Comex Silver Hits $26

87
Mon, Jul 27, 2020 - 11:03pm

Another significant milestone has been reached.

First, it was Comex gold that filled the gap back to April 2013. Then it was GDX. We knew that GDXJ would come next and then the only hurdle would be Comex silver. As of tonight, it has finally happened....Comex Digital Silver got back above $26.

More tomorrow,

TF

About the Author

Founder
tfmetalsreport [at] gmail [dot] com ()

  87 Comments

  Refresh
RangeRider49TF
Jul 28, 2020 - 10:37am

Back above $24 in nothing

Back above $24 in nothing flat and on the way back up!

AGXIIKpc
Jul 28, 2020 - 10:31am

The trend is your friend PC. It's in place and will work higher

The miners will benefit. The overall market will benefit as $3-5 trillion in funny munny is flowed into the paper markets. Another $1,200 in stimulus will flow to the proles. Maybe some will buy PMs and miners. That is one trend that's baked in.

Buy physical with trading profits? I did it for nearly 10 years. It worked well until the market bit me in the ass. Now I'm 100% physical. Maybe I don't have 50,000 oz of silver but I have enough. A $1 pop is immaterial to me but it's meaningful to traders. $10 in AG does move the needle for all of us. It's happening now and will continue for at least another 3 months. Or so I predict Keep stacking and trading.

PS Be prepared to lose everything in the market even if your stops are hit and you liquidate everything. An exit plan to remove as much as you can from the paper market is something you can test drive. See how quickly you can sell a position or two and convert to cash or silver/gold (take those at any price to protect your real money positions).

I tested how fast I could exit Fidelity and when things were less tumultuous than in March 2020 when Fid locked up and gated my munny for around 10 days. Prior to that it took me less than 48 hours. That was adequate a year or two ago but today gatings can take place in 24 hours or 1 hour. Just know that if the markets go tits up your cash can be gated for days or weeks. Having a deep stack of cash is wise.

Doubling your net worth in 3 months is pretty cool. Depending on leverage and issue volatility your net worth could double 2 more times before the PM rally is over and miners stop rising. This is not trading advice. I'm a stacker and HODLr

FTFG45 CDE

uni59
Jul 28, 2020 - 10:26am

pc

silver also doubled since the march lows and where are you going to get it for spot?? try $6 bucks over

RangeRider49jaba
Jul 28, 2020 - 10:24am

5 days?

I forgot to answer your question on how quick you can sell your cert. You will have to endorse a physical cert on the back and return it signed to your broker overnight at best. Once they have it and have verified it's authenticity you should be able to sell as I recall. It would probably take 2 days at least to complete a sale then 3 days to wait for it to clear their system and then the funds should be available. So 5 days or so at least? Remember when you sell you beneficial shares in your broker's name, you will still have to wait 3 days for the funds to be available unless you are rolling into another stock!

TF
Jul 28, 2020 - 10:22am

How bout that second smash?

All the way back to $22.46

If you've been around here long enough, you KNEW it was coming.

We'll discuss this and more in a podcast later today. In the meantime, check this opinion piece from BBG. Some of it should sound familiar....

https://www.bloomberg.com/opinion/articles/2020-07-27/a-mighty-short-squ...

RangeRider49jaba
Jul 28, 2020 - 10:17am

I am not an expert on this

I am not an expert on this but have limited experience with it. I took delivery of many mining share certificates from various companies many of which were Canadian. They were a hassle for the broker to deal with when I wanted to sell them. Some were difficult to get transferred for sale. I did not use DRS as the advice at the time (9 years ago?) was that the DRS was also suspect and could 'misplace' your shares. I returned all of my certificates several years ago as they were almost all very spceulative except for a few which were US companies. They were easy to move. YOu have to endorse the paper certificates and send them to a broker to sell them but was not difficult just cumbeersome. Check with your favorite broker on this. They won't like the idea so be ready for resistance from them. The broker can't loan our 'your' shares if you have the certs in your name. It might be possible to have the physical certs in your name not beneficially by the broker and have them in the broker's hands ready for sale. Check with them on this. YOu will need to research this. It worked out welll for me but some of my very speculative certs became worthless as they were in Canadian firms which disappeared during the lastt 10 years while the cretins pummeled the metals. I did quite well on most of them but took a minor loss on others but it was a roll of the dice as they say. I hope this helps.

