#SilverGoldStackers Official Nomination Post - 1/31/2021

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Is the #silversqueeze underway???

Not much with nominations this week, but we do have some excitement happening in the PM's. This may just be the moment I've been waiting years for. I'm not getting my hopes up, but they are going after SLV...

One of the largest coin dealers in the world, Apmex, sent out this letter tonight to customers. (It's long)

To our valued customers,
APMEX Statement On Current Market Conditions:
In the last week, we have seen a dramatic shift in Silver demand from our customers. For example, the ratio of ounces sold per day was running about two times earlier in the week and closer to four times the average demand by the end of the week. Once markets closed on Friday, we saw demand hit as much as six times a typical business day and more than 12 times a normal weekend day. Combined with the extremely high demand levels, we are also seeing a surge in new customers. On Saturday alone, we added as many new customers as we usually add in a week.

Any Precious Metal dealer will take a long position in the futures market to protect against spot price exposure when the markets open. We do this because it is our goal not to take a speculative position on metal. The weekends are unique as we are not able to real-time hedge our position. We took an aggressive position this weekend, but clearly could not have predicted the volumes that were seen. We have partnerships around to world that allowed us to cover these long positions, but only to a point. Once we exceeded our comfort levels, we had little choice but to stop the sale of Silver on our website. This was a difficult decision to make and unprecedented in our history.

As we evaluate the markets, it is difficult to know where Silver's price and demand will go in the coming day and weeks. APMEX is highly capitalized and has more than $150 million in inventory to support demand. We have made strategic decisions to procure additional metal, locking up any metal we can find in the market place. We suspect premiums will rise and rise quickly, as we are seeing significant increases in our costs, when we can even locate the metal. It is also highly likely that we will need an additional day or two to fill orders based on current order counts. The one guarantee we can make to our customers is that you will only be sold metal that is on-site, or we have procured the metal with a firm commitment date from our partners. In markets like this, we feel this is the best approach a retailer can take, as no one can predict product availability.

We want to thank our customers for their patience and understanding during these turbulent times. APMEX prides itself on best in class service and delivering on promises to our customers.
Sincerely,
Ken Lewis
CEO, APMEX

New Member Nomination List

Nominated Member	Nominator	Sponsor	Mod Confirmed
-	-	-	-
-	-	-	-
-	-	-	-

Let's check out the markets.

Metals

Metals are about to see movement like they haven't in many years. For ever ounce of silver in physical form, there is over 50 contracts claiming that same ounce. Things could get really interesting, really quick.

One thing people need to remember is price limits. A while back they put them in place for what I imagine is this exact situation.

If you don't know where I look at these prices, you can find them over at Kitco.com.

Bitcoin

BTC is looking good and has held the line on the 4hr chart. For once BTC isn't the most exciting thing to watch this evening/morning!

These screenshots come from a free charting app called Tradingview.

4hr

Daily

The daily chart is also holding the line. It would be nice to get a candle close above the $34.2k range. That would put us back in the upper limits of the 20 period moving average.

Stocks

Pre-markets are up slightly. I can only imagine if things get crazy with metals, they will halt trading. At least for SLV, GLD and whatever else they see fit. Should be interesting to see how this all plays out.

These pre-market numbers are from CNBC for no specific reason.

That's all we got this week folks!

Who are we?

SilverGoldStackers is a group comprised of Precious Metals Investors, Collectors and Enthusiasts. We are always looking for new members who post quality and informative content about Precious Metals.

All you need to do is post about your collection or interests in Coins, Bullion, Numismatics, etc. Then use the #Silvergoldstackers tag in your post. You might even tag a few of the people you follow in SSG in your article.