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GoldCore Comments On Silver Shortages And A Possible Price "Tipping Point"
Our friends at GoldCore have summarized recent shortages in the silver market and provide some observations on what this could mean for future silver prices. Curiously, the lack of inventory has happened even as the spot price of silver has consistently declined over the past week (if nominally the decline has been very modest). Just as curiously after the US Mint reported a massive surge in buying, the number of January sales has been fixed flat at 3,407,000, where it was a week ago, and indicates that either buying interest has ceased overnight (unlikely), that the mint is not updating its numbers (likely), or, worse, that the Mint has now stopped selling any form of silver for reasons unknown. Although at the end of the day the only question worth asking is whether JPM feels lucky (again): as we posted last week, the firm has received "grandfathering" protection from position limits, arguably the biggest reason for the recent drop in the precious metal price.
From GoldCore:
Silver Bar Shortages to Lead to Price “Tipping Point”?
Gold is mixed while silver is higher in all currencies today, especially in the weaker US dollar. European sovereign bond yields are higher and the UK 10-year has risen to 3.66% and is close to breaking out after inflation figures surprised the majority of analysts who remain complacent about inflation.
Gold is currently trading at $1,370.75/oz, €1,022.11/oz and £856.57/oz.
Equities in Asia were higher as are those in Europe so far today. US equity index futures are mixed with Apple leading to weakness in the Nasdaq; the S&P 500 is flat.
SILVER
Silver is currently trading $28.81/oz, €21.48/oz and £18.01/oz.
Reports of shortages of silver bullion continue to grow. While there are no widespread shortages in this area and dealers with extensive supplier networks (mints and large refiners) are not experiencing difficulties sourcing bullion inventory, it would be wise to keep an eye on this.
Silver in USD – 35 Years – (Weekly). Click for full size
Reuters reported shortages of 1 kilo gold bars in Asia last week. Sprott Asset Management reported that it was experiencing difficulty sourcing 1,000 oz silver bars. Sprott said they were concerned about the “illiquidity in the physical silver market" and said delays in being able to source physical silver highlights the “disconnect that exists between the paper and physical markets for silver."
Zero Hedge reported that Bullion Vault, the digital gold provider, had run out physical silver inventories in Germany (and possibly elsewhere) and was advising clients to buy silver from other sources.
Zero Hedge also reported yesterday that some smaller bullion dealers in the UK were having difficulty sourcing all silver bars and had delayed delivery of silver bars (including 1 kilo silver bars) until February.
This comes at a time when the US Mint has reported huge demand in the first two weeks of January for their very popular US Silver Eagle 1 oz bullion coins.
Click for full size
At about $33, €25 or £20 a coin, collectors and those seeking financial insurance have been buying silver in very significant quantities. The 2011 minted coins were first issued on January 3 and in just the first two weeks, 3.5 million coins were sold, according to numismatic web site Coin News.
In January 2009, the silver coins first topped the 3 million sales mark, with record sales totaling 3.59 million for the entire month.
If sales continue at these levels, that record should be surpassed this week. The all time monthly record of 4.26 million silver coins, which was set last November, is clearly in sight.
A recent report by analyst Adrian Douglas of GATA warns of forthcoming shortages of gold and silver bullion coins and bars, and that a “tipping point” will soon be reached that could lead to a COMEX default and a short squeeze which leads to much higher prices. Douglas himself has shown in Le Metropole Café how Comex silver inventories are shrinking and are not far from ten year lows.
The “bear raids” by the large concentrated shorts being investigated by the CFTC, are only leading to increased physical off-take. Indeed, the selling raids may be leading some participants on the COMEX (including large hedge funds) to take delivery or sell futures and buy bullion in allocated accounts.
None of the factors, in and of themselves, suggest that widespread shortages of silver (or gold) bullion are imminent in the immediate future. However, much circumstantial evidence suggests, especially the bona fide reports of difficulty in sourcing large silver bars, that the supply and demand balance in the silver market is very tight.
The more than 80% increase in the silver price seen in 2010 is not leading to an increased supply of silver but rather to a continuing and possibly increasing demand.
This is not surprising as silver is a byproduct of base metals and therefore its price increase will not have led to any material increase in silver mine production. This fact is known by most buyers of silver coins and bars and many of them continue to hold and add to their silver holdings in anticipation of much higher prices.
