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Another Decline In Registered Silver Brings Total Comex Physical To Multi-Year Lows
One would think that following the total "annihilation" (as it has already been pegged by some) in silver over the past few days, that Comex would promptly reverse its "temporary" reclassification of Registered into Eligible silver, or so the believers in Comex holdings claim. Which is why to our surprise we noticed that today, the Comex announced that the ongoing inverse reclassification from Registered into Eligible continues, with Scotia Mocatta seeing another 186 thousand ounces of physical silver moving into that dark pool known as "eligible" holdings.
This, following on the footsteps of last week's massive reclass action, which saw 20% of the Comex Registered silver being shifted away, means that today's Comex physical silver has now fallen to a fresh multi-year low of just 33.152 million ounces. Add to this the fact that there was another withdrawal of 300k ounces from Brinks, and one may wonder just how "justified" the fall in silver price has been over the past 2 days.
And for those who enjoy seeing long-term charts below, courtesy of 24 hour gold, is a long-term chart showing Registered silver inventories at the Comex. It kinda speaks for itself.
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agreed. And of course "RIM's stock has been annihilated as well." Are there any Silver utilities?
Next chapter is here, the big boys are getting ready to move into PMs in earnest. First things first, chase out every solitary little guy you possibly can before you move in. The slow and painful USD endgame begins.
Yep. In the past 6 months I've seen a million predictions that eventually AU and AG would become very volatile pricewise. This would be convulsive due to the market striking nerves. Now that it is here everybody is surprised. It is like in 2008 when the stock market became a disaster. Even the people calling for it started to become unwound. Not me. I just sat back and enjoyed a dozen Leffe Blondes.
I am very much enjoying watching this action on AG. That reminds me. I think I will grab a beer.
I'll take that advice....and run with it....though I screwed up and opened a Pale Ale first....shoulda started the "Festivus" with a dark beer.
I don't see what the difficulty here is, it is so obvious what's going on.
Physical shorts can only be satisfied with delivery, but since most spec's don't hold futures to delivery, the best way to flush them out (since they don't have the capital to make good on delivery anyways) is to hike margin requirements to induce margin calls right before May contract settled so as to settle out the dealers who actually take the bricks to sell to Joe Main Street.
This only goes to prove that the physical market is still tight!
At the moment, I expect Fib #'s to hold, and the DXY might even catch a bid here, but sooner rather than later IMO this will be just like the $30-26 correction and the $36-32 correction when they hiked margins then.
Key here is scale in the sell off, and wait for reality to push the paper back up to where physical demand price is.
Already today Scotiamocatta went from 'available' to sold out of the 1oz and 10oz... just shows you it's the little guy buying.
And remember how Joe Main Street invests... He looks at the paper or Kitco.com once or so a day... 2 day's of -10% looks mighty appealing to buy coin... especially down at the low $40's than up in the $50's where the physical premium sat last week.
GO SILVER BEARS!
I don't disagree with much of that.
It's just that I don't think it's the little guy.
The little guy or a collection of little guys don't have the muscle.
Something from outside the USA and the UK is doing this.
It is a gigantic battle.
And fascinating to watch.
17. The Land of Counterpane
WHEN I was sick and lay a-bed,
I had two pillows at my head,
And all my toys beside me lay
To keep me happy all the day.
And sometimes for an hour or so 5
I watched my leaden soldiers go,
With different uniforms and drills,
Among the bed-clothes, through the hills;
And sometimes sent my ships in fleets
All up and down among the sheets; 10
Or brought my trees and houses out,
And planted cities all about.
I was the giant great and still
That sits upon the pillow-hill,
And sees before him, dale and plain, 15
The pleasant land of counterpane.
Thanks for that.
While I don't have the power of the one with two pillows to lay my head.
Origin?
Got it.
Stevenson, Robert Louis (1850–1894). A Child’s Garden of Verses and Underwoods 1913.
Here is Yeats.
“An Irish Airman Foresees His Death”
I KNOW that I shall meet my fate
Somewhere among the clouds above;
Those that I fight I do not hate
Those that I guard I do not love;
My country is Kiltartan Cross, 5
My countrymen Kiltartan’s poor,
No likely end could bring them loss
Or leave them happier than before.
Nor law, nor duty bade me fight,
Nor public man, nor cheering crowds, 10
A lonely impulse of delight
Drove to this tumult in the clouds;
I balanced all, brought all to mind,
The years to come seemed waste of breath,
A waste of breath the years behind 15
In balance with this life, this death.
Half a league,
Half a league,
Half a league ...oh, the hell with it!
Just Tennyson being jingoistic.
Not much has changed.
Here is Yeats’s 1913.
A description of a Republic taken over by the greed of the ignorant.
September 1913
What need you, being come to sense,
But fumble in a greasy till
And add the halfpence to the pence
And prayer to shivering prayer, until
You have dried the marrow from the bone?
For men were born to pray and save:
Romantic Ireland's dead and gone,
It's with O'Leary in the grave.
Yet they were of a different kind,
The names that stilled your childish play,
They have gone about the world like wind,
But little time had they to pray
For whom the hangman's rope was spun,
And what, God help us, could they save?
Romantic Ireland's dead and gone,
It's with O'Leary in the grave.
