Anyone selling their Silver

[ArrestMeRedZ]

Right now silver is a paradox. COMEX and LBMA physical deliveries are in jeopardy due to high delivery demand, but refineries are apparently so overloaded they won't take in Stirling or 90% or 40% coins (often called junk silver). Even with 0.999 silver they will only pay $15 back of spot per ounce.
The quick rise has tapped out the capital of refiners, shops, and even online bullion/coin dealers. Refiners, in addition to not taking junk silver and offering well under spot for bullion are slow paying their customers.
With the high volume, coin shops have been taking in in a day what they used to buy in a month. At these high prices, most of it is going into melt, even collectible coins. With all their capital tied up with the slow pay refiners, many have stopped buying silver altogether unless it's specialty pieces (like American Silver Eagles) they can quickly sell to customers.

 

[AJB0009]

I'm waiting for $100

Wait no more.

 

[WeyounDS9]

I knew precious metals appracitaion was coming. but that it would be this much this fast. Surprised me.

 

[ArrestMeRedZ]

If I had any sense, I'd buy all the junk silver i could get my hands on for $30+ back of spot and hold on to it until the refineries started taking it again.

 

[SC Maintenance]

Right now silver is a paradox. COMEX and LBMA physical deliveries are in jeopardy due to high delivery demand, but refineries are apparently so overloaded they won't take in Stirling or 90% or 40% coins (often called junk silver). Even with 0.999 silver they will only pay $15 back of spot per ounce.
The quick rise has tapped out the capital of refiners, shops, and even online bullion/coin dealers. Refiners, in addition to not taking junk silver and offering well under spot for bullion are slow paying their customers.
With the high volume, coin shops have been taking in in a day what they used to buy in a month. At these high prices, most of it is going into melt, even collectible coins. With all their capital tied up with the slow pay refiners, many have stopped buying silver altogether unless it's specialty pieces (like American Silver Eagles) they can quickly sell to customers.

So what your saying is they won't be able to deliver there futures contract and will soon find some patsy to take the place of the Hunt Brothers, blame it on them, and crash the market? Just like 1980.

 

[wag123]

Right now silver is a paradox. COMEX and LBMA physical deliveries are in jeopardy due to high delivery demand, but refineries are apparently so overloaded they won't take in Stirling or 90% or 40% coins (often called junk silver). Even with 0.999 silver they will only pay $15 back of spot per ounce.
The quick rise has tapped out the capital of refiners, shops, and even online bullion/coin dealers. Refiners, in addition to not taking junk silver and offering well under spot for bullion are slow paying their customers.
With the high volume, coin shops have been taking in in a day what they used to buy in a month. At these high prices, most of it is going into melt, even collectible coins. With all their capital tied up with the slow pay refiners, many have stopped buying silver altogether unless it's specialty pieces (like American Silver Eagles) they can quickly sell to customers.

Did you see what the US Mint has raised the price of American Silver Eagles to? $173 each! When I saw them do this I knew that silver market value was going to go up quickly and dramatically.

 

[ArrestMeRedZ]

So what your saying is they won't be able to deliver there futures contract and will soon find some patsy to take the place of the Hunt Brothers, blame it on them, and crash the market? Just like 1980.

No, not at all. They can declare force majeure and just pay out the contracts at their artificially low rates. Then the price of silver will skyrocket when the industry that needs it can't get it.

 

[ArrestMeRedZ]

Did you see what the US Mint has raised the price of American Silver Eagles to? $173 each! When I saw them do this I knew that silver market value was going to go up quickly and dramatically.

Yes, I saw that. But the biggest indicator i had that silver prices would skyrocket was i sold some PSLV in my IRA. You can thank me for the gains in the last two days.

 

[SC Maintenance]

No, not at all. They can declare force majeure and just pay out the contracts at their artificially low rates. Then the price of silver will skyrocket when the industry that needs it can't get it.

Isn't that what they tried to do with the Hunt Brothers who refused to take cash - demanded delivery per the contact?

What would be the justification for the Force Majeure? Rising prices don't really count.

Not saying that TPTB will not force it. And for the record, in addition to lots of physical I do own SLV, and will be happy to accept cash when the time comes

 

[wag123]

So what your saying is they won't be able to deliver there futures contract and will soon find some patsy to take the place of the Hunt Brothers, blame it on them, and crash the market? Just like 1980.