Silver at $50 per ounce and the 1980 adjusted for inflation price of $130 per ounce are conservative estimates for some silver enthusiasts. They have been proved right in recent years and the extremely delicate supply and demand equation in silver could see them proved right again in the coming months.
Since 2003, GoldCore have written research articles pointing out that the very small size of the silver bullion market would likely see its inflation adjusted high of $130/oz reached in the long term.
Interestingly, were gold to reach its adjusted for inflation 1980 price of $2,300 per ounce, and silver revert to its long term gold/silver ratio of 15:1 (geologically there are 15 parts of silver to every one part of gold in the Earth’s crust) then silver would reach over $150 per ounce.
While this seems über bullish to those who know little about the silver market, some silver enthusiasts - and there are many - believe that in time, silver will be valued at the same price as gold as huge quantities of silver have been used up in industrial applications since the Industrial Revolution of the 19th Century and throughout the 20th Century and into this millenium.
In these unprecedented financial and economic times, it is important to have a long term perspective.
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No everyone will be too busy buying up Netflix and Apple shares, you know, TRUE stores of value.
Are you saying cash 4 clunkers was a one time event?
that depends on Stve Jobs' health i would think...
So you're saying that back in 1800 - when the G/S ratio was about 15/1 - silver's primary commercial application was photography? Brilliant - I hadn't thought about that...
In 1800 silver was used for financial transactions, unlike now. Did you think of that? Maybe you paid your mom's electric bill in pieces of eight?
Nope - I was just responding to your dumb ass comment:
"BTW, the 15/1 Gold/Silver ratio was prevelant during the days of non-digital photography- back then silver's primary commercial application"
Which is hardly true on many levels - but we don't expect dumb-asses to actually research anything these days - everyone passes - no child left behind!
You can't see how ridiculous you look trying to out wit my argument.
I can see how rediculous your arguement was, but there was very little wit involved. Mostly just ignorance. I don't think you were trying at all - but I may be mistaken and you may truely be just another dumb-ass. But why are you still at it? I thought you sold all of your PM's - or are you feeling a little insecure about your decision?
I want to save your soul from the perdition of hard currency
I'll trade you all of my post 1964 coins, for all of your pre 1965 coins face value for face value. After all, a quarter is just a quarter right?
+++ LOL!
Bathroom wall. Somewhere, America: http://i.imgur.com/ETYYF.jpg
I think you're part of Comp Sci undergraduate research program which is to build a computer entity called a cyber troll that incites people on ZH on issues of real substance with inflamatory remarks refuting self evident truths.
The result is the xtranormal staccato style type dialog displayed by butt fuck (GMF) and some jolly useful research results to aide in the next generation of troll funfesting.
Hey MIT - go fuck yourselves!
dont stop now....Fuck you NSA < FBI IRS And the rest of you yahoos.
I say we all create our own government!!! What we got now is just robbers.
May I suggest that the specifics of the applications (or not) are irrelevant to the annual supply, demand, and inventory above ground. Everyone will make up there own minds at any given price. We heard the growling bears when silver was less than $12, even louder at $20, and they have mostly gone quiet around $30, when they should be much louder. A physical shortage is becoming worse, and something will step in to fill the role of discredited fiats when that time comes. Silver is my hedge against bad policy, monetary and fiscal. It could therefore never be high, thick, and prickly enough.
It is amazing how altruistic PM bears claim to be. Thank you so much for continuing to participate in the stock and fiat ponzi bubble! It is exactly people like you that provide continued bullishness for PMs.
You can't see how ridiculous you look trying to out wit my argument.
So you're continuing to insist on the widespread use of silver for photographic purposes before cameras were invented? Where's your documentation?
When did I say that? Meanwhile before cameras it was used as currency. A medium of exchange, Something it is not used for today.
What about medium of exchange over time?
It is not used as a medium of exchange today, therefore it will never be used as a medium of exchange.
Normalcy bias.
My friend, we must ignore the stupid, ignorant.. by responding at all we encourage them to believe that they are taken seriously. Ignore them, dont even junk them... they dont deserve even that energy.
you may be one of the shrinking number of people not waiting for that particular shoe to drop.
That's usually a sign that the shoe that falls is a giant one and it falls on the crowd.
??? whatchu talkin' 'bout Willis?
http://gold-silver.us/what_silver_gold_buys.html
The Turd is not quite ready to buy just yet...but he's getting close:
http://tfmetalsreport.blogspot.com/2011/01/searching-for-clues.html
Call options on ZSL provide more than adequate protection.
