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Wanna play a game? Silver price being pushed this morning by Reddit Army.

edited February 2021 in Fund Discussions

@rono wrote about this, too; but I also noticed bumps in SILVER last week...........
He and I; and perhaps a few others here recall the manipulation of the silver market in the late 1970's by the Hunt Brothers.

And let us discover how this goes. Reddit army traders and whomever are pushing this price area right now.

You may view this graphic for pre-market, open market and post market pricing for SLV.

Comments

  • I wonder how long this "silver squeeze" is gonna last? It's a waaay bigger market than GME or AMC and I'm not sure those keyboard warrior Reddit users have the patience to wait for a 1500% return that likely won't ever come.

    Curious what this will do to for all the silver coins I purchased last year...mostly collectible coins, or coins with cool designs (my fave being the Star Wars series with a Darth Vader helmet, Stormtrooper helmet, Death Star, frozen Han)...those were all waaaay more expensive than the spot price, but only a limited number were produced, so they are highly collectible.
  • Howdy folks,

    Ah, the days when the Hunt Bros tried to corner the market. I was finishing my degree in Economics at MSU financed by GI Bill and selling my silver stash into the market. It was a fun time.

    Indeed, the silver squeeze is ON but as noted by crash, it's not the same as GME or AMC. The big boys are the ones shorting this market and by this the target is JPM. Er, the last time I looked, they had pretty deep pockets. And the gov't will NOT let silver go to the moon because gold would follow and the dollar would sink lower than whale shit.

    That said, the nut is obtaining and holding physical silver - not paper silver. This is nigh impossible right now due to the huge demand for bullion. Most everyone is either out, backordered, or the premiums are going thru the roof.

    Next to real hands on physical bullion, I hate SLV but love the Sprott products like PSLV and CEF. Better for those with the chops are the junior silver miners. Here's your playground but be careful.

    http://www.kitcosilver.com/equities.html

    and so it goes,

    peace and wear the damn mask

    rono with over 3 units in various and sundry silver products in more or less and perpetual multiple orgasm.



  • edited February 2021
    @rsorden
    .......Type the name of the pieces you own in the search box at the top of the Ebay link below to discover current pricing of your pieces; IF they are listed for sale at Ebay. The link is active for your use for whatever else at Ebay.

    If silver bullion pricing moves a lot above and beyond its "normal" range for the past 10 years, then, IMHO; the bullion price will overwhelm the collectible price, with the exception of truly collectible pieces; which would likely reside in the rare coin area.
    Folks will again start to unload "melt silver" coins and related items. The jewelry stores and pawn shops will have a lot of traffic. This was the pattern that persisted for about 6 months in the late '70's.

    I've used Ebay for many years to determine what the general public is willing to pay for item "x" to have and hold in their hand, not an etf or other investment market device. The below link is for "closed auctions/bids" for silver bullion related items. This list will continue to update as auctions/bids close. This is a long list that one may scroll through to older dates.

    Closed auction prices, Ebay.

    ADD: Silver retail sites freeze from demand
  • Howdy folks,

    As predicted the bosses got involved and raised the margin requirements for silver by 17.9 %.

    That's OK. I'm not buying, nor selling.

    Take care and stay safe,


    Rono
  • edited February 2021
    @rono- As I'm sure that you'll remember, we have a large stash of 90% silver quarters that we've been sitting on for some sixty years. This morning I said to my wife "hey, we're rich again!".

    Then I observed that yes, we could in fact sell into this market for a fair amount of money- maybe the best chance since the Hunt brothers. But we already have a good-sized pile of small green pieces of paper with numbers printed on them, of steadily decreasing worth, and which no one wants to borrow if they have to give us more pieces of green paper to do so.

    So what's the point of converting the silver to even more pieces of green paper? Maybe better to keep the silver against the day when no one wants to trade anything of value for those small pieces of green paper.

    You never know.

    OJ
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