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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.

NEWS

(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 TheBullionDesk.com 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 | Link to Comment 66Sexy
66Sexy's picture

Big moon, big silver.

 

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

Mon, 03/21/2011 - 09:41 | Link to Comment eigenvalue
eigenvalue's picture

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

Mon, 03/21/2011 - 10:44 | Link to Comment SilverIsKing
SilverIsKing's picture

Actually, it's a silvery moon

http://www.youtube.com/watch?v=zqPFyCTYGtU

Mon, 03/21/2011 - 13:49 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Turd Ferguson
Turd Ferguson's picture

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

http://tfmetalsreport.blogspot.com/2011/03/another-week-begins.html

Mon, 03/21/2011 - 10:20 | Link to Comment EscapeKey
EscapeKey's picture

The paper or physical variety?

Mon, 03/21/2011 - 17:00 | Link to Comment Zero Govt
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

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

Paper to infinity baby!

Mon, 03/21/2011 - 14:16 | Link to Comment 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 | Link to Comment DosZap
DosZap's picture

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

Mon, 03/21/2011 - 20:27 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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!

ORI

Mon, 03/21/2011 - 12:03 | Link to Comment chopper read
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?

Mon, 03/21/2011 - 19:17 | Link to Comment DosZap
DosZap's picture

What pays a Dividend that you can trust?

Nothing in this country.

Mon, 03/21/2011 - 09:38 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Azannoth
Azannoth's picture

The chickens are coming home to roost

Mon, 03/21/2011 - 09:40 | Link to Comment EscapeKey
EscapeKey's picture

It's baked into the pie.

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

Fried or non Fried?

 

Mon, 03/21/2011 - 10:23 | Link to Comment 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 | Link to Comment 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 | Link to Comment tmosley
tmosley's picture

Are you Blythe's grandson, by any chance?

Mon, 03/21/2011 - 09:40 | Link to Comment 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 | Link to Comment 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.

Thx.

Mon, 03/21/2011 - 09:41 | Link to Comment Azannoth
Azannoth's picture

I think it's in the hundreds of thousands

Mon, 03/21/2011 - 09:42 | Link to Comment 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 | Link to Comment Sudden Debt
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

 

Mon, 03/21/2011 - 09:44 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment DosZap
DosZap's picture

Blythe did it, your making her life hell.

Mon, 03/21/2011 - 10:31 | Link to Comment Abitdodgie
Abitdodgie's picture

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

Mon, 03/21/2011 - 10:59 | Link to Comment 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 | Link to Comment 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 | Link to Comment CD
Mon, 03/21/2011 - 12:59 | Link to Comment tiger7905
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.)

Mon, 03/21/2011 - 09:39 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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."

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

 

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

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

 

 

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

HAHAHA

 

Mon, 03/21/2011 - 16:36 | Link to Comment 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 | Link to Comment True.North
True.North's picture

Thank you Benlzebub, dark prince of gluttony

Mon, 03/21/2011 - 09:42 | Link to Comment bigredmachine
Mon, 03/21/2011 - 09:43 | Link to Comment jimijon
jimijon's picture

I only have 150 left!

http://www.mundogold.com

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 | Link to Comment 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 | Link to Comment DaveyJones
DaveyJones's picture

all pushers are the same

Mon, 03/21/2011 - 11:37 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment jimijon
jimijon's picture

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

Mon, 03/21/2011 - 10:45 | Link to Comment 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 | Link to Comment 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.

http://northeastbullion.com/index.php/price-list.html

 

Mon, 03/21/2011 - 11:45 | Link to Comment 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.

Right/wrong?

Mon, 03/21/2011 - 11:52 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Sudden Debt
Sudden Debt's picture

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

 

I'VE GOT 3 WORDS FOR YOU ALL!!=

SILVER BACKED YUAN!!

 

 

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

You mean Juan....

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

Softly. softly

Mon, 03/21/2011 - 10:18 | Link to Comment 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 | Link to Comment Sudden Debt
Sudden Debt's picture

no. Yuan.

http://en.wikipedia.org/wiki/Chinese_yuan

 

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

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

Bad joke...

Mon, 03/21/2011 - 10:56 | Link to Comment 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 | Link to Comment 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 | Link to Comment Sudden Debt
Sudden Debt's picture

Fuck'm

Same here.

