/biz/ - Business & Finance

I hope the price keeps coming down so I can get some more Sunshine Mint bars. Maybe even a kilo bar.

>>15518140
I like. Here's mien. I liek big bars

>>15518140
Once the price of silver drops below $9, I'll probably pick up a few of these.

>>15518351
Kek. Wishful thinking

>>15518308
sexy

>>15518360
What, the price dropping blow $9? It spend a couple of decades there between 1983-2005. No reason to think it can't take another dip.

>>15518384
it's criminal that the price of silver is below 20$ with all the money printed silver should be worth 803$ per OZ

>>15518384
Economy was going well back then and there was less demand of it from industry... totally different era

>>15518404
Ya but silver isn't gold. You didn't have a bunch of people universally decide that it would be the true measure of wealth, like they did with gold.

And while silver has utility, and therefore value, gone are the days of the 1880's when people were locked into the belief that silver had to be value.

Aside from gold, metals have always been valued on a cross between scarcity and utility. Remember that at one point, aluminum was more valuable than gold, making the cap of the Washington Monument an unusual (if dated) show of national wealth.

Silver will still have value, but there's no real reason why anyone should expect it to be pegged to dollar inflation (or devaluation)

>>15518404
>>15518464
https://www.reuters.com/article/us-jp-morgan-spoofing-plea-idUSKCN1VA28L

>U.S. LEGAL NEWS AUGUST 20, 2019 / 4:06 PM / 18 DAYS AGO (this is important)

>NEW YORK (Reuters) - A JPMorgan Chase & Co precious metals trader pleaded guilty to spoofing, or placing bogus trade offers, on Tuesday, when he also resigned as an executive director at the bank. The guilty plea and resignation of Christian Trunz, 34, of London, were announced by the U.S. Department of Justice. Trunz admitted in the federal court in Brooklyn, New York, to having from July 2007 to August 2016 at JPMorgan and another bank placed thousands of orders for gold, platinum and palladium futures contracts that he never intended to complete. While the Justice Department did not identify the banks by name in court papers, Trunz had worked for JPMorgan since at least 2008, according to the Financial Industry Regulatory Authority’s BrokerCheck database. Lawyers for Trunz did not immediately respond to requests for comment. A spokeswoman for JPMorgan declined to comment. Trunz’s plea followed a guilty plea to spoofing last October by another JPMorgan trader, John Edmonds, in a Connecticut federal court. The Justice Department said Trunz, who worked in New York, London and Singapore, learned about spoofing from more senior traders and engaged in the practice with the consent of his immediate supervisors. U.S. prosecutors have charged several other traders with spoofing, and their probe into the practice is continuing. JPMorgan said in a Feb. 26 regulatory filing that it was cooperating with the probe. Trunz pleaded guilty to one count of spoofing and one count of conspiracy to engage in spoofing. His sentencing is scheduled for Feb. 19, 2020. Edmonds has yet to be sentenced. The case is U.S. v Trunz, U.S. District Court, Eastern District of New York, No. 19-cr-00375.

>>15518464
> Industrial demand
But industrial demand is only up 9.5% in the last 10 years, at least according to "The Silver Institute", whoever the heck they are.

>>15518500
"only"

>>15518487
> spoofing
Ya, there's a lot of that still going on with stocks. If you watch the level 2 tape, it's pretty obvious by the volume of the trade order. Not sure of how it looked to the silver market.

This is usually done to either keep a price from falling too much, rising too much, or to coax traders in one direction or the other.

It would be interesting to see if he was trying to support or suppress the price. It could be either.

>>15518518
Ya, less than 1% growth per year isn't what anyone would call a "boom"

>>15518538
We're not talking about the price of bitcoin here, we're talking about industrial demand and a 10% increase is a big deal. Besides it's only going to get bigger as more people use smartphones or solar panels.

>>15518529
>It could be either.
I personally don't believe that, it seems it's pretty obvious they were surpassing the price, because it's in their interest to do so.

>>15518567
Again, that's 10% total over 10 years, a little less than 1% per year

>>15518599
Oh it could certainly be in their interest to support, or even raise the price.

Banks are required to a certain amount of assets in reserve. They also have collateral on their debt.

If you had a bank or three who went heavy into the silver market (warehousing massive amounts on the bet that the price would increase), then they would face a situation similar to bear sterns if the price dropped too much....
> physical silver holdings used as collateral for their debt
> price drops, therefore collateral is worth less
> they now have to pony up more cash/assets to cover their debt
> if they don't have them, they're screwed.

We've seen shenanigans like this before. Several traders have been caught propping up useless stocks/commodities because they couldn't afford the losses if the price dropped.

I'd like to read the indictment on this guy if it's around. It might tell us what he was doing, which would tell us the direction he was pushing the price.

>>15518657
>Oh it could certainly be in their interest to support, or even raise the price.
Why, you seem to think that banks act in isolation but in reality banks are part of a Military-Industrial-Complex and banks will do anything it takes to protect the dollar, this includes destroying competing money such as the Euro, gold or silver. Learn2geopolitics.

>>15518701
true

>>15518701
More often than not, it's simply greed. People wanting to make as many dollars as possible.

In the case we're talking about, he started cheating the system at 22 years old. He would putting in fake sell orders in order to drop the price enough to trigger stop losses and automated sell programs. He then swooped in and bought when the price dropped to profit when it corrected itself up later.

And since he was connected with those who were naked shorting ETFs, they never took physical possession of silver at any point in the process.

https://sdbullion.com/blog/another-jpmorgan-silver-spoofing-ex-employee-pleads-guilty/

Serious question: why do you hoard silver when gold is much more portable and widely accepted?

can the jannies please get the boomer rocks off of my fucking board

Silver will be back over 19 within 2 weeks

>>15519034
This

>>15518384
You will be happy if it goes back to $15.

>>15519073
it was $14.50 three months ago.

>>15518940
nice man

>>15518983
i think people buy silver because its easier to buy

>>15518140
historical silver to gold ratio

One of these days I have to figure out exactly how many ounces this is.

>>15519880
just take it out of the case and weight it?

>>15518308
I hope you tested that bar with an ultrasound machine

>>15519880
you can use this site called numista to catalogue it and will give you the weight and info it is quite good
https://en.numista.com

its a long shot but anyone in the UK with an andrew jackson 1 oz silver round they want to exchange?