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Eric Sprott: "There Is No More Silver Left"

Tyler Durden's picture


Eric Sprott made an appearance at Casey Research Gold and Resource Summit where in addition to providing a succinct summary of all his monthly letters from the past year, whose forecasts are all gradually panning out, he spoke about the prospects for gold, and particularly silver. We will leave it to readers to parse through the brief must watch clip, but here is the punchling for those wondering why increasingly more distributors are reporting indefinite lack of physical silver inventory: "There's $22 billion of silver available in the world, of which the ETFs
already own half, and between you guys and us we probably own the other
half... Which means there's nothing left."

h/t John


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Wed, 02/23/2011 - 16:08 | 989954 ZeroPower
ZeroPower's picture

But every ZHer has, like, truckloads of this PM.

He must be missing something. 

Wed, 02/23/2011 - 16:10 | 989974 nope-1004
nope-1004's picture

If you had watched it instead of race to post #1, you'd hear him explain why the reported numbers and reality don't jive.  The fact that every ZHer has silver support his claim that "there is no silver left" in the vaults.  It's all a shell game now.


Wed, 02/23/2011 - 16:14 | 990002 ZeroPower
ZeroPower's picture

1- already seen it and 2- i respect and agree with most of what he has to say.

Your jealousy for a 1st post is clear. Better luck next time - if you try hitting F5 every 5 seconds on the main page you should 'win' next time.

Wed, 02/23/2011 - 16:32 | 990022 Zero Govt
Zero Govt's picture

ZeroPower  -  do you agree/know ETF's "own half the Silver" as he says?  . . . . sounds like bollocks, thought the ETF's traded on derivatives of the smoke fumes from Silver smelters!

Wed, 02/23/2011 - 16:40 | 990140 ZeroPower
ZeroPower's picture

I don't particularly know, but i do tend to agree with whatever information there is available.

SLV, SIVR, etc, they all state "The silver bullion held by the trust is inspected biannually by the independent metal assayer, Inspectorate International." So, unlike an oil ETF, these are actually supposed to hold the underlying and not just swaps and futures based on the commodity.

You could reach your own conclusions by the info presented here and elsewhere.

Wed, 02/23/2011 - 17:07 | 990247 66Sexy
66Sexy's picture

Silver has become a hoarded investment grade commodity; and the physical investment demand is consuming any areas where industrial demand has tapered off...  any significant price drops, try and acquire the physical metal. But as theres so much pent up demand, I cant get myself to pay 5 bucks over when i can play something like Sprott.


BTW: wtf happened to palladium over the last 2 days? buy op?

Wed, 02/23/2011 - 17:25 | 990361 Pladizow
Pladizow's picture

Only problem I see is historically over 1000's of years the gold:silver ratio has been 16:1 (I think based on in ground ratio) - but for the last 100 years it has been where it roughly is now 40:1.

So why cant it stay around this area for sometime and not take decades if not centuries to get back to 16:1, let alone overshoot like Sprott mentions?

I fully understand the manipulation argument but how long have US interests been engaged in such activity - maybe 60-80 years?

Wed, 02/23/2011 - 17:31 | 990386 Fred Hayek
Fred Hayek's picture

Ted Butler says that the price manipulation of silver at the Comex dates back to the mid 1980's.  Before that, the typical historic price ratio was largely holding.  For instance, the peaks of price of gold and silver circa 1980 were just over $800 and just over $50 respectively, 16:1.

Wed, 02/23/2011 - 17:40 | 990436 tmosley
tmosley's picture

Silver was never CONSUMED in industrial applications until the invention of photography.  Since that time, world stockpiles have been almost totally wiped out.  

Any attempt to make a "reversion to the mean" argument is thus useless.  That is, unless we have been dumping an equivalent proportion of our gold stockpiles into the Mariana Trench.

Supply, meet demand, and aggressive price suppression policies that have encouraged overconsumption.

Wed, 02/23/2011 - 18:54 | 990698 VegasBob
VegasBob's picture

In the 40s, 50s and early 60s gold was artificially priced at $35/oz, and the govt made every effort to hold silver below $1.29/oz (which I think was the melt value of silver coinage).  That was a ratio of 27:1...

The govt gave up in 1965 and went to the current clad coinage.

Wed, 02/23/2011 - 18:11 | 990548 DosZap
DosZap's picture

"The silver bullion held by the trust is inspected biannually by the independent metal assayer, Inspectorate International."


Doesn't stop them from LEASING it the rest of the year.

And, w/only one or two exceptions, you cannot redeem shares for the REAL thing.


Wed, 02/23/2011 - 17:13 | 990303 bankrupt JPM bu...
bankrupt JPM buy silver's picture

1 kg aussie kookoburra anyone? YES YES YES!

