SOMETHING CHANGED IN THE SILVER MARKET IN MAY: Here Are 3 Reasons Why

Something changed in the silver market in May as U.S. Silver Eagle sales have surged compared to the previous month.  This is quite interesting as precious metals sales and sentiment have declined in the West, especially in the United States, ever since Donald Trump was elected President.

Many precious metals investors thought that if Trump was elected, it would have been very positive for the gold and silver market.  Unfortunately, it seems as if the opposite was (is) the case.  Not only has demand for precious metals declined considerably in 2017 versus last year, so has sales of guns, ammo and survival food-supplies.  I gather many of those who follow the alternative media believe Trump is actually going to make America Great Again.  So, why protect oneself from a collapse?

This is a very bad assumption… as nothing has changed with Trump in the White House.  Furthermore, many analysts are saying that what Trump is doing could actually speed up the collapse of the U.S. economy and financial system.

Regardless, the fundamentals in the U.S. economy continue to disintegrate.  We are seeing economic bubble indicators reach or surpass what took place in 2007, before the bloodbath hit the U.S. Housing and Financial Markets.  However, there is one additional negative factor that wasn’t a problem in 2007 that is now a BLINKING RED LIGHT.

What is this new lousy fundamental?  It’s the U.S. and Global Oil Industry.  Back in 2007, most of the oil and gas companies were making decent cash flow and profits.  Unfortunately, the situation in the Oil Sector is orders of magnitude much worse than what is was in 2007.  Not only are the majority of oil and gas companies losing money, they have been also cutting their oil reserves.

This is extremely bad news for which very few Americans are aware.  Thus, we are now facing an extremely negative DOUBLE-EDGE SWORD of bubble economic indicators on top of a disintegrating oil industry.  Which means… the situation today is much worse than what took place back during the 2008 Global meltdown.

U.S. Silver Eagle Sales Surge In May Due To 3 Reasons

U.S. Silver Eagle sales surged 140% in May versus April… and we still have another week remaining in the month.  According to the recent update by the U.S. Mint, Silver Eagle sales reached 2,005,000 so far in May compared to 835,000 in April:

After seeing this spike in Silver Eagle demand, I called up a few of my contacts in the industry and asked if they could shed some light as to why sales jumped in May.  According to several sources, they stated that the huge increase in Silver Eagle sales were due to three reasons:

  1. There was an extremely large purchase by a single wholesaler in the Northeast.
  2. The small retail buyer came in a big way as premiums were lowered the most in seven years
  3. A group of respected technical analysts gave a buy signal for the Silver Market when silver was trading between $16-$16.25

These three reasons stated by my contacts, are what has likely driven demand for Silver Eagles to the highest level seen so far this year… if we exclude sales in January, which are always elevated as wholesalers are stocking up on the debut of the new coin release.

It seems as if a large buyer in the Northeast believes silver is a good deal at this price.  Furthermore, when the wholesalers lowered the premiums (lowest in seven years), there was an immediate surge in Silver Eagle buying via small retail investors which caused the premium to increase once again.  Also, the silver market underestimates the reaction when certain Technical Analysts put out a BUY SIGNAL.  Many individuals who follow or subscribe to these analysts, are big investors.  So, when they see a buy signal… they do so in a BIG WAY.

That being said, I would like to remind those reading this article (that might be new to the precious metals industry) please make sure you understand the difference between “PREMIUM” and “COMMISSION” when you decide to purchase precious metals.  There are a group of very widely advertised precious metals dealers that may have lowered their premium along with the other dealers, but still charge very high commissions for their products or services.

IMPORTANT NOTE:  The PREMIUM is what the dealer pays the wholesaler for the coin or bar.  The COMMISSION is what the dealer charges his client above the premium.  You need to ask what the commission you are being charged as many new investors are being taken advantage of… but don’t realize it until later, when it is too late.

While two million Silver Eagle sales so far in May are less than they were last year (4,498,500), this surge in demand suggests that the hype surrounding a Trump Presidency may be fading… and quickly.  If we take a look at Silver Eagle sales from FEB to MAY, we can clearly see that something has changed recently:

If the strong demand trend continues for the remainder of May, we could see Silver Eagle Sales reach 2.5-2.8 million.  Again, this is lower than what it was last year, but it is a sign that market is starting to SMELL A RAT.  And that RAT is a totally inflated STOCK, BOND & REAL ESTATE MARKET.

