This page has been archived and commenting is disabled.

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
default.

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
months.

Gold

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

Silver

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.

News

(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
fund.

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
markets.

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 TheBullionDesk.com 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
currencies.

‘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
speculative.”

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
Bloomberg.

“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
yesterday.

“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
term.”

(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
reserves.

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
ounce.

“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
Letter.

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
89.

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.

 


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 04/26/2011 - 08:43 | Link to Comment Xibalba
Xibalba's picture

nevermind that .DXY is getting monkeyhammered. 

Tue, 04/26/2011 - 08:49 | Link to Comment Cash_is_Trash
Cash_is_Trash's picture

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

Tue, 04/26/2011 - 09:23 | Link to Comment What does it al...
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.

Tue, 04/26/2011 - 09:46 | Link to Comment SheepDog-One
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?

Tue, 04/26/2011 - 09:55 | Link to Comment What does it al...
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.

Tue, 04/26/2011 - 10:40 | Link to Comment Canucklehead
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.

Tue, 04/26/2011 - 10:47 | Link to Comment What does it al...
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.

Tue, 04/26/2011 - 11:17 | Link to Comment tmosley
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.

Tue, 04/26/2011 - 11:22 | Link to Comment knowless
knowless's picture

thats the joke

Tue, 04/26/2011 - 11:30 | Link to Comment What does it al...
What does it all mean's picture

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

Tue, 04/26/2011 - 09:57 | Link to Comment Harbourcity
Harbourcity's picture

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

 

Tue, 04/26/2011 - 09:55 | Link to Comment What does it al...
What does it all mean's picture

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

 

Tue, 04/26/2011 - 10:17 | Link to Comment redpill
redpill's picture

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

Tue, 04/26/2011 - 10:24 | Link to Comment What does it al...
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.  

Tue, 04/26/2011 - 10:52 | Link to Comment redpill
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.

Tue, 04/26/2011 - 11:13 | Link to Comment What does it al...
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.)  

Tue, 04/26/2011 - 10:09 | Link to Comment 6 String
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 again....you 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?

Tue, 04/26/2011 - 10:14 | Link to Comment What does it al...
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.

Tue, 04/26/2011 - 10:25 | Link to Comment Hephasteus
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. :)

Tue, 04/26/2011 - 10:35 | Link to Comment What does it al...
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.

Tue, 04/26/2011 - 10:51 | Link to Comment 6 String
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.

Tue, 04/26/2011 - 11:17 | Link to Comment What does it al...
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.

Tue, 04/26/2011 - 11:21 | Link to Comment Hephasteus
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.

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

Tue, 04/26/2011 - 11:52 | Link to Comment 6 String
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.

 

Tue, 04/26/2011 - 13:43 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

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

Tue, 04/26/2011 - 09:47 | Link to Comment bullionbaron
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:

http://www.bullionbaron.com/2011/04/is-bob-moriarty-shorting-silver-look...

Tue, 04/26/2011 - 10:25 | Link to Comment Overflow-admin
Overflow-admin's picture

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

Tue, 04/26/2011 - 08:46 | Link to Comment Creed
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

NorCal


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.

ALSO...

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.”

Tue, 04/26/2011 - 08:56 | Link to Comment drivenZ
drivenZ's picture

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

Tue, 04/26/2011 - 09:08 | Link to Comment Stormdancer
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....

Tue, 04/26/2011 - 08:49 | Link to Comment schoolsout
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 comes...as he sits on his cash.

Tue, 04/26/2011 - 08:53 | Link to Comment Goldenballs
Goldenballs's picture

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

Tue, 04/26/2011 - 08:55 | Link to Comment schoolsout
schoolsout's picture

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

Tue, 04/26/2011 - 09:11 | Link to Comment Hephasteus
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?

Tue, 04/26/2011 - 09:24 | Link to Comment schoolsout
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)

Tue, 04/26/2011 - 08:55 | Link to Comment SheepDog-One
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. 

Tue, 04/26/2011 - 09:00 | Link to Comment Creed
Creed's picture

Denninger banned me yesterday

 

HIS LOSS DUDE, SERIOUSLY

 

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.

Tue, 04/26/2011 - 09:12 | Link to Comment FEDbuster
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%.

Tue, 04/26/2011 - 09:32 | Link to Comment Vergeltung
Vergeltung's picture

+7.62x39

Tue, 04/26/2011 - 09:45 | Link to Comment Creed
Creed's picture

Denninger gets many things right

yes

 

Tue, 04/26/2011 - 09:53 | Link to Comment Infinite QE
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.

Tue, 04/26/2011 - 10:26 | Link to Comment SilverRhino
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 comes...as 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.

Tue, 04/26/2011 - 08:47 | Link to Comment RobotTrader
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.

LOL...

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

Tue, 04/26/2011 - 08:49 | Link to Comment Johnny Lawrence
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.

Tue, 04/26/2011 - 09:00 | Link to Comment SheepDog-One
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.

Tue, 04/26/2011 - 09:10 | Link to Comment 55 men
55 men's picture

What did your mom make you for breakfast this morning?

