Silver

[Garpal Gumnut]

I'm surprised that silver has gotten down to as low as ~A$26.20 earlier this evening. I wonder what the AISC per ounce is for the lowest cost silver producers? The recent silver bear market feels overdone.

There must be a bounce soon surely? The gold/silver ratio is currently 95, which is historically very high.

View attachment 146197

On the US forums/press it is all doom and gloom for silver atm.

It may be a good time to buy.

gg

 

[greggles]

On the US forums/press it is all doom and gloom for silver atm.

It may be a good time to buy.

gg

I suppose recession fears are taking the wind out of silver's sails given that so much of the demand is industrial. The thing is, much of the demand is in growth areas such as solar panels, batteries and EVs, so silver would seem to be better insulated against a temporary economic downturn.

 

[peter2]

A quick "google" tells me that the AISC cost for silver is ~$11 USD/oz. There's plenty of room for silver to fall.
Currently ~$18 and I'd only be interested <$14/oz.

 

[signalFollower]

A quick "google" tells me that the AISC cost for silver is ~$11 USD/oz. There's plenty of room for silver to fall.
Currently ~$18 and I'd only be interested <$14/oz.

have been looking at the silver price chart of late and found it quite interesting that compared to the pre-covid price levels, there's been 3 separate 12% - 15% bounces off that level, and possibly that a 4th is setting up at themoment.

further to that I was also reading the "In Gold we Trust" report (just the Chart Pack) this morning and there's a few interesting points in there too - worth a google if interested.

but on the price action, definitely looks like a war between shorters and short covering of positions at the moment, purely my speculation of course, but the rate of the bounce seems quite "urgent" each time

 

[signalFollower]

and almost on cue, a close to 3.5% day and 4th bounce forming ??

 

[qldfrog]

and almost on cue, a close to 3.5% day and 4th bounce forming ??

View attachment 148316

let's hope so...

 

[greggles]

I've been surprised by silver's weakness with all the economic and geopolitical turmoil going on this year. Gold hasn't fared much better. I thought when the economy took a nosedive people were supposed to turn to precious metals as a reliable store of value in uncertain times.

So why hasn't this worked in 2022?

 

[signalFollower]

I've painted my next orange bounce off support (??? - hope I'm not jinxing it though !!) $22 re-established as support ? thoughts in light of the continual draw down on comex and lbma ?

 

[Telamelo]

I've been surprised by silver's weakness with all the economic and geopolitical turmoil going on this year. Gold hasn't fared much better. I thought when the economy took a nosedive people were supposed to turn to precious metals as a reliable store of value in uncertain times.

So why hasn't this worked in 2022?

Because of that evil called inflation rearing it's ugly head around the world so to speak - once inflation is somewhat tamed & there's a subsequent easing of interest rates etc. then in turn precious metals will take off & do very well imo (as I hope/think 2023 will prove to be).

 

[signalFollower]

Because of that evil called inflation rearing it's ugly head around the world so to speak - once inflation is somewhat tamed & there's a subsequent easing of interest rates etc. then in turn precious metals will take off & do very well imo (as I hope/think 2023 will prove to be).

I also think a BRICS+ trade currency with some level of backing of both gold and silver is a real possibility too

once the Eastern / BRICS+ aligned nations have lessened their USD reserve exposures and there is an agreed oil for yuan arrangement as an alternative to the USD petrodollar from the Saudi Kingdom we could see quite a rapid rise in the USD price of gold (and silver)

President Xi is in Saudi Arabia right now and according to the World Gold Council (and also The Silver Institute to an extent) flows of metal trends have been out of Comex / LBMA and into Eastern Nations Central Banks

 

[qldfrog]

I also think a BRICS+ trade currency with some level of backing of both gold and silver is a real possibility too

once the Eastern / BRICS+ aligned nations have lessened their USD reserve exposures and there is an agreed oil for yuan arrangement as an alternative to the USD petrodollar from the Saudi Kingdom we could see quite a rapid rise in the USD price of gold (and silver)

President Xi is in Saudi Arabia right now and according to the World Gold Council (and also The Silver Institute to an extent) flows of metal trends have been out of Comex / LBMA and into Eastern Nations Central Banks

View attachment 150301

Unsure how exactly it will end up but the constant given is USD is out so yes PM price in USD. Is high and higher.
A bit harder to see this from the AUD point of view.Will our obedience/servitude to the US see us as another USD proxy so losing value and influence; or will we split from the USD and become a resource heavy proxy currency..in that later case AUD would remain relatively strong.
It is a very interesting case..not so funny to be part of the experiment.,

