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Panic about what ? Most people on this forum have probably got their silver for free.
We all have Silver that we've gotten for free, lol. But some people have also been buying, some may have converted their 401K's over to physical Silver/Gold. But seems every time over the last 6 months that Silver took a temporary dip, Chicken Littles came out of the woodwork screaming that the sky was falling, and "I told you so". Seen & heard all that and just laughed. So, this time, I prewarned everyone that we would experience a temporary dip of $5 - $10 an ounce, as the paper Silver traders desperately try to keep from going under. But just heard a MAJOR Bank tied to precious metals couldn't make their multi-billion $ margin call, so the Exchange began forced liquidation of their contract. Federal regulators have seized the bank.
A lot of it is speculation and a lot is short covering. In the end it will settle at a much lower price than the pundits are screaming to keep the frenzy going. Important to remember that pigs get fat and hogs get slaughtered and one thing pundits never seem to mention in their predictions is that 20% of the silver today comes from recycling and that increases with improved technology every year.
Not necessarily free ....time, labor and equipment costs !!!
Gold down over $200 an ounce "as we speak".
Time and labor ? I can't think of a better way to spend my time at my age. Labor ? Detecting isn't labor , it's fun. And most of the machines I've owned have more than payed for themselves.
Pigs are taking some profits , many say the only animal smarter is the octopus. Silver may well correct into the 40s , gold will see the 3000s again and , then again , maybe 100 and 5000 by the end of 26.
as long as you physically have the gold in hand.
Totally agree Jim, all my Silver & Gold is physical, not paper ETF's or contracts. Traders like to "sell" the same 1oz of Silver to 50 - 100 investors, as historically, only about 1% of those holding paper Silver have requested physical delivery. The problem now is that more and more investors are demanding delivery of their Silver in physical form.
In my thread, I'm only referring to holding physical Silver, not the paper ETF's or similar type contracts. Personally, I don't know how they're legally able to sell like that because they're basically "selling" a product that they won't be able to deliver if too many people start requesting delivery of physical Silver. That's why those paper Silver contracts have a Force Majeure clause. That's a weasel clause designed to allow the traders to get out of trouble, since they can't deliver physical silver to all that demand. The investors will be lucky if they can get spot. The traders determine the amount that they'll pay out and seems a lot of times, it might be 20% below spot. Not really great for the investors.
China is also going to have a massive effect on the Silver market as well as probably other metals. China currently owns/control about 70% of the worlds precious metal refineries. Doesn't matter how much is mined, it needs to be refined, and China has the control and will be the bottleneck when it comes to refining.
I'm still waiting for chinas A I robot Army.