What is happening to these contracts is... margin calls combined with the failure to deliver the actual precious metals themselves due to the shortage.
What happened in 1980 won't happen again. This isn't just a couple of individuals trying to corner the market, this is the worldwide market at large combined with large wealthy national economies (like China, India, and Saudi Arabia).

 

[ArrestMeRedZ]

Isn't that what they tried to do with the Hunt Brothers who refused to take cash - demanded delivery per the contact?

What would be the justification for the Force Majeure? Rising prices don't really count.

Not saying that TPTB will not force it. And for the record, in addition to lots of physical I do own SLV, and will be happy to accept cash when the time comes

I think with the Hunt Brothers they increased margin requirements (like CMA tried twice recently with only slight effects), then did margin calls. The bros were forced to sell in a declining market, which accelerated the dropping prices, which triggered more margin calls....

If they can't get the silver, then it's Force Majeure and the paper market collapses. I'm hoping the banks and institutions that have been carrying out the short and derivative scams go bankrupt.

 

[wag123]

I'm hoping the banks and institutions that have been carrying out the short and derivative scams go bankrupt.

Agreed!
Unfortunately, it is 8 of the largest banks in the US that are holding a lot of these contracts. We are ALL in big trouble if this happens.

 

[wag123]

This explains what has been happening with silver, silver futures contracts, and why the silver price has shot up so dramatically. Out and out FRAUD! The supply of physical silver has almost run completely out. Like I said, a Ponzi scheme perpetuated by 8 of the largest banks in the US. The paper silver futures contracts were not worth the paper they were printed on. They were manipulating the price of silver, keeping it down using worthless paper to profit from the shorts.

 

[SC Maintenance]

This explains what has been happening with silver, silver futures contracts, and why the silver price has shot up so dramatically. Out and out FRAUD! The supply of physical silver has almost run completely out. Like I said, a Ponzi scheme perpetuated by 8 of the largest banks in the US. The paper silver futures contracts were not worth the paper they were printed on. They were manipulating the price of silver, keeping it down using worthless paper to profit from the shorts.

Yes, but they will just settle in dollars which are unlimited?

The silver derivative market is for sure rigged, but its not going to fail on failed deliveries. Maybe the big banks will sell the underwater contracts back to the treasury. I wonder what Henry Paulson is up to these days

Hence my earlier comment about finding a Patsy to take the blame.

 

[wag123]

Yes, but they will just settle in dollars which are unlimited?

The silver derivative market is for sure rigged, but its not going to fail on failed deliveries. Maybe the big banks will sell the underwater contracts back to the treasury. I wonder what Henry Paulson is up to these days

Hence my earlier comment about finding a Patsy to take the blame.

Unlike what happened when the banks tried to manipulate the real estate market, which led to the bank collapses, bail-outs, and deep recession in 2008/2009, there are some people that need to go to prison this time. We can't allow these fraudsters to continue with their illegal activities without suffering severe consequences.

 

[Chris142]

Wait no more.

I can't get my wife in on it yet. She really thinks it's going to go up even more.... Like $400/oz.


That would be life changing for me

 

[SC Maintenance]

I can't get my wife in on it yet. She really thinks it's going to go up even more.... Like $400/oz.


That would be life changing for me

Its not all or nothing - you can take profits on the way up.

Moving physical isn't easy. Have you even checked who you is buying currently? A lot of buyers are not taking any more, or are paying way, way below spot - like 30% below.

Having said that - not selling mine either.

 

[2005jettatdi]

The place I deal with for precious metals will sell you junk silver for 77.8 times face value. They are not buying junk silver at all. Places like that ship all metal they cannot sell at retail to refiners and other wholesalers. If the refiners are all clogged up and no one wants to pay 77.8 times face value, they are smart to not buy.

 

[Dave Hess]

I’m seeing a lot of CA$H 4 Gold / Silver sign twirlers in Central Florida in front of pawn shops.

Some people inherited jewelry and now selling cause they need to pay bills.

 

[SC Maintenance]

The place I deal with for precious metals will sell you junk silver for 77.8 times face value. They are not buying junk silver at all. Places like that ship all metal they cannot sell at retail to refiners and other wholesalers. If the refiners are all clogged up and no one wants to pay 77.8 times face value, they are smart to not buy.

Will they take Eagles and such still - or not buying anything?