Seems like reddit has decided that SLV is not worth buying because it's not shorted unlike the stocks (instead is long) and they're warning anyone that people who want you to buy Silver are actually Hedge Fund Managers in disguise.
1. Your style is much more accessible now than it was at UR, and I love it. Unqualified Reservations, it seems to me, was written for sophisticated progressives in a self-consciously obfuscational style calculated to seem chic to them, a la Zizek. Gray Mirror is plain, pedagogical language for us rubes who naively care more about truth than fashion. Please keep it up!
2. Your readership and commentariat, I fear, has suffered hopeless degradation as your reputation has expanded in your absence. (It now includes me, for instance.) I think you will never again have the smartest group of commenters on the internet.
Very interesting piece, helping to understand what is happening. I am still not completely clear why there supposedly is a need for bullion banks to perform maturity transformation in the silver market. If silver is a commodity, why doesn’t it behave like other commodities (oil, copper, whatever) with phenomenons of contango and backwardation explaining the relationship between current and future prices. Wondering whether bullion banks tend to be excessively leveraged because they are called “banks” and have a mental model in which the Federal Cavalry always come to the rescue at the end, whereas if they just saw themselves as commodity traders they might be more careful.
The Federal Reserve has become the BOJ^2, in my opinion. Although the economic space of the United States is very different from the Japanese economic space of the late 80s {i.e Americans do not save at the same rate as the Japanese, The Japanese economic agent very rarely use personal credit cards, entailing lower consumption hence, the United States having a low probability to be in similar deflationary environment}, it's hard to not perceive the financial shenanigan's that the financial and banking class have to pull in order to generate their ''alphas''. The ''regulation'' of inflation, in the style of New Zealand who ''pioneered'' having an economic space in which a 2% inflation now becomes an economic invariant and other various ''mechanisms'' by which central banks try to assuage the natural flows of markets, obviously leads to corruption, games within games, cartels (very much a staple in South Korea, Taiwan and the creator of the cartel-style business model, Japan--Mitsubishi, I am looking at you.) and so on. Although I am not Mr Gold standard, an underlying asset to back currency seems vital, may it be crypto or its evolution, when valuation have been made synthetic by Greenspan and co.
To quote Luttwak, the logic of strategy is paradoxical, if you want peace prepare for war.
We prepared nothing, even as the enemy made open war all last year.
To continue from where we actually ARE; as we prepared for *nothing* but shit posting and voting ...we chose sloth and are getting war... we must now gentlemen take any warrior we’ve got. If our only champions are pyros, then we make arson the highest virtue.
This isn’t new, the arsonists are essentially ravaging the enemies lands to destroy their economy. If this bothers you; decide to run, hide, or die- for ye will never fight. All that listen to any other counsel but fight or flight will die for their indecision.
We are of course a bourgeois nation in soul, or worse the aspiring striving evermore after an unobtainable “security”. Its gone, peasants.
And worse enough of your fellow peasants are revolting that we are all damned.
You’ll fight, flee or die. Only 2 of those choices can be made by you. Die ? Well just wait in your McHouse. It will be delivered to you, prepared by others; die as you lived. You’ll probably have Internet right to the end if that’s any comfort.
And as far as the precious Bunds, your damned 401Ks~ as you know they are actually gone. As far as public pensions Tholes vs US Bank opened them up to the Hedge Fund Raiders as well last June.
If your precious widdle bunds is what was holding you back, its gone.
If its flight then flee, and learn the supreme virtue in hiding- silence.
If its fight then join the fighters, wherever you may find them.
r/WSB has nothing to do with silver aside from bot accounts attempting to distract from $GME and provide Citadel with more liquidity to cover their short positions.
I picked up some silver on Saturday from the local bullion exchange, and came back on Sunday to change some spare cash I had into silver. Sunday morning, before the exchange opened, there was a LONG line. People walked out with reusable shopping bags FILLED with kgs of silver. The exchange sold out of bullion. When the tellers came to let everyone in line know they could not buy any silver, only pre-order, the atmosphere was manic. Fights nearly broke out. The silver run is NOT a meme. And its NOT (just) WSB guys. Its Boomers, Gen X, Trades people, and married millennials. What I saw was an instance of true popular demand, and an energy I had rarely experienced.
Maybe this will peter out like some kind of tickle-me-elmo holiday rush... but the demand is real.
Have you considered that the whole /wsb thing may be a LARP? One aspect of this story that has remained mostly absent from your articles is the connection between equity markets and the options markets. While equities are notionally a much larger market, pandemic fallout seems to have caused a general reduction in liquidity in this market. There is speculation that this low-liquidity regime has created an opportunity for options driven price action. Do you have a take on the connections between the widespread and automatic delta hedging operations of options dealers, and recent market moves? While the mainstream narrative is that /wsb YOLO options buyers are driving the underlying markets higher i.e. "tail that wags the dog," daily open interest in GME options is not meaningfully different than it was a year ago. It seems clear that hedge funds and other institutional money are piggy backing on this narrative, opening huge OTM call positions, but closing them by end of day.
Where do you get the idea that "silver" and "money" are the same word in almost all languages ? This is simply not true. In fact, the only language I know of where this is the case is French. Even the other Romance languages don't agree with it. It's a minor gripe but I care about linguistics enough to be bothered by it.
Seems like reddit has decided that SLV is not worth buying because it's not shorted unlike the stocks (instead is long) and they're warning anyone that people who want you to buy Silver are actually Hedge Fund Managers in disguise.
Two things.