Wed, 02/23/2011 - 16:24 | 990027 GoinFawr
GoinFawr's picture


2. Hard to believe considering your sardonic post and general bashing of the PM's.

3.If you only agree with 'most' of what Mr.Sprott said, name something you disapprove of and why, please.

Wed, 02/23/2011 - 16:34 | 990110 ZeroPower
ZeroPower's picture

Thats fine, i actually stopped PM bashing since around last summer when i could clearly take a hint that we're in the next bull market in them. I do however still bash the Nostradamus' who appear here once in a while claiming $50,000/oz anything.

I like his views on precious metals in general, but more specifically, he believes Au:Ag ratio should be 16:1 (way too high for Ag - eoy was ~45:1). Also, being a huge energy bull, he's been massively wrong on Nat Gas since 2008 when i first heard his views on it (to be fair, many people have).

Finally, he's heavily short (CAD/US) financials and cons. discretionary - something which i would be very cautious doing in this uber-liquidity-pump environment.


Wed, 02/23/2011 - 17:36 | 990278 GoinFawr
GoinFawr's picture

Well, even though I don't generally like to make specific 'price' calls, and while those 'Au to 50,000 fiatscos!' Nostradami may certainly seem unrealistic today, I always keep in mind the deluge of derision I received when, not so very long ago, I was telling my peers 'Au to 1200'.

As far as Mr. Sprott's energy strategy goes, well there has been 'money' to make in Natty as well as Oil since March'09, though granted not playing the natgas bull etf's (unless you were the proprietor of one, or you have HFT skillz unmatched by any human/machine combo I have ever met), but there have definitely been profitable plays in that sector.

Mr. Sprott is not saying that 16:1 ratio has to happen, he's just using it as a measure, a tell, an indicator, an historical marker. And that is all he is suggesting anyone else do, IMO. If you have a more conservative number in mind, good for you. Bonne Chance!

Personally, risky or not, I think the financial shorts are right in line with his PM outlook. You're right, insomuch as the game can keep going for quite some time, but bullshit is always forced to walk eventually.

OTOH all these things that you allege to 'disagree' with are small potatoes compared to his PM position, so you'll have to forgive me if I find your disparagement of Mr.Sprott's strategy wholly persnickety.

Which makes me wonder whether or not you truly have altered your perspective for the wiser.

Wed, 02/23/2011 - 17:59 | 990510 ZeroPower
ZeroPower's picture

Persnickety - great word :)

As i said, you don't have to disagree with me because, as i stated: "i respect and agree with most of what he has to say."

Whether or not my perspective is perceived as 'wise' to an outsider matters zero to me; what i do enjoy is participating in discussions such as these where one can share his thesis and commend/bash fellow posts.

Wed, 02/23/2011 - 16:21 | 990044 takeaction
takeaction's picture

That is funny.  Thanks....F5...F5....F5....F5....F5.....

Wed, 02/23/2011 - 16:25 | 990061 savagegoose
savagegoose's picture


ALT+F4 is what elite pwner users hit to get 1st post

Wed, 02/23/2011 - 17:00 | 990244 Cognitive Dissonance
Cognitive Dissonance's picture

There's something even easier to do. Just enter into a Vulcan Mind Meld with Tyler and know instantly when he's going to post the next article.

Just understand that it's pretty cluttered in Tyler's mind. Not for the squeamish or under 21.

Wed, 02/23/2011 - 20:57 | 991012 Goldilocks
Goldilocks's picture

I am pretty sure that was some kind of insult (yet again).

We all see and hear what we want to see and hear. It's just that some of us are worse than others. The very worse are afflicted with Cockatoo disease, constantly repeating whatever confirms their belief system.


Polly wanna cracker?

Wed, 02/23/2011 - 16:30 | 990079 i.knoknot
i.knoknot's picture

there's this whole quantity vs quality thing goin' on here too.

so, i'm the first to reply to the second reply to the second reply to the first.

somehow, i don't expect extra-credit for this week's contribution.

(f5 -f5 - f5 - f5 :^)

EDIT - someone snuck in on me while i wrote! now i'm the second to reply to the second reply to the third reply to the first.

Wed, 02/23/2011 - 16:33 | 990102 unwashedmass
unwashedmass's picture

god, i love eric.

you go boy, you go.

Wed, 02/23/2011 - 16:47 | 990187 Judge Judy Scheinlok
Judge Judy Scheinlok's picture

Get a room.

If there was no more silver left why is the price only ~$33.0 to $34.0 fiatcons / oz?

If there was really none left wouldn't you think the price would exceed $34?

Just a silly question..... Don't get all crazy.

Wed, 02/23/2011 - 16:55 | 990219 JohnG
JohnG's picture



Me loves my PSLV!

Wed, 02/23/2011 - 17:16 | 990309 Judge Judy Scheinlok
Judge Judy Scheinlok's picture

God, I love the ZHeeple. I do. An entertaining group with NO charge for admission.