In addition, Silver Eagle sales are now out-performing Gold Eagle sales.  For example, in March when U.S. Silver Eagle sales were 1,615,000, Gold Eagle sales were 56,000 oz.  However, Gold Eagle sales in May are only 42,000 oz, while Silver Eagle sales are over 2 million.  Thus, the market is purchasing 48 times more Silver Eagles than Gold Eagles currently.

Lastly, for those precious metals investors who are frustrated by the disappointing paper Gold and Silver price performance since 2012, the STOCK, BOND and REAL ESTATE markets have never been in such BUBBLE TERRITORY.   For some odd reason, many precious metals investors tend to overlook the $7 trillion in Central Bank assets purchases (that were made public… could be much higher) from 2011-2016, and the whopping $1 trillion purchased in just the first four months of 2017.

It seems as if many Americans are suffering from BRAIN DAMAGE as the MainStream Media continues to put out the most misinformation and propaganda in history.  This causes individuals to lose the ability to think CRITICALLY.  And with that will come a great deal of pain and misfortune when we finally see the collapse value of most STOCK, BOND and REAL ESTATE prices.

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62 Comments on "SOMETHING CHANGED IN THE SILVER MARKET IN MAY: Here Are 3 Reasons Why"

  1. “Not only has demand for precious metals declined considerably in 2017 versus last year, so has sales of guns, ammo and survival food-supplies.”

    the doomers just wanted to be ready in case hillary was elected. being good preppers, come election day, they were ready. now that they’ve all got 10 ammo cans packed full of gold and 100 guns stuffed into their closets and 1000 ammo cans jammed full of ammo shoe-horned into their garage, well, they’re done, so sales drop. that’s all.

    “I gather many of those who follow the alternative media believe Trump is actually going to make America Great Again.”

    a few enthusiasts, sure. but most understand that trump cannot address the systemic problems we face and thus view him as being at best a temporary reprieve and delay.

  2. “A group of respected technical analysts in the silver market”??? Who would that be?? The most manipulated precious metals market there is?? How can technical analytics be relevant in such an admittedly highly manipulated market? Hint: it can’t. So either everyone’s an expert (unlikely) or nobody knows nothing at all about this silver market. Take your pick…

    • “So either everyone’s an expert (unlikely) or nobody knows nothing at all about this silver market.”

      you left out plain old lying ….

      • I know I have plenty of guns and ammo to get myself killed, a water well and sack of beans and rice, I know the stock mkts are tippy, interest rates are in the dirt and the govt always inflates the currency.
        I know bitcoin don’t shine and I know pms had value in the past.

        • olegig,

          For some odd reason, gman does not respond well to LOGIC and REASON. However, I would imagine he will continue to make 100’s of comments suggesting he knows otherwise… LOL.

          steve

          • No worries Steve, if one just takes a quick look around, one can find many, many examples that Darwin was mistaken.

        • “I have plenty of guns and ammo to get myself killed”

          excellent. so many fail to consider that likelihood, they think they’re just going to rambo through the apocalypse horde. when, of course, the horde is not gazing in awe at their superior wisdom in storing lots of economic energy in the form of gold ….

          • gman,

            I see that the email address you used to get COMMENTING privileges on this site is not a REAL ONE. I tried to email you personally, but it came back as “ADDRESS NOT FOUND.”

            I did a little search on your IP address and came across something quite interesting. You know what I mean…. don’t you?? Of course, that stays between you and I.

            However, if you want to continue commenting on this site, please provide my database with a REAL EMAIL ADDRESS or I will discontinue your commenting privileges. If you agree, I will send you and email and you will respond. If not, I will lock you out.

            COMPRENDE???

            steve

          • “However, if you want to continue commenting on this site, please provide my database with a REAL EMAIL ADDRESS or I will discontinue your commenting privileges.”

            and all this time you said keep posting. ok, I’ll stop. all you had to do was ask.

            but gold stores nothing.

          • gman

            I never said STOP POSTING. But I find it interesting that you leave so many comments after providing a BOGUS EMAIL ADDRESS. You can continue commenting to your heart’s desire, if you provide me with a REAL EMAIL ADDRESS and you respond to an email from me.

