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Silver price discussion and analysis

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I have read recently of the industrial/manufacturing players who use silver are increasingly bypassing the bullion bank brokers and purchasing directly from mines. The following from Gold Money is from June last year

So far this year, 12,996 silver contracts have been stood for delivery, representing nearly 65 million ounces (over 2,000 tonnes). As an industrial metal, demand is strong due to demand for solar panels and other critical energy and electronic applications. Manufacturers are bypassing markets, dealing directly with refiners, and refiners are also dealing directly with mines and intermediaries such as Glencor. In that context, to lose an annualised 4,000—5,000 tonnes through deliveries out of the market becomes a real problem for the bullion bank traders who make up the majority of Comex Swaps.

Nearly 240 tonnes of gold have been delivered out of Comex since 1 January, which is less of an issue because of the higher trading liquidity. Nonetheless, the Comex gold contract was not intended by its users to be a delivery market, and with 55 tonnes delivered in the last seven trading sessions, it is clear that deliveries are a rising tendency.
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A more recent Youtube podcast from GATA also makes the claim
Signs of the collapse abound, Kientz says, asserting that manufacturers that require silver are already bypassing bullion bank brokers and purchasing metal directly from mines.

Kientz also discusses his involvement with the "sound money" movement in the United States.
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Mick
 

SILVER STACKERS WILL BE RICH A$ EXPERT$ PREDICT HUGE $ILVER RALLY TRIGGERED BY GOLD$ RECENT SURGE - March 2024.​

 
Silver market still short around 780 million ounces on paper. The shorters must be waiting for a miracle. Still lots of short covering to occur but not nearly enough metal available. Many will need to cover in cash. Interesting weeks and months ahead for silver.

screenshot-silverseek.com-2024.04.06-13_49_11.jpg
 
Not sure if my support/resistance lines are exact but they are close enough. It is clear that silver has broken out this week and has finished the week at its highs, indicating that it likely has further to go next week.

The US$28.25 area looks like final resistance on a five year chart. A break and consolidation above this level will create support here. Silver is only 75c away from this level and may get there next week.

Exciting times for silver.

SILVER_2024-04-06_19-16-59.png
 
frugal.rock said:
Price channel from mid 2022 suggests it's nearly at the top of the range ~28, with the lower range of ~24.
I can see why everyone is getting excited, but ...
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Yeah, there's been some false breaks in both gold and silver the past 3 years but silver has been particularly stubborn in not following gold at the moment. I took a pretty big position in ETPMAG 2 weeks ago expecting silver to follow but it's been pretty lame compared to the gold run. Maybe that will change next week. Lots more talk about silver on the tube so retail might be just taking notice.
 
Take it with a lot of salt. I've been seeing promos like this since 2002, along with reams of articles in the same vein. Almost everything he says could have come from 20 years ago: the miltary and expanding industrial applications, the short manipulation, the mining and geological ratio of silver to gold, the historical price ratio of silver to gold, the exhausted surface deposits, the irrecoverable consumption .. I bought it, and physical silver is a pain in the arse. Big and heavy, let alone paying to store it (which I am still doing for some). One thing I'll never be is a silverbug again - totally cured, the mere image of it sickens me. There's also the dealer's margin and conveyance cost. CGT tax on what is supposed to be money; if I had bought Swiss Francs would I have been taxed on any conversion profit. The only new thing is gold's breakout and the raggedy connection in modern times of silver to gold as both being money.
And I bid you notice how Schectman's eyes swivel around all the time, it might be neurological but I suspect it's a personality type - wired up and lives entirely in his head.

 
finicky said:
And I bid you notice how Schectman's eyes swivel around all the time, it might be neurological but I suspect it's a personality type - wired up and lives entirely in his head.

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I think he's naturally shy or lacks media training, that's all.
 
finicky said:
And I bid you notice how Schectman's eyes swivel around all the time, it might be neurological but I suspect it's a personality type - wired up and lives entirely in his head.
Click to expand...
Reminded me of these lyrics
"There's a killer on the road....
his brain is squirming like a toad"
 

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