Gold And Silver Correction Possible But Store Of Value Demand - Especially From Asia To Support

Tyler Durden's picture

From GoldCore

Gold and Silver Correction Possible but Store of Value Demand - Especially from Asia to Support

Silver and gold are lower today after the record nominal highs seen
yesterday (gold marginally and silver significantly). Gold reached
$1,518.30 per troy ounce, a nominal record, while silver climbed to
$49.79 per ounce, its highest nominal level since the short term
parabolic spike in 1980.
Gold in USD - 10 Day (Tick) GoldCore
Gold in USD - 10 Day (Tick)

A period of correction and consolidation has been expected for some
time and it may ensue as gold and particularly silver are overbought in
the short term. However, absolutely nothing has changed with regard
the primary fundamentals driving the gold and silver markets.

Ultra loose monetary policies are set to continue with Ben Bernanke,
Federal Reserve chairman, to announce the conclusions of the Fed's
monthly meeting to set monetary policy. Interest rates are set to
remain near zero percent which will lead to many investors continuing
to favour non-yielding gold due to the lack of opportunity cost.

Silver in USD - 10 Day (Tick) GoldCore
Silver in USD - 10 Day (Tick)

Near zero percent interest rates and negative real interest rates as
inflationary pressures grow are of course bullish for gold and silver
and investors would be prudent to buy any dip.

Contrary to non-evidence based assertions that the recent price
gains were purely due to “speculation”, recent rises are largely due to
supply and demand fundamentals. The rises are primarily due to
increased and robust physical demand for the precious metals due to
inflation concerns, concerns about the debasement of the dollar, the
euro and paper currencies, sovereign debt and geopolitical concerns.

These concerns are not going to disappear overnight and indeed are
likely to intensify in the coming months with consequent financial and
monetary ramifications. Inflation hedging and store of value buying of
precious metals, especially from China, India and Asia, in set to
continue for the foreseeable future (see news below).

Greek 10 Year Bond - 180 Day (Daily)  GoldCore
Greek 10 Year Bond - 180 Day (Daily)

Greek bonds have fallen again on news that the Greek budget deficit was
wider than expected and on deepening concerns of an inevitable

Euro-area debt reached a record in 2010, Eurostat said today, making
it harder for Germany, France and the Eurozone’s better-off countries
to bear the costs of the fiscal crisis triggered by Greece, Portugal,
Spain and Ireland. Debt rose in all 16 euro-region countries, lifting
the bloc’s average to 85.1 percent of GDP from 79.3 percent in 2009.

Gold in EUR - 1 Year (Daily)  GoldCore
Gold in EUR - 1 Year (Daily)

The euro zone debt crisis is far from over and the risk of contagion
remains very real. The euro, like other fiat currencies, is vulnerable
to falling sharply against the finite currency of gold in the coming


Gold is trading at $1,502.65/oz, €1,028.79/oz and £911.80/oz.


Silver is trading at $45.52/oz, €31.17/oz and £27.62/oz.

Platinum Group Metals

Platinum is trading at $1,809.50/oz, palladium at $748/oz and rhodium at $2,250/oz.


(Financial Times) -- Precious metals cool after reaching highs
Precious metals weakened after touching highs as investors sought substitutes for paper currencies.

Gold reached $1,518.10 per troy ounce, a nominal record, while
silver climbed to $49.31 per ounce, its highest level since a supply
squeeze in 1980.

Trading was light in the spot market because of a bank holiday in
London, the bullion centre. Spot gold pared gains to $1,509.51 per
ounce, while silver was up 1.7 per cent at $47.48 per ounce.

Silver futures traded furiously on New York’s Comex exchange,
however. Volume in the iShares Silver Trust, a $17bn US exchange-traded
fund, surpassed share volume in the much larger SPDR S&P 500 stock

Precious metals prices have surged as investors search for havens
from a variety of risks, from inflation and weaker currencies to
political turmoil.

