Why is silver soaring? The banks are in trouble. These details are public: Berkshire (BRK) sold 260 million shares of $BAC at $41, for proceeds of $10.6B. But Berkshire still owns more than $30 billion worth of $BAC. But probably not for long: here's what's not public, yet.
— Porter Stansberry (@porterstansb) October 18, 2024
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Can’t see the thread cuz I don’t got no X. If there’s a brief, main theme there I’d love to hear it.
No X either. IMHO BAC has a short position in the silver market of over 125 Million ounces of silver. As price rises the Bank is forced to make up the difference. This is the bulk of their problem. Next Most silver is a byproduct of other mining activities. There are few primary silver mines in the world and one of the largest in Mexico just shut down. Silver usage in Industry has exploded in the last 10 years and not just solar panels. Next Industry usage has exceeded mine supply for years and has been eating above ground stockpiles for 4 years. CHINA is buying dore’ from mines bypassing the “market” Russia just announced it will begin stockpiling silver as a strategic mineral reserve. There is an epic short squeeze developing that will CRUSH BAC and many others. Are you aware of what Warren Buffet calls “derivative’s”? Weapons of financial mass destruction. When BAC collapses a shit storm of derivative trades will be triggered. Trading will stop on the exchanges as bank after bank fails. Basically chaos, oh and silver will be unobtanium and the price will be north of 100 an ounce.