#silversqueeze

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jd.com is apparently the largest online metals dealer in China. It's more like buying a generic silver bar from apmex or similar.
 
Voodoo said:
Well even locally all the major mint 1 oz coins are around $50-52. So its not really that far off i guess. Man, that stuff got pricy. When did that happen. :eek:
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Weekly, or daily, or hourly. Take your eye off the ball for a few minutes and the game changes. I talked a buddy into buying a $10 roll of 90% junk dimes and he's up $30 on it on the day of delivery.
 
Solve Nettug said:
One thing I don't understand; Normally when there are 0 SLV shares available for borrowing, or borrowing fee spikes we have seen them adding new shares to the trust the following day.

On Thursday/Friday they did the opposite. Number of shares fell with 16.6 million!! Is this a change meaning they really want silver to rise this time?
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I would go long with AGQ, SLVR & SILJ before SLV.
 
None for sale?
My experience at a coin show yesterday showed me that NO ONE was interested in buying silber at it's current spot price.
On dealer had about 50 kilo bars AT SPOT with very little interest in them from what I observed. When I asked him if he was interested in a 100 ounce bar he said "I got dozens of kilos that I can't get rid of, sorry."
That old dog silber has a bad rep…
I could of sold it at $45, but two bucks below spot? Naw, I don't need it.
 
Bottom Feeder said:
None for sale?
My experience at a coin show yesterday showed me that NO ONE was interested in buying silber at it's current spot price.
On dealer had about 50 kilo bars AT SPOT with very little interest in them from what I observed. When I asked him if he was interested in a 100 ounce bar he said "I got dozens of kilos that I can't get rid of, sorry."
That old dog silber has a bad rep…
I could of sold it at $45, but two bucks below spot? Naw, I don't need it.
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The bid prices for silver at SD are dropping. -325 now on 100 oz bars. The only thing bucking that trend is 2025 eagles. Production problems at the mint apparently.
rn feels like a feeding frenzy everywhere. Pigs are lined up at the trough feeding like crazy. I think they are about to get slaughtered. Even on YouTube we have a new generation of silver gurus all telling us how high silver is going and regurgitating the same old narrative like it was a long lost secret that no-one knows about but has actually been out there since they were in diapers.
I have a close friend that is a mechanic. He was telling me last week one of the truck drivers at work was telling everyone to get in on 2 cryptos before everyone else finds out about them. Only one week before they explode higher. :lmao:
 
Bottom Feeder said:
None for sale?
My experience at a coin show yesterday showed me that NO ONE was interested in buying silber at it's current spot price.
On dealer had about 50 kilo bars AT SPOT with very little interest in them from what I observed. When I asked him if he was interested in a 100 ounce bar he said "I got dozens of kilos that I can't get rid of, sorry."
That old dog silber has a bad rep…
I could of sold it at $45, but two bucks below spot? Naw, I don't need it.
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Some churn and burn coin dealers are saying the US is in a temporary glut due to the refiners being slammed with capacity, running 24/7 to produce LBMA and Comex delivery bars, and that some refiners are throttling their incoming deliveries because that can't handle any more. That will bounce up the supply chain, but will be a temporary effect. As soon as the refiners catch up to sellers, the demand will balance, and the US street price will quickly rise, as well as premiums. Right now, only people with cash willing to stockpile silver are buying in quantity. Time will tell if this is an accurate picture. Too often the actual picture is only accurate in hindsight.
 
For me as a small dealer here in Northern California it’s been the complete opposite. Over the past two weeks there’s been a gold and silver buying frenzy with very few people selling. I can barely keep up with the orders as I’ve had to place triple restocking orders and customers are still waiting for inventory.
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Those would be the big insiders who have found out the problems are Serious. And all hidden from the plebs cause they need to have more stolen from them, never enough.
 
With so little silver mined today, it would be easy to see retail demand wipe out supply in just the US alone. I haven't heard lately but last I knew we were still below 1% of Americans owning any precious metals.

Scottsdale is a good mint and if the CEO says we are running low then I believe him. However I have been hearing these rumors so checking SD's website often. In the last week I haven't seen much movement. 100 oz silver bars are higher in inventory now than they were last week. 1000 oz bars, still the same 13 as last week. Buy back prices are same as last week as well. If a true shortage reveals itself then buyback prices will be + instead of -.

I don't think refining capacity affects much other than 90% and scrap. I cant imagine the refiners buying up 10,100, and 1000 oz bars to melt them down and pour them all over again. If there is truly a buying frenzy then dealers would pay a premium to get all of the above and wouldn't need to melt them down anyway.
I think once we break 50 and hold above it the real frenzy will begin.
 
