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Gold Surges, Hits New All Time High Of $1,437 After Precious Metals Talked Up During PDAC Conference

Tyler Durden's picture





 

As the world continues to burn, gold hits a new all time high of $1,437 as silver is en route to pass $36. Whatever shorts did not cover on Friday night are strongly urged to postpone their "market top" speculation until another day. Elsewhere Bernanke is still confused by what the relentless march to daily all time highs in gold means...

Reuters has some additional reasons why gold may be poised for much more upside:

Gold should push higher from its near-record levels due to its appeal as a safe haven, while iron ore should regain its upward momentum on the back of red-hot industrial demand from Asia, forecasters told the world's largest mining conference on Sunday.

Copper, an economic bellwether due to its industrial versatility, should be well supported at its current lofty levels but may have trouble pushing significantly higher as mine production races to catch up to demand growth, they said.

Addressing the Prospectors and Developers (PDAC) conference in Toronto, forecaster Philip Klapwijk said he saw a "stronger case for investment in precious metals as a safe haven" as demand for base metals declines due to slowing global growth and political turmoil.

Klapwijk, chairman of metals consultancy GFMS, also said he expected global GDP growth to slow slightly this year as compared with last year.

Prices for gold and silver have risen sharply since the outbreak of violence in the Middle East and North Africa earlier this year as buyers turned to precious metals as a haven from risk.

Gold is holding within $10 of the record above $1,440 an ounce it set on Wednesday, while silver extended 31-year highs above $35.40 an ounce on Friday.

JPMorgan analyst Michael Jansen told a room packed to overflowing with more than 500 delegates -- from corporate chief executives to geologists to fund managers -- that he expects gold prices to average $1,465 an ounce this year.

His year-end target for gold is $1,500, he said, adding the gold production outlook was strong going forward.

"We think mine supply is easily on track to grow 3 to 4 percent year on year," he said."

His forecast is slightly more subdued other predictions, such as by Barclays Capital, which said in January it expects the metal to average $1,495 an ounce this year, and range as high as $1,620 an ounce.

GFMS said in a January quarterly forecast that gold may top $1,600 an ounce by the end of 2011.

Klapwijk said gold and other precious metals will also get some impetus as investors exit other traditional safe havens.

"We expect the sovereign debt crisis will not be confined to Europe and it will eventually spread to the U.S. and Japan ... It seems to be inconceivable that the U.S will be able to continue on its current path and maintain its 'AAA' rating," Klapwijk added.

More than 20,000 people are in Toronto this week for the annual PDAC conference. Attendance grows every year at the event, a barometer of mining investment appetite. This year it has also attracted a handful of top government ministers from important mining jurisdictions.

 As presenters rolled out their outlook from everything from gold to iron ore, and uranium to potash, there was one key word was in almost every presentation -- China.

Demand from the world's most populous country will help underpin demand for iron ore, the main steelmaking ingredient, said Phil Newman, chief operating officer of consultancy group CRU.

 


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Sun, 03/06/2011 - 19:39 | Link to Comment slow_roast
slow_roast's picture

RELIC bitchez!!

Sun, 03/06/2011 - 19:49 | Link to Comment asdasmos
asdasmos's picture

Peter Schiff speaks on deficits, money printing, commodities rising.... emphasis on the analysis.  (Mar 4, 2011)

 

http://www.youtube.com/watch?v=FyN9QVB-UhI

Sun, 03/06/2011 - 20:08 | Link to Comment SWRichmond
SWRichmond's picture

Roubini - "Weather is the last refuge of scoundrels."

Mon, 03/07/2011 - 08:33 | Link to Comment Oh regional Indian
Oh regional Indian's picture

Hmmmmm.... that is pretty deep SWR. Or is it? Care to elaborate relevance etc.? Seriously.

Thanks,

ORI

Mon, 03/07/2011 - 10:36 | Link to Comment MsCreant
MsCreant's picture

Bad econ stats blamed on weather.

Mon, 03/07/2011 - 10:42 | Link to Comment SWRichmond
SWRichmond's picture

correct!  ORI, listen to the Schiff radio piece.

Mon, 03/07/2011 - 11:10 | Link to Comment Oh regional Indian
Oh regional Indian's picture

Ah. Thanks MsC and SW below (or is it above, never know how cmments show up here).

ORI

Sun, 03/06/2011 - 20:13 | Link to Comment bankrupt JPM bu...
bankrupt JPM buy silver's picture

does anyone have any clue as to how many $35 SLV calls Blythe is going to have to cover write in the morning?  Holy Fuck, I actually feel bad...

 

www.silvergoldsilver.blogspot.com

Sun, 03/06/2011 - 20:22 | Link to Comment Xibalba
Xibalba's picture

dont.

Sun, 03/06/2011 - 20:25 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

More than a few and less than a trillion. That range should cover all possibilities.

Poor Blythe. Now she knows what it feels like to be set upon by an hundred thousand strong army when all you have for defense is a 10 foot wide moat and a wooden door to protect your castle.

