Silver Prices Hitting the Roof

[Jerry]

$53.14 for a one ounce round today in Vancouver! Geeze!

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[Medic!]

Wow. If a guy bought a bunch back before 2019 he would be a genius.

 

[FelixEstrella]

And gold! This is not a good thing. Basically means, the world has lost faith in the US dollar. Not good at all.

 

[thorborg]

I'd say gold has hit the roof, Silver just at the veranda. (of coarse silver was just under 2 bucks)
1970 gold was 40 bucks an ounce.
1971 they ended the gold standard and it jumped to 70!
2025 it surpassed four grand!

 

[Cavedweller]

The market manipulators who have been holding the price artificially low for years by short selling are getting pounded and scrambling to cover their positions (Short selling - selling that which you don't own - should be illegal). What's that I hear? Could it be the sweet song of the silver throated margin caller?

"Silver prices have surged strongly as a historic short squeeze in London has intensified, "with a fresh surge in prices adding urgency to a worldwide hunt for bullion that could alleviate the mismatch between demand and supply," reported Bloomberg. Concerns about a lack of liquidity in London are prompting the squeeze. Benchmark prices in London have soared to unprecedented levels over New York prices, prompting some traders to book cargo slots on transatlantic flights for silver bars — an expensive mode of transport typically reserved for gold — to profit off the massive premiums in London."

Gold, silver soar to record highs amid short squeeze in silver

The Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.

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[sobo]

Wow. If a guy bought a bunch back before 2019 he would be a genius.

My GF/fiancé bought a metric shiit-ton back in 2016. Gold, too...

I had been wanting to get into PMs 10 years ago, but I bought a shiit-ton of guns and ammo instead. Seems I had a very severe case of analysis paralysis at the time, and I didn't split my money between the two, going all-in on the guns and ammo. Fast-forward to 2024, and the GF/fiancé kicked my arse into gear last spring. Since spring of 2024, gold prices have shot up >75% over what I paid for it, and silver prices have shot up 70% over what I paid for it. Best investments I've ever made...

 

[sobo]

Basically means, the world has lost faith in the US dollar.

That has been true for a long, long while.

 

[Alexx1401]

I was buying silver several years ago when the money in my 401K kept going down as I was putting money in
Finally figured what have I to lose and every month or so when JM had something close to melt would buy some. Out running around today and stopped at a dealer near me with a few pounds of it and he wanted it. Paid me $50 an ounce which was fine with me as he of course has to keep the doors open too. I paid less than half that for it so works for me. JM would buy it back for melt price but the hassle of shipping it back to them made me fine with letting the dealer have it for less. May drop some more here soon. Tempting with what its going for.

 

[Ura-Ki]

Pro Tip, Do NOT sell Gold or Silver into the U.S. Markets, Sell it overseas, the U.S. market is kept artificially low, at some points as much as 20% under the world market price!
Most reputable traders will know how to handle this for you, insist on international sales, even for small amounts!

 

[sobo]

May drop some more here soon. Tempting with what its going for.

I'm keeping what I have and actually picking up more. Silver is not yet anywhere near where it's going, if you listen to all the wonky talking heads in the financial sector and the money podcasters that actually know their shiit. Think 4 digits...

 

[Alexx1401]

Pro Tip, Do NOT sell Gold or Silver into the U.S. Markets, Sell it overseas, the U.S. market is kept artificially low, at some points as much as 20% under the world market price!
Most reputable traders will know how to handle this for you, insist on international sales, even for small amounts!

As I just told the guy I sold some metal to I know jack about any of this. How do you sell out of the country? For someone like me who may sell another few pounds is it worth whatever hoops you have to jump through to try to make a few bucks an ounce more?
The stuff I just sold for 2K would have netted me another $107 if I had sent it back to the place I bought but, I would of course have to pay to ship it back and insure it. To me it was not worth the bother and then the wondering if the shipper "lost it" how long would it take for me to get them to pay me?

 

[Alexx1401]

I'm keeping what I have and actually picking up more. Silver is not yet anywhere near where it's going, if you listen to all the wonky talking heads in the financial sector and the money podcasters that actually know their shiit. Think 4 digits...

Damn. Since I have no "need" for the money I have tied up in it now may sit on it for a while them. As I told the Wife we really have nothing to lose here. Paid from $22-24 an ounce for it when I was buying. So can't see it ever going below that. If it was to triple or quadruple? Now that would be sweet. Since 401K is actually making money again I stopped paying a lot of attention since the money dumped in there is at least not going down any more.
Gold has scared me. Not like I am buying or holding enough to be a drop in the damn ocean in my dealings

 

[sobo]

Damn. Since I have no "need" for the money I have tied up in it now may sit on it for a while them. As I told the Wife we really have nothing to lose here. Paid from $22-24 an ounce for it when I was buying. So can't see it ever going below that. If it was to triple or quadruple? Now that would be sweet. Since 401K is actually making money again I stopped paying a lot of attention since the money dumped in there is at least not going down any more.
Gold has scared me. Not like I am buying or holding enough to be a drop in the damn ocean in my dealings

The GF/fiancé dumped her entire 401k back in 2016, after learning about money, PMs, stocks, and fiat currency. She paid the federal income tax (a very painful $75,000!) on that disbursement and completely bought into gold and silver (and some crypto). When she did that, gold was at $1,200/oz. and silver was at $15/oz. She's looking at a nearly 400% ROI since she got in to PMs 9 years ago. She's made that tax payment back many, many times over, and her PMs are currently not taxable, and we'll be out of WA soon enough. We're not going to buy or sell anything after 12/31/2025, when Turd Ferguson's PM tax takes effect on 01-01-2026. Head for Idaho, baby!

