patrick.net

Onvacation says

When MAGA fails we’re headed for communism (Rebranded as democratic socialism) or cannibal anarchy.

Fixed it for you.

stereotomy says

They changed the law 20 years or more ago. If they can't deliver, they can just give you fiat cash.

I was hoping that you assumed that I already knew that...My point was, if you are an industrial user and you need tons of silver on a regular basis, where do you get it? Wasn't the commodities market the place to go? You could buy futures contacts and take delivery. Now if all they will give you when the contract expires is paper, then what is the point? I think we both know the answer to that...It's just a rigged gambling game involving paper. It has nothing to do with real precious metals.
The problem is that the coin dealers want buy at that low fake price...As long as sellers refuse to sell at that rip off price, no harm done.

komputodo says

stereotomy says

They changed the law 20 years or more ago. If they can't deliver, they can just give you fiat cash.

I was hoping that you assumed that I already knew that...My point was, if you are an industrial user and you need tons of silver on a regular basis, where do you get it? Wasn't the commodities market the place to go? You could buy futures contacts and take delivery. Now if all they will give you when the contract expires is paper, then what is the point? I think we both know the answer to that...It's just a rigged gambling game involving paper. It has nothing to do with real precious metals.
The problem is that the coin dealers want buy at that low fake price...As long as sellers refuse to sell at that rip off price, no harm done.

I agree - the whole futures market has become completely corrupted by TBTF bankster speculators, defeating the purpose for these markets to exist in the first place. Futures markets were set up to protect commodity producers and industrial users from wild swings in prices and were regulated to only permit certain business entities from engaging in trading operations. Once non-industrial banks and hedge funds were let in, everything went to shit.

Gold and silver new record high, silver passes 90$.

RC2006 says

silver passes 90$.

Some people are predicting $300 per ounce. That seems unreasonably high.

I'm pretty sure that the gold and silver price rising is just a sign of the dollar falling.

Back in the day, EJ from iTulip thought $5000 - 10,000 would be the peak for gold in $. Afterwards, a new currency or something post Bretton Woods / Petrodollar.

Onvacation says

RC2006 says

silver passes 90$.

Some people are predicting $300 per ounce. That seems unreasonably high.

I'm pretty sure that the gold and silver price rising is just a sign of the dollar falling.

This is exactly what scares me. I think it's going to go up a lot more, because we are borrowing money to pay the debt, inflationary. That's not a financial territory any empire, that I know of, recovered from. Markets that are propped by inflation, and being fiscally responsible to fix it, makes one an enemy. It's scary man, I don't know what our kids will have to live through.

Silver price can and have been manipulated in the past but gold is another story its pretty much a currency onto itself. Both going up this fast isnt a manipulation its currency depreciation but of the flip side at least all currencies seem to be going the same direction to gold.

Gold is going up because there are too many central banks buying way too much bullion for the Fed and its conspirators in the commodities markets to counter, especially when the Fed also has to buy trillions in bad loans for QE infinity; i.e., they've run out of pilots for the helicopters.

Silver closes above $90 for the long holiday weekend.



It's exciting to see what will happen Tuesday morning; the curse of living in interesting times.

Has silver found its new level? It's no longer a monetary metal and its main uses are industrial and investment. Has silver become so essential and precious that one ounce is worth more than a barrel of oil?

What is the price of a barrel of oil today?
WTI Crude 61.19 +2.84%
Brent Crude 65.57 +2.66%
Murban Crude 65.31 +2.24%