Three months ago gold was at $3900 an ounce and silver was $47 an ounce. They are now at $4900 and $86.50, respectively, an increase of about 25% for gold but nearly DOUBLE for silver. This is after their prices falling dramatically virtually overnight from highs of $5500 and $121.
The headlines were, as their prices kept rising and all these really valid sounding reasons kept being given for it on the financial pages, that banks were going to collapse because they had to deliver the metals at lower prices, and that the “New” values for gold and silver were going to devalue the Dollar.
Hovering over all this was the Ghost of T. Bunker Hunt, the great silver market price manipulator of the early 1980’s, whom I remember fondly, as he artificially inflated the silver price to record levels. I say fondly, because when he started, I bought a pile of silver bars and sold them before the collapse, and made thousands of dollars.
What happened instead this time as it did in Bunker Hunt’s day, was that there was a big rush by holders of gold and silver to sell at the inflated prices, which started a panic sell-off and the price crashed. Then the headlines read that “$Trillion$ lost as precious metals collapse”. The estimates wildly ranged from 3 to 5 trillion $. This is insane, as that loss would be the difference between the selling price and the new lower value, and mostly in gold, actually, and a $3 trillion loss necessarily means $12 trillion in actual sales. In the period of a few hours? As the price was suddenly dropping? Nope.
Certainly, a lot of people lost money and others made big profits, but the “trillions lost” is ephemeral, it’s just numbers, it’s the difference in value between the peak price and the bottom panic price of all the gold estimated to be held by investors. Most holders of precious metals neither bought at the higher prices or sold at them. A simple check on Ebay Advanced Search will show that actual sales when the prices really inflated were very low.
SO. Now we ask “what was the purpose of this psyop” and apparently it was to drive up the manufacturing cost of photovoltaic solar panels and various electronics in China, because it was the Chinese who were panicking over silver. They stopped all exports of it and bought all the silver they could at the massively inflated prices. If anyone lost one hell of a lot of money, it was the Chinese, because now their products that use silver have to be higher priced than competing wares, from, say, Taiwan? While the Taiwanese are setting up manufacturing facilities in the USA. 😆😆