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China Imports 245 Tonnes Of Silver In February And Qatar SWF “Interested” In Buying Silver

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From GoldCore

China Imports 245 Tonnes of Silver in February and Qatar SWF “Interested” in Buying Silver

Gold and silver rose on the open in Asia and have continued those gains so far in European trading with the Libyan military conflict leading to a safe haven bid and falls in the dollar and yen. The all time and multiyear nominal dollar highs set on March 7th ($1,444.95/oz and $36.75/oz) look set to be challenged as gold is less than 1% from its record high and silver less than 2% from its nominal recent high.

Safe haven demand continues especially in Asia and macroeconomic and geopolitical risk remains elevated. The tragedy in Japan and possibility of an ecological catastrophe has clouded the economic picture and created even more uncertainty which will lead to continuing physical demand.

In Japan, many ATMs have not been working for days now and this is leading to safe haven demand for gold. Should efforts to sort out the ATM problem not be resolved this week it could out pressure on the already strained Japanese financial system.

Iran and Other Central Banks Secretly Increasing Gold Reserves

News that Iran and other nations with large dollar currency reserves have greatly increased their gold reserves (see News) will not come as a surprise to our readers. It stands to reason that they would given the degree of exposure which most creditor nations have to the U.S. dollar. It also stands to reason as some of them do not have cordial relations with Washington and may be reluctant to fund the U.S. continuing imprudent fiscal policies.

Gold was not the only precious metal being bought with the FT reporting that the sovereign wealth fund of Qatar, the Qatar Investment Authority is reportedly interested in acquiring both and gold and silver.

The QIA has assets estimated to exceed $65 billion and this one sovereign wealth fund alone could easily corner the very small physical silver market which is worth some $36 billion at today’s prices (1 billion ounces of above ground, investment grade refined silver bullion multiply by $36 per ounce).

China Imports 245 Tonnes of Silver in February and Qatar SWF “Interested” in Buying Silver

Central banks and sovereign wealth funds with massive exposure to the dollar, such as the Russians and Chinese, are not going to shout from the roof tops their intentions to diversify into gold and silver bullion as this would lead to a surge in bullion prices and an even greater depreciation of their dollar holdings.

China imported 245.6 metric tons of silver in February. The figure is close to the 260.6 metric tons imported in February 2010 and suggests that the Chinese are more than willing to buy silver at over $30 per ounce. It also suggests that the record Chinese imports of 3,475,394 kilos seen in 2010 (a massive four fold increase from 2009) may be again attained in 2011.

This demand is likely from the private sector rather than official but it is quite possible that there has been official buying in recent months. This may have come from the Chinese State Administration of Foreign Exchange (SAFE) which manages nearly $3 trillion of currency reserves. The Chinese has experienced the collapse of a paper currency and hyperinflation as recently as 1949 and therefore appreciate the value of gold (and silver) as currencies which cannot be debased.


(Financial Times) -- Iran bought gold to cut dollar exposure

Iran has bought large amounts of gold in the international market, according to a senior Bank of England official, in a sign of how growing political pressure has driven Tehran to reduce its exposure to the US dollar.

Andrew Bailey, head of banking at the Bank of England, told an American official that the central bank had observed “significant moves by Iran to purchase gold”, according to a US diplomatic cable obtained by WikiLeaks and seen by the Financial Times.

Mr Bailey said the gold buying “was an attempt by Iran to protect its reserves from risk of seizure”.
Market observers believe Tehran has been one of the biggest buyers of bullion over the past decade after China, Russia and India, and is among the 20 largest holders of gold reserves.

They estimate it holds more than 300 tonnes of gold, up from 168.4 tonnes in 1996, the date of the most recent International Monetary Fund data.

The cable, dated June 2006, is the first official confirmation of Tehran’s buying.

Last year central banks became net buyers of bullion after 22 years of large sales, helping drive gold prices to all-time nominal highs. Trades by central banks are often kept secret.

Bankers said other Middle Eastern countries had also been quietly adding to gold holdings to diversify away from the dollar amid political tensions and volatility in currency markets.

“The totality of central bank reserves is not what is reported to the IMF,” said Philip Klapwijk, executive chairman of GFMS, a precious metals consultancy. “There’s probably another 10 per cent on top of that.”

Cables obtained by WikiLeaks cite Jordan’s prime minister as saying the central bank was “instructed to increase its holdings” of gold, and a Qatar Investment Authority official as saying the QIA was interested in buying gold and silver.
“There is no question some Middle Eastern countries are very interested in buying gold,” said George Milling-Stanley, head of government affairs at the mining industry-backed World Gold Council.

In the past two months, the political unrest in the Middle East has helped propel gold to a record price of $1,444.40 a troy ounce.

The Bank of England declined to comment on the cables, but did not dispute their contents. The central banks of Iran and Jordan and the QIA did not respond to requests for comment.QIA did not respond to requests for comment.

(MarketWatch) -- Mizuho's ATM crash may last to Tuesday or longer

Mizuho Bank's system-wide breakdown, which has led to millions of Japanese ATM users being unable to withdraw cash or receive salary payments, could have far-reaching implications and put a wider strain on Japan's banking system if its efforts to recover from the glitch fail this week.

The outages have affected so many people that Japan's Financial Services Agency, the nation's regulatory watchdog, is considering disciplining Mizuho, a person familiar with the matter said. The FSA was not immediately available for comment.

Mizuho is now facing its biggest system crisis in nearly a decade, amid a surge in demand for cash on hand as fears intensify from possible radiation leaks from a nuclear plant damaged by Friday's earthquake, coupled with the fact that most companies are increasing transactions toward the end of Japanese fiscal year through March 31.

The system crash, which Mizuho blamed on excessive deposit activity following the devastating earthquake, also comes at a time when other banks and industries are struggling to cope with intermittent power outages around the greater Tokyo region. Most banks have been forced to temporarily shut down some of their ATMs due to blackouts, while others are voluntarily shutting down their ATMs to help save power.