Tue, 04/26/2011 - 09:21 | Link to Comment Robot Traders Mom
Robot Traders Mom's picture

grits.

Tue, 04/26/2011 - 08:51 | Link to Comment Goldenballs
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.

Tue, 04/26/2011 - 08:52 | Link to Comment Turd Ferguson
Turd Ferguson's picture

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

http://tfmetalsreport.blogspot.com/2011/04/fastest-10-ever.html

Tue, 04/26/2011 - 08:51 | Link to Comment lunaticfringe
lunaticfringe's picture

Now everyone is a "silver expert." Spare me the good samaritan work. http://thecivillibertarian.blogspot.com/2011/04/quite-suddenly-silver-ex...

Tue, 04/26/2011 - 09:22 | Link to Comment Hephasteus
Hephasteus's picture

Silver ninjas!! Thousands of them!!!

Tue, 04/26/2011 - 08:53 | Link to Comment Dangertime
Dangertime's picture

Whoa whoa whoa.  Silver cannot correct!

Tyler are you now working for the bankster shills???

According to some of the tinfoil hat people here you must be.  When I suggested it needed to correct and consolidate I was attacked like a white-girl at a mcdonalds.

Tue, 04/26/2011 - 08:57 | Link to Comment Johnny Lawrence
Johnny Lawrence's picture

It was a tranny, son.

Tue, 04/26/2011 - 09:04 | Link to Comment Dangertime
Dangertime's picture

And what a couple of crazy beyotches!

Tue, 04/26/2011 - 09:03 | Link to Comment SheepDog-One
SheepDog-One's picture

Who ever said 'silver cannot correct ever'? Youre a shit talkin fool.

Tue, 04/26/2011 - 09:06 | Link to Comment Dangertime
Dangertime's picture

Mostly tmosely and akak got angry when I first appeared and told people to be careful.  I actually was trying to warn people that a good sized correction was coming.

Then those chimps just went nuts.

Tue, 04/26/2011 - 09:04 | Link to Comment SheepDog-One
SheepDog-One's picture

The real story- USD 73.8.

Tue, 04/26/2011 - 09:23 | Link to Comment Long-John-Silver
Long-John-Silver's picture

Ding! Ding! Ding! ^^^ Winner!

Tue, 04/26/2011 - 09:08 | Link to Comment SheepDog-One
SheepDog-One's picture

Those chimps just went nuts....now I cant figure out if youre talking about panicky silver holders or your McDonalds incident.

Tue, 04/26/2011 - 09:08 | Link to Comment Dangertime
Dangertime's picture

LOL!

I wonder if akak and mosely were the mcdonald's assaulters.

Wed, 04/27/2011 - 20:38 | Link to Comment prole
prole's picture

I don't know, but by your cheap shots that you fire against ZH favorites like TM I have a hard time giving you the benefit of the doubt and you look like a paid .gov troll. If your real purpose is only to instill doubt in the low hanging fruit, (the newbs, the unsure) without regard to the the true pm bugs (who are immune to your paid commentary) then you are still worth your paycheck. Which is to say: steering the undecided away from pm and into the embrace of collapsing fiat.

Tue, 04/26/2011 - 09:39 | Link to Comment tmosley
tmosley's picture

Uhh, you were "warning" us when we were at levels lower than they are now.  For all intents and purposes, you were, and are, WRONG.  My net worth speaks volumes.  You claim to have a bunch of paper profits off of a SINGLE DAY trend.  Mine are real profits based off of a 10 YEAR trend.

So feel free to go right ahead and fuck yourself, you lying sack of shit.  No-one forget that this idiot claims to have held gold and silver for ten years since the ABSOLUTE bottom in gold, then claimed he got silver perfectly right too, though the prices he gave don't match his story, AND the fact that this MORON couldn't even tell us the correct high and low for 2008, the crash he used to admonish everyone to sell their silver--he said it went from $14 to $8. Anyone who owned silver at the time had those prices burned into their heads, but your dumb ass didn't know that $20 was the high, not $14.

Get the fuck out of here, you cum encrusted sock puppet.

Tue, 04/26/2011 - 09:44 | Link to Comment SheepDog-One
SheepDog-One's picture

The gloat-fest over $46 is rather amusing, as it was only a couple weeks ago the same trolls were yelping about silver never possibly going over $40.

Tue, 04/26/2011 - 09:56 | Link to Comment Dangertime
Dangertime's picture

Kindly find where I said it would never go over $40?  I didn't show up posting about an inevitable silver decline until it was just shy of $43.

And you guys accuse me of lying and giving misinformation.  You are all in ubelievable denial.

Tue, 04/26/2011 - 11:33 | Link to Comment tmosley
tmosley's picture

You didn't pop up until after it was already past $40.  You are being grouped with the other trolls who have been screaming that silver can never rise above $DOLLARS, because you are, in fact, part of their little group.  I wouldn't be surprised one little bit if IP analysis showed 90% of you were from the same IP block, and 50% were the same exact IP.