Was it for this the wild geese spread
The grey wing upon every tide;
For this that all that blood was shed,
For this Edward Fitzgerald died,
And Robert Emmet and Wolfe Tone,
All that delirium of the brave?
Romantic Ireland's dead and gone,
It's with O'Leary in the grave.
Yet could we turn the years again,
And call those exiles as they were
In all their loneliness and pain,
You'd cry, 'Some woman's yellow hair
Has maddened every mother's son':
They weighed so lightly what they gave.
But let them be, they're dead and gone,
They're with O'Leary in the grave.
Something at Goldman Sachs really stinks!
On board---English Sirs and Lords!
With plenty of anti-silver money links!
Investors screaming with raw vocal chords!
Bunch of lousy central bank rat finks!
Barclays in London across the waves,
Owns biggest percent of Goldman Sachs!
And runs a silver ETF, someone raves,
Ready to hit silver prices like fireman’s ax!
Low silver prices are what Britain craves!
Paulson & Jeffrey---diseased Wall Street leeches!
FED, CFTC, Treasury & COMEX wanting to hide stats!
Everywhere---that’s how far the corruption reaches!
But comes the delivery defaults---they are cornered rats!
When the trap is sprung, the rodent screeches!
Silver users, where you gonna get metal from?
From Goldman Sachs---or from naked shorts?
Can’t use silver you don’t have---a rule of thumb!
Think about it as your wild face contorts!
Without silver, what will you fools become?
Ted & Carl question the dirty CFTC!
We know they’re stuck with telling lies!
Presenting fruit from a poisonous tree!
Covered with gnawing Beelzebub flies!
Sliver prices will scream like a banshee!
Slamming gold & silver to make the dollar look better!
That’s the biggest reason for price attacks!
Nearing the day that no derivatives can fetter,
Precious metals, rabid monkey’s on their backs!
Pin stripe suit jumps from building, leaves suicide letter!
http://www.silver-investor.com/charlessavoie/cs_aug06_the_thief.htm
Saved it.
I know a producer. Although, he would want to turn this into a gangsta rap. You ok with that?
Its not mine, ask Charels Savoie
he does a column at Morgans Silver Investor website. :)
I don't think you have a proper "feel" for the machinations involved.
Margin requirements have an effect on both the longs and the shorts. With the increased volatility as either a precursor or a result...depending on what side of the argument you choose to subscribe to. Think of the Comex House as cheesy Casino Dealers working the cheap end of the strip like a Circus Circus....with greased back hair and little backbone. They are willing jellyfish to do the bidding of the Bullion Banks....which have charged them with the duties of "scoping" out the number of "Longs" with steadfast conviction to stick to their strategem during a primary delivery month (meaning they wanna find out who plans to go the distance and 'pluck' down the cash to stand for delivery....and force either physical changing hands or a fiat premium settlement....punters will be shown the door) The reason...IMO...is their pipeline access to the metal is not what is provided as "Registered" by the Comex's numbers....I'm guessing more like 1/3 of what they state they have available. That puts it at about 11 million ounces....not 33 Million. Margin increases enable them to predict how much metal needs to be positioned in a state of readiness....so that the Casino does not suffer an "I told you so" moment....from the troublemakers and whistleblowers. If that were to happen...then you'd be served up more "Congressional Hearings" chaired by gutless politicos that have no problem exposing themselves as "Nitwits"....and making it difficult for you to keep your lunch and dinner from charging back up thru the sphincter valve in yer throats.
fucking brilliant!
Just pulled 200 SAE's off the market this afternoon. I like buying from my local coin dealer. But I hate getting mixed years in the rolls! Better check next time..
So.
From September 2008 to end April 2011 "Registered" is one third of what it was.
At that rate of decline there will be no registered left by (say) mid 2013.
But the rate of decline could increase.
So.
This talk of paying a "premium" to avoid delivery is for the masses.
And in truth probably is for the masses. Take your premium. Be happy.
If Registered drops by another 15mm in the next six months COMEX is broke.
Have I got that right?
If I do.
It rather means that there is a Silver War going on.
And it has nothing to do with Max Keiser.
Max Keiser does not speak for the "Longs"....his understanding is basic because he has alot of things going on at the same time...either that...or he cannot afford the time to properly explain it to his viewership. He is still doing good work in my book because at the end of the day...he shares the same goal...to destroy a mutual enemy in the Banking Syndicate that seeks to keep us "locked down" in our slavery.
Cash settlements cannot be proven or provided for us Plebes due to the non-disclosure agreements. That being said...I'm not sure the "Longs" (small speculators) would even be bothered to let you in on the "secret". They seem to be an army of brigands at this point in time...with no loyalty to anyone's cause other than their own desires to exact a fiat premium for their troubles via their new found extortion stategem. The small time holders of physical like myself represent spectators in the stands watching the show with enthusiasm and cheerleading for these brigands....but they're not interested in any fan base....just "milking" their competition as long as the flaw in Comex supplies does not get fixed by the Shorts.
These paper traders IMO have no loyalty to any cause....and it would not surprise me if they jumped ship to the other side of the trade on a non-delivery month with playing a "short"....if they thought they could turn a buck whilst waiting for July or December.
I needed to remind myself of the difference.
"Comex has two categories of silver in its warehouse.
The eligiblecategory means that the silver is in a condition that conforms to the standards of delivery. Size and quality of the bar in other words. It is being stored at the Comex warehouse, but is not offered for delivery into contracts.
