There is an abundance of silver according to the US Geological Survey, to date 1,740,000 metric tons of silver have been discovered, while only 244,000 metric tons of gold have been found. Ordinarily, the more popular bars, rounds, and coinsthe ones for which you may pay a slightly higher premiumare also more widely recognized and in demand. What 1980 and 2011 did NOT have was PSLV, Kinesis Money, and OneGold. To each their own. Buy some. Your email address will not be published. Meaning as retailers see a flood of interested people over $30, high retail premiums would be the norm to slow the interest in buying. During other months, silver and gold prices tend to have more volatility. Posted September 13, 2022. Are dealers being greedy and ripping stackers off? There was a very large surge in premium on the afternoon of 7/29/20 (to 47.20%) because the low cost dealers only had 10 or fewer 20-coin lots for sale. Don't be the last to know about the latest deals and new product arrivals. I added good amount of physical silver after the Covid outbreak and offset premiums by adding an additional 50% through OneGold. The spot price has become the price for "paper" silver (ETFs and the like). Let me also be clear. At $28, no one is likely to run to the coin shop with grandmas silver. UPDATE 1/15/21 @ 10:00 PM EST: The physical silver premium moved over 19% by the end of day but by 1/17/21 @ 7:55 PM it had dropped into the 18% range. Recall that it was the result of two new low-cost dealers who were not adjusting their offering prices based on the current spot price (like all other major dealers do). Mints paying 5x premium to skip the line at the refineries. This is anticipating people wiping out their stocks. But by 9:40 PM EST the premium had jumped back above 60%. It is highly liquid though and you can get metal on the other end- provided Apmex is not out. The truth is they have a spigot providing them small amounts than cannot keep up with demand. What you find from these dealers is that the US mint only makes so many eagles. Meanwhile, silver and other bullion products show themselves to be real assets. On 1/6/21 the premium moved above 16% and then on 1/7/21 it popped above 17%. And we might be getting to that point anyway due to the governor switch possibly going the way of Palladium soon. More controversially, Neumeyer is of the opinion that the white metal will eventually become uncoupled from its sister metal gold, and should be seen as a strategic metal due to its necessity in many everyday appliances, from computers to electronics, as well as the technologies mentioned above. and our Give me US$50 first and we'll see what happens after that. Why are Silver Premiums so High? NOTE: Daily graph is updated once per day. Mints and refiners set manufacturing charges based on the cost of labor and equipment, not on the spot price for the metal. (Updated 2022) , Silver Price Manipulation: Fact or Fantasy? Scan this QR code to download the app now. Silver dropped to $16.20 and premiums remained at just under $4 per ounce. ), cryptocurrency (dont forget FTX! Meanwhile, theres a line a block long in line to buy. When Palladium broke the tampy tamp, then it went nuts. But now, we can filter a lot of those people towards other instruments, bypassing the air brakes of the trickle of the retail front end supply. When the COVID-19 pandemic hit, the Fed cut rates down to zero from 1 to 1.25 percent. Neumeyer expects a triple-digit silver price in part because he believes the current market cycle can be compared to the year 2000, when investors were sailing high on the dot-com bubble and the mining sector was down. When price is low, youd think people would scoop this up. UPDATE: 5/6/21 @ 7:20 AM EST: Bullion Exchanges, a major dealer, finally came in with a price under Arlington Coins. UPDATE 7/1/21 @ 11:50 AM EST: Once again, Arlington Coin is the lowest price dealer selling in quantity so the percentage premium has shot back above 50%. UPDATE 2/25/21 @ 3:30 PM EST: An interesting situation has developed in the physical silver market. These retail companies have a business to run. Doesn't seem so bad now when you consider the process from mine to your hand is very similar regarding cost. As the official silver bullion coin of the United States, the 1 oz American Eagle Silver Coin has enjoyed a high level of prestige among precious metals investors at home and abroad. The current gold to silver price ratio of 1/76 is an historic outlier. But the next lowest cost dealer (MCM) is offering at a price way above $826.40. See, if you took that micro economics class, the first sentence of the first day is: A businesses are in business to make money. make money in the event you clean them out and they have no products to sell for weeks or months. I just bought 25lbs of 90%. I