Robert Kientz: Did #SilverSqueeze Fail? (Hint = NOPE!) Younger Generation Emboldened To Enter This Market
There has been a lot of smoke lately regarding the unallocated precious metals accounts at Perth Mint and elsewhere. John Adams joins us today to discuss his concerns with unallocated accounts and he gives a first hand account of the issues impacting customers of the Perth Mint.
Even though the premiums for Silver Eagles are still quite high, U.S. Mint sales this month continue to be RED HOT. In just five days, the U.S. Mint sold another 850,000 Silver Eagles. In March, sales of Silver Eagles already surpassed last month’s total by 110,500, and there is still another week remaining in the month. According to the U.S. Mint’s website, a total of 3,302,000 Silver Eagles have been sold as of March 23rd. This brings to total for the year at 11,248,000. Furthermore, Silver Eagle sales for the first three months of the year surpassed the 9,978,500 sold during the Pandemic shutdown.
Bullion Banks are racing to get out of their short positions at the fastest pace since Oct 2016, ahead of the bottom of [...]
The Swaps (bullion banks) have cut their shorts by a further 9,107 contracts, reducing their net shorts to $21.5 billion in money terms. You will recall that on the 5 January it was $42 billion, so this is some reduction. This number had to be got down, because if had risen further there is little doubt that the risk of a market failure would become a real possibility.