Just a few days ago, I published a post titled, 'Silver smacked down for no apparent reason' and in it, I vented my frustration with the clearly manipulated silver spot price which was once again inexplicably pulled down over a dollar an ounce on Monday morning. I received an email notice from Bix Weir of Roodtoroota.com in which he exclaims, "Silver riggers are trying the old wash-rinse-repeat operation by artificially pushing the price of silver below the 50, 100 & 200 Day Moving Averages. Basically, they are gunning for $21/oz to try to flush technical traders. The problem is that there are much less tech traders on the long side so there's fewer longs selling into their fake moves. It will be interesting to see how long they will hold onto the suppression this time before retreating and buying back their fake shorts!".
He believes, as I do that the big banks are playing manipulative games with the silver spot price to profit while fleecing investors. For those that aren't aware, for every 1 ounce of physical silver, there are 300 paper ounces. Every year, the riggers trade paper ounces to the tune of 100 years worth of mined physical silver. Impossible, I know but somehow these riggers are allowed to do this day in and day out with impunity.
In the same 'Silver smacked down' article mentioned above, I showed that India had imported more than 8,000 tons of silver by November and was set to hit a record for full year silver imports. Well, don't mean to brag but I was right!
This morning, Zero Hedge published an article first published at Schiffgold.com titled, 'India silver imports set record in 2022' which showed that 304 million ounces of silver went to India alone. Indians love their silver, for jewelry, silverware and investment purposes. You would think that such a high demand from one country alone would have driven the price of silver higher, per supply / demand fundamentals. This is shocking to me because 304 million ounces is roughly one third of all the silver mined in 2022.
Demand for silver is through the roof. Mints around the world are recording record silver sales. Australia's Perth Mint announced last week they sold 23 million ounces in 2022, up 4 million from the year before while on the other hand, something strange is going on at the U.S. Mint which recorded a 43% drop in silver sales, claiming production and supply issues.
Finally, there's the 194 million ounce silver deficit for 2022! Industrial demand appears set to hit a new record as well at 539 million ounces while physical investment is set to surpass 330 million ounces, an 18% year over year increase. Add 304 million ounces to India and we have a massive silver deficit. Last year's deficit was only about a quarter as much but it's clear the deficit is getting wider. How bad will it be in 2023?
So then, with massive demand and not enough mined silver to go around, the real price of silver is sitting on a launch pad, ready to shoot for the moon. The physical market is taking over and the riggers are losing control. Every time they succeed in manipulating the price lower, buyer are rushing in to snap up all the silver at bargain prices and that's exactly what the people of India are doing.
It's just a matter of time now until we finally see silver reach its true potential and it's a very real possibility in 2023! Consider diversifying your wealth by investing in silver (and gold) while it's still available. It's real money, period. See my OwnX links below for more information.
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