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GoldCore Questions On Comex Silver Default Due To Secret Buying By Russian Billionaire, Chinese Traders and People's Bank Of China

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From Gold Core

Comex Silver Default Due To Secret Buing By Russian Billionaire, Chinese Traders and People's Bank Of China?

Gold rose to new record nominal highs at $1,540.85/oz in early Asian trading last night. Silver and gold remain very close to nominal highs today as the beleaguered U.S. dollar remains under pressure due to ultra loose U.S. monetary policies, deepening inflationary price pressures and concerns about the feeble economic recovery.

 
Gold has risen 8% this month and silver 28% due to the very poor U.S. monetary and fiscal position, the Eurozone debt crisis and in the background the Japanese nuclear crisis and geopolitical instability in the Africa and the Middle East. This is continuing to lead to diversification into the precious metals. 

COMEX Silver Default?

A number of readers contacted us yesterday to comment critically on our advice to “as ever” . . .  “ignore the daily noise and focus on the long term and the fundamentals driving these markets.”


Comex Silver Inventory Data

They felt that it was linked to the paragraph above regarding a possible COMEX default and was suggesting that rumours of a run on COMEX depositories was “noise”.

We were not suggesting that and with hindsight the juxtaposition of this sentence in the immediate aftermath of the paragraph regarding the COMEX was unfortunate and ripe for misinterpretation.

Let us reiterate a COMEX default on delivery of precious metals and specifically of silver bullion bars is far from “noise”. It is of significant importance and that is why we have covered its possibility for some months. A COMEX default would have massive ramifications for precious metals markets, for the wider commodity markets, for the dollar, for fiat currencies and for our modern financial system.

Silver surged 3.4% yesterday to settle at a 31 year nominal high and rose by $1.55 on the day. Silver is up some 28% in April alone. The last time this happened is when Warren Buffett took a large stake in silver in 1987 and there were rumours of Buffett “cornering the market”.

Silver remains in backwardation and the possibility of a COMEX default cannot be ruled out – especially as silver bullion inventories are very small vis-à-vis possible capital allocations to silver in the coming weeks and months. 

The possibility of an attempted cornering of the silver market through buying and taking delivery of physical bullion remains real and would likely lead to a massive short squeeze which could see silver surge to well over its inflation adjusted high of $140/oz.

Indeed, a recent article in the Financial Times suggested that private or state interests with very deep pockets are attempting to corner the silver market. Bizarrely, this massive story which mooted the possibility of Russian billionaires, Chinese traders and even the People’s Bank of China and other central banks secretly buying silver, has subsequently been barely reported or commented on.

There are now two “conspiracy theories”. One is the long side conspiracy theory which claims, a la the FT, that there are foreign private and state actors attempting to corner the silver market through secret buying.

The other is the more long standing short side conspiracy theory which has gained credence in recent months due to the CFTC’s investigation into silver manipulation by Wall Street banks, such as JP Morgan, who have massive concentrated positions. This theory has been backed up by some circumstantial evidence by GATA and has recently gone “viral” through the campaign of financial journalist Max Keiser.

The theories are not mutually exclusive and may be true. Indeed, Chinese, Russian and other private interests may be cornering the physical market in an effort to end manipulation of the silver market by Wall Street banks in order to ensure the silver price rises very sharply and creates significant profits on their silver bullion holdings.

Indeed, if the People’s Bank of China is involved – profit may not be the end game rather the positioning of the Chinese yuan as the new reserve currency through use of gold and silver bullion reserves.
Bloomberg Link Precious Metals Conference

The Bloomberg Link Precious Metals Conference heard a wide range of opinions from precious metal experts and mining executives. The vast majority believed that gold and silver’s strong fundamentals (especially due to anaemic supply and strong demand) should result in prices continuing to rise in the coming years.

The knowledge amongst the participants regarding the fundamentals is in stark contrast to many so called financial or market experts in the press who continue to be misinformed regarding the gold and silver markets (see news).

The knowledge amongst the participants is also in stark contrast to much of the western public (particularly in European countries), many of whom continue to believe that “cash is king” and remain unaware that they are very exposed to sovereign debt default risk, currency debasement and inflation.

