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Gold Opens $1,520, Silver Over $50 Everywhere But Comex (For At Least A Few More Minutes)
While markets are relatively quiet everywhere, precious metals have just gone apeshit. Gold opens at $1,520 while silver hits $49.70 on the Comex, drops, and is backing up again last treading at $49.22, as the world is pricing in the end of the US reserve currency. The parabolic melt up is in full force and we expect the nominal Hunt high to be taken out today, after which the resistance is the real Hunt high somewhere around $140, courtesy of the Federal Reserve confetti.
And this video from future money trends gives a better picture of the fiat melt down.
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They only took that on to prevent martial law and now they are helping to feed everyone through the food stamp program. I think that we should cut them a break and sell our silver.
A "short" is the term used for a contract to deliver a product that you have sold, at some point in the future. You sell it with the expectation that when it comes to the contracted delivery date, that you will be able to buy the product for less than when you sold it. It's gambling over a lower future price. The buyer pays the contracted price. If the buyer expects the price to go up ( the opposite side of the bet) he is said to be "long".
Some traders have sold silver for forward delivery (short, in a massive way) and as the price rises, they have to find the silver to deliver at the contracted date at a higher price than what they sold it for. That's why the term, shitting in their shorts, is descriptive of two counts.
goddamn
More than that......
The poo is just starting to hit the fan.
Anyone know Olivia Newton-John?
http://www.youtube.com/watch?v=vWz9VN40nCA
Oh yea!!
http://online.wsj.com/community/groups/oil-921/topics/gold-news-price-go...
Precious Metals Storage Scam: 'Sorry, Delivery Is Not Possible'
http://www.lewrockwell.com/slavo/slavo35.1.html
LOL $50 an ounce, someone please wake me when when it blasts past $100.
[EDIT] There are bullish signs everywhere, you have to be blind not to see the upward pressure building like a volcano ready to explode.
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/4/25_Lo...$100.html
Happy Easter Blythe!
Happy Easter Blythe!
SLW - Silver Wheaton
The dollar has lost 21 cents in 4 hours.....
http://finviz.com/futures_charts.ashx?t=DX&p=m5
How the hell did you get on this site. I thought you had to solve a math equation retard.
Wow, did you come up with that all by yourself?
Pure genius.....
BTW...Are your parents siblings?
Can't wait to hear Bernanke on wednesday. Should be an awesome show! And I mean Show! Markets are fragile and when Ben speaks the markets will interpret every little wink and nod and gesture and facial expression, so Stephen Spielberg might be needed for some special effects on sight. Maybe they'll have plenty of pre-planted reporters friendly to the collapsing dollar to throw some softball questions to Ben like "Do you think you've done enough to stimulate job growth in the U.S." to which Ben's reply will be something like "We're looking at extending QE for just a little while longer til the jobs picture improves". Questions I'd like to see:
1) Chairman, how do you intend to quell the staggering rise in inflation in food and fuel?
2) How is it that you have determined that food and fuel are "transitory" and should subside when the rest of the world's central banks have stepped up to take on inflation?
3) With gold and silver nearing all-time highs, what does this tell you about the world's view of the U.S. dollar as the world's reserve currency and the dollar's weakness against other currencies throughout the world?
4) How is it that the Fed's policy of curing fiscally driven issues with an aggressive monetary policy came to be? Shouldn't the two be separate and distinct in their own purposes ie curing fiscal problems with fiscal discipline and curing monetary problems with monetary discipline?
5) What are the chances the U.S. congress sees the writing on the wall concerning the 60 trillion in future unfunded liabilities and takes it to task now in the negotiations of the 2012 budget?
6) With Japan at 200% of GDP, how will the U.S. be able to handle 100% of GDP in the near future?
7) In your view, should the U.S. congress increase the debt ceiling by 1,2,3,4, or 5 trillion?
8) In this economy, how will increasing taxes on those who make more than $200,000 help the economy, especially job creation?
9) What do you think of legislation to abolish the Fed alltogether?
"Pre-planted reporters"? The only plant at the news conference will be the potted one at the dais.