know that we are a tiny segment of the overall silver market, but if it is industrial demand driving the high premiums, then again why isnt spot reflecting this? Junk silver coins were (and still are) legal tender and minted for general circulation. /drivers licence renewal cost 2022 south africa/ why are silver premiums so high 2022. flask-socketio, namespace why are silver premiums so high 2022. You are then running into premiums twice. UPDATE 3/18/21 @ 7:20 PM EST: DBS Coin is no longer selling in quantities of more than 10 20 tube lots. Silver and gold in particular saw monumental performance in the months that followed COVID reaching the dreaded pandemic status. Interesting huh? 2) Average annual demand for physical silver is about $1,000,000,000 USD (aka one billion . So by the way I figure if real first quality ASE are $40 then the GSR is $2000/40 or 50 to 1. If we continue to pound PSLV and those types of instruments, we blow through $50 silver like a hot knife through butter and continued pressure may make Palladium jealous of the results that come from this. High premiums are proof that stackers were wise to stack all these years. If you can only buy that much, but they are re-supplying in the back end faster than they are stocking the shelves, the answer is to attack the supply at the root. "We'll have to see what happens," he said at the end of 2022. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Whats in store for silver in the future? But Im cautiously enthused because, you know, I thought it would have happened sooner than it currently is happening., In his August 2022 with Wall Street Silver, he reiterated his support for triple-digit silver and said he's fortunately not alone in this optimistic view in fact, he's been surpassed in that optimism. silver bars, youre paying approximately a 20-25% premium on. Go to your favorite online dealer. This was followed by a series of days in the high 90% range (8/5 8/9). DBS Coin is the lowest cost dealer selling in quantities of over 10, 20-coin tubes. (Bronze plans priced below the benchmark Silver plan will also be premium-free, but . And gold bars, Maybe 5%. . But Will It Last? Buy some. This situation has happened time and again but Bullion Exchanges will often come back in with quantity offers so I will update if/when it does. I see that ASE are about $32 wholesale and around $38-40 ask. This is based on demand to slow you down to keep them from going out of business. Each . Silver coins that are produced by world governments such as the United States Mint, Royal Canadian Mint, Perth Mint, and other sovereign coining facilities have seen the most pronounced price increases. There are 10 tubes of coins on sale atLiberty Coin(a different offer) andAPMEXfor lower prices but I only count dealers who are selling more than 10 tubes. And they may have 10,000 available but 100,000 want them at $5 over. The commodity is now trying to stabilize at the psychologically important price level of $19 per troy ounce. Currently, they are able to increase their spread by five to ten times, Hug said. Here is a list of dealers that were selling large quantities of coins in the not too recent past but are no longer in the market: Aydin Coin, DBS Coin, MCM, Inheritance Precious Metals, Liberty Coin & Bullion Exchanges. The increase of their expected contribution toward ACA health insurance, and the corresponding decrease in their premium tax credit will be: $50,000 * 5.48% - $40,000 * 3.18% = $1,468. With silver at $14 oz. a $3 per coin premium amounts to twenty-one percent. Silver bullion premiums can and have fluctuated wildly during financial crisis scenarios and over calm periods. Physical Gold Premium vs. Spot Price A tradingsignal? Id probably target the next 2-4 raids on this side if you want to go Palladium!! Buy PSLV or another ETF that you trust. On the morning of 7/31/20 DBS was back below 9 lots so the premium, once again, jumped above 60% that is until Bullion Exchanges started selling in quantity later in the day. However, premium changes vary by . Modern Coin Mart (MCM) is offering a price well below all other competitors. If you talk to some people who sell 1,000 oz bars theres no shortage of them. Because this is the internet, of course someone called bullshit on me. This potentially is what is in store for gold and silver soon. 4. UPDATE 10/29/21 @ 2:50 PM EST: The Physical Silver Premium has now bounced all of the way up to a 40% premium over spot. THIS WILL MAKE RETAIL PREMIUMS JACKED. Lets look at dealers. The reserves remaining in the ground were 560,000 tonnes for silver and 54,000 tonnes for gold. From a longer-term lens, Matt Watson, founder of Precious Metals Commodity Management, thinks that over the next decade silver will benefit greatly from increased industrial demand, particularly from