1. Your style is much more accessible now than it was at UR, and I love it. Unqualified Reservations, it seems to me, was written for sophisticated progressives in a self-consciously obfuscational style calculated to seem chic to them, a la Zizek. Gray Mirror is plain, pedagogical language for us rubes who naively care more about truth than fashion. Please keep it up!
2. Your readership and commentariat, I fear, has suffered hopeless degradation as your reputation has expanded in your absence. (It now includes me, for instance.) I think you will never again have the smartest group of commenters on the internet.
hedgie hedgie short my stock, hedgie hedgie bite the glock
Very interesting piece, helping to understand what is happening. I am still not completely clear why there supposedly is a need for bullion banks to perform maturity transformation in the silver market. If silver is a commodity, why doesn’t it behave like other commodities (oil, copper, whatever) with phenomenons of contango and backwardation explaining the relationship between current and future prices. Wondering whether bullion banks tend to be excessively leveraged because they are called “banks” and have a mental model in which the Federal Cavalry always come to the rescue at the end, whereas if they just saw themselves as commodity traders they might be more careful.
The Federal Reserve has become the BOJ^2, in my opinion. Although the economic space of the United States is very different from the Japanese economic space of the late 80s {i.e Americans do not save at the same rate as the Japanese, The Japanese economic agent very rarely use personal credit cards, entailing lower consumption hence, the United States having a low probability to be in similar deflationary environment}, it's hard to not perceive the financial shenanigan's that the financial and banking class have to pull in order to generate their ''alphas''. The ''regulation'' of inflation, in the style of New Zealand who ''pioneered'' having an economic space in which a 2% inflation now becomes an economic invariant and other various ''mechanisms'' by which central banks try to assuage the natural flows of markets, obviously leads to corruption, games within games, cartels (very much a staple in South Korea, Taiwan and the creator of the cartel-style business model, Japan--Mitsubishi, I am looking at you.) and so on. Although I am not Mr Gold standard, an underlying asset to back currency seems vital, may it be crypto or its evolution, when valuation have been made synthetic by Greenspan and co.
To quote Luttwak, the logic of strategy is paradoxical, if you want peace prepare for war.
We prepared nothing, even as the enemy made open war all last year.
To continue from where we actually ARE; as we prepared for *nothing* but shit posting and voting ...we chose sloth and are getting war... we must now gentlemen take any warrior we’ve got. If our only champions are pyros, then we make arson the highest virtue.
This isn’t new, the arsonists are essentially ravaging the enemies lands to destroy their economy. If this bothers you; decide to run, hide, or die- for ye will never fight. All that listen to any other counsel but fight or flight will die for their indecision.
We are of course a bourgeois nation in soul, or worse the aspiring striving evermore after an unobtainable “security”. Its gone, peasants.
And worse enough of your fellow peasants are revolting that we are all damned.
You’ll fight, flee or die. Only 2 of those choices can be made by you. Die ? Well just wait in your McHouse. It will be delivered to you, prepared by others; die as you lived. You’ll probably have Internet right to the end if that’s any comfort.
And as far as the precious Bunds, your damned 401Ks~ as you know they are actually gone. As far as public pensions Tholes vs US Bank opened them up to the Hedge Fund Raiders as well last June.
If your precious widdle bunds is what was holding you back, its gone.
If its flight then flee, and learn the supreme virtue in hiding- silence.
If its fight then join the fighters, wherever you may find them.
r/WSB has nothing to do with silver aside from bot accounts attempting to distract from $GME and provide Citadel with more liquidity to cover their short positions.
“Of course the monarchist is on the side of SLV!”
I picked up some silver on Saturday from the local bullion exchange, and came back on Sunday to change some spare cash I had into silver. Sunday morning, before the exchange opened, there was a LONG line. People walked out with reusable shopping bags FILLED with kgs of silver. The exchange sold out of bullion. When the tellers came to let everyone in line know they could not buy any silver, only pre-order, the atmosphere was manic. Fights nearly broke out. The silver run is NOT a meme. And its NOT (just) WSB guys. Its Boomers, Gen X, Trades people, and married millennials. What I saw was an instance of true popular demand, and an energy I had rarely experienced.
Maybe this will peter out like some kind of tickle-me-elmo holiday rush... but the demand is real.
Have you considered that the whole /wsb thing may be a LARP? One aspect of this story that has remained mostly absent from your articles is the connection between equity markets and the options markets. While equities are notionally a much larger market, pandemic fallout seems to have caused a general reduction in liquidity in this market. There is speculation that this low-liquidity regime has created an opportunity for options driven price action. Do you have a take on the connections between the widespread and automatic delta hedging operations of options dealers, and recent market moves? While the mainstream narrative is that /wsb YOLO options buyers are driving the underlying markets higher i.e. "tail that wags the dog," daily open interest in GME options is not meaningfully different than it was a year ago. It seems clear that hedge funds and other institutional money are piggy backing on this narrative, opening huge OTM call positions, but closing them by end of day.
Head of Corn Dog Guild: "The Corn must flow!"
(We are at about two thirds of the price of March 2011. Make it happen, Reddit!)
https://i.4pcdn.org/pol/1612226554901.jpg
OK.....so am I supposed to buy Silver and get rich or not?
TLDR - am a buying SLV today or not?
I promise to read the essay after the market close.
Where do you get the idea that "silver" and "money" are the same word in almost all languages ? This is simply not true. In fact, the only language I know of where this is the case is French. Even the other Romance languages don't agree with it. It's a minor gripe but I care about linguistics enough to be bothered by it.