Instead of another chart heavy reminder that if one was on the wrong side of the precious metals trade or a “see I told you so rant”, allow me to first say “see I told you so” but I was wrong also.
I didn’t think I would be able to tell you so, so much, so soon. Just wow.
What does your esteemed humble see I told you so author mean?
Check this letter out from one of America’s largest coin dealers yesterday:
If you haven’t been paying attention since 2021, somehow see I told you so doesn’t quite say it. The events posted in this letter have never happened in my lifetime and did not happen during the 1979-80 price surge.
To add to this most amazing turn of events, even the US Mint has run out of silver apparently and/or has elected to ration the ever popular silver eagles:
If anyone thinks that silver is going to be easy to obtain, there is no listing for 2026 American Silver American Eagle coins on their webpage, just that warning at the top of the page like the 2024 above. This means that the ability to obtain American mined silver is difficult at this time (by law it must be struck from US mined silver) and that rationing of these coins is the rule of the day.
So if anyone thinks you can just pick up the phone and order some silver from your local dealer near cost or online, good luck
That train has departed the station.
But what is hilarious about this is what happens when the major trading houses who talk their book, pump the “precious metals is in a bubble” mantra, and get crucified by their actions and words.
I present to my readers the road kill known as TD Securities, via Mining.com:
TD Securities closes silver short in model‑portfolio update
The money line excerpt from the article is this beaut:
TD Securities on Wednesday said in a model portfolio update publication that it closed a short silver position after prices hit its exit level at $93.15 an ounce, resulting in a theoretical loss of about $606,000.
Theoretically, Eric Cartman is licking up the tears of sadness from this stupid move by TD.
Ever since silver topped $50 per ounce every responsible prognosticator, expert, hell speculative bubblehead and old fart bloggers like myself have been warning that wild price swings were probable and possible.
What is hilarious is that it is not just junior level traders getting scalped but solar manufacturers who depend on silver for the manufacturing of their products. Instead of hoarding silver in the $20 range just 4 years ago when a “green friendly” junta was in charge of the United States, these clowns just assumed that silver would be plentiful forever and since inflation was tame per government reports (wink wink nod nod), why would anyone start buying this archaic metal for monetary purposes.
From Bloomberg tonight (via Financial Post), another beaut as an ode to the short-sighted vision of another industry which only survived because of taxpayer subsidies:
Silver’s Rally Slams Solar Makers Struggling With Losses
Another classic snippet:
Panel makers are responding by raising prices and accelerating their plans to substitute silver with cheaper materials like copper.
Let’s just switch to another mined commodity which is on a price tear since 2024. Sounds logical to me.
These clowns do not recognize the infallible fact that before deflation occurs and obliterates many corporations not prepared for metals during a final inflationary spike and the price pain will prevent them from storing these important metals for the inevitable rainy day.
Why the hell did they think China has been hoarding all of these materials for over six years now?
The price to be paid by American ignorance and arrogance is going to be incredible at every level, and the people who think they know or can outmaneuver the metals market is going to result in a bloodbath in manufacturing and on Wall Street. Yet they continue with the mantra that this too will pass and the top is in so don’t worry, AI investments are better and the government will cover your losses.
But oh no, let’s step in front of the Silver Bullet train because nothing bad has ever happened in the past.
It’s only going to get worse as silver’s range increases with each new high and barring an unforeseen disaster or government(s) intervening, odds are the sob stories from Wall Street bankster desks of fools who were not around in 1979-1980 will start leaking out via news of massive write offs and comodity desk terminations.
Enjoy the show folks, it’s only going to get worse and wilder depending on which side of the trade you are on.
I just hope my readers remembered my long time saying, if you don’t hold it, you don’t own it.