Silver is the new GameStop: Price reaches highest level in almost 11 years

The Associated Press ^ | 2/1/2021 | AP Staff

[Jim Noble]

There’s a whole lot more silver metal out there than Gamestop shares.

Much, much harder to do a squeeze.

Unless, of course, there’s paper receipts issued by entities that do not actually possess the silver, or who have sold it more than once ;-)

[Zhang Fei]

[It is way more difficult to move an entire commodity market than a small companies stock......

Think rowboat versus Ocean Liner.....]

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I expect very few people are short silver per se. However, there are probably a bunch of unhedged industrial users who absolutely need the commodity, but may see the current pricing as a little on the high side. They may scramble to lock in their supply due to this mania triggered by the WSB crowd. That is what might trigger a short term spike in SLV. Or at least what silver users hope is a short term spike.

[null and void]

the answer, of course, is not freedom and capitalism, but more government control and socialism.

The answer is ALWAYS more government and higher taxes, always, always, always.

Never more freedom and a balanced budget by cutting expenses.

That's just crazy talk...

[okkev68]

That’s been the case with Silver for a long, long time. Most of what is actually traded is not backed by physical bullion.

In theory if enough orders are placed demanding delivery of physical, it could cause a spike. I would love it if it did, but doubt it will spike much over $30.

[z3n]

So when hedge fund managers get together and make their short sell evaluations and plans, is that conspiracy?

[dynachrome]

“entities that do not actually possess the silver, or who have sold it more than once ;-)”

That’s the rumor. We may find out this week.

[NautiNurse]

Anybody been watching platinum creeping up recently?

[Dick Vomer]

reddit is NOT doing a short squeeze on silver. Bots are and Citadel Fund is one of the largest holders of silver paper.

Reddit discussion is laughing at the MSM trying to manipulate the markets.

[palmer]

Just need to look at physical. $42 for American Eagles and $37 / ounce for bullion (small quantities). Delivery is 1 - 3 weeks. APMEX is a solid company and will deliver but you have to pay and wait.

Paper silver is no problem at $30 or less.

[bert]

Gold is $1865/oz per Kittco just now

Over the long haul, the price of gold to silver is 15:1

$1865/15=$124 per oz of silver.

Historically silver has been underpriced for a long time and pricewise has about an uptick of $100 to normalize with history

[Zhang Fei]

[So when hedge fund managers get together and make their short sell evaluations and plans, is that conspiracy?]

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No - because they have more money to defend themselves from the Feds. Of course, if the people involved in Wall Street Bets are able to raise enough GoFundMe money to mount a strong legal defense, who knows what might transpire.

[jz638]

There’s something seriously shady about how this story suddenly appeared over the weekend and was attributed to Reddit. The WSB crowd almost immediately noticed that most of the posts and comment were made by heretofore inactive old accounts (some dormant for years).

It looks like one of two things happened: a malicious actor gained control over a bunch of old accounts and then started s***posting silver hoping to push the price up, or a reddit user who had a bunch of dormant accounts (reddit allows and in some ways encourages multiple accounts for each user) is doing exactly the same thing.

[null and void]

No man’s life, liberty, or property are safe as long as court is in session ~ Mark Twain, paraphrased...

[diatomite]

There might be some paper silver in the COMEX warehouses.

[bert]

-——Class action suits are civil suits brought by plantiffs.——

Class action civil suits are brought by whore monger lawyers that develop the action and then seek clients. Presently, they get a judgement that produces a big pot of money judgement and they then they go fishing for plaintiffs on Tv. They have run out of plaintiff claimees for the mesothelioma pot with money still there. They are looking for army plaintiffs for the 3M ear plug pot and the weed killer cancer pot.

Such lawyers and all their employees should be drug through the streets until they are pink goo

[okkev68]

APMEX is a great company. Done business with them many times. Checked KITCO and they have no physical silver for sale.

If it hits $35 I might have to sell some.

[null and void]

As I understand it, (and I’m not a lawyer!) If a bunch of guys at the bar are sitting around a table a little bit tipsy and come to the drunken conclusion that Congresscritter Ima Scumm should be shot, and ONE of them goes home and googles Ima Scumm’s address, at that point some action has been taken, moving the whole BS session out of the realm of free speech and firmly into the realm of conspiracy.

In the eyes of the law, that makes everyone at the table a co-conspirator.

Even if Congresscritter Scumm was never, and never actually would be, in any danger from a bunch guys letting off steam in a bar.

Perhaps someone can reaffirm this take or set me straight? Wait. I’m already straight...

[null and void]

Unless, of course, there’s paper receipts issued by entities that do not actually possess the silver, or who have sold it more than once ;-)

That would never happen...

[sjmjax]

Yes and at that time, fifty bucks wasn’t pocket change.

[null and void]

When it hits $500 an ounce I will pull out my silver filling and sell them. I have one tooth in my drawer that has a gold filling in it for sale too.

Mom? Say ahhhhh...