The US Mint's 1 oz gold face value was NEVER $250... until now.
• Standard modern #Gold Eagles & Gold Buffalos: $50 face value.
• Pre-1933 Double Eagle: $20 face value.
The new Liberty Bell commemorative carries a $250 denomination... 5× the traditional $50 face value.
At today's gold price ($4,000/oz), that same 5× multiple points to $20,000/oz.
The same level where December COMEX gold call open interest is unusually large.
Coincidence? Symbolism? Or nothing at all?
Happy Fourth of July!🎆
Comex trading halted, looking to reopen in 20 minutes.
Serious situation at the moment for the physical market. Seeing wholesalers closed due to the fact they can not hedge or get clean price discovery.
Shanghai **futures** are down hard, ~14%+. That matters. But it doesn’t mean what many think it means.
You’re seeing **futures convergence under stress**, not a collapse of physical demand.
What just happened:
Shanghai silver **futures** repriced violently.
COMEX repriced violently.
That’s leverage clearing on both exchanges.
What did NOT happen:
Physical premiums did not disappear.
Inventories did not rise.
Delivery markets did not seize up.
This is key:
SHFE futures are still leveraged instruments.
They are not the same as SGE physical or OTC spot metal.
In stress, futures everywhere will gap lower together.
That’s margin math, not metal abundance.
The real signal is this:
Even after a 14% SHFE futures drop, Shanghai pricing remains **well above COMEX** on an equivalent basis.
That premium survived a global leverage flush.
That tells you something important:
Paper cracked.
Physical did not.
If this were true global rejection of silver:
Shanghai would lead the collapse.
Premiums would vanish.
Inventories would rise.
Instead:
Futures fell.
Metal kept moving.
Premiums compressed, not inverted.
This is not “paper crime season everywhere.”
This is what synchronized deleveraging looks like when two different systems are under stress at the same time.
Price breaks first.
Structure breaks later.
Metal moves last.
And we’re still in stage one.
Last Friday, when silver was down 33% and my silver miners were down 11% I sold half my silver miners (lowering my tax hit) and rolled the $170M proceeds into PSLV.
Today I’m selling PSLV and buying 1,000 oz bars—1.93M ounces. If miners and silver rise to their mutual peaks, I will gain 20% extra on the transaction, lower my tax bill, and raise my silver ounce count to 14.8M ounces.
I’ll probably regret selling my miners, but I’ve decided to eliminate as much counter party risk as possible in an abundance of caution. Grateful for Hecla’s wild performance the past year.
Hope this purchase helps move silver back to a physical market after a century plus of price suppression
📢 Physical Silver Market Update
Supply is tightening fast.
Perth Mint, Metalor: not accepting any new silver orders
Argor-Heraeus & Nadir: severe backlogs, delivery Apr–May
We're actively sourcing whatever silver remains available in the market. Wholesale premiums have spiked 100-200%. As a result, our retail premiums are being adjusted to match these new wholesale realities.
We are well stocked with silver because we ordered months ahead. Simple as that. Including 1 kg Perth Mint bars that are back in stock now.
To sum up the week:
• Gold hit $5,000/oz
• Silver moved above $100/oz
• The USD had its worst week in nine months
• EM equities surged
• Industrial metals rallied
• Energy stocks posted their best four-week run in a year
Many still view these moves as isolated and unrelated.
I don’t.
My views:
• The USD is likely entering a multi-year downtrend
• Precious metals are in a secular bull market
• Miners remain deeply undervalued relative to metals
• Emerging markets are historically cheap versus US equities
• Energy is in the early stages of a resurgence
None of us own enough hard assets.
Again, these are just my opinions — please do your own DD.
Have a great weekend.
WHITEDOVE was right!!
in Aug 2018 when #Silver was $14 she predicted that it would go up to $100 .... that was hard for many to believe!! She said the next price target would be ... https://t.co/2j24KeKnzN
🚨🚨 HISTORY HAS BEEN MADE.
🥈 Spot Silver just crossed $100.
Not a prediction.
Not a model.
Not a narrative.
A FACT on the screen.
If you’re reading this after $100 Silver,
you’re already part of market history.
Welcome to the repricing.