Silver Prices Hitting the Roof

[Bolt_308]

Spot price over $54 at $54.08. Crazy times!

 

[Cavedweller]

"People are seeing this as a window of opportunity to raise some much-needed cash ahead of the holidays," she said. "People have been holding on to grandma's sterling silver tea set and now recognize its value. We are seeing items coming in that were wrapped in newspapers from at least 20 years ago. This is how long people have been holding on to these items, waiting to cash in."

"Despite the flood of customers, Kahn said she doesn't expect recycled silver to fix the massive supply deficit in the marketplace. According to the Silver Institute, the silver supply deficit is forecast to reach around 187.6 million ounces — the third-largest deficit on record."

"I don't think we will get enough tea sets that will meet Tesla's silver demand," said Kahn. "I think silver prices have to go a lot higher to balance this market, and I think we could see prices go to $100 an ounce."

Consumers are flooding the market with silver, but not enough to cap prices - House of Kahn Estate Jewelers

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

www.kitco.com

 

[Cavedweller]

Nothing sweeter than watching the short sellers take a hit.

"The silver market may be significantly overstretched as it continues to trade near all-time highs after surging above $53 an ounce. However, it doesn't pay to go against the precious metal when momentum is not on your side.

That is a lesson commodity analysts at TD Securities were reminded of this week as they exited a tactical short position in silver, taking a nearly $2.4 million hit.

The Canadian bank recently shorted silver when prices were at $48.37 an ounce, expecting that its rally toward $50 an ounce would unleash a wave of supply into the marketplace. The tactical short position emerged even as TDS has remained extremely bullish on silver, anticipating renewed investment demand that will drain already beleaguered stockpiles in vaults associated with the London Bullion Market Association."

TDS gets hit by the silver train as it closes tactical short position for $2.39 million loss

(Kitco News) - The silver market may be significantly overstretched as it continues to trade near all-time highs after surging above $53 an ounce. However, it doesn’t pay to go against the precious metal when momentum is not on your side.That is a lesson commodity analysts at TD Securities were...

www.kitco.com

 

[Alexx1401]

Nothing sweeter than watching the short sellers take a hit.

"The silver market may be significantly overstretched as it continues to trade near all-time highs after surging above $53 an ounce. However, it doesn't pay to go against the precious metal when momentum is not on your side.

That is a lesson commodity analysts at TD Securities were reminded of this week as they exited a tactical short position in silver, taking a nearly $2.4 million hit.

The Canadian bank recently shorted silver when prices were at $48.37 an ounce, expecting that its rally toward $50 an ounce would unleash a wave of supply into the marketplace. The tactical short position emerged even as TDS has remained extremely bullish on silver, anticipating renewed investment demand that will drain already beleaguered stockpiles in vaults associated with the London Bullion Market Association."

TDS gets hit by the silver train as it closes tactical short position for $2.39 million loss

(Kitco News) - The silver market may be significantly overstretched as it continues to trade near all-time highs after surging above $53 an ounce. However, it doesn’t pay to go against the precious metal when momentum is not on your side.That is a lesson commodity analysts at TD Securities were...

www.kitco.com

Ouch, that has got to hurt. Currently showing $52.06 so down $2.34, with gold going down $88.

 

[Cavedweller]

Ouch, that has got to hurt. Currently showing $52.06 so down $2.34, with gold going down $88.

Monday will be interesting.

 

[Bolt_308]

Monday will be interesting.

Yeah Im trying to decide if I place an order right now or wait . . . Sigh . . .

 

[Cavedweller]

Heavy profit-taking hits gold, silver; what to watch, near term

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

www.kitco.com

 

[Camelfilter]

Yeah Im trying to decide if I place an order right now or wait . . . Sigh . . .

Any current deals on reduced premiums from reputable places?

 

[Alexx1401]

Any current deals on reduced premiums from reputable places?

Only place I ever bought from is JM. Still regularly get emails from them that some item is being sold at very close to melt price, and they ship for free.

 

[Bolt_308]

Any current deals on reduced premiums from reputable places?