Registered means that the silver is available for delivery to those who demand bullion by being registered as such with a bullion dealer, in addition to being in a fit condition to satisfy the contract.
Eligible silver can become registered and deliverable if the owner of the silver declares it saleable at some price. And of course if it is there, and otherwise unemcumbered by senior obligations or conspicuous absence."
http://jessescrossroadscafe.blogspot.com/2011/04/silver-eligible-versus-registered-and.html
I'm not putting Keiser down.
I just don't think that a populist movement will or can change the paper price.
JPM just "create" more shorts.
The FED gives them the collateral.
The USA cannot afford to let Gold or Silver rise any further.
If they do the price of "Gas" goes to $20 a gallon.
And that's without war.
Last week I suggested that silver was in a parabolic move and was in danger of falling a lot. I suggested people sell their silver because it had gone up too much, too quickly. Just for making this suggestion I was viciously attacked by some stupid silver bugs. How does it feel now you idiots? Nothing ever goes up or down in a straight line. When something nearly triples in value in less than a year you better take at least some money off the table. OK, now let us wait and watch these idiots call me a troll, hurl more abuse, talk about market manipulation, Comex conspiracy, etc, etc. Fools, even your god Eric Sprott was selling while you patsies were buying. I will start buying SLW again after silver falls close to $30. I am guessing that the bottom will be somewhere between $22-$32.
They are angry and hurt little children.
Next come even more lies and defamation attempts. They know who owned them.
neither hurt nor angry. just determined to see through the flak at the takedown so that i can be a buyer of physical like jpm.
btw: you can continue to own me as you say if it means tripling my money in two years in exchange for a 20% draw which i never intended to capture anyway.
No problems at all with someone like you. My problem is with people who are unbelievably violent and abusive if you don't agree with everything they say. It is not a crime to suggest that silver has gone up too much too quickly and was due for a pullback.
You guys quit locking lips there.
This is fight club.
lol
my problem is the posters that flagrantly post inflammatory, chest pounding drivel for attention. it's disingenuous and juvenile, and worst of all, useless.
Some fools don't understand the difference between "there is probably going to be a pullback" and "SELL ALL YOUR SILVER NOWNOWNOWNOWNOWNOWNOWNOW".
We are well aware that nothing moves in a straight line. We are also aware that the fundamentals point strongly upwards, such that now, just like at every previous dip, it doesn't really matter if you bought at the peak or the trough.
What DOES matter is who has the silver in hand when the music stops.
Yeah, my beef is with the arseholes like tmosely and eisley who are just out to defame and lie about me.
I just gave an opinion that silver was peaking and WOW did they get mad. Then it all snowballed from there.
Uhhh, no, it started with you lying about when you bought gold and silver, and then you lying about your nationality, and then you lying about everything else where it was opportune for you to lie.
Topcallingtroll was calling for a top, and he didn't get "the treatment" from me or anyone else. You did. Because you are a shitstained liar with a nasty, evil agenda.
Show me ONE lie.
Possible, but I will speak for myself here, when you talk about loosing our asses today, my view is, no I did not if I own physical.
I personally don't value my physical silver to the dollar, I value it for survival if a crash does happen and I need it to help provide for my family and friends here in the USA.
That's my personal point of view, for what it's worth.
Wrong again.
Both sides provide the spicy flavor to make this place interesting. Would you be interested in ordering Cajun food if you knew it was going to be bland?
This is the magic of the small Silver Market....it instills passion to all participating parties.
ZeroHedge would dry up like a Cougar long past her window of opportunity if it didn't have something to provide related to the Precious Metals. I know I sure wouldn't bother to show up.
Careful, Akak is really into the old cougars. He loves soppy wet wrinkle skin.
Lot of butthurt going around the troll camp today.
Says the woman with blood pouring out her anus.
Your increasingly puerile hostility reveals your frustration and desperation.
Zerohedge was popular before silver took center stage (or was even on many people's radar), and it will be long after. Tyler is famous for exposing corruption. The silver market just happens to be the topic du jour.
If you are here for the PM articles only, then you are missing out. I humbly suggest you read some of the other topics. It will inform everything you do.
Sage advice....and I do partake in the reading of other subject material.
I just find it not so appropriate to participate in the comments section...unless it's in the arena of the "Precious" which falls in line with my levels of experience and ability to keep up and offer something.
That said...I probably mispoke as you pointed out...since the articles and offerings make for excellent reading, good info, and great entertainment.
The posters here are some of the most creatively perceptive with their wit and humor...and I rather enjoy just perusing at my leisure like a lurker in quiet revelry.
I carefully retract my earlier statement that ZeroHedge would "dry up" if not for precious metals laden subject material
AgShaman, I can remember not all that long ago when ZeroHedge articles touching on the precious metals were a rarity indeed. Wow, what difference a year and a half make!
BTW, nice to see you here. Stop in at GSC sometime!
Thanks for the welcome Akak
Been lurking for some time and now all the snow is melting in the Mtns...so fun time is drawing to a close.
I'd stop in at GSC...but I sense there a few that would not care to see that happen.
This place seems to provide 'plenty a fix' for many of the types looking to pass some time and bounce ideas and thoughts. As a fairly "youngen"...I'd hope to look on and check in from time to time and get some proper learnin'.