“There’s been a resumption of sovereign risk worries in Europe, safe
haven buying related to Japan and more recently, discussions over US
debt,” said James Steel, precious metals analyst at HSBC in New York.

Silver, at a fraction of the gold price, has prompted individual
investors to buy coins and exchange-traded funds. The grey metal has
gained more than 160 per cent in the past year.

Suki Cooper, precious metals analyst at Barclays Capital, said:
“Should that retail interest in silver slow down just a little bit, we
would expect prices to correct quite sharply.”

The market considers $50 an ounce as the record nominal high for
silver, although veteran traders say that in the chaotic trading of
January 18, 1980, some small amounts changed hands in the physical
market at higher prices.

(Bloomberg) -- Gold, Silver Decline From All-Time Highs as Investors Seek Cash
Gold and silver retreated from records as some investors sold
the metals to lock in gains and raise cash to cover losses in other

The MSCI Asia Pacific Index of equities declined for a second day
today, after the Standard & Poor’s 500 Index yesterday dropped for
the first day in four. Commodities snapped a four-day winning streak,
led by crude oil and copper.

“Initial dollar-related profit-taking saw the precious complex
down,” James Moore, an analyst at in London, said in
a report to clients today. “Given the pace and scale of gains in gold
and silver in recent weeks there is the threat of a deeper correction in
the coming sessions, particularly if the FOMC minutes tomorrow
indicate the Fed is close to starting monetary tightening.”

Bullion for immediate delivery dropped as much as 0.8 percent to
$1,495.75 an ounce and traded at $1,504.43 by 9:58 a.m. in London. It
climbed to an all-time high of $1,518.32 an ounce yesterday. Gold for
June delivery fell 0.3 percent to

$1,505 an ounce on the Comex in New York. Silver tumbled as much as
4.8 percent to $44.6625 an ounce before trading at $45.9125. Spot
silver rose to a record $49.79 an ounce yesterday.

Federal Reserve Chairman Ben S. Bernanke will hold a media
conference after the Federal Open Market Committee statement tomorrow
following a two-day meeting in Washington, where policy makers are
expected to keep borrowing costs near zero.

The dollar advanced by as much as 0.6 percent against the euro
earlier today, before trading 0.3 percent lower. Bullion typically
moves inversely to the greenback. The U.S. currency gained as much as
0.5 percent before declining 0.2 percent against a basket of six

‘Possible Event Risk’
“The Federal Reserve meeting is a possible event risk but we expect
that Ben Bernanke in its first public speech post-meeting will confirm
that U.S. short-term rates are most likely to stay low,” Bayram Dincer,
an analyst at LGT Capital Management in Pfaeffikon, Switzerland, said
in an e-mail. “This confirmation of low nominal rates combined with
higher inflation will be positive for gold.”

A correction in gold and silver price is unlikely to last more than
three days, Dennis Gartman, an economist and the editor of the Suffolk,
Virginia-based Gartman Letter, said in a daily report.

“It’s more the action in silver that’s making me a little queasy,”
Charles De Vaulx, a manager at International Value Advisers LLC, said
in an interview yesterday with Margaret Brennan on Bloomberg
Television’s “InBusiness.” “It’s a much smaller market than gold,
there’s anecdotal evidence that some silver-based, closed-end funds are
even trading at a premium, so it seems to have become a lot too

Silver holdings in the iShares Silver Trust, the biggest
exchange-traded fund backed by silver, climbed 239.76 metric tons to a
record 11,390.06 tons as of April 25 from 11,150.30 tons on April 21,
according to figures on the company’s website.

Platinum lost 0.8 percent to $1,809.75 an ounce in London, while palladium declined 0.9 percent to $754.25 an ounce.

(Bloomberg) -- Investor ‘Euphoria’ to Spur India Silver Demand, Bourse Says
Silver demand in India will climb this year as investors boost
purchases on expectation that prices will extend a record rally,
according to the National Spot Exchange Ltd.