OK, who has the torches and lighter fluid? Let's burn this place down and go home.

Sun, 03/06/2011 - 21:04 | Link to Comment Cleanclog
Cleanclog's picture

1/20/61 JFK quote, "If a free society cannot help the many who are poor, it cannot save the few who are rich."

50+ years later, this quote could help inflame the poor masses who decide to go after the few rich biatches.

Sun, 03/06/2011 - 21:05 | Link to Comment TireBite
TireBite's picture

My 401(k) is being cashed out this week to purchase physical silver. That's my lighter fluid.

Sun, 03/06/2011 - 22:25 | Link to Comment Idiot Savant
Idiot Savant's picture

Since you're late to the party, I suggest you wait and see what BB will do at the end of June. You're picking a dangerous time to push.  

 

Sun, 03/06/2011 - 22:44 | Link to Comment Michael
Michael's picture

Bernanke will keep printing money out of thin air no matter what. The second Big Ben stops printing, the whole system collapses instantaneously.

It will never again, with the old money, be a bad time to buy silver. You can stop buying silver and gold when the new script is issued and backed by Fort Knox gold. 

Sun, 03/06/2011 - 23:25 | Link to Comment agNau
agNau's picture

I totally agree. Silver is my FX account. Move to the stronger currency. Continue to convert.

Mon, 03/07/2011 - 08:37 | Link to Comment Oh regional Indian
Oh regional Indian's picture

Serious offer. Dollar diving, rupee gaining.

If any smallish/medium investors want to hold some Silver/Au here in India, feel free to get in touch. Easily arranged. Not a big business or anything. Safe storage costs are minimal compared to anything in the US. Plus, in a Gone Wild global scenario, India is a "safer" bet, all around. Much less accountability.

ORI

http://aadivaahan.wordpress.com/2011/03/04/astrological-and-other-deep-insights-from-ca/

Mon, 03/07/2011 - 00:44 | Link to Comment dark pools of soros
dark pools of soros's picture

exactly - if you got too much gains then sink it into anything else real to spread yourself out but GET OUT OF DOLLARS

Sun, 03/06/2011 - 23:04 | Link to Comment TireBite
TireBite's picture

I'm good with it. 28 years old, I've got a lifetime of future earnings to cover any potential loss from this. Personal as well as profit driven decision.

Sun, 03/06/2011 - 23:06 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

He/she doesn't need to wait until June. BB must signal to the markets within a month at the most what his intentions are regarding the end of QE 2 and if there will be QE 3 or the markets will assume the worst and sell off.

Sun, 03/06/2011 - 23:53 | Link to Comment Bolweevil
Bolweevil's picture

disco inferno

Mon, 03/07/2011 - 02:42 | Link to Comment A Nanny Moose
A Nanny Moose's picture

It's just a Tragedy I tell ya.....

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

 

 

Mon, 03/07/2011 - 07:34 | Link to Comment SWRichmond
SWRichmond's picture

Men singing in female voices about emotions?  No thanks...

Mon, 03/07/2011 - 01:25 | Link to Comment Misstrial
Misstrial's picture

Tirebite:

For PM purchases, since you've waited this long, I suggest an entry point during the last week of March due to PM futures expiry or at the expiry of the Euro/Dollar futures in mid-July.

~Misstrial 

Mon, 03/07/2011 - 03:19 | Link to Comment ebworthen
ebworthen's picture

I think you have a good point.

The central banks are itching to punish PM's and force money into equities.

I would not put it past Ben and the boys to push up rates June by a 1/2 point, then another 1/2 point in October, maybe even a point at a time.

Would kill the housing market but would dampen commodities and lift the markets more.

QE3 with some rate hikes; more free money to the banks and Treasury and stick-save stock purchases but induce inflation and proclaim it is to "give the savers an incentive".

*cough*

Mon, 03/07/2011 - 01:32 | Link to Comment CrazyCooter
CrazyCooter's picture

I did this. I had to take a *loan* though. Pissed me off. I got a safe deposit box at an area bank after going through www.bankregdata.com and finding a good 1B+ bank that was in good shape. Not all banks are run by fools, so there are some really good balance sheets out there.

NOTE: that site limits traffic to 100 pages by IP I think, so be thoughtful. It is easy enough to borrow a network connect at a friends though, since regular folks probably don't use their site. :-)

Cooter

Mon, 03/07/2011 - 03:22 | Link to Comment ebworthen
ebworthen's picture

 

You might consider buying in weekly or daily in small amounts to prevent setting off the IRS or other "radar" and just in case prices drop on some profit taking or FED/Central Bank jiggering of PM prices.

Sun, 03/06/2011 - 22:02 | Link to Comment urrterrible
urrterrible's picture

Schiff bitchez!  I think Peter eats Gold for breakfast! ;)  I like the guy.