Does anyone factor industrial demand into the equation?

Wed, 02/23/2011 - 17:35 | 990394 GoinFawr
GoinFawr's picture



Wed, 02/23/2011 - 17:42 | 990449 Judge Judy Scheinlok
Judge Judy Scheinlok's picture

<~allcaps/~>You better watch out for the Cap Police! It's serious biznass.

Wed, 02/23/2011 - 22:47 | 991389 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

I don't miss the ALLCAPS but please resume with addressing us as if we were the jackasses who show up in your courtroom.  Love that bit (without the caps).

Wed, 02/23/2011 - 18:24 | 990587 tmosley
tmosley's picture

Graphene will likely replace silver in numerous applications.  That will take a while though.

Wed, 02/23/2011 - 20:13 | 990916 Temporalist
Temporalist's picture

Will it be highly reflective and anti-bacterial too?  Can you eat it?

Wed, 02/23/2011 - 20:22 | 990927 tmosley
tmosley's picture

It's not reflective, but it does kill bacteria.  My company has something quite a bit better for that though.  Use of silver on devices won't continue for more than 5-10 years, as out product is literally 1000 times cheaper, and lasts forever (it catalyzes production of oxygen radicals that kill anything that tries to attach, but has no effect beyond a few cell lengths).

Thu, 02/24/2011 - 00:31 | 991730 long-shorty
long-shorty's picture

Graphene, bitchez!

(sorry, had to. long CVV)

Wed, 02/23/2011 - 17:46 | 990469 Sudden Debt
Sudden Debt's picture

You're new he?


Wed, 02/23/2011 - 17:59 | 990512 Judge Judy Scheinlok
Judge Judy Scheinlok's picture

Yea new he, just started yesterday. How 'bout you Belgian Waffle?

Wed, 02/23/2011 - 21:08 | 991044 unununium
unununium's picture

> If there was really none left wouldn't you think the price would exceed $34?

You may regret writing that rather than doing something about it.

Wed, 02/23/2011 - 16:19 | 990028 Hard1
Hard1's picture

Doesn't he know that the FED can print commodities now?...oil, silver, whatever u need.

Wed, 02/23/2011 - 16:23 | 990047 dark pools of soros
dark pools of soros's picture

Ben & Blythe installed this over the weekend


Wed, 02/23/2011 - 16:44 | 990167 JW n FL
JW n FL's picture


he needed bigger sheets to hit the trillion(s) mark faster... thusly, above.

Wed, 02/23/2011 - 16:39 | 990137 Just Observing
Just Observing's picture

Yeah.....but can Sir Bernake pull a sword out of a stone ?

Wed, 02/23/2011 - 17:36 | 990417 e_goldstein
e_goldstein's picture

he's got to take his dick out of the world's ass, first.

Wed, 02/23/2011 - 17:58 | 990509 CosmicCharley
CosmicCharley's picture


Wed, 02/23/2011 - 18:15 | 990560 au_bayitch
au_bayitch's picture

Spilt my MakersMark. F'ing funny.

Wed, 02/23/2011 - 16:20 | 990032 quasimodo
quasimodo's picture

I replied to the first post-do I win a prize?

Wed, 02/23/2011 - 16:42 | 990154 ZeroPower
ZeroPower's picture

Yes you do!

Wed, 02/23/2011 - 18:01 | 990515 Motorhead
Motorhead's picture

I can't view the video clip.  Anybody else have this problem?  Thanks.

Wed, 02/23/2011 - 18:24 | 990592 Gold 36000
Gold 36000's picture

I can't view it on my android mobile.  Probably just as well since I am driving.

Wed, 02/23/2011 - 16:08 | 989959 disfiguredskating
disfiguredskating's picture

This explains what happened when I didn't buy silver...

Wed, 02/23/2011 - 16:09 | 989963 Zero Govt
Zero Govt's picture

there is some left, my teeth fillings and girlfriends earings are in the Oven smelting at this very opportune moment

Wed, 02/23/2011 - 16:25 | 990053 jus_lite_reading
jus_lite_reading's picture


Wed, 02/23/2011 - 16:52 | 990207 jus_lite_reading
Wed, 02/23/2011 - 17:08 | 990283 sodbuster
sodbuster's picture

Hope she wasn't still wearing them.


Wed, 02/23/2011 - 16:09 | 989964 pimpmysteel
pimpmysteel's picture

Silver Bitchez!

Wed, 02/23/2011 - 16:09 | 989965 Harmonious_Diss...
Harmonious_Dissonance's picture

There's PLENTY! Just remember the 80's when EVERYBODY dumped all that SILVER they had in forks, and pitchers and such?!? Well they will all just dump all that silver on the market....wait...what's that you say? Wal-Mart Chinese forks aren't silver?! Well they sure LOOK silver to me...Bye the way, when does the new season of Jersey Shore start??

