I went to bed last night and after a week or so silver and gold were fighting to hold their ground. They dropped from their highs the week before and they’ve been struggling ever since. I wasn’t in any rush to check them this morning but I just did. Gold is up but silver was up to $38.39. That’s almost up $1.50 from yesterday. What happened to cause such an increase in the last 12 hours?
I just googled it and AI says it’s due to political unrest. Silver was $38.47 so it back off a little. Still up over $1.30 today and that’s a big move. Okay me as I’m holding.
Yeah, political unrest always makes silver go up. Except when it makes it go down. Or stay the same. Compare this to times when there isn't political unrest, like... give me a minute, I'm sure I'll think of one...
I'm thinking about selling some vintage stuff that I bought at $12-$17...but I'd still be looking for $60 an ounce.
Silver is in a 4 year worldwide deficit. Delinking with that gold/silver ratio thing. Supply…meet demand! And the same with copper. Nobody, just nobody, wants a copper mine/smelter in the neighborhood
Very true! The explanations are often entertaining-especially when the same one is used for movements in opposite directions!
The physical market for 1,000 toz LGD silver bars is likely much tighter than anyone thinks (based upon public data). This looks to me like the beginning of a real squeeze on the paper markets.
A lot of people are finally worried about debt and deficit spending that have been increasing almost everywhere in the world for many years. In 1979 I didn't think the dollar could last another ten years but it has just kept chugging along. Every time it looks like toast they print up more money and give it to everyone but American workers. But the biggest thing that has changed is that officials have been speaking openly about the need to have a cryptic dollar so the economy can be regulated and monitored so gold started going higher. Now gold is so high nobody wants to be the last to pile on so they're looking at other metals and other cryptic money. The problem here is two fold. The biggest problem is the silver market is so tiny any significant buying can propel the price "to the moon" and there are entities (like Russia and China) already accumulating this metal. Whatever their motives this market is too tiny to run on more buying than selling. As this market is now constituted most of the shortfall of supply for industry comes from dishoarding by the American public but the American public doesn't have nearly enough metal to make up for metal being sent to India, Russia, and China. This is a tinderbox and the only thing that could be sure to stop it is a collapse. Suffice to say I'm still looking at a buying panic if not now than soon enough.
Yes. This shortage is overlaid on a strange situation where refineries are backed up because we lack the capacity but most can't produce the specific product needed by high tech industry. One wonders what form of metal Russia is hoarding. It sure isn't ore.
