the fed owns metal too and they dump it on eBay when it gets scarce.
I've watched key date 96 eagles and when their liquidy gets light there is always a dump of them at some suppressed price keeping them from rising with demand much.
this just my opinion based on 20 years of observations but the fed is in control of the physical price, until they are not. physical being the only check on the completely unchecked fed, they have to create a false reality that their fiat is real and real is base nearly worthless.
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