Go to this site- shows all the websites that are offering "silver at spot" for new customers:

Silver at Spot Deals | Where to Buy Silver at Spot Price

The most comprehensive list of all of the available silver at spot price offers.

findbullionprices.com

 

[21tango]

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

I bought 250 ounces back in 2003 ($5 an ounce). May have to sell here pretty quick

 

[Colt Carbine]

Any current deals on reduced premiums from reputable places?

https://www.ajpm.com/daily-specials/

Daily Specials

AJPM East - The best prices to buy & sell Gold & Silver bullion online. Up to the minute pricing to help you Buy & Sell Gold & Silver online. Phone: 1-503-254-6838

www.ajpmeast.com

Here's a couple. It's best to keep checking, as the page is ever changing. Every once in awhile, you'll see below spot but you have to be quick to the draw.

 

[Alexx1401]

I bought 250 ounces back in 2003 ($5 an ounce). May have to sell here pretty quick

Could sell at a nice markup now for sure. Come next week if it goes up a little more I will drop some more of mine. Was nice to walk out with the cash at over twice what I paid. You would be looking at quite a return.

 

[21tango]

Could sell at a nice markup now for sure. Come next week if it goes up a little more I will drop some more of mine. Was nice to walk out with the cash at over twice what I paid. You would be looking at quite a return.

I sold my gold at $4100 an ounce. Made a killing as i only paid at $1500 an ounce. I honestly believe silver will hit $80 by mid 2026 so im holding out

 

[sobo]

You would be looking at quite a return.

Like, 10X...

 

[Alexx1401]

I sold my gold at $4100 an ounce. Made a killing as i only paid at $1500 an ounce. I honestly believe silver will hit $80 by mid 2026 so im holding out

Will be interesting to see what happens next week. If I sell some more and it does later hit that high I will not cry as I made a good chunk of change. I only started buying several years ago when money sitting there was going down every month. It got to where I hated to look at 401K. At least that reversed so I am no longer afraid to look. Even doubled what I put in that.

 

[Camelfilter]

Will be interesting to see what happens next week. If I sell some more and it does later hit that high I will not cry as I made a good chunk of change. I only started buying several years ago when money sitting there was going down every month. It got to where I hated to look at 401K. At least that reversed so I am no longer afraid to look. Even doubled what I put in that.

That's just it.

Have decent reasons to sell. IE somewhere else to put the fiat $. Either large purchase(s) planned on, or some other "safe" haven for the fiat $.

PM's value goes up & goes down. However will unlikely be worthless. If it is worthless, we have far far far bigger concerns we'd have to be dealing with...

 

[Alexx1401]

That's just it.

Have decent reasons to sell. IE somewhere else to put the fiat $. Either large purchase(s) planned on, or some other "safe" haven for the fiat $.

PM's value goes up & goes down. However will unlikely be worthless. If it is worthless, we have far far far bigger concerns we'd have to be dealing with...

YEP! When I started doing it Wife was "concerned" a little. I told her just that. Showed her the money in the account actually going down. Told her what have we really got to lose. Stuff will never go to zero. Silver was also less "volatile". Gold was tempting but even back then was going up so fast it scared me. Figured right after I bought some it would lose faster than the 401K was

 

[21tango]

Will be interesting to see what happens next week. If I sell some more and it does later hit that high I will not cry as I made a good chunk of change. I only started buying several years ago when money sitting there was going down every month. It got to where I hated to look at 401K. At least that reversed so I am no longer afraid to look. Even doubled what I put in that.

This is the second year in a row that more silver was used than was mined. AI requires a ton of silver as do most electronics. More mining will only turn a profit if the price per ounce reaches $90. Silver is mined at 7-1 over gold and yet gold holds a 80-1 advantage in price. Those numbers suggest silver is severely overvalued. The magic number for me to sell is $80. If it drops and i lose not a big deal as my gold profits already paid for all my silver and then some. But honestly i believe silver is just gonna keep going up

 

[Mono1]

I bought 250 ounces back in 2003 ($5 an ounce). May have to sell here pretty quick

Kudos, but I'd still wait 2 more years bro.

My view is gonna be some good dips in the near term but WAY MO HIGHER by '27.