Posted on 01/30/2021 10:05:16 PM PST by Technocrat
APMEX prices started rising by the minute two hours ago and they are now out of stock on all significant silver coins. Available rounds if you can find them are now priced at double to triple the spot price. A coordinated attack against JP Morgan and other silver market manipulators was proposed on Reddit on Friday. The link above goes to junk silver.
The action now appears to be spreading to Gold somewhat
Look up “troy weight” in Wikipedia. The article will tell you all about the origins of the troy weight system and how to convert to avoirdupois and metric units.
“ you could artificially depress the price simply by “naked shorting”...”
Naked options are illegal since 2008.
“I wish I’d bought more yesterday.”
Silver Eagles went up $6 at JM Bullion today over a week ago. Out of stock now.
https://www.jmbullion.com/silver/silver-coins/american-silver-eagles/all-american-silver-eagles/
(I bought more S & G coins right after the election result. See what happens now...)
The Reddit “retards” and others have fleeced $75 billion from hedge funds shorting GME -and it still going on. There was talk on Reddit of going after silver. They have the funds to make a run on it at least.
Numismatics are for suckers because “experts” who are in on the scam tell you what they are “worth.”
Bullion PM coins are buy/sell at spot price plus or minus a set % commission.
This is also my understanding.
Thanks for the clear and concise explanation.
Historically, before the 20th century and massive use of silver in industry, gold-silver ratio fluctuations largely depended on new major discoveries that tilted the market in favor of one or the other.
When a mountain of silver was found in Potosi Bolivia, silver “pieces of 8” flooded the world, and this made gold more valuable in comparison.
Major gold strikes in California, Alaska etc tilted the ratio and the prices the other way.
It’s a fascinating topic. And it’s interesting to compare the original Roman Denarius to “pieces of 8” to the Taler to the silver dollar. Likewise, it’s fascinating to compare the price of today’s consumer items (a gallon of gas, a pair of shoes, a loaf of bread) to their price before 1964, when our coins were real silver.
Found this article at random.
“A Historical Guide to the Gold-Silver Ratio”
https://www.investopedia.com/articles/investing/080316/historical-guide-goldsilver-ratio.asp
Exactly. “Rounds” = bullion coins, that theoretically should be bought and sold at spot value plus or minus an agreed %.
The reason that physical PMs are selling at multiples of spot price, if you can find them, is the suppression of prices as discussed above.
The veterans magazines (VFW, A.L., DAV) are NOTORIOUS for their full-page glossy ads touting “commemorative” gold and silver coins as “investments.”
They lie like rugs, and rip off elderly veterans for their life savings.
It’s shameful. VFW, A.L. and DAV should not permit these lying scoundrels to steal from naive elderly veterans.
Now they don’t even have to print the money, they just add digits to accounts.
“POOF!” Another 4 TRILLION dollars just appeared out of thin air!
Weimar America, here we come!
Oh, really, major contracts in physical gold and silver are settled in physical transactions? Tons of gold and silver are passed back and forth between the major investment houses? They are not just winking and exchanging paper?
“The value of the dollar is determined by many things. All currencies are interrelated. The dollar is the prettiest dog in an ugly dog contest.”
No big deal, just inject another 4 TRILLION in helicopter dollars.
Amurika! We’ll always be the prettiest dog in the contest!”
Silver ping
Well yeah, of course they are. There's a big warehouse somewhere, don't worry it's all secure, and there are pallet loads of gold and silver that get hauled in like pallets of stock at Costco. But they take care of it all, see, one day a pallet will have a sign on it that says "JP Morgan", the next day it will say "Vanguard".
See? It's all on the up-and-up.
Lot’s a vague noise in that response. Only suitable response: “Why yes, some people do some things some times maybe”.
Now if you want to discuss the specifics of actually what occurs when commodity futures contracts expire, the settlement process, see my original post.
Gold and silver are heavily rigged.
Think Government plunge protection team
Dealers have been low on stock for many months
Has been a huge gap between published market “paper/virtual” gold price and true price at silver/gold bullion delaers
Hey noob, you could easily show us how bright you are without the name calling. Can you tone that down a bit please noob.
What type of place are you buting/selling?
Bank?
Franchise Dealer
By mail?
BKMK
I just checked that site out. Wow, you were not kidding. This is a lot more serious than people realize.
5,000 troy ounces
Silver (SI) futures are physically delivered upon expiration. For additional details on delivery, please see the NYMEX Rulebook (Chapter 112):
Delivery may take place on any business day beginning on the first business day of the delivery month or any subsequent business day of the delivery month, but not later than the last business day of the current delivery month.
CONTRACT SPECIFICATIONS
The contract for delivery on futures contracts shall be five thousand (5,000) troy ounces of silver with a weight tolerance of 10% either higher or lower. Silver delivered under this contract shall assay to a minimum of 999 fineness and must be a brand approved by the Exchange.
Silver meeting all of the following specifications shall be deliverable in satisfaction of futures contract delivery obligations under this rule:
1. Five (5) bars of refined silver cast in bars of one thousand (1,000) troy ounces, with a weight tolerance of 10% either higher or lower.
2. Silver must consist of one or more of the Exchange’s Brand marks, as provided in Chapter 7, current at the date of delivery of the contract.
3. Each bar of Eligible silver must have the weight, fineness, bar number, and Brand mark clearly incised on the bar. The weight may be in troy ounces or grams. If the weight is in grams, it must be converted to troy ounces for documentation purposes by dividing the weight in grams by 31.1035 and rounding to the nearest tenth of a troy ounce. All documentation must illustrate the weight in troy ounces.
Any bar of silver that does not have the bar weight stamped or incised on the bar by the refiner, and which is identified by a refiner's bar list without indicating or specifying the bar weight, but which is otherwise qualified for delivery on Exchange contract, may be put in tenderable condition for such delivery by the following procedures:
(a) The silver must be weighed by a Weighmaster.
(b) The weight of each bar and the identification stamp of the Weighmaster must be incised with an appropriate tool which will create a permanent record on each bar.
(c) The weight so marked on each bar shall be to the nearest 1/10th of an ounce.
(d) The Weighmaster shall prepare a certificate stating the procedures which it has followed, and said certificate shall be attached to the itemized bar list identifying the bars by number and weights of each. Said Weighmaster's Certificate and bar list shall be maintained by the Depository.
(e) For all Eligible silver placed in a Depository prior to December 1, 2003, a separate bar number incised with an appropriate tool will be acceptable in lieu of the identification stamp of the Weighmaster.
Silver delivered under this contract shall assay to a minimum of 999 fineness.
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