Silver Prices Hitting the Roof

[gmerkt]

Kind of like the old joke about setting up so in 40 years you have a million bucks at retirement that will by that time be worth almost nothing.

This is how full life insurance works.

 

[gmerkt]

Our dollar is a fiat dollar and is no longer used much outside the US.

About half of circulating USD currency is held in foreign hands, in 2024 about $2.3 Trillion. Up about $1 Trillion from 2014.

 

[gmerkt]

Refineries are not buying anywhere near spot, so dealers are paying less or not buying at all.

Link to what one of the refiners is paying:

Precious Metals Prices

Today's Prices: Gold: $4,497.69, Silver: $74.98, Platinum: $1,915.00, Palladium: $1,332.00. We Buy and Sell Gold, Silver, Platinum, and Palladium. Prices Updated Daily.

www.cascaderefining.com

The spread on gold is pretty normal. The spread on silver at present is huge, like 20%. They are getting nervous, silver can be tricky and they don't want to get burned in a possible downdraft. And I guess that's why some dealers have stopped buying altogether. For now, anyway.

There is also the story that silver is so abundant in the system that it can't be sold. Huh? How can this be with sticky high sell prices?

But this is an interesting phenomenon. We sock away PM as an alternative form of "money," yet find that some dealers won't "cash" us out.

 

[anticlineatic]

I've thoroughly enjoyed reading y'all's insightful conversations about all this!

 

[Alexx1401]

Link to what one of the refiners is paying:

Precious Metals Prices

Today's Prices: Gold: $4,497.69, Silver: $74.98, Platinum: $1,915.00, Palladium: $1,332.00. We Buy and Sell Gold, Silver, Platinum, and Palladium. Prices Updated Daily.

www.cascaderefining.com

The spread on gold is pretty normal. The spread on silver at present is huge, like 20%. They are getting nervous, silver can be tricky and they don't want to get burned in a possible downdraft. And I guess that's why some dealers have stopped buying altogether. For now, anyway.

There is also the story that silver is so abundant in the system that it can't be sold. Huh? How can this be with sticky high sell prices?

But this is an interesting phenomenon. We sock away PM as an alternative form of "money," yet find that some dealers won't "cash" us out.

Knowing little of all this I am always "suspect" when I read stories about silver being in "short supply". I often have to wonder if this is not stories planted to try to get more people to buy since price went up so much.

 

[Alexx1401]

It's not that mysterious. To put it simply, traders in London have sold more silver on paper than they can deliver (short selling). The buyers are demanding delivery of the physical metal. There is not enough to go around. So in order to deliver on their contracts, they are scrambling to find a supply of metal. New York seems to be it. They have to pay whatever price is necessary to get it, ASAP, in order to fulfill those contracts and avoid bigger losses as the price rises. That very buying causes the price to rise. It's a classic short squeeze.

"This shortage in London has now caused a violent reversal. The premium for spot silver in London has made it highly profitable for banks to take physical metal from the COMEX and ship it back across the Atlantic."

OK, now that makes sense. Hell they can buy some of mine

 

[arakboss]

London faces 150-million-oz silver shortfall amid COMEX drain - Insider

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

 

[Bolt_308]

Knowing little of all this I am always "suspect" when I read stories about silver being in "short supply". I often have to wonder if this is not stories planted to try to get more people to buy since price went up so much.

Dont know if you follow Silver Dragons on Youtube, but he goes to Harrys Coin Shop once a week and posts a video interviewing Harry.

This weeks video was interesting in that Harry was talking about how he used to be able to get silver stock quickly, like a couple of days, but now everything is back ordered several weeks.

And then you would think there would be a glut of selling, filling his display cases, but the opposite is happening, where buyers are coming in and buying it all up during this dip . . .

View: https://youtu.be/mLpQICnZX1U?si=G27WPJMS-QxXbJW_

 

[Alexx1401]

Dont know if you follow Silver Dragons on Youtube, but he goes to Harrys Coin Shop once a week and posts a video interviewing Harry.

This weeks video was interesting in that Harry was talking about how he used to be able to get silver stock quickly, like a couple of days, but now everything is back ordered several weeks.

