Silver Futures Soar 8%, Rise Above $30.00 As Reddit Hordes Pile In ***This Is Going To Make History***

The precious Metal Bulls are off and running. 

Some people have been waiting what seems like a lifetime for this event to finally happen.

How high will silver run?

That’s anyone’s guess, but once it breaks through the double top at $50.00 an ounce, there is no top, $100.00 an ounce, $500.00 an ounce, speculators are even imagining $1000.00 an ounce.

I found the information below over at Zero Hedge this morning. Watch this silver Market, it’s going to be a wild ride this time……

Update (1800ET): It was the one print everyone was waiting for, and here it is: silver futures opened up 7%, surging from $27/oz to a high of $29.095 following a weekend of speculation that the next big squeeze on WSB’s radar is silver. And whether that’s true or not, may no longer matter in a world where – as described below – there is virtually no physical silver to be purchased.

Spot Silver is back to its highest since the August/Sept cycle highs…

Gold futs managed very modest gains…

And silver’s dramatic outperformance has pushed the gold/silver ratio to its lowest since 2014…

Silver miners are also getting the love:  Australian silver stocks including Argent Minerals and Boab Metals rise more than 20%.

US Equity futures are taking a hit (all down around 1%)…

So as silver approaches $30, keep an eye on major price slams, emerging either out of central banks who desperately need to keep precious metals lower, or the BIS itself, whose Benoit Gilson will have a busy day tomorrow.

* * *

Update (1100ET): For some background on just how unprecedented this weekend’s action in silver markets is, Tyler Wall, the CEO of SD Bullion writes the following (emphasis ours): 

In the 24 hours proceeding Friday market close, SD Bullion sold nearly 10x the number of silver ounces that we normally would sell in an entire weekend leading to Sunday market open.

In a normal market, we normally can find at least one supplier/source willing to sell some ounces over the weekend if we exceed our long position (the number of ounces we predict we will sell over the weekend).

However, everyone we talk to is afraid of a gap up at Sunday night market open.

This is about ready to get really interesting as there was very little inventory left from suppliers/mints going into Friday close.

Our direct AP supplier informed us after close on Friday that the “US Mint will be on allocation for the remainder of Type 1″ (Current Silver Eagle Design).

Our sales for the month of January exceeded any one month last year during the heart of the pandemic. It was an all-time record month in our company history. 

And, perhaps most importantly, as QTR tweets so succinctly, “this is a red pill moment for many, and it’s beautiful.”

The thing is that no matter what happens with #SilverSqueeze, a lot of younger people are for the first time informing themselves that metals are the only true real money. That realization sticks for life, even when squeezes end. This is a red pill moment for many & its beautiful

— Quoth the Raven (@QTRResearch) January 31, 2021

Additionally, there are also signs of a notable regime shift, as Bloomberg points out, investors are holding onto silver they own, rather than trying to take profits. “Now we’re seeing nothing, no single offer, which is scary,” Peter Thomas, senior vice president at Zaner Group, said by phone from Chicago. “Whatever we sell, people are holding it. There’s no inflow of metal at all.” * * *

Update (1030ET): It would appear the run on silver has begun. With the market closed, traders have rushed to secure some exposure to silver ahead of what WSB suggests could be “the world’s biggest short squeeze” and that has left bullion dealers As we noted below, the premium for physical silver had soared late Friday and into Saturday (after the massive flows into SLV), but as Sunday rolled around, bullion dealers are now facing massive shortages of physical coins. Source: APMEX Source: JMBullion Source: SDBullion And as one investor noted, the shortages are widespread… We can only imagine where SLV will open after this. * * *

While all eyes have been focused on GameStop and a handful of other heavily-shorted stocks as they exploded higher under continuous fire from WallStreetBets traders igniting a short-squeeze coinciding with a gamma-squeeze, the last few days saw another asset suddenly get in the crosshairs of the ‘Reddit-Raiders’ – Silver. On Thursday, we asked “Is The Reddit Rebellion About To Descend On The Precious Metals Market?” …

One WallStreetBets user (jjalj30) posted the following last night: Silver Bullion Market is one of the most manipulated on earth. Any short squeeze in silver paper shorts would be EPIC. We know billion banks are manipulating gold and silver to cover real inflation. Both the industrial case and monetary case, debt printing has never been more favorable for the No. 1 inflation hedge Silver. Inflation adjusted Silver should be at 1000$ instead of 25$. Link to post removed by mods. Why not squeeze $SLV to real physical price.

Think about the Gainz. If you don’t care about the gains, think about the banks like JP MORGAN you’d be destroying along the way. … Tldr- Corner the market. GV thinks its possible to squeeze $SLV, FUCK AFTER SEEING $AG AND $GME EVEN I THINK WE CAN DO IT. BUY $SLV GO ALL IN TH GAINZ WILL BE UNLIMITED. DEMAND PHYSICAL IF YOU CAN. FUCK THE BANKS. Disclaimer: This is not Financial advice. I am not a financial services professional.

This is my personal opinion and speculation as an uneducated and uninformed person. …and judging by the unprecedented flows into the Silver ETF (SLV) they just got started… SLV saw inflows of almost one billion dollars on Friday, almost double the previous record inflow for this 15 year-old ETF. Source: Bloomberg Which helped prompt a spike in SLV off Wednesday’s lows of over 11% (and note that every surge in price was mimicked by gold, but gold was instantly monkey-hammered lower after the spike).

Source: Bloomberg And judging by the asset flow, SLV has room to run here… Source: Bloomberg Just as short-interest in the ETF has been building… Source: Bloomberg This surge came after Reddit user ‘TheHappyHawaiian’ posted the following thesis on buying silver noting that “the worlds biggest short squeeze is possible and we can make history.” ‘TheHappyHawaiian’ cites two reasons to buy – The Short Squeeze and Fundamentals. 

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