I have built a great inventory of food, medicine, ammo, and cash so I believe that I am relatively ready for anything that could happen although I think that the potential for extremes is relatively low at this point. However, I have learned that people and markets are never rational so when I saw that the price of Silver had collapse to below $12 per ounce, I thought it would be a great opportunity to add some to my collection. Given that I had just bought some only weeks ago for above $17, this seemed like a steal!
However, I was floored when I called both dealer that I have used in the past and discovered that they were sold out of physical Silver! One even told me that it had been days that people have been calling and going to the shop to load up on some for inventory and due to the price so the shortage was broad. I then went online and discovered that most of the online vendors were also reporting shortages and delays. What was incredible is that due to this demand and the corresponding shortage, price being ask were even more expensive that when I bought weeks ago. I was seeing the average ask price above $20 per ounce, yet the Spot price was barely $12!
I was not willing to buy up to those premiums so I did the next best thing; I bought some SLV ETF shares! I am now up more than 10% but I will continue to hold as these clearly shows how irrational markets are and how the paper market of future and derivatives are suffering a liquidity crisis. May also demonstrate the magnitude of how the market is being manipulated for prices rather than the true demand and supply of commodities. I wish I had bought some more physical as I still think it is a good idea to have but I will try to take advantage if I could. Who knows, maybe I will sell some physical Silver if I can get more than $20 per ounce! Amazing times!
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