The retail banking unit of Mizuho Financial Group Inc. (8411.TO), Japan's third largest bank by market capitalization, said it aims to fully restore the system after the three-day weekend through Monday, but it remains unclear whether operations will return to normal operations on Tuesday.

On Sunday, Mizuho had operational level talks with its archrivals, the Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp., over how they could help Mizuho with transaction settlements, in case Mizuho's troubles drag on, another person familiar with the matter said. Underscoring the gravity of the situation, the FSA has asked Mizuho's rivals to help it through this crisis.

The two lenders are considering shouldering some of Mizuho's load of unprocessed settlements. BTMU and SMBC, the core banking units of Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Banking Corp. are looking into how many companies' payments they can handle without overburdening their own systems, the person said. Both banks were not immediately available for comment.

The lender's system glitch, which occurred from Tuesday, affected more than 1 million cash transfer orders worth about Y830 billion ($10.3 billion) so far.

270,000 transactions that were placed at the bank earlier this week, were processed, but 890,000 transactions including salary payments have been not yet processed, Mizuho said Sunday.

All of its 38,000 ATMs at its branches and convenience stores have been shut down between Saturday and Monday to speed up the system's recovery. In its place, Mizuho extended operating hours through the three-day weekend through Monday at its 440 branches for account holders whose salary payments have been delayed by the system problem, allowing them to withdraw up to Y100,000.

Mizuho Bank President Satoru Nishibori earlier said that the bank is still investigating the locations of the branches where the problems originated and establishing why the transactions failed to process, but determining the reason will take some time.

The breakdown is the most serious faced by Mizuho since 2002, when it experienced similar problems that led to delays in processing 2.5 million public utility payments and other account settlements.

(Bloomberg) -- Gold Climbs in New York as Allied Aircraft Attack Libyan Targets

Gold climbed for a fourth day in New York as investors sought a protection of wealth from air strikes in Libya and on concern unrest may spread in the region. Allied officials said two days of missile and aircraft strikes have effectively grounded Muammar Qaddafi’s air force.

The leader denounced the coalition allied against him, which includes the U.S., the U.K. and France, as “the party of Satan.” Yemen’s President Ali Abdullah Saleh fired his cabinet yesterday and faced a growing internal revolt. Gold futures reached a record $1,445.70 an ounce on March 7.

 As “tensions in the Middle East and North Africa region increase, the precious metals, particularly gold and silver, could be poised for further gains as investors seek to diversify towards safe-haven asset types,” James Moore, an analyst at in London, said in a report.

(Bloomberg) -- China’s Silver Imports in February Were 245.6 Tons
China’s imports of silver in February were 245.6 metric tons, the customs agency said. Imports of platinum were 7.3 tons and palladium shipments were 3.3 tons, it said today.





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Mon, 03/21/2011 - 09:35 | 1081386 66Sexy
66Sexy's picture

Big moon, big silver.


m-o-o-n. that spells 'silver'.

Mon, 03/21/2011 - 09:41 | 1081419 eigenvalue
eigenvalue's picture

No, silver should go to The Andromeda Nebula!  Moon is a too conservative target!

Mon, 03/21/2011 - 10:44 | 1081694 SilverIsKing
SilverIsKing's picture

Actually, it's a silvery moon

Mon, 03/21/2011 - 13:49 | 1082381 dlmaniac
dlmaniac's picture

UN is about to establish a No-Silver zone in Qatar citing their evil attempt to bust the innocent JPMorgue as the reason.

Mon, 03/21/2011 - 10:06 | 1081516 Thomas
Thomas's picture

So how can the Chinese be importing that much when the above ground supplies are reputed to be about a billion ounces? Something ain't addin' up.

Mon, 03/21/2011 - 10:18 | 1081588 tmosley
tmosley's picture

IIRC, they have purchased a number of mines around the world, and are simply diverting the silver produced there back to China.

Mon, 03/21/2011 - 10:20 | 1081590 Turd Ferguson
Turd Ferguson's picture

Maybe the Chicoms will finally be able to drive it thru $36.

Mon, 03/21/2011 - 10:20 | 1081600 EscapeKey
EscapeKey's picture

The paper or physical variety?

Mon, 03/21/2011 - 17:00 | 1083145 Zero Govt
Zero Govt's picture


Elliott (Idiot) Wave will drive it through £36.00 ...everytime these retards predict Gold and Silver to drop they rise. The morons did it again last week and sure enough this week up they go

Rob Prechter and Steven Hochberg are like clowns at a kids party blindfold trying to pin the tail on the donkey. They've been pinning the tail (5th and final wave) on Gold and Silver every month since May 2009 and it's beyond a farce. The failure rate for their predictions "technical indicators" is above 90% which is worse than a blindfold (and drunk) clown

Prechters Elliott (Idiot) Wave clowns need your help fact a 9 year old kid tossing a coin (50/50) could beat Prechters Idioticians by a factor of 500% on predicting the PM, stock indexes and US Dollar direction

Mon, 03/21/2011 - 10:19 | 1081593 Long-John-Silver
Long-John-Silver's picture

Paper to infinity baby!

Mon, 03/21/2011 - 14:16 | 1082481 SilverTech
SilverTech's picture

245 tonnes is about 8 million toz. Not really that much when silver production is about 800 million toz per year.

Mon, 03/21/2011 - 19:17 | 1083683 DosZap
DosZap's picture

Likely all they could get their hands on at THEIR price.

Mon, 03/21/2011 - 20:27 | 1084003 Math Man
Math Man's picture

China is insignificant compared to SLV.  SLV increased holdings by almost 8mm tons on Feburary 24th alone!

As SLV holdings go, so does the silver price. 


