Silver Prices Hitting the Roof

[Tlock]

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

Yes......yes they should wear them as a badge of stupidity

 

[TTSX]

Yes......yes they should wear them as a badge of stupidity

Like the numbers on the window.

 

[Cavedweller]

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.

They did it gain today, raising margin requirements twice in 4 days.

"CME Group announced hikes in margins on its metal futures on Saturday and the changes are set to take effect after market close on Monday. COMEX gold futures margins (1oz) are raised from 6% to 8%, while COMEX 5000 silver futures (SI) are set ⁠to increase ‌to 15% from 11%"

Gold, silver selloff deepens after CME hikes margins

Gold and silver extended falls on Monday after CME Group raised margin requirements following a sharp selloff in precious metals last week

newsd.in

They wanted to smash the price. Despite all this, silver is holding above $80. Some say that a large number of highly leveraged Chinese speculators were forced to sell to meet margin calls. In the long run, wringing out a lot of the speculators will be healthy for the market. Still, way too much leverage is allowed in the commodities markets. Genuine reform is needed.

The fundamentals haven't changed. Solar consumes 20% of the annual silver supply. EV manufacturers still need to keep the assembly lines rolling. AI data centers are still being built all over the place.

Shanghai spot is still over $100.

 

[Alexx1401]

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 make humor of it due to me never having any real interest in metals. I have mentioned before I only ever dipped my toe in this after the potato made such a mess. Money going into my 401K was losing value as I put more in. To the point I hated to look. Since I am old enough to take money out any time I want in any amount I just started buying some metal. Each time JM had something at close to melt I would toss another K into it. Telling Wife the stuff would never be worth nothing so what was there to lose. Now investments are doing great, I put a back in all I took out and a lot more. Last time I sold it was starting to get volatile and place was offering $4.50 under melt. So they were offering me at 4 times what I paid. I just told the clerk works for me, this stuff served its purpose greater than I ever dreamed. I doubt I will be buying again. I could tell anyone everything I know about investing in seconds. So in other words I have no clue, never really cared. Pay people who know FAR more than me to do that. This was my first and probably last time of trying to guess the markets with my money.

 

[Jim Horn]

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


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.

That's why the old riddle of "What is heavier? A pound of feathers or a pound of gold?" has the answer most folks would not expect. Gold is heavier than feathers in general, but a pound is a pound so they're the same - but not here, the feathers are heavier by about 21% because of the difference in the two types of pounds.

 

[Colt Carbine]

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.

The COMEX data reveals JP MORGAN closed 3.17 million ounces of silver shorts exactly at the peak of the crash, issuing 633 delivery notices at $78.29.

EDIT: The above information was gleaned off the net. Hopefully, the above wasn't misinformation.

 

[gmerkt]

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.

Okay, I think I've finally gotten it. After being misinformed for over 50 years. I thought the only difference between the two "kinds" of pounds was how the mass was divided. But that the weight of the mass as a whole was the same. I had to put it in metric conversion to see the difference:

1 tr. oz = .0311 Kilo
1 avoir. oz = .0283 Kilo

 

[Mono1]

So,

For the time being, we seem to be establishing upper resistance at $5,000 for Gold and $90 for Silver.

Or, Approximately at those levels.

My gut feeling is those ranges will hold for a good several months.

BUT.

I have been surprised before. And when I say "Surprised" I mean it will be to the UPSIDE.

 

[Bolt_308]

Silver Dragons just dropped a good video interviewing our local boy Harry at Harrys Coin Shop in Raleigh Hills, Beaverton. In short- they got WIPED out of silver, and have very little left bullion wise on the shelves. Said they have people loitering in their lobby waiting for sellers to come in, so they can buy the silver as it comes in the shop. Wild times!!

View: https://youtu.be/2fwx9Zp9mQs?si=5PKdMeYfiBnb9P4o

 

[Camelfilter]

GSR ~1:57 (JM bullion data)...

 

[arakboss]

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.

Vaccination Card, that sounds like the Concealed Carry Card scam.

 

[sobo]

So,

For the time being, we seem to be establishing upper resistance at $5,000 for Gold and $90 for Silver.

Or, Approximately at those levels.

My gut feeling is those ranges will hold for a good several months.

BUT.

I have been surprised before. And when I say "Surprised" I mean it will be to the UPSIDE.

Damned near busted that already...

 

[sobo]

Okay, I think I've finally gotten it. After being misinformed for over 50 years. I thought the only difference between the two "kinds" of pounds was how the mass was divided. But that the weight of the mass as a whole was the same. I had to put it in metric conversion to see the difference:

1 tr. oz = .0311 Kilo
1 avoir. oz = .0283 Kilo

Yes, now you got it...

 

[sobo]

So,

For the time being, we seem to be establishing upper resistance at $5,000 for Gold and $90 for Silver.

Or, Approximately at those levels.

My gut feeling is those ranges will hold for a good several months.

BUT.

I have been surprised before. And when I say "Surprised" I mean it will be to the UPSIDE.

Damned near busted that already...

View attachment 2243337

Well, that aged well...



Let's see what tomorrow brings...

 

[Old Warrior]

My experience with gold and silver is simple, that which goes up must come down. And probably sooner than later.

 

[albin25]

I promise to let you guys know when I decide to invest in silver or gold…
…. They'll drop like stones within 48 hours.
and, they'll stay that way till I sell!

 

[sobo]

I promise to let you guys know when I decide to invest in silver or gold…
…. They'll drop like stones within 48 hours.
and, they'll stay that way till I sell!

I see you follow my own stock advice... Buy High, Sell Low!

Works every time! (to someone else's benefit...)

 

[Gigatar]

Got to spend my allowance today, picked up $1 face value 90% for $60.

(1) 1950 Benjamin half dollar and (5) 90% silver proof 90s dimes. Sweet

 

[Alexx1401]

Got to spend my allowance today, picked up $1 face value 90% for $60.

(1) 1950 Benjamin half dollar and (5) 90% silver proof 90s dimes. Sweet

For anyone else wishing to buy silver in the form of 90% JM has been selling at melt price for a while. they ship free if you buy enough or at least used too. I have been guessing they are getting rid of a lot of this since the places that melt it down are pretty damn busy these days.

 

[Nick Burkhardt]