Sun, 03/06/2011 - 22:17 | Link to Comment Turd Ferguson
Turd Ferguson's picture

The Wicked Witch speaks, too:

http://www.youtube.com/watch?v=Et02g9OQ-LM

Sun, 03/06/2011 - 22:30 | Link to Comment Idiot Savant
Idiot Savant's picture

A couple of months ago, you predicted 1600+ gold by 6/30. Are you sticking with this call?

Sun, 03/06/2011 - 22:47 | Link to Comment dryam
dryam's picture

The Fed will very aggressively suppress the price of gold over the next year, so gold will rise very slowly.  Doubt 1600 will be reached by this summer, but silver is a very different story.  The Fed doesn't have any physical silver supplies to keep the prices down.  Silver will probably hit $50 by July, and possibly $100 by the end of the year.

Sun, 03/06/2011 - 23:08 | Link to Comment eigenvalue
eigenvalue's picture

I hope so. But Fort Knox is said to be empty already. I don't think the US has enough ammo now like in the past. $50 silver by July and $100 by the end of the year would be fantastic but I really doubt it would be reached.:)

Sun, 03/06/2011 - 23:44 | Link to Comment agNau
agNau's picture

The middle east on fire, and totally unpredictable. BB cannot take his foot off the accelerator for a second or everything falls apart instantly. Silver will hit $40 by April. Silver is the key to unlocking their grip on our lives. Without control of silver price, the deception ends. The curtain will be drawn back and the truth revealed. With out the ability to con the masses with paper, the whole debt based system comes crashing down. Massive credit cycle unwinding.

Sun, 03/06/2011 - 23:25 | Link to Comment Turd Ferguson
Turd Ferguson's picture

Actually, it was $1600 by 6/10/10.

Gold was at 1320 when I made that prediction. Why would I change my mind now?

Sun, 03/06/2011 - 23:17 | Link to Comment stephysat28
stephysat28's picture

Nice job

Mon, 03/07/2011 - 02:45 | Link to Comment A Nanny Moose
A Nanny Moose's picture

Did she say Ruprecht?

http://www.youtube.com/watch?v=nqMc9B7uDV8

Now eat your apple sauce.

Mon, 03/07/2011 - 08:46 | Link to Comment Snidley Whipsnae
Snidley Whipsnae's picture

Schiff blew Jacob Geiger out of his shoes!

Thanks for the link

Sun, 03/06/2011 - 19:55 | Link to Comment The They
The They's picture

Please slow down! My nose is bleeding!

Sun, 03/06/2011 - 20:13 | Link to Comment eigenvalue
eigenvalue's picture

Get a container for the blood and then sell the blood. You can use the money for more gold and silver. :)

Sun, 03/06/2011 - 21:21 | Link to Comment Math Man
Math Man's picture

Now ZH readers are taking forecasts from JP Morgan Analysts.... Priceless.

Sun, 03/06/2011 - 21:28 | Link to Comment tmosley
tmosley's picture

Whatever you say, loser contrarian boy.

Sun, 03/06/2011 - 21:51 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

tmosley

You know this is an honest to God ZH Gold thread when Meth Man shows up. He/she/it provides the stamp of credibility.

Mon, 03/07/2011 - 02:22 | Link to Comment akak
akak's picture

You know this is an honest to God ZH Gold thread when Meth Man shows up. 

Oh God, too funny!

Yes, like a moth(man) to the golden flame, he simply cannot resist the urge to have his paper wings singed yet again.

Sun, 03/06/2011 - 22:25 | Link to Comment Bendromeda Strain
Bendromeda Strain's picture

.

Mon, 03/07/2011 - 04:58 | Link to Comment barkingbill
barkingbill's picture

i came looking for your sorry ass which was calling the "blow-off" top last week. go buy some microsoft you loser. 

Mon, 03/07/2011 - 08:53 | Link to Comment Snidley Whipsnae
Snidley Whipsnae's picture

Math Man... A stopped clock displays the correct time twice a day. You, on the other hand, are never correct.

Perhaps you should stop digging that hole you are in... if you want to get out.

Does your compensation for trolling off set the humiliation that you are enduring? I heard a rumor that paid trolls often turn to substance abuse... the only out for their ego.

Sun, 03/06/2011 - 23:02 | Link to Comment dryam
dryam's picture

Anyone want to make any guesses on what rumored story is going to be floated Monday morning to try to take down silver prices?

Sun, 03/06/2011 - 23:32 | Link to Comment JuicyTheAnimal
JuicyTheAnimal's picture

"Goatdaffy abandoned supporters fighting rebels Near Tripoli and photographed shopping for Rocca wear in L.A."

Mon, 03/07/2011 - 00:01 | Link to Comment Trifecta Man
Trifecta Man's picture

Fed raises interest rates 1%.

Mon, 03/07/2011 - 00:43 | Link to Comment JuicyTheAnimal
JuicyTheAnimal's picture

Smoke starts coming out of Bernanke's ears.  His eyes start blinking rapidly.  He peels back is face and underneath is an ATM machine.  It is clearly overheating.  It bursts into flames and ends up a pile of smoking wires and melted plastic.  Jaimie Demon weeps on his knees besides the pile of smoldering rubbish.  

