In a shocking retraction, the bullion bank dominated London Bullion Market Association (LBMA) has just announced that it has been overstating LBMA silver vault holdings by a massive 3,300 tonnes of silver. This overstatement relates to the total quantity of physical silver bars that the LBMA claimed were being held in LBMA vaults in London as of end of March 2021. These LBMA vaults in London are operated by three banks, namely the infamous JP Morgan, the equally infamous HSBC, and the maybe not so infamous ICBC Standard Bank, and three security vaulters, Brinks, Malca Amit and Loomis.
#GOLD $3,000 NEXT AS LAST RESISTANCE BROKEN https://t.co/8ZeU5REkX9 pic.twitter.com/Uu7N1BZGXK— Egon von Greyerz (@GoldSwitzerland) May 7, 2021
Spot silver is trading around $26 per ounce…but you can't buy any at that price. Instead, you'll have to pay almost 50% more. That's right. If you want silver right now, you'll need to pay at least $35 per ounce. If you prefer government mint coins, and you're willing to wait a month to get them, you'll have to pay upwards of $37 per 1 oz coin. In the past year, premiums on physical silver have tripled from normal levels. Bullion dealers have been overwhelmed. Product shortages are now commonplace, with customers waiting 3 weeks or longer for shipping. The silver market has rarely, if ever, experienced anything like this. Demand has not only soared; it has maintained these elevated levels.
The silver price is today half of the January 1980 level. That was the peak at $50 which silver reached again 31 years later in 2011. But alas, the bullion banks, aided by the BIS (Bank for International Settlement) and central banks have again managed to push it down again and today silver is only $26.10. The current silver price has nothing to do with supply and demand. In a real market the Price of Silver would be substantially higher. In a fake market, the manipulators have no problem to suppress the price by selling virtually unlimited fake paper silver.