Key Economic Events Week of 2/22

2/22 10:00 ET LEIII
2/23 9:00 ET Case-Shiller home prices
2/23 10:00 ET CGP at US Senate
2/24 10:00 ET CGP at US House
2/24 1:00 ET Goon Chlamydia speech
2/25 8:30 ET Jobless claims
2/25 8:30 ET Durable goods
2/25 10:30 ET Goon Bullard
2/26 8:30 ET Pers Inc and Spending
2/26 8:30 ET Core inflation
2/26 9:45 ET Chicago PMI
2/26 10:00 ET UMich sentiment

jabaRangeRider49
Jul 28, 2020 - 10:01am

Re You Are Correct

From your narrative you intimate that most of your investments in the miners are registered in your name - is that correct?

If so, do you use the DRS system, or do you take direct physical possession of the certificates?

The reason I ask is that this is a subject that I have been giving consideration to lately cos we are entering into unchartered waters and it makes sense to minimise risk of one's broker, or their bankers going tango uniform leading to all sorts of problems re proving ownership.

My questions to you are:

How quickly can you, in practice, arrange to sell an equity if you are in DRS and do you need to exit the DRS with all that particular company's shares, or can you arrange to transfer out of DRS just that percentage of that equity that you wish to sell?

In your experience, what are the pros and cons of DRS vs certificates vs street name?

Your input shall be most appreciated. Thanks

pcAGXIIK
Jul 28, 2020 - 9:48am

Paper is good

I doubled my worth since March on the CFD's and is moving the spoils into physical as I harvest the banks

AGXIIKRangeRider49
Jul 28, 2020 - 9:42am

Oh nooooo! I got stopped out of my position. Not again!!!

Damn. I should have tightened up my price range, snugged up those stops to avoid margin calls. Trying to keep up with the E Trade Baby and Robinhoods is costing me huge cash calls.

Oh noooooo. I lost it all!!!

Give me a fucking break. Funny thing about holding physical. All this paper trading don't mean shit. The stack is intact.

RangeRider49
Jul 28, 2020 - 9:18am

truth vs feelings

Of course they don't target by name, "but that's not how I feel," as my millennial students say to refute logical, well support arguments.

Subscribe or login to read all comments.

Become member and subscribe to Turd's Vault

Contribute

Donate Shop

Get Your Subscriber Benefits

Private iTunes feed for all TF Metals Report podcasts, and access to Vault member forum discussions!

Key Economic Events Week of 2/22

2/22 10:00 ET LEIII
2/23 9:00 ET Case-Shiller home prices
2/23 10:00 ET CGP at US Senate
2/24 10:00 ET CGP at US House
2/24 1:00 ET Goon Chlamydia speech
2/25 8:30 ET Jobless claims
2/25 8:30 ET Durable goods
2/25 10:30 ET Goon Bullard
2/26 8:30 ET Pers Inc and Spending
2/26 8:30 ET Core inflation
2/26 9:45 ET Chicago PMI
2/26 10:00 ET UMich sentiment

Key Economic Events Week of 2/15

2/17 8:30 ET Retail Sales
2/17 8:30 ET PPI
2/17 9:15 ET Cap Ute and Ind Prod
2/17 10:00 ET Business Inventories
2/17 2:00 ET January FOMC minutes
2/18 8:30 ET Initial jobless claims
2/18 8:30 ET Import price index
2/18 8:30 ET Philly Fed
2/19 9:45 ET Markit Feb flash PMIs