Wed, 02/23/2011 - 17:03 | 990246 Hearst
Hearst's picture

I diversfied a few years back and purchased a modest 300oz of Sterling in the form of everything from globlets, bowls, flagon, silverware, pitchers, whiskey flask, plates, shot glasses, tea kettle, etc.  Great deals to be found on Ebay with sterling.  Purchased most of it under spot.  I think my little sterling collection is much more beautiful than the coins and bars.  Plus I actually use them and benefit from the anit-microbial properties inherent to Silver.

Wed, 02/23/2011 - 17:04 | 990266 Harmonious_Diss...
Harmonious_Dissonance's picture


Wed, 02/23/2011 - 17:31 | 990357 Triggernometry
Triggernometry's picture

It started already, you missed Ronnie crying after Sammie left after Ronnie smashed her stuff after Sammie was all over some guy in the club after Ronnie broke up with Sammie after Sammie punched Ronnie in the face after Ronnie made peace with J-Woww after Sammie and J-Woww got in a fight again.


Wed, 02/23/2011 - 16:10 | 989972 cougar_w
cougar_w's picture

The Hunt Bros were just ahead of their time, that's all.

Wed, 02/23/2011 - 16:13 | 990001 rosiescenario
rosiescenario's picture

Nelson and Bungle...looks like JPM is trying to out do their fiasco, but on the flip side....and, as usual, the taxpayers will bail them out.

Wed, 02/23/2011 - 16:50 | 990198 Atomizer
Atomizer's picture


Wed, 02/23/2011 - 17:21 | 990338 Judge Judy Scheinlok
Judge Judy Scheinlok's picture

LOL is so AOL and Yahoo. You've got mail.

What is the ZH equivalent? Something edgy and dark.

Wed, 02/23/2011 - 18:22 | 990578 singsing
singsing's picture


Wed, 02/23/2011 - 18:27 | 990596 Gold 36000
Gold 36000's picture


Wed, 02/23/2011 - 18:46 | 990668 Strom
Strom's picture

LOL, bitchez?

Wed, 02/23/2011 - 20:08 | 990907 ChookChoker
ChookChoker's picture


Wed, 02/23/2011 - 16:10 | 989973 apberusdisvet
apberusdisvet's picture

Let the games begin!!  OOps, they have already started;  the score at halftime is SLA  28; Blythe   3.  Too many punts, Blythe; your offensive line sucks.

Wed, 02/23/2011 - 16:10 | 989977 Rorschach
Rorschach's picture

Just buy Ammo instead...

Wed, 02/23/2011 - 16:11 | 989987 Harmonious_Diss...
Harmonious_Dissonance's picture

Go long Lead!!!

Wed, 02/23/2011 - 16:45 | 990172 JW n FL
JW n FL's picture

go long copper, tungsten and brass!

Wed, 02/23/2011 - 16:55 | 990223 Harmonious_Diss...
Harmonious_Dissonance's picture
True, True! It's Not always lead is best.
Wed, 02/23/2011 - 16:16 | 990011 Arch Duke Ferdinand
Arch Duke Ferdinand's picture

""Just buy Ammo instead...""

Within a month...Oil/Silver/Gold will be sold for food across Africa/Asia and European's 4 Billion citizens.

These revolutions are heading east from North Africa and will end up in China.

North America's Pacific Northwest and especially Canada's four Western Provinces is the safest quadrant on the planet.

Canada's four western provinces with a plethora of natural resources and only 12.5 million citizens is a nobrainer location...


Wed, 02/23/2011 - 16:18 | 990023 Ragnarok
Ragnarok's picture

Nice and cold during the winter too, keeps out the vagrants and invading armies.

Wed, 02/23/2011 - 23:49 | 991605 Liquid Courage
Liquid Courage's picture

Actually, the rest of us Canucks are a bit jealous of how warm the winters are in Van.


The annual average temperature in Vancouver is 10.1 °C (50.2 °F), amongst the mildest in Canada. It is located in a USDA plant hardiness zone of 8, similar to Seattle, Portland, Amsterdam and London, as well as places such as Atlanta, Georgia and Raleigh, North Carolina, far to the south. The warm Japan Current usually keeps winter temperatures mild, especially along the lower-lying coastal areas.

Bunch of pussies.

Recall the last winter Olympics in ... Vancouver? Warmest ever. They had to truck in snow from the mountains for events nearer to sea-level. Surprised the Arch-Duke has failed to refute this typical American mis-conception.

Did you also know that the southern-most point in Canada (Pelee Island in Lake Erie) is farther south than northern California? Prolly not, since most Americans can't even find AMERICA on a world map. The blind leading the PISSED OFF. No wonder the world's so fucked up!