Hedging what you're afraid of will never make you rich grasshopper. Meanwhile get behind the wheel minion. I need to go rob a fort.
I am tired of carrying your fucking golf clubs!
But I must have my clubs carried by a man in a suit and tie!
Dont junk Auric...he's working on GrandSlam.
Whatever. You look like a panicked short trying to make up for the past couple years.
Sold all PM Dec 7, 2010. Ring the bell at the top sometime. It's not just fun, it's profitable.
So when PM's climb - we'll expect a change of avatar and userid. Billiant!
Should I be true to you and NEVER buy it back? Hah. Dogma is your name not mine. Lower my son, lower.
Well good on you, and a move you are sure to regret in the not too distant future
That's exactly what my real estate told me in 2005 when I sold 3 homes.
So sold your RE 2 years early - and now you've sold your PMs 10 years early - I don't think you should be bragging about your market timing. I think a capital preservations arguement could be made - but not market timing.
Hit the absloute tip top in East Fla and LA, CA real estate. Within weeks.
me too, i sold 50 houses in LA in 2006. They're just jealous of us G
I just have one ex wife. You must be a pig
For the record, that was the year Buffett sold his vacation home as well.
Wasn't Bernard Baruch quoted as saying, how he made his money in the market, that he "sold too early?"
Just sayin'.
Sure you did. Riiiiiiiiiight. Sure.
Show me the closing documents liar.
easy for you to say.
Easy for you to DO.
Oh yeah, I saw those. Brown units - named Refrigerator, Washer and Dryer...
So you sold your paper PM on that day? Then you never owned PMs, just an IOU.
Sold Coins and bullion. I still tinker w micro cap miners.
Name names...how micro?...smaller than Rochester Resources?...10 million cap.
lol
lie much?
only with young women
Sure you do...
You must be an apple acountant. I can tell from some of the lies you spit out and from havng seen quite a few people lie about their success.
2011 is going to be epic. People are just lining up like nice little ducks in a row to become the biggest butts of the biggest jokes ever told in history of this planet.
You can see all my posts on here. You will see I sold coins on 12/07. You will also see that I didnt make squat on them (less than 100% for 15 years on silver coins) even though I bot 15 years ago. As I say, generic gold and silver coins are a bad investment and if you like leverage, so is bullion.
You bot 15 years ago. Man that's amazing. 15 years ago bot technology sucked.
Can you two just kill each other already so we don't have to hear your respective endless prattling?
You must be dumb as dogshit if you bought 15 years ago, sold in December, and only made a 100% profit.
Seriously retarded. No exaggeration.
Should have made a lot closer to 1000%. You would have outperformed basically everything, except for maybe a few stocks. But buying bullion is more like buying an index than an individual stock or bond.
Yup that's about the maginitude of the fuckup this guy is. 1 order of fuckup.
No one gives a fuck what you have done douchebag. Go back to your basement and play with your momma's tush.
According to Kitco posted historical data, the average price of silver in 1995 was %5.15 and in 1996 $4.74. On 7 Dec 2010, the price of Silver was $30.50. You should have made ~(30.5-5)/5 or ~500% on your money!
You sir are an obvious liar!
Bad news. You're not the only one lying...
When I see comments like this, I always think: Show me the trade confirmations. Then I'll believe you.
Until then, you are just a troll, and worse, a liar.
I'll give you my email upon request to send those confirmations to.
My friend, responses to the ignorant, stupid, arrogant idiots like this guy only encourages their kind. Just ignore and they will eventually go elsewhere.
Assuming you did not lie and truly sold your actual metal...you are a total fucken idiot!
I know i am an idiot, but i had enough brain to keep a few for myself.
Most likely your phone(s), computers(s) and display(s) all have silver basesd lead free solder (ROHS). Most people treat the new lead free solder just like the lead based solder, they throw it into a landfill.
I Suspect the amout of silver being taken out of the loop is far greater now.
I junked you.
I'm not sure where to begin. I'm sorry.
No one, NO ONE, had any cameras in the 5 or 6 THOUSAND years that the 15:1 ratio held. Period.
Idiot! It wasn't 15/1 "5 or 6 thousand years ago" AND it was used as currency then as were cockle shells and human slaves.
