Silver Spot Fireworks

[badkharma]

Might want to pay attention to silver spot when the Asian markets open tonight, as well as domestically tomorrow morning....APMEX, JM, Provident, and SD have put the brakes on silver sales already. Could get interesting real quick.

 

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[leadnugget]

This is interesting. the people over on Reddit, wsb. the ones that made gme stock, gamestop stock
shoot to the moon and made some large hedge funds lose over 6 billon in shorts last week are now looking to buy up
as much silver as they can. look for sliver to spike monday.

https://www.kitco.com/news/2021-01-...o-stop-taking-orders-before-market-opens.html

 

[Johnnybravo300]

Almost 29 bucks last I looked. Anticipation in the markets and pricing in big gains from the looks of it.
I'll be up early here in Colorado watching the premarkets, I know that for sure.

 

[DeepseekerADS]

Good Lord!!! It's about danged time!

Was big into it in the 80's and still got it

 

[Kantuckkeean]

I'll be keeping a close eye on this as well... although I'm not sure what the price point would be to trigger me to sell. It's crazy what they did to the short sellers. I read that the big hedge funds have lost more than $52 billion recently due to the frenzied buying of GameStop, AMC, etc. GameStop Corp. went from $18 to over $400... at the time of writing, it's still around $325.

I guess that we'll just have to wait and see what that means for silver. Would love to see it go from $25 to over $400.

Kindest regards,
Kantuck

 

[mts]

It's not like we are going to be able to sell physical at these prices. None of the major players want to be left holding the bag... I bet even your local LCS will be turning away sellers. Either that or they won't offer you much over $25 an ounce.

 

[DeepseekerADS]

Really, if it comes to that, I'm not sure whether I should dump or not. I've that danged stuff for so DANGED many years. But, maybe really, when those numbers come, I should dump it.

 

[Johnnybravo300]

Random year Peace dollar culls are $37.04 right now at Apmex.....up what 13 bucks the other day?

Dont sell it. The whole point is to hold.

 

[Kantuckkeean]

Random year Peace dollar culls are $37.04 right now at Apmex.....up what 13 bucks the other day?

Dont sell it. The whole point is to hold.

I agree to some extent. I purchased mainly as a hedge against some major economic catastrophe, so I doubt that I'd ever sell it all, but I do like to sell some at the highs and buy back in the dips. It's just a speculative metal to me... only sentimental silver that I have is handed down Peace dollars from grandparents and my father... those won't sell of course, but the rest of it...

I'm not a big enough player to make a dent anyway. I'd also like to see the little guys make some loot for a change...

Kindest regards,
Kantuck

 

[GoDeep]

It's not like we are going to be able to sell physical at these prices. None of the major players want to be left holding the bag... I bet even your local LCS will be turning away sellers. Either that or they won't offer you much over $25 an ounce.

Exactly, if you have physical silver, you won't be able to sell it until the market stabilizes again. Everyone knows, there will be a huge spike, then it'll drop back down, so no one is going to pay the inflated prices brought on by market trading for your silver coins and bars.

 

[Kantuckkeean]

Exactly, if you have physical silver, you won't be able to sell it until the market stabilizes again. Everyone knows, there will be a huge spike, then it'll drop back down, so no one is going to pay the inflated prices brought on by market trading for your silver coins and bars.

I'm not so sure about that... people obviously kept buying GameStop on the way up and are holding just to put a hurting on some of the hedge funds since they had to buy to cover their positions, even at a huge loss. Others are selling during the frenzy to take advantage of a little (or large) profit. Most of the activity will be in the paper contracts, ETFs... however, there will be trading in physical too. Here's a statement that I just accessed at www.apmex.com on 1/31/21 at 22:51 EST:

