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

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66Sexy's picture

Big moon, big silver.

 

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

eigenvalue's picture

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

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.

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.

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.

EscapeKey's picture

The paper or physical variety?

Zero Govt's picture

Turd

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 ...in 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

SilverTech's picture

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

DosZap's picture

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

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. 

 

mark mchugh's picture

Laws, yes!

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

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!

ORI

chopper read's picture

WHAT ARE THEY THINKING? DON'T THEY KNOW THAT THEY CANNOT EAT SILVER IN AN EMERGENCY, AND IT DOES NOT PAY A DIVIDEND?

DosZap's picture

What pays a Dividend that you can trust?

Nothing in this country.

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/

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. 

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.

Azannoth's picture

The chickens are coming home to roost

EscapeKey's picture

It's baked into the pie.

Long-John-Silver's picture

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

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...

tmosley's picture

Are you Blythe's grandson, by any chance?

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)

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.

Thx.

Azannoth's picture

I think it's in the hundreds of thousands

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.

Sudden Debt's picture

No hedge in paper silver? :)

 

I just rebought these warrants today :)

 

http://rss.boursorama.com/cours.phtml?symbole=1rPL033B

2012 38 1/4

 

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.

The Grip's picture

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

Banjo's picture

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

DosZap's picture

Blythe did it, your making her life hell.

Abitdodgie's picture

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

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.

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.

tiger7905's picture

Interesting story on taking delivery.

http://goldandsilverlinings.com/?p=169

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.)

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.

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.

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.

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.)

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.

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."

http://www.mint.ca/store/product/product_exchange.jsp?itemId=prod1040001...

 

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

Life of Illusion's picture

 

 

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

HAHAHA

 

Zero Govt's picture

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

True.North's picture

Thank you Benlzebub, dark prince of gluttony