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CME Increases Gold, Silver, Palladium Margins
The CME group announced that margins for metals futures contracts on the NYMEX and COMEX will rise beginning February 12 by approximately 25% across various classes. The initial margin for 100-ounce COMEX gold futures will increase to $6,747 from $5,403, while the maintenance margin will rise to $4,998 from $4,002. For 5000-ounce COMEX silver futures, initial margins will increase slightly less: from $6,075 to $6,750 while the maintenance margin increases by $500 from $4,500 to $5,000. Margin increases will be largest for palladium, where initial margins will rise from $2,363 to $3,713, coupled with a maintenance margin increase of $1,000 from $1,750 to $2,750. Additionally, as the full advisory indicates, the CME increase margins by various percentage for virtually all of its product groups.
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The financial crisis is only beginning: http://www.iamned.com
Marla, will you PLEASE ban any and all "iamned" spammers in ZH?
These guys are a plague in seeking alpha and are just as bad here now.
fresh.air go &%@$ yourself.
yes Marla, please
Pimpin your mom is only beginning.
First of all, MB, I've been reading your posts for awhile and it's clear you're an asshole. Secondly, I'd like to point out that whenever I open my huge safe (which previously belonged to Washington Mutual--a company you probably invested heavily in, hence the "asshole"), a thundering "HALLELUJAH" rings out in my head when I think about how much my net worth has risen while stubborn schmucks like you invested in the dollar and dollar denominated assets. Remember, hope is not a strategy . . .
mr M .. straight on . . lol .
master bates is an
abbreviationfor a sick mind.. clue less .. and full of residual swarmy thoughts a disgrace to himself and his tasteless comments thrown at random like a sicko..
c
See, it's funny when other people call you an asshole, but throw out more insults than you ever could or have.
Look, I'll say it now, I'll say it again. All you gold fadders are going to realize that your gold isn't the end all and be all of the investment world.
Assets have bubbles. When I was a teenager, I sold beanie babies that I got at McDonalds for 1000 bucks. Two years later, you couldn't get 5 bucks for em.
Gold is different than beanie babies, but the euphoria regarding speculation in gold isn't much different
OK, so you're in your 30's, young man. In a few years when you've lost your ass, you'll wish you could kick your young, ignorant, inexperienced self's butt. Stick around. I'll be gentle when reminding you how wrong you were . . .
Actually I'm in my 20s.
Can I remind your generation how wrong it was? I mean you are the generation that took America from leading the world to a lowly debtor nation with no infrastructure, no jobs, and massive deficits.
Don't assume you're older than I am!!!! ; )
what euphoria? that will come later, when the holders of gold, making huge gains, become common knowledge
Yeah, it's clear that I'm an asshole.
Asshole - being right about the direction of commodities while being flagged as junk by people with conspiracy theories about the world ending.
You must feel as people who owned houses in the mid 2000s felt when their house went up 40k every time they had it assessed.
You should remember that your net worth hasn't risen until you take your profits.
I'm confused as to where your posts have predicted the direction of commodities. Platinum and palladium are still sitting on huge gains over the last several months while gold has seen a $50 bounce over the lows last week. Here's where you miss the point: people like me and GG and Chumbawamba have our fists white-knuckled around our gold/silver no matter what the "official" exchange rate into fiat dictates. We own a piece of a pie that stays a pie -- not some abstract concept that today is a pie and is tomorrow a pie to the seventh power.
Back when it was 1220, and everybody and their mom was posting about it every time it went up 15 bucks, I was like "you people are high."
How do you think I made so many friends here so quickly?
Just because your gold is worth what it is worth doesn't mean that it will be when the troubles about the economy are over.
Keep writing those checks . . .
How do you think I made so many friends here so quickly?
Let me guess.... You smoked them...
Just because your gold is worth what it is worth
I'll match my gold with you liquidity...
when the troubles about the economy are over.
And I guess you have an end date??
How's this for an end date?
"Before all the nations in the world default and the system crashes, and we need spam, gold, and arable land with lots of seeds."
See? I answered relative to your time frame, even.