Wed, 02/23/2011 - 16:22 | 990045 quasimodo
quasimodo's picture

I would think the upper Midwest-grainbelt would be a good bet too? Been thinking of relocating to the Dakotas or Iowa.....of course the winters suck from what I hear, but I am told they have fairly good infrastructure

Wed, 02/23/2011 - 16:28 | 990082 DosZap
DosZap's picture

Unless you want to freeze your ass off,and have a war when everyone and his dog Blue shows up.

I prefer to stay where folks know how to shoot, and have plenty enough to go around.(which way it goes, depends on your attitude).

Wed, 02/23/2011 - 17:43 | 990457 equity_momo
equity_momo's picture

And all those shooters sure will have a moral compass when the shit hits the fan i presume.

Nice plan.

Wed, 02/23/2011 - 17:44 | 990458 equity_momo
equity_momo's picture

And all those shooters sure will have a moral compass when the shit hits the fan i presume.

Nice plan.

Wed, 02/23/2011 - 18:57 | 990709 goldsaver
goldsaver's picture

We dont need one. Just dont stand in front once the shooting starts.

Wed, 02/23/2011 - 16:32 | 990100 impending doom
impending doom's picture

Arch Duke of BC realty?

Wed, 02/23/2011 - 16:47 | 990186 Johnny Lawrence
Johnny Lawrence's picture

Tim Geithner said the US economy is better than any other major economy.  Apparently, he didn't look up.


Wed, 02/23/2011 - 20:01 | 990889 Montgomery Burns
Montgomery Burns's picture

Please please please tell us all how much your house in Vancouver appreciated over the last 15 yrs. (again)

Wed, 02/23/2011 - 21:36 | 991122 The Third Man
The Third Man's picture

You are one determined dude. Are you a local real estate agent up there? Maybe the prez of the Chamber of Commerce.

Wed, 02/23/2011 - 17:43 | 990451 GoinFawr
GoinFawr's picture

@Rorschach: I see a badger wearing a helmet and an ascot, in a flight jacket.


Wed, 02/23/2011 - 16:11 | 989978 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

Tell him to try Feebay.

Wed, 02/23/2011 - 16:21 | 989983 Sancho Ponzi
Sancho Ponzi's picture

OT: Latest News From RAN Squawk

IMF says further weakening of USD would lead to more balanced growth

IMF says China CNY remains substantially undervalued

WTF? Does the IMF not know the CNY is (more or less) pegged to the dollar? Is Geithner now working for the IMF?

Wed, 02/23/2011 - 16:31 | 990092 gwar5
gwar5's picture

Yes. Yes.

They all work for the IMF. That will be the new world central bank and our new boss. Bank on it.....

Wed, 02/23/2011 - 16:36 | 990125 Zero Govt
Zero Govt's picture

bank on nothing... everything's up for grabs and turned inside out in 5 years time... any authority figures (pass sick bag) pushing anything on society are going to find their wagging fingers rammed where the sun don't shine

Wed, 02/23/2011 - 17:10 | 990291 trav7777
trav7777's picture

Absolutely CORRECT!

We are trying to inflate, yet ALL OF THESE fucking countries keeping their EXPORT HAPPY pegs to the USD are not letting the trade flows balance!

THUS, the entire WORLD is seeing inflation.

The ZH idiots keep blaming Benocide but he is responsible ONLY for the dollar!  Food inflation in Egypt isn't OUR fault!  Benocide only controls the DOLLAR price.

The answer is for other countries to ACCEPT their role in the trade imbalances and stop trying to have us BALANCE our budget AND support their fucking bloated export ponzis

Wed, 02/23/2011 - 17:44 | 990456 tmosley
tmosley's picture

More dollars pour into speculation in ag commodities, reducing supply, and raising prices in ALL currencies.  Not all of these Middle Eastern nations have dollar ties.

Why do you keep trying to give Ben a pass?  

Wed, 02/23/2011 - 17:28 | 990375 Hephasteus
Hephasteus's picture

You're an idiot. Yes of course geithner works for the IMF. Where do you think his turbo tax scam came from. It was IMF money he hadn't paid us taxes on.

Wed, 02/23/2011 - 18:02 | 990519 Sancho Ponzi
Sancho Ponzi's picture

Lighten up, h, I was making a joke. Of course Turbo Timmy used to work for the IMF.

Fri, 03/04/2011 - 23:50 | 1021376 Hephasteus
Hephasteus's picture

You just don't get it. There's no used to about it. If you work for the fed you work for the IMF. Greenspan worked for the IMF. It's just the way it's organized.

Wed, 02/23/2011 - 16:12 | 989989 jus_lite_reading
jus_lite_reading's picture

Tell us something we already didn't know. T-18 days and counting. This is serious folks.

Wed, 02/23/2011 - 16:37 | 990122 William Wics
William Wics's picture

I agree that this is serious. Question:

Why T-18? March 13th? Is it the Euro bond rollover?