[FONT=&quot][h=1]APMEX Statement On Current Market Conditions:[/h][/FONT]
[FONT=&quot]In the last week, we have seen a dramatic shift in Silver demand from our customers. For example, the ratio of ounces sold per day was running about two times earlier in the week and closer to four times the average demand by the end of the week. Once markets closed on Friday, we saw demand hit as much as six times a typical business day and more than 12 times a normal weekend day. Combined with the extremely high demand levels, we are also seeing a surge in new customers. On Saturday alone, we added as many new customers as we usually add in a week.
Any Precious Metal dealer will take a long position in the futures market to protect against spot price exposure when the markets open. We do this because it is our goal not to take a speculative position on metal. The weekends are unique as we are not able to real-time hedge our position. We took an aggressive position this weekend, but clearly could not have predicted the volumes that were seen. We have partnerships around to world that allowed us to cover these long positions, but only to a point. Once we exceeded our comfort levels, we had little choice but to stop the sale of Silver on our website. This was a difficult decision to make and unprecedented in our history.
As we evaluate the markets, it is difficult to know where Silver's price and demand will go in the coming day and weeks. APMEX is highly capitalized and has more than $150 million in inventory to support demand. We have made strategic decisions to procure additional metal, locking up any metal we can find in the market place. We suspect premiums will rise and rise quickly, as we are seeing significant increases in our costs, when we can even locate the metal. It is also highly likely that we will need an additional day or two to fill orders based on current order counts. The one guarantee we can make to our customers is that you will only be sold metal that is on-site, or we have procured the metal with a firm commitment date from our partners. In markets like this, we feel this is the best approach a retailer can take, as no one can predict product availability.
We want to thank our customers for their patience and understanding during these turbulent times. APMEX prides itself on best in class service and delivering on promises to our customers.

Regards,
Ken Lewis
CEO, APMEX

[/FONT]

 

[Kantuckkeean]

Exactly, if you have physical silver, you won't be able to sell it until the market stabilizes again. Everyone knows, there will be a huge spike, then it'll drop back down, so no one is going to pay the inflated prices brought on by market trading for your silver coins and bars.

Back in 2011, silver kept pushing up and I decided that $30 would be my sell point... watching it bounce around from $10-12/oz. for years prior, $30 seemed unlikely, but that's what I decided. Some folks on the CRH and other forums here were talking about selling everything at $20 or $25/oz., so I figured I'd go a little over that. If it didn't make it, oh well, but it did. It went up to $33 and started falling again, so I sold on the way down as it was dropping rapidly. I made the sale when silver was around $28.70/oz, if memory serves. I was selling 1965-1969 Kennedy half dollars (40% silver content) that I'd mainly acquired through CRHing and I got 94% of the melt value, so I was happy. Silver then began climbing again and went up to $48/oz. for a brief period but I didn't try selling the rest at that point, although I certainly should have. I then waited for silver to drop well below my sell point and bought 1 oz. silver rounds, a few ASEs, and whatever I could pick up. I sold some about a month ago when it was at $25/oz. so that I could help to finance a solar array for my home. I only got $23.61/oz., which I was disappointed with, considering the large premiums that we've seen since the pandemic hit. Both sales were to APMEX. If it gets to a point where I decide to sell more, I'll definitely be calling some of the large buyers to see what their buy prices are and I may post some on the local garage sale type websites to see if I can sell at a little closer to spot. Right now, those sites seem to have listings with slight premiums, but still lower than the premiums of the big online sellers. I'll post back here to let others know if and how I sold any...

Kindest regards,
Kantuck

 

[Phil]

Those games may have worked with Gamestop, but there are too many players in the gold and silver markets.

Just ask the Hunt Brothers.

 

[Oregon Viking]

Currently rolls of pre 1964 Washington quarters are over 200 dollars on Ebay... with time left in the auctions. Damn!!

 

[Kantuckkeean]

Those games may have worked with Gamestop, but there are too many players in the gold and silver markets.

Just ask the Hunt Brothers.

More players in PMs, but it could definitely get interesting depending on how many buyers jump on board and how many calls there are for physical silver. Some buyers need it for manufacturing and might get caught up in it. The Hunt brothers struck out, but I think that Warren Buffett did ok in the late 1990s. He bought 196,000,000 ounces and called in the physical, which caught everyone off guard. The price went from around $6/oz. to $7.25/oz. as they scrambled to fill that call for physical silver, and just because one smart man saw an opportunity. I believe that he finally let go of it all though.

Kindest regards,
Kantuck

 

[fistfulladirt]

The Hunt Bros struck out due to guv intervention. Today, to the moon! ($30).
Looks like some of us may have broke even after ten years...what an investment! /s

 

[etex]

Buy Buy Buy [emoji106][emoji106][emoji106]

 

[mts]

Interesting article.

[h=1]Why Squeezing iShares Silver Trust Is Doomed to Fail[/h]
https://www.fool.com/investing/2021/02/01/why-squeezing-ishares-silver-trust-doomed-to-fail/

 

[Oregon Viking]

A roll of Washington quarters, pre '64, sold for $259.00 on eBay. I happen to have a lot of US silver coinage..
Hello speculators!!

 

[fistfulladirt]

A roll of Washington quarters, pre '64, sold for $259.00 on eBay. I happen to have a lot of US silver coinage..
Hello speculators!!

Just remember, ​1964 quarters are also 90% silver, as with dimes and halves!