The one participant who was bearish on silver was William Hamelin, the president of Ames Goldsmith Corp., who forecast a drop to $35.85 by year-end. Hamelin’s company processes silver for use in a number of consumer products, such as electronic components, batteries and photography.

Gold in Euros to Play Catch Up?
Gold’s recent rise has not been solely US dollar related as gold has risen to new record nominal highs in British pounds and yen. Gold has underperformed in euros recently and yet remains only 3.7% below the record nominal high of €1,072/oz seen four months ago in December 2010.

The euro’s strength is not due to German economic strength or due to positive fundamentals rather it is purely due to the fundamentals of the dollar, the pound, the yen and other fiat currencies being very poor. It also may be due to short covering as those short the euro are forced to buy back positions.


Gold in EUR – January 2010 to April 2011

Gold’s continuing strength in euros suggests that the recent bout of euro strength versus the dollar and other fiat currencies will be short lived and the euro will come under pressure again in the coming months.

Gold in euros has risen 2% in April. It will be interesting to see if euro gold replicates the performance of April and May last year when Eurozone sovereign debt concerns saw gold rise to €825/oz to over €1,000/oz prior to a correction. Previous resistance at €1,000/oz gold looks to be strong support for gold.

NEWS

(Bloomberg) -- Silver May Jump to $62 an Ounce by Yearend, McGhee Says

Silver prices may climb to $62 an ounce by yearend, Frank McGhee, the head dealer at Integrated Brokerage Services, said today at the Bloomberg Link Precious Metals Conference in New York.

The current rally is “very different” from the jump in prices in the 1970s, and there is “no manipulation” in the market, he said.

(Bloomberg) -- Silver May Rise to $55 an Ounce by Yearend, Coeur’s Wheeler Says

Silver may rise to $55 an ounce by the end of year, Dennis Wheeler, the chief executive offer of Coeur d’Alene Mines Corp., the largest U.S. silver producer, said today at the Bloomberg Link Precious Metals Conference in New York.

“Silver has clearly become money,” Wheeler said. Industrial demand for the metal “continues to grow,” he said.

(Bloomberg) -- Silver Rally No Bubble as Price Will Top Record, Coeur Says

The rally in silver to a 31-year high in New York shows no sign of ending because tight supply and robust demand will send the metal to a record, according to Coeur d’Alene Mines Corp., the largest U.S. producer.

 “We’re in a legitimate market driven by financial interest in silver and strong industrial demand,” Chief Executive Officer Dennis Wheeler said today at the Bloomberg Link Precious Metals Conference in New York. “Supplies are relatively inelastic.”

Silver has surged 162 percent in the past year, outpacing the 31 percent gain in gold. Investment demand for silver jumped 40 percent in 2010 as inflation rose, currencies lost value and Europe’s debt crisis escalated, said researcher GFMS Ltd. Industrial use gained 21 percent last year and may climb to a record this year, London-based GFMS said.

The rally is “very different” from the surge in the late 1970s, when the Hunt brothers tried to corner the market, and in 1980, when prices touched a record $50.35 an ounce, Frank McGhee, the head dealer at Integrated Brokerage Services, said at the conference.

“There is no manipulation going on in this market,” McGhee said. “It does not take a lot to stop the market until this market decides to go. I’d like to categorize silver as a freight train.”

Silver futures for July delivery rose $1.554, or 3.4 percent, to close at $47.541 on the Comex in New York. Silver reached $49.845 on April 25.

Older Mines

Discovering new deposits has become more difficult, while “older mines cease production at a time when demand continues to grow,” said Wheeler, whose company is based in Coeur d’Alene, Idaho. High prices are not “a short-term phenomenon,” and the metal may jump to $55 by the end of 2011, he said.  Integrated Brokerage’s McGhee predicted $62.

Not everyone is bullish on silver. William Hamelin, the president of Ames Goldsmith Corp., forecast a drop to $35.85 by year-end. Some manufacturers are “leaning” toward using more substitutes, including copper and nickel, after prices surged, he said.

Coeur d’Alene, which is based in the Idaho city of the same name, fell 51 cents, or 1.6 percent, to settle at $31.70 in New York Stock Exchange composite trading. The shares have jumped 84 percent in the past year, compared with a 19 percent gain for the Russell 2000 Index.

