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Metals

  #81 (permalink)
Sagal
Strasbourg, France
 
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Sprott's podcast at zerohedge on the topic
https://www.zerohedge.com/news/2021-01-29/gamestop-action-spills-over-precious-metal-sector-weekly-wrap

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  #82 (permalink)
 
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 SMCJB 
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  #83 (permalink)
Sagal
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https://www.zerohedge.com/markets/reddit-preparing-unleash-worlds-biggest-short-squeeze-silver


Quoting 
In the 24 hours proceeding Friday market close, SD Bullion sold nearly 10x the number of silver ounces that we normally would sell in an entire weekend leading to Sunday market open.

In a normal market, we normally can find at least one supplier/source willing to sell some ounces over the weekend if we exceed our long position (the number of ounces we predict we will sell over the weekend).

However, everyone we talk to is afraid of a gap up at Sunday night market open.


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  #84 (permalink)
 
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 SMCJB 
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448 Central, market opens in 12 mins, SI_H21 opening indication 27.72 vs 26.914 settle

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  #85 (permalink)
 
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 SMCJB 
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457 indication 28.035

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  #86 (permalink)
 
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 SMCJB 
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458 28.21

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  #87 (permalink)
 
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 SMCJB 
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H1 opens 28.45 high trade 29.095

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  #88 (permalink)
 
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 SMCJB 
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Interesting the high on QI the 2500oz eMini (Fin settle) is $30, SIL the 1000oz Micro is $29.38 vs SI the 5000oz full size at $29.095. A lot of premium for small size

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  #89 (permalink)
 mongoose 
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Just playing around with TPO charts from Tradovate after watching their webinar last week, decided to pull up the SIH1 chart. Showing 14,500 contracts traded in the first 30 mins vs under 1k last Sunday evening.

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  #90 (permalink)
Sagal
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From Twitter:
#Silver has moved up to the #3 position on #WallStreetBets for ticker sentiment. GameStop $GME is still dominating the discussion, but #silvershortsqueezE #silversqueeze is about 9% of the discussion currently. A few days ago silver was #6 and only 2% of the discussion.

Situation 7h after the open for SIH21: 28.8
Gap: +7.73%

PS https://www.apmex.com/pressreleases/apmex-statement-on-current-market-conditions


Quoting 
In the last week, we have seen a dramatic shift in Silver demand from our customers. For example, the ratio of ounces sold per day was running about two times earlier in the week and closer to four times the average demand by the end of the week. Once markets closed on Friday, we saw demand hit as much as six times a typical business day and more than 12 times a normal weekend day. Combined with the extremely high demand levels, we are also seeing a surge in new customers. On Saturday alone, we added as many new customers as we usually add in a week.

Any Precious Metal dealer will take a long position in the futures market to protect against spot price exposure when the markets open. We do this because it is our goal not to take a speculative position on metal. The weekends are unique as we are not able to real-time hedge our position. We took an aggressive position this weekend, but clearly could not have predicted the volumes that were seen. We have partnerships around to world that allowed us to cover these long positions, but only to a point. Once we exceeded our comfort levels, we had little choice but to stop the sale of Silver on our website. This was a difficult decision to make and unprecedented in our history.

As we evaluate the markets, it is difficult to know where Silver's price and demand will go in the coming day and weeks. APMEX is highly capitalized and has more than $150 million in inventory to support demand. We have made strategic decisions to procure additional metal, locking up any metal we can find in the market place. We suspect premiums will rise and rise quickly, as we are seeing significant increases in our costs, when we can even locate the metal. It is also highly likely that we will need an additional day or two to fill orders based on current order counts. The one guarantee we can make to our customers is that you will only be sold metal that is on-site, or we have procured the metal with a firm commitment date from our partners. In markets like this, we feel this is the best approach a retailer can take, as no one can predict product availability.


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