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If the short squeeze on GameStop caused fireworks among a few hedge funds on Wall Street, we hate to think what a short squeeze on the global silver supply will look like as hedge funds wake up to the possibility that SLV "cannot acquire sufficient silver acceptable for delivery to the Trust".

https://www.zerohedge.com/markets/silversqueeze-hits-london-slv-warns-limited-available-silver

If the short squeeze on GameStop caused fireworks among a few hedge funds on Wall Street, we hate to think what a short squeeze on the global silver supply will look like as hedge funds wake up to the possibility that SLV "cannot acquire sufficient silver acceptable for delivery to the Trust". https://www.zerohedge.com/markets/silversqueeze-hits-london-slv-warns-limited-available-silver

(post is archived)

[–] • 2 pts

well Peru is the 3rd largest producer of silver...que the war with Peru...oh wait...too late

[–] • 0 pt

They're going to need some workslaves to get that silver out of the ground. Of course the best thing that could happen is if they all refused and really messed the supply chains up!

[–] • 1 pt

I did the math on why this was an unrealistic accomplishment before. I believe it worked out to somewhere near 20 to 25% of the United States 2020 GDP would need to be dedicated to purchasing silver at the same time. (Don't get mad: This is a completely corner the market scenario.) That aside, the sudden demand did drive the spot price up and it is held at around $27+ since. (For those not in the know, this is around $5+ where spot hovers.)

I don't believe this was organic. After some digging and further discussion with other users, it turns out that JP Morgan was sitting on 133 million troy ounces. That's just one. Who else got beat up by the GameStop short squeeze?

[–] [deleted] • 0 pt

They are sitting on an empty vault with an IOU for 133 million ounces of silver in it.

[–] • 2 pts

It doesn't matter to me if they're holding paper or physical. It mattered more that it looked to me like they manipulated the precious metals market again. They just got a slap on the wrist for this in September 2020. Slap on the wrist, that's why I'm under the impression they did it again. I'm also under the impression that they didn't operate alone. In the end I don't think this will matter to the government. The person's responsible for this will never see prison time, whereas you and I would.

[–] [deleted] • 1 pt (edited )

I agree no one will ever be punished but the point is it doesn't matter what the manipulated price is because when your dealing with exchanging it or buying it physically you have to do so at the street price.

[–] [deleted] • 1 pt

I ordered a few 5oz bars on Jan 31st and they still have not shipped. Theres very little new physical silver being let onto the market. Just like ammunition.