Prior to the silly end of days scenario that goldbugs say will make their gold worth a million dollars.
See?
Well I'll give you an A+ for convoluted prose with no end date..
Prior to the silly end of days scenario that goldbugs say will make their gold worth a million dollars.
Gold will be measured in wealth ,,,,not in Fiat FRN's There must be a class on monetary systems in your community,,as you need to take advantage of course materials.....Not worth a continental.. After schooling come back and enlighten us.......End Date= MM/DD/YYYY... I need my planing guide,,please hurry..
Perhaps you missed the point of my post.
It's like saying "GOLD WILL BE A MILLION DOLLARS WHEN THE SYSTEM CRASHES."
Yeah, so when is that?
"OH, SOMEDAY, SOMEDAY SOON!!"
And yet I have to give a reply for when the economy will get better.
It will be before the economy crashes and we're all like wild dogs in the streets, that's for sure.
Yeah, it's clear that I'm an asshole.
Well, realizing it is the first step in the recovery MB.
I'd rather be an asshole than a fool.
Asshole = telling fools that they're wrong, apparently.
But the fools are still fools.
Who says you can't be both? Don't underestimate yourself.
That was a short speech...You can do better than that....
I'd rather be an asshole than a fool.
I'll opt for the fool...pretty shitty with your preference...Not my game
Enjoy..
If you look at the COT charts from last Friday (and the Friday before), you can see how the commercial short positions in Gold and Silver are declining.
The banks are covering while the margin requirements are tightening up.
Looks like a plan.
Silver Is King.
Sounds to me like a plan to decrease buying and increase selling. Paper that is.
"SILVER CLOSED IN BACKWARDATION TODAY. The backwardation FEB/MAR in silver is +0.2 cents ($15.302/$15.300). FEB/MAY contracts are in contango of only 2.3 cents (2.9 cents on Feb 9).
The contango in gold is $0.1 for FEB/MAR and $0.5 for FEB/APR. Gold is still knocking on the door of backwardation. This means that the physical market is tight for both silver and gold."
http://www.lemetropolecafe.com/
Ladies and gentlemen, looks like there is some things going on. The attack on all things gold has been kicked into full gear. Note to some; If you are not in the market then you may never be in the market. Shameful, you are doing wonderful. Consider physical, too.
^th gear and flying on the auto. You know the detail was never on BS! Let it cruise all day! This however, is no Indy 500. BS does not end it at a finish line. The reason that BS is driving so fast is the crown jewels in the backseat, and he has a delivery to give.
Fear not I'm all physical. Why would I own paper gold when the whole point of having gold is getting rid of counter party risk. I know the Kangaroos I have are real and not just some chicanery on a balance sheet, or Bernanke Fun Bux. I'm just hoping this drives prices down and I can get physical cheaper. After hearing about how my grandparents got away from the Soviets because of gold, I'm partial to having it in my possession.
Jon Nadler escaped from Romania as a youth with some gold coins stitched in his clothing, which helped him restart his life and pay for his son's education. Now he just pisses on gold everyday in his Kitco column. The irony.
Hes a paid flunky.
the kitco scam is paper gold .. you buy the stuff its in their account .. how much gold who knows .. the real stuff is purchased at a higher premium .
I'm just hoping this drives prices down and I can get physical cheaper.
Me too.
If you play GOLD/SILVER Correctly,, You end up with this..
http://www.luxuriaontheocean.com/index.php
My wife thought this gold thing was a fantasy for the paranoid until I handed her a roll of 1oz Eagles and let her listen to the sound of them hitting each other. Ain't nothing like it.
She knows deep in the back of her mind that this is real money, not the pieces of paper with presidents on them. Now she askes me when we're buying more gold.
It's not rational, this fascination with gold, but who wants to be rational?
Your wife has a deep sense of divorce in the USD....
so gold has improved your relationship, and you didn't even have to sell any of it, thats beautiful
Ahh, the dulcet tones of pure gold coins tinkling in a bag...
In 1992 my twin brother and I quit our jobs and went prospecting along the Merced River in California. I would start at dawn running gravel thru the longtom sluicebox we had, and look up and it'd be getting dark, and time to go back to camp. Utter and total absorption makes the day fly by in mere moments. Gold fever baby.