Also, we accuse you of lying because you, in fact, lied.  Not only about owning precious metals, but about everything else you have ever said.  Now get the fuck out of here, you sack of shit, before you get embarrassed by the next price rise.

 

Tue, 04/26/2011 - 11:38 | Link to Comment Dangertime
Dangertime's picture

Point out exactly where I lied? 

I do own precious metals, although I sold most of my physical silver yesterday.  Still holding my gold and just shy of 100 ounces of silver.

So again, where did I lie?  What proof do you have of this alleged lie?

 

Tue, 04/26/2011 - 13:16 | Link to Comment tmosley
tmosley's picture

I've pointed it out a dozen times before.  First you told us you bought gold and silver on one of the 19 trading days when gold was at its lowest level in decades, then you told us that you actually bought silver a year later.  But the prices don't match up.

That is at least one lie, and more likely three.

Then you told us you sold all that silver yesterday.  How the FUCK did a "trader" hold silver for ten years, through highs and lows of incredible volatility, and 2008, when bullish sentiment was just as widespread as it is today, only we weren't at the Hunt Bros high, and then just decide to give it up, turn on a dime, and sell, conveniently at the all time highs.

Pull the other one.  An idiot like you would have sold years ago.

Tue, 04/26/2011 - 13:20 | Link to Comment Dangertime
Dangertime's picture

What prices don't match up?  That is where you are failing.  I did buy in 2000 and 2001 but wtf are you talking about with prices matching up???

The reason I held my silver bars is because of the ridiculous commissions you pay for them.  Add in that I actually LEARNED something about the silver market as the bull progressed, mainly that idiots like you create a bubble in it every two years.

So yeah, I held through the 2008 meltdown but sold this time, and somehow through your logic that makes me a liar.  :eyeroll:

Tue, 04/26/2011 - 11:39 | Link to Comment Dangertime
Dangertime's picture

Dupe post. 

Tue, 04/26/2011 - 09:45 | Link to Comment Dangertime
Dangertime's picture

You are a moron.

Show me where I said the 2008 high was $14 and the low was 8?  That was 2006 you dumbass.  I challenge you to find where I said that about 2008.

BTW, it is now a two-day trend dipshit, and about to get much longer.

You would think since I timed the gold/silver buy so well that I could time the tops accurately too.  You just refuse to accept that.

So if you are going to lie about my statements then go and prove it to us.  Go find where I said silver went from $14 to $8 in the 2008 crash.  If you cannot, then you are nothing more than a penny-stock pumper who throws a tantrum like a little child when somebody tells him he is wrong.

In the meantime, I bet your portfolio is seeing a lot of red while I am basking in green.  Fvcktard.

Tue, 04/26/2011 - 10:46 | Link to Comment Richard Head
Richard Head's picture

You are a douche.  You brag about fake winning trades, and ignore your multiple loser calls.  Just kill yourself.  No one would miss you.

Tue, 04/26/2011 - 11:08 | Link to Comment Dangertime
Dangertime's picture

How's that $49 dollar bag you're holding?

Tue, 04/26/2011 - 16:33 | Link to Comment ColonelCooper
ColonelCooper's picture

Your problem is that you assume we all just bought in fucking yesterday.  Most of the people you're bitch pissing at were in the money 30 dollars ago.  And even then, douchebags like yourself were telling us we were going to get slaughtered. 

I fart in your general direction.

Tue, 04/26/2011 - 11:34 | Link to Comment tmosley
tmosley's picture

Why should anyone except your fake calls that happened in reverse?  ANYONE can claim to have bought at the absolute low and sold at the absolute high.  But guess what?  TRADERS, which is what you claim to be, DON'T FUCKING HOLD POSITIONS FOR TEN YEARS.  You claim to be "one of us" in order to attempt to gain our confidence, then you plant the seeds of doubt in an attempt to part people from their metals.

FUCK YOU for that.  Your head belongs on a pike.

Edit:  lol, another lie.  You say that it fell from $14 to $8 in 2006.  DEAD FUCKING WRONG.  It fell from $15 to $10.  You are just trying to find a way to cover for your complete and total ignorance of the markets bred by a full decade of never owning any metal.

Tue, 04/26/2011 - 11:48 | Link to Comment Dangertime
Dangertime's picture

I held my physical for ten years, it's the paper that gets traded you moron. 

But I have traded in and out of paper for those ten years with my first purchase starting in 2000.  So again, where is the proof of your lie accusation?

I love how if I don't tell you my life story in every single post it makes me a liar.

And if you are going to accuse me of lying over a freaking dollar or two then you are the fkn idiot.  Say what you want fvktard, you're just angry that you're losing your shirt right now and I tried to warn you.  Fkn lemming.

Tue, 04/26/2011 - 13:20 | Link to Comment tmosley
tmosley's picture

BS--your thinking is intentionally inconsistent.  Why sell your physical NOW, huh?  Why not prior to the 30% drop in 2006?  Or the 60% drop in 2008?  Or any of the numerous other gut wrenching drops we have seen in silver?