Mon, 03/07/2011 - 03:36 | Link to Comment ebworthen
ebworthen's picture

"Huge silver reserves of Paul Revere as well as Nazi's plunder found buried under the nation's Capitol."

...or a FED rate hike...

Sun, 03/06/2011 - 19:41 | Link to Comment reader2010
reader2010's picture

The black gold will follow the yellow gold then.

Sun, 03/06/2011 - 19:41 | Link to Comment silveristhenew
silveristhenew's picture

yee haww

Sun, 03/06/2011 - 19:41 | Link to Comment ZeroPower
ZeroPower's picture

All time high /GC March 2nd of 1441 no? 

SI just hit all time high however.

Sun, 03/06/2011 - 20:31 | Link to Comment IQ 145
IQ 145's picture

  Ding, ding, ding. Holy Crap, Batman.

Sun, 03/06/2011 - 19:43 | Link to Comment cranky-old-geezer
cranky-old-geezer's picture

And silver 35.85, rock & roll bitchez, and fuck you Blythe.

Sun, 03/06/2011 - 19:41 | Link to Comment themosmitsos
themosmitsos's picture

Once Gold takes out $1,450, while Silver is doing .... THIS .... The Dollar is gonna get S.M.O.K.E.D.

Sun, 03/06/2011 - 21:24 | Link to Comment Oh regional Indian
Oh regional Indian's picture

themos.

.....THIS.......

No words...Priceless... ;-)

ORI

Sun, 03/06/2011 - 22:09 | Link to Comment Hephasteus
Hephasteus's picture

I still think gold has to run to 1540ish and then silver will run again the next month and then gold will break out 1650 end of early may on it's way to huge gains.. But next month silvers breakout will epic.

Sun, 03/06/2011 - 19:44 | Link to Comment slow_roast
slow_roast's picture

All I need now is a $3-5 pullback in oil prices due to the US wastefully releasing reserves to temporarily calm prices and then I can load up on oil calls prior to the next leg up. 

 

Sun, 03/06/2011 - 19:54 | Link to Comment fragrantdingleberry
fragrantdingleberry's picture

I guess Obama figures the Strategic Oil Reserve is his ticket to reelection. He wouldn't want to anger his base by allowing more drilling.

Sun, 03/06/2011 - 19:57 | Link to Comment Id fight Gandhi
Id fight Gandhi's picture

Is it true if they required to take delivery it would drive out speculators?

Sun, 03/06/2011 - 20:24 | Link to Comment buzzsaw99
buzzsaw99's picture

The Nymex, Comex, etc., would be smoking ruins. They wouldn't even do 1/10th the trading they do now. A typical LT WTI contract trades like 500X before it is finally delivered.

Sun, 03/06/2011 - 21:22 | Link to Comment Math Man
Math Man's picture

NO.

Mon, 03/07/2011 - 02:23 | Link to Comment akak
akak's picture

More junkings than letters in the comment --- priceless!

Mon, 03/07/2011 - 01:49 | Link to Comment CrazyCooter
CrazyCooter's picture

Speculators provide value; price discovery at their own risk. Prices wouldn't be doing a moon shot if the whole system wasn't completely fscked up. Given a completely fsked up system, removing speculators really doesn't accomplish much.

Just my two cents.

Cooter

Sun, 03/06/2011 - 20:09 | Link to Comment knukles
knukles's picture

And they got an Oil Economy, Mileage and Environmental Savings Plan, too.
Dilute all distillates 30% with GoM water to make it go further.

Sun, 03/06/2011 - 22:53 | Link to Comment depression
depression's picture

This is a secular bull market.  Cheap tricks like raising margins weekly and "we are discussing tapping the strategic reserve..." ain't gonna work, it just confirms the strength of the trend and BHO/Bernank are drowning on the losing side of the trend, they are the weak hands gasping for air... tapping out and the parabolic phase has not even started yet. The strongest hands control this bull market. Stay focused on the target of dow/gold = 1.

Say your prayers B&B.

Sun, 03/06/2011 - 19:46 | Link to Comment SilverRhino
SilverRhino's picture

And Silver hit 35.99 a few minutes ago. Probably will hit 36 tonight

Sun, 03/06/2011 - 20:09 | Link to Comment Big Corked Boots
Big Corked Boots's picture

If "tonite" is 20 minutes later, then yes, Ag at 36.

Yee-Haw!

Sun, 03/06/2011 - 21:23 | Link to Comment Math Man
Math Man's picture

And it will also break $20 by this summer.

 

It  only costs five bucks to dig it out of the ground! 

 

Why do you think the producers are banging the back end of the curve so hard that it is now in backwardation - They can lock in $30 buck an ounce for the next five years...  six months ago, they were only making $13!

Sun, 03/06/2011 - 21:31 | Link to Comment tmosley
tmosley's picture

Yeah,silver will collapse right along with Nikes, which only cost $2 to make.

You literally know nothing about ANY of the factors that affect price.  Just shut up and learn something.

