Silver: Buyer of “up to a billion dollars” in eagle coins emerges – ZH

Silver: Buyer of “Up To a Billion Dollars” in Eagle Coins Emerges

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THURSDAY, JUL 21, 2022 – 6:01

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Silver Eagle Whale Story

Authored by GoldfixSubstack

There is a story circulating of a Texas, female, billionaire who has purchased a large amount of Silver Eagles, and intends to buy more. This was disclosed by coin dealer Andy Schechtman of Miles Franklin Precious Metals  who reportedly filled her order. No-one has as of this writing yet ascertained the veracity of the claim.

As market participants in the space for some time, We assume there is truth to the recent buys as stated by the speaker with a touch of hyperbole on the potential future buys as relayed from the customer. Otherwise, who can know?

The key statements for us were:

  1. “The client wants us to tell the world that she placed this order”
  2. She claims this is the first of several, up to a Billion dollars of orders she wants to place”

We have seen this before, and chances are so have you. The order was likely real and had probably distorted silver premiums for months due to the supply crunch. Subsequent orders are not a given but may happen.1 The two phrases listed above are very specific and designed to make a genuine statement without putting the speaker at risk. The speaker to our knowledge is a reputable professional with a keen understanding of the implications.

The Silver eagle whale clip…

H/T Scottsdale MintSource video in which several  reasonable geopolitical statements beyond the headline story are made.

Historically, you announce after you are filled, not before. Therefore this order could be a legit explanation for the premium stickiness over the last several months. But we know of noone who ever stated they may buy a $billion more after buying “only” $50 million of something. First time for everything maybe. If the coins were in fact purchased and any amount more are bought in the future, then this “whale” did us all a public service by letting the dealer disclose.

Assume the order was real, the order has been source-filled, and premiums will continue to remain hi through August. If she buys more, they have to go higher. If not, they will collapse. That’s the way we will watch this. The black swan is if others get the fever to buy. The future will tell us more.

Which brings us to the last time a person announced their bullishness, only to, as of yesterday, exit his buys while last telling people he would not sell, and that his asset was the future of money.

Elon Musk Sold Bitcoin

Despite claims of having diamond hands, assurances post his SNL appearance he was a “pumper but no dumper”; Tesla did in fact sell much of its bitcoin (75% of the remaining initial purchase after already selling 10% last report). This was ostensibly because they needed the cash for operations. Here is one of many instances where Musk proclaimed himself not a seller of Bitcoin.

Speculation is he had a put option struck at the purchase price from early on and exercised it to exit the position or had hedged the risk with CME futures earlier on. The richest guy in the world couldn’t stomach less than a billion in Bitcoin risk.

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