If reddit fans move towards Silver would you mind?

[JobIII]

On the heels of the whole gamestop craze. Wouldn't it be wonderful that same thing happened to silver?

Trying to understand what would happen to physical silver if silver stocks were squeezed.

So far the only downside I can immediately see is people melting down valuable examples because their melt outweighs the numismatic value.

[Thogey]

And at what price do you sell?

It could be so volatile moving physical for the right price would be challenging.

Im mean its already popped a buck at the open

[JobIII]

I'm seeing a lot of people getting pretty eager to unload at $50/oz. Perfect timing this week with a blizzard on the way. Just what you want when transporting a small fortune.

[dbalek]

I'd rather Reddit push towards Copper!

[silverflake]

As of Thursday they already had moved in. To my friends here, I haven't posted much lately but I thank you for all the insight and info over the years as I (and hopefully most of us) am sitting pretty as things unfold this week and this year. With European markets about to open silver has touched $30/oz and First Majestic Silver has traded in the early morning (after hours) at $25/share after being at about $14/share last Monday. Buckle up friends its going to be a bumpy ride.

Keep stacking.....or maybe, finally, sit and wait a bit.

[Cu Penny Hoarder]

I'd like the move up to be more organic in nature, but I'll take it. I'd feel a little more secure if it closed above $30. Would not surprise me if TPTB slammed it back down later today.

Fun to go to the bullion dealers and view the current asking prices. $100FV junk bags I was buying in March for $1000 are now $2700.

[thecrazyone]

All of this is just so crazy to watch, and, be living through. I bought 2 rounds last week (posted them here) simply bc I wanted to start stacking- had nothing to do with any pricing at all. And now, this, lol.

[pennypicker]

$30 has proven to one heck of a tough resistance point to bust through and for the time being it is holding tough again!

[Gipper1985]

It seems that this is not being pushed by the Game Stop crowd. I don't think it's going anywhere.

[AdamsSamoa]

It is not being pushed by the Game Stop crowd... There was some Traffic on Reddit last week about Silver which the Wallstreetbets posters are now calling a false flag. It was picked up by the main stream Media and reported on... there was a run on physical by the stackers / Game Stop FOMOs that did want to miss the next bus.

The resistance is from the FOMOs on the last run up that bought above 30 and held...

just the look from my fox hole...

[coppernickel]

Watching this market is interesting. On the one hand silver has been a very manipulated market for a long time pushing the price down. Now we have the Reddit crew, and others, actively pushing it up.

This should be interesting to watch.

just the look from my fox hole...

That is my thought as well. The fundamentals have not changed. My course has been set. This in not the time to act rashly or change course. It is time to watch the spectacle and entertainment of the fly by nighters.

[JobIII]

I'd rather Reddit push towards Copper!

So true that would be amazing!

I hope this new administration moves away from the penny. So things can happen with our Cu stacks.

[dbalek]

APMEX currently wants 30x for $100 face value bags of 90% silver, not available until Feb 15th?!?

[Corsair]

APMEX currently wants 30x for $100 face value bags of 90% silver, not available until Feb 15th?!?

An outrageous price! See the Market Area for much more reasonably priced silver

[Cu Penny Hoarder]

APMEX currently wants 30x for $100 face value bags of 90% silver, not available until Feb 15th?!?

Wow. That is F'n insane!

[coppernickel]

I do believe we have proof that the Four Dictators are more powerful than the little investors. Two dollar drop in silver prices today, wow.

[JobIII]

Yeah that drop really took the excitement out of the day. I was hoping for some gme level craziness in the kitco live feed...

[silverflake]

AdamsSamoa was right. The posts on reddits "wallstreetbets" about SLV to $1000 apparently had a lot of "bot" generated messages. Someone, it would seem, was trying to pull the attention away from Gamestop with the SLV red herring. To any of you who hold shares, it was a great call selling day. I sold calls on monday on the AG and WPM I held. Bought them back yesterday almost worthless. Theres always an angle....

Be alert and keep stacking, friends.

[pmbug]

I didn't really expect much from the WSB crowd when I first heard about this. I figure they are short attention span peeps looking for quick hitters. To squeeze the silver futures market is going to take a lot of stamina. I'm skeptical these peeps have the will and determination to fight a protracted war.

But then I discovered today that they have created their own subreddit for the effort:

https://www.reddit.com/r/Wallstreetsilver/

Over 18K participants at the moment. Some interesting posts. I guess we'll see how it shakes out.

[68Camaro]

Looks like a lot of them are buying physical.

[Recyclersteve]

APMEX currently wants 30x for $100 face value bags of 90% silver, not available until Feb 15th?!?

I wonder what they will pay to buy the bags from the public. In other words, what is their true spread in a volatile market scenario...

[Recyclersteve]

AdamsSamoa was right. The posts on reddits "wallstreetbets" about SLV to $1000 apparently had a lot of "bot" generated messages. Someone, it would seem, was trying to pull the attention away from Gamestop with the SLV red herring. To any of you who hold shares, it was a great call selling day. I sold calls on monday on the AG and WPM I held. Bought them back yesterday almost worthless. Theres always an angle....

Be alert and keep stacking, friends.

I love your thinking about playing the options. And I also like selling the gigantic premiums and buying back when the implied volatility (IV) crumbles.