            Then you can KNOCK YOUR SOCKS OFF. I don’t think that is much to ask for.

            steve

          • Hmmm, about that ip adress… let me guess, from the colloidal silver community?

            😁

          • Pablo Malaga | May 24, 2017 at 3:19 pm |

            It must some langley IP

          • Not CIA but close enough. I’ve stumbled upon this a while ago, Steve, but it never came up to mention it to you. Now you know… 🙂 Well, I guess comment trolling PM sites is a notch better than watching porn while getting paid by taxpayers.

          • Out;ookingIn | May 24, 2017 at 5:01 pm |

            gman

            “but gold still stores nothing”.

            You are absolutely correct – when you have NO GOLD!

  3. The last gasp is in full swing. Stocks at all time highs, crypto’s exploding, lots of geopolitical events happening. Central banks working overtime to keep the plates spinning. The future doesn’t look good. Its all fun and games on the tropical island, and no one sees the pirates on the horizon through the fogs of fiat.

  4. Isn’t it also possible that folks waited till after their taxes we’re done to see what funds they had left for such purchases? When you add April and May sales numbers together and divide by two, the average is not so far off from March.

  5. silverfreaky | May 24, 2017 at 1:31 pm | Reply

    One Bitcoin increased in seven days 1900%.And we are sitting five years her and waiting for 17$.
    We should stay in the corner with the donkey cap?

    • silverfreaky,

      Ah… I see. Another frustrated precious metals investor. I am not surprised. While the Crypto-currencies have moved up 2,000% in a very short period, I would caution investors as this trend may not be sustainable.

      However, what is taking place in the crypto-currencies is a good precursor for what will occur in the Gold and Silver Market.

      steve

      • silverfreaky | May 24, 2017 at 2:14 pm | Reply

        Better use instead of frustrated the word most stupid.
        The award for the most stupid investors is save.

        • silverfreaky,

          Your BELLY-ACHING and WHINING is most certainly not a surprise.
          But, please make sure you come in here and let us know how wrong we were when the Gold and Silver Market really takes off.

          steve

      • The dollar value of silver is irrelevant. Think about it…it isn’t like silver and gold all of a sudden became valuable when America was born and the dollar was created.

    • Patience grasshopper.

      http://wolfstreet.com/2017/05/22/cryptocurrencies-alt-coins-ethereum-bitcoin-hedge-funds/

      The system is going down. Don’t give me profit related comments silverfreaky. Its just plain stupid.

  6. GMAN has been trolling TF Metals and SilverDoctor’s for years now. He is paid to leave his ridiculous comments on PM boards or just likes being an a$$hole…

  7. Steve. I have a question:

    When you say that there is 600 times more fictional paper silver being traded than actual physical silver every year, does that mean that silver is actual 600 times more valuable than the current market price? (17×600=10200)

    If this is true, then what is going to happen when the pressure on silver being applied by the central banks and banking conglomerates around the world fails, and prices not only return to their natural level, but precious metals begin absorbing the inflated value in real-estate and equities?

    • Eric Bauer,

      It’s impossible to tell how much higher the price of silver would be if JUST a FRACTION of exchange traded funds moved into purchasing physical silver instead of contracts via the COMEX and etc.

      The reason the Crypto-currencies are seeing such high movements in price is that their NUMBERS are capped. By that, I mean there are only so many Bitcoins or Ripple coins to purchase. So, the more funds that move in, the higher their prices go.

      On the other hand, when a lot of funds move into the Gold and Silver Market, more contracts are added on the exchanges. Thus, this CAPS their prices.

      When the Markets finally crack and investors try to get into REAL PHYSICAL METAL… then we are going to experience some very SILLY HIGH PRICES.

      steve

      • Understood. So 10,000 USD per silver ounce is a reasonable estimate when the entire world is hit by 2007 2.0. According to the math, it shouldn’t stop in the hundreds or whatnot.

        I’m just trying to get a read on the price range.

        What you are saying is that, by flooding the market with paper silver, the banks are making it seems as if physical silver exists in unlimited quantities, since the banks can always create more silver futures contracts, and keep swapping these contracts back and forth with each other and never call them. But one day, that will not work anymore, and the proverbial dam will burst.

        *I’m also into cryptos, though I lost my bitcoin when MtGox went down.