Mon, 03/21/2011 - 10:26 | 1081605 mark mchugh
mark mchugh's picture

Laws, yes!

Didn't care much for the book, but the reference made me laugh out loud.

Mon, 03/21/2011 - 10:57 | 1081766 Oh regional Indian
Oh regional Indian's picture

Indeed. In all my years of buying, this is the first time (last week) when the dealer took a deposit as there was NO physical available. supposed to deliver last Saturday, but has not called. India has been gold-blinded for ever. Just now waking up to SIlver as an investment alrternative.

Pretty interesting. And the big moon was the pull. I expect Silver to disconnect and take off shortly. Shortly!!! Hah!


Mon, 03/21/2011 - 12:03 | 1081978 chopper read
chopper read's picture


Mon, 03/21/2011 - 19:17 | 1083691 DosZap
DosZap's picture

What pays a Dividend that you can trust?

Nothing in this country.

Mon, 03/21/2011 - 09:38 | 1081391 LoneStarHog
LoneStarHog's picture

/Sarcasm On/ Yeah ... well ... apparently these countries are not reading the works of Karl Denninger at The Market Ticker. I'll have another glass of Kool-Aid, thanks. /Sarcasm Off/

Mon, 03/21/2011 - 12:44 | 1082062 Bay of Pigs
Bay of Pigs's picture

Like many, KD is willfully blind and ignorant to something so obvious and yet, chooses to ignore it. History and the facts are not on his side. 

His reputation (whatever is left of it) will be shot to pieces soon enough. 

Mon, 03/21/2011 - 13:12 | 1082231 Eternal Student
Eternal Student's picture

I'm curious. Does anyone happen to know Denninger's actual educational background?

The reason why I ask is that he's done a lot on energy and Japan recently, and made an incredibly stupid comment. I have to wonder whether he's ever done a thermodynamics problem in his life, let alone passed a class in it.

Mon, 03/21/2011 - 09:40 | 1081394 Azannoth
Azannoth's picture

The chickens are coming home to roost

Mon, 03/21/2011 - 09:40 | 1081406 EscapeKey
EscapeKey's picture

It's baked into the pie.

Mon, 03/21/2011 - 09:45 | 1081435 Sudden Debt
Sudden Debt's picture

Fried or non Fried?


Mon, 03/21/2011 - 10:23 | 1081602 Long-John-Silver
Long-John-Silver's picture

You always boil the chicken you bake into a pie. Did you learn nothing from your grandmother?

Mon, 03/21/2011 - 10:42 | 1081685 Sudden Debt
Sudden Debt's picture

Quit a few things actually:

If somebody is down: KICK HIM IN THE FACE!

If you want to get lucky, GET THEM DRUNK!

If you want something you can't afford, TAKE IT WITH FORCE!


as a 12 year old, it was hardwarming for me to learn the good old traditional values of life from here. To bad she passed away to early... like my uncle always said: In and out in 5 minutes, we'll get the rest in another bank.

To bad her watch broke that very same day...

Mon, 03/21/2011 - 14:51 | 1082557 tmosley
tmosley's picture

Are you Blythe's grandson, by any chance?

Mon, 03/21/2011 - 09:40 | 1081399 doomandbloom
doomandbloom's picture

Invasion is so old school....the latest hi tech trend is 'revolution'..

a)Activate sleeper  cells. b)Garner some local antisocials. c)Send media in for a completely one sided coverage.d) Make a hue and cry about human rights e) Get UN to approve an invasion

If China and Iran continue like this....expect them to be revolutionised..( google has already started making noises today)

Mon, 03/21/2011 - 09:40 | 1081403 CH1
CH1's picture

How much does it cost to buy one futures contract for silver and hold for delivery?

Please give precise figures if possible.


Mon, 03/21/2011 - 09:41 | 1081414 Azannoth
Azannoth's picture

I think it's in the hundreds of thousands

Mon, 03/21/2011 - 09:42 | 1081415 CPL
CPL's picture

All you need to do is buy physical silver.  There is no hedge in paper.  At least if physical tanks you still have silver in your hand.

Mon, 03/21/2011 - 09:47 | 1081440 Sudden Debt
Sudden Debt's picture

No hedge in paper silver? :)


I just rebought these warrants today :)

2012 38 1/4


Mon, 03/21/2011 - 09:44 | 1081423 EscapeKey
EscapeKey's picture

5,000 oz x 7.5% margin = 5,000 x 36 * 0.075 = around $13k for the initial contract, but your margin requirement might need an occasional topup...

Of course, final settlement means paying the balance, so total cost = 5,000 x 36 = $180k.

Mon, 03/21/2011 - 12:47 | 1082106 The Grip
The Grip's picture

Whoever junked this gets an extra day as the Bernank's tapeworm in the next life.

Mon, 03/21/2011 - 15:26 | 1082759 Banjo
Banjo's picture

I really hope this was junked by accident. It containts nothing but factual and accurate information.

Mon, 03/21/2011 - 19:23 | 1083707 DosZap
DosZap's picture

Blythe did it, your making her life hell.

Mon, 03/21/2011 - 10:31 | 1081638 Abitdodgie
Abitdodgie's picture

One contract is 5000 oz , so it is about $175,000

Mon, 03/21/2011 - 10:59 | 1081771 kkam
kkam's picture

A spot contract is 5000 oz. I believe the Comex futures contract is the same, so 1 comex contract = 5000 x 36 = 180,000 dollars. Note, most futures contracts are bought on margin.

Mon, 03/21/2011 - 11:34 | 1081880 Richard Head
Richard Head's picture

Has there yet to be one ZH reader who has stood for delivery and documented the process?  I would love to try it, but $180k is outside my means.

Mon, 03/21/2011 - 12:19 | 1082002 CD
Mon, 03/21/2011 - 12:59 | 1082160 tiger7905
tiger7905's picture

Interesting story on taking delivery.

