Silver Prices Hitting the Roof

[elsie]

Are you telling us that number in troy pounds or avoirdupois pounds?

1.625 troy pounds would be 19.5 troy oz.
1.625 avoir. pounds would be 26 avoir. oz.

I would expect that you bought in troy pounds, as that is the unit of measurement for PMs...

No conversion from troy to avoir or vice versa? I'm disappointed...

elsie

 

[Lilhigbee]

why is it that when I go online to check the spot price of silver every site shows a different price?

Because they're all in a different spot??

 

[Mikej]

Because they're all in a different spot??

I tell ya'! This ^ guy's one of the sharper knives in the drawer. Yup!

 

[sobo]

No conversion from troy to avoir or vice versa? I'm disappointed...

elsie

As you wish...

pound (troy)-pound (avoirdupois) conversion

pound (avoirdupois)-pound (troy) conversion

 

[Alexx1401]

why is it that when I go online to check the spot price of silver every site shows a different price?

My best guess? Because its so volatile right now. Before this big dip I used to just check the place I bought from. When the big hit came several sites were down from traffic. As they started to come back I noticed some variation in what each was saying now. Just now when I check JM who I bought from its $80.33. When I check BVC who I was selling to they show $79.13/ 80.13. Don't know what the two mean.

 

[bionic knees]

I had noticed the differences some time back, didn't really give it much thought. Just seems odd, I would think that they all get their info from the same source.

 

[Cavedweller]

Imagine the poor guy digging threw the $#!+!

I don't think it works that way. I think the beans are collected and then washed. No digging involved. I lived in Indonesia for 3 years but was not a coffee drinker at the time. But some time after returning to the States I took up the habit when my daughter got a job in a coffee shop. We often joked about kopi luwak, and one year she got me a small package for Xmas. I couldn't tell the difference between kopi luwak and Folgers, so concluded it was a waste of money. I would go along with this statement from Wikipedia:

"Within the coffee industry, kopi luwak is widely regarded as a gimmick or novelty item. The Specialty Coffee Association of America (SCAA) states that there is a "general consensus within the industry...it just tastes bad". A coffee professional compared the same beans with and without the kopi luwak process using a rigorous coffee cupping evaluation. He concluded: "It was apparent that luwak coffee sold for the story, not superior quality..."

Kopi luwak - Wikipedia

en.wikipedia.org

Sorry for the thread drift, but us old folks like to reminisce.

I would just wait to buy again but will be in at $50 a ounce and after people dump their $100 purchases it will be there within a month

The problem with that line of reasoning is that it assumes that the retail market in the U.S. drives the price of silver, whereas it is the imbalance between industrial demand and physical supply that caused the current squeeze. The price in Shanghai is still over $120. A $40 premium can't last for long.

 

[Tlock]

I don't think it works that way. I think the beans are collected and then washed. No digging involved. I lived in Indonesia for 3 years but was not a coffee drinker at the time. But some time after returning to the States I took up the habit when my daughter got a job in a coffee shop. We often joked about kopi luwak, and one year she got me a small package for Xmas. I couldn't tell the difference between kopi luwak and Folgers, so concluded it was a waste of money. I would go along with this statement from Wikipedia:

"Within the coffee industry, kopi luwak is widely regarded as a gimmick or novelty item. The Specialty Coffee Association of America (SCAA) states that there is a "general consensus within the industry...it just tastes bad". A coffee professional compared the same beans with and without the kopi luwak process using a rigorous coffee cupping evaluation. He concluded: "It was apparent that luwak coffee sold for the story, not superior quality..."

Kopi luwak - Wikipedia

en.wikipedia.org

Sorry for the thread drift, but us old folks like to reminisce.

The problem with that line of reasoning is that it assumes that the retail market in the U.S. drives the price of silver, whereas it is the imbalance between industrial demand and physical supply that caused the current squeeze. The price in Shanghai is still over $120. A $40 premium can't last for long.

See i learn something knew every day!

 

[gearfiend]

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

Where do you buy to get the most in your investment?

 

[sobo]

Is there such a thing as a Troy Pound still in use in modern US commerce?

Yes. Take a look at any bullion seller's literature. It's all over in their spiel.

I thought pounds were the same, just divided differently. Meaning, one pound contains 12 Troy oz. or 16 Avoirdupois oz.