Sun, 03/06/2011 - 21:44 | Link to Comment dumpster
dumpster's picture

math head is a crib sheet copier,

he has no understanding . 0penly posts what is in the email box for trolls,

 

he will get further instruction from his handlers , and will bow to the east for filthy lucre, a bag full of silver

will sell his mom , his basement hangout .  and his daily al"loot"ment  of spittle

some have no sense of honor, only lead by his nose and grubby hands  

'

 

Sun, 03/06/2011 - 21:51 | Link to Comment Hulk
Hulk's picture

seems to be an infinite supply of Meth Boys, best we ignore them...

Sun, 03/06/2011 - 22:02 | Link to Comment Math Man
Math Man's picture

Oh that's right.  I'm supposed to buy silver because JP Morgan is short and Blythe a stupid whore and soon we will be back on the barter system after fiat money dies.  And Harvey Organ told me COMEX is going to go broke.

I better buy all I can.  There's not going to be any left.  Sprott told me so, and he should know.  He makes a bunch of money selling silver.

It doesn't matter that it went up over 70% in six months.  It's going to go to the moon!!!!!  I'll be laughing at all the idiots who are carting around wheel barrels full of fiat next week to buy eggs! 

Buy silver and bankrupt the banksters!!!! 

Put all of your money in silver!  It will never go down! 

Sun, 03/06/2011 - 22:16 | Link to Comment Hulk
Hulk's picture

MasterBates, Johnny Bravo, Math Man...that reply gave you up! Hope all is well MasterBates!

Sun, 03/06/2011 - 22:18 | Link to Comment tmosley
tmosley's picture

Look, dumbass.  You have failed to examine the fundamentals which have driven silver for the last ten years, none of which have changed, but have only added more pressure.  You are a loser, and your positions have done nothing but lose you money.

Loser boy is mad because he is losing money like all the other gold trolls over the last ten years.  You remember what I told you loser boy?  You're going to get carried out in a body bag if you keep trying to catch this falling knife.

Sun, 03/06/2011 - 22:45 | Link to Comment DollarMenu
DollarMenu's picture

Why, tmosley, do you continue to engage with this useless piece of lint?

Let it go.

Ignore it.

Please

Sun, 03/06/2011 - 23:02 | Link to Comment depression
depression's picture

MathMan do one thing for me. Get out your phone book and find the closest gold/silver dealer to where you live. Then get in your car and drive down there and inquire as to purchasing physical gold or silver, say just a very modest $10,000 worth of actual physical metal. Then come back here and report to us what your dealer tells you. In other words get some practical feet on the ground real world knowledge before you come in here and tell us what is what.

Mon, 03/07/2011 - 01:56 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

HA HA, my homies dumpster, tmosley and Hulk!  I have speculated before that some of these trolls are the very same ones from Gaza who reportedly were hired by Obama to trash Hillary in 2008...

Hulk, FYI, I am easing my way through early AM Monday with a Death After Midnight...

Mon, 03/07/2011 - 08:21 | Link to Comment Sudden Debt
Sudden Debt's picture

It might only cost 5$ to mine it, and if you could mine if everywhere where you dig a hole.

But the number of place where it can be found aren't that much.

Maybe you should try to find some in your back yard and report to us if you find any :)

 

Plutonium doesn't cost that much either to mine, but I'm pretty sure I won't be able to dig that out of my backyard.

 

Sun, 03/06/2011 - 21:58 | Link to Comment rosiescenario
rosiescenario's picture

...just looked at that before going to ZH....I cannot recall HK ever really taking the lead like this with silver....pretty impressive.

Sun, 03/06/2011 - 22:22 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Banzai7 lives in HK. He must have bought more than his usual 10 ounces this morning and spooked the market.

Banzaiiiiiiiiiiiii7 lives. :>)

Sun, 03/06/2011 - 19:47 | Link to Comment SilverRhino
SilverRhino's picture

And Silver hit 35.99 a few minutes ago. Probably will hit 36 tonight

Sun, 03/06/2011 - 19:46 | Link to Comment celticgold
celticgold's picture

 to the sun and the moon

Sun, 03/06/2011 - 19:48 | Link to Comment tmosley
tmosley's picture

But my delivery boy keeps telling me to invest in stocks.

Sun, 03/06/2011 - 21:10 | Link to Comment traderjoe
traderjoe's picture

+1

Sun, 03/06/2011 - 19:48 | Link to Comment RobotTrader
RobotTrader's picture

Another good week for "Risk On" assets coming up?

New Zealand stocks hitting new highs...

Looks like a gap up and go for U.S. stocks tomorrow.

Sun, 03/06/2011 - 19:58 | Link to Comment Zero Govt
Zero Govt's picture

Aren't you "dying to short something" Robot?
So now you think the S&P will go on a run, are you long it then?
Do you have skin in the game or just dribbling from up there with the fence stuck up your arse!

Sun, 03/06/2011 - 20:16 | Link to Comment Spalding_Smailes
Spalding_Smailes's picture

He's still on the sidelines since the end of last year. Missed a nice run.