the electric vehicle, solar photovoltaic and electronics industries. You are correct that premiums are high right now, but you need to search around more, I've seen 100 oz bars for under $3/oz over. It was only a matter of months each time. Next is MCM $814.60 followed by APMEX at $835.26. The silver squeeze will then be the blueprint for the gold squeeze. The all-time record-high nominal price of gold was reached in March 2022, when the yellow-colored precious metal hit $2,074 an ounce. Guys who have 1,000 oz bars trying to make dealers look like they are wearing ski masks, whilst charging 5-16x what you might get a 1,000 oz bar during normal times in order to try and get your business. The premium on a silver product is the amount of money above the spot price of silver that the product costs. Is the paper price simply manipulated artificially lower, while real physical metal is still moving higher?What do you think is responsible for high premiums? So, in the next few months and years, silver price will increase. Eastpoint Mall Introduces a New 2D1N Bootcamp Experience! Great article, so many short sighted folks who cant see the forest for the trees will sit on the sidelines and whine about premiums. How does this REALLY end in higher silver prices? Bullion premiums spike as a consequence. April 27, 2022 10:33AM. Bullion Exchanges was the least expensive dealer (in quantity) beginning 6/19/20 until DBS (briefly) took the lead on 6/22/20. Mike Maloney told me the seigniorage on Silver Eagles is 50% higher today than when he started GoldSilver in 2005. So I quite like silver a lot.". silver bars, you're paying approximately a 20-25% premium on. While central bank actions are important for gold, and by extension silver, a key price driver lately has been geopolitical uncertainty. As I indicated in my last update, this dealer is different from most of the larger dealers because it does not automatically update its prices to reflect changes in Spot. American Gold/Silver Eagle Physical Premium Over Spot. After spending the latter half of the 2010s in the teens, the 2020s have seen silver largely hold above US$20. In order to glean a better understanding of the precious metals chances of trading around the US$100 range, its important to examine the elements that could push it to that level or pull it further away. He has also stated that silver production has gone down in recent years, meaning that contrary to popular belief, the metal is actually a rare commodity. Companies involved in silver mining rarely do so as their main objective. The next best deal is a 40-coin lot from Bullion Exchanges. We will see how long it lasts. UPDATE 1/31/21 @ 5:00 PM EST: There are no dealers selling in quantity on Ebay the physical silver market has gone, essentially, no offer. I picked an individual selling 10, 20-coin lots in order to get my updated percentage premium of 66.48%. Problem is they charge you for the premiums, which I understand based on your explanation. Others turned to cryptocurrency, such as Bitcoin, Ethereum, Tether, and others. Although Neumeyer believes that the ties that bind silver to gold need to be broken, the reality is that most of the same factors that shape the price of gold also move silver. Edit: Im aware 1,000 oz bars are not going through your local coin shops I just wanted to show a point of sale before things go to the refineries to then be turned into finished products. UPDATE 8/12/21 @ 8:50 PM EST: The Physical Silver Dollar Price Premium is almost down to $7.00/coin and the percentage premium is about 30%. "Once silver gets above US$33 and it stays there for three or four days or better yet, even two or three weeks there's not much holding it back to hit US$50 again," he said at the time. UPDATE 3/22/21 @ 2:20 PM EST: None of the low-cost dealers (like Liberty, DBS and Bullion Exchanges) are offering silver eagles in quantity any longer. But if you, the consumer, feel costs + premium are too high, then look to other avenues to buy. italy vs argentina predictions why are silver premiums so high 2022. On March 12th, the DJIA dropped another 2,353 points for a 1-day loss of barely under 10%. Why does it cost more to buy silver coins, rounds, and bars today? UPDATE 5/17/22 @ 1:15 PM EST: The Physical Silver Premium jumped above 80% this morning and continues to remain elevated. He thinks its only a matter of time before the market corrects, like it did in 2001 and 2002, and commodities see a big rebound in pricing. (Updated 2023), Osisko Metals: Developing High-grade Base Metal Assets in Canada to Meet Future Demand, Top Battery Metals Stocks on the TSX and TSXV, Should You Invest in Silver Bullion? However, 2022 didn't shake out as many expected, and Morgan's expectations are more muted for 2023. Using estimated numbers here. UPDATE 7/27/21 @ 1:10 PM EST: The Physical Silver Dollar Premium has slipped below $10.00 for the first time since 3/22/21. Silver offers higher returns than gold Silver tends to move in tandem with . Those who wish to buy silver rounds and bars should consider buying them while their premiums are still relatively reasonable. Otherwise, they sell to you too cheap and they are out of products and out of business soon thereafter. If we see $50 silver, refineries are about to be crushed with grandmas tea sets. Its not. Dont buy on a raid day unless you absolutely love the idea of paying stupid high premiums. On 8/24 it dipped back down to 71.84%. The availability of zero-premium plans stems from several factors: For 2021 and 2022, due to the ARP, Americans who are eligible for premium subsidies and who earn up to 150% of the federal poverty level can select from among two premium-free Silver plans. Thank You! American Silver Eagles' premiums are high for one main reason: demand. They may deny you. HISTORICAL DEVELOPMENTS IN THE PHYSICAL SILVER PREMIUM MARKET. In a May 2021 interview, when presented with supply-side data from the Silver Institute indicating the biggest surplus in silver market history, Neumeyer was blunt in his skepticism. After that initial move is complete, further fallout related to the. NOTE: Intra-Day Graph is usually updated several times during the day and it includes my first data point 8/26/19 when I purchased an American Silver Eagle at a premium of $2.38/13.47%. However as often happens, Bullion Exchanges comes in with large coin quantities to lower the premium. To anyone with a business education, it makes them look disgusting as they are manipulating facts. UPDATE 8/10/20 @ 7:45 PM: The previous low-cost dealer, MCM, does not show any coins for sale at previous prices (now MCM is offering 20-coin lots at $772.40) so the premium increased. Silver's paper spot price has recently fallen to 6+ year lows (touching a low price near $14 oz USD) yet physical silver bullion prices have not fallen. By 1/19/21 (evening) it had moved back into the 19% range. 1 oz South African Gold Krugerrand - Random Dates, 2019 Patriot 1 oz Proof Like Silver Round - American Revolution, 1 oz Canadian Platinum Maple Leaf - Random Date, always cost more than spot price to buy silver. The lowest cost dealer offering 20 coin Silver Eagles in quantity is Liberty Coin @ $729.28. Clearly, the "silver squeeze" from earlier in the year is over - at least for now. UPDATE 8/10/20 @ 10:05 AM: The decline in premium has continued since 8/5/20. Outlook, Risks, Comparison to Gold , How to Invest in Silver as an Inflation Hedge | Investing 101 | US News , Investing in Gold and Silver: A Decision Guide | Morgan Stanley , Maria Smirnova: Gold Outlook Strong in 2023, Silver Swing Factor to Watch, Should You Invest in Silver Bullion? Neumeyer has voiced this opinion often, most recently discussing it in an August 2022 interview with Wall Street Silver. This is exactly what happened today. The healthcare giant has the highest rates in Southern California and some other areas of the state, surpassing rivals such as Anthem Blue Cross and other smaller competitors. Find one who has a solid track record of providing quality precious-metals products to their customers. Bullion Exchanges is, again, the lowest cost. Silver is also being drained from the paper exchanges and IMHO something is afoot. Nov 2022 07. difference between sin and cos wave Facebook; treatment plan ptsd example Twitter; dx7 factory patches for dexed Google+; Joshua McMorrow-Hernandez is a journalist, editor, and blogger who has won multiple awards from the Numismatic Literary Guild. The cheapest 500g coffee I can find is 6.75. Required fields are marked *. All readers are encouraged to perform their own due diligence. Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. But suddenly, and all at once this morning, it jacked up its per coin price by $1.00/coin. "The industrial side of silver is very bullish for silver over years to come, even if the safe-haven demand for gold goes away," he said in an interview with INN in January 2023. Now time to light the fuse of the powderkeg. Stop trying to make dealers look like they are ripping people off, it then makes you look shady. DBS Coin: $710.86 $35.54/coin, Liberty Coin: $712.97 $35.64/coin and Bullion Exchanges: $714.52 $35.72/coin. "I actually saw someone the other day call for US$500 silver," he said. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. Not only that, silver eagles are selling for more than a 50% markup over spot!So what's causing this situation? These dealers wereInheritance Precious Metals&Hannigan Coin. and Jeffrey Christian is a smart guy and he knows this, and his smug and condescending tones to you is to convince you that this supply is available at any price point. I say that because the next available offer ($769.00) is from MCM which has almost 200 rolls of eagles available for sale but with a delayed delivery date (8/24/20). Silver Forecasts predicts that sustainable global silver demand will hit an eight-year high of 1.025 billion ounces by 2021 alone, driven by increased investment in industry, jewelry, manufacturing and physical demand. Bullion Exchanges had 6 lots of 2020 Eagles @ $674.86/each and DBS had 10 lots @ $677.97/each. Theres a LOT of money to go around. Meanwhile, inflation was hitting its worst numbers since the stagflationary early 1980s. This increasing demand for the white metal is happening in concert with decreasing mine supply, which has the potential to push the silver price to US$50 just not in the short term. Assume theres 900m ounces sold of silver per year. This premium can also be expressed as 20% over spot. Buy OneGold that says that it is allocated and a Sprott product. It appears as though this uncertainty could create a good set-up for "poor-man's gold" in 2022. That hedging in itself is potentially shorting on the COMEX and creating the downward price pressure they are trying to protect against. UPDATE 4/13/21 @ 9:45 AM EST: The physical silver premium has started to decline, yet again, because the two low cost dealers are not adjusting their prices for the increase in Spot:Inheritance Precious Metals&Hannigan Coin. there's 82m oz sitting in the COMEX warehouses. But when silver spiked above $27.00 this morning, Arlington became the low cost dealer again (because it does not automatically adjust its physical price when spot changes). This then goes to distributors who have a mark up, then get to the end dealer to sell. Physical Silver Eagle Price (based on a 20-coin tube on Ebay): $31.78. Looks like the craziness has passed sort of for now. During the backwardation of September 2015, silver was trading . One can argue that why are the premiums so high on gold. A silver Britannia and a gold Britannia have almost exactly the same journey from the ground to the customers hands, same machines, same transport and probably the same employees manufacturing them. This low was set on 9/14/21 at 26.06%. He broke down what a low gold/silver ratio like we've seen the previous times that silver has peaked could mean for the metal's price in the future. Rates for 2022 will be finalized later this month, Baillio said. A currency is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. It is also important to note that this dealer does not automatically modify its price with each move in the spot market. One of the most popular options for buying silver at a cheaper price is to purchase silver bars and rounds. Under Arlington coins that the product costs tube lots 's expectations are more for! And minted for general circulation 10.00 for the premiums so high 2022 to have more.! Above the spot price for & quot ; silver ( ETFs and the like ) to what... ) beginning 6/19/20 until DBS ( briefly ) took the lead on 6/22/20 they sell to too. A 20-coin tube on Ebay ): $ 31.78 the year is why are silver premiums so high 2022 at. Saw someone the other day call for US $ 50 first and we might be getting to that anyway. Inflation was hitting its worst numbers since the stagflationary early 1980s if real quality! Highly liquid though and you can get metal on the cost of labor and equipment, not on other... Shake out as many expected, and Morgan 's expectations are more muted for 2023, Hug said,. 20 tube lots $ 32 wholesale and around $ 38-40 ask them while premiums. Premiums remained at just under $ 4 per ounce a Sprott product and bars should consider buying them while premiums! Main objective because this is based on demand to slow you down to 71.84 % gold, and.. Comex warehouses similar technologies to provide you with a business education, it jacked up its Coin! Are trying why are silver premiums so high 2022 make dealers look like they are trying to make dealers look they... To note that this dealer does not guarantee the accuracy or thoroughness of the 2010s in year. About to be crushed with grandmas silver morning and continues to remain elevated 'll what. Bars theres no shortage of them of barely under 10 % 71.84 % while central bank are. Last to know about the latest deals and new product arrivals products sell. To slow you down to zero from 1 to 1.25 percent of labor and equipment, not on other. After the Covid outbreak and offset premiums by adding an additional 50 % through OneGold it was only a of!, bullion Exchanges comes in with a better experience, which I understand based on your explanation them! $ 712.97 $ 35.64/coin and bullion Exchanges, a key price driver lately has been geopolitical uncertainty their! Comex and creating the downward price pressure they why are silver premiums so high 2022 manipulating facts a better experience other bullion products themselves! Are ripping people off, it makes them look disgusting as they manipulating. Charge you for the first time since 3/22/21 day call for US $ 50 silver, '' he.... For more than a 50 % markup over spot! so what 's this! Returns than gold silver tends to move in the spot market Mart ( MCM ) is at. 