ECON Gold and Silver news

shane

Has No Life - Lives on TB
Buy it and hold it in your hands. A friend of mine bought gold and silver from a company that offered to store it in their vault and not charge him. They told him he can get it shipped whenever he wants. During the last banking panic he called the company and asked for his PMs. Guess what? They told him it will be about a month, since they are out of PMs due to the huge number of orders. He was super pissed and threaten to sue them if they did not get his PMs shipped by the end of the day. They told him read the fine print in his agreement with them. He got his PMs about 3 weeks later and learned a valuable lesson. If you do not hold them in your hands you really do not own them.

Some really big names in investment banking (like UBS and Morgan-Stanley) got sued for taking silver storage fees for decades for silver they’d long ago apparently disposed of.

I know of one client who’d threatened for over 3 months to get their 50,000 ounces back and when it finally started showing up in 1,000 ounce bars they were all different, not all same as when originally purchased, looked like they’d scrounged the market desperately trying to settle up.

Panic Early, Beat the Rush!
- Shane
 

Doc1

Has No Life - Lives on TB
Considering the marriage rate is currently only 6.5 men out of a thousand, wedding rings are approaching "junk" status.

Diamonds are not as rare as their marketing efforts try to indicate.

A bit of thread drift here, but the low marriage rate among men is essentially due to decades of feminism and a grossly tilted legal table in the family and divorce courts. The marriage game is not worth the candle and more and more men are starting to understand this.

Obviously I'm not lumping all women into the same category - especially here on TB2K - but by and large progressive women have screwed themselves in the long(er) term. Fewer and fewer men want to marry any of them.

Why on Earth should a man in the US get married? It's all downside risk with very little upside. Most marriages end in divorce and the men usually come out on the short end of the stick, no matter how poorly-behaved the woman was in the union.

If the upcoming economic collapse is even half as bad as I expect it to be, you can expect women to be far more adversely affected than men and I suspect that millions of them will be in dire straits.

Best
Doc
 

Doc1

Has No Life - Lives on TB
Shane's warning above is spot on. If you don't hold it in your hot little hands, you don't own it. Before you get involved in mining shares, ETFs or any other form of "paper" precious metals, you should have your physical metals position fully established and safely secured.

Personally, I don't recommend bank storage or anything else that separates you from your metal. Put it behind a false wall, build a hidden storage space, bury it in your garden, dump it down the gas tank of an old car in your back yard, hide it under a tree or any one of a hundred other ways to secure it, but make sure it's in your direct and immediate possession.

Best
Doc
 

Johnny Twoguns

Senior Member
Some really big names in investment banking (like UBS and Morgan-Stanley) got sued for taking silver storage fees for decades for silver they’d long ago apparently disposed of.

I know of one client who’d threatened for over 3 months to get their 50,000 ounces back and when it finally started showing up in 1,000 ounce bars they were all different, not all same as when originally purchased, looked like they’d scrounged the market desperately trying to settle up.

Panic Early, Beat the Rush!
- Shane
I am not sure of the percentages but enough people lost ALL their PM's in the 70-80's from private and local 'vaults' from owners taking the metals and running when they hit their highs during those years to make national and international news.
 

ssbn642blue

Veteran Member
Considering the marriage rate is currently only 6.5 men out of a thousand, wedding rings are approaching "junk" status.
Yes, both young men and women are junk status when it comes to marriage. I no longer have hope for younger people. Although, I know I should.

Didn't our parents say the same thing???
 

Great Northwet

Veteran Member
I found something that might be of interest. I notice that BTC and AU tend to travel together in the same direction at the same time presumably as a hedge against the dollar. I'm not saying that is the case definitively, but I've just been watching for several years and see some evidence of it.

I found an article that could explain why there has been a divergence in the past few days with BTC falling and AU/AG rising, while at the same time the Dollar is rising.

Coindesk has an article that says a .gov wallet has taken a $2 billion position in BTC. Something involving Silk Road-that means dark web to me. If that is the case and they sold off their position to the open market, it would(could) cause a short term crash in BTC and money is moving to the safety of dollars and gold as a hedge. This is only conjecture on my part. No investment advice is intended.

Here is the link: https://www.coindesk.com/markets/20...orth-2b-moved-by-us-government-on-chain-data/
 

ssbn642blue

Veteran Member
A bit of thread drift here, but the low marriage rate among men is essentially due to decades of feminism and a grossly tilted legal table in the family and divorce courts. The marriage game is not worth the candle and more and more men are starting to understand this.

Obviously I'm not lumping all women into the same category - especially here on TB2K - but by and large progressive women have screwed themselves in the long(er) term. Fewer and fewer men want to marry any of them.

Why on Earth should a man in the US get married? It's all downside risk with very little upside. Most marriages end in divorce and the men usually come out on the short end of the stick, no matter how poorly-behaved the woman was in the union.