Demand will gain “at least 10 percent to 15 percent” from the current
level of about 3,000 metric tons a year, said Anjani Sinha, chief
executive officer of the Mumbai-based bourse. The exchange is the
biggest in India for trading physical gold and offers spot contracts
for silver, zinc and copper.

Silver surged to an all-time high of $49.79 an ounce yesterday as
investors sought to protect their wealth against accelerating inflation
and a weaker dollar. The metal, which has more than doubled in the past
year, is the best performer on the Standard & Poor’s GSCI Index of
24 commodities.

“A new euphoria is there among the investors to buy silver,” Sinha
said in a phone interview yesterday. “People in India have started
believing it will go up further, so demand has picked up very well.”

Silver futures in India, which reached a record 73,600 rupees
($1,655) a kilogram yesterday, plunged as much as 5.3 percent on the
Multi Commodity Exchange of India Ltd. today. Silver joined a slump in
global commodities from oil to gold and grain, as the dollar rebounded
and some investors sold the metal to lock in gains.

Global silver demand climbed 15 percent to 1.06 billion ounces last
year, the highest level in at least 20 years, as investment jumped to a
record and industrial usage rebounded from a five-year low, researcher
GFMS Ltd. said in a report published by the Washington-based Silver
Institute on April 7.

‘Rushing for More’
“Physical silver is on fire, so people are rushing for more,” said
Ketan Shroff, managing director of Pushpak Bullions Pvt. in Mumbai.
“People are very bullish on silver.”

Silver trading on the National Spot Exchange has increased at least
20 percent in the past month, Sinha said. Prices may reach 100,000
rupees per kilogram in the next three to six months, he said.

Silver’s relative cheapness to gold is spurring some investors to
favor the metal over bullion. The ratio of gold to silver dropped to
the lowest level since September 1980 yesterday. An ounce of gold
bought 32.9 ounces of silver today, according to data compiled by

“People are feeling more comfortable to buy silver and sell gold,”
said Pushpak’s Shroff. “There’s a little bit of selling in gold and
physical-silver buying.”

Futures Tumble
Silver for immediate delivery tumbled as much as 4.8 percent to
$44.6625 an ounce and traded at $45.2887 at 10:10 a.m. in Mumbai. Gold
for immediate delivery dropped as much as 0.8 percent to $1,495.75 an
ounce today. The metal climbed to an all-time high of $1,518.32

“The recent rise in the silver price has been too sharp in too small a
timeframe and we could see some correction in prices,” Pritam Kumar
Patnaik, vice president sales, Kotak Commodity Services Ltd., said by
e-mail. “The current upward momentum will push silver to new all time
high above $50 an ounce but we could see some correction in the near

(Bloomberg) -- Silver, Gold Rise to Records on Bets China’s Demand Will Climb
Silver and gold surged to records in London on speculation that
China will buy precious metals to diversify its foreign-exchange

China, with more than $3 trillion in reserves, plans set up new funds
to invest in energy and precious metals, Century Weekly magazine
reported, citing unidentified people. Silver for immediate delivery
surged to a record $49.79 an ounce, and gold reached $1,518.32 an

“People are expecting China to be a major buyer of precious metals,”
said Adam Klopfenstein, a senior strategist at Lind-Waldock in
Chicago. “Gold is piggybacking on silver.

You’re seeing a blowoff rally in silver, but we don’t know when the bubble gets popped.”

On the Comex in New York, silver futures for July delivery rose
$1.096, or 2.4 percent, to settle at $47.173 at 1:59 p.m. Earlier, the
price climbed as much as 8.2 percent to $49.845.

The metal reached a record $50.35 in January 1980 as the Hunt Brothers tried to corner the market.

Spot silver jumped as much as 5.4 percent and fell as much as 3 percent.

Gold futures for June delivery rose $5.30, or 0.4 percent, to
$1,509.10, after climbing to a record $1,519.20. The spot price
advanced as much as 0.8 percent.

