Silver short squeeze

I've got numerous holdings that will find a new home with a greater fool.

 

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To our valued customers,
APMEX Statement On Current Market Conditions:

In the last week, we have seen a dramatic shift in Silver demand from our customers. For example, the ratio of ounces sold per day was running about two times earlier in the week and closer to four times the average demand by the end of the week. Once markets closed on Friday, we saw demand hit as much as six times a typical business day and more than 12 times a normal weekend day. Combined with the extremely high demand levels, we are also seeing a surge in new customers. On Saturday alone, we added as many new customers as we usually add in a week.

Any Precious Metal dealer will take a long position in the futures market to protect against spot price exposure when the markets open. We do this because it is our goal not to take a speculative position on metal. The weekends are unique as we are not able to real-time hedge our position. We took an aggressive position this weekend, but clearly could not have predicted the volumes that were seen. We have partnerships around to world that allowed us to cover these long positions, but only to a point. Once we exceeded our comfort levels, we had little choice but to stop the sale of Silver on our website. This was a difficult decision to make and unprecedented in our history.

As we evaluate the markets, it is difficult to know where Silver's price and demand will go in the coming day and weeks. APMEX is highly capitalized and has more than $150 million in inventory to support demand. We have made strategic decisions to procure additional metal, locking up any metal we can find in the market place. We suspect premiums will rise and rise quickly, as we are seeing significant increases in our costs, when we can even locate the metal. It is also highly likely that we will need an additional day or two to fill orders based on current order counts. The one guarantee we can make to our customers is that you will only be sold metal that is on-site, or we have procured the metal with a firm commitment date from our partners. In markets like this, we feel this is the best approach a retailer can take, as no one can predict product availability.

We want to thank our customers for their patience and understanding during these turbulent times. APMEX prides itself on best in class service and delivering on promises to our customers.
Sincerely,
Ken Lewis
CEO, APMEX

 

Rah rah sis boom bah!

 

ASEs are still available at JM Bullion. $40+ when spot is still under $30.

 

Looks like platinum was the winner today.

 

Shop I visited 5 miles from me today was at $35 ASE
Bought none.

 

Bazinga

 

https://www.reddit.com/r/wallstreet...vershortsqueeze_is_a_trap_designed_to_direct/

 

I’m getting to believe in the greater fool theory.
Just trying for it to not be me

 

That's not happening for me at all, hell $30 is too much money for my comfort! I'll stick to gold!

 

Same here. Silver has in the to 'to expensive to buy and to cheap to sell' zone since the brief crash last year. I tried to buy some then but I wasn't the early bird.

 

Bingo, too expensive to back the truck up and not high enough to load the truck and send it to market.

 

Melvin Capital is a $12 billion hedge fund.

They lost 53% in January.

Next question.....

 

JP Morgan is not speculating in silver. They are a custodian and clearing house for others.

This garbage about JPM has been circulating for years.

 

So now what? Does the conversation turn to how long will it take for the premium on silver return to normal inflated prices?

 

Well, GME is down in AH and so is silver.

 

I view it the same. Since I probably have "enough", Anything north of $15 is too pricey, and south of $40 is too cheap to take me out of a long term position.

 

Back to reality
Will the Merrymen try to push gold up a rope next?
Stay tuned

 

Silver down over $2.

 

Yes, very disappointing.

I almost believed the hype this time!

Silver can be a real heartbreaker if you're not in for the long haul.

Holding...