Good to see you here and pressin' on with pride via the "Precious"
Thanks again for the warm welcome
Ag, I can all but guarantee that you would be more than welcome there, having been one of the more thoughtful SSF posters, the place where most of us came from. But nice to see you again anyway!
I don't think you are a troll. I just think that people on this site yell at each other due to not understanding each other. You are coming from the perspective of a trader. That's great. Buy and sell. You see silver and gold as an investment. A lot of people on here see silver and gold as insurance and will buy accordingly. When the price goes down they won't panic and sell. They will buy more.
The key is to having a long-term plan. If you figure you are going to be a buyer for the next 10 years then who cares about this type of volatility? Let's say your plan is that every time you save $10,000 you are going to buy $1,500 of Ag. This means that you will always have a growing supply of FRNs and Ag or Au. When the price declines, like now, you don't have to race to sell your physical metal which can be a royal pain in the ass anyway. You are holding onto that physical metal as insurance. What happens if I sell everything today and something really big happens tonight, like Lehman blowing up? Remember how fast that happened in September of 2008? It went from rumor to reality in the blink of an eye.
Everybody needs to determine the plan that is right for them and go with it. And let others determine their own plan and go with it. This isn't rocket surgery.
+1
I have a lot of respect for people like you and completely agree with what you are saying. As a matter of fact I have the same perspective with gold. I am a buy and hold type of guy through thick and thin. I am just angry with people who were very abusive towards me simply for suggesting that silver had gone up too much too quickly and was due for a pullback. Why can't people with different opinions and perspectives respect each other instead of using abusive and filthy language?
Oh, sorry, I thought you called someone idiot in previous comment...
again, "they're called surfers" and "they trade in an Ocean of silver."
Sorry I missed your wipeout, sounds like I missed some fun. Anything that does well is always going to go down, nature of the beast. But no one is talking about oil and food going down for good either.
I used to trade the PM proxies like SLW& GLD, but recognized everything is denominated in USD and since I am overall short the USD, I just hold physical. We've been right for years (and counting), with no capital gains taxes, and short term traders are right for a few days and pull their gains in a USD that have lost 17% in the last year, a double tax.
Make money anyway you can, but we're not playing the same game. Good luck.
"Dumping PMs back into fiat in a correction is like dumping Angelina Jolie for Rosie O'Donnell because her skirt wasn't high enough."
That chart only goes back three years and 2/3 of the physical silver has already been dissappeared. And the "registereds" are chickening out and pulling out of the game to stay long silver. Looks bullish to me.
Comex is like a losing Blackjack dealer who just ups the ante each hand to try to scare away more players from playing his table. And casino management is busy pulling the loaded Brinks truck away from the casino out back while nobody is looking as the players get closer to breaking the house. What are crooks to do?
Of course, the silver attacks and the OBL announcement are made as the USD is hitting it's all time low on the DXY....
"Comex is like a losing Blackjack dealer who just ups the ante each hand"
I know a guy that does this whenever we are together for a party. He works for Moodys. I am not shitting you.
BUY!
THE!!
FUCKING!!!
DIPS!!!!
it is not magic... Buy Low, Sell High.
Beeeep. Beeeep. Beeeep.
Is that your truck i hear?
Yes Sir! it would be the movers trying to find parking.. which is easier than one might think given the 20% fucking disconnect from spot price and eagles!
It looks like over the last 36 months the COMEX Silver inventory has been drawn down by about 50,000 oz per day? So at the present rate of draw down COMEX won’t have any Silver left in less than twenty- two months?
How do you run a Silver exchange without actual Silver? You know just in case someone actually wants Silver.
It seems to me the Silver price will have to rise ‘before’ all the physical Silver is gone or what’s the point of COMEX?
I must be missing something it can’t be this easy to figure out that the Silver price must rise in the future? How high is anyone’s guess but the price we currently have doesn’t seem sufficient to spur on more production or sales of ‘physical’ and/or reduce demand sufficiently to keep ‘physical’ inventories somewhat steady.
Does anyone have this COMEX Silver inventory data for later dates then Mid 2008?
What does physical Gold look like as well?
Most of the big players just want the contango so they will put up more silver when necessary assuming they have it. Remember the comment from the ceo of SLW ( correct me if i got the wrong producer) who said he would be a major hedger at 50? I think quite a bit of future production is locked in. The key will be who locked it in. If long specs were the majority of the other side of the trade initially, then this correction could last good long time. The SUA are very disciplined buyers and dont panic and try to hoard, at least not yet.
When they drop the price they only shoot themselves in the foot, since the physical becomes cheaper and we buy more, depleting their declining inventories further. What they need to do is let the price rise and people will finally sell them silver solving the inventory issue (although I'm holding mine indefinately).
+100
They want the silver from the panic sellers. That's why they let it drop.
Don't cry silver longs, Uncle Danger will bring the lube for you next time.
I can tell when we hit resistance zones by the tenor of the comments.
Who needs charts when you got zero hedge?
Tomorrow should be especially exciting and remember its just money.
He who dies with the most poon wins.
When we hit resistance and fall back the trolls come out of the woodwork shouting, "Ka-boom!" That's what alters the tenor of the comments.
++
I agree.....i think we get a nice bounce tomorrow.
not crying. but as you said you'll be long silver before long. then you'll be waving your pom poms for the upside. and besides, while you are sitting pretty now it was only friday last i believe you were speculating on $60 silver, and you weren't quite so sure of yourself.
