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$14.3 Trillion U.S. Debt Ceiling Threatened; Silver Bullion Buying Spree In India After Price Falls

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Mon, 05/16/2011 - 07:46 | 1278512 breezer1
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no silver in china. none for sale at any price is what i've heard.

Mon, 05/16/2011 - 08:02 | 1278542 Oh regional Indian
Oh regional Indian's picture

While not quite that bad here, I can say that SIlver, as I had reported a couple f months ago, has suddenly see the light in India, so to speak. Never before this has India seen a silver shortage.

And many dealers have huge mark-ups on physical deliveries. Many bullion dealers used to run gold schemes here (deposit Rs. 1,000 every month towards gold). Now we will start seeign them in Silver I think.

Good stuff all around. Equally interesting is that India has always owned it's bullion (Au0 in Jewellery. 

With Ag, it's bars. I like it.




Mon, 05/16/2011 - 07:46 | 1278514 lsbumblebee
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Maybe if we manipulate the price lower they'll stop buying.

Mon, 05/16/2011 - 08:02 | 1278544 cossack55
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I promise to quit buying at $1.00.

Mon, 05/16/2011 - 08:10 | 1278565 tmosley
tmosley's picture

I don't think I would make such a promise.

I will quit buying when I can no longer get a significant amount for my surplus salary.

Mon, 05/16/2011 - 08:38 | 1278629 cowdiddly
cowdiddly's picture

And what does the Pilgrim Society do? Makes it even cheaper. LOL Thanks Pilgrims.

Mon, 05/16/2011 - 07:44 | 1278518 Diatribe
Diatribe's picture

I think ya'll ran that same India article/quote a couple days ago.  

Mon, 05/16/2011 - 08:14 | 1278568 tmosley
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No, they didn't.

Feel free to prove me wrong.

Mon, 05/16/2011 - 08:56 | 1278684 Quixotic_Not
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Another idiot with bouncing meat on the hook for an avatar.

Tyler, could we just go ahead and ban these greasy miscreants?

The IQ curve has really taken a dump since Robo started the jerk-off trend...

Mon, 05/16/2011 - 14:20 | 1280008 Hephasteus
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They think they are fucking hypnotists with titty watches.

At least this one tried to pretend to be someone different before shilling. But is clearly muir the sec porn addict that needs to get fucked by a donkey at farmfreakville.com

Mon, 05/16/2011 - 10:14 | 1279017 Bay of Pigs
Bay of Pigs's picture

I posted that info the other day. Got it from the FT.

I am calling Tulving today and asking them for some hard numbers on sales if they will share them with me. I'm assuming they are setting records on this dip.


Mon, 05/16/2011 - 07:44 | 1278519 Franken_Stein
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Us PM bulls are Tyler Durden's biggest fanbase.

Thanks for this juicy yummy tidbit.


Mon, 05/16/2011 - 07:50 | 1278520 Stormdancer
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Incredibly, the value of trading in silver futures in India was four-times greater than gold.

That sentence alone deserves a few minutes careful thought and a bit of extrapolation.

Mon, 05/16/2011 - 09:54 | 1278908 Crisismode
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Well, Indians have a long tradition of buying gold, and silver was formerly shunned. The fact that they are now buying up silver is a major turnaround in their traditional thinking.

Mon, 05/16/2011 - 10:13 | 1279002 Stormdancer
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The silver market is a fraction of the size the gold market.  Try to dump a river into a tiny creekbed for very long and you're gonna trip some flood guages.

Mon, 05/16/2011 - 07:52 | 1278521 Sean7k
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By the time Americans figure this out, there won't be any left at a reasonable price and they will be stuck with fiat. Mission accomplished.

Mon, 05/16/2011 - 07:53 | 1278524 disabledvet
disabledvet's picture

who pays for CNN's "global invasion"?  Syria is "on deck" now (of course--we are the global police, right?)--anyone?  or is it "just everyone"?  anywho we shall see if the markets themselves "create the decision" as everyone must "stand around and wait for something to happen" again.  i sense "credit risk."  as in "it's everywhere" and "very near" at the same time.  always entertaining of course!

Mon, 05/16/2011 - 07:52 | 1278529 Diatribe
Diatribe's picture

All the Slumdog Millionaires are buying silver

Mon, 05/16/2011 - 08:02 | 1278551 cossack55
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Mon, 05/16/2011 - 08:09 | 1278559 Azannoth
Azannoth's picture

Ah the good old days when you could buy 1 oz. of silver for less than 20 euro

Mon, 05/16/2011 - 08:09 | 1278560 SilverFocker
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Silver Slurpee's for everyone, coming to a 7-11 near you.

Mon, 05/16/2011 - 08:11 | 1278570 tiger7905
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Interview of Embry by Turk, covers all topics from silver to hyperinflation. At the end Embry basically says BTFD.


Mon, 05/16/2011 - 08:15 | 1278571 speedy
speedy's picture

A question: What if the debt ceiling is breached?  Does someone go to jail? I mean it's nothing important like rape is it?