Just asking.

Wed, 02/23/2011 - 16:50 | 990202 jus_lite_reading
jus_lite_reading's picture

After that date, I believe the whole house of cards really begins to unwind- Irish general elections, debt ceiling vote, single EU bond vote, Feb28th silver expiry rolls over and those are the planned events. Couple that with the potential for the whole M.E. to explode into anarchy, and we could see $150 oil, $70 silver. Time will tell. I don't like to put time frames on major events but....

Wed, 02/23/2011 - 16:53 | 990208 Harmonious_Diss...
Harmonious_Dissonance's picture

I give it alittle over 30 days:


Wed, 02/23/2011 - 16:57 | 990237 jus_lite_reading
jus_lite_reading's picture

March 13/14 begins the rush to buy food/water/gas. March 29th begins Armageddon...

Wed, 02/23/2011 - 17:03 | 990259 Harmonious_Diss...
Harmonious_Dissonance's picture

We shall see, yet I am trending toward agreement with you at this point. Things look real hairy out there right now!!

Wed, 02/23/2011 - 19:08 | 990756 Sudden Debt
Sudden Debt's picture

March 29 doesn't fit my schedule, can we move that to the 4th of may?


Wed, 02/23/2011 - 21:15 | 991065 Bolweevil
Bolweevil's picture

The dreaded, but often overlooked Cuatro de Mayo. You have been warned.

Wed, 02/23/2011 - 22:11 | 991259 IQ 145
IQ 145's picture

 Often overlooked indeed !  LOL very good. I'm tempted to get to work on a nice internet conspiracy story about the infamous malafeasian Indians in South America who predicted the end of society on "El cuatro de Mayo"; but I'm afraid to find out how many alledgedly sane people would pile on and support the whole thing; probably thousands.

Wed, 02/23/2011 - 22:09 | 991242 IQ 145
IQ 145's picture

 Sure; no problem.

Wed, 02/23/2011 - 22:18 | 991284 zhandax
zhandax's picture

Try again, you are not starting Armageddon on my birthday!

Wed, 02/23/2011 - 19:37 | 990838 techperson
techperson's picture

March 14 is pi day - yum!

Thu, 02/24/2011 - 07:56 | 992240 Snidley Whipsnae
Snidley Whipsnae's picture

March 13/14?

This is so close to the famous 'Ides of March', so why not make it March, 15?... the date upon which Julias Ceasar met a group of friends bearing daggers...according to Shakespeare...who penned the famous 'Beware the Ides of March'.

From Wiki...

'The Ides of March (Latin: Idus Martii) is the name of 15 March in the Roman calendar, probably referring to the day of the full moon.'


'The Ides of March was a festive day dedicated to the god Mars and a military parade was usually held.'

Wed, 02/23/2011 - 17:03 | 990261 chistletoe
chistletoe's picture

March 4, US govt. shut-down.

Maybe they don't matter much, though ....

Wed, 02/23/2011 - 16:13 | 989998 Jerry Maguire
Jerry Maguire's picture

Eric Sprott's DA MAN!

In other news, you might want to see how the press, the SEC and Bernie Madoff conspire to screw over other Americans:

We really ought to be buying silver and gold.  As much as we can.  The government is hopelessly corrupt and the press is a lapdog for them.  We have to get our news from outside the system, we should probably keep our money there too.


Wed, 02/23/2011 - 16:16 | 990012 rosiescenario
rosiescenario's picture

A+....if you don't trust them for honest reports why would you trust their currency? ..or as a friend once asked me regarding Nixon, "Would you buy a used car from that guy?"

Wed, 02/23/2011 - 17:39 | 990427 Fred Hayek
Fred Hayek's picture

You pal around with Jules Pfeiffer?

Wed, 02/23/2011 - 19:10 | 990758 DavidPierre
DavidPierre's picture

"Eric Sprott's DA MAN!"

You got that right!

Along with Bill Murphy, John Embry and my all time favorite ass kicking Jackass... Jim Willie.

Not only is there no more silver left but there is no gold left either...

"My argument, and the argument of many informed analysts, is that the USGovt has no possession of gold whatsoever, having leased and sold the entirety of Fort Knox, then sold European gold, then sold Chinese gold.

So the recent estimates of $7000/oz gold or $8000/oz gold make little sense if the monetary aggregate is divided by a gold reserves quantity likely to be ZERO, bound by lies at worst and myth at best.

Therefore, the potential Gold price is infinite, since division by zero cannot be done.

This utterly basic point escapes many conventional analysts, who have yet to benefit from any independent audit of the gold reserves. The claim of national security is given, but the reality is more like national insecurity!"