Good point.
I must admit we are getting closer to a buy. However, the QE will keep me on the sidelines until they stop QE2 and simply keep buying and not announce shit. Or they actually stop QE and see if the market collapses. No one knows here what will happen. Educated guesses aside the market could float for all we know.
However, Methinks we are back to 2008 when every Sunday when we can't do shit, but watch fucking bombs being thrown from the black swans.
I want liquidity and lots of it when those Sundays start.
Watch those guys, you know the ones - do you remember the night Lehman went down and you all stared in disbelief - that feeling I never want to have again.
I had a bad feeling in my knee for months. I trust me knee implicitly - Sarc
It's hurting again
I'm beginning to understand "the hockey stick" from "robo-Fed" better. Are all of you?
The CRIMEX is on its way to default, it is inevitable.
http://silverliberationarmy.blogspot.com/
Looks like they've run all the stops: silver down to 41.10 and volume only 870 in the first 30 min.
Make that 40.50!
It could hit 35-37 this week after a long a-b-c correction.
BEWARE!!!!!!!!!!!!!!!
The powers that be can still pull the LIQUIDATION ONLY EMERGENCY card. If you dont know what that is ask the Hunt Brothers. The CME/COMEX is owned by TBTF Banks thru the privatization of the Major US Futures Exchanges. If you think they wont pull this stunt I have some Lehman Brothers Paper to sell to you. My guess is when they cant break the back of the Silver Paper Bulls they will enforce this act. All in the name of keeping an orderly market, orderly meaning they get to rape every order that is executed on the CME, while confusing the sheeple who think that volume means liquidity. THe difference between 1980 and 2011 is the Hunts did not control enough physical Silver but some entity who has a penchant for owning precious metals and also eats a lot of rice and loves Panda Bears is going to hold that physical silver and perhaps Buy even more. If this scenario pans out then you could absolutely see Physical Silver Melt UP and Paper Silver Melt Down. This leaves the option of the Government forbidding the US Citizens from owning Silver or Gold. HMMMMMMMMMMMM I wonder why Bill Daley is hanging around the White House. Probably just his way of giving back to the community after making a fortune at JP Morgan and ATT PUBIC Service is what they call this.
All we'll hear about is a bunch of bank execs disappear on the way to an asian banking convention never to be heard since.
The conditions globally are much different. These bankers are the ones bent over now
I'm sorry--"did you say you have Lehman brothers paper?"
Yeah, the feds forced the silver futures prices limit down 20 days in a row following the Hunt brothers runup. If they can do than and kill Osama 9 different times they can do anything they want, with the exception of something honest of course.
Tuco Benedicto Pacifico Juan Maria Ramirez
Question from a newb: .999 Johnson Matthey silver bars vs. coins: ad/disad/vantages. Any and all insight welcomed.
Thanks
National currencies are best becuase of their perceived value
Eagles
Maples
Kruggs
Philharmonics
Check ebay and look at the number of bids for each of those you ask about. Most likely the national currency ones sell the easiest.
If you want big sizes go to Kitco and check them out in 10, 100 ounces bars (if you can find them). Many here are American and buy from APMEX, we in Canada buy Scotia Mocatta. Europe - not sure.
Eagles,Kruggerands and Maples though have excellent liquidity though becuase of their reputaions
There is no right or wrong answer. Buy some of each and see what you like best. I'm serious.
Personally, I like them all but the 100 oz. are good for girth but are just too bulky. Coins are good because they are recognizable but they come at a premium. I like the 10 oz. bars a lot. I especially love the look of the little 1 oz. bars. I bought some extra of those to give as gifts. They just look cool and they are small enough that you can give them as a gift for almost any occasion. They seem even cooler as gifts than an eagle. Then again I do like the prospector rounds, mostly for gifts as well.
It's like a Chinese buffet. There are many good things on the table.
I like bars, eagles (and oddly enough pandas) have a high premium at the coin shop (which probably shouldnt matter all that much). Re: gold, I like the 2 round SA coins and the British Sovereigns, but they are an odd measure (.2354 oz). If mad max happens, I think melt value is what will count. If it doesn't, then it's entirely your aesthetic preference.
I started off in 100oz. bars for my core Ag position - then moved into Maples and a bit of junk Ag - now I'm exclusively stacking Maples. Being in the PacNW, I like the idea of having my PMs be a form of non-U.S. currancy that's from right next door.
I understand the the Chinese forgeries of Johnson Matthey 100 ounce bars are still lacking in quality--but are getting better. I would stay away from 100 or higher ounce because of the forgery problem and the lack of liquidity at the Mom and Pop coin shop level (and if the SHTF you want to be able to sell silver anywhere). I was in American Silver Eagles, but when premiums sky-rocketed switched purchases to one ounce private rounds.
Personally, I like the coins/rounds as they are easilty storable in 20 count tubes. Bars are the same just in a different form. If we ever get to a barter type situation I think coins would be preferable because for the most part that is what people are used to dealing with, with the exception of fiat cotton and linen with pictures of dead presidents on them. This assumes you are talking about one ounce bullion. It is harder to find 5 ounce or 10 ounce rounds so you are almost forced to go with bars when talking about larger items. Hope this helps. You are showing some intelligence by seeking to protect your wealth. I would leg in, buying periodically on a set schedule irrespective of spot price. As has been suggested silver could go down into the 20s? It has a very volatile history!
