With banks failing all over, why are silver coins still hovering under $22? All day I hear people saying BUY but silver rounds still sell for $25.
ALSO, any thoughts on GME (GameStop) being in the mid teens? Time to buy the dip?
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Paper contracts, naked shorts
What does that mean?
They are selling paper silver without backing via ETFs. Imagine I have 1oz of silver and hand out 5 IOUs to people saying they own that bar. If nobody comes to collect the scam is good. The price is based on a supply of 5 paper bars. I can get it lower if I issue more paper bars. In reality silver is worth way more than the current spot price.
Thank you for the explanation!
Paper contract silver stock companies like SLV and also jp morgan. They own half of all physical silver in the world and had two former employees arrested for manipulating the price of silver: https://www.justice.gov/opa/pr/former-jp-morgan-traders-convicted-fraud-attempted-price-manipulation-and-spoofing-multi-year