Why, because you didn't have any silver then, and you don't have any now, but rather you are here for the SOLE PURPOSE of shaking silver from the tree.

You are a traitor to your people.  Pray you die before your comeuppance finds you.

Tue, 04/26/2011 - 13:26 | Link to Comment Dangertime
Dangertime's picture

WTF meds are you on??  Is everything a conspiracy to you?  Can people not adapt to a changing environment???  You refuse to adapt and just like all of the other extinct creatures who could not learn, you too will disappear.

The reason I did not sell during those times was because I was STILL learning about the market. 

I know a lot more now than I did back then however I am still learning today, something you refuse to do because you are so willfully blind.

 

Buy some more silver today bag-holder, you deserve it.

 

Tue, 04/26/2011 - 08:56 | Link to Comment MonkeySmoke
MonkeySmoke's picture

Below is an email that was sent to Ron Paul this morning regarding the "action" in the silver market yesterday.

 

Honorable Mr. Paul,

As I am sure you are aware, the Commmodities Futures Trading Commission (CFTC) has been conducting an ongoing investigation for the past two and half years regarding the "Short Positions" held by some of the large commecial institutions. Yesterday, April 25, 2011, there were over 279k contracts traded on the COMEX in silver. This number of contracts is equal to over eighteen months of WORLD PRODUCTION of silver. Each contract is for 5k ounces of silver. This has a direct effect on our money. It sounds like manipulation of a market. The price of silver fell over $2 in ONE MINUTE!! Would it be prudent for you and your office as head of the Monetary Policies in the United States, to at least look into what happened yesterday and this overwhelming volume of contracts? Would it be prudent to ask the CFTC how much longer their investigation is going to take regarding making a decision on the "Short Position" limits? This is paramount to our economy, as silver is one of two of the only real money that we have as a nation. Silver is the money the is part of the Constitution and as such it would be in our best interest--the citizens of the United States--to know what the CFTC is doing with their investigation and how much longer they plan on taking to render a decision.

Thank you for your time and consideration of these issues of paramount concern.

Supporter of Ron Paul,

Tue, 04/26/2011 - 09:32 | Link to Comment UnRealized Reality
UnRealized Reality's picture

Yea, That's going to work. He will be President at the time the US collapses. And furthermore the Gold standard will not work, been there,done that. He himself stated that he needs the support of the GOP to go any where. So there it is, same old same old. Hope is a powerful thing. He is not the answer. Collapse and a new currency is the answer, weather you like it or not.

Tue, 04/26/2011 - 09:46 | Link to Comment Long-John-Silver
Long-John-Silver's picture

the Gold standard will not work

It worked just fine for 5,000 years. The current economic problem stems from a "No Limits Necessary" printing of fiat currency. The entire World is watching as all fiat currencies are in the process of becoming the equivalent of ZIM Dollars. Extract your head and take a good look around you with open eyes. If you can't see the rapid decline you are shit blind.

Tue, 04/26/2011 - 10:21 | Link to Comment UnRealized Reality
UnRealized Reality's picture

No, you should extract your head because the Gold standard sure the hell didn't help the Roman Empire. You know, I have 90% of my money in PM's but I'm sick and tried of people talking shit and not know crap about history. The reason we got off the Gold standard is because politician couldn't stop spending, it aloud them to spend to the moon. Yea, yea, I know, revalue Gold. So let start with 5K and when spending goes up we can raise it to 10K and so on and so forth. Lets layer Gold like Fiat. It's spending and the theft that is the problem. The Gold standard is not the ANSWER. Learn some history and the causes of the problem before you spew out crap in my Face!!!!!

Tue, 04/26/2011 - 10:30 | Link to Comment SilverRhino
SilverRhino's picture

No, you should extract your head because the Gold standard sure the hell didn't help the Roman Empire.

It most certainly did, right up until they debased the coinage into practically nothing.  

Tue, 04/26/2011 - 17:09 | Link to Comment RockyRacoon
RockyRacoon's picture

The exact reason that Roman coinage sustained constant debasement is not known, but the most common theories involve inflation, trade with India, which drained silver from the Mediterranean world, and inadequacies in state finances. It is clear from papyri that the pay of the Roman soldier increased from 900 sestertii a year under Augustus to 2000 sestertii a year under Septimius Severus and the price of grain more than tripled indicating that fall in real wages and a moderate inflation occurred during this time.[2]

Another reason for debasement was lack of raw metal with which to produce coins. Italy itself contains no large or reliable mines for precious metals, therefore the precious metals for coinage had to be obtained elsewhere. The majority of the precious metals that Rome obtained during its period of expansion arrived in the form of war booty from defeated territories, and subsequent tribute and taxes by new-conquered lands. When Rome ceased to expand, the precious metals for coinage then came from newly mined silver, such as from Greece and Spain, and from melting older coins. Without a constant influx of precious metals from an outside source, and with the expense of continual wars, it would seem reasonable that coins might be debased to increase the amount that the government could spend. A simpler possible explanation for the debasement of coinage is that it allowed the state to spend more than it had. By decreasing the amount of silver in their coins, Rome could produce more coins and "stretch" their budget. As time progressed the trade deficit of the west because of its buying of grain and other commodities led to a currency drainage in Rome.