Tuco Benedicto Pacifico Juan Maria Ramirez
The silver bull camp is filled with newbies that got in at 17 after the crash and think they are sarfe hanging on until this retracement bottoms. What they will find is that they are going to witness what silver does best - wipe out all your profits. If you think silver is a bargain at these prices then buy...problem is all of you are already all in.
Silver is headed back to the bottom of its long term channel. Have any of you even bothered to draw that channel on a chart? Do you know what the long term chart even looks like? And do you know what id now upon you for the next 3 years?
Today that long term silver channel bottom is at $16.30.
Minimum retracement by the August low will be at the Nov 2010 high - $29.34.
Even though silver has had a two year run, it is now going to go back to normal trading: Even and Odd year 2 year silver cycles. This is the law of the silver trade and I'm glad to see it return.
Aim your crystal ball at the DXY chart for a bit and then get back to us regarding Ag.
I rubbed his crystal balz and they said bounce off 72 sustained. Trade with a five handle later this summer.
This might be true if the USD had some hope.
Interesting. I buy silver for insurance purposes not as an investment. I'll hold metals. Others can hold the paper and when the U. S. Dollar is at "40" we'll see who is left holding the paper bag?
im feeling something is loose. maybe its some smart money dealers fooling conspiracy websites to buy so they can take shorts. After all the silver does not have to be at the COMEX to honour a contract. Maybe it's just being taken off the books to create artificial scarcity...
We can argue back and forth about silver, gold, fiat but it really makes no difference. Keep some powder dry when the turn comes. Silver can go lower, 40, 37,35 but has anything changed to make us want to keep dollars. I think not.
Let those who want to advise how great they are and how stupid we are just babble on. Means nothing.
Hear hear!
Tuco Benedicto Pacifico Juan Maria Ramirez
Not sure what the reason is, but COMEX clearing members are pulling a lot of silver completely out of the reach of the COMEX delivery process.
Available evidence doesn't tell whether they're doing it for their house accounts or their customers are demanding allocation of privately owned bullion.
Either way, supplies of delivery ready silver are shrinking rapidly.
Anybody know what premium is being paid for buyers to not take delivery?
Probably getting $50+ oz already.
I hope precious metals newbies have not been emotionally derailed by last night’s obvious ambush of silver by the corrupt Wall Street bullion bank cartel.
http://lonerangersilver.wordpress.com/2011/05/03/silver-pure-criminality/
Silver bugs
What silver product do I buy and where do i get it for lowest premium?
are these worthy of putting in the safe?
http://www.goldline.com/coins-america-beautiful-silver-coins
Where should I do business and what product should I look at (bars, eagles, etc?) if I plan on making bi monthly purchases?
Thanks
Tulving.com
Lowest premium?
http://www.youtube.com/watch?v=K23lhyMEDzA&feature=youtu.be&hd=1
APMEX is selling junk silver for as low as under spot if you buy in some quantity. Don't know about others offers?
Tuco Benedicto Pacifico Juan Maria Ramirez
My personal rule is to only buy coins/bars/etc. that have the # of ounces of silver clearly marked on them (so that the content is obvious to all - even someone that has never seen the coin before). I didn't see the silver content on this particular coin...
There's a personal preference involved:
1. legal tender coins (eagles, maples) have greater 'credibility' and acceptability and are legal tender (at lower values) which has some barter optionality - but these coins have the largest premium;
2. junk silver (old silver coins) has the lowest premium to spot and many collectors know their silver content, but try convincing an average joe that they are actually silver and worth 30x their face value;
3. bars are good for their low premiums but might miss out on the credibility - how does the average joe know xyz mint from others?
Personally, I like larger bars for their size (condensed store of value) and low premium to spot and eagles and maples (say 50/50) for their tradability and barter optionality. I'm not a fan of junk silver, but I get it for those that are.
For what it is worth....
Great coins to buy right now (for a future premium rise) are 2011 American Silver Eagles and 2011 Canadian Silver Wolf/Grizzly. These coins were produced in low quantites this year.
Not knowing the real difference between "registered" and "eligible" I searched the meaning and the #1 result was at Jesse's Café Américain:
http://jessescrossroadscafe.blogspot.com/2011/04/silver-eligible-versus-registered-and.html
Having read that, I take the reality that Tyler is presenting to mean that TPTB do not want to deliver physical silver to those who demand it.
I would guess that since the price was hit today, there are many who want physical who also believe the price will go back well above $50 an ounce.
But, I'm guessing, and learning, thanks Tyler (and Jesse).
hey, eb! thanks and i feel the same way.
i've never played in the crimex. i've watched their prices for years, but never studied the beast. i'll buy/trade silver locally or a little when i travel, and thru the mail. i can't imagine using an account and a broker. in the past i've owned mining stocks and ADR's, and i was around for the hunt bros. and the gold rush of the late 70's & '80.
but i've never seen anything like this.
in 1979 & 1980, everybody was coked to the bone and the C of C types were wearing white gucci belts and driving white oldsmobiles with red vinyl tops. now, the financial world has augured in so badly that people are starting to understand what the wunderbros/bras have done, the role of fiat, the race to the bottom, economic WWIII, and nations failing b/c of their nefarious banksters. we look around for guideposts and one guy sez this is just like rome; somebody points out that fiat has 100% fail rate; and tyler goes weimarTM.
i think maybe zH is where big kids who have never lost their their innate curiosity and wonder get to go from eleventy different sides of things at once, talk about how curiouser things are getting, and wonder wtf is gonna happen, next.
