Perishabull

Hi DrBubb, and others, hope you are all staying healthy, wealthy and wise! I've been around GEI for quite some time from a few years back. Bitcoin is of course an incredibly interesting market. I first bought bitcoins back in 2014 (behind the curve to say the least) and have been developing my interest in this space particularly early this year with other cryptocurrencies. Some alarm bells are ringing here however; Exhibit 1; John McAfee says that not only Bitcoin isn't a bubble but that you cannot call it one. JOHN McAFEE: Here's why you can't call bitcoin a 'bubble' http://uk.businessinsider.com/bitcoin-price-john-mcafee-not-a-bubble-2017-8 "Likewise, what people see as a bitcoin "bubble," from the perspective of the new paradigm, is merely the predictable and systematic devaluation of fiat currencies that will continue, with obvious ups and downs, until all fiat currencies reach the zero point." The price of gold however, is not currently reflecting the "predictable and systematic devaluation of fiat currencies " so it is as yet unclear why this devaluation would only be reflected in the cryptocurrency markets. Exhibit 2; The shoeshine boys are getting in on it; Middle America is in love with Bitcoin https://www.nbcnews.com/business/economy/middle-america-crazy-love-bitcoin-n789011/ "One of them, Ryan Williams, a 35-year-old school bus driver, admits he doesn't fully understand how Bitcoin or its rivals work." Exhibit 3; A successful boxer is now exhorting on all things crypto; Floyd Mayweather Just Joined the ICO ‘Coin’ Crazehttps://www.coindesk.com/boxing-champ-floyd-mayweather-just-promoted-ico-instagram/ "I'm gonna make a $hit t$n of money ... on the Stox.com ICO" Could you imagine Mayweather being the figurehead for an Initial Public Offfering? I don't see that would fly unless it was boxing related. I have various interests in Cryptocurrencies but bailed out of 1/5 of my bitcoin, dash and ethereum holdings today.

Gold - long term (log)

That was some move in silver at the start of December, over a dollar lower then a jump back up. The spikes in volume since the low have been larger on the up moves relative to the down moves since then. Is the market signalling a low there?

Thanks for your post, it just prompted a quick piece of analysis that strongly suggests that the principal factor affecting the price of silver is the price of GOLD; Not that this should be news to anybody but looking at it in a scientific way always helps.

From the Guardian on 22nd October; "Oil baron Nelson Bunker Hunt dies Texan built on his fathers oil riches but lurched into financial disaster with scheme to corner silver market Nelson Bunker Hunt, a Texas oilman who once tried to corner the silver market with one of his brothers only to see the move end in financial disaster, has died. He was 88. Hunt died on Tuesday at a Dallas assisted living centre after a long battle with Alzheimers disease, said his brother, W Herbert Hunt. Hunt had been among the worlds wealthiest men. His father was the legendary Texas oilman HL Hunt, who left behind a multi-billion dollar fortune and set up Placid Oil, once one of the biggest independent oil companies." Seems especially poignant given the silver market appears to be dead. Perhaps his death will mark the low. Kim Jong-il's death on 17th December 2011 created much hysteria in North Korea which peaked on 29th December, the day of an intermediate low in silver from which the market rallied $10 in 2 months. http://www.theguardian.com/business/2014/oct/22/oil-baron-nelson-bunker-hunt-dies

PSLV is an interesting one to look at given it's premium tends to expand on upswings. PSLV vs SLV I recall buying it late 2010, on day 4 after launch, prior to the huge move up in silver. Premium to NAV is currently declared as being 3.95% on the trust website. http://sprottphysicalbullion.com/sprott-physical-silver-trust/net-asset-value/

That's a big call, I've been looking for some recent sentiment data, but so far only have late May;

Great video Bubb, salient points and concise too

You should check out the '$50-ish Peak in Silver Coming? Hunting the Top' thread http://www.greenenergyinvestors.com/index.php?showtopic=14696&p=212977 The current silver value contained in the coins is £6.77 (0.55 ounce per coin) so I would expect to see a large expansion in premium and demand for these coins as silver approaches £36.36 per ounce. That's the point where the value of the silver in the coin approaches the fiat value.

What's interesting is that if sufficient people did what you are doing, and actually spent them, it would generate quite a bit more press interest too. It would be interesting to know what the banks do when a Tesco or a pub drops off their takings for the evening. Do they put the coin back into circulation? If the opposite situation happened, ie someone paid for goods with a £50 note and part of their change included one of these coins I think 99% would not accept it (thinking it was fake). The absurdity is that it's really of more value given the dual fiat / commodity aspect.

Zerohedge are sensationalising the drop yesterday There were two large volume spikes in the August Gold futures contract, one of over 4800 after 7am, and another over 10,000 at 2pm Zerohedge are painting this as significant however when it's the other way round do they write about it? Here's August Gold futures on 5th June A huge volume spike of over 10,000 contracts before the open sending the price shooting higher 'Upward' manipulation doesn't make such a good story though does it.

Maximum is 5 coins and it's £20 if you want them sent to HK

Just ordered 10 - exchanging £ for £, getting a free call on silver and coins with an automatic premium due to their relative rarity. It's a no brainer isn't it. Buyers on ebay have been happily snapping up the previously released coins, paying premiums from 25% to 62.5% above their legal tender value.

I away on my travels with work right now and in the gym this morning at 7am was some property programme on TV. I don't watch TV hence usually avoid these things. But really FFS 7am! Another reminder of how obsessed the British are with property. Given the governments perennial mandate for ever higher prices I wouldn't be surprised if they had an unseen hand in this diet of propaganda fed to the general public.

Volume on SLV been exceptionally low of late - stark contrast to the top three years ago.

Silver futures Sentiment COT Seasonality Looks interesting at this point