Wed, 02/23/2011 - 19:48 | 990867 Jerry Maguire
Jerry Maguire's picture

I think, though, that unless it has been physically transferred - like some people think happened with For Knox in the 60's - the leasing and whatnot won't matter.  The US will renege on any pledges it has made on the gold it physically possesses, and will just keep it as its own. 

Possession is nine-tenths of the law.

Wed, 02/23/2011 - 16:13 | 989999 docloxvio
docloxvio's picture

A year ago, it took me 2 1/2 months to get delivery on 2 $100 bags of junk silver. I can't imagine how long it would take now. I think the silver train left the station some time ago and will only be picking up speed from here.

Wed, 02/23/2011 - 16:31 | 990095 yabyum
yabyum's picture

Doclox: Time for you to see your LOCAL coin dealer, I can get a hundred bag of junk in my hands in minutes. The security of quick delivery makes me sleep better at night.

Wed, 02/23/2011 - 17:45 | 990463 tsx500
tsx500's picture

what's the best form of physical silver to buy for a long-term 'stash' (not to 'trade') . . .    junk or  minted coins (Eagles/Maples) or bars ?  and why ?  

Wed, 02/23/2011 - 17:51 | 990485 tsx500
tsx500's picture

my local coin dealer sells junk for a tiny (1-2% over spot) whereas 1oz Eagles are $2.75(8%) over spot . . .

Wed, 02/23/2011 - 18:31 | 990611 A Man without Q...
A Man without Qualities's picture

If it's for long term, I'd go with junk.  The only argument for not holding junk is it might be trickier for a quick sell.  With coins, the premium tends to be more a fixed price than a percentage, so you probably won't get a the same percentage premium if you sell at $50 for example....  I've also gone for junk because it's easier to pass off as family heirlooms for capital gains tax purposes (but that's specific to the tax in my country)

Wed, 02/23/2011 - 21:44 | 991151 Vint Slugs
Vint Slugs's picture

Junk is going discount to spot.  Watch the spreads.  For example, Tulving's selling junk below spot but he's selling bullion above spot.  That's telling you how tight it's getting. 

Wed, 02/23/2011 - 21:40 | 991139 Vint Slugs
Vint Slugs's picture

Tulving will ship to you free and overnight.  He has over 200 bags inventoried.

Thu, 02/24/2011 - 07:58 | 992243 lilimarlene1
lilimarlene1's picture

Excuse my ignorance. Is sterling silver flatware considered junk? Is it worth buying?

Wed, 02/23/2011 - 16:16 | 990010 MGA_1
MGA_1's picture

I've been melting down old photographs like there's no tomorrow.

Wed, 02/23/2011 - 22:17 | 991282 IQ 145
IQ 145's picture

 LOL. yeah, there you go.

Wed, 02/23/2011 - 16:17 | 990016 lynnybee
lynnybee's picture

criminal banking syndicate  /  t.v. blather ~ ~ ~  that's why i cancelled my cable & used my money to buy silver !

Wed, 02/23/2011 - 16:21 | 990042 Harmonious_Diss...
Harmonious_Dissonance's picture

Same here, only substitue "mortgage" for "cable". Go to hell GMAC!

Wed, 02/23/2011 - 16:38 | 990130 jus_lite_reading
jus_lite_reading's picture

I'd venture to say, it's safe not to pay credit card/mortage/medical bills any longer starting now or in a few weeks. There are only a few months remaining of this financial system, and by that time, who gives a shit.IMO. One major earthquake and the whole house of cards comes down anyways.

Wed, 02/23/2011 - 16:19 | 990033 JimboJammer
JimboJammer's picture

Eric  is  right ....  the  local  coin  shop  is

out  of  silver....

Wed, 02/23/2011 - 16:34 | 990109 GOSPLAN HERO
GOSPLAN HERO's picture

You can still find cheap silver coins at antique malls.

Wed, 02/23/2011 - 16:40 | 990141 jus_lite_reading
jus_lite_reading's picture

Flea markets- you can bargin for silver well below spot. Half the sellers have no idea the true value.

Wed, 02/23/2011 - 17:56 | 990502 lincolnsteffens
lincolnsteffens's picture

I bought some sterling two weeks ago for $18 an oz.  I saw on e bay you can get junk coins under the market.

Wed, 02/23/2011 - 21:45 | 991159 Vint Slugs
Vint Slugs's picture

See my post a few lines above.  Junk has gone discount to bullion.  People want quality now.

Wed, 02/23/2011 - 22:57 | 991429 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

Half the sellers have no idea the true value.

You can't even be serious...That's not believable.

Wed, 02/23/2011 - 16:21 | 990034 Harmonious_Diss...
Harmonious_Dissonance's picture

Blythe sucks, Dimon swallows

Wed, 02/23/2011 - 16:48 | 990180 RockyRacoon
RockyRacoon's picture

And they are Obama supporters how?  Care to explain your comment?

And this has what to do with the silver market?

