Jim’s Rant For The Day. Where’s The Silver Beef?
What’s the deal Jim? You said it would go crazy today but the Money Channel says everything is copacetic. The price on TV is just $29.56 per ounce, ETF Price. Where’s the beef?
The beef just went thataway. The physical price is just now breaking away from the paper promise price (ETF) per ounce. That is the number the TV is talking about. They are conning you.
I calculate the Street price by looking at the delivery price for 100 Silver Eagles, purchased with a Credit Card. At JMBullion today that cost is now $42.69, the Physical Price. That now includes a $13 Broker fee. Friday the Broker Fee was just $3.
Keep in mind no one today is buying ETFs. Everybody is scrambling to buy physical. The ETF market died today. The ETFs are now being relabeled AWs (Ass Wipes). The Banksters have just lost the ability to control the silver price.
So Friday the Street Price for one ounce (my method) was around $31 and now it is around $42, an increase so far today of around $11 per ounce, for a 35% increase. Is that enough beef for you?
Now pace yourselves folks, we have many days of this rocket blast ahead to compute.