Meanwhile, silver nosedived by up to 20%, declining from $120 per ounce to around $103 per ounce.
Hold on….here we go!!!
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Way lower already… silver hovering around the $82 mark and gold under $5k mark around $4880 mark.
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This is why I hate wall street too… the wind changes directions, freaks them out and they all panic.
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Today negated 2 week of gains…which I guess isn’t terrible…but still it dropped 25% in value in a matter of hours. Wow.
Actually dropped to $74 during the course of the day.
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You can’t expect it to go from 62 at Thanksgiving to over $121 without people taking profits. You have to expect a sell off. Still industrial uses are high. I paid on average $20 or less per ounce.
I am not worried in the slightest. I am holding to give to the kids. They can worry about it when they need it.
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It’s a commodity, there will be retracing, however there is still a difference in physical silver price and paper silver. The Perth mint shut down all of their silver sales but the price dropped that much? Come on…
500 million ounces of silver have to be delivered by March, they currently have barely over 100 million ounces to deliver right now.
Once you’re into the 100s of millions of oz you’d think they’d report weight in tons…
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I don’t think a Troy Ton is a thing. I could be wrong.
Forgot precious metals have their own fancy weight word…like the shipping industry uses long tons.
No, it only changes based on logistics but the unit usually stays the same. In a lot of cases, if it’s pallets worth of silver, I believe they’ll usually go by kilograms or actual metric tons as the weight during mining.
And I think when it’s banks, ETFS, bullion banks, they refer to them as “Good Delivery Bars”… if not in the kilograms or tons measurement.
Good delivery bars are usually when they’re 1000oz bars.
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I’m now craving a Mr. Goodbar….
And just like that silver is up $11 or 14% and kissing $90/ozt, gold kissing $5k/ozt an up $300+ or 7%.
The difference between paper (American) metals and physical (Chinese) metals is too big to ignore.
100% this. They’ve sold more paper silver than the silver manufacturers can produce.
Just imagine if I was able to post pictures, then I could show the community the charts 
.
Silver has breached $90 and gold has breached $5k again.
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People are starting to call in silver contracts before they expire. That means in addition to the 500 million ounces needed to be delivered in March, millions more ounces are being requested for delivery this month.
Remember: Comex vaults currently only hold 120 million ounces of silver.
$250/ozt silver in 6 months? Bitcoin to $10k??
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