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Probably The Best Silver Thread Ever


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7 minutes ago, cnick said:

.......sigh.

Well, on this occasion your post has at least followed some basic rules of syntax and grammar, shame it has no substance.

As to your claim of manipulation in the silver markets, some evidence of the manipulators operations would be welcome.
Try explaining how Andrew Maguire and GATA ended up with egg on their faces and fooled so many at the same time..._

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2 hours ago, DiggerUK said:

Well, on this occasion your post has at least followed some basic rules of syntax and grammar, shame it has no substance.

As to your claim of manipulation in the silver markets, some evidence of the manipulators operations would be welcome.
Try explaining how Andrew Maguire and GATA ended up with egg on their faces and fooled so many at the same time..._

I know I really should not waste both our time........ but.....in the first instance, would you agree the price of money ....aka interest rates have been manipulated? I'm guessing you'll say not.....might be wrong though....

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Manipulation by whom? in what form? who benefits,? who loses? who are the manipulators?

Interest rates aren't set by a neutral force such as the market place, they are set by business and/or political forces. They are always set with ulterior motives in mind, it's not manipulation, it's business. 

What exactly do you mean by "the price of money" anyway;  it's a managementspeak, meaningless phrase.

 

What connection to this silver thread has your question anyway, talk silver..._

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11 hours ago, DiggerUK said:

They are always set with ulterior motives in mind, it's not manipulation....

No point engaging further.......but rest assured this thread will never be "the best ever"

....which is a shame...

Edited by cnick
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1 hour ago, cnick said:

No point engaging further.......but rest assured this thread will never be "the best ever"....which is a shame...

I'm beginning to agree with you. Seems we can't get the posters these days who have anything to say on silver..._

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On 13/07/2020 at 22:51, DiggerUK said:

Manipulation by whom? in what form? who benefits,? who loses? who are the manipulators?

Interest rates aren't set by a neutral force such as the market place, they are set by business and/or political forces. They are always set with ulterior motives in mind, it's not manipulation, it's business. 

What exactly do you mean by "the price of money" anyway;  it's a managementspeak, meaningless phrase.

 

What connection to this silver thread has your question anyway, talk silver..._

Word on the street is JPM acquired bear sterns silver short position when they went under, putting JPM over silver short limits which they said they would unwind.. after a few years they increased that position...

With silver hitting 120:1 & the game being recognised many think it’ll moon shot back the other way now...

Month low £12.00 current price £20.99 

Edited by Crashley Banjo
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I have a five fig position in silver and wondered if anyone has views on the recent sharp pull back?

My position hasn't changed since my Kitco thread over 11 years ago, which I link to in the first post. I would have adjusted my comments slightly, but hardly change my arguments much.

Others as you see disagree. I would suggest  you clear your silver position if you can and move in to gold. Best of fortune..._

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The official silver thread sits here in the depths of the hpc forums ignored and unloved. Silver stirred in 2020, yet no-one takes much notice. 2021 will be even better. Filling my boots at these prices, won’t be on sale under £19 for much longer.

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The current game inspired by the Redditista flash mob with GameStop, is being attempted with the silverbugs as allies.

In both cases it involves taking an investment 'from being a little risky, to d'ogshit' as quickly as possible. This calls for a lot of useful idiots being recruited for 'Operation Pump and Dump'. 

The early 20th  century phenomenon  of the shoeshine boy has been replaced by the advice of flash mob activists in lockdown, suffering from boredom, with too much cash and access to social media.

The stupidity of an alliance twixt Redditistas and silver bugs is clear as day, because the silver bug army has existed for a long time and the flash mob dogwhistle of stuffing it to the establishment has rejuvenated this dads army of silver warriors.

