stash of wheat berries. I know you can grind them for flour but I like them boiled with honey and cinnamon.
 

viking

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ZZZZZ

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Here is a trick Ive discovered lately...

Find some crappy numismatic websites that also sell 90% on occasion and they dont seem to be as quick to update their premiums since they are focused on collectible crap. They also usually have free shipping with purchases over $150 to $200. The sites I use to get bullion from if i bought online are always adjusting premiums like provident, etc.

Picked up some deals doing this over the last several months...

True on Ebay too. Lots of sellers don't keep up with the price during the day.
.
.
 

solarion

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Now that we've three data points to look at comex March silver deliveries, it appears the situation just gets stranger and stranger.

Normally they're through 80-90% of deliveries over the weekend following expiry. So that by the following Monday evening when they publish a new report, there are very few contracts left to deliver. This month however, they seem intent on dragging their heels and getting this thing done very slowly.

Here are the current delivery numbers post close at the crimex yesterday.

1646240724180.png


So basically, this means that they claim 3099 deliveries of the total standing for delivery on expiry(8555) have been delivered. Well that's only 36.2% after 5 days total...3 business days. During that time there have been 4188 silver contracts gobbled up by big banks, many of which were jumping in line ahead of the regular delivers. We know this because the YTD report shows 4188 deliveries, and the total delivered on the daily report says only 3099 have been delivered.

I realize a lot of guys here are going to ignore all of this because crimex has allegedly been defaulting for decades, but I've never seen them so slow to get the shiny stuff out the door. People pay fees to store this stuff...remember these are 70lbs chunks of silver...totaling nearly 43m ounces. No idea why they're suddenly so slow to get it out the door, but today's report may prove very interesting.

If you think about it, you'll realize bankers never ever tell you there's a problem until it's already blown sky high. Strange anomalies like these and exploding premiums are the only warnings we're likely to get that supply is stretched to breaking.
 

BarnacleBob

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I'm shocked I tell ya, for 20+ years we have been reading that the COMEX was about to default... The problem is, most don't understand what the COMEX really is or how it is organized & designed to function in the FINANCIAL MARKET, not the COMMODITY MARKET where real delivery can be called & allocated.... Click bait being what it is, don't let me rain on the sky is falling party, same b.s., different day....
 

solarion

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...and still even with the massive financialization of commodities to steal from producers and transfer wealth to banksters, they still have to deliver some amount of physical metal. Long ago that was roughly 40% of the paper traded in silver, now it's more like 1-2%, but there's still the veneer of it being a physical market thin though it may be.

The absurdity is not that it exists, the absurdity is that prices are set there based upon paper trading. The sky is falling for the US dollar and fiat currencies around the world. I do not know if the sky is falling yet at the crimex, just trying to follow the breadcrumbs.
 

Cigarlover

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I guess I'll say what BB didn't want to mention in his last post. The comex is under no obligation to deliver. they can, will and have done cash settlements in the past.
 

anywoundedduck

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Now that we've three data points to look at comex March silver deliveries, it appears the situation just gets stranger and stranger.

Normally they're through 80-90% of deliveries over the weekend following expiry. So that by the following Monday evening when they publish a new report, there are very few contracts left to deliver. This month however, they seem intent on dragging their heels and getting this thing done very slowly.

Here are the current delivery numbers post close at the crimex yesterday.

View attachment 247403

So basically, this means that they claim 3099 deliveries of the total standing for delivery on expiry(8555) have been delivered. Well that's only 36.2% after 5 days total...3 business days. During that time there have been 4188 silver contracts gobbled up by big banks, many of which were jumping in line ahead of the regular delivers. We know this because the YTD report shows 4188 deliveries, and the total delivered on the daily report says only 3099 have been delivered.

I realize a lot of guys here are going to ignore all of this because crimex has allegedly been defaulting for decades, but I've never seen them so slow to get the shiny stuff out the door. People pay fees to store this stuff...remember these are 70lbs chunks of silver...totaling nearly 43m ounces. No idea why they're suddenly so slow to get it out the door, but today's report may prove very interesting.

If you think about it, you'll realize bankers never ever tell you there's a problem until it's already blown sky high. Strange anomalies like these and exploding premiums are the only warnings we're likely to get that supply is stretched to breaking.
I think it’s going to blow. They are, obviously, unable to find the metal. The dealers cannot find the metal either. This is the tipping point.