I use sprottmoney for purchases, they only sell what they have. Yes, we should be realistic that Sprott is playing both sides of the fence but at least you can get supply.
(FYI: I have no association with Sprottmoney, other than their office is conveniently located 3 blocks from mine.)

Mon, 03/21/2011 - 09:39 | 1081404 John McCloy
John McCloy's picture

  I found that the best example in unlocking a mind and getting them to understand how dangerous the Fed and money printing has been for our economic health is to use the silver quarter analogy. 

  I ask them if they are aware that a quarter pre 64 is 90% silver. Most are not. I ask them if they are aware that because silver is 36 an oz that this quarter has a melt value north of $6.00. Always wakes them up and 100% had no idea.

Mon, 03/21/2011 - 09:59 | 1081486 nevadan
nevadan's picture

For those old enough to remember 25c gasoline it always raises eyebrows to point out that in terms of silver the price of gas is now lower than it was in the early 60's.

Mon, 03/21/2011 - 09:40 | 1081411 sudzee
sudzee's picture

The Royal Canadian Mint issued 1/4 oz silver coins with a face value of $20.00. The issue was sold out in a few days. The face value of the 1/4 oz coin may be a reflection of the anticipated future price of silver of $80.00 per ounce as accessing supply of bullion is becoming difficult at this time.

Mon, 03/21/2011 - 10:00 | 1081496 luk427
luk427's picture

The Canadian mint is having trouble obtaining silver. With these coins they are getting min. $80.00/oz instead of $34-36+ prem./oz for 1oz maple. They are making way more money with an oz of silver. Melt value on this new coin is $9.00. It will protect your down side but but on melt value you won't start making money until silver is at over $80.00 /oz. Buy Maples.  ( $20.00 coin only contains 1/4 oz silver.)

Mon, 03/21/2011 - 10:15 | 1081570 kadriana123
kadriana123's picture

I see Apmex seems out of a lot of Canadian coins and won't be getting more in for a coupleweeks. They have a fute date next to their American Eagles too.

Mon, 03/21/2011 - 10:54 | 1081738 Temporis
Temporis's picture

"This new Canadian silver commemorative coin is legal tender with a value of $20. It is available for the official price of only $20. You simply exchange $20 from your wallet for a $20 coin of pure 99.99% silver."


Sounds like they are preping for silver to hit $80 an oz.

Mon, 03/21/2011 - 09:41 | 1081413 Life of Illusion
Life of Illusion's picture



Not to long ago Central Banks told us they would sell their gold and silver..



Mon, 03/21/2011 - 16:36 | 1083118 Zero Govt
Zero Govt's picture

Buy Silver in, US Dollars out (rid of) ...what's not to like for the Chinese?

Mon, 03/21/2011 - 09:42 | 1081418 True.North
True.North's picture

Thank you Benlzebub, dark prince of gluttony

Mon, 03/21/2011 - 09:42 | 1081424 bigredmachine
Mon, 03/21/2011 - 09:43 | 1081425 jimijon
jimijon's picture

I only have 150 left!

Where is my ZH partner to create a new ZH Silver Round ? Notice I said "Round". I am not a "NutHouse".

Mon, 03/21/2011 - 09:48 | 1081444 Cognitive Dissonance
Cognitive Dissonance's picture

And why would I pay $48 for your silver round? Thanks for pushing your product here on ZH.

Mon, 03/21/2011 - 10:21 | 1081598 DaveyJones
DaveyJones's picture

all pushers are the same

Mon, 03/21/2011 - 11:37 | 1081898 jimijon
jimijon's picture

because one day it will be $50/oz ? 

Though in all seriousness... I really would like to make a ZeroHedge Round but first I will move these.

Mon, 03/21/2011 - 11:50 | 1081934 BrianOFlanagan
BrianOFlanagan's picture

so they buy a round for $48 and when silver hits $50 they'd finally be able to make a profit of a grand total of $2, assuming they could sell it for spot.

Why wouldn't they be better off buying a generic round at spot +$2.00, a 10oz bar at spot +$1.75, or even an American Eagle at spot +$4.00?  In that case they'd make $10-$12/ounce assuming they sold at spot.  


Mon, 03/21/2011 - 12:05 | 1081982 ColonelCooper
ColonelCooper's picture

As soon as I can sell my Obama Commemerative plate for a profit, I will buy one of your rounds.  I promise.

Mon, 03/21/2011 - 12:18 | 1082006 Cognitive Dissonance
Cognitive Dissonance's picture

So you're the other person who bought one. Nice to meet you.

I bought number 2 of 2 so you must be number one. :>)

Mon, 03/21/2011 - 18:19 | 1083478 mark mchugh
mark mchugh's picture

You forgot to add in the shipping &  handling fees, CD.  Another $7.95.

Mon, 03/21/2011 - 10:24 | 1081612 Sudden Debt
Sudden Debt's picture

The picture of the first coin on your site is 18 MB, in total I've downloaded about 90mb for the first page and stopped it.

It slows your site down terribly.


Mon, 03/21/2011 - 11:38 | 1081901 jimijon
jimijon's picture

Thanks for the constructive criticism.. time for site revamp anyway. Again thank you.

Mon, 03/21/2011 - 10:45 | 1081701 Fenlander
Fenlander's picture

I'm not buying from you at those prices, when even Kitco are selling at $39.90 for single coins such as ASE and Maples.

Mon, 03/21/2011 - 10:59 | 1081764 BrianOFlanagan
BrianOFlanagan's picture


Why pay $16 over spot for a round, when you could get them at Northeast Bullion for spot +$2.00, or even better, 10oz bars at spot +$1.75?

It pays to shop around.


Mon, 03/21/2011 - 11:45 | 1081921 PenchantForHoarding
PenchantForHoarding's picture

Gainesville Coins and CNI have the best prices I've seen.  Apmex is a screw.