If the upcoming economic collapse is even half as bad as I expect it to be, you can expect women to be far more adversely affected than men and I suspect that millions of them will be in dire straits.

Best
Doc
Oh' great. More hookers.. That's all we need.
 

Doc1

Has No Life - Lives on TB
Oh' great. More hookers.. That's all we need.


Actually, you are 100% correct. Throughout history poverty has driven women into the streets. Like clockwork, every time we go into a recession the number of prostitutes around the casinos on the Gulf Coast noticeably increases. Of course the Mississippi Gulf Coast is a relatively small area, but the same dynamic is seen in most areas when the economy tanks. I expect the number of prostitutes to increase even more than they might otherwise because the social stigma attached to prostitution has been decreasing in recent decades.

In his book, "The Forgotten Soldier," Guy Sajer (a Franco-German conscript soldier in the Wehrmacht during WWII) even commented on the phenomenon, noting that in their retreat through Romania "There were so many prostitutes that I wondered if all of the women in Romania were prostitutes."

That was especially noteworthy because of the level of desperation those women had been driven to. They were trying to solicit the soldiers of a defeated army, which was so short of supplies that the men often fought with each other for scraps of food. What could those women have hoped to acquire? They might have managed to get some worthless currency, but certainly not food. In a battle between hunger and libido, hunger wins every time.

Those in conservative circles often - and rightly - make fun of leftist women who've gone deeply into debt to get a worthless degree in underwater basket weaving, women's studies, sociology or some similarly hollow course of study. Suddenly, millions of these supposedly educated women will find themselves without practical skills to put food on the table and in the larder. This paucity of options will, at least in many cases, lead directly into the world's oldest profession.

Best
Doc
 

shane

Has No Life - Lives on TB
Another issue re people’s PM’s being stored by third party is their fine print giving them extended periods to deliver and/or option to settle in dollars rather than deliver your metal.

You are also in constant risk of sudden govt new rule could be unleashed at anytime to windfall tax your holdings and/or restrict how much can be accessed at any time, etc.

Point of PM’s, IMO, is freedom from all such shenanigans by physically holding one’s hard-earned wealth.

Panic Early, Beat the Rush!
- Shane
 
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workhorse

Veteran Member
Actually, you are 100% correct. Throughout history poverty has driven women into the streets. Like clockwork, every time we go into a recession the number of prostitutes around the casinos on the Gulf Coast noticeably increases. Of course the Mississippi Gulf Coast is a relatively small area, but the same dynamic is seen in most areas when the economy tanks. I expect the number of prostitutes to increase even more than they might otherwise because the social stigma attached to prostitution has been decreasing in recent decades.

In his book, "The Forgotten Soldier," Guy Sajer (a Franco-German conscript soldier in the Wehrmacht during WWII) even commented on the phenomenon, noting that in their retreat through Romania "There were so many prostitutes that I wondered if all of the women in Romania were prostitutes."

That was especially noteworthy because of the level of desperation those women had been driven to. They were trying to solicit the soldiers of a defeated army, which was so short of supplies that the men often fought with each other for scraps of food. What could those women have hoped to acquire? They might have managed to get some worthless currency, but certainly not food. In a battle between hunger and libido, hunger wins every time.

Those in conservative circles often - and rightly - make fun of leftist women who've gone deeply into debt to get a worthless degree in underwater basket weaving, women's studies, sociology or some similarly hollow course of study. Suddenly, millions of these supposedly educated women will find themselves without practical skills to put food on the table and in the larder. This paucity of options will, at least in many cases, lead directly into the world's oldest profession.

Best
Doc
The basket weaving one might actually be of use. Trying to give them just a little hope.
 

xbeeman412

Contributing Member
First of all, bookmark this link:


Secondly, as of a few minutes ago, Gold was up $34.66 and Silver was up $0.69. This follows on its great gains of Friday. Something is up, folks and it behooves you to pay attention.

Oh - before I forget - I was at Mississippi's largest gun show on Saturday and didn't see any vendors selling precious metals. This is highly unusual and I strongly suspect that this was in reaction to Friday's gains, as vendors decided to keep their PMs to see what they would do today.

Best
Doc
 

Hfcomms

EN66iq
The Fed will find out (they already know) that they are not smarter than thousands of years of previous history. Gold will do now in the failure mode of fiat currencies around the world what it has always done in the past and that is why central banks have been on a buying spree.

Although silver has been somewhat demonetized over the last 50 years and seen more as an industrial commodity it too will rise to be seen as the buy of this generation due not only to the demand and lack of new supply coming on line but also because gold will become out of reach of most people.

People that only have paper dollar denominated assets will become decimated in the not too distant future. And due to the ‘great taking’ they will discover they are only the beneficial owners of most of those instruments and in bankruptcy the primary holders will be made whole instead of them. Therefore the ‘great reset’ where you will own nothing and be happy.

Of course the being happy part is optional.
 

