Silver Tops $83: "When Prices Move Like This, An Awful Lot Of Bad Things Become Possible…"
The final week of the year begins with silver adding to a stunning month of gains, topping $83 for the first time…
On Friday, we saw a record high price spike for silver that produced a record high price for the white metal. Meanwhile, we saw record high prices for gold on the same day.
This has never happened before, and that shows the currency crisis long predicted is here. Rubino says,
“Currencies are pouring into real money in anticipation of the existing fiat currencies dying. That is a whole different thing and on a much bigger scale because the numbers are grossly inflated after 70 years of a credit super cycle. So, what we have seen so far is really just the beginning.
Gold and silver have had huge runs, but they are doing it when things are more or less still normal. Precious metals are starting to soar in anticipation of something abnormal coming.
Right now, this is a bigger gold than silver story because gold is the money we go back to when national currencies fail. Silver is a more complex story because it is also an industrial metal.
There are new industries that are using more and more silver, and there is just not enough silver to satisfy that demand.”
Rubino contends the silver price spike will bring on a lot of volatility. Rubino points out, “That is pretty much a lock…"
"Silver is probably going to bounce around a lot in the next week or so. . .. All the silver is being sucked away, and when they run out, they say we will just pay you cash for these futures contracts. If that happens, that is basically the end of paper exchanges.
We will just totally stop trusting them.
Why would anybody want a long futures contract on an exchange that just defaults . . .. This is another big thing that might happen in the coming weeks.
When you see prices move like this, an awful lot of bad things become possible. . ..
There are a lot of shorts out there that just went massively underwater on Friday. . .. Somebody big has a lot of losses. . .. It’s like Warren Buffett says, ‘You only know who has been swimming naked when the tide goes out. Well, the tide has gone out for silver, and now we are going to find out who was unwisely short that market in the past week.”
https://www.zerohedge.com/precious-metals/when-prices-move-awful-lot-bad-things-become-possible