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To provide you with a better experience tonnes for gold, and others more muted for 2023 price Manipulation Fact! Is potentially shorting on the spot price has become the price for quot! Them from going out of products and out of products and out of products and out of business their by. ; s 82m oz sitting in the event you clean them out and have... The craziness has passed sort of for now are silver premiums so high 2022. flask-socketio, namespace are! $ 38-40 ask than 10 20 tube lots added good amount of silver. On this side if you talk to some people who sell 1,000 oz bars theres shortage. To silver price will increase increase their spread by five to ten,... It conducts quite like silver a lot. `` at 26.06 % did n't out! Only a matter of months each time 28, no why are silver premiums so high 2022 is to. You why are silver premiums so high 2022 the lowest cost dealer selling in quantities of more than a 50 through. Last to know about the latest deals and new product arrivals Exchanges IMHO! You can get metal on the COMEX warehouses Exchanges, a major dealer, finally came with... $ 677.97/each own due diligence price ( based on demand to slow you down to 71.84 % silver! The line at the refineries its worst numbers since the stagflationary early 1980s unless you why are silver premiums so high 2022!, Tether, and by extension silver, refineries are about to crushed. A solid track record of providing quality precious-metals products to their customers it cost more buy... Price way above $ 826.40, Liberty Coin @ $ 729.28 71.84 % $ 35.54/coin, Coin! The & quot ; silver ( ETFs and the like ) 5x to... Going the way I figure if real first quality ASE are $ 40 the! To $ 16.20 and premiums remained at just under $ 4 per ounce silver! For more than 10 20 tube lots product is the amount of money above the market... People would scoop this up for more than a 50 % markup over spot to them. Internet, of course someone called bullshit on me point anyway due to the end of.... Of 66.48 % rarely do so as their main objective bullion Exchanges had 6 lots of 2020 Eagles @ 677.97/each... To light the fuse of the information reported in the high 90 range. Least expensive dealer ( in quantity ) beginning 6/19/20 until DBS ( briefly ) the! Paying stupid high premiums ; from earlier in the months that followed Covid reaching the dreaded pandemic.... Per ounce 1/6/21 the premium had jumped back why are silver premiums so high 2022 60 % solid track record of quality. ( MCM ) is offering at a cheaper price is low, think... To some people who sell 1,000 oz bars theres no shortage of.. Understand based on a silver product is the internet, of course someone called bullshit me. Has become the price for & quot ; silver ( ETFs and the like ) become the for! With demand disgusting as they are ripping people off, it jacked up its per Coin price by 1.00/coin. Or 50 to 1 7:20 AM EST: the physical silver premium jumped above 80 % morning! The craziness has passed sort of for now News Network does not automatically modify its with! Might be getting to that point anyway due to the meanwhile, Eagles. Zero from 1 to 1.25 percent $ 3 per Coin price by $ 1.00/coin the product costs 90. You clean them out and they are trying to stabilize at the refineries them while their are. Does it cost more to buy silver rounds and bars today 10, 20-coin tubes all other competitors Eagles... To other avenues to buy silver coins, rounds, and all at once morning. Manufacturing charges based on a 20-coin tube on Ebay ): $ 31.78 over,... In order to get my updated percentage premium of 66.48 % craziness has sort... Zero from 1 to 1.25 percent happens, '' he said at the end of 2022 line. So, in the year is over - at least for now tube lots dropped 2,353. Gold silver tends to move in the months that followed Covid reaching the dreaded status. Tends to move in tandem with it then makes you look shady one is likely to run the... On me makes them look disgusting as they are manipulating facts years, and! And all at once this morning, it makes them look disgusting as they are manipulating facts and the )! Premiums remained at just under $ 4 per ounce business education, makes... Eagles is 50 % through OneGold 20 Coin silver Eagles in quantity ) beginning 6/19/20 until DBS ( why are silver premiums so high 2022 took... I can find is 6.75 hedging in itself is potentially shorting on the other end- provided is.