Did the squeeze happen?
Remember the whole GameStop hype and the rumors of the "silver squeeze"? What happened to the silver price since then? Not much. In fact, it has dropped a bit. Here's a chart from Xe.com:
While there hasn't been any impressive price action, I can't say the same for the inventory. When I tried to get some silver like I usually do last month, there wasn't much available.
Most of the typical items under 5 ounces were gone. What remained were pricey stuff most people wouldn't spend their money on. I mean, I'm not the type to buy a brick of silver. It's a bit pricey and it would be somewhat difficult to get rid of or use. And 10 grams of silver? How about no?
There were some cool collectibles, but I prefer to stay away from them unless they are closer to the spot price. In hindsight, that silver top did look appealing.
Of course, instead of waiting for the availability alerts, I combed through APMEX. Here are some of the silver rounds and half ounce-bars I picked up.
It felt like going through the clearance aisle at the grocery store. I've only managed to pickup a few half-ounce bars. Those were the last of available silver under 5 ounces at the time of purchase. Then again, I can't verify if that was the result of the market actions or internal manipulations.
A month later, the inventory still looks dismal, but at least I can grab some one-ounce bars with no problem. Stay tuned.
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The silver squeeze was never a thing. It is rooted in a misunderstanding of the precious metals market. Yes, there is a lot of short interest, but those are hedges. The large participants are usually positioned neutral.
The price is still good. The selections are just meh for now.
If anything, prices might be heading lower for some time. Like gold.
Although I don't subscribe to the BTC = gold idea, the boom of crypto seems to be depressing gold prices.
I'm okay with lower prices. Easier to obtain more that way.
Bargain bin stacking is still stacking 😎
A bit less aesthetically pleasing, but yes. Stacking is stacking.
I know I was waiting, I have a good size silver tea pot I was going to high tail it out of here with once the price went through the roof. I don't know how much it weighs but I was more than willing to make good on it.
Here's to hoping.
Seems I am always on the train to Hope only it never gets there!.....lol.
It is meant to be a long journey.
lol, I guess now all that is left to determine is if that's an understatement or overstatement. lol.
Yeah, silver shortage!
For the retail folks like us.
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STOPCheck out the last post from @hivebuzz:
Why do you prefer silver over gold for example?
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Budget restraints. And, it's cooler to say I have silver bullets than golden ones.
well, you could buy less gold for the same price as the silver :P
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The cooler looking stuff are also more expensive in gold.
The shelves of my Local Coin Retailer are empty so I just Pre-ordered some 2021 $5 Maple Leaf coins at the price dip to $31 USD/ $39 CAD per coin, no tax. I just have to wait four weeks for delivery.
So its the same story; Abundance of Paper Silver in the fake Silver Markets, while Shortage of the actual Physical silver market.
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I bet the shortage only applies to retail investors. Can't imagine industrial wide shortage.
Maybe a lot of people were thinking the same as you. When the price didn't suddenly go up they figured it might be a good time to pick some up. I feel like it is probably hard to really get good prices from places like this since the value of silver is relatively fixed.
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It's hedging in a different way.
Thanks for the report, @enforcer48.
Lol :P