Key Economic Events Week of 2/8

2/8 12:00 ET Goon Mester speech
2/9 10:00 ET JOLTS job openings
2/10 8:30 ET CPI
2/10 10:00 ET Wholesale Inventories
2/10 2:00 ET Chief Goon Powell speech
2/11 8:30 ET Initial jobless claims
2/12 10:00 ET Consumer sentiment

Key Economic Events Week of 2/1

2/1 9:45 ET Markit Manu PMI
2/1 10:00 ET ISM Manu PMI
2/3 8:15 ET ADP employment report
2/3 9:45 ET Markit service PMI
2/3 10:00 ET ISM service PMI
2/4 8:30 ET Productivity & Unit Labor Costs
2/4 10:00 ET Factory orders
2/5 8:30 ET BLSBS

Key Economic Events Week of 1/25

1/26 10:00 ET Consumer Confidence
1/26 1:30 ET Comex option expiration
1/27 8:30 ET Durable Goods
1/27 2:00 ET FOMC Fedlines
1/27 2:30 ET Chief Goon Powell presser
1/28 8:30 ET Q4 GDP first guess
1/29 8:30 ET Personal Income and Spending
1/29 9:45 ET Chicago PMI

Key Economic Events Week of 1/18

1/19 10:00 ET Mother for SecTreas hearing
1/20 12:00 ET POTUS Inauguration
1/21 ECB meeting and rate decision
1/21 8:30 ET Housing Starts
1/21 8:30 ET Philly Fed
1/22 9:45 ET Markit flash PMIs (Jan)

Key Economic Events Week of 1/11

1/11 12:00 ET Goon Bostic speech
1/12 10:00 ET JOLTS job openings
1/13 8:30 ET CPI
1/13 1:00 ET Goon Brainard speech
1/13 2:00 ET Beige Book
1/14 8:30 ET Import price index
1/14 12:30 ET Chief Goon Powell
1/15 8:30 ET Retail Sales
1/15 8:30 ET PPI
1/15 9:15 ET Cap Ute and Ind Prod
1/15 10:00 ET Business Inventories

Key Economic Events Week of 1/4

1/4 9:45 ET Markit manu PMI
1/4 10:00 ET Construction Spending
1/5 Georgia U.S. Senate election
1/5 10:00 ET ISM manu PMI
1/6 US election certification
1/6 8:15 ET ADP Employment Report
1/6 9:45 ET Markit service PMI
1/6 10:00 ET Factory Orders
1/6 2:00 ET December FOMC minutes
1/7 8:30 ET Trade Deficit
1/7 10:00 ET ISM service PMI
1/8 8:30 ET BLSBS
1/8 8:30 ET Wholesale Inventories

Key Economic Events Week of 12/21

12/21 8:30 ET Chicago Fed
12/22 8:30 ET Q3 GDP final guess
12/22 10:00 ET Consumer Confidence
12/23 8:30 ET Durable Goods
12/23 8:30 ET Personal Inc and Spending
12/23 8:30 ET Core Inflation

Key Economic Events Week of 12/14

12/15 8:30 ET Import Price Index
12/15 8:30 ET Empire State Index
12/15 9:15 ET Cap Ute and Ind Prod
12/16 8:30 ET Retail Sales
12/16 9:45 ET Markit flash PMIs Dec
12/16 10:00 ET Business Inventories
12/16 2:00 ET FOMC Fedlines
12/16 2:30 ET Chief Goon Powell presser
12/17 8:30 ET Philly Fed
12/18 8:30 ET Current Account Deficit
12/18 10:00 ET LEIII

Recent Comments

by chrtoo, 1 min 52 sec ago
by human organism...ex-canary, 6 min 12 sec ago
by H8Fiat, 8 min 4 sec ago
by uni59, 10 min 12 sec ago
by Boswell, 18 min 1 sec ago
by RickshawETF, 49 min 18 sec ago

Forum Discussion

by Pete, 3 hours 21 min ago
by argentus maximus, 12 hours 16 min ago
by Solsson, 13 hours 36 min ago
by Pete, Feb 27, 2021 - 1:49am
by kmac153, Feb 26, 2021 - 5:42am