    • SilverSeeker | May 25, 2017 at 3:19 am | Reply

      it’s the marginal buyer who sets the price not the one who can pay the most. Due to catalizator usages where significant volumes of silver is used, and the product from silver being at least 2-3 production stages from the end buyer, quite a few silver buyers can withstand 100000$/oz silver, ans there are some who can pay 1000000$ (or more) and still make handsome profit. But as there are more silver than to satisfy their needs, it’s the retail stacker who thinks 10$ is much too extraorbitant too high price sets the prevailing PRICE.

      But if you look at the xxx-coins (zero intrinsic values and zero monetary usage) beeing sold for 2k$/”piece”, without downward manipulation the 6000-600000 multiplier guestimate would be much more probable.

  8. oldANDthankful. | May 24, 2017 at 2:49 pm | Reply

    Steve, Thanks for all the good work. I started reading Ted Butler about 15 years ago, when his newsletter was free. Every once in a while, I will catch a recent one which he posts for no charge. He says the same thing, year after year…….Mostly, that the paper markets will fail one day. I’m just glad I started buying silver/gold when it was much, much cheaper. He had an old friend(Izzy) that always told him that one day the U S Mint will stop making the silver eagles, and then they will go up to $1000 each. I believe that will be the case when this sh_t show ends. I do have several miners I buy when they crash, here and there, then sell half when they go up 8 times. Made many profits this way……and in my ROTH. Thanks again for your research. It is up to each one of us to be responsible for what we invest in, but it helps me immensely to read from folks as yourself. Investment wise, I sleep very well at night. Happy Memorial Day weekend. Enjoy, be thankful, and safe.

  9. Why are you guys so negative on gold and silver. Personally, I’m happy the price has not surged. I still want to buy more at cheap prices. also,

    1. If you like bitcoin, then buy it. Its available, but definitely not on sale. They cannot make more bitcoin easily, but just you wait until the governments of the world get into the crypto currency business. They will flood the market. A think the state of California will issue one. Why not, it costs nothing and if people want it so badly why not balance the budget with suckers?

    2. Gold and sliver take real energy and effort to make. Right now you can get them AT COST. why not buy some more?

    3. Finally, what would you do if gold surged from $1200/oz to $2500/oz in a month? I suspect, many would sell their coins. right?? Guess, what you might have a big NOTHIN’ when the real crisis hits. If you are buying gold for the right reason, then you should keep it for the real crisis and hope you never need it. It would be akin to cashing in your whole life policy the day before you die.

    • I agree. I’m happy that the big banks are engaging in this massive swindle. It allows those of us, the small few, who are smart and dedicated enough to study the system, to position ourselves for the Greatest Wealth Transfer in history. Even a five digit amount of each metal could make us richer than most people will ever be.

    • eddy,

      Shame on your for using LOGIC and REASON in your comment. I may have to limit your comments if you continue to use excellent LOGIC and REASON.

      Only kidding as you know, but it seems as if your mindset would rub off on the NAYSAYERS. However, in any situation, there will always be a certain percentage of BELLY-ACHERS, WHINERS and COMPLAINERS.

      steve

  10. Silver has two characteristics.in bull market its precious metal.in Bear market,its an industrial metal.If someone invents a electronic device as valuable that uses silver,say in South Pole and amazing item was invented there.Silver will go up in Bear,depending on Customer demand.Check out a man more information like Cliff High youtube posting on precious metals.

  11. I’ll stick with President Trump……NOT you losers !

  12. Premiums are indeed down. JMBullion is offering 10-1 oz rounds at spot. Hard to beat that.

    • Also Silver Doctors 1 10 oz bar at spot if new client via Realist News code JSNIP4
      People are never patient. Patience in my humble opinion will have great rewards. Precious Metals are an insurance policy to preserve wealth not a stock pick.

  13. Brendan White | May 24, 2017 at 6:43 pm | Reply

    Steve,

    It looks like we are in a giant consolidation period, and I’m looking for new lows before we see $20+ silver again

    http://i.imgur.com/Ikg5RYh.png

  14. I do not remember My Mom ever had a checking account, What I remember when I was a child, her keep on stashing all those 21k bracelets and gold chains, back then I never could understood why and how she could wear all those Jewelry.
    That was her saving account wearable wealth hidden behind the cabinet drawer.