(Bloomberg) -- Emerging Market Nations to Buy Gold, World Gold Council Says

Emerging market nations will be major purchasers of gold in the coming years, George Milling- Stanley, managing director for government affairs at the World Gold Council, said today at the Bloomberg Link Precious Metals conference in New York.

“China and the BRICs in general” are “the kind of countries we expect to see as gold buyers going forward,” Milling-Stanley said. China’s imports have risen “dramatically” in the last 12 months, he said.

(Bloomberg) -- Central Banks, IMF Gold Sales at 53.1 Tons in Current Accord

European central banks and the International Monetary Fund sold 53.1 metric tons of gold so far in the current central bank gold agreement which began September, the World Gold Council said.

Euro zone banks sold 0.9 ton of the metal in the period, the council said today in an e-mailed report.

(Bloomberg) -- Money Creation Will Boost Gold Prices, Cuggino Says

Money creation, increasing liquidity and the global macroeconomic environment will continue to boost gold prices, Michael Cuggino, the president and portfolio manager of Permanent Portfolio Family of Funds, said today at the Bloomberg Link Precious Metals Conference in New York.

(Bloomberg) -- Gold Will Climb to $1,650 an Ounce by Yearend, Rhind Says

Gold prices will climb to $1,650 an ounce by yearend, William Rhind, the head of sales and marketing at ETFS Marketing LLC, said today at the Bloomberg Link Precious Metals Conference in New York.
Most retail investors are still “not participating” in the gold market, and more buying would be “bullish” for the market, Rhind said.

(Bloomberg) -- Gold Will Climb to $1,575 an Ounce by Yearend, Anderson Says

Gold prices will climb to $1,575 an ounce by yearend, Thomas Anderson, the vice president and global head of ETF strategy and research at State Street Global Advisors, said today at the Bloomberg Link Precious Metals Conference in New York.

Investors are purchasing the metal for “wealth preservation” and to take “risk out of” their overall portfolios, Anderson said.

(Bloomberg) -- Lots of ‘Bullish’ Fundamentals for Gold, Arrowhawk’s Fan Says

There are lots of “bullish” fundamentals that will continue to support gold prices, and negative real interest rates make the metal “attractive,” Jennifer Fan, a partner and senior portfolio manager at Arrowhawk Capital Partners, said today at the Bloomberg Link Precious Metals Conference in New York.

(Bloomberg) -- Casimir Capital’s Sands ‘Very Bullish’ on ‘Going Higher’ Gold

Richard Sands, president and chief executive officer at Casimir Capital LP, said he is “very bullish” on gold. “We think it’s going higher,” Sands said during the Bloomberg Link Precious Metals conference in New York.

Earlier, George Gero, vice president-global futures at RBC Capital Markets, said the precious metal’s recent purchasers were “weak buyers” who bought the commodity for “momentum reasons.” The metal functions as an “additional, alternate currency,” Gero said.

(Bloomberg) -- Platinum May Climb to $3,000/Oz, Stillwater’s Mcallister Says

The price of platinum may climb to $3,000 an ounce and palladium prices to between $1,500 and $2,000 an ounce over the next five years, Francis McAllister, chairman and chief executive officer at the Stillwater Mining Company, said today at the Bloomberg Link Precious Metals conference in New York.

While platinum will remain the more expensive of the two metals, the gap between their prices will narrow, he said. Demand for the metals from the auto industry, particularly in China, will drive prices, he said.

(Bloomberg) -- PGM Supply Can’t Keep Up With Demand, CPM Group’s Rannestad Says

Platinum group metals supply can’t keep up with demand, Erica Rannestad, commodities analyst at CPM
Group, said today at the Bloomberg Link Precious Metals conference in New York. “The fundamentals are really tight,” she told the audience.

(Bloomberg) -- PGM Demand to Outstrip Supply on Auto Demand, TMR’s Lifton Says

Demand for platinum group metals will continue to outstrip supplies as long as the auto industry uses catalytic converters, Jack Lifton, founding principal of Technology Metals Research LLC, said today at the Bloomberg Link Precious Metals conference in New York.

