patrick.net

https://www.zerohedge.com/markets/reddit-preparing-unleash-worlds-biggest-short-squeeze-silver

Can wait when a million retail investors realize they can't actually take possession of the metals. When that happens, the system blows up.

Covid: the universal duck blind for corruption, skullduggery, virtue signaling insanity, and wholesale misdirection under color of Blue Pill Fraud.

It's like everybody got a hundred get out of jail free pass to do whatever the fuck they wanted, and they are letting it all hang out.

Covid-19 cases are decelerating fast, we went from 300K daily to just over 100K daily, even by their inflated numbers. There is no reason to restrict anything due to Covid, open up everything now!

I would like to buy more physical silver. Advice for places to buy it on the peninsula?

APMEX suspends Physical Silver sales
To our valued customers, APMEX Statement On Current Market Conditions:

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. Sincerely, Ken Lewis CEO, APMEX

Sites from Money Metals and SD Bullion to JM Bullion and Apmex, the Walmart of precious metals products in North America, said over the weekend they were unable to process orders until Asian markets open because of unprecedented demand. The start of Monday’s trading session saw silver futures jump more than 8% as a frenzy that roiled stocks last week spread.

https://www.bloomberg.com/news/articles/2021-01-31/silver-retail-sites-grind-to-halt-as-reddit-horde-moves-to-coins

Patrick says

I would like to buy more physical silver. Advice for places to buy it on the peninsula?

Austin & Co. austinandcompanygoldbuyer.com, 1072 S. De Anza Blvd., Suite A 106, San Jose, CA 95129
They are very friendly people.

Silver is rigged or manipulated. It should be at least $400 an ounce. They overestimate its supply to keep its price down.

The price of weapon systems like Tomahawk cruise missile would increase at least 10% if silver was fairly priced.

Also crypto traders who normally would buy silver (like they did in 2011) have obviously soured on silver.

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AD says

Silver is rigged or manipulated. It should be at least $400 an ounce.

I'm sure you're right that it's rigged, but how did you come up with the number $400 / oz?

Patrick says

AD says

Silver is rigged or manipulated. It should be at least $400 an ounce.

I'm sure you're right that it's rigged, but how did you come up with the number $400 / oz?

I'm going by analysis I read and its not on Zerohedge style websites.

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I can never figure out the right price for precious metals.

One way is just historical worth. Supposedly an ounce of gold bought a very nice suit of clothes in Roman days, and still does today.

Another way is how much it costs to get the next ounce out of the ground. OK, that imposes a floor on the price for newly mined silver, but I'm not sure it determines value.

AD says

Silver is rigged or manipulated. It should be at least $400 an ounce.

If the market price for silver was truly $400 per ounce, then any manipulation to lower the price would produce a shortage. Since you can buy all the silver you want at $25 per ounce, that is the true market price.

Maybe someone just declared that $25 is the price, and everyone else just goes along with it.

Patrick says

Maybe someone just declared that $25 is the price, and everyone else just goes along with it.

Wow, I wish I could control the market like that. I would make houses $10/sqft and have everyone go along with it. Silver, or any other real item, is not like a fiat currency where one can peg its value. Even then, when a country pegs the currency to the dollar like in Argentina, a black market pops up that pays the real market price.

Hell, it's been done with interest rates, so why not silver?

https://knowledge.wharton.upenn.edu/article/the-libor-mess-how-did-it-happen-and-what-lies-ahead/

July 18, 2012

Regulators in the United Kingdom and United States announced a settlement with Barclays bank over its manipulation of LIBOR, the benchmark interest rate used around the world.

Patrick says

Hell, it's been done with interest rates, so why not silver?

Ask the Hunt brothers about that one.

Patrick says

Maybe someone just declared that $25 is the price, and everyone else just goes along with it.

yeah 4 old farts in the city of london

My friend bought thousands of dollars worth of silver coins when it was $45/ounce.
His scuba tank is running out of air; he's been underwater for years.

Whenever there is a run up in the price of silver, that is not controlled by the bullion banks, the exchanges simply increase the margin requirements on the silver contracts making those on margin (which is a large percentage of participants) forced sellers.

I've read that the Fed manipulates lending not just by price-fixing interest rates directly, but also by adjusting lending standards. So they can cause interest rates to change without overtly changing interest rates.

The Fed should not exist at all.