This is not the time, nor will it ever be, to invest in silver. If any of you are nursing losses with silver holdings, then now is a golden opportunity to bail out..._
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This Financial Times article shows that the fantasy of being capable of crashing the big kids  by mass purchasing of silver is a lot of Koolaid..._


https://www.ft.com/content/d46e8623-09af-4a1f-b7e5-207616388b0f

"Silver prices raced to the highest level since 2013 after retail traders targeted the market for the precious metal following last week’s successful attack against funds betting against retailer GameStop. Prices for silver rose as much as 11 per cent to $30 per ounce on Monday in London, leaving the metal on course for its biggest one-day percentage gain since 2008. That followed a 6 per cent jump last week and a rally in the shares of some miners of the precious metal.
The world’s largest silver-backed exchange traded fund, the iShares Silver Trust, recorded almost $1bn in inflows on Friday, according to data from BlackRock, the fund’s sponsor. The jolt of investments came as the subject percolated late last week on Reddit’s r/WallStreetBets forum. One post urged people to buy shares and options to put a squeeze on banks. The surge in the silver price on Monday, however, prompted a backlash among some members of the board who speculated that institutions such as hedge funds were attempting to tap into the retail fervour that has sent stocks such as GameStop and AMC flying higher in recent trading days. “It's a fool’s errand, it's financial anarchy; somebody is going to get hurt,” said Ross Norman, a veteran precious metals trader.

Analysts said the move higher was likely triggered by retail investors as there were also reports of a shortage of silver bars. Ken Lewis, chief executive of the US precious metals retailer Apmex, said at the weekend that the company had been forced to stop selling silver due to a surge in demand. “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,” he said. “Combined with the extremely high demand levels, we are also seeing a surge in new customers.” The iShares Silver Trust was among the top six most-traded equity securities among retail investors on Friday, according to VandaTrack, which collates data from US brokerages.
A user named TheHappyHawaiian last week said buying shares in the ETF would “force physical delivery of silver” into the fund’s vaults, thereby causing a “short squeeze” on the market, pushing up the silver price. The user wrote on the forum that it would be “incredible” to make large banks active in the futures market “pay dearly” for what he alleged were bets that the silver price will fall. The rallying call echoed that of other r/WallStreetBets users who last week cheered their success in triggering large losses at Melvin Capital and other hedge funds.

The 37.05m increase in the number of shares of the iShares Silver Trust on Friday was the biggest one-day rise since the ETF started trading in April 2006, data from BlackRock showed. The ETF is backed by physical silver held in vaults, meaning it needs to purchase the precious metal when it receives new investments. “To put this in context, [these inflows represent a] value of $950m in a total annual silver market size of $25bn, so is equivalent to two weeks of demand simply from ETFs in a single day,” said Colin Hamilton, analyst at BMO Capital Markets. Shares in silver miners also rose on Monday, with London-listed Fresnillo up as much as 21 per cent and Hochschild Mining climbing more than 18 per cent. The rush in to silver was reminiscent of a similar effort by oil barons William Herbert Hunt and Nelson Bunker Hunt, known as the Hunt brothers, who in 1979-80 bought billions of dollars worth of the metal in an attempt to corner the market. They were later sanctioned for market manipulation and went bankrupt after the silver price collapsed in an event dubbed “Silver Thursday.” Analysts said it would be more difficult for retail investors to have a sizeable impact on the silver price, given the large off-exchange market for the precious metal, where banks trade on behalf of clients.

There was also not a single visible short position to target as there was in the case of GameStop, said Philip Newman, managing director at consultancy Metals Focus. “There are shorts and some may close their position but is there that smoking gun they’re looking for? I don’t see it,” he said.

In addition, there were ample stocks of silver in warehouses on the CME Group’s futures exchange, available for delivery if those short silver closed their positions, he added. Still, a supply squeeze could have real-word implications given that silver — unlike gold — has a number of industrial usages such as in photovoltaic cells used in solar appliances. About $6bn worth of silver traded hands in the silver market in November, according to the latest statistics from the London Bullion Market Association. London’s vaults hold about 33,475 tonnes of silver, valued at $23.8bn, they said in January. Mr Norman said the Reddit user’s post targeting large banks was misplaced, since the lenders used futures contracts to hedge their physical holdings of silver, meaning they were not speculating on the price falling. “There is a misnomer here that banks are constantly running short positions, but from a price perspective they are neutral, they have a long and a short that cancels each other out,” he said."

