Today, silver made a huge jump higher by more than a dollar and is presently just under $25 per ounce after some bad jobs data reported in the USA. At the same time, Donald Trump is in New York facing 34 felony charges to which he has pleaded not guilty. In the last couple of days, OPEC+ announced a 1.16 million barrel oil production cut while the BRICS nations are now working on plans for a new joint currency.
There's plenty going on to light silver's fire. We found the spark with Silicon Valley Bank. My post from a few days ago titled, 'M2 money supply at minus 7.9? Never in my lifetime' outlines a drop in M2 money supply (cash) the likes we've never seen before. It seems a massive liquidity crisis has arrived but you're not really seeing that aspect of it in the news.
There are now two G7 central banks that have paused on raising rates higher, first the Bank of Canada and now, the Bank of Australia. Singapore has added another 6.8 tonnes of gold to their reserves in February, more than 58 tonnes so far this year. Last year, central banks collectively purchased more than 1,100 tonnes of gold, the most in 60 years.
Silver hit bottom between March 8th and 10th at $20 and after SVB, began rising steadily ever since and breached $24 yesterday afternoon. This morning's fireworks sent silver up sharply, meeting strong resistance at $25. Below is the March chart for silver, courtesy of Kitco.com.
I'm hearing a lot of chatter about silver becoming 'unobtainium' as big money is making large purchases, squeezing out the little guy. If you know where to look, you can find it but we're starting to see wait times of a couple of weeks. Silver was smacked down in February but I knew it was only temporary, that silver would recover swiftly. I was right!
What's next for silver... $30? Even at $50, it's still the bargain of a lifetime. I don't know for how much longer, though.
Peace and love to everyone.
P.S. Need silver? I have made 7 collectible Canadian Mint Reverse Proof Privy 'Gramophone' Silver Maple 2019 pure silver one ounce coins available for sale with low, low ship costs on my Ebay channel. Show your support by buying a coin. Send me a quick note letting me know you saw this post on PublishOx (or Substack) and get 20% off already low ship fee of just $5 within Canada and just $6 to USA. Once they're gone, they're gone. Click the image below to view the listing. I have other silver bars and coins listed so be sure to browse my other listings as well and add me as a favorite. Thank you for your support!
Royal Canadian Mint 2019 'Gramophone' Reverse Proof Privy Silver Maple Coin
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Check out some of my previous posts.
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