I never thought of an exit strategy on this.
Anyone selling their Silver
- Thread starter Hermann
- Start date
For an honest dealer that tells you the facts on what is going on, the why of prices (buying and selling) and provides reasonable prices, check out the YouTube videos put out by Vermillion Enterprises.
I knew that JP Morgan has been building a huge inventory of physical silver over the last 12-13 years. I was not aware that they changed their futures positions from short to long in October 2025. They were one of the big banks that were holding silver prices down. Now I know why, so they could accumulate more of it.
The guy in town pays 8% under spot. I can't find anyone that's interested in the pre 1964 proof sets as that's what should pay off well.
The only metal they say they are not buying is junk silver coin. All others they do not post a price to buy, only to sell.
My personal belief is the precious metals market is reaching its disorderly peak.
Right now there is a $20 gap between the paper Comex price of silver and the physical price in Shanghai. I've read that as long as Shanghai is more than Comex by a significant amount (more than a couple of bucks) silver still has legs.
Silver is worth the higher amount. The trouble is with it's rapid rise, the supply chain has run out of capital. About the only place I can find where you can sell for close to spot is Reddit PMSforsale.
Silver is worth the higher amount. The trouble is with it's rapid rise, the supply chain has run out of capital. About the only place I can find where you can sell for close to spot is Reddit PMSforsale.
.
Am I wrong?
This confuses me. I can understand a oversupply of scrap, because that has to be processed. But anything Numistic - like Eagles - should turn faster than ever, meaning capital isn't an issue.
Am I wrong?
The problem here is that the dealers that you are taking your silver to are privately owned small companies with limited resources and they have simply run out of the cash to purchase the silver with because of so many people trying to cash-in all at once. What most of them ARE willing to do is trade, like silver for gold.
Right.
But if there really was the demand claimed, then if they bought my eagles for say $10 under spot, they could sell them to the next guy walking through the door at $10 over spot. When something is in high demand the number of turns should be high.
Again, junk is different because there is a processing step.
So if there capital is all locked up, that means there are lots of sellers and no buyers. Which again goes against the narrative. And the reason I am interested is that it likely means a top is near?
I'm going to sell the last 100 or so ounces I'm willing to part with. Now time to put the good stuff on ebay, my really old Englehard, pamp and JM bars.
Not selling mine, I got no rush to get rid of it, may be in a few years when I actually retire.
Not only that, refiners have all their capital tied up in metal waiting to be processed. Ones that are still taking silver are delaying payment to the local shops for 30 to 60 days. With the volume coming is, local shops simply have no money to pay sellers until the refiners pay them. Many are still making small purchases on items they can sell retail, but they have widened the spread.
I see that Elemental, a major refiner has changed their business model. Any silver sent to them will be paid out at the rate on the day of processing, currently a 7-8 week delay. Not a fair deal to the seller.
My preferred online dealer (when I was buying) was Bullion Exchanges because of the small premiums of typically under $2 per ozt.. Now, I see they are almost out of stock. What they have, they are charging around $6 over spot. Their buyback appears to be around the same amount under. I'll wait.
American Silver Eagles, retail friendly (no spots, not milky, etc.) can be sold for spot or above. Culls are a buck or two back of spot. Shops are still buying them. ASEs are easy for shops to sell at a premium and I have not heard of any being sent to refiners or wholesalers to melt down.
Some shops are limiting numbers. If you walk in with a monster box of them you might not be able to unload it at one time.
If I had any I would have been the local jewler's exchange early Monday this week already to sell it all.
Told you so.
Yep.
Notice that the Shanghai Silver Market spot price only fell by 1.65%? It is still at $123/oz. This correction isn't really about physical precious metals or the people that actually have them (China HAS them), it's about COMEX paper futures contracts and margin calls. Many institutional investors had margin calls coming due at the end of the month and decided to get out of the market all at once before they were ruined, and those that couldn't meet their margin calls had their contracts automatically liquidated. The paper contracts that they were selling had a total value estimated at over 24X the value of the actual physical precious metals they "supposedly" represented, in other words, a fraudulent Ponzi scheme. Also, JPMorgan closed 633 shorts at EXACT bottom - PROOF that the crash was planned, additionally, since they have gone long on their new silver contracts, they will now begin manipulating the silver price upward. IMO this was the final big correction that many of us knew was coming before prices on physical precious metals shoot-up like a rocket ship. Watch what happens in the next week or so. Also, IMO this will also get rid of many of the short paper contract investors once and for all.
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I am watching to see when this hits the gold and silver IRAs. I am betting a lot of the gold and silver in the IRA trustees vaults is paper metal.
I had a friend who thought he was buying gold and the sellers were "storing" it for him. Letting them "keep and store the gold" would be more convenient if he wanted to sell it. They kept calling him, like a stock broker, to buy more. Without her knowledge, he liquidated his wife's retirement annuity and "invested" that as well.
He was doing all of this because he was convinced that the US dollar was going to totally collapse
Then he was diagnosed with Stage 4 pancreatic cancer and was dead within a month. His family is trying to cash it out, but getting a song and dance instead. I don't know the full story, but the whole thing smacks of a fraud.
I told him, when alive, that if he wanted to invest in gold to protect against economic collapse, to buy bullion gold coins and take possession. I told him that whatever gold he thought he was buying did not physically exist. As the sellers never actually bought gold, and stored it in a vault. When gold prices went up and the purchasers wanted to sell at the higher prices, apparently the sellers do not have enough money to pay them back at current gold prices.
I told the family to file a complaint with their State Attorney General.
There is no fool like an old fool. Which my friend was.
He was doing all of this because he was convinced that the US dollar was going to totally collapse
Then he was diagnosed with Stage 4 pancreatic cancer and was dead within a month. His family is trying to cash it out, but getting a song and dance instead. I don't know the full story, but the whole thing smacks of a fraud.
I told him, when alive, that if he wanted to invest in gold to protect against economic collapse, to buy bullion gold coins and take possession. I told him that whatever gold he thought he was buying did not physically exist. As the sellers never actually bought gold, and stored it in a vault. When gold prices went up and the purchasers wanted to sell at the higher prices, apparently the sellers do not have enough money to pay them back at current gold prices.
I told the family to file a complaint with their State Attorney General.
There is no fool like an old fool. Which my friend was.
When GSR spiked to a low of 42 (ie 26 yr support) on Wednesday, I put the word out on another blog that it was probably the low. And the bounce back would probably be up to strong resistance at 60-65. I just didn't think all that could happen in just 2 days ! I don't know if this was just a planned short term event by the big banks and their friends. I wrote back in mid-October that once GSR broke through the 83 support level (which was on the cusp of happening), and then 65, that all heck would break loose as GSR headed to deeper support levels of 55, 45. GSR had spent way too much time in the 83-120 range and was LONG overdue to return to the 45-65 range where it typically has spent most of its time in the past 40 yrs. The 2014-2020 5 wave expanding wedge/triangle is what took GSR to a lofty 120+ peak. The inverse of that move is often determined by the bottom of that same wedge (ie declining blue line in the chart). And both blue line and 42 GSR support were tagged on Wednesday. That was more than enough of a correction from 105.
The business/confidence cycle is on its way to a short term high by late June 2026. That usually indicates the PM's will have strong resistance. The good news is that the 8-9 yr confidence cycle low is not due to mid-2028....which in all likelihood means PM's will be generally rising for a year into that peak. Previous PMs peaks were in 2011 and 2020.
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