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Message
re: This could be something....Look beyond equities, Silver to be the next short squeeze
Posted on 2/2/21 at 2:01 pm to misterc
Posted on 2/2/21 at 2:01 pm to misterc
quote:
Nothing. I’ve done it. You have to have a broker that allows it. 95 percent of brokers will not allow it. It’s also not free. There are costs involved so that eats some margin. You get 5 approximate 1000oz bars per contract. Once they leave the warehouse, to sell back to comex they have to be re certified .
Most people don’t want a 70 lb block of silver. If shite hits the fan and enough people wanted to group buy I’d be happy to orchestrate if there’s interest.
I get that there wouldn't be much interest in (1) 70 lb bar of silver, but there is solid interest in (1000) 1 oz silver rounds. What would it take for these guys to turn a 1000 oz bar into smaller quantities? If that happened, the bullion guys would start eating into the COMEX supply with physical delivery, in theory bringing the spot price closer to market, no?
0
Posted on 2/2/21 at 2:06 pm to misterc
Anyone know of a place in the Mandeville/Covington area that buys silver rounds that isn't a pawn shop? I have a bunch I'd like to sell.
Posted on 2/2/21 at 2:50 pm to misterc
quote:
Nothing. I’ve done it. You have to have a broker that allows it. 95 percent of brokers will not allow it. It’s also not free. There are costs involved so that eats some margin. You get 5 approximate 1000oz bars per contract. Once they leave the warehouse, to sell back to comex they have to be re certified . Most people don’t want a 70 lb block of silver. If shite hits the fan and enough people wanted to group buy I’d be happy to orchestrate if there’s interest.
mister c is correct here .... it can be done, but you need a broker ($) to make the transaction, arrange logistics ($), arrange insurance ($), and delivery.
Once that is completed, you need a smelter service ($$) like this one. I have used these folks, but there are many others:
https://www.midstatesrecycling.com/
If the by-product is a form-factor other than raw, standard weight bars, the silver will first need to be stamped into standard-weight planchets ($) which can subsequently be "minted" ($) into silver rounds that are suitable for sale & distribution. ($ transactional costs).
As you can see, the process is littered with costs at several points during the process. The good news is that using 1000 oz comex bars won't have refining costs ($$) since the metal already has a certified purity (.999). Junk silver must first be refined and certified ($$) before offering.
Profitable? .... mebbe ... but IMO you need to have existing contacts (or build them) in order for each step to go smoothly, IMHO.
This post was edited on 2/2/21 at 2:53 pm
Posted on 2/2/21 at 2:58 pm to cadillacattack
Exactly what Cadillac said.
I have a small furnace, stamps and molds but you need beast of a furnace to melt a comex bar. Even cutting and melting in batches would be a pain. It would take forever. All the mints are slammed making as much as they can. Refiners will get busy too if the price goes back up.
I have a small furnace, stamps and molds but you need beast of a furnace to melt a comex bar. Even cutting and melting in batches would be a pain. It would take forever. All the mints are slammed making as much as they can. Refiners will get busy too if the price goes back up.
Posted on 2/2/21 at 2:59 pm to TigerTatorTots
Tigertatortots
I would look for a Coin dealer. They’ll probably pay the best.
I would look for a Coin dealer. They’ll probably pay the best.
Posted on 2/2/21 at 3:11 pm to misterc
Misterc, as always thanks for the input. I was looking over some numbers and I found something curious. In the COMEX website they list the volume of futures contracts bought by month.
It seems that silver crashed because someone bought a LOT of silver for March 2021. If I am reading this right they bought something like 311k contracts, or 1.5 Billion oz. By my math that's roughly equivalent to an entire year of metal, globally, which brought down the price roughly 10% and it sold overnight.
Tldr:how is it comex sold an entire year or metal overnight? Where did it come from? The whole thing seems strange.
COMEX
It seems that silver crashed because someone bought a LOT of silver for March 2021. If I am reading this right they bought something like 311k contracts, or 1.5 Billion oz. By my math that's roughly equivalent to an entire year of metal, globally, which brought down the price roughly 10% and it sold overnight.
Tldr:how is it comex sold an entire year or metal overnight? Where did it come from? The whole thing seems strange.
COMEX
This post was edited on 2/2/21 at 3:15 pm
Posted on 2/2/21 at 3:29 pm to NYNolaguy1
quote:
Misterc, as always thanks for the input. I was looking over some numbers and I found something curious. In the COMEX website they list the volume of futures contracts bought by month.
It seems that silver crashed because someone bought a LOT of silver for March 2021. If I am reading this right they bought something like 311k contracts, or 1.5 Billion oz. By my math that's roughly equivalent to an entire year of metal, globally, which brought down the price roughly 10% and it sold overnight.
Tldr:how is it comex sold an entire year or metal overnight? Where did it come from? The whole thing seems strange.