Well, one troy pound contains 12 troy ounces, and one avoirdupois pound contains 16 avoirdupois ounces. One must specify which type of pound one is using for the measured product. Typically, that's obvious by what the product is that is being measured. If it is anything other than a PM, it's assumed to be avoirdupois. If it's a PM, it's assumed to be troy.

 

[Gigatar]

Here's some insight on Friday's happenings:

—————————

Coincidences Galore…

But was it really any "magical" coincidence that JP Morgan was able to exit its massive (and fatally stupid) short exposure at the absolute bottom/floor of the silver price on Friday? That is, at the perfect moment?

Was it also any coincidence that the London Metals Exchange went completely dark on that very same day?

And was it just an equal coincidence that HSBC, the second largest silver short holder on the LBMA, went completely offline as the choreographed Friday massacre in silver took place?

Or do you think it may also be just another coincidence that the self-regulated COMEX raised its margin requirements yet again on that same Friday to shake out even more of the levered longs, which were otherwise pummeling the short-exposed bankers?

And finally, do you think it was just a coincidence that the announcement of a new Fed Sheriff came that very same day, on the eve of a weekend, and well after the Asian markets had closed?

————————


Seems more and more like it was manufactured to allow the big banks to ease out of their losing positions. Bunch of jerks.

 

[kmk1012]

Here's some insight on Friday's happenings:

—————————

Coincidences Galore…

But was it really any "magical" coincidence that JP Morgan was able to exit its massive (and fatally stupid) short exposure at the absolute bottom/floor of the silver price on Friday? That is, at the perfect moment?

Was it also any coincidence that the London Metals Exchange went completely dark on that very same day?

And was it just an equal coincidence that HSBC, the second largest silver short holder on the LBMA, went completely offline as the choreographed Friday massacre in silver took place?

Or do you think it may also be just another coincidence that the self-regulated COMEX raised its margin requirements yet again on that same Friday to shake out even more of the levered longs, which were otherwise pummeling the short-exposed bankers?

And finally, do you think it was just a coincidence that the announcement of a new Fed Sheriff came that very same day, on the eve of a weekend, and well after the Asian markets had closed?

————————


Seems more and more like it was manufactured to allow the big banks to ease out of their losing positions. Bunch of jerks.

Very interesting, well above my understanding of the market but would not be a great thing if all was connected.

 

[Alexx1401]

Sure as hell worked out for me as I got out and won big time. Maybe one of the big players whispered to in my ear.

 

[Nick Burkhardt]

Funny how just when everyone was making money on Thursday as Silver hit $121 the money-changers altered the rules (margin requirements) on Friday causing forced selling of leveraged investors which drove the price down 30% in 30 hours. Of course JP Morgan had a short sale in and made money.

 

[Knobgoblin]

Funny how just when everyone was making money on Thursday as Silver hit $121 the money-changers altered the rules (margin requirements) on Friday causing forced selling of leveraged investors which drove the price down 30% in 30 hours. Of course JP Morgan had a short sale in and made money.

Money changers.

Love it.

 

[TTSX]

Money changers.

Love it.

View attachment 2242405

My favorite part of the Bible was when Hay-soos beat the crap out of Enron's investment bankers with a piece of wheat while singing the Macarena

 

[Knobgoblin]

My favorite part of the Bible was when Hay-soos beat the crap out of Enron's investment bankers with a piece of wheat while singing the Macarena

My favorite part is Denzel chopping off hands and eating cats.

 

[Bolt_308]

My favorite part of the Bible was when Hay-soos beat the crap out of Enron's investment bankers with a piece of wheat while singing the Macarena

My favorite actual Bible verse:

"As soon as the morning was light, the men were sent away, they and their a$$es . . ."
-Genesis 44:3(King James Version)

 

[Gigatar]

Sure as hell worked out for me as I got out and won big time. Maybe one of the big players whispered to in my ear.

I am glad to hear you locked in your profits, well done.

Although, this reminds me of a member on here several years ago gloating about having their Covid vaccination card while others were more interested in exposing that scam.

 

[TTSX]

I am glad to hear you locked in your profits, well done.

Although, this reminds me of a member on here several years ago gloating about having their Covid vaccination card while others were more interested in exposing that scam.

I wonder if the people who still have those cards feel like morons every time they see it?