FT 01/02/2021

 

Edited by DiggerUK
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On 02/02/2021 at 09:45, DiggerUK said:

The current game inspired by the Redditista flash mob with GameStop, is being attempted with the silverbugs as allies.

In both cases it involves taking an investment 'from being a little risky, to d'ogshit' as quickly as possible. This calls for a lot of useful idiots being recruited for 'Operation Pump and Dump'. 

The early 20th  century phenomenon  of the shoeshine boy has been replaced by the advice of flash mob activists in lockdown, suffering from boredom, with too much cash and access to social media.

The stupidity of an alliance twixt Redditistas and silver bugs is clear as day, because the silver bug army has existed for a long time and the flash mob dogwhistle of stuffing it to the establishment has rejuvenated this dads army of silver warriors.

This is not the time, nor will it ever be, to invest in silver. If any of you are nursing losses with silver holdings, then now is a golden opportunity to bail out..._

Bail out into what, paper? Let see where silver is in 6 months, I’m thinking you are offering bad advice. But hey, it doesn’t matter because no-one is here anyway.

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  • 2 weeks later...
On 03/02/2021 at 10:41, DiggerUK said:

This Financial Times article shows that the fantasy of being capable of crashing the big kids  by mass purchasing of silver is a lot of Koolaid..._


https://www.ft.com/content/d46e8623-09af-4a1f-b7e5-207616388b0f

"Silver prices raced to the highest level since 2013 after retail traders targeted the market for the precious metal following last week’s successful attack against funds betting against retailer GameStop. Prices for silver rose as much as 11 per cent to $30 per ounce on Monday in London, leaving the metal on course for its biggest one-day percentage gain since 2008. That followed a 6 per cent jump last week and a rally in the shares of some miners of the precious metal.
The world’s largest silver-backed exchange traded fund, the iShares Silver Trust, recorded almost $1bn in inflows on Friday, according to data from BlackRock, the fund’s sponsor. The jolt of investments came as the subject percolated late last week on Reddit’s r/WallStreetBets forum. One post urged people to buy shares and options to put a squeeze on banks. The surge in the silver price on Monday, however, prompted a backlash among some members of the board who speculated that institutions such as hedge funds were attempting to tap into the retail fervour that has sent stocks such as GameStop and AMC flying higher in recent trading days. “It's a fool’s errand, it's financial anarchy; somebody is going to get hurt,” said Ross Norman, a veteran precious metals trader.

Analysts said the move higher was likely triggered by retail investors as there were also reports of a shortage of silver bars. Ken Lewis, chief executive of the US precious metals retailer Apmex, said at the weekend that the company had been forced to stop selling silver due to a surge in demand. “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,” he said. “Combined with the extremely high demand levels, we are also seeing a surge in new customers.” The iShares Silver Trust was among the top six most-traded equity securities among retail investors on Friday, according to VandaTrack, which collates data from US brokerages.
A user named TheHappyHawaiian last week said buying shares in the ETF would “force physical delivery of silver” into the fund’s vaults, thereby causing a “short squeeze” on the market, pushing up the silver price. The user wrote on the forum that it would be “incredible” to make large banks active in the futures market “pay dearly” for what he alleged were bets that the silver price will fall. The rallying call echoed that of other r/WallStreetBets users who last week cheered their success in triggering large losses at Melvin Capital and other hedge funds.