Commodities have reached the highest since 2008, partly on demand
for a hedge against inflation. Gold and silver have rallied amid
sovereign-debt concerns in the U.S. and Europe. Silver has posted the
biggest gain in 2011 among 19 raw materials in the Thomson
Reuters/Jefferies CRB Index.

Rate Outlook
The dollar has dropped for four straight weeks against a basket of
major currencies. The Federal Reserve may keep borrowing costs at zero
percent to 0.25 percent, while European Central Bank officials signal
further rate increases. Fed Chairman Ben S. Bernanke will hold a media
conference after the Federal Open Market Committee statement on April 27
following a two-day meeting in Washington.

“The disdain for currencies generally and the need to embrace
precious metals is still very strong,” said Dennis Gartman, an
economist and the editor of the Suffolk, Virginia- based Gartman

Before today, spot silver more than doubled in the past year, while gold increased 32 percent.

“Silver in the long run really will end up in a bloodbath, but in
the short term, the market loves it,” Dominic Schnider, a Singapore
based director of wealth-management research for UBS AG, said today in a
Bloomberg Television interview. The commodity’s 14-day
relative-strength index, which may signal a decline above 70, was over

Investment Demand
Investment demand for silver climbed 40 percent to a record in 2010,
and fabrication use jumped to a 10-year high, GFMS Ltd. said in an
April report published by the Washington-based Silver Institute. Assets
held in exchanged-traded products rose to a record 15,509.54 metric
tons on April 12, data compiled by Bloomberg from four providers shows.
“Silver is definitely benefiting from spillover demand from gold as a
haven investment,” said Li Ning, an analyst at China International
Futures (Shanghai) Co. Silver also is found in products from solar
panels to plasma screens and chemical catalysts.

(Bloomberg) -- Dim Dollar Outlook to Spur Gold Rally, WJB Capital’s Roque Says
The outlook for the dollar remains bearish, which means gold
prices will keep rising from today’s record, according to John Roque, a
managing director at WJB Capital Group Inc.

“People want to know the target for gold, and our response is: How
low can the dollar go?” Roque said today in a television interview with
Tom Keene on “Bloomberg Surveillance.” “We just think that the trend
is up, and we’re just going to stick with it.”

Spot gold touched an all-time high today of $1,518.32 an ounce in
London. On the Comex in New York, gold futures touched a record
$1,519.20 an ounce.

(Bloomberg) -- Swiss Platinum Imports Were 3,350 Kilps in March, Customs Says
Switzerland’s platinum imports were 3,350 kilograms in March
compared with 3,619 kilograms in February, according to the Swiss
Federal Customs Administration.

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Xibalba's picture

nevermind that .DXY is getting monkeyhammered. 

Cash_is_Trash's picture

I hope Argentum takes a hit to $43, to BUY THE FUCKING DIP

What does it all mean's picture

The corollary of BTFD is probably Sell on the Pop.  45 to 49 gets so much coverage, but not so much coverage by ZH when it went from 49 to 45.  Oh no, not biased at all.

SheepDog-One's picture

45-49, then 49-45...well the time period youre talking about happens to be the last THREE trading days, and ZH has reported it all, so what are you talking about?

What does it all mean's picture

I miss the one line headlines, with a single number.

42, lights out.

45, good bye.

47, 50 in no time.

On the way DOWN, I don't see:

48, Floor!

47, BTFD.

46, let's print lots of stories and disinformation.

45, now it is a 10% correction.


That's all.  Not as straightfoward and succinct on the way down.

Canucklehead's picture

You're new to this stuff... aren't you?  Sit back, watch and study.  I'm sure someone will tell you what to do and when to do it.

Sit back and think about all the money you will be making once someone gives you the inside scoop.