  15. We see silver not used in dimes, quarters, half dollars and dollars. A penny is not now completely copper. Obviously if the government stopped using these metals it is because the metal value is high (it can be purchased and melted for profit). So we buy these metals because they will increase as the fiat currency decreases. As far as the stupid (“you can’t eat…” comments) you can’t eat money so why have money? A store of wealth is something others want and will trade for. Industry needs silver – best electrical conductor, best reflector, best heat conductor, and is antibacterial- so silver will always have value. Can you make something with better properties than silver? Good luck…can you change chemistry and physics of atoms and valence electrons? Can we make silver? Exploding stars and colliding stars are not in human scope of universal events that can be copied. So silver is rare and in demand and in this finite planet will slowly deplete from the surface but it will always be around in use or in storage. Storing silver is a wise idea in the long run even from the historic perspective. If you want to profit from speculation then gamble on bitcoin or bet on sports, you can profit if you are good or lucky. The person gman is probably a government man so why trust this person when we can not trust any government (governments and government people like to lie).

  16. I can convince myself of a multitude of reasons to own PM’s; Steve’s logic is one of them. Most of those reasons will turnout to be wrong or second in nature to the main reason. And what is that you might ask? just one word FEAR!!!

    When people realise the largest economy in the world is failing they will scramble (like chooks in a hen house with a fox after them) out of the paper markets. As Steve often says; “We only need a small percentage (1%) to head our way and PM’s will skyrocket”. It is plain COMMONSENSE!

    • And I might also add; “If silver rises to somewhere around $300.00oz in the next five years I would be more than happy”. If (I should say when) the markets collapse and the chooks push the price much, much higher I would be as happy as a pig in mud; as long as I have a roof over my head, a beer and a feed!

  17. Bitcoin Performance:

    2009 Bitcoin = 0,023 US $
    2011 Bitcoin = 2,3 US $
    2015 Bitcoin = 230 US $
    2017 Bitcoin = 2.300 US $
    2021 Bitcoin = 23.000 US $ ?
    20XX Bitcoin = 2.300.000 US $ ?

    That is reality.When big banks shift future contracts in amounts of a years production
    the price cannot explode.In the meantime they collect physical silver.
    I heared JP.Morgan had 100 Mill. ounces.
    Ask yourself why nobody stopped this game.Because nobody(no buisness bank, no country,no centralbank) is interested in that.The opposite is true, they support it.

  18. For miner stocks investor:

    Read this about the canadian miner stock platforms.
    As i said.The miner companys are part of the game.There is no complaing about the rules.
    This means for me.We accept it and make money with it.

    http://www.stockhouse.com/companies/bullboard?symbol=t.r&postid=26274584

  19. The war on terror like the war on gold; is a war on reality. The stock and bond markets are part of this war. The main ammunition used,is fear and, propaganda, to keep people unaware, and the ability to create currency.
    Most jobs and businesses (including the markets) are in this dollar paradigm. The establishment has made the system work since 1934. They are now making modifications to keep it going.
    To continue the system they have to get further control and they need people to be further away from reality. Its hard to believe that they are going to let it all fall apart.
    The markets work by making sure that there are no free markets and they are controlled by corporations regulations and government.
    Education in schools is based on creating good, pliant, submissive, children behaving in way that ensures revolt is unlikely.
    The only thing likety to charge things is if some event suddenly wakes up the people so they realise taht criminals have been running the show and have steeling off everyboby for many years. What do you think?

  20. When Silver went down it was heralded as a good sign as Silver was unloved and that is always the best time to buy. Now that Silver is going up it is also heralded as a good time to buy as people are realising Silver is a bargain.

    It doesn’t matter is Silver is going up or going down as Silver bugs say it is a good time to buy. The reality is Silver is stuck around $17 something like 65% below its 2011 high and 1980 high so it has been a crap investment and will likely continue to be a crap investment.

  21. silverfreaky | May 25, 2017 at 2:34 am | Reply

    Friendly description “crap investment”.I would say the most worst.