The 37.05m increase in the number of shares of the iShares Silver Trust on Friday was the biggest one-day rise since the ETF started trading in April 2006, data from BlackRock showed. The ETF is backed by physical silver held in vaults, meaning it needs to purchase the precious metal when it receives new investments. “To put this in context, [these inflows represent a] value of $950m in a total annual silver market size of $25bn, so is equivalent to two weeks of demand simply from ETFs in a single day,” said Colin Hamilton, analyst at BMO Capital Markets. Shares in silver miners also rose on Monday, with London-listed Fresnillo up as much as 21 per cent and Hochschild Mining climbing more than 18 per cent. The rush in to silver was reminiscent of a similar effort by oil barons William Herbert Hunt and Nelson Bunker Hunt, known as the Hunt brothers, who in 1979-80 bought billions of dollars worth of the metal in an attempt to corner the market. They were later sanctioned for market manipulation and went bankrupt after the silver price collapsed in an event dubbed “Silver Thursday.” Analysts said it would be more difficult for retail investors to have a sizeable impact on the silver price, given the large off-exchange market for the precious metal, where banks trade on behalf of clients.

There was also not a single visible short position to target as there was in the case of GameStop, said Philip Newman, managing director at consultancy Metals Focus. “There are shorts and some may close their position but is there that smoking gun they’re looking for? I don’t see it,” he said.

In addition, there were ample stocks of silver in warehouses on the CME Group’s futures exchange, available for delivery if those short silver closed their positions, he added. Still, a supply squeeze could have real-word implications given that silver — unlike gold — has a number of industrial usages such as in photovoltaic cells used in solar appliances. About $6bn worth of silver traded hands in the silver market in November, according to the latest statistics from the London Bullion Market Association. London’s vaults hold about 33,475 tonnes of silver, valued at $23.8bn, they said in January. Mr Norman said the Reddit user’s post targeting large banks was misplaced, since the lenders used futures contracts to hedge their physical holdings of silver, meaning they were not speculating on the price falling. “There is a misnomer here that banks are constantly running short positions, but from a price perspective they are neutral, they have a long and a short that cancels each other out,” he said."

FT 01/02/2021

 

As killerbee says, "no-one is here anyway".
However, FWIW, I appreciate you taking the trouble to highlight the dangers.
Strange times.

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On 16/02/2021 at 03:36, Quiet Guy said:

As killerbee says, "no-one is here anyway".
However, FWIW, I appreciate you taking the trouble to highlight the dangers.
Strange times.

I’m keeping a close eye on silver.

Last week the cheapest ‘Buy it now’ 1oz Britannia on eBay was £33.
Today it is £35.65.

Next week it will be higher.

Edited by killerbee
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8 hours ago, killerbee said:

.........Last week the cheapest ‘Buy it now’ 1oz Britannia on eBay was £33. Today it is £35.65........

Considering they can be obtained from Atkinsons, for much of a sameness and a lot less worry, then why buy on flea bay.  (I won't make any smartass comment about VAT)

Next week the price will be different, the VAT will still be the same..._

https://atkinsonsbullion.com/silver/silver-coins/1oz-silver-coins/2021-uk-britannia-1oz-silver-coin

Edited by DiggerUK
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  • 2 months later...
On 18/02/2021 at 11:57, killerbee said:

I’m keeping a close eye on silver.

Last week the cheapest ‘Buy it now’ 1oz Britannia on eBay was £33.
Today it is £35.65.

Next week it will be higher.

Last time I bought one it was £19!

I may top-up my holding in FRES.L this week and I bought the LSIL etf the other week. Not totally confident that silver will pop but do feel that we are at a good level for a trade.

I hold FRES.L long term and wouldn't sell any for less than £20 a share.

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4 hours ago, renting til I die said:

Last time I bought one it was £19!

I may top-up my holding in FRES.L this week and I bought the LSIL etf the other week. Not totally confident that silver will pop but do feel that we are at a good level for a trade.

I hold FRES.L long term and wouldn't sell any for less than £20 a share.

I bought my first oz in 2007 for a tenner. 
In 2007, £10 bought around 4 pints of beer, now it buys 2 pints of beer.

Today my silver ounce from 2007 will buy 6 pints of beer. 
Next year it will more.

I sold FRES back in Dec for PRE.

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