What does it all mean's picture

Nice picture.  No, not new.  You sounds like the cattle driver that is driving the cattle to slaughter...  I would rather jump off the bridge my self than being led by others.  There is a lot that I don't know, but I am not waiting for people to "tell" me.

tmosley's picture

Clearly you are new.  This happens ALL THE TIME.  No-one ever said silver only goes up and up forever.  This "collapse" has only taken us back to *GASP* last week's levels.  BFD.  The last time it happened was $34, hardly even a month ago.

You can feel free to go ahead and jump off of that bridge as soon as you are ready.

What does it all mean's picture

I get it, pretty funny.  And there is some truth... the roundtrip is indeed incredible!

Harbourcity's picture

Going down is a non-event.  If you read much you'd know a correction was coming.


What does it all mean's picture

I understand... then why so excited when it goes up?


redpill's picture

Because it has been going up relentlessly, doubling in six months. Why the fuck do you think?

What does it all mean's picture

Exactly!  Leaving no room for a pull back and even a plateau, is just like Geithner, saying that there is no way for US to default.  There is no reason or rationale, just blantant talking one's book.  And that is not exactly fair journalism.  

To your point, it is EXACTLY the reason why Silver can go to 30, then 60, then 45, then 100.   Just be fair and the path is always undetermined.  

redpill's picture

You're framing it as the down being equal to the up, but it's not. The central point is that there is a reason silver skyrocketed, it wasn't just market consolidation or temporary correction like the down days are. The fundamentals are driving silver up, the technicals cause corrections and consolidation. That is why up is different than down, and they are not equal in the current environment.

What does it all mean's picture

Long term, I see your point.  Short term...  let's not pretend this is the floor or the top.

Mathematically, up 5 points is the same as down 5 points.  (Not in %, but in simple dollar p/l.)  

6 String's picture

I must admit the silver trade had gotten ridiculous. I mean, seriously, everyone and their mother were calling  the 50 oz magical number over and over and over and over and over and over and over get the point. Like all these swine had calcuted on their Hp 12c's the intrinsic value of the metal. Yeah, right, what a joke.

So, at first, I thought it was total manipulation. But now....I think it's really just the silver sheeple selling as soon as the price closed in on the magical number 50.

But the thing is the 50 oz. number is just fucking plain silly. An arbitrary number pulled from the fucking sky. Come on, seriously. Where do the dipshits get this stuff?

What does it all mean's picture

Well, not exactly.. somebody is raking it in and JPM/HSBC is not going to go bankrupt anytime soon.


There was a serious disinformation campaign right before QE2 ending and the non-starting of QE3.  The "hedgers" who has a lower margin on futures can do thing that most "speculators" can't.  The margin was going to be raised and this is all manufactured to take stupid people's money.


JPM is fine, HSBC is fine.  Break them via regulation or votes.  not through a stupid silver trade.

Dollar continue to collapse, and it is not good, but silver wasn't the answer to everything.


Somebody is fabulously wealthier from the round trip, and Goldman can still be right..  What a trade/world.

Hephasteus's picture

"JPM is fine, HSBC is fine.  Break them via regulation or votes.  not through a stupid silver trade."

If they are so fine then why do hoards of people sniffing of freshly peed pants keep filing through here at ever options expiration. And when delivery is loooking really iffy.

It's still in backwardation. There's only one way to fix that. Pay more. It can never go into permanent backwardation just keep paying more and more for it. It's not like you got big standoffs on debt ceiling raises and budget believability issues or any of those troubles. Just pay more. You can afford 19 million bucks for bonuses right and left. Just fork it over. :)

What does it all mean's picture

There is no proof that JPM/HSBC is MASSIVELY short.  Come on, they are not that stupid.  Even if they are, the fed will rescue them and US Taxpayers will then be shorting the silver.  (like MBS/CDO^2... and other toxic assets.)  Show me PROOF!


If you are betting on a backwardation/contango trade, DO THE CALENDAR SPREADS, not an outright.  So that is itself an disinformation.