  22. Steve,
    You are a priceless store of value having produced so many great articles over the years. I have struggled over the years but living a frugal life I have managed to save my wealth in the most undervalued asset in history, SILVER. The economic data grows worse and worse increasingly in every sector. I just read that ESPN is losing 10,000 subscribers PER DAY! I realized months ago that professional sports would also soon be hit with economic reality. The world will soon be forced to see all the lies, misinformation, and propaganda. Thanks again for all you do, Ron

  23. The true value of the physical silver will rise like a zenith due to EROI. Man’s efforts are futile in keeping the real metal down in worth when this dynamic takes place , and SOON !
    Though the moment of truth in the following video clip has to do with oranges and a shorting process I cannot help but think that the 2% in the West, holders of physical silver will one day feel the exuberance that was displayed , based on a similar example to the extreme.

    https://www.youtube.com/watch?v=RLySXTIBS3c

  24. “In addition, Silver Eagle sales are now out-performing Gold Eagle sales.”
    Something to think about… if the middle class is disappearing due to losing good jobs and having to take on 2 or 3 poorly paying part time jobs, would it not be more likely that when panic sets in and confidence is lost, the majority will go for silver rather than gold because of the huge price difference? Up here in Canada, as of 25 May 17, gold is around CAD1750/oz, silver CAD27/oz. Silver is extremely undervalued!

  25. I would just like to comment per my aging gray cell neural chaotic views of said gold/silver charts. They are near impossible to read especially if with limited resources and having to do small batches of options on the Etf’s. Game: the day trade while looking strong to the upside, will then proceed to give one 2 days of sideways to down, a Comex favorite theta decay to their benefit. The Dixie had has in last 5 months 3 lower lows and silver has had 3 lower highs…someone go figure. Typically if there is a strong overnight move, the night&daymare shadow market makers only delight in tantalizing confusion. One gray cell area that has only grown stronger is Patience. It is God’s word: the might of His arm will scatter the proud in the conceit of their hearts.

  26. How many years now has it been metals to the moon?????????? Pump and dump at its best……Remember peak oil its going to $200 a barrel how did that work out???? Paper manipulation has metals on lock down….Seems many would rather buy bitcoin……..

    • frank,

      If you want to buy Bitcoin, go right ahead. No one is stopping you. However, if you believe the markets will continue HUMMING right along for another decade or two, I gather you don’t really understand the massive amount of Central Bank Market Intervention.

      This sort of reply puzzles me the most. People have to realize the Central Banks have been buying everything. How in the much longer do you think they can do that? Hell Central Banks purchased $1 trillion in assets in just the first four months of this year compared to $7 trillion from 2011-2016.

      Come on people. I try to be patient, but you have to WAKE UP fer PETE SAKES.

      Steve

  27. I try to be patient with all these calls for 10,000 plus gold $100 silver ……..Its not happening…… All of these so called guru’s have been wrong time and time again… Its sells news letters these claims, thats about it……… Anyone that has bought gold at $1300 or silver at $20 has been feeling pain for years ……Most of these guru’s are front men for the big money thats holding the record short positions or they are short themselves…. PT Barnum said it best there is a sucker born every minute……Go gold….. 10,000 gold and 100 silver is coming one of these years……LOL

    • Frank….

      I think $300oz is possible in the near term (say 5 years). 500oz of silver would cost me @$30.00oz today in Australia, $15,000.00. At $300oz I would get a return of $150,000.00.

      If (I should say when) things go belly up I will have something I can hold in my hand that should hold its value and difficult for any government to get their hands on. It will be value enough to at least get me started again.

      WHAT WILL YOU HAVE? F——ing! NOTHING!!!! ROFL

      I have good mates like you; they keep putting their money in the bank… Lol and according to them I am the DOPE! Did you read the other day where the Greek Banks just confiscated all the Security Boxes … Lol

      Next thing I know you will want to borrow a quid of me!!!!

      • Graham you seem to read like Steve where in my post does it say I bought or own Bitcoin? I said many seem to like Bitcoin. I am not a fan of something that can be gone with a press of a button of a power outage. Also if you look at the Bitcoin chart you will see it is looking like a bubble pattern. Let’s see if the pattern continues. I do believe these calls for astronomical metals prices are delusional. Gold and silver will not hit the highs many are claiming. I can see why your friends laugh at you with your $300 silver call…..I would be happy to sell you my silver at a bargain price of $100 today if your interested….. lol ….Steve seems very frustrated with many who post that metals will not make new highs… He may be one of the people who bought at $1500 gold and $30 plus silver and is stuck….. If things get as bad as some of you think I would think food, water, shelter, ammo and guns would have the best value of all.

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