Man, i am skeptical. If you have to wait four minutes to tell something REALLY important, it probably is a stretch.

We saw premiums rise and inventory low (or pulled off the shelf) during covid. Then, it was pretty obvious most dealers were not offering silver. There still seems plenty.

That might change
 
Got it a little lower heading into the London Fix in 5 mins or so. Just past a double bottom but no worries. Looks like they got it about $1.4 lower for a bit. I doubt any real stuff even changed in price.
 
Profit taking today. Let's see how many weak hands they shake out.
 
Now it makes sense. Dealers created their own shortage buy selling excess inventory they didn't want to sit on. So they needed to raise cash to continue buying from those that are selling. Thats a much different picture than a shortage being created by so many buyers. Add to that, the fact that todays dollars buys much less metal so demand overall will be down even with the same amount of dollars being thrown at the metals.
If the selling continues then we may see a problem with dealers not wanting to buy anymore. If refiners aren't buying then the wholesalers cant buy excess from the dealers. Once that stops then I guess the selling will stop as well but not by choice.
 
More USA retail chatter:

...
Like a chasm was crossed.

It wasn’t fear, uncertainty, or doubt.

It was more like… genuine excitement.

Hoping this keeps up so we are forced to call the mine and direct more ounces away from industry.

Hi Ho. 🪨⛏️
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pmbug said:
Yesterday (10-8) in silver

First I did monthly updates, then weekly upsdates. Now (at least today) I'm doing a daily update as it seems activity in the silver market is accelerating.

PSLV

Yesterday PSLV added another 6,091,068 units to the trust. That's a huge increase rivaling the huge increase last seen on September 19. PSLV added ~2M ozt (~62 metric tons) of silver to the vault on September 19 and 20. Today they added 800k ozt (~24.9 metric tons) of silver to the vault. I assume they need to add another ~32 metric tons to back the new shares as well as shares added over the last few days that did not have a corresponding silver sum addition to the vaults yet. Every 1,000 ozt of silver that PSLV adds to their vaults is a London Good Delivery silver bar that is not available to the COMEX or LBMA to settle contracts.

COMEX

Over the last couple of days, there have been some curious movements of silver in the COMEX vaulting system with a hefty movement of silver from Brinks registered to Asahi eligible. Yesterday, COMEX activity report for 10-7 (COMEX reports activity for the previous working day) showed a large movement of ~66.8 metric tons withdrawn and ~46.1 tons of that coming out of the Asahi vault. Asahi Refinery is a Good Delivery refinery for the LBMA, so possibly this is the LBMA's liquidity "relief valve" that TD Securities' Daniel Ghali spoke of the other day. If so though - it's not going to be enough.

SLV

My "canary in the silver mine" has been sounding alarms - indirect evidence of London's diminishing liquid free float (available silver). The last two days have been particularly wild as the shares available to borrow have stayed near zero and the borrow fee has spiked up to almost 12%. This while SLV reports (Blackrock reports shares / JPM reports inventory) adding 635,296.9 shares and 635,296.90 ozt (~19.7 metric tons) yesterday (10-8) and 2,723,415.8 shares and 2,723,415.80 ozt (~84.7 metric tons) the day before (10-7). The additional shares appeared to be quickly absorbed by the borrowing demand as the borrow fee remains over 9%. You can see in the screenshot below how the shares available yesterday spiked up while the borrow fee has barely moved.

SFE/SGE

China should have resumed trading overnight, but I have not, as of the time I composed this, seen an update on the exchange activity. Anecdotally, there are several reports that Chinese investment demand in silver has spiked while retail inventory for silver is facing a supply crunch. It would seem from the chatter that overall silver domestic demand in China will stay strong. It remains to be seen if China opens the import floodgates a bit more to quench it with global supply. The SFE/SGE exchanges were bleeding inventory more or less since the start of September.

USA

We're starting to see more and more reports that retail demand for physical silver in the USA is returning and coming in hot. Mints with direct to consumer storefronts such as @scottsdalemint (via @JoshPhilipPhair) and @FirstMintLLC both indicating high demand recently. Additionally, there are metals dealers and Youtubers similarly noting increasing buying demand from the public. As @BrianKuszmar notes, this is coming after a long spell where dealers had been selling off excess inventory for melt while the public was not buying, so dealers may actually be facing a possible (temporary) supply shock as wholesale inventories are low due to all the inventory destruction of the the past weeks/months. Premiums for buying and selling physical silver retail products (coins, rounds, small bars) could rise in the near term as silver temporarily become scarce (not quite unobtanium yet).
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AGQ & SILJ should explode on open.
 
AGQ & SILJ should explode on open.
 
Fidfy one an hour later.
 

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