Wed, 02/23/2011 - 16:57 | 990228 Idiot Savant
Idiot Savant's picture

He's just another racist that is still outraged that we have a black POTUS and first lady. He's also just another idiot, bringing down the aggregate IQ/EQ of ZH.

Wed, 02/23/2011 - 17:04 | 990267 papaswamp
papaswamp's picture

I'm not sure what BHO had to do with it either. I do find the 'event' rather interesting though. Mob robbery. It would be interesting if it was due to higher costs. Sort of a mini food riot.

Wed, 02/23/2011 - 17:18 | 990318 Aghast in Midlothian
Aghast in Midlothian's picture

Only racism I see is that enabled by someone who brings race into a conversation where it hasn't been mentioned. Obama's incompetence and hypocrisy are certainly off topic, but so is your comment.

Wed, 02/23/2011 - 18:02 | 990516 RockyRacoon
RockyRacoon's picture

OK, smart guy.  You explain his comment and why it appears in a different topic.  Explain how it's not a comment from a racist pig.

Wed, 02/23/2011 - 19:08 | 990753 Calmyourself
Calmyourself's picture

I hate to get into this but he never mentions race he says "Obama supporters" and they come in all races and sizes, IQ's are more standardized among them but race is not a determining factor in supporting Obama.

Wed, 02/23/2011 - 23:19 | 991500 Virginian
Virginian's picture

Lighten up, Francis!

Wed, 02/23/2011 - 17:36 | 990413 quasimodo
quasimodo's picture

St. Paul-the ugly red headed had-the-hell-beat-out-of-her step child.

Wed, 02/23/2011 - 16:21 | 990041 Sylvia Plath
Sylvia Plath's picture

Has anyone thought that if there was a true shortage of silver, then the industrial use would begin to be curtailed?

Just like the other REE's, eventually a substitute will be demanded... or at the very least, we'd see the cost increase showing up in those who use silver... ie Tiffany & Co.

Wed, 02/23/2011 - 16:25 | 990058 Tedster
Tedster's picture

The problem is, for many applications, there are no substitutes. Silver is nicknamed the indispenseable metal for a reason.

Wed, 02/23/2011 - 16:27 | 990065 Harmonious_Diss...
Harmonious_Dissonance's picture

+ 33.50!

Wed, 02/23/2011 - 16:25 | 990062 Harmonious_Diss...
Harmonious_Dissonance's picture

Your right, the substitute is paper silver for investment.

late 2008, only 20 million ounces of silver are left in the US government's stockpile. They sold it all into the markets for i-thingies and cell phones.

Then of course theres these guys working in the backround:

Now when people stop "investing" in paper silver, yup you bet, i-pods are going up!!

Wed, 02/23/2011 - 16:28 | 990077 Snidley Whipsnae
Snidley Whipsnae's picture

I am curious... Do you have anecdotal info or a link that proves Tiffany & Co. have not encountered increased prices for PM purchases?

Keep in mind that jewelry production is labor intensive...and, I am assuming that jewelers, not retailers, but those that toil at work tables, have probably not received large wage increases.

Wed, 02/23/2011 - 16:29 | 990086 Peterpaul
Peterpaul's picture

Tiffany's has increased prices. But don't let that title fool you as there is little total silver weight in those Tiffany's baubles. A "return to T" necklace has less than 2 ounces of silver in it and yet retails for $330 - that's approximately $60 in silver selling at over a 500% mark up. Certainly they can afford some margin compression...

Wed, 02/23/2011 - 18:05 | 990526 lincolnsteffens
lincolnsteffens's picture

Jewelry retailers sell sterling table spoons in simple patterns for $90. They are mass produced and weigh about 1.5 to 2oz. There is no resale value in them except scrap.

Tiffany's silver is always more both new and used. Its all in a Name.

Wed, 02/23/2011 - 16:30 | 990089 silvertrain
silvertrain's picture

 Im seeing it.. Jewery counters are now filling up with stainless steel and titanium jewery..Very little gold and silver now..

 As far as subsitutes, that works both ways..Silver is being used as a subsitute for other high priced metals such as rodium and platinium in cat converters etc..

Wed, 02/23/2011 - 17:49 | 990481 Misstrial
Misstrial's picture

Agree - this is what I'm seeing too.

Adding to your list: necklaces with ribbon lacing in lieu of gold or silver - Lanvin-style even at Neiman Marcus.

Also feathers, bone, pearls (faux & real), leather, ceramic, enamel, resin (plastic), non-precious polished rock, wood, and crystals and cubic zirconia instead of diamonds or quartz or clear topaz.


Wed, 02/23/2011 - 16:36 | 990121 InconvenientCou...
InconvenientCounterParty's picture

Tiffany's prices have no correlation with silver. They get paid for high style. Check for yourself. Raw materials in a bracelet  is <$10, which is < 5% of the retail price.

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