(Bloomberg) -- Gold Luring Central-Bank Buyers May Extend Record Rally in Price

 Central banks that were net sellers of gold a decade ago are buying the precious metal to reduce their reliance on the dollar as a reserve currency, signaling demand that may extend a record rally in prices.

As developing countries accelerate purchases, gold may reach $2,000 an ounce this year, compared with a record of $1,538.80 yesterday in New York, said Robert McEwen, the chief executive officer of producer U.S. Gold Corp. Euro Pacific Capital’s Michael Pento, who correctly predicted gold’s highs for the past two years, forecast a 2011 high of $1,600.

Prices reached a record 14 times this month on demand from investors seeking an alternative to the dollar after the currency slumped to the lowest since 2009, U.S. debt widened, and the Federal Reserve signaled April 27 that borrowing costs will remain near zero percent for an extended period. The economy in China, the biggest foreign holder of U.S. Treasuries, grew 9.7 percent in the first quarter.

“China is out to have more gold than America, and Russia is aspiring to the same,” McEwen said yesterday in an interview in New York. “When you have debt, you don’t have a lot of flexibility. China wants to show its currency has more backing than the U.S.”

In 2010, central banks became net buyers for the first time in two decades, adding 87 metric tons in official-sector purchases by countries including Bolivia, Sri Lanka and Mauritius, according to World Gold Council data. China, with more than $3 trillion in foreign-currency reserves, plans to set up new funds to invest in precious metals, Century Weekly reported this week. Russia purchased 8 tons of gold in the first quarter.

China’s Gold Reserves

China, which has just 1.6 percent of its reserves in gold, may invest more than $1 trillion in bullion, Pento said. “China wants to be an international player, and they need to own more gold than they currently have.”

The U.S. Treasury Department projects the government could reach its debt ceiling of $14.3 trillion as soon as mid-May and run out of options for avoiding default by early July. The Fed has kept its benchmark rate between zero percent and 0.25 percent since December 2008 to help stimulate the economy, driving the dollar down 11 percent against a basket of six major currencies during the past year.

“Until monetary policy changes, you’re going to continue to see gold go up,” said Michael Cuggino, who helps manage $12 billion at Permanent Portfolio Funds in San Francisco.

“Ultimately the best thing we can do to create strong fundamentals for the dollar in the medium term is first, keep inflation low, which maintains the buying power of the dollar, and second, create a stronger economy,” Fed Chairman Ben S. Bernanke said on April 27.

U.S. Reserves

As of April, China was the sixth-largest official holder of gold, with 1,054.1 tons, according to World Gold Council estimates. The U.S. has the most, with 8,133.5 tons, or 74.8 percent of the nation’s currency reserves, council data show.

Central-bank buying may have the same impact on gold as the introduction of exchange-traded funds, Cuggino said. Prices have more than tripled since the SPDR Gold Trust, the biggest ETF backed by bullion, was introduced in November 2004.

Central banks in emerging markets may aim to hold 2 percent to 8 percent of their foreign-currency reserves in gold, Francisco Blanch, the head of commodities research at Bank of America Merrill Lynch in New York, said in an interview.

Gold is “close to” its cyclical high, said Blanch, who expects the metal to average $1,500 this year.
Gold’s Enemies

“The enemies of gold are rising interest rates and a balanced budget,” said Pento of Euro Pacific Capital in New York. “I look for a summer swoon once Bernanke exits the bond market. You’re going to have a temporary rise in real interest rates.”

The Fed said it would buy $600 billion in U.S. Treasuries through June.

The Federal Funds rate would have to rise to “Volcker” levels before gold enters a bear market, said Gold Corp.’s McEwen, who expects the metal to rise to $5,000 over three to four years.

Prices have advanced 7.7 percent this year, extending a decade of gains in which gold jumped sixfold from a low in 1999. The all-time inflation adjusted record is $2,338.92, based on the value on Jan. 21, 1980, according to a calculator on the Web site of the Federal Reserve Bank of Minneapolis.

Former Fed Chairman Paul Volcker ended gold’s rally to a then-record $873 by raising borrowing costs to 20 percent in March 1980.