Sun, 03/06/2011 - 21:26 | Link to Comment philgramm
philgramm's picture

Equities.   Metals.  Pick one.  They are all going up due to dollar going into the trash.

Sun, 03/06/2011 - 23:03 | Link to Comment Minyan Vince
Minyan Vince's picture

just shut up and go long...though be sure to get off that roller coaster at the right time

Sun, 03/06/2011 - 21:18 | Link to Comment reader2010
reader2010's picture

or at 1:1 ratio measured in gold.

Sun, 03/06/2011 - 20:30 | Link to Comment raya123
raya123's picture

Complete bullshit.  There will be NO rally in stocks as long as oil is rising.

Sun, 03/06/2011 - 20:33 | Link to Comment Id fight Gandhi
Id fight Gandhi's picture

Japan And Aussie down. Why pick new Zealand? Who cares about them.

Silver is now 36!

Sun, 03/06/2011 - 20:43 | Link to Comment lincolnsteffens
lincolnsteffens's picture

NZ nice country except for quakes. That is one place that in a world financial meltdown could go it alone.

Sun, 03/06/2011 - 19:47 | Link to Comment Yen Cross
Yen Cross's picture

The dxy is going to break open soon. A quick xag trade. Stop hunting?

Sun, 03/06/2011 - 19:52 | Link to Comment dumpster
dumpster's picture

once gold takes out 1440 it should hit 1441,, then if it takes out 1441 1442,,  so on.

when it takes out 1450 it will go to 1452,, it may go to 1448,, but if it takes out 1452 then 1453 is in sight

the gold people

 

gives us a run down on the dow ,, with the little lines and stuff .Prove your prowess in TA with a large segment of stocks ..

so little room .. so much blather

 

Sun, 03/06/2011 - 19:57 | Link to Comment SilverIsKing
SilverIsKing's picture

Good points you make but at what price is it ready to be eaten?

Sun, 03/06/2011 - 20:06 | Link to Comment Silverite
Silverite's picture

Silly surfer boy, you drink gold, you don't eat it!  20ppm, such a fine brain tonic.

Sun, 03/06/2011 - 20:22 | Link to Comment fragrantdingleberry
fragrantdingleberry's picture

Actually, you can eat gold. Gold salts are used to treat RA, that's rheumatoid arthritis. When I'm not trolling, I play a doctor at my local hospital.

Sun, 03/06/2011 - 20:31 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

I was treated for years with Gold salts. I figure when I die my children will fight over the Gold mixed in with the rest of my cremated remains. Does this mean I'm worth more dead than alive? :>)

Sun, 03/06/2011 - 21:16 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Considering I was treated for 8 years with Gold salts, my body is a Gold mine.

Maybe that's why the NSA is always climbing up my ass. :>)

Sun, 03/06/2011 - 22:26 | Link to Comment Careless Whisper
Careless Whisper's picture

china will be happy to sell your body parts.

Sun, 03/06/2011 - 23:11 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Can I fetch a premium if I certify the embedded Gold as 99.00% pure with just a dash of sea salt? :>)

Where do I sign?

Sun, 03/06/2011 - 21:03 | Link to Comment DosZap
DosZap's picture

CD,

Well,,adjusted for inflation, your cremated remains are likely worth around $6-8.00.

Now, you have to tag your own ass whilst breathing.(;

Sun, 03/06/2011 - 21:17 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

See my comment above. The NSA has been tagging my ass for years. I always thought I was just an enemy of the state. Who would have thought the NSA was mining for my Gold? :>)

Sun, 03/06/2011 - 20:03 | Link to Comment eigenvalue
eigenvalue's picture

If gold and silver continued to up at the current speed, we would probably see $2000 gold and $150 silver by the end of this year. Then JP Morgan's 50000 shorts on silver would suffer $114*5000*50000=28,500,000,000. Enough to send it into the banking morgue? I hope so. But I really doubt if gold and silver can always go up like this.

Sun, 03/06/2011 - 20:33 | Link to Comment Hulk
Hulk's picture

You forget, privatized gains, socialized loses, its the new reality...

Sun, 03/06/2011 - 21:32 | Link to Comment Oh regional Indian
Oh regional Indian's picture

Eigen, here is one possibility. JPM is also tremendously long Phys. But since they knwo they have regulatory protection, they can kick this can down the road as long as they can't.

If the price of phys goes parabolic, they have a nice....hedge?

It's possible.

But perhaps the great re-set that's coming will just make this all, Just Talk. Eh?