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

Tue, 04/26/2011 - 08:57 | Link to Comment falak pema
falak pema's picture

Copied from previous post :


One question to both Asia and TD :  There is no mention on ZH postings of the upcoming IPO of Glencore. This is the Mining & M cum commodity trading giant that will go public, I believe in May 2011. This will have a huge expected capitalization according to the Underwriter PDs. Some say in 600 B USD range.... This is Mark Rich's ancient trading operation bought out by his SA investor friends...This should have a huge impact in coming months on BIG commodity trades (not just silver bullion) as it will be of the size of the current big four : Rio Tinto, BHB etc. Love to have your comments on this.

Tue, 04/26/2011 - 10:20 | Link to Comment BoilermakerPete
BoilermakerPete's picture

This is as very interesting piece of information. I am wondering what you think will happen immediately after an IPO? I have been stating for about 6 months now that we will see a "correction" (the likes of which we saw in Sept. of 2008) this June, when the Fed decides to test the markets reaction to inaction (i.e. no immediate QE3). I have also been stating that commodities will crash, as in 2008, but the fundamentals will be even stronger for a stronger bull market (hyper-inflationary) after this "correction" when the Fed does release its QE3 program. Japan and China are both weary of their dollar investments (both for different reasons) and the Fed will have to monetize the debt, plunging us into hyperinflation. Most do not read their history books, however it wasn't that there was one strong crash during the Great Depression that crippled the economy, it was the volatility of the market that dealt us blow after blow (See Table 2: http://www.knollwood.com/faj90.pdf ).

I would like to know what your thoughts are regarding this IPO, and if you see it as another market manipulator...

Tue, 04/26/2011 - 09:12 | Link to Comment Paper CRUSHer
Paper CRUSHer's picture

Dr Ka-Poom aka.Mr.Eric Janszen over at itulip has an interesting Q&A article complete with a photo displaying a 220kg(458pound)gold bar on exhibit at Junguashi Gold Ecological Park,Taipei County,Taiwan.....damn,that is one big mutha!

http://www.itulip.com/forums/showthread.php/19098-Global-Monetary-Meltdown-Part-I-The-accident-that-won-t-wait-to-happen-Eric-Janszen?p=195305

 

Tue, 04/26/2011 - 09:02 | Link to Comment Hephasteus
Hephasteus's picture

There's no way silver and gold reach those highs in a down economy. It's totally faked. Now intel record sales and super strong Igadget sales. That's believable.

Tue, 04/26/2011 - 09:07 | Link to Comment topcallingtroll
topcallingtroll's picture

It wouldnt surprise me if this turns out to be a brief, girly man correction. I am hoping for a lot more though.

Tue, 04/26/2011 - 09:12 | Link to Comment SheepDog-One
SheepDog-One's picture

What I cant believe is any real PM holder with any common sense is selling their PM's due to a little downdraft in it, a PLANNED MANIPULATED downdraft at that, with the USD at 73.8? 

If theyre that jittery and panicky then they bought gold and silver for the wrong reasons anyway. Good I hope they shake out I'll be happy to buy their PM's a bit lower. Fools.

Tue, 04/26/2011 - 09:11 | Link to Comment Wakanda
Wakanda's picture

Blythe, would you please take silver to $42 while I am backing up the truck?  $40 would be better!

Tue, 04/26/2011 - 09:24 | Link to Comment Long-John-Silver
Long-John-Silver's picture

Don't bother taking a number Bitchez. First person in line buys it all.

Tue, 04/26/2011 - 09:57 | Link to Comment Wakanda
Wakanda's picture

"buys it all"?

Nothing matters these days until you hold it in your hand.

Tue, 04/26/2011 - 09:14 | Link to Comment bob_dabolina
bob_dabolina's picture

The dollar index was @ 71.31 on 7/14/08 while @ the same time /si was trading @ $15-16. Silver just hit $49 and change with the dollar being a cunt hair stronger.

So silver is roughly 70% higher than it was in 08' yet the dollar is stronger. That's quite a push on silver, blindingly so.

Tue, 04/26/2011 - 16:39 | Link to Comment ColonelCooper
ColonelCooper's picture

I miss the midget powerlifter.

Tue, 04/26/2011 - 09:16 | Link to Comment Thunder Dome
Thunder Dome's picture

And the battlefield was littered with fallen silver bugs.

Tue, 04/26/2011 - 09:22 | Link to Comment tmosley
tmosley's picture

Considering you started shorting around $30 at best, you are the only loser here.  Well, you and your troll buddies.  Maybe you guys can all go drown each other's sorrows?

Tue, 04/26/2011 - 09:29 | Link to Comment SheepDog-One
SheepDog-One's picture

I do see a lot of panickers on blogs and youtube, fearing theyll lose a few dimes and tied in knots of worry to sell. I say let em go ahead and sell theyre not the right ones to be holding PM's thru this dollar collapse anyway, its just wasted on them. I'll buy their PM's and lock it in my safe for the long haul.