SHORT the paper futures, use the profit to buy physical :) That's what I've been doing since November... nice trade so far... those fantasy paper gold bagholders money in my hand to buy the real deal.
Buying paper gold is equal to masturbating instead of getting the real deal. It's just fantasy .. big LOL. Paper is only as good as paper. Period.
+ 100000000
paper gold is equal to masturbating instead of getting the real deal. It's just fantasy
I'm sure you've never slapped the haddock with the other women on your mind..That ain't fantasy. I know when to get out of ETF's do you? My secret...
Does this imply Master Bates is still a virgin, therefore his name.
Alas the boy has never held a gold coin in his hand! Indeed a virgin to the economic life.
Wow it was nice to read thirteen posts in a row not polluted with the rantings of legend-in-his-own-mind Master Bates. I could care less whether you argue for or against gold, but his self-important droning has really become tedious.
That's why he leads the league in getting junked. What he chooses to ignore is that several regular commenters make the same call as he does and never get junked. One doesn't get junked for having a particular opinion. You get junked for being an assclown.
Wow, it's been almost two months since I've had to bring this out.
A gold bubble? That would be terrific, thank you. Please let me know when we have the following in place:
A $250K/$500K capital gains tax exemption on gold (as opposed to taxing all capital gains in gold at the higher short-term tax rate, regardless of how long it's been held).
A "President's Working Group on Gold Markets" to support the gold market in the event of sudden sell-offs.
A tax deduction for interest on margin debt used to buy gold.
A "Federal National Gold Association" and "Government National Gold Association" who use taxpayer money to purchase margin debt used to buy gold.
Thousands of government boondoggles at the federal, state, county, and city level to promote "The American Dream of Gold Ownership".
It should be possible to buy physical gold, or to go long on gold futures, on 0% margin. There should be thousands more government programs to "help people keep their gold" and prevent repossession of physical gold when buyers default on their payments.
A "National Association of Goldsters" who collect a 6% commission on all gold sales and whose sole purpose in life is to chant "They're not making any more gold", "Gold never goes down", and "Buy gold now or be priced out forever". This NAG should be one of the most powerful lobbies in America, and their members should be quoted by the media as though they (1) are disinterested parties and (2) know a fucking thing about economics, or, for that matter, anything else.
Individual retirement plans and pensions invested wholly in gold, so that supporting the price of gold becomes a matter of national security. Any hint of a gold price crash should lead to congressional hearings and SEC investigations.
Anyone who shorts gold futures should be decried as "un-American" and a cowardly leech who profits off others' misfortunes and deserves to be destroyed by short squeezes. Most importantly, anyone who complains that gold is overpriced should be derided as a "bitter fiater" who missed the rally and, furthermore, can't get laid.
This is awesome!!! Thanks for posting!!!!!
while i like gold... i love perspective.
nicely done - i'm saving this one.
The worst of the crisis is to come: http://www.iamned.com
Dollars are your only safe bet
Bates,
I have part of my assets in precious metals, especially gold. My reason is that it is the ultimate hedge against complete destruction of the dollar, which I think is quite possible. Our society is insolvent. Instead of allowing free market forces to clear out the rot by allowing banks to fail and then dissolving the toxic debt, our government is putting that debt onto the back of the taxpayers. However, they can't put it on the back of the taxpayers NOW otherwise they'd kill the main economy, so the treasury is borrowing to the tune of about $1.4 million/year, an amount that the government says will continue for the next several years. Now tack on entitlement obligations to the tune of $30 to $100 trillion over the next decade. For good measure, add the backstopping of Fannie and Freddie plus the trash the Federal Reserve is accumulating. The government is essentially destroying itself and the dollar along with it. In the end they'll have a choice, print money to pay the debts off or socialize everything. In either case, its my contention that we're going to end up with a robust black market. And guess what the currency will be in that black market. This already happening. There was a court case (in PA I think) where a business man paid his employees in gold dollars, but declared the face value ($50/oz) of those gold coins to the IRS. The IRS didn't care for that so much so they took him to court. The court rule in favor of the businessman!! I am in the market for a boat and talked to an invidual that agreed to take gold for it. Imagine people loathing how the government is taking their hard earned money to pay bills it should have never taken on. My guess is people will look for ways to cheat the tax man. To you gold might be just a commodity, but stick a gold ring on your wife's/girlfriend's/boyfriend's finger and see if you get some mileage out of it. The fact of the matter is that women like to wear forms of wealth, and men like the security of knowing that assets they hold have intrinsic value. You may have never bought a gold chain for your neck, but go to India where weddings are rated by how much gold is wrapped around the bride. Of course, men are driven by sexuality and women by security and displays of wealth, aka, the ultimate trade-off in every marriage.