GC has been a buck over spot for awhile if you pay by wire transfer.

I struggle to understand the value proposition of paying huge premiums for Eagles/Maples vs generic rounds and bullion.  When TSHTF, the dollar liquifies, and there's an eventual reset, I tend to think an ounce is an ounce.  Maybe I'm wrong... but my priority is to accumulate as much physical PM as possible, regardless of mint profile.


Mon, 03/21/2011 - 11:52 | 1081943 BrianOFlanagan
BrianOFlanagan's picture

I agree completely.  The premiums on gov't coins versus generics and bars has gotten far too wide, making the generics and bars much more cost effective.

An ounce of silver is an ounce of silver.


Mon, 03/21/2011 - 13:40 | 1082350 SilverBaron
SilverBaron's picture

Some people say eagles/maples will have high numismatic value because the countries will no longer exist.

Tue, 03/22/2011 - 09:25 | 1085516 Absinthe Minded
Absinthe Minded's picture

Bullion Direct has 10 oz. CMX bars at $1.20 over spot right now. I've dealt with them exclusively and had very good luck.

Mon, 03/21/2011 - 09:44 | 1081427 Sudden Debt
Sudden Debt's picture

nice... 1/3 of the world production...






Mon, 03/21/2011 - 09:48 | 1081443 Sophist Economicus
Sophist Economicus's picture

You mean Juan....

Mon, 03/21/2011 - 09:50 | 1081452 long juan silver
long juan silver's picture

Softly. softly

Mon, 03/21/2011 - 10:18 | 1081585 Sophist Economicus
Sophist Economicus's picture

Sorry Juan, bad attempt a joke.   Some of my best friends are silver, really...

Mon, 03/21/2011 - 09:51 | 1081456 Sudden Debt
Sudden Debt's picture

no. Yuan.


you'd better learn how our new world reserve currency is spelled.

Mon, 03/21/2011 - 10:17 | 1081580 Sophist Economicus
Sophist Economicus's picture

Bad joke...

Mon, 03/21/2011 - 10:56 | 1081758 Tail Dogging The Wag
Tail Dogging The Wag's picture

This might come as a surprise to some: The Chinese word for bank is Yin-Hang. Which literally translates to Silver-Movement/Transport.

Mon, 03/21/2011 - 09:46 | 1081431 silvertrain
silvertrain's picture

 Ive been shouting it for 3 years to my family and friends, nobodys listening...

 And all of those tomahawks we keep shooting off contained an assload of unrecoverable Silver..And now the Mint has delays on Eagles and we aint even in the 3rd month of the year...$100  for morgan dollars will look like a steal in a couple of years, if there legal to own that is....

Mon, 03/21/2011 - 09:49 | 1081445 Sudden Debt
Sudden Debt's picture


Same here.


They got their chance.

Mon, 03/21/2011 - 09:55 | 1081472 Broomer
Broomer's picture

Don't worry my friend. When dollar collapses, your family will remember that you own silver and 'ask' you for some.

Mon, 03/21/2011 - 09:57 | 1081483 Sudden Debt
Sudden Debt's picture

Just tell them that their dental fillings contain silver and they better close their mouth before they lose it.


Mon, 03/21/2011 - 10:41 | 1081676 Tail Dogging The Wag
Tail Dogging The Wag's picture

If you look hard you will notice that the dollar already collapsed. It's Weimar Germany all over again. Expect the $500 bill in 2011. $1,000 bill in 2012.

Mon, 03/21/2011 - 11:34 | 1081881 Out9922
Out9922's picture

Me too.  Im crazy.  Ha.  I can't wait for the SHTF.  I just bought some Kroger brand popcorn today.  

Mon, 03/21/2011 - 09:45 | 1081436 Cognitive Dissonance
Cognitive Dissonance's picture

Well now this is all very confusing. I thought Gold and Silver had no use in modern financial systems. Why then would so many countries try in increase their ownership in something that has no value?

To much to think about here. Where's my MTV? I want my MTV.

Mon, 03/21/2011 - 09:51 | 1081451 EscapeKey
EscapeKey's picture

Do as I say, not as I do.

Mon, 03/21/2011 - 10:04 | 1081514 Cognitive Dissonance
Cognitive Dissonance's picture

It appears you have picked up a serial junker. Who did you piss off over the weekend here on ZH? :>)

Mon, 03/21/2011 - 10:07 | 1081525 EscapeKey
EscapeKey's picture

Hmm... I had the nerve to suggest earthquake-causing HAARP is a load of conspiracy theory crap, with the backing of absolutely zero credible evidence. I also said Gordon Brown is the biggest financial disaster these isles have ever been hit by, including WW2, and backed it up with stats taken off the government budget website.

Meh, I don't really care either way. Junk away.

Mon, 03/21/2011 - 10:21 | 1081594 silvertrain
silvertrain's picture

 And Bernard doesnt "understand Gold"

Mon, 03/21/2011 - 10:22 | 1081609 Reptil
Reptil's picture

Here it is:

Long term.. bullish like the rest of you, buy and hold.
But the medium term: stock market plunge? summer dip?

Your opinion, or crystal ball prediction is welcome.


Mon, 03/21/2011 - 11:55 | 1081925 Cognitive Dissonance
Cognitive Dissonance's picture

My opinion is that the market will do whatever the (Federal Reserve) elephant in the market wants it to do. That is until the elephant loses all credibility or there is no more water in the pool. Both will probably occur at the same time.


Tue, 03/22/2011 - 09:33 | 1085543 Absinthe Minded
Absinthe Minded's picture

I've been telling my friends to prepare for July 1st. QE2 ends on June 30th. God help us all after that. If they don't do QE3 markets collapse, if they do, dollar collapse. I guess I should have stayed away from the red pill, also known as ZH. It sucks knowing what's coming and trying to prepare your family for it without coming off as a complete loon.