Tue, 04/26/2011 - 09:32 | Link to Comment Long-John-Silver
Long-John-Silver's picture

This happens every correction. This is Load Up Time Bitchez!.

Tue, 04/26/2011 - 09:41 | Link to Comment 55 men
55 men's picture

Exactly! We are going to have dips, it is not a big deal.

Tue, 04/26/2011 - 10:34 | Link to Comment HardwoodAg
HardwoodAg's picture

Damn straight..Best to clear the rotten timber from the gene pool

Tue, 04/26/2011 - 09:49 | Link to Comment Thunder Dome
Thunder Dome's picture

Now, now silver bug.  Shhh.  It's time for you to go to sleep.

Tue, 04/26/2011 - 11:34 | Link to Comment tmosley
tmosley's picture

Whatever you say, bankrupt loser.

Tue, 04/26/2011 - 09:30 | Link to Comment Long-John-Silver
Long-John-Silver's picture

This is nothing but a paper manipulation for contractual purposes.

Right now what little physical Silver the dealers have left is flying out the door.

Very soon all physical Silver dealers will have "Silver Delivery Not Possible" on all their sites.

Tue, 04/26/2011 - 10:01 | Link to Comment goldfish1
goldfish1's picture

This is nothing but a paper manipulation for contractual purposes.

Hasn't this been happening on every option expiry date for ages?

Tue, 04/26/2011 - 09:32 | Link to Comment Hephasteus
Hephasteus's picture

It was turrible. Just turrible. The crying and weaping and moaning!!

It was almost inhuman. Soo sooo much pain and suffering.

Tue, 04/26/2011 - 10:32 | Link to Comment Dangertime
Dangertime's picture

Oh I am sure they are just "flesh wounds".

Tue, 04/26/2011 - 09:16 | Link to Comment ivars
ivars's picture

True. Correction will last only about 1 year. 

 

http://www.saposjoint.net/Forum/viewtopic.php?f=14&t=2626&st=0&sk=t&sd=a...

 

 

Tue, 04/26/2011 - 13:32 | Link to Comment Gigliola Cinquetti
Gigliola Cinquetti's picture

if you really believe a guy can accurately predict the silver price 1 year ahead while he is still posting all his "know how"  on some forum , how naive are you then ?

if he has those magical forecasting capacity , don't ya think that a) he would be super rich and retired by now , lying on a beach in a very fancy resort or b) making even more money by selling his "know how" to the big banks

Then , if you read the so called logic behind his predictive model , all you find under the hood is not a roaring V12 Ferrari engine , but a chimp trying to match patterns while pedalling .

Okay , I have a bridge for sale for you in Brooklynn , good price , wanna buy ?

Tue, 04/26/2011 - 09:18 | Link to Comment chaunceyG
chaunceyG's picture

Long silver is the greatest suckers trade in the world right now.  Anyone who thinks hyperinflation is coming deserves to lose their life savings long metals.

Tue, 04/26/2011 - 09:23 | Link to Comment tmosley
tmosley's picture

Member 3 weeks, 4 days.

Say "Hi" to our newest sock puppet troll, ZH.

Tue, 04/26/2011 - 09:24 | Link to Comment chaunceyG
chaunceyG's picture

weak

Tue, 04/26/2011 - 09:40 | Link to Comment tmosley
tmosley's picture

AND you only post in silver threads--exactly three.  You are a troll, and you know it.

Tue, 04/26/2011 - 16:04 | Link to Comment chaunceyG
chaunceyG's picture

wow real research

Tue, 04/26/2011 - 09:26 | Link to Comment scratch_and_sniff
scratch_and_sniff's picture

Put your balls on the table and short it then, and post your trading receipts.

Tue, 04/26/2011 - 09:30 | Link to Comment SheepDog-One
SheepDog-One's picture

Deflation in everything you own dollar denominated, inflation in everything you need to buy day after day. Stagflation, bitchez. Hold gold and silver, dont be a stupid panicky tick trader.

Tue, 04/26/2011 - 09:37 | Link to Comment Long-John-Silver
Long-John-Silver's picture

Filled up your tank with gasoline or purchased food lately?

How about that job security situation? Have you walked in and demanded an increase in pay lately, like in the last 3 years?

Tue, 04/26/2011 - 09:41 | Link to Comment SheepDog-One
SheepDog-One's picture

Its amazing to me to see the real sheepish nature of people, a little $2 pullback in silver and suddenly everyone is proclaiming a total 'all is well' economic forecast? Even 'smart people' are really nothing but a bunch of panicky group-think sheeple idiots, totaly unable to see and stick with any big picture.

Tue, 04/26/2011 - 11:03 | Link to Comment MilleniumJane
MilleniumJane's picture

+1.  Let's weed out the misinformed and greedy and pray for a major correction.  I hope it goes back down to $30/ounce.  BTFD.

