It doesn't matter whether you are buying or selling in the futures market on the COMEX, through an online retailer or on eBay. The price you are buying or selling for is wrong. And it is wrong because of decades of intervention and suppression by the financial industry, international banks, central banks, bullion banks, their agents, and sympathizers in the media.
The recent foray into the silver complex by the Reddit group r/wallstreetbets accomplished one great thing. Forget about exposing the short sellers in the COMEX, the incestuous nature of the LBMA daily price fix, the inflows to ETFs like SLV and PSLV, the wild gyrations in the futures market. None of these matter in comparison to the successful decoupling of the two prices for silver, spot and market.
Since the so-called "Reddit Raiders" call to action, supply of physical silver in the form of finished products - coins, bars, jewelry - has vanished from the shelves of internet retailers and local coin shops. Most are now either out of stock or down to bare bones in denominations of 1, 2, 5, and 10 troy ounce items withe shipping delays ranging from eight days to a month or more, reminiscent of prevailing conditions in March, April and May of last year as the pandemic spread worldwide.
The difference is that in 2020, the price for physical silver items at retail plummeted. In 2021, they skyrocketed. The dealers apparently have awakened to the cruel, corrupt scam being played at the wholesale end by the COMEX players and members of the LBMA. In 2020, they played along. In 2021, they decided to revolt. what began as a plot to disrupt the COMEX market and do damage to big money participants - as wallstreetbanks group did in the stock market with GME - resulted in a demand imperative for precious metals retailers.
It seemed to be their only choice.
Silver on the COMEX rose close to $30 an ounce on Monday. By Tuesday's New York close, the price was $26.48. Wednesday's close was $26.65. Meanwhile, if any could be found, silver eagles, maple leafs and other one ounce coins and bars were selling for $37, $40, $45, and higher with delivery delays of up to 30 days. One reliable place to find silver items for immediate delivery is on eBay, where independent sellers are quick to ship, demonstrating the marvel of efficient modern markets. Current supply is slim. Competition in auctions is fierce.
The prices have decoupled. Spot or Futures price: $26.65. Market or Retail price: $37.60 (as of the Sunday Money Daily SOS Market Price BENCHMARK) to $45 or higher.
Neither price is correct and they will remain uncorrected until position limits are imposed and enforced on futures contracts and are settled in physical metal rather than paper currency, which is the routine practice on the exchanges. It's known as "force majeure" (unforeseeable circumstances that prevent someone from fulfilling a contract) and is employed not in extraordinary circumstances as intended, but as standard practice.
Until there are honest markets populated by honest players rather than the criminal cartel currently - and for many years prior to this - in control, price discovery will be difficult, if not impossible. The price of silver will be whatever one is willing to pay at whatever price sellers are willing to sell. With the spot and market prices interoperable, criss-crossing each other at various nexus points, expect to experience wild price volatility, which can be localized or widespread, dependent on conditions, participants, volume, availability, market forces and other variables.
It's the Wild West all over again. Enjoy the show.
Silver futures were flat on Wednesday, along with stocks.
Etherium, the second-largest cryptocurrency by market cap, posted a new high at $1,699. Bitcoin continues to trend higher, topping out at $38,769 overnight, chasing the all-time high of $41,986.37 from January 8 of this year.
Stock futures are modestly higher with less than an hour to the opening bell. The Labor Departed reported 779,000 initial unemployment claims for the prior week, less than the 830,000 expected by mainstream media's paid shills.
As an added off-topic-on-target bonus, here's the Robin Hood of Wall Street, Gregory Mannarino, with the Mouth that Roared, Alex Jones, discussing the global financial system, exposing the establishment's assault on the people of the world and offering some solutions.
At the Close, Thursday, February 4, 2021:
Dow: 30,723.60, +36.12 (+0.12%)
NASDAQ: 13,610.54, -2.24 (-0.02%)
S&P 500: 3,830.17, +3.86 (+0.10%)
NYSE: 14,839.06, +70.48 (+0.48%)
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