Mon, 03/21/2011 - 11:49 | 1081935 mick_richfield
mick_richfield's picture

Gold and silver indeed have no use in modern financial systems.

They will, however, be used extensively -- probably exclusively -- in post-modern financial systems.

Most of you who own physical silver will never sell it for fiat currency.  You will end up using it as money directly, and thus serve as the seed-crystals from which the new monetary system will grow.

By the way -- we will need coins that are worth less than one silver dime.  What can we use?  Copper?  But the difference in value is so great now....


Oh, and ... Fed delenda est.


Mon, 03/21/2011 - 15:18 | 1082705 Green Leader
Mon, 03/21/2011 - 09:46 | 1081437 ivars
ivars's picture

Looks like gold and silver is going for a predicted final rise before a correction in early April. Or aorund that time, timing is difficult. Silver may reach 45 USD in next weeks.


Oil will also continue to move up in March-April, so stocks should take a pause at some stage:




Mon, 03/21/2011 - 09:54 | 1081468 HungrySeagull
HungrySeagull's picture

Buy? Why Buy?

It's cheaper to get some land somewhere and dig for it. It will take you a while, but the nuggets will be all yours.

Mon, 03/21/2011 - 10:27 | 1081625 Long-John-Silver
Long-John-Silver's picture

It only costs $5 an ounce to fig it out of the ground. /SARC

Mon, 03/21/2011 - 10:59 | 1081773 SilverRhino
SilverRhino's picture

Speaking of which where is that fuckhead Math-Man???

It would be nice to have a ping feature to invite asshats to a debate.

Mon, 03/21/2011 - 11:36 | 1081892 Richard Head
Richard Head's picture

Yeah, he and his ilk disappear unless it's a down day for PMs.  Either that or he had to renew his unemployment.

Mon, 03/21/2011 - 09:59 | 1081492 High Plains Drifter
High Plains Drifter's picture

Maybe its true then. China may be behind the silver shorting campaign......for obvious reasons.

Mon, 03/21/2011 - 10:13 | 1081498 eftian
eftian's picture

"The system crash, which Mizuho blamed on excessive deposit activity"


the first "deposit run" I guess..

Mon, 03/21/2011 - 15:09 | 1082647 StychoKiller
StychoKiller's picture

LOL!  Yeah, cuz ya know, the first thing that crosses my mind during a natural catastrophe is to figure out where to put my dinero so that I can't get to it!

Mon, 03/21/2011 - 10:01 | 1081500 Johnny Lawrence
Johnny Lawrence's picture

Speaking of silver:

Bernard von NotHaus, 67, was convicted today by a federal jury of making, possessing, and selling his own coins, announced Anne M. Tompkins, U.S. Attorney for the Western District of North Carolina. Following an eight-day trial and less than two hours of deliberation, von NotHaus, the founder and monetary architect of a currency known as the Liberty Dollar, was found guilty by a jury in Statesville, North Carolina, of making coins resembling and similar to United States coins; of issuing, passing, selling, and possessing Liberty Dollar coins; of issuing and passing Liberty Dollar coins intended for use as current money; and of conspiracy against the United States.

According to the evidence introduced during the trial, von NotHaus was the founder of an organization called the National Organization for the Repeal of the Federal Reserve and Internal Revenue Code, commonly known as NORFED and also known as Liberty Services. Von NotHaus was the president of NORFED and the executive director of Liberty Dollar Services, Inc. until on or about September 30, 2008.

“Attempts to undermine the legitimate currency of this country are simply a unique form of domestic terrorism,” U.S. Attorney Tompkins said in announcing the verdict. “While these forms of anti-government activities do not involve violence, they are every bit as insidious and represent a clear and present danger to the economic stability of this country,” she added. “We are determined to meet these threats through infiltration, disruption, and dismantling of organizations which seek to challenge the legitimacy of our democratic form of government.”


Mon, 03/21/2011 - 10:12 | 1081548 High Plains Drifter
High Plains Drifter's picture

Don't you just love what that us attorney said. Amazing isn't it?  They framed the case the way they wanted it presented and they did not allow him to say anything he wanted to say, kind of like what they did to the Brown's about their IRS case.

Mon, 03/21/2011 - 10:22 | 1081601 Johnny Lawrence
Johnny Lawrence's picture

It really is amazing.

Mon, 03/21/2011 - 10:27 | 1081628 DaveyJones
DaveyJones's picture

The last sentence is a killer, in more ways than one

Mon, 03/21/2011 - 10:27 | 1081621 DaveyJones
DaveyJones's picture

Now Johnny, it's not a repeal of the bill of rights, it's a war on terror

thanks for the post.

Mon, 03/21/2011 - 11:58 | 1081960 quasimodo
quasimodo's picture

From the article-- "legitmate currency"


Typical shill speak from someone towing the gov't line. Stupid two holer--no offense the the lovely women here on this board, it just really pisses me off to see these fucking idiots parroting this old worn out shit they call "legitimate"

Mon, 03/21/2011 - 12:17 | 1082003 pazmaker
pazmaker's picture

Wow that's only ten miles from home!!!  in the mean time Glen Bradley, a NC Representative wants to create a NC state currency backed by silver and gold.

Mon, 03/21/2011 - 15:51 | 1082918 savagegoose
savagegoose's picture

the poor old sap,67 and off to gitmo as a terorist!

the guy is prob more patriotic than all those who convicted him

Mon, 03/21/2011 - 10:03 | 1081511 Yen Cross
Yen Cross's picture

Do NOT buy Silver. Let it back off below the high 29's

Mon, 03/21/2011 - 10:11 | 1081543 Broomer
Broomer's picture

Yes, DO buy silver. If it falls to 4frn/oz... then I'm only going to buy more per month.

You don't buy gold and silver to play games with the market.