ORI

http://aadivaahan.wordpress.com/2011/03/04/astrological-and-other-deep-insights-from-ca/

Sun, 03/06/2011 - 21:44 | Link to Comment Yits and the Yimrum
Yits and the Yimrum's picture

at some point the JPM goons (HS) will collect all gold/silver as these are terrorist trading vehicles

the bible says the Beast will control the treasuries of gold and silver (book of Daniel)

in the meantime, these are real money so you have to take your chances

a paid for roof over your head, gardens and distance from the cities aren't a bad option to have some independence (for the time being) from the squid rackets

Cog is correct that we need to educate the public; but unfortunately they do not seem to be inclined to entertain any uncomfortable truths

Sun, 03/06/2011 - 22:08 | Link to Comment eigenvalue
eigenvalue's picture

JP Morgue (also the deceased Bear Stearns) has been shorting silver for more than 20 years. What's the point of longing physical silver (with paying a storage fee every day) and shorting it (with huge losses) for 20 years? JP Morgue is not Berkshire. I don't think they are paying any attention to such thing like long-term investments.

Sun, 03/06/2011 - 20:22 | Link to Comment zhandax
Sun, 03/06/2011 - 19:54 | Link to Comment SilverIsKing
SilverIsKing's picture

Something I mentioned on Turd's blog...

If JPM is willing to pay a 50% premium, i.e. $50/oz, to settle their silver contracts for cash and they know this problem is not going away, shouldn't we expect them to be willing buyers up to at least $50 now?  In other words, why pay $50+ in a month or two when they can pay $36 now?  Based on this, I am expecting a fast rise to $50 while encountering a few speed bumps along the way.

Sun, 03/06/2011 - 20:00 | Link to Comment ZeroPower
ZeroPower's picture

Just remember this 'paying premium over contract price' was never confirmed, only posted by someone on some site. Dont get me wrong, silver is going much higher, but dont think buying a few contracts will send Blythe or the COMEX to pay you a premium.

Sun, 03/06/2011 - 20:08 | Link to Comment eigenvalue
eigenvalue's picture

Trading is often like performing the job of a detective. JP Morgue will always keep "cash premium" thing as highly classified. If it became a bloomberg top headline, then the entire world would buy contracts and ask for premium. Then JP Morgue would be truly fucked. We cannot get the insider info but we can deduce with the information available. Just look at the weird open interest and delivery notices of the front delivery month of March. The cash premium thing is certainly there.

Sun, 03/06/2011 - 20:37 | Link to Comment Dr. Porkchop
Dr. Porkchop's picture

The thing is, JPM is still a very powerful entity, with friends in the right places. What's to stop them from simply having the rules changed in their favor if real collapse threatens? It's not like the masses will riot in the streets, most people haven't got a clue about the manipulation, let alone what the comex is.

Sun, 03/06/2011 - 20:09 | Link to Comment cranky-old-geezer
Sun, 03/06/2011 - 19:59 | Link to Comment Concentrated po...
Concentrated power has always been the enemy of liberty.'s picture

does anyone have a negative view of the sprott cef's?  If/when ETF's fail do you think the sprott holdings will fall in sympathy or track the real deal?

Sun, 03/06/2011 - 20:17 | Link to Comment knukles
knukles's picture

PHYS owns it's gold on a fully allocated, unencumbered, segregated basis at The Royal Canadian Mint. The prospectus contains instructions for ordering physical delivery from the Mint's vaults.  It does not suffer from ownership vagaries (perceived or real, whatever they might be) associated with other popular gold (and silver, ref. PSLV) ETF structures. 
 

Sun, 03/06/2011 - 22:34 | Link to Comment FeralSerf
FeralSerf's picture

The premiums are too high.  GTU, CEF, SIVR, the ZKB PM funds all have lower premiums and also appear to have the PMs.  The ZKB funds allow PM withdrawals.

Mon, 03/07/2011 - 02:30 | Link to Comment akak
akak's picture

ZKB, at least, can not be purchased by Americans --- specifically stated in their prospectus.  Thanks, once again, strong arm of the US Government and IRS.

Sun, 03/06/2011 - 20:06 | Link to Comment Concentrated po...
Concentrated power has always been the enemy of liberty.'s picture

she looks scared and ready to join the peace corp when dimon walks her to the elevator...

Sun, 03/06/2011 - 20:00 | Link to Comment fosho
fosho's picture

These low volume run ups in silver seem to be fairly common now once the US trading hours come to a close each day.  Even more so when we are headed into weekends and holidays. Once the liquidity comes back the buyers get outnumbered.  Last run up like this when we broke 34 it was followed by a dive to 31.70 ish.  Anyone want to take a stab at how far will it drop this time? 

Sun, 03/06/2011 - 20:06 | Link to Comment mynhair
mynhair's picture

35.50, satisfied?

Sun, 03/06/2011 - 20:01 | Link to Comment Moe Howard
Moe Howard's picture

How am I supposed to BTFD if it is up like a elevator? No dips!

Sun, 03/06/2011 - 20:04 | Link to Comment Concentrated po...
Concentrated power has always been the enemy of liberty.'s picture

sell puts on futures and take delivery, or sell puts on etf's then put profits (option premium if not filled, bought dip and run up if filled) in physical.

Sun, 03/06/2011 - 20:07 | Link to Comment Yen Cross
Yen Cross's picture

What are your call spreads? ETF's are irrelevent. OPTION premiums?

