You are here
David Fickling: Silver won't fall so easily to the memelords' assault
By David Fickling
Bloomberg News
Monday, February 1, 2021
If the guiding spirit of financial markets in 2021 is "you only live once," you ought to discount the odds of lightning striking in the same place twice.
That suggests the retail investors who drove silver up as much as 7.5% late Sunday may have a harder time achieving anything like the gains they've notched in stock of GameStop Corp., which is up 1,625% so far this year thanks to an epic short squeeze.
... Dispatch continues below ...
Buy, Sell, or Store Precious Metals with Money Metals Exchange, Judged Best Internet Dealer
Money Metals Exchange, a national bullion dealer recently judged by Investopedia to be the best internet dealer --
https://www.investopedia.com/best-online-gold-dealers-5095874
-- is a great low-cost source for precious metals coins, rounds, and bars. Money Metals also pays handsomely when you wish to sell your precious metals.
Shop online with Money Metals Exchange here --
https://www.moneymetals.com/buy
-- or by calling 1-800-800-1865.
Meanwhile, Money Metals Depository will store your precious metals in a segregated account at low cost:
https://www.moneymetals.com/depository
One reason for this is simply that short selling is a far more normal element of futures markets, as my Bloomberg News colleague Eddie van der Walt has argued. Still, that didn't stop a notorious episode in 1979, when buccaneering Texan and Arab oilmen managed to cause a fivefold increase in the price of silver in a matter of months. ...
Next it's worth considering how much silver is already stored away under lock and key. Thanks to the rise of financial products tied to commodities over the past decade, this is now a huge pile of metal -- some 2.46 billion ounces, of which about 96% is investment-linked product. Only about 7.2% of that mountain is needed each year to meet the demand that's not being supplied by miners.
As a result, there's ample metal on hand in the world's bank vaults that can be sold into any periodic price strength. ...
... For the remainder of the commentary:
https://www.bloomberg.com/opinion/articles/2021-02-01/silver-won-t-fall-...
* * *
Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
http://www.gata.org/files/GATA-4-wine-bottles.jpg
Buyers can compose their case by choosing as many as four varietals from the list here:
http://www.gata.org/files/FayJWineryVarietals.jpg
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
https://www.amazon.com/Rigged-Exposing-Largest-Financial-History/dp/1651...
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