Yes it was. Fucking moron.
Where's my trade confirmation proof?
Closing documents proof?
Liar.
You are the biggest moron of the year. When a dealer buys your coins and bullion he gives you a check. That's it !! Starting in 2012 you'll get a 1099 tax form when you sell. Why don't you wait till then to sell?
Not selling.
Trade confirmations? Notes?
You'll get a 1099 next year. My gain is ALL tax free.
47/1 Why?
Not any longer - now that you have admitted to tax evasion. They may not be able to strong arm ZH into giving you up - but they have other methods...
Which leads me to believe you're just a full of shit troll, making it up as you go.
You can see all my posts on here. You will see I sold coins on 12/07. You will also see that I didnt make squat on them (less than 100% for 15 years on silver coins) even though I bot 15 years ago. As I say, generic gold and silver coins are a bad investment and if you like leverage, so is bullion. So go give your self a BJ
So you sold your silver for $8 an ounce?
You fucking retard.
hey brownmiddellfinger, go hump your sister.
I'm double fisting yer hairy mom, leave us alone son
He's starting to remind me of a certain president and a missing original birth certificate, lol.
i always get cash. 2012 rules will change before then. 600dollars cap is a good thing .Slows down sales. More folks will keep their gold because of it.
Means the banksters wont get it.
Newsflash,
The Gov't gets a 1099 NOW, when you sell.
When you get paid for your Precious, they assume its pure income,with no taxes paid in.
You must prove its not, with your basis.Anyone not doing this, is asking for a visit from the IRS.(when you get caught, and you best keep ALL your recipts).
If you do not leep track of your cost basis, and pay the taxes opn profits, or take a deduct for loss, your asking for a visit.
The only thing thats changed in regards to 1099's on PM's, is the $600.00 minimum.
From ancient times until around 1840 the Gold-Silver Ratio varied between 1:10 to 1:15. Silver was used as currency for 2500 years and as a store of value in the form of jewellery and works of art. The Industrial Revolution of the last 200 years found many thousands of uses for silver as governments have removed silver from circulation as a currency. Now silver is referred to as an Industrial Metal.
http://gold.goldprice.org/2010/09/gold-silver-ratio.html
That statement has more holes than a cheese shredder.
Please point them out to me, o wise one.
The ratio has been better than 40/1 for a decade.
It's 47/1 now.
Those are holes.
No hole there, it's compressing.
85:1, read the chart.
http://gold.goldprice.org/2010/09/gold-silver-ratio.html
Dufus
Good one.
John,
They can refer to it as they wish, its STILL MONEY.
Always has been, always will be.
For those who think differently read the US Const.
Applications of silver's unique anti-bacterial properties are just starting to get traction.
Anti-bacterial door handles, public restroom fixtures, counter tops etc. A lot of potential there for hospitals and beyond.
RoHs solder use is almost ubiquitous now and it was near zero 10 years ago.
public restroom fixtures?
and you thought restrooms couldn't get any more tore up than the ones you have to go in now.
i can just see it... water squirting out of every inlet pipe because the faucets were ripped out.
The pipes and whatnot don't have to be solid silver. A microcoating of silver on commonly touched objects does the trick.
Water filters:
Uh-Oh...silver isnt used in photography anymore?
We better all ignore the other 100 things it is used for and just panic sell.
the recent move from 18 to 30 usd looks like the comparable move in 1st quarter 1979 from about 6 to 8 usd.
if so, whoa, nelly, better fasten those seat belts!
....biggest single use was Xray plates and most of that silver got recycled....for whatever that's worth.
...since about 75% of silver is a by product of other metal mining (copper, lead, zinc, ect.) if there is a world wide recession and a drop in demand in those primary metals, then there is going to be far, far less silver produced...so silver might be a good play on economic depression?????
Frankly the entire copper market is a puzzle to me....copper's primary demand comes from construction...pipes and wiring. Last time I checked building activity was lousy, so I would guess the entire copper market is being driven not by real demand but by investors...and we know how that ends.
Frankly the entire copper market is a puzzle to me....copper's primary demand comes from construction...pipes and wiring. Last time I checked building activity was lousy, so I would guess the entire copper market is being driven not by real demand but by investors...and we know how that ends.