Neither can I
Are banks are well positioned with ample reserves. We will begin to withdraw some of the monetary base through reverse repos. We have a large pool of banks and money market funds that are well positioned to purchase roughly $600 billion in US government debt over the next 6 months and as a result we will be able to raise interest rates by 0.25 % at the end of this operation.
Thank you all for coming but I must end this press conference to meet with Blythe Masters.
Delusional...
Government Sock Puppet inserted here to scare us out of our Silver and Gold.
We'll see what happens when Bernanke talks wednesday. If he says QE3 bitchez! Then it's to the moon...
If he says we're rising interest rates! Then it's going to go back down.
Raise interest rates? Mark my words, Benny Boy no can do.
Higher interest would mean hanging himself in the closet.
Whatever Bernanke does, he's totally screwed. Raising interest rates isn't going to fix anything.
The world is looking like a VERY dangerous place, right now.
The Fed is fucked. The banksters totally misunderstood how much abuse the Dollar could take.
The only way out it to try to pull the liquidity and collapse the global economy, but this won't save the banks.
You are dead wrong. The Fed going to print like you would not believe. Stand by for hyperinflation and then an enormous depression. Read this...
http://fofoa.blogspot.com/search?updated-min=2011-01-01T00%3A00%3A00-08%3A00&updated-max=2012-01-01T00%3A00%3A00-08%3A00&max-results=23
If the Chinese dump two turds of their US holdings, there will be the concomitant rating adjustment in both currencies. The US$ down (Bernanke gets his inflationary traction) and the Yuan rises (The Chinese get a reprieve on the inflationary trends by having a stronger currency to buy US$s with).
Win/win.
Gold and silver still need to rise, so as to rebalance the reserve ratios so that the banks will be able to lend again.
Game theory.
very dangerous indeed...store your seeds, old geezer, and grab on to whatever arable land you can.
www.forecastfortomorrow.com
Fear us! Remember us! We demand our physical!
After the nominal high, we will take out the real high! Yes, there will be pull backs, set backs, manipulations, new laws to surpress us, but we will win every steps moving forward and win at the end! Stay focused, watch your position, EU debt crisis, QE, middle east events, etc! In the end, we all can say, "I was there!"
Brothers and sisters, there is something worth fighting for($, freedom, honesty, Soveignty)! Take them all back from those parasites!
Inflation adjusted silver price high about $124. Wonder what Bunkie is thinking this morning.
My previous calculation is US$132! We are going there, just need to take them down 1 by 1, each at a time.
As for Ben, he is just playing his role as an actor, he is not their master mind. So what he think don't really matter to the grand chess board.
Oil / caspian sea /middle east regions are the hot spots that require closer watch as strategy advantage over those region/factors will maintain miliatry strength of the Empire and which support the fiat currency regime for a little longer. As oil or energy sky rocket, miliatry operation cannot be cheaply financied, so will the status of the world serve fiat currency, which will transfer to higher PM priced in paper. The linear correlation b/w oil/energy and PM is very high these days.
Nevertheless, this is only the surface.
If the Fed does actually raise rates in the near future, does gold/silver fall a little or alot? Seems like a buying oportunity either way.
When Shalom Ben wants to remove excess 'liquidity', meaning the overall dollar supply, he will crash the stock market just like last time, removing trillions in digital dollars in a couple of days. Then the elites will pick up corporations that have real physical assets for a pittance, and after that they will let the prices come back up. They have been doing it since the end of the 1800's at least. Same old game, same old sheeple. The vast majority of money always follows where the Judas goat leads.
I can hear the Chinese leaders coming to Ben and saying "Yo dara na wer shi!" If you will, please let me translate: Your dollar isn't worth SH%#.
Not until they finish selling Benny Boy a couple trillion more, which he has to buy, or else.
They have been doing it long before that.
http://bible.cc/genesis/47-16.htm
You made me look. You are right, thanks for the link.
We were selling rich women (JP Morgue) their own fat asses back to them
What a nice day for a first post...bitchez
This one never fails to make me laugh. =D
UK average house price 1980 = £23,100
UK average house price 2011 = £162,350
which equals circa 700%
Therefore, I'm looking at more than $132 as a top, as house prices over a longish timeframe are a fairly good indicator of how much the currency has devalued through inflation. Pre housing bubble, the top was at £184,131 (797% rise from 1980) and a 30% drop from here would take it down to £113,645. That would still be a circa 500% inflation.