 Silver Adjusted for Inflation – (U.S. Urban consumers price index) – April 1971 to April 2011

(Irish Times)-- Stock Take - Proinsias O'Mahony:  Silver Linings

A fortnight ago, this column warned that silver, trading at $40, had “seldom looked so expensive”. It almost touched $50 on Monday.

Mea culpa? No. Such parabolic moves are typical of bubbles, which tend to unwind just as rapidly. Having traded more than 26 per cent above its 50-day moving average – no other commodity was remotely as overbought – the metal finally sold off, quickly falling below $45 on Tuesday. Silver has risen by almost 150 per cent over the last year and by 50 per cent since January. The gold:silver ratio, having this month fallen below 40:1 for the first time since 1983, fell to 32:1 on Monday.

Trading volumes, which hit record levels this week, have tripled over the same period. Leveraged exchange-traded funds, which allow traders to bet against silver, are also seeing record trading volumes. The huge volatility has resulted in a rise in margin requirements for speculators. Silver trading, it appears, is best left to those with strong stomachs.

(Editors Note: A little knowledge is a dangerous thing. This superficial analysis of silver purports to analyse the silver market and yet completely ignores the fundamental driver of prices in the silver market and other markets – supply and demand. It also completely ignores the fact that silver is near record nominal highs and well below real inflation adjusted highs of $140/oz (see chart above). It talks about “silver trading” being best left to “strong stomachs”. This is true however trading and speculation is in large part why wealth has been decimated in recent years and passive allocation and diversification into safer assets would be more prudent advice then superficial analysis regarding trading silver. The article is indicative of the lack of understanding about gold and silver as safe haven diversifications. As the old expression goes some “know the price of everything but the value of nothing”.)

(Miningweekly.com) – Old gold fundamentals are 'passe' – Peter Munk

The traditional supply and demand fundamentals that have determined the gold price in previous decades no longer apply, Barrick Gold chairperson and founder Peter Munk asserted on Wednesday.

Gold prices, which reached record highs above $1 520/oz on Wednesday, are being driven by investors looking for security, and looking to protect wealth, he said at the annual shareholders meeting of the world's biggest gold company.

Investment demand exceeded jewellery demand for gold in 2010 for the first time, and some analysts have suggested this puts the market in a precarious position, as prices could fall sharply if investor demand growth slowed or reversed.

But Munk insisted that the old dynamics of physical demand have lost their importance.

“Gold today is no longer related to a normal economic cycle of supply and demand, jewellery and Indian wedding seasons...” he said.

“All those things are passe, forget about them.”

Gold is being driven by “a fundamental, global and growing insecurity, a fundamental, global and growing lack of confidence of the world in everything they were brought up to believe in”.

All this means that “gold's future is assured”, Munk said.

“Because ultimately more and more people every day looking for security and looking to protect wealth are driven to gold.”

Speaking earlier, CEO Aaron Regent said Barrick remains very positive on the outlook for gold, which is proving to be the “currency of choice as the ultimate store of value”.

Barrick reported a 22% increase in first-quarter net profit on Wednesday, thanks mainly to higher bullion prices

 

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Fri, 04/29/2011 - 07:56 | 1219725 Hephasteus
Hephasteus's picture

Bank of International Puke on the Floor

Fri, 04/29/2011 - 08:09 | 1219757 Twindrives
Twindrives's picture

Excellent.  Let the Chinese and the Russians kick Wall Street squarely in the balls.  And the U.S. government too for their lack of courage in reining in the corruption. 

Big banks and big government in this country can burn in hell.  

Fri, 04/29/2011 - 08:24 | 1219803 Hephasteus
Hephasteus's picture

What are the UCC rules. Pay or sucker someone into fighting for you.

Fri, 04/29/2011 - 08:49 | 1219886 Ruffcut
Ruffcut's picture

"Big banks and big government in this country can burn in hell. "

Hell, is their base and their zen. They bought a lifetime lease.

Newsflash: Eugenics scientists' are worried that sheople culling will cause an overcrowding situation in hell. Banksters are in meetings to determine if they can profit from this potential bubble. The government is also looking into tax withholdings for those who sold their soul. Tim Geitner is in favor of such a provocative revenue stream, as long as "certain grandfather clauses are instituted."