And then you would think there would be a glut of selling, filling his display cases, but the opposite is happening, where buyers are coming in and buying it all up during this dip . . .

View: https://youtu.be/mLpQICnZX1U?si=G27WPJMS-QxXbJW_

I rarely watch anything people throw up on youtube as so often it seems to be people who LOVE to hear themselves talk If this guy is saying he is having trouble getting stuff for his shop that does seem to directly contradict what other sites are saying. I keep seeing people "claim" that big places are now no longer buying silver since they are afraid to get stuck. So again I often have to wonder if some are trying to manipulate the masses into buying or selling?

 

[Bolt_308]

My 3.5 ounce hand poured pure silver Plata Muerta coin arrived today! Had to take a few photos for y'all ;-). Replica of the coins from the Pirates of the Caribbean movies, in pure silver . . .

Lord Cutler Beckett : "No doubt you've discovered that loyalty is no longer the currency of the realm, as your father believes."
Elizabeth Swann : "Then what is?"
Lord Cutler Beckett : "I'm afraid currency is the currency of the realm."

 

[Bobbygun]

Let me know if you need an intermediary on the python . Great gun

Well, I didn't end up converting my Krugerrand into a Python, just some probably soon to be worthless paper. You are such a bad influence.

 

[wired]

Well, I didn't end up converting my Krugerrand into a Python, just some probably soon to be worthless paper. You are such a bad influence.

View attachment 2186134

Upgrade from the worthless paper. About to pick up a King Cobra in 357 myself. $750? Bargain

 

[Bobbygun]

$750? Bargain

That's a smokin' deal! That's two bills less than I see it locally. Does that include the rebate? I'm pretty sure the King Cobra is part of the rebate program.

 

[wired]

That's a smokin' deal! That's two bills less than I see it locally. Does that include the rebate? I'm pretty sure the King Cobra is part of the rebate program.

Yes, It is covered by the rebates. Good thing is the other 3 snake guns I have are covered too Just have to move them to my name on the 4473 off my inventory . Cha Ching.

Colt King Cobra *CA Compliant 357 Mag 6rd 3" Brushed Stainless Steel Black Hogue Overmolded Grip

Colt King Cobra *CA Compliant 357 Mag 6rd 3" Brushed Stainless Steel Black Hogue Overmolded Grip On Sale - Best Tactical Gear Shop - botach.com

botach.com

 

[Bobbygun]

Colt King Cobra *CA Compliant 357 Mag 6rd 3" Brushed Stainless Steel Black Hogue Overmolded Grip

Colt King Cobra *CA Compliant 357 Mag 6rd 3" Brushed Stainless Steel Black Hogue Overmolded Grip On Sale - Best Tactical Gear Shop - botach.com

botach.com

Sweet! The places I looked locally didn't have any sales going on the King Cobra. Looks like you could get another $100 back from the rebate program. It's done online and only takes a few minutes to fill out. You just need pictures of your receipt and the UPC Code on the box.

 

[wired]

Sweet! The places I looked locally didn't have any sales going on the King Cobra. Looks like you could get another $100 back from the rebate program. It's done online and only takes a few minutes to fill out. You just need pictures of your receipt and the UPC Code on the box.

I edited my comment. I have to transfer my other snake guns off my inventory to myself then I'll have 4 eligible Colts

 

[Bolt_308]

Picked up four 1 ounce coins- The John Wick coins! ;-) Figured I had better take a picture of one with the John Wick gun from the first movie ;-)

 

[Bolt_308]

Silver back up this week to $53.77. Glad i finally timed it right and 'bought the dip', buying 60 ounces last month at $48. Usually every time I buy, thats when spot dips, so nice to have the win!! ;-)

 

[Alexx1401]

Silver back up this week to $53.77. Glad i finally timed it right and 'bought the dip', buying 60 ounces last month at $48. Usually every time I buy, thats when spot dips, so nice to have the win!! ;-)

Had not noticed it went back up. Will have to get down and sell some more here.

 

[Mono1]

Had not noticed it went back up.

Yeah that kinda snuk up on me too.

Would be good to see softness continue for the rest of the year tho.

Then MUCH higher prices in '26.

I'm thinking $100 by end of '26. Way more in '27.