 

They got their chance.

Mon, 03/21/2011 - 09:55 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment EscapeKey
EscapeKey's picture

Do as I say, not as I do.

Mon, 03/21/2011 - 10:04 | Link to Comment 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 | Link to Comment 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 | Link to Comment silvertrain
silvertrain's picture

 And Bernard doesnt "understand Gold"

Mon, 03/21/2011 - 10:22 | Link to Comment Reptil
Reptil's picture

Here it is: http://www.mtv.com/shows/jersey_shore/season_2/series.jhtml

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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Green Leader
Mon, 03/21/2011 - 09:46 | Link to Comment 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.

 

http://www.saposjoint.net/Forum/download/file.php?id=2673

 

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

http://www.saposjoint.net/Forum/download/file.php?id=2609

http://www.saposjoint.net/Forum/download/file.php?id=2608

 

 

 

Mon, 03/21/2011 - 09:54 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment eftian
eftian's picture

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

lol

the first "deposit run" I guess..

Mon, 03/21/2011 - 15:09 | Link to Comment 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 | Link to Comment Johnny Lawrence
Johnny Lawrence's picture

Speaking of silver:

http://charlotte.fbi.gov/dojpressrel/pressrel11/ce031811.htm

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 | Link to Comment 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 | Link to Comment Johnny Lawrence
Johnny Lawrence's picture

It really is amazing.

Mon, 03/21/2011 - 10:27 | Link to Comment DaveyJones
DaveyJones's picture

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

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

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

Mon, 03/21/2011 - 10:53 | Link to Comment Abitdodgie
Abitdodgie's picture

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

Mon, 03/21/2011 - 10:07 | Link to Comment 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."

/sarc/

Mon, 03/21/2011 - 10:12 | Link to Comment HungrySeagull
HungrySeagull's picture

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

Mon, 03/21/2011 - 10:42 | Link to Comment 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 | Link to Comment dvsteenk
dvsteenk's picture

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

 

Mon, 03/21/2011 - 10:12 | Link to Comment HungrySeagull
HungrySeagull's picture

And a bunch of other things too.

Silver Solder....

Mon, 03/21/2011 - 10:35 | Link to Comment 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 | Link to Comment 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.

www.sunelec.com

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

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

Jealousy......is all they have.

Mon, 03/21/2011 - 11:54 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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:

http://silber-investor.de/  (SWEET!)

If you want to try the ones I successfully ordered from:

http://www.geiger-edelmetalle.de (very professional and international, English conversation WOW !)

http://www.heubach-edelmetalle.de/ interesting newspaper filled eco package, coins included :)

Mon, 03/21/2011 - 10:59 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 silver50.com; very low margins compared to APMEX and Dan (the owner) seems like a good chap and ships quickly.

 

Mon, 03/21/2011 - 11:15 | Link to Comment CitizenPete
CitizenPete's picture

Tulving appears to have decent prices.

Mon, 03/21/2011 - 12:16 | Link to Comment SubjectivObject
SubjectivObject's picture

coloradogold.com

Mon, 03/21/2011 - 17:31 | Link to Comment 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 | Link to Comment Debtless
Debtless's picture

...must...hold...under...$36...

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

Even if you must cool it with Sea Water?

Mon, 03/21/2011 - 11:10 | Link to Comment CitizenPete
CitizenPete's picture

Need a JPM no-fly zone over Ag

Mon, 03/21/2011 - 10:37 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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.  http://www.pcgs.com/articles/article_view.chtml?artid=5492&universeid=313&type=1

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

Silver broke $36

Mon, 03/21/2011 - 11:13 | Link to Comment 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.

http://www.weblinks247.com/indexes/idx24_usd_en_2.gif

Mon, 03/21/2011 - 11:11 | Link to Comment Cow
Cow's picture

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

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

Gold=$1434.60

Mon, 03/21/2011 - 11:53 | Link to Comment 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 | Link to Comment Sudden Debt
Sudden Debt's picture

A TOMOHAWK FOR EVERY SILVER OWNER'S BACKYARD! :)

 

Mon, 03/21/2011 - 11:21 | Link to Comment 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 | Link to Comment 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:

China:

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 | Link to Comment 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.

Do NOT follow this link or you will be banned from the site!