Silver Squeeze?
- Thread starter andy dufresne
- Start date
AntoniusofEfa
Kingfisher
Thank you for the link. The big banks are probably still buying physical gold. I had no idea they hoarded so much of it last year.Copper is skyrocketing but silver is flat. Sorry but that doesn't make any fundamental sense. I think Sprott might hold more physical silver than the COMEX right now.
New update from Sprott teasing a Gold squeeze
COMEX Gold Delivery Update
www.sprottmoney.com
Last edited:
NoMoreTO
Ostrich
Somebody is taking delivery. Massive deliveries but the price really hasn't bumped that much. It makes sense from the "financial reset" perspective, if you're going to knock over a FIAT system, you take all the gold first, then knock over the FIAT. Craig Hemke is one of my favourite guys to listen follow.
On another note, the difference between a silver/gold 1oz round vs. a coin. I heard recently that when a coin has a dollar value assigned to it "30 Dollars", this means that it can actually be used as legal tender in a transaction, so can actually be used in contracts so to speak. On the other side it would be illegal to melt it down.
Last edited:
bucky
Ostrich
Just checked the price for the first time in a few days. Signs of life? Already beating @MRAll134 's projection of maybe 26.50 this year (I jest with you, MRA). Would definitely be something if silver were to actually go somewhere along with what's currently happening in crypto.
Isn't all hell supposed to break loose and usher in a golden age if it goes over 30 USD? Or something to that effect.
Isn't all hell supposed to break loose and usher in a golden age if it goes over 30 USD? Or something to that effect.
When I worked as a cashier in a convenience store, every once in awhile (maybe once a month) a customer would use a silver bullion coin to buy something. They usually seemed completely unaware that they were using a $1 coin that was actually valued at whatever an ounce of silver was valued at at that time. After they left the store, I would take a dollar out of my wallet and exchange it for the coin in the cash register and take it home.
Also, I would watch for silver quarters and dimes and wheat pennies and do the same thing. I was slowly gathering quite a collection but they all ended up being lost during the chaos surrounding some family moves. It probably wasn't that much in value anyway, maybe a few hundred dollars. This was back in the 90s. I imagine that it's much more uncommon now for silver coins and copper pennies to show up in store cash registers as they've likely all been collected-out or discarded by the federal reserves.
bucky
Ostrich
Interesting. My sister found a few silver coins in her change a few years ago, the only time in the last 20 years I've been aware of anyone finding a silver coin in change. I offered to buy them from her for fair value, but she forgot about it and spent them. My guess would be that some kid swiped them from his dad's coin collection at some point, not that they had actually been in circulation since 1964. I had no idea that anyone ever spends modern silver Eagles for face value, but I'd guess those were stolen or inherited too.
As an aside, I've recently thought that prohibitions on melting would be a reason for Americans to NOT buy Eagles and rather buy bullion from other countries. I don't imagine it's illegal to melt Maple Leafs, Philharmonics, and other foreign bullion.
The theory I've heard that I give the most credence to is that back in the 60s, 70s, 80s, and early 90s, when people still used a lot of coins for daily transactions, they would often keep a coin jar somewhere in their house. When they would go to the store and needed some change, they would grab a handful of coins from the jar as they went out the door, then deposit their pocket change back in the jar when they returned. Since some of those jars had been sitting in the house for years, perhaps decades, they often had some silver coins (quarters, dimes, half-dollars, and non-Susan B. Anthony dollars) at the bottom that would eventually get grabbed and used.
As far as the bullion coins, I assumed that some people had them laying around for whatever reason, perhaps because they inherited them from a passed-away relative, and weren't aware that they had any value beyond the face value.
NoMoreTO
Ostrich
I heard this happened at a local bank.
Someone brought in 10 silver dollars and the bank gave her $10.
bucky
Ostrich
Although maybe they were Eisenhowers?
Otherwise, yes, amazing that people wouldn't be aware of the value of silver vs. copper-nickle coins. I've read that in 1964 the government assured everyone that there really wouldn't be much of a difference in value but of course the silver coins almost entirely disappeared from circulation immediately. Kind of the crypto of its day if you think about it. Imagine what a half closet full of dimes and quarters from 1964 would be worth today.
MRAll134
Pelican
Maple Leafs are considered "legal tender" and cannot be melted. From the Gov. of Canada website:
Melting Coins
Marginal note: Melting down coins
11 (1) No person shall, except in accordance with a licence granted by the Minister, melt down, break up or use otherwise than as currency any coin that is current and legal tender in Canada.
Source: https://laws-lois.justice.gc.ca/eng/acts/c-52/page-1.html
"The Silver Maple Leaf is legal tender."
Source: https://en.wikipedia.org/wiki/Canadian_Silver_Maple_Leaf
bucky
Ostrich
I meant it's probably legal to melt Maple Leafs in the US. I imagine you guys can melt Eagles up North too, for example.
MRAll134
Pelican
I never thought of that...not sure. Can an American melt Maple Leafs? Maybe, there is a banker/minter on here.
fastandfurious
Sparrow
Eusebius Erasmus
Kingfisher
I bet the elite are also buying up Crypto so that they can engineer its crash. They'll just dump it all and make away with the profits.
Most people don't hold crypto in cold storage wallets, which is IMO the only correct way to do it. Anything else is asking for trouble.
NoMoreTO
Ostrich
Silver and Gold are about the only thing out there that are relatively cheap.
I can't speak to crypto, because it is just getting started and doesn't have history.
Everything we see happening, to me if you're not getting the vax, then you'll want to have something outside the system.
I can't speak to crypto, because it is just getting started and doesn't have history.
Everything we see happening, to me if you're not getting the vax, then you'll want to have something outside the system.
AntoniusofEfa
Kingfisher
True. Stocks and real estate are very much overpriced at the moment. Silver ETFs and the like should be forbidden, as they allow for the fractional ownership of physical silver, allowing the market to be manipulated by "paper silver". Total BS.
Eusebius Erasmus
Kingfisher
Yes, but Sprott’s ETF (PSLV) is an exception.