Sssshh! I'm reading Tyler's mind! Wha? huh?..."Damn I love it when I come up with these posts that get 2,000 comments. Now maybe I can get 4 hours of sleep tonight....ZZZZZZZZZZZZhedge."
When B.O. shuts the banks down for a holiday and takes 3 of your dollars and gives you one. Lets say he does it tonight. It will still take 1095 dollars to buy an ounce of Gold tomorrow.
no. although gold is nominally priced in dollars 'the world' dictates the price.
so if B.O devalues the dollar by 2/3 's in theory gold will be at over $3000. but you have to take into account the 'knock on' effect a devaluation will have. could go a lot higher.
OK, a little help here. I'm new to ZH and metals investing. I bought the etfs GLD and SLV for my IRA back a few months ago since it was difficult to buy physical with IRA money. Question for those who are bullish on these metals: Do you likewise see these paper funds dropping in value as stated by many here and do you recommend only holding physical gold? I understand the fundamentals of gold vs paper currency, inflation vs. deflation but am yet hopefully naive when you start talking futures contracts. It seems even those of you bullish on gold agree to get out of these funds, yes?
Yes, anon. I'd be wary of things like GLD and SLV. When you take a minute and search around, you'll find many of gold bulls pointing out problem with GLD's and SLV's prospectuses (they don't have to hold physical gold, they delegate the holdings to custodians & let them pick sub-custodians, they are not liable for custodian's errors, custodians are the big shorts (JPM, HSBC, etc)). I'd venture a guess your money isn't safe with them.
If you want better alternative look at GTU and CEF. They are run by honest folks (Spicer family), their prospectus is clear on the holding requirements (gold bullion for GTU and gold+silver bullion for CEF) and they actually hold the bullion they should be holding (IOW they are properly audited).
Other option is to go and put your money to bullion via goldmoney.com (run by another trustworthy guy, James Turk). But I suspect that's not IRA-compatible.
To the anti-gold/silver people:
Someone said that gold/silver won't be available if a crash happens. It was available on eBay in 2008 during the crash, and bidding seemed somewhat normal. People were unloading then just as now. There is always someone selling gold/silver. Only then the price was $8.75 for a silver oz. I bought up to $2000 of silver over that period of time for approx. $9-$10/oz. cost basis. eBay is the marketplace for gold/silver sales when TSHTF. If someone offered me gold/silver coins as payment I would never refuse it, I would greatly prefer it and I'd give them a real money discount.
Dimes and Quarters in US circulation used to contain 90% silver, prior to '64. Everyone had easy access to it. Removing silver from the circulating currency was one more example of the theft of private wealth by government, and it was not by accident. A $100 face value bag of old silver coins (Washington quarters) is now worth $1700. Think about that - from $100 to $1700 worth of fiat currency destruction within one man's lifetime. Buying silver/gold is a no confidence vote in socialist/deficit driven economies. I'd say we are only at the beginning of fiat destruction. We sure as hell have not reached "peak devaluation", because it would require discipline and lawfulness.
To put it another way, why is silver not still at $8 post crash 2008? Because the Fed took 1.5 trillion dollars worth of shit onto its balance sheet in an effort to restore asset price stability (one of their "missions"), and effectively devalued the dollar by 50% against every commodity and PM, in the span of ONE year. Think that can't happen again?
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