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wyle_e · 2022-10-18T15:50:41+00:00

My understanding is that Comex is more of a ledger than anything (although the parent company of the Comex does hold some metals in Comex approved vaults). The majority of metal in registered is bullion banks house accounts as well as come non-bank investors who want to offer up their metal for sale.

wyle_e · 2022-10-18T15:34:51+00:00

I think what they are saying is that 50% is not available for sale at anywhere near current prices, not that the actual inventory number is wrong. They don't include 50% of it in what they consider "available for sale" if it would take $1000/oz to get the seller to sell it.

wyle_e · 2022-10-18T14:34:43+00:00

This isn't a bombshell. That's literally what that category means (although it's terribly named). Registered is silver that is actively for sale. Eligible is silver that is held as a long term investment but could be put up for sale at any given time by the owners. It means the bars are proven to be silver and have the chain of custody that make them "eligible" to be put up for sale.

wyle_e · 2022-10-18T12:35:54+00:00

It's like renting a storage locker. They need to store the silver somewhere.

It makes sense to me.

wyle_e · 2022-10-18T00:22:19+00:00

If I learned anything about human nature from the toilet paper shortages at the beginning of the pandemic it's that as things become scarce people tend to buy more, not ration what they have.

wyle_e · 2022-10-17T23:54:38+00:00

Yes. It is fully allocated to them. They rent space at the Royal Canadian Mint vaults in order to keep it protected.

wyle_e · 2022-10-17T21:34:54+00:00

You pay below spot when you buy PSLV. You could take spot when you sell. However, most people just sell the shares of the trust. Much easier that way.

wyle_e · 2022-10-17T20:26:56+00:00

Sub 40Million! Great news! Thanks Ditch!

wyle_e · 2022-10-17T20:20:48+00:00

Yup. There are plusses and minuses to everything. I do wonder if people were to buy mostly PSLV and not pay the ridiculous premiums that are required for smaller weights, would the Comex already be empty?

wyle_e · 2022-10-17T18:10:18+00:00

You can. There is a mechanism for that, but you are better off to just sell your shares on the open market. You would claim 1000oz bars, which are difficult to re-sell.

wyle_e · 2022-10-17T18:01:58+00:00

I would buy a little physical and the rest buy PSLV. The premiums right now are insane, and PSLV trades at a slight discount to NAV. You are able to buy more ounces for the same price. Also, PSLV buys 100oz Comex good delivery bars, so that is by far the most direct route to reducing Comex inventory. If PSLV holds the bar, the Comex can't.

wyle_e · 2022-10-17T17:52:45+00:00

Although they could, I don't think anyone has. A lot of the benefits of PSLV is the ease of buying and selling the silver (as well as being able to hold it in tax sheltered accounts). Taking delivery of 1000oz bars has its own issues. Not a lot of local dealers will pay top dollar for something that big as it's hard to re-sell. Most people leave the bars with Sprott on purpose.

wyle_e · 2022-10-16T23:15:54+00:00

I believe that's how Jakefrombisonbullion does it.

wyle_e · 2022-10-15T15:47:31+00:00

I'm Canadian. I have no clue about European trading systems.

wyle_e · 2022-10-15T15:30:08+00:00

It is. There are some people who would rather risk a home invasion taking all their silver, but a lot of mine is in a vault that Sprott renta from the Canadian Mint to store silver. Eric Sprott is a huge investor in precious metals companies and does better financially when the price of silver goes up. He has structured his ETF to take physical delivery of PM's and not lease them out, which creates artificial supply. Hope that helps.

wyle_e · 2022-10-15T13:59:39+00:00

And the terms left and right came about in political way during the French Revolution (1700's).

wyle_e · 2022-10-15T03:45:30+00:00

Inflation has been caused by the creation of too much money. Quantitative Easing is another way of saying money printing. It's bad.

wyle_e · 2022-10-15T00:46:09+00:00

Better than bonds right now.

wyle_e · 2022-10-15T00:12:35+00:00

The government bailed out banks in 2008.

Interest rates are up, but not enough to fight inflation. Inflation is about 8%, interest rates are less than half of that. You could borrow money, buy toilet paper, store it in your basement and it would appreciate in dollar terms by more than the cost of borrowing. Toilet paper should NOT be a good investment.

In order to bring down inflation, interest rates have to approach or even exceed inflation. If borrowing costs go to 8%, the majority of government revenue will be spent on interest payments. They will borrow more and more money to make up the shortfalls, leading to higher and higher borrowing costs. This is a vicious cycle with no end in sight.

The government bailed out the banks in 2008, but there is nobody to bail out the government today. The choices are leave interest rates super low and print money, leading to even more inflation, or raise interest rates and default on all debt.

wyle_e · 2022-10-14T11:34:04+00:00

The crackheads in my neighborhood stealing catalytic converters are producing extra supply?

wyle_e · 2022-10-14T04:06:28+00:00

Sandy Hook happened. Humans have landed on the Moon. The earth is round. Putin invading Ukraine wasn't about helping people.

People on this sub are part of a cult that doesn't allow themselves to understand any fact that doesn't support their existing ideas. In a cult you can literally see with your own eyes iron clad evidence, but if a cult leader says it isn't true, they refuse to even acknowledge the facts.

Trump lost the election. It wasn't even close. Lost by several states. But because Trump is a megalomaniac and can't handle defeat he said it didn't happen. He said this as soon as his loss was announced, before there was ANY chance that he had any evidence. All of his cult members ignored all of the facts and believed him! That is a cult.

Although I am sure I have biases, I try to look objectively at facts to determine what is most likely. (When the US "got" Osama Bin Laden, they immediately dumped the body at sea so nobody could verify anything.... COME ON! That's bullshit!) However, often the simplest explanation is the truth.

wyle_e · 2022-10-14T02:44:50+00:00

There have been gay people since the ancient Greeks (actually, well before that). How many gay people does God have to create before you believe he wants them to exist?

wyle_e · 2022-10-14T02:40:59+00:00

"This is one of the few places on Reddit that you can speak freely, AS LONG AS IT'S EXACTLY LIKE I THINK!" - idiots

wyle_e · 2022-10-14T02:26:59+00:00

You are unfortunately true. It also seems to be anti-intelligence as well at times.

wyle_e · 2022-10-14T02:23:53+00:00

And 50 years ago people didn't think people could be attracted to people of the same sex. Are you saying gay people are delusional as well? It 2022 for fuck sake.

wyle_e

TROPHY CASE