 

[signalFollower]

Unsure how exactly it will end up but the constant given is USD is out so yes PM price in USD. Is high and higher.
A bit harder to see this from the AUD point of view.Will our obedience/servitude to the US see us as another USD proxy so losing value and influence; or will we split from the USD and become a resource heavy proxy currency..in that later case AUD would remain relatively strong.
It is a very interesting case..not so funny to be part of the experiment.,

I too think demand for our resources will provide some level of divergecnce from a declining USD, but our country's stance to blindly follow the US will probably drive a wedge to a point where that will need to be re-considered. The flood of USD denominated Bonds that come flooding "back home" when the trade currency option is there and robust is going to be quite spectacular in terms of USD denominated re-pricing.

It is certainly an interesting period ahead

 

[signalFollower]

now I may infact be getting over confident with my orange arrows (hahaha), but who's thinking that this is starting to look like the desperate doubling down on short paper contract positions rather than capitulating and "losing the house" altogether ?

 

[qldfrog]

now I may infact be getting over confident with my orange arrows (hahaha), but who's thinking that this is starting to look like the desperate doubling down on short paper contract positions rather than capitulating and "losing the house" altogether ?

View attachment 150531

Actually might be a good opportunity indeed to buy

 

[Sean K]

Actually might be a good opportunity indeed to buy

now I may infact be getting over confident with my orange arrows (hahaha), but who's thinking that this is starting to look like the desperate doubling down on short paper contract positions rather than capitulating and "losing the house" altogether ?

View attachment 150531

Whatever it is it was a bloody good buy at 18 bucks.

 

[signalFollower]

lowest Gold to Silver price ratio since January 2022, can we end the year at the lows and below 75 : 1 ?

It'd be a bit of a signal of a Silver run for 2023 ?

 

[noirua]

Live Prices: http://www.kitconet.com/images/sp_en_8.gif


Live prices:

https://goldprice.org/charts/silver_3d_b_o_AUD.png

1 year silver: https://www.kitco.com/LFgif/ag0365nys.gif'

 

[noirua]

Global demand for silver is expected to rise 16% in 2023, according to U.S.-based The Silver Institute. Use of silver by the industry, for jewellery and silverware and for bars and coins for retail investors, is also forecast to reach record levels.

SILVER SUPPLY & DEMAND |

www.silverinstitute.org

Global demand for silver is expected to rise 16% in 2023, according to U.S.-based The Silver Institute. Use of silver by the industry, for jewellery and silverware and for bars and coins for retail investors, is also forecast to reach record levels. Https://www.silverinstitute.org/silver-supply-demand/ Https://podcasts.apple.com/us/podcast/talking-silver/id1568101851?i=1000574825295​

 

[mullokintyre]

Global demand for silver is expected to rise 16% in 2023, according to U.S.-based The Silver Institute. Use of silver by the industry, for jewellery and silverware and for bars and coins for retail investors, is also forecast to reach record levels.

SILVER SUPPLY & DEMAND |

www.silverinstitute.org

Global demand for silver is expected to rise 16% in 2023, according to U.S.-based The Silver Institute. Use of silver by the industry, for jewellery and silverware and for bars and coins for retail investors, is also forecast to reach record levels. Https://www.silverinstitute.org/silver-supply-demand/ Https://podcasts.apple.com/us/podcast/talking-silver/id1568101851?i=1000574825295​

From Schiff gold

India’s love for gold is well-known. It is the second largest gold-consuming country in the world behind China. But Indians also have an affinity for silver.
Last year, silver imports into India hit a new record of 304 million ounces. That crushed the previous import high of 260 million ounces set in 2015.
More than half of the silver flowing into India is used in jewelry and silverware, and about one-third of India’s silver demand comes from investors in physical metal including silver bars and silver coins.

They expect this year to increase further by 16%.

The Indian governments crackdown on gold has shifted the merchants to a greater volume of SIlver, and with mine production only projected to increase by 1%, the global silver market is forecast to record a second consecutive annual deficit in 2022. At 194 million ounces, this will be a multi-decade high and four times the level seen in 2021.
Mick

 

[arco]

I'm expecting we could see a move to $36-40
The action has broken bullish on Ichimoku weekly (and already bullish on the daily).
First support $22.27 (backup support @ 20.80)
Weekly chart