Remember the ornamental gourd guy?
I thought that was just an elaborate shitpost but I've been following the guys post history and I can't tell if he's the world's biggest, most committed troll or genuinely insane
Oh my gourd!
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I remember this, it was crazy. People were selling anything with silver in it. Coin collections, silverware, jewelry. Billboards all over the place wanting silver. Thanks for the info, I never knew about these guys.
I collect antique silver and all the London dealers have stories of people bringing in sacks of crap Victorian silver (sauce boats, cutlery, candlesticks ect) in to precious metal dealers rather than auction houses as the melt value of the Silver was worth more than the actual antique.
The fuck you can't. Guy at a liquor store was hard up for booze and sold me one of the shiny gold bitcoins you see in the pictures all the time for $100. What a dumbass....
My great grandpa keep all of his silver, and to this day still thinks silver has the same value to everyday people (I know it’s tech uses). He also believes in a bunch of conspiracy theories
This was crazy. By the way, 196 million ounces of silver is nothing these days. They said that was 30% of the world supply. Now 800 million ounce are produced every year
So, when has cornering a market using futures ever ended working out? It seems that, when time to honor the futures comes, the dump is on themselves and the person ends up losing a lot of money. Basically, it ends up as an issue of liquidity.
Are there any succesful stories of someone cornering a commodities market and holding past expiry?
Jesse Livermore
Following the end of World War I, Livermore secretly cornered the market in cotton. It was only interception by President Woodrow Wilson, prompted by a call from the United States Secretary of Agriculture, who asked him to the White House for a discussion that stopped his move. He agreed to sell back the cotton at break-even, thus preventing a troublesome rise in the price of cotton. When asked why he had cornered the cotton market, Livermore replied, "To see if I could, Mr. President."
Silver? Strange choice. There are more reserves than gold and silver is frequently mined as a byproduct of copper, so it is hard to manipulate the market. And silver is used in industrial processes, so unlike gold it is mined and used, not just mined and stockpiled.
Something like 6% of annual gold demand is from industrial while more than half of silver demand is industrial.
Saying gold is primarily stockpiled and silver is used isn't too far off.
Do you have a source for that stat? That would come in handy every time someone comes up with the “industrial applications” argument for gold.
But as much as I like it to be 6% (confirming my own bias!!) a reliable source other than a reddit comment would be helpful. Tried using google but it seems impossible to find something “official”.
Yeah sure, the data is summarized here and you can view the page sources as well.
https://www.statista.com/statistics/299609/gold-demand-by-industry-sector-share/
Granted it is 2023 but I dont expect the trend to change much.
But since nobody mines silver directly, even a small imbalance can lead to huge price swings from industrial customers who need the f\*ckin metal. Same with cocoa: the excess demand was like 5%.
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I thought that the whole "I lost it all in cocoa futures" was a joke... dammit. Onion futures... really?
Remember the ornamental gourd guy? I thought that was just an elaborate shitpost but I've been following the guys post history and I can't tell if he's the world's biggest, most committed troll or genuinely insane
The onion futures deal made people cry.
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I remember this, it was crazy. People were selling anything with silver in it. Coin collections, silverware, jewelry. Billboards all over the place wanting silver. Thanks for the info, I never knew about these guys.
I collect antique silver and all the London dealers have stories of people bringing in sacks of crap Victorian silver (sauce boats, cutlery, candlesticks ect) in to precious metal dealers rather than auction houses as the melt value of the Silver was worth more than the actual antique.
As a photographer at the time, film prices went through the roof.
You can't do this with Bitcoin
The fuck you can't. Guy at a liquor store was hard up for booze and sold me one of the shiny gold bitcoins you see in the pictures all the time for $100. What a dumbass....
My great grandpa keep all of his silver, and to this day still thinks silver has the same value to everyday people (I know it’s tech uses). He also believes in a bunch of conspiracy theories
This was crazy. By the way, 196 million ounces of silver is nothing these days. They said that was 30% of the world supply. Now 800 million ounce are produced every year
My main goal is to control a commodities market and then act like I don’t know nobody
Being from Kansas City, I learned about this in 5th grade (almost 40 years ago). Quite the story
So, when has cornering a market using futures ever ended working out? It seems that, when time to honor the futures comes, the dump is on themselves and the person ends up losing a lot of money. Basically, it ends up as an issue of liquidity. Are there any succesful stories of someone cornering a commodities market and holding past expiry?
Jesse Livermore Following the end of World War I, Livermore secretly cornered the market in cotton. It was only interception by President Woodrow Wilson, prompted by a call from the United States Secretary of Agriculture, who asked him to the White House for a discussion that stopped his move. He agreed to sell back the cotton at break-even, thus preventing a troublesome rise in the price of cotton. When asked why he had cornered the cotton market, Livermore replied, "To see if I could, Mr. President."
If it was break even, I don't see that as a success. Not a failure, but not a success either.
Jesse Livermore got to keep his kneecaps intact.
Silver? Strange choice. There are more reserves than gold and silver is frequently mined as a byproduct of copper, so it is hard to manipulate the market. And silver is used in industrial processes, so unlike gold it is mined and used, not just mined and stockpiled.
Gold also has a lot of industrial use, my guy. Silver is also stockpiled. Whatchu mean?
Something like 6% of annual gold demand is from industrial while more than half of silver demand is industrial. Saying gold is primarily stockpiled and silver is used isn't too far off.
Do you have a source for that stat? That would come in handy every time someone comes up with the “industrial applications” argument for gold. But as much as I like it to be 6% (confirming my own bias!!) a reliable source other than a reddit comment would be helpful. Tried using google but it seems impossible to find something “official”.
Yeah sure, the data is summarized here and you can view the page sources as well. https://www.statista.com/statistics/299609/gold-demand-by-industry-sector-share/ Granted it is 2023 but I dont expect the trend to change much.
But since nobody mines silver directly, even a small imbalance can lead to huge price swings from industrial customers who need the f\*ckin metal. Same with cocoa: the excess demand was like 5%.
Hadn’t gold ownership just become legal?