It came from no where, it’s magic. They are paper derivative contracts that will mostly expire worthless or get settled in cash. Buddy of mine sent me this video, pretty good Break the COMEX
Posted on 2/2/21 at 3:37 pm to FredsGotSlacks
quote:
It came from no where, it’s magic. They are paper derivative contracts that will mostly expire worthless or get settled in cash.
How is this remotely legal? This just seems so blatant.
Posted on 2/2/21 at 3:40 pm to NYNolaguy1
Guess more people had CZ instead of Diamond Hands. 
Posted on 2/2/21 at 4:43 pm to LSUSUPERSTAR
Not a great market close, but futures are inching back to that 27 support level. Hopefully, the night will be good to us.
I've got my finger on the trigger for a big purchase if we can confirm bullishness.
ETA: rallied to 27, let's see where it sits overnight.
I've got my finger on the trigger for a big purchase if we can confirm bullishness.
ETA: rallied to 27, let's see where it sits overnight.
This post was edited on 2/2/21 at 8:19 pm
Posted on 2/2/21 at 10:55 pm to rintintin
Posted on 2/2/21 at 11:08 pm to TigerTatorTots
This place isn’t in Mandeville
But I have seen their bars/buillions on the auction sites I follow and today I finally looked into who they are since I noticed the auctions on silver coins and bars are getting more attention. They can also redo your silver into a special stamp. Like imagine your own coins like a pirate. LINK
But I have seen their bars/buillions on the auction sites I follow and today I finally looked into who they are since I noticed the auctions on silver coins and bars are getting more attention. They can also redo your silver into a special stamp. Like imagine your own coins like a pirate. LINK
This post was edited on 2/2/21 at 11:09 pm
Posted on 2/3/21 at 7:27 am to iluvdatiger
quote:
Tldr:how is it comex sold an entire year or metal overnight? Where did it come from? The whole thing seems strange.
click the link posted by LSUregit just above this one ... it provides a perfect scenario by which contango allows for market manipulation
Posted on 2/3/21 at 10:29 am to cadillacattack
Anyone have an update on the SLV and AG plays? How is what's going on behind the scenes with silver gonna effect these and other stocks moving forward?
Posted on 2/3/21 at 10:48 am to 44tiger
quote:
Anyone have an update on the SLV and AG plays? How is what's going on behind the scenes with silver gonna effect these and other stocks moving forward?
Dunno about individual miners ... as I don't track those specific tickers ....
That said, I suspect the spot price (currently $27./oz) needs to close above $28.48/oz in order for the current run to hold, establish a base, and prior to taking the next leg upward above $32.80 ... just my dos centavos ...
Posted on 2/3/21 at 11:49 am to 44tiger
quote:still quite a bit of long call option activity on both of these judging by the contact prices. Despite silver not being covered as much yesterday the silver index funds broke Friday’s record for volume in a single day with almost 1.5 billion. Massive supply shortage and record demand right now; I have a feeling a lot of money is coming in from hedge funds buying into the squeeze
Anyone have an update on the SLV and AG plays? How is what's going on behind the scenes with silver gonna effect these and other stocks moving forward?
Posted on 2/3/21 at 12:02 pm to 44tiger
quote:
Anyone have an update on the SLV and AG plays? How is what's going on behind the scenes with silver gonna effect these and other stocks moving forward?
You're best bet is to watch Silver futures, not SLV or the miners.
If silver goes up those will follow suit (miners generally will, but are more unpredictable).
From what I understand $30 is the big resistance level. If it can break through that then there could be a legitimate run.
First things first, we need to hold 27 and step back up to the low 28's.
Posted on 2/3/21 at 12:24 pm to FredsGotSlacks
I have only bought physical silver in the past ~ 100oz. Mostly at coin shows. I've given them as tips or when someone had a baby. $8-$15oz.
With all this hoopla, I went online to buy some more. 95% unavailability. This is a chart showing the current best prices for bullion. If you click on the retailers, you find declaimers...awaiting stock, currently unavailable, 10+day delivery, notify when available. Also the price used to be spot+10%, now it's spot+20%+. I have no clue what will happen next. Along for the ride.
comparesilverprices.com
With all this hoopla, I went online to buy some more. 95% unavailability. This is a chart showing the current best prices for bullion. If you click on the retailers, you find declaimers...awaiting stock, currently unavailable, 10+day delivery, notify when available. Also the price used to be spot+10%, now it's spot+20%+. I have no clue what will happen next. Along for the ride.
comparesilverprices.com
Posted on 2/3/21 at 12:33 pm to Jag_Warrior
quote:haha, same. He and Russian used to get into here years ago.
Well, hello. Wondered where you’d been.
Posted on 2/3/21 at 12:47 pm to cadillacattack
quote:
That said, I suspect the spot price (currently $27./oz) needs to close above $28.48/oz in order for the current run to hold, establish a base, and prior to taking the next leg upward above $32.80 ... just my dos centavos ...
Got pushed into covering the short call side of an SLV short strangle at a higher price than I wanted to on Monday, so I wouldn’t mind seeing you be right. Otherwise I’ll be selling covered calls on this puppy for awhile.
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