Fri, 04/29/2011 - 09:28 | 1220031 Re-Discovery
Re-Discovery's picture

You mean there is other news than the lovely Kate and that other dude getting hitched (and oh how quaint it was.  Tasteful and elegant in the way that only a wedding attended by 500,000 can be.)

OK, so Russian billionaires, delivery failures, CDS fraud distracting JPM and Goldman, Michigan Sentiment Heroin to keep the sheep grazing, PMIs, PMS, and Precious Metals going up.  What else did I miss? 

I see my Silver holdings are up across the board.  Especially the much manipulated SIL.  My rally did not come yesterday afternoon.  I think today's silver stock move will be green but I expect a bear attack early to late afternoon to coincide with several "Silver Bubble?" articles over the weekend.

I may take as much as half of my Silver exposure off the table at the first sign of the attack and look to get back in late in the day or Monday morning.  These attacks are correlated, seem to start in the miners, and always end up being great buying opps.  Long aint wrong, so maybe I'll lose today to the "Buy and Holds."  The shorts still appear reckless to me at this point but they're out there and one day, might get the brief correction they seem to crow about daily.

Now I can't wait to buy up all the magazines with "behind the scenes EXCLUSIVE wedding pics" . . .

 

Fri, 04/29/2011 - 22:05 | 1222985 FlyPaper
FlyPaper's picture

Wall street banks fail -> FDIC steps in -> taxpayers bail out Wall Street banks.  So how'm I supposed to feel good when the kick in the balls is just a pass-through to the tax payers? 

Fri, 04/29/2011 - 08:36 | 1219832 tmosley
tmosley's picture

"crashes"

You keep using that word.  I do not think it means what you think it means.

Fri, 04/29/2011 - 08:51 | 1219897 Sig Sauer
Sig Sauer's picture

+ inigo montoya

Fri, 04/29/2011 - 08:56 | 1219910 SWCroaker
SWCroaker's picture

Inconceivable!

Fri, 04/29/2011 - 21:19 | 1222902 Bicycle Repairman
Bicycle Repairman's picture

I was "Mathbitches" 50th junk.  That's why his a$$ disappeared.

Fri, 04/29/2011 - 08:48 | 1219883 bankrupt JPM bu...
bankrupt JPM buy silver's picture

Crashes?...youve been saying this since $26.  You are 100% (literally) wrong, you are getting smoked on your puts, and the writer of those puts is laughing his ass- all you are is a grape that we are are crushing.  Sweet Ferrari faggot, if you had any taste you would be new school with a tesla you fucksquible. 

 

www.silvergoldsilver.blogspot.com

Fri, 04/29/2011 - 08:49 | 1219889 Upswaller
Upswaller's picture

So Meth, you're saying the dollar will come screaming back, inflation will no longer be a factor, deficit spending will halt, unicorns will shit rainbows and you'll finally own your own bridge?  Usually I simply ignore your posts, but hoped this one was short and pithy.  But........no.  Go back under your rented bridge and don't come out until we say so.

Fri, 04/29/2011 - 11:17 | 1220552 Kopfjager
Kopfjager's picture

Whoa whoa whoa...  Leave the unicorns out of this.  

Fri, 04/29/2011 - 08:52 | 1219902 Ruffcut
Ruffcut's picture

Where you been moron man?

Digging holes around the yard, looking for that $5 silver? Oops, watch your step. You stepped into more dogshit.

Fri, 04/29/2011 - 09:02 | 1219944 Math Man
Math Man's picture

By the way, I haven't seen any Zerohedge coverage of Eric Sprott's sale of 1.6mm shares of PSLV on behalf of his funds (most of it on 4/21/2011).

The most vocal bull and manager of PSLV selling his position must not be important.

Have fun when silver crashes.  Even Eric Sprott is a seller here.

 

Fri, 04/29/2011 - 09:08 | 1219958 Math Man
Math Man's picture

Here are links to the SEC filings:

 

11/3/10: 14.97mm shares

http://www.sec.gov/Archives/edgar/data/1277006/000091957410006801/d11469...

 

4/21/11:  13.36mm shares

http://www.sec.gov/Archives/edgar/data/1277006/000091957411002836/d11902...

