Silver and Platinum Metals Soar

Silver and Platinum Metals Soar
I thought last year’s shortages were crazy and long behind us. Today silver is up over $2 an ounce passing $30 an ounce for the first time in 8 years. Platinum is up $50 putting it solidly over $1100.
However, getting either metal has become next to impossible.
Yesterday, Sunday, was quite unusual. Only a handful of clients have my personal cell phone number, but my phone never stopped buzzing with texts. Emails also poured in.
Some were from people I have not talked to in years. Others were from relatives of clients or friends of friends looking to buy silver.
I tried to tie up some silver on the few trading platforms available to no avail.
By now, many of you know the Reddit group Wallstreetbets has made overtures about buying all the silver they can to force the hands of the big guys shorting the market.
It is no secret that the market is manipulated, at least to a degree, by big players who short silver.
The idea is to buy so much silver that the big guys are forced to cover their positions,
essentially making them buy silver at higher prices and take huge losses. This of course would force the price even higher.
If you followed the news last week with GameStop you know what happened as that stock went from under $20 to around $400.
Can they do the same with silver?
It appears they are having some success though I certainly do not believe the $1000 an oz target I see bantered around.
In any case, silver is likely to be a good bet long term regardless of this attempted takeover.
The current silver gold ratio is around 62- 1. That is within the average so silver is not overvalued at today’s prices. It has really caught up to gold at this point.
So, the question on everyone’s mind is
Here is a short list of what I have in stock as well as items I can lock in with delayed delivery. Supply is very limited!

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  • Nick Grovich