 

[Bolt_308]

My GF/fiancé bought a metric shiit-ton back in 2016. Gold, too...

I had been wanting to get into PMs 10 years ago, but I bought a shiit-ton of guns and ammo instead. Seems I had a very severe case of analysis paralysis at the time, and I didn't split my money between the two, going all-in on the guns and ammo. Fast-forward to 2024, and the GF/fiancé kicked my arse into gear last spring. Since spring of 2024, gold prices have shot up >75% over what I paid for it, and silver prices have shot up 70% over what I paid for it. Best investments I've ever made...

Im about in the same place as you- my 200oz i bought about a year ago are up over 70%! I am not planning on selling for a long time, good place to store wealth, and use as a 'savings' account of sorts. Never expected to see it jump this high though!

 

[gmerkt]

I've got silver that I bought at lows in the 1980's. Plus my dad's 90% junk silver hoard that came my way after my mother died. I keep a spread sheet of PM that I own. I haven't reviewed it since 2023. So today, I went over all the numbers. I was astonished. Are we in secular high country? Don't know, but when the numbers get this big I start to feel foolish for not selling. Since I don't need the money, I won't sell. After all, if PM prices fall, I haven't really lost money out of pocket. It's money I never had in the first place. The PM will always be there if I really do need the money some time.

 

[Cavedweller]

The GF/fiancé dumped her entire 401k back in 2016, after learning about money, PMs, stocks, and fiat currency. She paid the federal income tax (a very painful $75,000!) on that disbursement and completely bought into gold and silver (and some crypto). She has made that tax back more than 4 times over since 2016.
Crazy...

Not trying to be critical, nor am I a professional financial analyst, but she might have done better by keeping the 401K and moving into ETFs that hold mining stocks, such as GDX and GDXJ, rather than pulling out and buying physical metal. That way ALL gains would still be tax free. But, hey, a profit is a profit (nothing to sneeze at, however you do it - that's the Ferengi in me speaking) and hindsight is always 20/20.

I'm thinking hard about GDX right now.

 

[sobo]

Im about in the same place as you- my 200oz i bought about a year ago are up over 70%! I am not planning on selling for a long time, good place to store wealth, and use as a 'savings' account of sorts. Never expected to see it jump this high though!

Oh., it's nowhere even near done climbing yet.

 

[Cavedweller]

And gold! This is not a good thing. Basically means, the world has lost faith in the US dollar. Not good at all.

That has been true for a long, long while.

That would be the conventional wisdom, but something different seems to be going on now. The $ does not seem to be declining against other currencies. It is only slightly down or virtually unchanged vice others in the last 12 mo.

USD Historical Exchange Rates (US Dollar) - X-Rates

Get historic exchange rates for past US Dollar foreign expenses. Select your currencies and the date to get histroical rate tables.

www.x-rates.com

Nor does the dollar seem to be weakening significantly relative to other metals such as copper and iron.

 

[gmerkt]

That would be the conventional wisdom, but something different seems to be going on now. The $ does not seem to be declining against other currencies. It is only slightly down or virtually unchanged vice others in the last 12 mo.

Nor does the dollar seem to be weakening significantly relative to other metals such as copper and iron.

It's about Mania.

 

[sobo]

That would be the conventional wisdom, but something different seems to be going on now. The $ does not seem to be declining against other currencies. It is only slightly down or virtually unchanged vice others in the last 12 mo.

USD Historical Exchange Rates (US Dollar) - X-Rates

Get historic exchange rates for past US Dollar foreign expenses. Select your currencies and the date to get histroical rate tables.

www.x-rates.com

Nor does the dollar seem to be weakening significantly relative to other metals such as copper and iron.

While what you say may be true, it has long been the CW that all fiat currencies always fail. General timeline from going off a PM standard to fiat is about 50 years to monetary failure. Nixon took the US off the gold standard in 1974. As you can see, the clock has run its course now. Sure, we may be able to lurch along for a few extra years from now, but the USD will ultimately fail. All fiat currencies do.

Personally, I expect USD failure within the next 5-10 years, if not sooner. The USD is on its way to losing its world reserve currency status (which is the only reason people/economies want the USD right now). Then, everyone we owe will want their money in the new WRC, whatever that may be. Our debt will be called. And we will be in a shiit-pot full of trouble then, because no one will accept payment of our debts in our "money". So, if all one has when that obtains is paper money, they'll be in a world of hurt...