Silver Enters Acceleration Phase

Spot silver is trading around $26 per ounce…but you can’t buy any at that price.

Instead, you’ll have to pay almost 50% more.

That’s right. If you want silver right now, you’ll need to pay at least $35 per ounce.

If you prefer government mint coins, and you’re willing to wait a month to get them, you’ll have to pay upwards of $37 per 1oz. coin.

In the past year premiums on physical silver have tripled from normal levels. Bullion dealers have been overwhelmed. Product shortages are now commonplace, with customers waiting 3 weeks or longer for shipping.

The silver market has rarely if ever, experienced anything like this. Demand has not only soared; it has maintained these elevated levels.

So what’s changed? A lot. From social media attention and falling mine supply to safe haven and industrial demand, the silver market is on fire. And most signs indicate this trend is only going to intensify.

Silver, Bars, 5000 Grams, Real Value

Image Source: Pixabay

Sustained Silver Tsunami

In late January, a Reddit WallStreetBets (WSB) subpost triggered a call to action to buy silver. Bullion dealers were immediately shocked by a tsunami of buying. To be fair, that’s happened before. But this time has been different, as the buying wave has yet to let up.

At the start of February Alessandro Soldati, CEO of Swiss dealer Gold Avenue said, “Demand was 10 times a typical Sunday yesterday, and today I would say six times…Everyone is calling us saying ‘I want to buy gold and silver ASAP.’” That echoed what numerous other dealers were experiencing.

Silver’s price spiked from $25 to $31 before subsiding. But demand for physical silver hasn’t. And it seems it’s unlikely to diminish for some time yet.

Although this has been a massive buying wave, silver demand actually first jumped back in March 2020 as the initial COVID-19 shocks caused much of the world’s economy to shut down. Since then, silver’s been hot, and by all accounts, that seems likely to continue.

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