Tue, 04/26/2011 - 09:38 | Link to Comment ZEITGEIST
ZEITGEIST's picture

Ok imbecile..let us know which alley you will be shacking up in with Johnny Bravo in the coming collapse..fools are fools ...then there are fool shills....

Tue, 04/26/2011 - 09:59 | Link to Comment goldfish1
goldfish1's picture

Where's the bozo button.

Tue, 04/26/2011 - 17:19 | Link to Comment RockyRacoon
RockyRacoon's picture

Long silver is the greatest suckers trade in the world right now.  Anyone who thinks hyperinflation is coming deserves to lose their life savings long metals.

Hello, and welcome to the snake pit.  I see you've been properly greeted by the usual suspects.   As regards your comment:  Even if I expected deflation I'd be a PM bug.  It works in any environment of uncertainty.   Inflation (hyper or othewise) is only one facet of the possible options.

Tue, 04/26/2011 - 09:22 | Link to Comment scratch_and_sniff
scratch_and_sniff's picture

Reports of Gold and silver highs starting to worm their way into MSN with ever tightening intervals- not saying the world is going gaga about it, but reports of gold highs have been on BBC morning, lunch and evening time news with some frequency for the past week or so, even a piece in the FT scoffing at the different array of conspiracy theories...so possibly a lot of weak hands flooding into the market, either that or the bubble has just popped. (of course its a not a bubble, but for the sake of the argument, lets say it was)

Tue, 04/26/2011 - 09:25 | Link to Comment chaunceyG
chaunceyG's picture

total bubble. way to transfer your savings to the even bigger than too big to fail banks.  winning...

Tue, 04/26/2011 - 09:41 | Link to Comment tmosley
tmosley's picture

lol, you think someone is buying your weak shit routine.

Tue, 04/26/2011 - 09:31 | Link to Comment SheepDog-One
SheepDog-One's picture

Cool, let all the panicky dumbasses sell their PM's in the face of a 73.8 USD. 

Tue, 04/26/2011 - 09:49 | Link to Comment mogul rider
mogul rider's picture

Panicky dumb asses? That's funny coming form a guy who bought at 49.

Next

How you call a guy who bought at 7 and sold at 49+ panicky. What a fucking hoot, you deserve the bend over you are about to receive.

When your target gets hit, son, you sell. You may want to try it. Silver is not a sotre of value, it is suckers game now with the pumpers pumping the fish. It was a store at 30 and below. Now it's a pump.

You're seeing the exit of the fish and the subsequent adjustment to 40 or less now. THEN YOU BTFD - dip!

Damn shame though, cause the fish are looking for safety and the sharks have swum into the pool.

 

Fucking rookies - get the fuck outa here

Tue, 04/26/2011 - 13:28 | Link to Comment tmosley
tmosley's picture

Uhh, pretty sure Sheepdog was buying well before $49.

Look, if you think that silver is a bubble and the USD is super sound, then by all means sell your silver.  Just don't talk about it.  Because you are going to look like a fucking buffoon in a few weeks.

Tue, 04/26/2011 - 09:32 | Link to Comment Re-Discovery
Re-Discovery's picture

Riiidddiiinnn The Storm out!!

Tue, 04/26/2011 - 09:47 | Link to Comment 55 men
55 men's picture

Mild drizzle at best....

Tue, 04/26/2011 - 09:31 | Link to Comment hawk295903
hawk295903's picture

It looks like Tyler has been infected by a bacteria called "CRAMERITIST" when advicing about Silver: Buy, Buy, Buy at the height of a parabolic run.

To our distinguished host I ask a question: what would happen if The Bernank pulls a rabitt out of his hat and announces the early end of QE2 this week? Or Obama twist the Fed's arm to end QE2 so that Oil can come back down and thus ensure his re-election.

Bottom line: If you are buying PMs at this point, you better hedge those positions. The party will soon be over as the economy cannot support higher energy and oil prices.

 

 

Tue, 04/26/2011 - 09:36 | Link to Comment SheepDog-One
SheepDog-One's picture

All the 'smart people' have forgotten the 'buy and hold and keep it out of the banksters hands' ideal...now theyve been reduced to panic-sell sheeple at the slightest bit of downdraft of a couple bucks, with the USD 73.8. I swear the human race has absolutely no hope.

Tue, 04/26/2011 - 09:35 | Link to Comment SheepDog-One
SheepDog-One's picture

End of QE2? That would be fabulous watching the entire stock (401K) markets crash to rubble along with the UST market. And none of it equates to less debt, we'd just be fully screwed.

 

Tue, 04/26/2011 - 09:44 | Link to Comment chaunceyG
chaunceyG's picture

This site has been amazing in connecting people who have non-conformist views but with respect to this issue, it has totally fallen for the "helicopter Ben" bait hook-line-and-sinker.  The irony is if all these people were really concerned for their own well being they could organize, boycott the worldwide banking cartel, and invent a new system of money/credit that isn't monopolized for the benefit of a few people at the top who really believe that there sh*t doesn't smell like everyone else's does.  The Federal Reserve is neither Federal, nor a reserve...discuss.

