Silver starting to move

[68Camaro]

$43



And practically no one on these cable financial stations are talking about it.

$43 futures, not spot.

[Cu Penny Hoarder]

$43



And practically no one on these cable financial stations are talking about it.

$43 futures, not spot.

Debbie downer!

[shinnosuke]

Good info if you're preaching the gospel of silver to someone new to the metal.
https://www.miningvisuals.com/post/a-10 ... ce-history

[pmbug]

Needs a bigger Y axis

[shinnosuke]

Needs a bigger Y axis

Indeed. But my question is: Are RealCenters, confident of higher prices, buying now?

Corollary: Who is buying and supporting the current rise?

[pmbug]

I sold most of my meager crypto holdings last week and bought silver with the proceeds.

https://x.com/pmbug/status/1967590921425609123

[68Camaro]

Needs a bigger Y axis

Indeed. But my question is: Are RealCenters, confident of higher prices, buying now?

Corollary: Who is buying and supporting the current rise?

I did buy 50 oz last week in the mid 39s. Might be my last buy, not including collectibles.

[68Camaro]

Don't know how long it will stay there, but spot buy just did cross 43 to 43.01.

[68Camaro]

Up and down but it closed for the week at $43.008, just over the line.

[Cu Penny Hoarder]

:thumbup: Up and down but it closed for the week at $43.008, just over the line.

We stay the course and will be rewarded.

[68Camaro]

Kitco is having computer issues again, so I can't see the Kitco bid price - they are showing some type of price but I think it's a monthly future price because it differs from several other sources. Monex is reporting bid at 43.99 at the same time that APMEX is showing bid at 44.03, so I think we are at $44 now, give or take.

[Lemon Thrower]

$44 confirmed

[Cu Penny Hoarder]

I predict $50 by Oct 31st... perhaps sooner.

After it breaks out of $50 it could shoot to $60-70 very quickly.

[MaxGravy]

Kitco is having computer issues again, so I can't see the Kitco bid price - they are showing some type of price but I think it's a monthly future price because it differs from several other sources. Monex is reporting bid at 43.99 at the same time that APMEX is showing bid at 44.03, so I think we are at $44 now, give or take.

We use silverseek.com for the chart in the sidebar on Bullionstacker. You can see all of our charts without logging in. Very handy.

http://www.bullionstacker.com/

[68Camaro]

Haven't logged into BS in several years. I just went to the link without logging in, and I don't see anything that provides any info to someone who hasn't logged in.

[68Camaro]

As far as silverseek, it appears to suffer from a difference relative to monex or apex as well. Its showing ag bid being 44+, while the others are 43.9ish, about a tenth apart. It may be timing or round off or ? - but that's why I have always used kitco, as it (at least in the past) seemed to be dependable.

[franklin]

This is getting a little scary. At 5am my time gold touched 3800 and silver was streaking toward 45. I feel a bit like a frog in a pot of warm water.

[68Camaro]

This is a perfect storm for silver and gold, that you are not seeing so much in platinum and palladium. Each of these two metals has its own, largely different, reason for moving up.

Silver has had a supply deficit for years, but people were in denial of that (it wasn't too long ago that I had a dispute with someone here about that - I don't recall who, and I don't have the motivation to try to find those posts just for an "I told you so"). The silver market differs from gold in at least 5 ways:
1) it is a major industrial metal, which, once used, tends to become industrial waste not recovered, and the industrial use appears to be accelerating,
2) it has long been manipulated for profit by large financial institutions in large part because the total market valuation for silver has been small enough that it could be manipulated,
3) it is NOT stored for wealth by central banks,
4) as noted, it has been in a supply deficit for years, which has been masked by the manipulation,
5) Silver mining supply is driven by it being in part a by product of primary mining of copper and gold.

Silver is going up in large part because it is seeking its true valuation as the manipulation appears to be in retreat, but is also complicated in the short term by potential short covering, and USD moves.

1) Gold is only a minor industrial metal, and when used it is mostly recovered in recycling. Most gold mined over history still exists, which can't be said of silver.
2) Gold's major use is as a central bank store of wealth. Gold demand is driven by that, reinforced by secondary private party wealth storage, and jewelry use (which in some cultures, such as India, is also a private party store of wealth).
3) the valuation of the market for gold is arguably too big to easily manipulate.
4) a period of gold suppression, when central banks were not allowed to count gold reserves as a primary asset, has ended. With the US dollar in retreat (largely) and foreign governments increasingly reluctant to fund the mounting US deficit, central banks are converting their reserves.from US treasury bonds to gold, which contributes to price increases, and which will escalate over time.

So I think you will continue to see prices to go up until fair market prices are in balance for each. The factors driving fair value for each are different, so they will not always move in the same direction or in proportional amounts.

[Cu Penny Hoarder]

This is getting a little scary. At 5am my time gold touched 3800 and silver was streaking toward 45. I feel a bit like a frog in a pot of warm water.

PMs are only doing what they're supposed to do. It's got a long way to go... playing catch up.

[Lemon Thrower]

We'll probably start to see GDX move, and then GDXJ and silver.

Me, I prefer virtual gold.

[68Camaro]

Looks like spot silver briefly broke $45 this morning, if you look at the minute by minute data rather than the 10 minute data. But it retreated below 45, and is currently along with gold dropping due to a spike in the USD. (Which will probably be temporary. )

[Lemon Thrower]

44.98 now

[pmbug]

The silver FOMO bull will overrun the paper exchanges.

Global free float vault stock at the beginning of September was around 19,702.296 metric tons (see link below for details). There are indications that not all of that is liquid either (see second citation below).

Let's be conservative and assume that it is all liquid. Let's even round up to an even 20,000 metric tons to be super conservative with our math.

20,000 metric tons is 643,014,900 troy ounces. Let's assume an average cost of $60/ozt as buyers rotate capital from money market funds and other liquid investments into silver as FOMO takes hold.

In that scenario, 20k tons represents $38,580,894,000. Let's call it $38.6B. That represents just 0.193% of the $20T that is purportedly currently available capital (see third citation below). That's all it would take to wipe out every troy ounce of silver that is currently available in the world's major exchange vaults (LBMA, COMEX and SGE/SFE).

The silversqueeze is going to be epic.

https://x.com/pmbug/status/1971244498102661397

[neilgin1]

Needs a bigger Y axis

Indeed. But my question is: Are RealCenters, confident of higher prices, buying now?

Corollary: Who is buying and supporting the current rise?

i'm always buying, i never sell....i get what you mean when you saty prices, but i wouldnt trade good shiny for paper coupons...and to boot, even degraded post 65 cupro nickels, we have buckets....watch out for 'stablecoin' or any of that bankster mischief, just saying............

[68Camaro]

Sell no. Trade one shiny for another - strong possibility...