 

SPROTT IS NOW A SELLER.

Fri, 04/29/2011 - 09:24 | 1220024 long juan silver
long juan silver's picture

LOL. Maybe the Russian Billy air bot it. Hehe I don't consider thieves "smart money".

(BTW Bunky Hunt's no longer a bag holder)

long AGQ from 60. Paper yeas but I like it too.

Fri, 04/29/2011 - 14:48 | 1221576 mrgneiss
mrgneiss's picture

At least Sprott has some skin in the game.

 

How much do the managers and directors of SLV and GLD own of their own funds?  Squat, nothing, diddly.

 

Which one worries me more?  The guy who sold a fraction of his holdings, or the ones that hold nothing of the fund they manage or direct?

Fri, 04/29/2011 - 09:48 | 1220140 Hephasteus
Hephasteus's picture

Sprott doesn't have shares. His customers do. So some canadians are going to sell silver. But hey. They don't use the dollar do they?

Fri, 04/29/2011 - 09:52 | 1220154 Math Man
Math Man's picture

I totally forgot.  Everything is bullish for silver.

Even the biggest bull out there selling on behalf of his customers.

Fri, 04/29/2011 - 11:34 | 1220612 Smu the Wonderhorse
Smu the Wonderhorse's picture

Math Man.  A good faith question here:  Why do you think silver is in a bubble?  Because of the price action alone or for other more fundamental reasons?

Fri, 04/29/2011 - 13:20 | 1221006 akak
akak's picture

September 12, 2012:

In other news, MethMan was appointed by President Obama as the nation's new Silver Czar, responsible for the newly-created legions of shovel-wielders assembled under the Total Resource Optimization Labor Law (TROLL), who have been tasked with digging into the nation's regolith in search of silver to replenish the COMEX warehouses after their June 2011 default and the subsequent immediate rise in the price of silver to $284 per ounce, and on to $5866 today. Czar MethMan, in an official press release, dismissed widespread doubts about this venture and reaffirmed his confidence in the success of his diggers' mission, stating "the shit is fucking everywhere!".

For reasons not fully understood, however, the TROLL legions of Silver Czar MethMan have become popularly known as "The $5 Brigade" --- perhaps referring to the low-value silver-colored $5 coin issued by the US Mint in the autumn of 2011 following the international dollar crisis, but now being removed from circulation due to its stainless steel content exceeding its face value.

Fri, 04/29/2011 - 13:40 | 1221209 Upswaller
Upswaller's picture

+ 50   ($)

Fri, 04/29/2011 - 14:08 | 1221371 SemperFord
SemperFord's picture

I thought TROLL would be immediately sent to mine for silver ore in Fukushima??? Did I miss somehting?

Fri, 04/29/2011 - 09:08 | 1219963 bingaling
bingaling's picture

What was the percentage of his holdings in PSLV he sold?

Fri, 04/29/2011 - 09:12 | 1219978 tmosley
tmosley's picture

lol, who's putting their faith in conspiracy theories now?

It's just as likely he removed some silver from the fund to start a new one, since he can't do follow on offerings any more without breaking his word.

Fri, 04/29/2011 - 09:18 | 1219987 Math Man
Math Man's picture

YOU.

HE SOLD 1.6MM SHARES. 

That is the fact.  Everything else is pure speculation.

Fri, 04/29/2011 - 09:24 | 1220016 Snidley Whipsnae
Snidley Whipsnae's picture

You're sounding more desperate by the day, meth man...

I can picture you screeching as you type...lol

Everyone here knows that you're a troll... go play in a new sand box where you aren't known... and take the other trolls with you...

Fri, 04/29/2011 - 09:26 | 1220021 Math Man
Math Man's picture

I'm just trying to help you guys out. 

Tmosely is going to lose his shirt with his 95% physical silver allocation.

Sprott is selling... you should too.

 

Fri, 04/29/2011 - 09:25 | 1220037 tmosley
tmosley's picture

No, you have lost your shirt on every investment you have made since you have come here.  Tell us about the other 98...er...96...er...90%  of your portfolio.  I'd bet that has lost purchasing power too.