In a word, China,and third world coutries expanding, Speculators last.
dupe
dupe,I hate this fkin Server.
dupe
43 junks? Really? Is that a record ZH? This my reply to the first post, which was mine, and I'm 1/2 down the page. Gold bear gets 43 junks and what does that say about gold?
it says nothing about gold but much about you
dogbreath your puke is not food
43 whole people... damn, must be a bubble of epic proportions... Please, someone take all this gold and silver off my hands!!!
".....or, worse, that the Mint has now stopped selling any form of silver for reasons unknown"
I could be wrong, but isn't there a provision in Frankendodd that allows the Treasury to set its own determination of how much "demand" is now, thus allowing them to stop minting whenever they feel like it??
i read somewhere of a law passed last december that treasury has the authority to do it....i am not sure though how correct this is...
Here it is: http://www.govtrack.us/congress/billtext.xpd?bill=h111-6162&version=enr&nid=t0%3Aenr%3A34
Thanks for the link.
I'd be delighted if they did something to restrict sales by the Mint; that would be confirmation of supply issues and would cause a panic. Please, please let them do something like that. Emporer in no clothes, meet a chill wind.
Maple Leaf bitchez
BTFD!!!
Well that 35' year silver clearly shows once the bubble pop's, it's going under $10 for another 20 year....
"...and like most sweeping generalizations, it was probably wrong."
Likely true. But set that chart against the backdrop of 20th century FED/BWI/BWII/TheNixonWindowClosing/TheBernankCounterprinting manipulatory arc, and the PM's - as a store of value - become my investment choice.
+1 ...zing!
but where will the bubble be when it pops? 200 usd per ounce? 500? 1000?
Calling something a bubble is like calling someone a Nazi. You lose the argument by default.
Unless it's a nazi run housing bubble
What about Zionists?
That depends a lot on the circumstances in play when the calling takes place. There really are Nazis. There really are bubbles.
Tis true:
http://www.apfn.org/apfn/reserve.htm
Amazing that a pro-PM post elicites immediate reaction from the bear-PM crowd. It's like you guys are paid to sit at terminals waiting for gold/silver threads. Nah, that's not possible. Nevermind.
http://www.youtube.com/watch?v=k-yVxKWFUnc
the paid gold salesmen have been here a good long while... i took a break for a lil while over them... dont let them stress you, everyone needs to eat. we good master chief?
Automatic junk for this ignorant fool.
See you at $40 before too long, troll.
Spalding, Spalding, Spalding.
I know you're not a troll but if you keep making silly statements like this simply to inflame and infuriate, you'll soon be branded as one.
Buy BankofAmerica and make an easy 30%. Take some stress off the wife... ! Hows the mint' chocolate chip ?
Turd,
Lets talk. Look at the bloodbath, the bloodletting .... People are cold and tired holding onto the miners, when will this nightmare end... ? Can I hold off and get Silver Wheaton at ..... $20.00 ?
....................... " At the global Tier II gold level, the sell offs have been heavier; as much as 34% in the case of US-quoted Golden Star, which has interests in West Africa. Long-time London favourite Randgold Resources, which focuses on Africa, has surrendered 24% of its Nasdaq-quoted value, to levels previously seen as far back as May 2010.
Further down the scale, among gold developers, the losses have been even deeper. Canada-quoted Greystar, which holds a big deposit in Colombia, has shed nearly half its value over the past year. However, before investors, and especially speculators, fall into deep fits of deep depression, there are 100 listed gold stocks around the world (with a minimum market value of USD 20m) that have lost only 12%, or less, of their value.
A good number are positively flying: Australia-quoted Kingrose Mining can be counted among the leaders, but it also has interests in silver and zinc. Canada-quoted Continental Minerals is also in good demand, but its key interests, located in China, are in copper-gold. Then again, there are also "pure gold" focuses which are flying, such as Australia-listed Gryphon Minerals, which focuses on West Africa.
If cash is being taken off the gold stocks table, where is it going? There is a discernible trend of continued switching into copper stocks. Freeport-McMoRan ranks as a Tier I global gold stock, but is typically classified as a copper stock, given its status as the world's biggest publicly traded copper miner, and No 1 in production after Chile's Codelco.
Measured against global Tier I gold stocks, Freeport-McMoRan's stock price has experienced but little selling pressure. Copper has rallied from around $3.00/lb in mid-2010 to recent all time records of $4.50/lb. At these prices, copper miners are spewing cash; few bona fide miners of the metal are unable to make cash profits at $1.50/lb. Prevailing prices represent a bonanza.
