The mainstream media’s hyping of silver the other day led to a surge in buying that has caused the United States Mint to lag in delivering the apparently scarce precious metal.
After falsely blaming the “Reddit army” for the silver surge, the media drew all eyes away from the GameStop saga and the money changers’ manipulation of the short squeeze, and onto silver as the next big thing.
This resulted in silver sales increasing to the point that bullion dealers ran out of dry stock. It also caused the physical premium to paper silver prices to soar to record highs.
“There are massive shortages,” says David Mitchell, managing director at Indigo Precious Metals. “We’ll be completely out of stock if it carries on like this – the first time since our company opened in Singapore seven years ago.”
“In the short term, stocks may run out since it takes a long time for sea shipping, but overall supply is ample,” countered Peter Fung, head of dealing at Hong-Kong-based Wing Fung Precious Metals.
According to Reuters, the U.S. Mint is currently limiting distribution of gold, silver, and platinum coins to certain dealers because of heavy demand. There is also a limited number of suppliers in metals, which makes the situation even more precarious.
All throughout 2020, the U.S. Mint has had trouble keeping up with demand for both gold and silver bullion coins. It blames the “pandemic” and plant capacity issues, even as heavy buying has continued into 2021.
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The media would have us all believe that this silver rush is an organic phenomenon driven by a widespread belief that the metal is currently undervalued. This would certainly seem to be the case based on current demand, after all.
There is also the new January jobs report, which some say is driving confidence that metals are a good bet for the everyday investor.
“The U.S. employment situation report for January, arguably the most important U.S. data point of the month, showed a non-farm payrolls rise of 49,000 and an unemployment rate of 6.3%,” writes Jim Wyckoff for Kitco News.
“The non-farm jobs number was very close to market expectations and the unemployment rate was a bit lower than expected. Still, the data suggests the world’s largest economy is still far from fully recovered from the Covid-19 pandemic and is still down 12 million jobs from last year at this time.”
Still, others are concerned that something more sinister is afoot, especially since the metals rush came about right at the time when wealthy hedge funds and their media lackeys launched their illicit crusade against the GameStop phenomenon.
All eyes were distracted away from that short squeeze into a new one, or so we were told, centered around silver. They blatantly lied about the silver rush coming from Reddit, so the question remains: What, exactly, are they trying to do here by pushing the public into buying silver?
“Wall Street loves unloading its silver long on you,” wrote one Zero Hedge commenter. “Dollar short squeeze coming.”
“The entire silver thing was mostly a rumor that the media ran with,” wrote another. “The WSB (WallStreetBets) guys were saying otherwise, and sticking with GME (GameStop). But that rumor led to physical and premium spikes. Paper went down.”
Another jibed that the establishment knew full well that the price of silver would be hammered back down almost immediately after its very mild “spike,” but that most people will not even think twice about it as they cover their faces with two masks and continue starving their brains of oxygen.
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