I checked my strong box this afternoon and dang - all the silver was still there.
Plan is working pretty good.
Paper silver is...paper. Poof.
BTFD Bitchez
Ditto, all mine was there too.....and very shiny.
Is this "da Bottom?"
Kind of difficult to say isn't it? Who knows what rule changes and shenanigans lie ahead in the highly manipulated paper market.
For a day, maybe two. I expect our first mini-bounce tomorrow. But the shorter the time frame, the tougher the call.
I must say, I do not appreciate you using a near-duplicate of my long-established avatar. That is rather rude by online forum etiquette standards, you know.
Yeah, I never noticed what you had until after I had taken it. I will find another I suppose. But I am still jealous.
Thank you for changing your avatar.
No problem, there is another with a red-bordered one using it too. Not sure if you noticed. Don't recall the name.
After willingly and happily bending over countless times for Bernanke and Geithner, you're the expect at "bottoms", RobotLemming --- you tell us.
Not even a test of the 50 dma?
That would be an impressive bull.
The children will shut up. NOW.
The Comex warehouse is being subtly protrayed here as "the supply".
It is not. Worldwide, the total flow of new silver from all the miners is around 900 M ounces. Less than 10% of that goes through the Comex. If their inventory,
registered + eligible, is 100 M ounces, that's still a small percentage of the yearly trade. Another 200 million ounces or so comes from collectors and governments net selling out of inventory.
http://www.silverinsights.com/_pages/_statistics/statistics_1.html
The numbers for demand are changing with the price. Recently, some 500 m
ounces per year went for industry, 160 m for jewelry, 70 m for photography,
50 m for silverware, leaving only 80 m for coins and other investment vehicles.
http://www.silverinstitute.org/supply_demand.php
One big unknown is the size of this mythical short position (promise to deliver)
of JP Morgue. One variable to guess at is, how much is industry backing off,
either because of the doubling of price or because the Japanese disaster
has impacted all kinds of electronic manufacturing. How much are photographers
balking? Jewelers? If these three sources of demand each backed off by
only 15%, then that would double the supply available for investment.
Nothing is simple.
(disclaimer: I have physical. I sold all my paper on April 23rd. On the morning
of Bernanke's vaudeville act, I bought heavily, with leverage. The next
day I sold it all for a fat profit, and used the cash to buy more physical.
On the other hand, I got killed today in oil, so don't feel too jealous.)
Salve Comrade!
Farm land; the means to grow food; stored food; guns, ammo; "junk silver"; the skills necessary to survive"; shall I go on?
i have all that but the silver "bars." "but then i'm stuck on food." ever try and sell food? at first you think "the guy gouging me is the truck driver." that's wrong, too. so "then you buy General Mills and make a fortune." Ah, I get it now!
You eat the food Bro.
Fukushima is big, then. That is a massive disruption in DEMAND for silver which should have been very bearish for the yen AND silver since "you have to pay for that silver" and "we're going into a double dip" as well. instead the yen soared "until the smackdown" by the rest of the G-8 "in a very unusual coordinated interevention." now "the dollar as back on the down low" (for lack of a better expression) and "the Silver Surfer soars." Something is not right here. On the other side of the pond of course is Greece--"where's the haircut?" 25% for a two year? As "the standard" for the interest rate of the entire Euro-debt Union? On THIS side of the coin "i see uber silver bullishness." Where do i run if the European economic union? The Swiss Franc obviously--but i think i'll be "waiting for the Golden Buddha" for a while over there. In short "they'll by the physical if in doubt." I think that's why if JP is hedging it makes sense to use copper. "We'll follow the Europeans." And of course the same would be true with oil as well.
Does the price of gold and silver truly change,
or is it that all other assets oscillate in price around them?
How can a rock be anything but a rock?
We are the ones who ascribe value...and cling to
to historical understanding of ourselves as human.
When trust is shattered, old stand-bys come in handy.
Physical silver will have value to humans long after
every single one of us is dead and dust.
An interesting thought:
Mathmatics, in its mind-boggingly large exsistance, is
nothing more than cultivated human thoughts.
Metal is an object that exsist as itself.
The virtual vortex is going to fleece a lot of people, not
just of supposed silver positions, but of much more.
I am long cows and chickens...
Yes.
Perception rules until reality trumps it.
Bank run bitchez!
With all due respect, who gives a rats ass about COMEX? Why are you buying silver? Really? Because you might be able to trade it for food after TEOTWASWNI?
Who is going to make change for gold? Not me. Silver $.05 are looking pretty good to me.
Signing off.
Yes, I am sure you will not make change for gold. With your attitude you will be one of the first to be culled. Good luck blue-piller. With all due respect of course.
-Tuco Benedicto Pacifico Juan Maria Ramirez
http://www.cnbc.com/id/42886979
This Patti Domm coxxukker chick can't wait to spin for her masters. Like these assholes always say about equities, there is a wall of worry to be climed. And these headlines confirm there is no top in.