During the Hunt Bros. hike, Silver went from $6.20 - $49.45 in exactly 1 year, or 796%. Looking back one year from today the Silver price was $18.35.
I can't see this being a real bubble yet, can you?
I've been wrong plenty of times, but when I try to make it a bubble in my reasoning, it never works.
For it to pop, there has to be a currency that competes well enough, and that doesn't exist.
This is a stark reminder of Gresham's law. Bad money floods out the good.
It's always a question of "where are you going to go? back to fiat?".
I run through the bubble analysis every couple days. And when I'm done, I always end up increasing my PM's. This will become a bubble eventually, but its still a long way off.
Furious action in gold this am...
http://finviz.com/futures_charts.ashx?t=GC&p=m5
All the military contractors are going to start demanding payment in "Constiutional Money" - and the whole house of cards would then fold faster than superman on laundry day.
Interesting to watch the beginning of a silver crash in a real time:
http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&start=160#p31961
Ivars: I don't understand. Supposedly that blog is inhabited by super brainy, intellectual elites... and yet, your links NEVER work for me (anyone else?), so I guess I'll never know what earth-shattering insights on Silver you reckon to have.
Am I bovvered????????????
The site does not support IE7.
I can't imagine someone still using Explorer AND Windows on the Internet. Servers use Linux and everyone else should be using Linux as well.
Folks... one very important point that has been mentioned but not really discussed....Inflation.
My wife is in China RIGHT NOW ..spoke to her at 7pm last night (which was 7 am monday her time). She is at the Canton Fair (can you say 50,000 vendors big).
http://www.cantonfair.org.cn/en/index.asp
We buy retail goods (garden, gift etc)...She has booked "60 cans" (40 foot shipping containers).
Wholesale prices are UP about 20% to 25%!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
The chinese manufacturers will only guarantee price quotes for 90 days (NEVER happened before) and are increasing deposits to 30%.
If we miss a dealine and have to get a re-quote after July 31...prices are up another 5% to 10%!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
So...real and significant inflation is coming like a Tsunami to the rest of the world...it starts hitting the stores like Walmart in about July and peaks at Xmas.
Factor that into your buying when the general public panics.
Final point ... STOCK up now on dry goods and storable can goods, toilet paper, toothpaste, detergent etc
You have 60 days to prepare before rising prices are the norm.
What do you think the "sheeples reaction" is going to be when they see good old Walmart hike prices on the entire store?
Interesting points Flowerguy. You might benefit from this excellent post on hyperinflation at FOFOA...
http://fofoa.blogspot.com/search?updated-min=2011-01-01T00%3A00%3A00-08%3A00&updated-max=2012-01-01T00%3A00%3A00-08%3A00&max-results=23
LOL... Yeah, silver has crashed up to +$49 and gold has crashed up to +$1517... so far.
I admire your concept of a crash... You must be a banker, a credit rating employee or one who helped create CDS.
Now it is down to 47,76 from day high of 49,62. In crash, short term last hours are very important as time "slows" down as we pass through the peak.
http://www.kitco.com/charts/livesilver.html
http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&st=0&sk=t&sd=a&sta...
I think you are not understanding what is happening here. This is not a crash. This is a reaction to silver hitting $49 and the hedgies and other nervous folks taking profts. I assume everyone knew this would happen. $50 is the psychological barrier that we all knew was coming. Depending on what the Bernank says on Wednesday, I expect that Silver will resumes it's climb and I plan to buy back in once it stabilizes over $50, somewhere in the $52 range.
CNBS still working that spin. Should have theme music consisting of same song band was playing as Titanic was sinking. What was that song?
Love my Progresso Soup at Walmart. Was $1.50/can for longest time until yesterday, Now $1.92.