6 String's picture

I totally agree with What Does It All Mean. Long silver will never do anything material to JPM. If that is the point for one owning silver, it is a material waste of one's time.

Mike Krieger talks about civil disobenience by owning silver. This is non-sense. If you want to own silver as a hedge, and a good one at that, against the collapse of fiat fine. But thinking a skyward price of silver is somehow going to harm JPM is horseshit. It will and has done nothing at all to them. Anyone bother to read JPM's latest Q filing? Of course not. That is not something macro boys bother with. Silver skying hasn't done shit to JPM and no matter how much one rants and raves and stomps up and down the facts don't change: Silver can go to 200 and it won't mean shit to JPM.

Arguing with idiots is also a waste of time.

What does it all mean's picture

There is a feedback loop of agreeing here.  I do have to say, this disinformation compaign to capitalize on hatred for JPM (boy, don't they deserve it.) is quite ingenious until peole get hurt.  And hurt they will...  Still not Dimon though.

Hephasteus's picture

There's proof. You find it yourself.

My due dilligence is dozens of pants pissers. I mean they got to be scared of something. It's not like there's a guy with an axe chasing them.

I mean something just fucking destroyed Bear Sterns. It didn't just disappear into some bermuda short triangle during a fuck a goat festival in the caymen islands. Something killed it. I wonder what it was and I wonder where it is now.

I wonder.

6 String's picture

Dude, what killed Bear Sterns was a balance sheet that was levered 33:1. In fact, Bear Sterns silver short position was profitable in the Great Financial Crisis, which had nothing at all to do with Bear Sterns going down. If you did a tiny bit of DD you would understand it was a balance sheet leveraged to the hilt with securitization markets totally freezing up. When that happened, it was shit hits the fan for all the scumsucker and rotten banks.

But silver? That my friend had virtually nothing to do with Bear Sterns demise. Their silver position actually helped them.


slewie the pi-rat's picture

i think there is plenty of silver.  even for jpmorgue.

bullionbaron's picture

A lot of top callers coming out of the woodworks, Bob Moriarty the latest and here are my thoughts on his most recent article:

Overflow-admin's picture

And where is HammyWanqer? (don't remember all its names)

Creed's picture

interesting post from a well regarded Market Ticker poster


User Info SILVER PRICE - EXTRAORDINARY FACTS in forum [BreakingPrice] Hedgefundmanip
Posts: 4992
Incept: 2007-08-02


How is this not meaningful...

Yesterday, ounce of investable silver traded 1.5x just on the COMEX.

SLV added another $9bn; so call it 1.7x or 170% in total of trading per oz of investment silver.

Gold only traded like $20bn against $3.3 TRILLION of investment gold; so a turnover of 0.60% vs 170% for Silver. Each ounce of Silver traded more than 250x as much as each ounce of gold. WTF is that?

SPY was like $35-40bn against $15 trillion plus; so call that 0.25% daily turnover

NFLX was 20% on the day of the print
SOHU was 20% on day after print
AAPL was 3% on day after print

I am in search of any major asset that every traded 170% of its float in 1 day; that's quite staggering and hard to ignore as a sign of something really meaningful.


When asked about silver Turk remarked, “The important point Eric is that silver is still in backwardation. I mentioned to you previously in the KWN blog piece on April 1st of this year that if silver remained in backwardation when we neared the $50 area it would be a truly extraordinary event. Here we are with silver touching $49 in Asian trading this morning, yet it remains in a 63 cent backwardation from spot to December 2015.

I can’t stress enough how significant that event is. Over the past three months the price of silver has nearly doubled, yet the backwardation has not disappeared. Markets are not designed to work that way, the higher price is supposed to entice people to sell their physical and hold dollars instead. I think the market is quite clearly sending the signal that people would rather hold silver instead of paper money.

The bottom line is that as long as silver remains in backwardation, price declines will be short-lived, it’s also telling us that silver has not yet reached a top on this move.”

drivenZ's picture

well, why wouldnt you sell your silver, dollar is doing great this morning....haaha. 