Tue, 04/26/2011 - 09:48 | Link to Comment tmosley
tmosley's picture

Uhhh, like gold and silver?

You know, the money you have been claiming to be in a bubble ever since you first slithered out of Blythe's gaping cunt and started smashing your face into the nearest keyboard?

Tue, 04/26/2011 - 10:05 | Link to Comment chaunceyG
chaunceyG's picture

Who do you think holds all the physical gold and silver?? Mom and Pop bloggers like you?  Even if we went back to a gold backed currency system, its going to be the same group of monopolists that use it to control credit.  If you want to bow down to John Paulson and crew, who swapped the money that they stole from taxpayers shorting fraudulent CDOs for gold then by all means go ahead and buy metals.

Tue, 04/26/2011 - 13:27 | Link to Comment tmosley
tmosley's picture

Ancient refuted argument is ancient and refuted.

70% of above ground gold is in private hands, and 99.9% of silver is in private hands.

Try again, troll.

Tue, 04/26/2011 - 16:01 | Link to Comment chaunceyG
chaunceyG's picture

private hands means not held by central banks...doent mean retail like you.

Tue, 04/26/2011 - 09:53 | Link to Comment goldfish1
goldfish1's picture

Read more and catch up.

Tue, 04/26/2011 - 09:53 | Link to Comment 55 men
55 men's picture

So, in the mean time, your plan is to hold dollars, to stick it to the bankers. Good plan!

 

SheepDog-One can you tell this dude where the dollar is again...

Tue, 04/26/2011 - 10:16 | Link to Comment chaunceyG
chaunceyG's picture

there is no way to stick it too the big banks except by refusing to take their credit.  If banks dont make new loans faster than the old loans mature or default than they money supply will shrink. And yes the as the quantity of money contracts, the quantity of goods and services you can exchange it for increases.

Tue, 04/26/2011 - 10:43 | Link to Comment SilverRhino
SilverRhino's picture

>>what would happen if The Bernank pulls a rabitt out of his hat and announces the early end of QE2 this week?

  • Markets crash
  • 401K's burn
  • Dollar rises slightly (maybe to 80)
  • PM's correct about 10 more percent (down to 40, 1450)
  • Deficit spending gets crushed.  
  • INFLATION effects continue due to lag time

THEN 60 days later everyone screams for QEIII, dollar crashes again and PM's rise.   Obama also gets his 401K nationalization crisis.

Tue, 04/26/2011 - 09:52 | Link to Comment Kina
Kina's picture

Trolls and sock puppests desperately trying to increase silver supply it seems.

Tue, 04/26/2011 - 10:10 | Link to Comment Dangertime
Dangertime's picture

The JPM monster has broken loose!!!!!  Run!!!!  RUN FOR YOUR LIVES!!!!

AUUUGGGGHHHHH!!!

Tue, 04/26/2011 - 10:01 | Link to Comment OldTrooper
OldTrooper's picture

I've actually been hoping for a bit of a sustained dip.  Don't really expect it until June-July, but am ready to BTFD when it shows up.  I'd love to pick up more, but wasn't about to buy into the weekend hysteria.  I see no reason to hold onto FRNs and no reason to 'buy' things I can't hold in my hand.  This week I think I'll skip buying silver and get the new reloading equipment I've had my eye on.  Next week, we'll see...

Tue, 04/26/2011 - 10:01 | Link to Comment Blooter
Blooter's picture

If you're in paper, there's no shame in waiting this out on the sidelines.

Tue, 04/26/2011 - 10:07 | Link to Comment Johnny Lawrence
Johnny Lawrence's picture

Since RobotTrader is such a devotee to William O'Neil and the IBD trading model, he should note that SLV has not violated the 9-day moving average, even with the ETF down over 4%.

Tue, 04/26/2011 - 10:41 | Link to Comment Stuck on Zero
Stuck on Zero's picture

In 1960 a silver dollar (about .94 oz Ag) would buy 4 OK hamburgers.  Today a silver dollar will buy 10 OK hamburgers.  It could be argued that there is less silver now and that the U.S. standard of living is falling and two billion other people entering middle class status around the world are competing for the silver.  Silver is, perhaps, not underpriced. What say?

Tue, 04/26/2011 - 17:30 | Link to Comment RockyRacoon
RockyRacoon's picture

Not likely anyone would have used a silver dollar in 1960, but your point is well taken.

(Last silver dollar prior to 1960 was the Peace Dollar in 1936 and none again until the Ike Dollar in 1971.  Silver content of any U. S. silver dollar is  .7736 ozt.)

Tue, 04/26/2011 - 10:52 | Link to Comment HedgeFundLIVE
HedgeFundLIVE's picture

The Gold rush is over. Silver was a bubble. Money will flow to the all mighty dollar.  http://www.hedgefundlive.com/blog/tuesday-stock-market-expectations-%e2%80%93-tuesday-42611-don%e2%80%99t-be-fooled-by-the-rally

Tue, 04/26/2011 - 11:29 | Link to Comment redpill
redpill's picture

There is absolutely nothing mighty about the dollar.

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