Saw some progresso 'Classic' soup at wallyworld yesterday for $1 a can at the end of the isle, not in the normal soup area. The thing that got me was coffee prices, looked like some new stock was over $12 a container - and I am talking about US mainstream brands not fancy shit. Good thing I got 40 bottles of my favorite Nescafe and countless cans of ground before the hike. I'll be watching to BTFD in coffee if it happens. Tea prices seemed high also but I don't use so much of that, so I don't remember what we last paid.
I know. Every food I buy from wm is going up by the week or the quantities of food in the package are saying "10% more-free!" , yet the price is 30% more, meant to make you feel better when they tell you you're getting more for free. Some products a just reduce the quantity of food and use the same packaging ie potato chips going from 32 0z. to 24 Oz. content with the same packaging. Fuel is higher than balls on a giraffe right now and supposed to get worse! Coffee is ridiculous too. I go to Sam's Club and buy bulk when possible on alot of items. This would all be more understandable if the economy was thriving and unemployment was low with demand driving prices, but its not. Just the opposite. There is no demand because there are no jobs. The inflation is strictly FED driven through monitary policy.
The strange thing was the store was full. I understand some Easter shopping, but I thought the crowds would be down from last year, but they were not. Wallyworld drones were restocking the shelves as needed, I had to cart around them a couple of times. I guess it is more 'spend it when you get it' than high demand - they are dumping paychecks before the prices are higher next week I guess.
I'm living in Thailand most of the time now, and the prices of food here even at local Thai markets are creeping up. At the big Supermarket chains where mostly foreigners shop, the prices are increasing each week. Just understand that this is a global problem and you can't just blame the Fed for it even though you're barking up the right tree and at one of the biggest branches. Keep on reading here on ZH and you'll get closer to the truth like Buddha did...took him many years to be enlightened. ZH gives you a head start..
The Bernank & The Mighty Inktones are the primary perps.
So now it's almost 10x the cost to get it out of the ground? Cool!
FUBM and FUJD. Weewt!
Ah! but Flowerguy... how much will your prices be going up by, that is the question?
We all know most goods are sold at a 400% - 4,000% mark up!
Markup is a funny thing...it's basically what you can get.
most retail stores uplift by 100%
gas stations about 4%
importers and distributors about 35 to 40%
The free markets sets the markup when we decide if we want to purchase or not...when we don't the goods are marked down to a point where we buy...and the vendors tries another approach or line of goods or goes broke.
So multiply the cost by 1.25...then multiply that by whatever mark up you feel is appropriate... you still get 25% inflation ...instantly...panic...an NO customers.
Where is Spalding_Smells? Not around on Ramp days which is about ever day for silver.
lol Doug Kass lol
shooting star anyone?
So what time do the Najarians come on to the CNBC Informercial Channel and tell us that its just another barbaric relic and not worth investing in at
$7.80
$12.30
$16.10
$19.75
$22.40
$13.70
$18.55
$25.63
$32.10
$38.14
$40.00
$48.15?
Blythe is back, the cinderella just woke up....
Here comes the correction....well if you can call it that....silver going back down to $45-$46 an ounce...
The move in the POG is hardly what I would call "apeshit".
Whatever one's views or predictions about where we go from here, I'd like to see a new $50 silver coin (weighing 1 troy ounce, 99% silver), with The Bernank's smiling face on it.
You know...the irony of it all.
Now it is down to 47,76 from day high of 49,62. In crash, short term last hours are very importants as we notice how we pass through the peak.
http://www.kitco.com/charts/livesilver.html
http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&st=0&sk=t&sd=a&sta...
COMEX = TBTF. Bailout on the way. lol.
In what form?
Just a joke. (I think)
I just doubled my money. Yay.
at 9:56 am it looks like the shorts are back to work. Here's your buy in point! Double down boys and girls...they're scared to death!
Do not do it. You will lose a lot in the coming month. Wait until it drops to 30 USD. Now its 47USD.
ABANDON SHIP!!!
HERE COMES THE PAIN!!!
everything got slapped down off the frothy asian highs...chill out
dltd
Wow, now this is a fucking RAID; 48.37 - 46.12 in 3 hours. . If that's not evidence of blatant manipulation I don't know what is.
I can deal with 4 steps forward and 2 steps back advancement.
Ouch