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I composed a similarly titled article about a year ago titled, 'Will 2022 be the year silver breaks out', and it certainly appeared at the time that silver (and gold) were on a roll with gold passing the $2,000 mark early in the year while silver passed $27. Yet, it seemed that every time precious metals rose, something came along to suddenly and spectacularly smack down the price, a.k.a. the precious metals derivatives market, the vast majority of which is... paper!
Smackdowns like the one we saw last month, in which some $600 Billion in silver derivatives were sold on the market over a two day period, just as the price of silver rallied above $24, pushed silver prices down to below $20 by last week. As of writing, silver is again recovering (as I expected), hovering around the $21 mark.
This has to be the bargain of the century and it seems investors at the COMEX feel the same way. According to an interview published at KingWorldNews.com on Friday by Eric King with Alasdair MacLeod of G.A.T.A. fame (Gold Anti-Trust Action Committee) in which McLeod states that the amount of gold AND silver drawn from COMEX vaults 'has been remarkable'. Usually, contracts just roll over but as of late, COMEX investors are cashing out for real physical metals. This is a great 12 minute interview where they also talk about the possible collapse of Credit Swisse bank and big troubles that are brewing over at the Bank Of Japan. MacLeod suggests that the only way to protect yourself at this point is with gold and / or silver. Click to listen in.
Another neat little post from KingWorldNews out a day earlier shows a remarkable graph that clearly shows the massive 'Cup And Handle' silver has formed. This is something I've been aware of for a while and I think it's a beautiful thing to marvel at. Click to have a look for yourself.
The chart goes all the way back to 1980 when silver hit its record of $50, so this is a multi-decade graph. Silver tried to breach its own record in 2011, coming within only a few pennies but still could not break its own record. Gold on the other hand, had more than doubled. Even today, the silver to gold ratio is a mind boggling 87 to 1. Therefore, it takes 87 ounces to buy one ounce of gold. Historically, the ratio is closer to 15:1 so this ratio is another key indicator that silver is way below its fair value.
Another indicator is the massive central bank gold purchases of 2022, some 400 tonnes which is a historical record! As for 2023? They're already on a roll. According to the World Gold Council, central banks have added another 31 tonnes of gold to their vaults in January. What do they know and what are they not telling us?
Well, they're not telling us but they are definitely showing us that gold is back in favor. If gold is back in favor, then so is silver and this might explain what Alasdair MacLeod is saying in his interview with Eric King. Paper is falling out of favor while gold and silver are coming into the spotlight.
I believe the window is closing fast with regards to getting our hands on cheap silver. It is quite possible (highly likely) we'll finally see silver breach its 1980 high of $50 this year. We are way overdue for a recession. Debt has never been so high in the history of humankind and the California Dream has turned into a nightmare. We are beginning to see food scarcities in various parts of the world and of course, there are the never-ending drumbeats of war. Mortgage applications are at 28 year lows. The 'tent cities' popping up all of the place should be of great concern.
I live in Cambridge, Ontario. It's a beautiful city and I enjoy living here and the people are great. Yet, in the last year I've noticed a 'tent city' pop up on an empty lot. Dozens of tents are now lined up on this lot. In the last few weeks, we saw temps drop to bitter freezing cold. I couldn't help but wonder about the people trying to survive in those tents. All I could do was pray for them.
I don't ever want to end up in their shoes. Back in the mid-90s and in between jobs, I came within a hair of ending up on the street myself. It could happen to anyone, anywhere at any time. I don't want to see anyone in such a dire situation. It's like falling into a pit and not being able to climb back out.
It doesn't have to be that way. If you can afford to buy one ounce of silver a month or even better, an ounce a week you'll be buying insurance to help prevent catastrophe. At time of writing, a one ounce Silver Maple goes for about $42 in Canadian dollars. This is affordable, to say the least. Will you still be able to afford it when the coin's asking price is $100 or higher. I can tell you, we WILL see the day when silver surpasses $100 and just keeps going.
I've explained in a previous post how there may come a time when someone might be able to scoop up a $300,000 home (present day value) for 250 ounces of silver or less. Today, you could buy 250 ounces of silver for less that $9,000 USD.
So, is 2023 the year silver finally breaks its own record? All signals are pointing in that direction!
Consider investing in silver. Consider OwnX. See the links below for more information. Thanks for your support.
Peace and love to everyone.
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