Tue, 03/22/2011 - 09:40 | 1085575 Absinthe Minded
Absinthe Minded's picture

I'm pretty sure the silver I bought at $15 an oz. helps make up for me buying it at $36. By the way, I thought it was a litle high at $15 too. I don't worry about that anymore, Berwanker is guaranteeing my investment. QE AWAAAAAAYYYY!!!

Mon, 03/21/2011 - 10:29 | 1081634 Long-John-Silver
Long-John-Silver's picture

That train left the station a long time ago.....

Mon, 03/21/2011 - 10:53 | 1081737 Abitdodgie
Abitdodgie's picture

Don't hold your breath, well second thoughts try it.

Mon, 03/21/2011 - 10:07 | 1081523 Richard Head
Richard Head's picture

Watching the recent price action, it does seem like there is huge pressure at $36.

Of course, Ag only "costs $5 to dig out of the ground."


Mon, 03/21/2011 - 10:12 | 1081554 HungrySeagull
HungrySeagull's picture

Less than that with a proper CAT shovel to dig it.

Mon, 03/21/2011 - 10:42 | 1081689 Long-John-Silver
Long-John-Silver's picture

It costs $5 worth of diesel fuel just to get one of them started before you even start digging it up.

Mon, 03/21/2011 - 10:09 | 1081526 dvsteenk
dvsteenk's picture

Silver is used also in manufacturing of solar panels...


Mon, 03/21/2011 - 10:12 | 1081557 HungrySeagull
HungrySeagull's picture

And a bunch of other things too.

Silver Solder....

Mon, 03/21/2011 - 10:35 | 1081656 Long-John-Silver
Long-John-Silver's picture

Each cell requires two layers of Silver, one for positive and the other for negative. Solar panels now cost so much that during it's 20 year service life it can't repay it's initial cost. That's one of the reasons electricity prices need to "Skyrocket",

Mon, 03/21/2011 - 14:59 | 1082579 tmosley
tmosley's picture

I don't know where you are getting your cells from.  I get mine for $0.98/watt, which puts the payback time on the order of four years or so.  Edit: which assumes that electricity prices don't rise significantly over the next four years, which they will.

Mon, 03/21/2011 - 10:16 | 1081567 Bansters-in-my-...
Bansters-in-my- feces's picture

I bet these "English Bankers",and USA Banksters,wish they HAD some gold. all they have.

Mon, 03/21/2011 - 11:54 | 1081950 mick_richfield
mick_richfield's picture

The bankers of the world have lots of gold.  It's just not in the coffers of their nations anymore.  Who do you think has been buying it for the last thirty years, while they were persuading their nations to sell it?

Just because they're evil doesn't mean they're stupid.


Fed delenda est.

Mon, 03/21/2011 - 10:17 | 1081575 Creed
Creed's picture

USA silver buyers- DON'T use First Majestic Silver in Canada.

One small order worked out great so I made another larger one...

An order over 5k resulted in a phone call from UPS Courier Services demanding my taxpayer id # or the shipment would be refused by US Customs; then 3 weeks later I got a bill from the ASSCLOWNS from UPS Courier Services for "services rendered". 

First Majestic CSR Christina Stone was great up until these problems were revealed then she stopped communicating. They have a major problem with their shipping service on larger orders. Too bad, I liked them.

Scottsdale Silver, a ZH advertiser, is great with a wait. Spendy, but you can use your credit card & shipping is included.

Mon, 03/21/2011 - 10:32 | 1081647 Richard Head
Richard Head's picture

Tulving has worked well for me.  I switched from Apmex, whose margins have widened across the board.

Mon, 03/21/2011 - 10:33 | 1081655 Sudden Debt
Sudden Debt's picture

I had the same with APMEX.

I had to go to customs to collect my purchase and had to pay 20% on the silver rounds I bought which where valued at the price in Belgium (which is 27% higher then in the US) or leave them forfeit to customs and a penalty fee of 15%.

4900 euro... I almost cried my eyes out.

Now I mostly buy them from fortknoxmetals and straightsilver and ebay.

Mon, 03/21/2011 - 10:44 | 1081695 Creed
Creed's picture

that's theft at gunpoint Sudden...either pay us tax or lose the item & pay us tax...& if you clam up or go turtle on us we'll just remove it from your bank account


you know the head of Visa has been touring Europe in recent years pounding on the idea that all currency should go digital? Because of course only terrorists & drug dealers use cash anymore.


In my case there is no VAT or duties, state sales or use tax. The bill I got was for handling my order, which of course was paid for in the HUGE shipping fee I paid First Majestic. So we're talking about a fishing expedition to see if I'll just pay their stupid bill.

Mon, 03/21/2011 - 10:47 | 1081708 Tail Dogging The Wag
Tail Dogging The Wag's picture

Thank you very much for sharing this. BTW can you recommend a dealer in Belgium? And would anyone like to recommend dealers in the Netherlands? Thank you!

Mon, 03/21/2011 - 12:46 | 1082099 Sudden Debt
Sudden Debt's picture

no, they are all way to expensive.

BUY US! :)

The only way to buy sheap silver in Belgium and the Netherlands is through the local ebay site where silver is still sold at 25$/oz  in historical coins.


Mon, 03/21/2011 - 19:47 | 1083800 latcho
latcho's picture

I'm in the Netherlands. Don't buy silver coins in Belgium or The Netherlands (VAT 19%).
Buy them in Germany (VAT 7%). I do. Good dealer ? I tried 2, all arrived. Not all the dealers send to "Ausland", so read well before you order. And just try a little order first.

This site tracks the best prices in Germany:  (SWEET!)

If you want to try the ones I successfully ordered from: (very professional and international, English conversation WOW !) interesting newspaper filled eco package, coins included :)

Mon, 03/21/2011 - 10:59 | 1081765 Pegasus Muse
Pegasus Muse's picture

First Majestic's retail operation sucks.  I had a bad experience too.  I will never order from them again.

