Precious metals also soared, with the New York spot price of gold per troy ounce rising 3.20%, and the value of the price of silver soaring 7.14% against the U.S. dollar. Four days ago, a blog post on Peter Schiff’s schiffgold.com website pointed out that silver generally outperforms gold and that if people are bullish on gold, they “should be even more bullish on silver.“
Silver jumps 7%, Schiff Gold report says people should be “even more bullish on silver”, investors talk about silver compression.
Silver has performed better than it did in late summer, when the price of troy ounce of silver fine reached $17.97 per unit on August 31, 2022. At over $20 per ounce of silver today, the precious metal has risen over 15% since August 31.
However, the spot silver price per ounce is more than 21% lower than it was at the 2022 silver price peak at $26.37 per ounce. After the New York silver spot price jumped 7.14% on Friday, November 4, 2022, the hashtagged term “#silversqueeze“started to trend on Twitter in the evening.
Today’s #gold and #silver rally was brought to you by Banksters.
How did I know that?
Because of the near exact pattern of gold and silver (indicates algos play). This means Banksters deliberately want the price to spike.
The suppression most likely ends today.#silversqueeze
– Atla Gold (@atla_gold) November 4, 2022
A Twitter account said Friday’s silver rally was designed by “the banksters.” and insisted that an ostensible suppression of the price of money would soon end. “Today’s gold and silver rally was brought to you by the banksters“, the Twitter account stated. stated.. ” How did I know this? Because of the almost exact pattern of gold and silver (which indicates the algos game). This means that the banksters deliberately want the price to spike. The suppression most likely ends today.“
– Tim Hack #osmiumsqueeze (@realTimHack) November 4, 2022
Another user said that the silver market could go up in flames at any time and pointed out, “most people have no idea what is going to happen“. Peter Schiff’s website, schiffgold.com, says people should be bullish on silver and the blog post explains how Doug Casey discussed silver with International Man. The blog post explains that gold supporters should be “even more bullish on silver“.
“Silver usually outperforms gold in a gold bull market” the article highlights this point. “And the silver-gold ratio indicates that silver is significantly undervalued relative to gold. Historically, when the gap is this wide, silver doesn’t just outperform gold, it goes up massively in short order.“
Fed rate hikes put pressure on precious metals, US Mint says its “silver suppliers are increasing their capacity“.
Not everyone is bullish on silver, and the latest rate hike by the U.S. Federal Reserve has added pressure to the U.S. stock markets, crypto-currencies and precious metals like gold and silver. In late August, Germany-based Heraeus wrote that “rate hikes and dollar strength“suppressed the price of silver and gold in the company’s report.
A few days after the appraisal was released, however, Heraeus stated that, “demand for silver could jump due to increased polysilicon production. In addition, there has been a lot of talk lately about a silver shortage due to increased demand.“
#OTD in 1986, U.S. Treasury Secretary James A. Baker, III strikes the one-dollar American Eagle Silver Bullion Coin, the first investment grade silver bullion coin in history issued by the United States Mint. https://t.co/UDt555TEYr pic.twitter.com/yPSWQJRp7s
– United States Mint (@usmint) October 29, 2022
After publishing a tweet from the official U.S. Mint Twitter account, the latter responded to a person who asked why the coin issuer was unable to respond to the request. “Around the world, silver manufacturers struggle to meet demand for silver blanks“, said the U.S. Mint October 31, 2022. “The Mint’s silver suppliers are increasing their capacity in an effort to meet demand. The Mint also solicits other manufacturers to supply silver. “
Worldwide, silver fabricators are struggling to keep up with demand for silver blanks. The Mint’s silver suppliers are increasing capacity in an effort to meet demand. The Mint is also reaching out to additional fabricators to supply silver.
– United States Mint (@usmint) October 31, 2022
In addition, people have have noticed that if the cash price of an ounce of silver is 20.85 dollars per unit, the purchase of a physical cartridge is 20 euros more expensive. A one ounce American eagle silver coin will cost nearly 10,000 Euros or double the spot market price at $39 or more per unit. A 90% Morgan silver dollar will cost $36.99 or 77% more than the current spot market values for silver.