Sun, 03/06/2011 - 20:13 | Link to Comment Concentrated po...
Concentrated power has always been the enemy of liberty.'s picture

not sure I understand what you are asking, but I was saying that if a dip doesn't materialize to buy then selling puts with a strike you do want to buy is a way to chase the run up that was missed.  You are paid to wait...

I'm not saying that buying here is a bad idea, i was responding to the above that this is an elevator without a dip...

Sun, 03/06/2011 - 20:21 | Link to Comment Yen Cross
Yen Cross's picture

I understand, with perfect clarity. You are suggesting the purchase of a (tangible asset) only to unload it with a premium on a later (clearance date) Are we on the same page?

Sun, 03/06/2011 - 20:38 | Link to Comment Concentrated po...
Concentrated power has always been the enemy of liberty.'s picture

maybe we are saying the same thing and I've had one beer too many.  What I was saying to Moe is that if you want to buy silver at 33 but it's at 36 then sell a put on the comex or on the cboe with a strike of 33.  You pocket let's say a dollar.  If it hits 33 then you found the dip that you didn't think would materialize and you're in, if it doesn't then keep the $1 and try again.  It's a very basic options strategy...

Sun, 03/06/2011 - 20:11 | Link to Comment 10044
10044's picture

very simple; buy at the end of Jan/Jun/Jul when it hits 200MA

Sun, 03/06/2011 - 20:17 | Link to Comment Yen Cross
Yen Cross's picture

Ok, you are trading the Diamond cross? At least you have strategy.

Sun, 03/06/2011 - 20:07 | Link to Comment lolmaster
lolmaster's picture

I'm conflicted. Loaded GLD calls but caught rolling my SLW calls up the curve. Someone hook me up w a flash crash here

Sun, 03/06/2011 - 20:09 | Link to Comment Yen Cross
Yen Cross's picture

You are on my LIKE button. Thanks.

Sun, 03/06/2011 - 20:08 | Link to Comment gwar5
gwar5's picture

Silver over 36. Bitchez!   $36.02

Sun, 03/06/2011 - 20:09 | Link to Comment mynhair
mynhair's picture

YeeHaw!  Fly, baby, fly!

Sun, 03/06/2011 - 20:08 | Link to Comment mynhair
mynhair's picture

QUIT BEATING UP ON THE NZD, FER CHRISTSAKES!

Sorry, but really meant to shout.

Sun, 03/06/2011 - 20:11 | Link to Comment JimboJammer
JimboJammer's picture

End  the  Fed...End  JP  Morgan

monday  morning  everybody  5  oz.  of  Silver

buy  a  few  franklin  halfs...

buy  a  10  oz.  bar..

Sun, 03/06/2011 - 20:13 | Link to Comment jmcadg
jmcadg's picture

$36 Silver bitchez

Sun, 03/06/2011 - 20:17 | Link to Comment JW n FL
JW n FL's picture

We will see $100 plus with ease... not even a question. Gold $2k plus with ease as well, make sure you have the non-rusting gold oz's. lulz

Sun, 03/06/2011 - 20:14 | Link to Comment JW n FL
JW n FL's picture

Silver... is in fact more useful in day to day transactions than gold... when paper is worth nothing, you dont want to pay for a cup of coffee at starbucks with 1 oz of gold.. or amount of gold.. silver is handy and it has been used up not stored by every rich fucker from here to timbuck2.

Sun, 03/06/2011 - 20:16 | Link to Comment mynhair
mynhair's picture

Yep, all restaurants need to get scales.  Junk silver coins, my ass.

Sun, 03/06/2011 - 20:56 | Link to Comment lincolnsteffens
lincolnsteffens's picture

Sterling flatware. I aught to be able to get a 3 course meal and a bottle of wine for a good dinner fork!  Hey, bring your own silverware and bargain over what you can get for a teaspoon vs a tablespoon. 

Sun, 03/06/2011 - 21:56 | Link to Comment jimijon
jimijon's picture

I have an app for this http://www.bartercalc.com

Sun, 03/06/2011 - 21:16 | Link to Comment DosZap
DosZap's picture

JW, there are as you know several coins made down to 1/20th oz.

Makes it easier for change. I have been scarfing up .250's/.5's at a VERY low premiums over spot, and you know how how much of a prem the smaller denoms are.

The cost comes out to what a regular 1oz Coin would be, for all sizes win/win.

Plus, its way easier to hide them.

Mon, 03/07/2011 - 05:00 | Link to Comment ft65
ft65's picture

Not forgetting the Florida toll bridges. If you have to fill in a form when paying with a $20 bill, what will they want to know, and how long will they keep you before rubbing a few microns from your specie.

Sun, 03/06/2011 - 20:16 | Link to Comment High Plains Drifter
High Plains Drifter's picture

Is silver going to cut through 36 like a hot knife through butter?  Where is upside resistance? ha ha

 

my condolences Bythe, but I sure hope you have a lousy, lousy week....

Sun, 03/06/2011 - 20:15 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

That just gave me a little woody.

Mmmm feels good.!

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