Precious Metals New Thread 2.0

ouch

 

Let's see if my dealer gives me spot on Monday

 

I've been watching the message boards and it is hard to tell what is going on honestly. The core WSB crew insist that citadel (a hedge fund they are trying to bankrupt) is pumping silver because they are trying to cover losses in their GME shorts. I don't buy it though, their SLV position isn't big enough to make a dent on the hole they are in. Either way the WSB crew is getting too high on their horse for my liking. I don't mind seeing a hedge fund feel some pain, but my goal is to make money, not go on some crusade.

However it started and whoever agrees or disagrees with it, the frenzy is here. Hopefully it has a little staying power. I'm looking for the domino effect. I want to see industrial hedge positions demanding delivery instead of cash settlements because they aren't able to find enough physical silver on the market. That would really start the fireworks.

 

We have been trying to break the silver short for years, this is the biggest reason to buy silver, because of the crazy shorts.... selling 2 years of silver in 1 day.... but no silver inventory.... Crazy Join the ride, Physical is almost dryed up, SLV and silver miners is the way to play...

 

https://www.youtube.com/watch?v=xL78RrNULXI

 

Asking price is now $30

Here’s a message from the ceo of APMEX;

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

 

OK shower now and off to the dealer at 9AM SELL SELL SELL

 

Don't sell PMs this is just the start of the PMs rush we have been waiting for....

 

Biggest day in silver ever and it's not even 9:00 here...... Been waiting for this for a long time....
GO LONG NOW, BUY BUY BUY down side risk is minimal... Silver is running short, their back is against the wall this time...

 

Took for ever but was able to get more silver last night and sold FNV for SLV this morning... want to hit the shorts positions...

 

Sure it COULD be similar with the SLV ETF, BUT a commodity could also behave differently than a stock. I take profits on the way up. It's been a successful strategy for me for 25 years. But of course I have no plans on selling all my silver.

Ag will run out of up momentum in the very low 30's, if it breaks through 31 ok it's running.

 

Silver eagles now selling for $42

 

Started off the morning STRONG, but a slight pullback. My biggest gainers are EXK and MUX so far.

 

I don't deal with crazy 25%+ premiums.

Doubloons, 10oz and 100oz bars. When buying frenzy is ON, dealer gives spot when selling. I used to buy from the big guys, sales only, mostly through ebay, free shipping, all less that $15/oz.

 

I meant if you're stacking and holding the premiums are high, but if you're not selling, no worries.

 

AG is up good, Hopefully it's just starting so should have many ups and downs. I'm riding this out, have to because fidelity said no margin trading on slv and I'm holding miners anyway. See if silver breaks $100....

 

It's about the ounces in the long run.... PMs are not good for traders.....

 

Ya i'm holding for sure. I have AG but not as much as i'd like. Was hoping last week it would dip and it stayed steady in the $18's. I wanted to buy PSLV as well but Robinhood doesn't list it. *Another reason i'm moving out of Robinhood.