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Silver Shortage yet price is staying down.

godawgstgodawgst Member, Swaye's Wigwam Posts: 2,409
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Swaye's Wigwam
edited May 2022 in Tug Tavern

Been about a month, but if you go try to buy coins, or even 10/25/50/100 ounce bars silver dealers are telling you 8 weeks out, and that is including $8-$10 over spot price.

Watched a broker on You Tube yesterday from JD Bullion w/ 30 years in business who said until end of January he could call and get as many 1000 oz bars as he wanted shipped within 24 hours of purchase. Last two times he's called his guys was told not sure when it could ship and open ended sometime in March.

I know coin dealers/pawn shop guys are not parting with what they have physically.

Reddit warriors tried to make a run on the shorts of silver a couple of Mondays ago and over the course of that week someone ended up "selling" 120 million ounces which flooded the market and brought price back down to where it was before that weekends events.

Anyone have thoughts? Ironically every other commodity but silver and gold are touching 8 year highs.

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    SwayeSwaye Moderator, Swaye's Wigwam Posts: 41,060
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    edited February 2021
    I have no thoughts. Just saw spot was at 28 bucks. I might go sell all that silver I have. Then again, might just be better to hold onto it. Not sure I subscribe to the notion that physical metals will be worth a bunch after the solar flare collapse. Not really sure what to do with a small pile of silver in the safe.
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    doogiedoogie Member Posts: 15,072
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    I’ll be all of what you want to part with
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    LoneStarDawgLoneStarDawg Member, Swaye's Wigwam Posts: 13,113
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    Everything that is a bar is preorder, and now I’m seeing they’re out of generic 1oz rounds.

    Generic silver is going ~20% over spot, something’s gotta give at some point

    Seems they really don’t want it over $30

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    BleachedAnusDawgBleachedAnusDawg Member, Swaye's Wigwam Posts: 10,472
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    spudenspuden Member Posts: 353
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    If this run-up is anything like the last top in Silver over a decade ago, an email from Apmex asking for people to sell their silver will mark the top. I had purchased from Apmex silver eagles maybe 6 months to a year before I got a solicitation to sell silver Eagles to them at like $50-55 or so. I think the email went out on a Sunday night after futures market opened, and silver peaked that night or Monday and then a long downhill slide for years.

    I have a bit of Eagles and Canadian maples that I’ve held for 12 or so years after I didn’t sell at the last peak. Will probably just hold them now forever, unless silver goes above $100 and then I’d get rid of 1/2. Most of the arguments for end of the world value skyrocketing is pretty useless, I don’t want to live in world where I have to barter with silver because the economy has turned to The Road or other dystopian future. If it comes to that I don’t think owning silver/gold without an arsenal of weapons a is going to do much good.
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    SwayeSwaye Moderator, Swaye's Wigwam Posts: 41,060
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    USMChawk said:

    spuden said:

    If this run-up is anything like the last top in Silver over a decade ago, an email from Apmex asking for people to sell their silver will mark the top. I had purchased from Apmex silver eagles maybe 6 months to a year before I got a solicitation to sell silver Eagles to them at like $50-55 or so. I think the email went out on a Sunday night after futures market opened, and silver peaked that night or Monday and then a long downhill slide for years.

    I have a bit of Eagles and Canadian maples that I’ve held for 12 or so years after I didn’t sell at the last peak. Will probably just hold them now forever, unless silver goes above $100 and then I’d get rid of 1/2. Most of the arguments for end of the world value skyrocketing is pretty useless, I don’t want to live in world where I have to barter with silver because the economy has turned to The Road or other dystopian future. If it comes to that I don’t think owning silver/gold without an arsenal of weapons a is going to do much good.

    So sell half and buy the arsenal of weapons.
    Pro tip of the day.
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