Stormdancer's picture

Stocks to flow ratios baby!  Anyone not paying attention to that is missing a critical piece of market information.

Denninger will be frantically looking for an excuse to ban this poster right about now....

schoolsout's picture

Denninger banned me yesterday from his forum as he went absolutely apeshit (read: stupid) on precious metals.  He didn't like me calling him out for cussing out those that didn't agree with him.

I think the man 1) was high on something more than just a little bud  or 2) going senile.


By the way...he's gonna laugh his face off and say "I told ya so" when the much needed correction in silver he sits on his cash.

Goldenballs's picture

Correction - this is all planned,you honestly think anything else is worth a toss besides Gold and Silver.The $ is toast.

schoolsout's picture

Didn't you hear?  Because the Euro has problems, the US dollar will the moooooon

Hephasteus's picture

So an entire monetary union that can't align it's econonic interests with each other is going to somehow align them with ours and dollars?

schoolsout's picture

No, they are saying because they are having problems, the USD will skyrocket by default...that and everyone in the world is still trying their hardest to get USD in critical times...(that last part was said with a bit of sarcasm)

SheepDog-One's picture

The 'correction' already happened, 'I told ya so' trolls having a gloatfest over $1,505 gold and $47 silver are real nuts. Dollar only has 1 way to go, down, PM's will only resume upward march. 

Creed's picture

Denninger banned me yesterday




I've been reading there since 2007 & never bothered to open an account. You have to hero worship the guy to be able to go along to get along.

Figures his ego is taking a bashing over the "precious dollar" bullshit he's been spewing for years now. That's not to say it can't happen but the fact is it hasn't and he's been consistently WRONG.

FEDbuster's picture

Denninger gets many things right, but is so wrong about PMs.  Too bad he cannot accept that the FED and their bankster owners are filling the "credit hole" with Obama bucks.  His dollars keep going down, while real money keeps going up.  Price everything (including this BS stock market) in gold to get a true picture of what is going on.  No one knows for sure how the collapse will happen or what will be the final trigger, but I would rather have an AR10, thousand rounds of ammo, year's worth of food and a box full of silver and gold, than a $25K CD at Wells Fargo earning .75%.

Creed's picture

Denninger gets many things right



Infinite QE's picture

Getting banned there is a badge of honor as an acknowledgment that your IQ is above normal and that your bullshit detector is working.

SilverRhino's picture

By the way...he's gonna laugh his face off and say "I told ya so" when the much needed correction in silver he sits on his cash.

Not too worried about Denninger. He'll sit on it until the day that a few hundred thousand wont buy a hamburger.  

He will NEVER admit a mistake regarding PM's ever.   That says more than enough about his character.

RobotTrader's picture

The F12-punching, electronic bit-flipping algos are now starting to overrun the SLV market.  It appears that 27% of annual mine production was "flipped" in just one day alone yesterday.


How ironic that this "sound money" instrument is now the favorite flavor to be sub-penny traded by a bunch of machines......

Johnny Lawrence's picture

For a CANSLIMer, you sure have a lot of opinions.  That means you make mistakes.  A true CANSLIMer couldn't care less about the stuff you talk about.

SheepDog-One's picture

Yea gosh silver and gold are really taking a drubbing, gold 'beaten down' to $1,505 in all time high territory by far, silver $46.50, well over what the PM sourpusses only last week said would never be reached.

55 men's picture

What did your mom make you for breakfast this morning?

Goldenballs's picture

Options expiry day,what do you expect.Bulid a huge wall across each end of Wall St and across every road it has junctions with.Then turn it into a prison,saves taking the suspects far.Forget the Mafia,financial institutions,governments and central banks are the biggest crooks.

Turd Ferguson's picture

I'm looking for a dip back toward the lows of yesterday morning.

lunaticfringe's picture

Now everyone is a "silver expert." Spare me the good samaritan work.