Is this the week that Silver cracks $20?

Plumbata said:
I have never been particularly trusting of the fruits of technical analysis, ESPECIALLY for metals, as the same analytical frameworks applied to equities are incapable of accounting for the manipulation or high volume spoofing that the big bullion banks have engaged in since the exchanges opened up 45 years ago. These big short banks may have controlled enough of the market to successfully hammer down hard in 2011, bringing it back to the 30s/oz pretty quick. In these intervening years, global access and engagement with equities and commodities trading has exploded, making it more difficult to manipulate. Smart money went super long and bought the bottom in March and also loaded up on juicy call options. The big shorts are getting squeezed like never before and they have less power and dry powder than ever before to keep their game going. The suppression is obviously breaking; they try to hammer but the fear-driven completely global fiscal, monetary, and economic catastrophe unfolding now is the mother of all tailwinds and really is something like an elemental force of nature that the riggers can't keep on a leash like before. The entire world is panicking and rushing to whatever safe havens are left, we can't put ourselves in the technical analysis box here as it never really applied before because of the inorganic manipulation and doesn't apply now because the entire global system is breaking down and the entire world is hoovering up bullion, this ain't 1980 or 2011; this is a brave new world.

That understanding is what has guided me to hoard as much as humanly possible while possible, as well as load up on 12 and 13 strike silver ETF Dec and Jan calls and lots of mining companies after I emerged from hiding and reevaluated the situation with stocks options and ETFs. Even though I hate the stock market I've been killing it there making bets against the weakest links in the system and in favor of PMs, and this ride has barely even begun.

Personally I'm not even going to consider trading any silver for gold unless the GSR dips below 1:30, and even then probably not until/unless we reach 1:20 will I actually swap anything. I'm also not selling a gram until I see 100+/oz, which the writing on the wall in March told me I'd likely see rather soon, once the collapse REALLY gets going.

Good luck if you're selling soon but I think it'll be an enormous mistake in retrospect. When everything else is going down hard and fast PMs will just continue on their strong upward trend.
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I never said anything about selling. I'm not selling till we hit $50, and that will be only 1/4 to 1/3 of my stash.

Sorry, I gave up on the "silver is manipulated" mantra after seeing all of the silver pundits preach that for years and making incredibly bad calls since 2011. None of them I'm aware of had the foresight to see silver prices down for years and the stock market going up. In fact, one well known pundit told his followers to get out of the system (GOTS) and anyone who listened lost $$$ by staying out of stocks during the best bull run in decades, while their PMs dropped in value for the most part.

If silver is manipulated down in price then you have to accept it is manipulated upwards too, or is it just when it goes against stackers' positions it is manipulation? I used to be one of the followers of the online silver pundits who preach manipulation and I believed it, etc, but not anymore. People fail to realize markets can be "illogical" for long periods but that doesn't equal manipulation. Illogical meaning silver and gold dropping despite huge money printing, sky high debt, etc.

For example, should the US stock markets (Nasdaq and S and P) be at or above all time highs right now after Covid? No way. Does that mean those markets are manipulated?

Silver and gold rise when demand rises. If there is no demand and the price falls cries of manipulation fill the air. If enough people buy silver the price will rise, pretty simple. Anyone who thinks silver is manipulated, ask all of your friends, neighbors and family if they own any silver bullion or even SLV. I would bet less than 10% of those folks you ask would own silver or gold bullion or ETF shares. Something that unpopular is not going to rise in price for too much or too long.

PS I know that all markets have some level of manipulation including silver and gold (spoofing prices, etc), but that's not enough to completely control an entire commodity market year after year as if they have magical powers.
 

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I've explored that skeptical position regarding "inorganic influence" in the present situation but respectfully disagree, people like Jeff Christian are sophisticated but simply aren't looking at the big picture. I was not really directing anything personally, just generally expressing my position. I sensed back in the aftermath of the great recession that the silverbulls were jumping the gun with respect to their grand gloomy predictions and claims that "the manipulation is about to break" etc so sold much of what I had accumulated pretty high. Today the global situation is structurally very different in my view but maybe I'm just wearing tinfoil goggles now in 2020! :laughing7: I can't speak to trading the market a decade ago, but I "GOTS" just before the crash in March and bought as much cheap silver as possible. Then when I figured out what was going on in the markets to my satisfaction got back into it with a good plan, as explained, which has been stupidly successful thus far. No regrets. I'm not trying to give financial advice as I'm inexperienced and utterly unqualified, but I do think that now is the time to keep a super tight grip on physical silver. If you want to rake in silver profit then go play with paper for now and keep the real stuff squirreled away. Regardless, I hope all of you find yourselves on the right side of the equation when all this is over, good luck!
 

Yeah my paper slv and btc is way up but it's only my play money to have fun with. I dont mind trading that stuff, doesnt bother me.

Unfortunately I lost all my metals and guns in a tragic boating accident hehe.
 

Diver_Down said:
I have a standing offer from a local dealer. 15 minute drive and cash only. He just called me yesterday asking if I was looking to move some,
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Is it a good offer? does he buy sterling? I have a lot to sell but I need at least a little above spot and cash is King.
 

cyberdan said:
Is it a good offer? does he buy sterling? I have a lot to sell but I need at least a little above spot and cash is King.
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Well, I would consider it a local/friend offer. It is a friend who has been in the shipwreck treasure business for 30 years. Him and I have known each other a long time and mostly have dealt in shipwreck treasure. He's been receiving a lot of interest on .999 silver. He knows of the mountain that I'm sitting on. I get my cash, and then he sells it above spot to make his money. He already has arranged for the buyer. It is just a matter of when I decide to box up some and take it in. My first trigger point will be $30.
 

jim4silver said:
Silver is knocking on the door of $30 in the overnight futures market ($29.75 now).

This chart is constantly updated to current price.

https://www.investing.com/commodities/silver
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It is what I was hoping for. I have a small box (120 ounces) that I hope to take to him tomorrow evening. I need to talk to him anyway re: shipwreck treasure coins. Just got my estimate from Sedwick. I'm going to take it to him to see if he wants to add inventory without having to pay Sedwicks buyer's premium.
 

This is good news as I've had a pile in the secure since 1993. Probably have 35kg of .925/.800 jewelry still, plus a little bullion. Giving it some thought now I think it was $3.50 or less back then. :)
 

I havent stopped buying but I've slowed. It's easier to just trade paper for me right now.
I'm holding tight to my physical and it's going nowhere.
Where you going gold and silver? Nowhere.
 

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