Tristan

Has No Life - Lives on TB
Another issue re people’s PM’s being stored by third party is their fine print giving them extended periods to deliver and/or option to settle in dollars rather than deliver your metal.

You are also in constant risk of sudden govt new rule could be unleashed at anytime to windfall tax your holdings and/or restrict how much can be accessed at any time, etc.

Point of PM’s, IMO, is freedom from all such shenanigans by physically holding one’s hard-earned wealth.

Panic Early, Beat the Rush!
- Shane

And consider that if the 'Storage' facilities were actually storing folk's PM's, those clauses would be entirely unnecessary.

Those clauses are only necessary if the facility is using their client's PM's as trade fodder.

IIRC, one of the Too Big to Fail banks was caught out not actually 'Storing' the PM's of a major client when the Client demanded delivery.

What a great scam - less actual physical storage, less security personnel and location requirements, get to make money on other people's wealth and fees on 'storage' that is mythical.

Leave it to a Banker to think up something like that.
 

Johnny Twoguns

Senior Member
Only in the most general sense. The US FRN's have only been worth pennies compared to the 1913 "dollar" for years and decades. That truism you post would imply that PM's should be worth many many many multiples of where they have been manipulated to for decades.

The metal may stay molecularly the same; but the perception of 'worth' changes. It is about to change in a very dramatic way in 2024. This is just the start. In my best Mr. T impression "I PITY the poor FOOL that ain't got NO PM's YET! cause soon they gonna be gone or wayyyyyyyyyyyyy more expensive!"
 

West

Senior
And consider that if the 'Storage' facilities were actually storing folk's PM's, those clauses would be entirely unnecessary.

Those clauses are only necessary if the facility is using their client's PM's as trade fodder.

IIRC, one of the Too Big to Fail banks was caught out not actually 'Storing' the PM's of a major client when the Client demanded delivery.

What a great scam - less actual physical storage, less security personnel and location requirements, get to make money on other people's wealth and fees on 'storage' that is mythical.

Leave it to a Banker to think up something like that.
Are you talking about that storage facility called Fort Knox?

:D
 

Johnny Twoguns

Senior Member
Some really big names in investment banking (like UBS and Morgan-Stanley) got sued for taking silver storage fees for decades for silver they’d long ago apparently disposed of.

I know of one client who’d threatened for over 3 months to get their 50,000 ounces back and when it finally started showing up in 1,000 ounce bars they were all different, not all same as when originally purchased, looked like they’d scrounged the market desperately trying to settle up.

Panic Early, Beat the Rush!
- Shane
They make billions on their illegal activities and get fined millions.
Holter, Willie, and others have several clients that have trouble getting to their money. Holter/Sheckman's big $50,000,000.00 sale took more time than it should have because the Bank wouldn't send the woman's money to Sheckman until she really threatened.

Wait until a Bill Holter style Credit Collapse happens. Whooooeeeee. Fireworks and a lot of tears then.
 

LYKURGOS

No Surrender, No Defeat!
So recently there was. $40/oz arbitrage trade available between Shanghai gold exchange and NY or London exchange. If this was capitalized on by traders wouldn’t a lot of Comex paper end up going east and US dollars coming back. I’m not a trader, but wouldn’t this force covering for paper contracts by physical deliveries? The side hustle is repatriating dollar assets into the US market.
Now if this is true the FED may seriously plan on keeping interest rates at this higher rate (prettiest horse in the glue factory) to keep other central bank currencies weak. But this inadvertently creates a natural siphon of gold out treasuries in, or other dollar assets. Directly to China and it is accomplished with the arbitrage rate of two months ago at $40/$2000/AU oz or 2%
 

Great Northwet

Veteran Member
So recently there was. $40/oz arbitrage trade available between Shanghai gold exchange and NY or London exchange. If this was capitalized on by traders wouldn’t a lot of Comex paper end up going east and US dollars coming back. I’m not a trader, but wouldn’t this force covering for paper contracts by physical deliveries? The side hustle is repatriating dollar assets into the US market.
Now if this is true the FED may seriously plan on keeping interest rates at this higher rate (prettiest horse in the glue factory) to keep other central bank currencies weak. But this inadvertently creates a natural siphon of gold out treasuries in, or other dollar assets. Directly to China and it is accomplished with the arbitrage rate of two months ago at $40/$2000/AU oz or 2%
Interesting, but it would be better if you could give us a link to the original story.
 

LYKURGOS

No Surrender, No Defeat!
After re reading , there is something else going on here. It looks like the shorts will get killed. Finally!
If my hypothesis is correct it will force physical up until their losses expand the whole mess into a bank and sovereign debt catastrophe. When someone can’t honor a short trade, then derivatives get exercised. The speed may take weeks. But ultimately they have worked too long to suppress AU someone’s chestnuts are probably already in the fire.
 

OhioBull

Contributing Member
Why did gold just spike straight up $16 an ounce to $2300. Very odd looking graph. What just happened?
 
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