Started using Northerwest Territorial Mint and have had great service.  It takes a while to get your silver (order to ship time is 10 to 12 weeks at the moment) if you want their cheapest rate, but they tell you that up front.  Plus their price includes shipping and insurance.  No hidden fees or charges.  dyyd. ymmv. 

Mon, 03/21/2011 - 11:18 | 1081830 CitizenPete
CitizenPete's picture

Thanks for the heads up on FJ.  I have always been inticed to buy from them since they set their price independent of the spot and the London Fix.  I like ther product design too (even was goin for the colloidal silver) -- I will hold back on that supplier.  Too bad.


Fuck the government. 

Mon, 03/21/2011 - 12:35 | 1082054 traderjoe
traderjoe's picture

Long story short - I had a very poor experience with NWT. Google them to see their experience with the WA ST AG. I would not wait 3 months for a delivery when lots of ppl ship in 2-3 days. IMHO, NWT is some sort of Ponzi-lite - if the price ever spiked, I doubt you would get delivery...

Mon, 03/21/2011 - 11:07 | 1081793 SilverRhino
SilverRhino's picture

If you are ordering 1000+ ounces, tulving is the way to go.  Don't chat, just order.

For 50-999 ozt?  I use; very low margins compared to APMEX and Dan (the owner) seems like a good chap and ships quickly.


Mon, 03/21/2011 - 11:15 | 1081822 CitizenPete
CitizenPete's picture

Tulving appears to have decent prices.

Mon, 03/21/2011 - 12:16 | 1082005 SubjectivObject
SubjectivObject's picture

Mon, 03/21/2011 - 17:31 | 1083315 slvrizgold
slvrizgold's picture

I am a US resident who just bot 7k worth of silver from First Majestic a month ago and I had no issues with UPS or taxpayer ID etc.   NONE.

Mon, 03/21/2011 - 10:28 | 1081633 Debtless
Debtless's picture


Mon, 03/21/2011 - 10:36 | 1081665 Long-John-Silver
Long-John-Silver's picture

Even if you must cool it with Sea Water?

Mon, 03/21/2011 - 11:10 | 1081804 CitizenPete
CitizenPete's picture

Need a JPM no-fly zone over Ag

Mon, 03/21/2011 - 10:37 | 1081666 SilverBaron
SilverBaron's picture

Is it ironic that silver may cause this whole frn ponzi to blow up when the savior of the world was betrayed for 30 pieces of silver? 

Mon, 03/21/2011 - 11:01 | 1081783 monkeys.pick.bottoms
monkeys.pick.bottoms's picture

How much could 30 pieces of silver buy in Jesus' times?

Mon, 03/21/2011 - 11:18 | 1081820 SilverRhino
SilverRhino's picture

30 silver shekels were equal to 120 silver denarii (also 120 silver drachma).

120 silver denarii (4.5gr silver late Roman Republic) was equal to 120 days pay for a legionnaire.

(1 silver denarii was roughly $21 in 2005 dollars for bread purchasing)

So Jesus was betrayed for less than 3 grand.   Judas worked cheap.


Mon, 03/21/2011 - 11:27 | 1081868 CitizenPete
CitizenPete's picture

Many Theologians and religious historians believe that certain scrolls can be interpreted as showing that Jesus instructed Judas to turn him in -- thus fulfilling the prophecy (already written).   Kind of like following the script (instead of writing it).  

They also failed to mention that the 30 pieces of silver where actually  Morgan Dollars with the 1983 "s" minting mark.  Pffft.

Mon, 03/21/2011 - 11:06 | 1081792 Tail Dogging The Wag
Tail Dogging The Wag's picture

Silver broke $36

Mon, 03/21/2011 - 11:13 | 1081814 Long-John-Silver
Long-John-Silver's picture

Bylthe is printing so many counterfeit paper silver contracts that Ben has the entire plunge prevention team attempting to prevent the USD index from plunging off the cliff.

Mon, 03/21/2011 - 11:11 | 1081813 Cow
Cow's picture

Silver just passed $36 after being hammered all morning whenever it got close.

Mon, 03/21/2011 - 11:14 | 1081823 Long-John-Silver
Long-John-Silver's picture


Mon, 03/21/2011 - 11:53 | 1081941 CitizenPete
CitizenPete's picture

The witch will not allow it!  Above 36 is the no-flyzone - the flying monkeys will take it down.   EEeeee he he he he! 

Mon, 03/21/2011 - 12:47 | 1082110 Sudden Debt
Sudden Debt's picture



Mon, 03/21/2011 - 11:21 | 1081837 apberusdisvet
apberusdisvet's picture

I guess most of you have forgotten that 6 months ago, CDE starting shipping ore to China for refining; I'm sure that the Chinese are keeping it in-country and paying CDE at least spot less costs.  How many other silver producers are doing the same?  Someone should look into this as it would mean that the voracious Chinese appetite could mean that there will be very few ounces for the sheeple  to purchase.

Mon, 03/21/2011 - 12:52 | 1082134 Sudden Debt
Sudden Debt's picture

I do think that this silver is a strategic reserve for the Chinese for their electronics industry.

Like I already said a few times:


80% material cost

20% labor cost


The West:

20% material cost

80% labor cost


So to make it even, raise the material costs and buy buy Chinese competition power.


Looks like they've beaten us to the punch...

They've got the silver, the rair earths. All the rest can't really be inflated without destroying the local industries in the west.

To really get a second chance, silver now has to go up and a super conductor must be made cheap enough to take it's industrial place.

But that won't happen in the next 5 years at least.

Mon, 03/21/2011 - 12:45 | 1082101 reader2010
reader2010's picture

They have cut a deal with the Chinese for inclusion of RMB into the new global currency, sot that the establishment can carry out their new financial world order.

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