Just wondering....

Mon, 05/16/2011 - 09:33 | 1278821 speedy
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What's with junks? Does everyone here think breaching the debt ceiling is more serious than rape?

Mon, 05/16/2011 - 08:22 | 1278584 Oh regional Indian
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Curious, what is with these booby avatars. 

Mostly grown men here, ne? Capable of looking at pornography if they so desire?

So, what's up with the breathless reception of Robo's boob girls and other booby avatars?

Eh? strange.


Mon, 05/16/2011 - 08:59 | 1278711 Quixotic_Not
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Agent provocateurs...

Baiting the hook with the hope that they'll be popular with the  dumbed-down sheeple.

ZH is getting pretty dangerous to THEM it seems...two new "members" in this thread alone flashing titties to get attention, and a third I'm sure is on his/her way.

Mon, 05/16/2011 - 09:02 | 1278726 gratefultraveller
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Why do you put flowers in an office? To make something unappealing look pleasant ;-)

Mon, 05/16/2011 - 08:49 | 1278664 ivars
ivars's picture

Buying spree failed to lift the prices. The silver correction is not over yet.

Mon, 05/16/2011 - 08:58 | 1278708 tmosley
tmosley's picture

Of course.  Didn't you read the article?  They are buying bars, not paper.

Paper is going to zero, or else paper trading is going to flee the corrupt West.  One of the two.

Mon, 05/16/2011 - 09:36 | 1278841 stopthenewworldorder
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i miss johnny bravo.....someone go fetch him from his cave

Mon, 05/16/2011 - 09:56 | 1278918 Ahmeexnal
Ahmeexnal's picture

He now calls himself MathMan.

Mon, 05/16/2011 - 09:53 | 1278923 Crisismode
Crisismode's picture

Math man is on his way.

Mon, 05/16/2011 - 10:14 | 1279021 stopthenewworldorder
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not so sure...i think their styles are similar but not identical - although both are troll-tastic!

Mon, 05/16/2011 - 10:52 | 1279158 Bansters-in-my-...
Bansters-in-my- feces's picture

"Gold and silver are lower this morning as the recent bout of weakness continues"


"weakness"......and manipulation....

Both have the same meaning...right...???


Mon, 05/16/2011 - 11:20 | 1279262 reachsb
reachsb's picture

The UK Times reported that Indians possess more than 18000 Tons of Gold in the private household (mostly in the wearable form). And now there have been a bunch of news reports indicating that Silver is also being added aggressively in the Indian households. What needs to be noted is that during this steady accumulation phase in India, spread out over many decades, the Chinese govt actually discouraged bullion ownership among its citizens. It's only recently that the Chinese govt reversed gears sharply and is now all-out encouraging its citizens to load up on PMs. 

Since it has been openly speculated among numerous pundits that we are one major crisis away from the world adopting a Gold standard backed reserve currency, I wonder what role countries like India will play in drafting the new standard (since it can leverage the huge reserves amongst its citizens).


Mon, 05/16/2011 - 11:30 | 1279314 Crisismode
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(since it can leverage the huge reserves amongst its citizens).


You mean as in confiscation??

Mon, 05/16/2011 - 12:15 | 1279447 reachsb
reachsb's picture

Confiscation exacerbates the problem and is not practical when you are talking about such a large population base. I'm sure that private ownership of PMs will also be taken into account during the weighting process while drafting the new currency standard (just like Canada and Saudi Arabia are going to also insist that their petroleum reserves also be taken into account). And what will the private citizens from the western world bring to the table during this drafting process? T-bills, T-bonds, notes, etc. Guess which asset class will be assigned a much higher weightage during these calculations? 

Tue, 05/17/2011 - 01:09 | 1282021 Bull_Dragon
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I read in my Economics text book in 9th grade that the Reserve Bank of India holds equal amounts of bullion and foreign currencies in its vaults. Now I know the reason behind it.

Mon, 05/16/2011 - 11:44 | 1279362 Strider52
Strider52's picture

I BTFD last night. I saw the price at below $35, and I pulled the trigger, and got me a horse-choking pile of the 'other' Precious. It seems like it's been around $35 for too long, and with all of the shortages reported here and other sites, I just had to push the "Buy a Hooker' button. Happy Camper.

Mon, 05/16/2011 - 12:24 | 1279523 ZombieHuntclub
ZombieHuntclub's picture

So there's a caste system for metals in India as well as people? Silver was untouchable and now it is ok? Im thinking not quite Bhramin, maybe Viasya.

How does one say "Physical bitchez" in Hindi?


Mon, 05/16/2011 - 12:33 | 1279580 Ryman1075
Ryman1075's picture

For anyone looking for physical PMs, look up your local coin shops.  Even if they don't have .999 bullion available, you can pick up pre 1964 junk silver coins.  They are 90% pure, and an easy way to buy some bullion.  The last confiscation did not include "numismatic collectables".  These junk silver coins would fit that category.

If anyone knows the confiscation act of '33, please correct me if I am wrong.

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