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?
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?
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!
On last fridays news, the amount of paper contracts that were traded in the day exceeded the entire mined supply of silver for the year. I think the ratio currently is approx ~130:1 paper contracts: to actual silver stored in the vaults. They can keep the real silver price down for a long time since banks own most of those contracts and can keep the scheme going. Now if we buy all the physical in the market and drive prices up, they won't be happy. No more cheap cell phones and electronics to give kids to brainwash them.
I'm game!