Silver Is On A Tear Today

Iran was neutral under Reza Shah Pahlevi, however in 1941 the USSR (Stalin) and UK invaded Iran, they then occupied the Counrty till 1946. The young crown prince was installed as a "puppet"

 

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Two hours and 12 more minutes to go.

 

LoL…. I just washed my car. Reckon I should get on rain tonight.

 

Man, I hope you keep that folder in an underground bunker or something.

 

What would be considered actionable? Just an honest question.

There is shortage projected for the foreseeable future. Maybe that chart will bounce back but I don't know how it can. They have not been able to re-supply for the past six months. They could not fulfill March contracts. This is action like they've never had. This chart is only a piece of the puzzle but I'd argue a large piece.
Unrest in Mexico who provides about half of US silver and no option of it coming from China, with unprecedented demand for delivery means this is uncharted territory.

 

I washed my 58 vette yesterday! It was balmy +6 and sunny, driveway was bare, but 4 feet of snow on lawn!

 

Actually, I had it lain out on my dining room table, 25 pages of Medieval-renaissance-baroque coinage.
In fact I had all of my 1550 AV/ EL coins, 4 albums, 450 slabs decked out on said table. My wife was afraid her beautifull table might collapse from the weight She also hates it when I clutter up her stuff.
But seriously, albums are a beautifull way to look at your coins

 

Overseas markets are now open.

 

In the first 5 minutes of over seas trading silver is up $1.75 to 94.77. Over 1%.

 

$96.11. Golds $5380.70 at the moment.

 

I'm gonna say it's more or less a non-event.

The markets -- PMs, Equities, etc. -- seem to need bigger events to move nowadays. I remember when Saudi Arabia got attacked a few years ago....oil went up like $5 or less. 30 years ago, it would have been up $30 a barrel.

There are other ways to hedge disaster or turmoil or volatility other than buying into a crowded trade. That's what you have fixed income and derivative products for.

 

OK, I just checked and see that we are down about 1% on the stock side, and up about 1-2% on PMs. Brent and WTI crudes are up about $5 each....Treasury yields only down 3-5 bp.

Let's see if it holds, however....easy for thinly-traded Sunday night moves to lose steam as we approach the Monday open and then recover into the Monday close.

The market fears UNCERTAINTY not a war that lasts a few days or weeks.

 

It’s a big enough event to make it move up.

 

Great purchase....but a 1908 NM in MS-66+ should still trade with a decent premium, though not at the one you paid decades ago.

If you recall my FUN 2026 thread....I was looking at a Wells Fargo 1908 NM with CAC and/or OGH....$4,500 with gold at $1,800 and today $6,500 with gold at $5,000. The labels have different buyers but your 66+ probably trades at that premium price.

Saw a couple of non-Wells 67's at FUN going for $6,700. Cheapest 67's in any of the Saint series.

 

Let's see tomorrow...always remember...the "dumb" money is active at the open, the "smart" money is active at the close.

 

With stocks down around the world, selling what ever will sell is the order of the day. Silver is an easy target. Back to the rodeo by Tuesday afternoon

 

Losses cut almost in half in the last hour.

This is nothing compared to Covid, the GFC, 9/11, or 1987.

 

I wonder what traders are seeing that makes them think this will last only a few days or weeks.

[Edit: removing further speculation about the war's likely course that would probably smell too political.]

 

Any bulls that run tonight will get slaughtered in the morning

 

With blockchain technology, we can see the price discovery of gold when the traditional markets are closed, by looking at the price of Tether Gold at CoinMarketCap. So it's worthwhile to use that as a tool in an arsenal of information sources among traders (which I am not). By looking at that price, we got an accurate picture of what the gold price would be at the market open. The mystery was removed.

*I should add that due to possibly reduced liquidity, it can be seen as a prediction market - generally accurate, but not always perfectly so.