I think margin hikes lately are a sign that EE can't get enough physical to prop up the comex. I'm lovin the action cause if EE can't hold the scam together here i think one could put any number on an ounce of physical.
Pick up a bit more today. Waited in line behind a few newbes just getting in to buy their first dip.
Just an observation if I may. ?
This same tit for tat was going on, here at ZH when silver was $10 as I can remember.
Nothing has changed except the dwindling available amount of physical silver and the over abondant paper written against it.
Thats it.
Thank you
It'll still be raging at $80 too I reckon :).
@sudden debt,What do you make of ths silver sellout, are you still in??
Physical silver will make you rich beyond yr wildest dreams....even the fed can't afford to cover JPM's silver short without extreme QE !Remember that you are in a fight against most of the world's central banks and against the corrupt govt's that cater to them....silver is the key to their downfall.
Exactly.
Silver is the Kryptonite of Central Banksters. They make their living stealing the value of honest mens labor.
I like that TIT fo TAT expression, its new to me :)
i for one happily trade my tats for tits under any and all circumstances.
C,mon Girls, enough bickering !!!
guys, how exposed do you think JPM is to this physical/certificate price dislocation risk ?
in other words, buy 5y JPM @ 75 bps ?
thanks
I just bought Canadian silver dollars (1935 to 1967 era) on APMEX for 79 cents above spot. Each coin is 80% silver and contain over a half ounce of silver.
Silver Eagles, Libertads and Maple Leafs are getting scarce. Buy demonetized U.S., Canadian, Mexican, and Australian silver coins instead.
Above all, BTFD!!!
No offense...but buying silver below 90% seems like a suckers play if your paying above spot in premiums. You can have 90% American silver coinage at 19 cents above spot at Provident (even that is really not that good of a deal) You should be able to garner silver at spot prices....provided you spend a little time educating yourself on where to look for it.
Canadian silver dollars (1935 to 1967) are often overlooked by American silver buyers. I love junk silver coins, however, antique malls have been raided and silver coins of all types are getting scarce. Your point is well taken!
i agree. US coinage. it may have been circulated prior to '64, but it is 90% silver and recognized all over the USA.
since the "dollar" is now a greased pig with badly smeared lipstick, silver is easily quoted in ounces, but very few know how to price 90% coins. math challenged? slewie will not try to show you. too many fails. buy ounces.
but the premiums are distressing. still, eagles do seem to hold their premium. at least so far.
i think the market has already digested a lot of stuff. don't know whether it will go up or down, but this is just the first time $45 hasn't held for a close. and, it has had the shit kicked outa it. one close below = 0. tomorrow will tell. dangerporche maybe senses this, too. silver took 3 weak tries @ $49-50 and was just too fukin pooped! now, is it gonna say byebye to that nice $45 support, or climb back up there?
up the string, one sage mentions, it's still pretty fast for silver to head north again. another sez: this bull can do it.
gold is $2 above its london afternoon fix of 4.28. london was closed a few days and now the gold price has come back to its "book". the G/S Ratio has popped back above 37.
i put this up earlier: DJ Comex Silver Delivery Intentions Breakdown - May 3
jpmorgue's customers have been taking their silver.
and, as tyler's 1st graphic shows, jpmorgue has 0 registered silver. as in zero_Hedge.
Silver run was unhealthy. Well here you have it trollz, a sweet correction to accumulate energy and blast you all together away from zerohedge deep into debtland when we explode upward trough nifty resisting fifty. Enjoy the trip (sooner or sticky trolling later). I'm happy with it and damn my wife gets a golden one when I take her on my silver mountain.
So fucking comical. idiots who sell physical are morons. I have purchased ~1,000 oz from gainesville over past few months. their premium for cc purchases has be jacked up to around $2.5 from $2.
additionally i have purchased ~ 1,000 oz from bullionvault. no one is selling near current spot.
new acronym: DTFM=Do The Fucking Math
spot is paper. btfd and take physical. simple formula. reasons you have been buying havent changed. QE3 is a lock, dollar is dead, global turmoil will ratchet. Stay focused on the big picture and dont get caught up in the bs of the sheep.
I shorted xag (46.5, just below the 100 hour sma) yesterday, against my long yen crosses. (eur/jpy) (gbp/jpy). Did it CFD style. Just a short term hedge. It's working very well! I'll look to get long(xag) again between 36.80 and 34.35.
I don't know if any one but me has ever noticed, what is the price of silver except for what we are told? We all know thay can manipulate "supply" with paper. They don't even really need that to tell us what spot is. Physical is all together a different story.
"Do not try and bend the comex. That's impossible. Instead... only try to realize the truth."
"What truth?"
"There is no comex."
"There is no comex?"
"Then you'll see, that it is not the comex that bends, it is only yourself."
What's your point? LH? I purchased 4 spot shorts xag/usd. CFD's @ 50:1 @46.5. I can close them any time I want.
Nice parody of "The Matrix."
Seems some didn't see the movie.
Nice "Matrix" reference LH with supplanting the spoon with the Comex.
The Comex exists and their Casino lives on because of the willing participants interested in continuing their gambling addictions at their House of Smoke and Mirrors.
I wonder if the spoon was silver?
Since there is no spoon I'd say there's a good chance it was made of COMEX silver.
Very nice Stormdancer!
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