Loading ...Now We Have The Answer
Just heard the reason why silver refiners have suspended buying 90% silver. A large defense contractor is manufacturing large numbers of missiles that need highly refined silver. .9999 or even five nines purity. As a result they have a huge need for nitric acid to get that level of purity. This created a shortage of nitric acid, especially when over $50 silver caused a huge rush of people selling their sterling silver and constitutional. The backlog at the refiners was largely as a result of shortages of nitric acid.
Direct weaponization of pre-’65 (sound money) – ugh!
I was close to selling some but didn’t.
At a GSR still around 80 at the recent PM highs, not the peak IMO.
No reason to panic sell, just hold until much higher prices. I have never bought junk silver, not because I envisoned this situation that has developed, but I never bought into the scenario that there would be value added because they were once actual currency. In fact I did a post a year or two ago where I stated that if the government were desperate during a silver shortage they would have better legal grounds for recalling actual government issued currency than trying to pry silver bullion from citizens hands.
Agree with you on no value added, however for the period 2021-2023, while 3 9s silver was selling at an astronomical premium, I still found alloy silver at below melt. I had to spend my CURRENT fiat savings on something and (I believe) even alloy silver will outpace gold during the later stages. No regrets so far. If nothing else, junk has definitely become more scarce over the past few months.
It’s definitely less ‘marketable’ but figure instead of asking someone to pay me $100 for an oz of bullion $75-80 would still be attractive. It’s not a large % by any means but think there will be a market for fractional one day (gov’t recall not withstanding).
Excellent Information CM Thanks