Much of the story is summed up by Freeport-McMoRan's market value of $56bn eclipsing the $47bn held by Barrick. Beyond the attraction of copper stocks, cash continues to be pushed into the listed stocks of big diversified miners, most of which produce copper. For now, it seems that investors and speculators are somewhat complacent about listed gold stocks; they may need some kind of catalyst to once again redirect their attention. " .........................
http://www.moneyweb.co.za/mw/view/mw/en/page292523?oid=524104&sn=2009+De...
I tripled my money in some miners in about 5-6 months.
WTF are you talking about?
GSS had issues with floods/production. That's about as far as I got in your cut/paste
Spalding, is doesn't seem as if you've been trading PMs and mining stocks for long, or at least not in significant quantity. The "bloodbath and bloodletting" you describe happens regularly in these grossly manipulated "markets" but the secular bull will continue as long as the US Government is broke, the banks are insolvent and the states are bankrupt.
I'm not selling any of my PMs. You would be wise to buy some.
How's that AIG working out for you? Time to dollar cost average? Down only 15% in the last week alone!
Too long, didn't read.
i second that
i can't get any at the mint. what price will you sell yours to me for?
I'll buy all the silver you've got at $17/ ounce..
I BUY GOLD---(at $870 ounce)
Won't happen. Too many buying all gold and silver closer to $20 / $1000 oz.
Why do you think this dip is virtually a non event?
Is called support.
Something much of the traded paper doesn't have if you take HFT and POMO events away.
Churn churn churn the stocks, gently down the drain, merrily merrily merrily holding on to my silver.
Walk,
$20 Slvr, Gold $1k, lets talk, you selling?.
I think middlefinger must be the JPMorgue
No, some little ignorant asshole enjoying the attention for flamming stupidity. Just ignore these types and eventually they will go away. Keep responding to them and they stay around. Our choice.
Its the Stuxnet virus. This trolling element has recently been identified by a bridge support manufacturer in Minnesota.
http://www.popularmechanics.com/science/4219981
you will have to find folks dummer than yourself to buy from.
Why would anyone sell you silver when I can get over $18 for scrap sterling??Good luck on your quest. I made over 110% on AGQ in less than a year. If you only made 100% after 20 years you didn't make shit in purchasing power.
you can buy them through a subscription...i just did it...after you order cancell the subscript.
You'll certainly be right if the FED raises interest rates to 15-20% like Volcker did in the early 80's. What do you think the odds of that are?
he wasn't around in the early 80's. he doesn't know what 20% inflation, 20% interest rates and dow 742 look like. or oil at $8.00.
I remember. It wasnt that big a deal seriously. I had 9 percent and 10 percent student loans. Later my first house financed at 12 percent. It seemed normal at the time and we were too young and having to good a time to worry. I laugh when i see people afraid of a six percent ten year treasury.
The Eighties had the US as the SUPERIOR super power and the world was scared shitless of the Red Monsters everywhere. US propaganda instilled fear and intimidation around the world and people eager to accept the US role of supremacy.
Not so much today. Sorry that ship has sailed. The US is bankrupt and the world knows it and won't care one bit when the Dollar gets replaced.
This is inevitable. There is nothing the Fed or the UST or any Congress could do to avoid the collapse. Nothing.
Don't forget housing was not 30-50% over-valued at the time. Higher rates will bring down the prices.. Count on it.. And it will matter.. It will be a big deal this time.. Even if you are right about the impact last time.
Who needs to buy a house now. Just look for one the banks have abandoned and move in. You know maybe you could find one in Florida that some poor pensioner can't afford any more cause they cut his benefits and wont get any Soc. Sec. increase this year since inflation is only 1%.
i bought a house for $60K (overpaid - youthful mistake) with 10% loan in 1982. going for $300k today. it's been too long for me to remember. were we having fun?
9% was nirvana
When is the Bernank going to pull a Volcker and jack up interest rates?
Right, when elephants fly.
He could certainly try.
That would be the biggest joke of this young century.
Backed by nothing but a printing press.
Has all been tried and done before..
Weimar as one example.. had to deliver debt service payments.. and had less and less revenue to cover the payments.. crank, crank, crank, ssssswhooosh.. there you had the one billion and one trillion Reichsmark bills decorating the walls of nostalgic German living quarters.