But misery loves company, so you want all the winners who own silver to get out of it.

Get the fuck out of here, you fucking loser.

Fri, 04/29/2011 - 09:31 | 1220042 Math Man
Math Man's picture

On every investment?  I have more the 50 line items in my PA.  My silver puts are just one.

I know it inconcievable to you that someone might own more than one thing (physical silver), but most of us a very diversified.

Stop making shit up, Tmo.

 

Fri, 04/29/2011 - 09:32 | 1220058 tmosley
tmosley's picture

Every investment you have posted has been a total loss.  And those are the ones you told us about, lol.

Fri, 04/29/2011 - 09:36 | 1220076 Math Man
Math Man's picture

It's all about expected value, tmo. 

I'll gladly bleed away a little premium here and there on SLV puts, because when silver breaks, I make many multiples of my initial investment.

I don't think you get it.  Even with my small put losses, I'm still up.  And when silver finally crashes, I'm going to make a fucking mint.

The upside is even higher now than it was a few months ago.

Fri, 04/29/2011 - 10:02 | 1220179 tmosley
tmosley's picture

What happens when it doesn't?

You are left a desiccated husk from all your bloodletting.

And you are NOT up.  You are a lying shitsink.  Post us some other positions and we'll see how they do over the coming weeks and months.

But you won't, because you are a loser and you know it.

Fri, 04/29/2011 - 11:07 | 1220513 fiftybagger
Fri, 04/29/2011 - 13:52 | 1221284 Harmonious_Diss...
Harmonious_Dissonance's picture

I love you Meth Man, Don't ever leave you smelly pile of doodoo you! To be fair GEN is flat, not down, since you mentioned it upon your first apprearance here on ZH. Good show!

Fri, 04/29/2011 - 15:27 | 1221779 BigJim
BigJim's picture

As I recall, the D-day for your silver bets is June? You're expecting it to be considerably less than $26 an ounce?

You must admit, Math Man, it's not looking too good for your prognosticatory acuity, at the moment...

Fri, 04/29/2011 - 12:27 | 1220850 Ahmeexnal
Ahmeexnal's picture

MathMan, your idiocy has no boundaries.

Tha fact that you are desperately trying to shake people of their physical is clear indication that TPTB are hanging by their nails over the edge.

I'll tell you what...I'm buying some more physical today.

Tell your gay overlords you failed....again.

Fri, 04/29/2011 - 12:46 | 1220952 smeagol
smeagol's picture

diversified= di-worse-ified, as Buffet once said

Fri, 04/29/2011 - 09:28 | 1220051 tmosley
tmosley's picture

Though I guess that 90% of your portfolio is now 100%, since all of your options plays have been total losses.

Time to reload, and shoot yourself in the foot again, lol.

Fri, 04/29/2011 - 09:53 | 1220161 55 men
55 men's picture

What will we lose again "IF" your right, a little profit. Do you really think the goons on the hill are actually going to do something for the people or their country. The answer is no, they are going to continue to get theirs and that's all they care about. We can liquidate very quickly with PM's, how long does it take to receive funds if you closed out a roth ira or anyother paper transaction. We own it because we can touch it. You have a piece of paper that tells you what time your next dinner date with your mom is. Speaking of that, have you ever seen the movie Spanking the Monkey, it is right up your alley, it's about a kid who gets his mom drunk to get on her.

Fri, 04/29/2011 - 13:34 | 1221163 Citxmech
Citxmech's picture

Yeah - Sprott's selling SLV to finance physical Ag purchases.  That's the smart money move.  When Sprott starts selling physical, then you can sound the alarm.

Fri, 04/29/2011 - 10:55 | 1220443 Ruffcut
Ruffcut's picture

Math moron,

You obviously don't know what your talking about or doing.

SLV option chain, either way is a bad deal.

You either don't know anything about options or have no MATH skills.

I made 10x from jan calls sold in dec, and would be lucky to score a double with the shitty premiums currently.

Go away and learn something about trading and markets, then tell us how stoopid you have been.

Fri, 04/29/2011 - 11:02 | 1220473 riley martini
riley martini's picture

 PSLV sells for a  17% premium over NAV . Who wouldn't sell . Sell the paper and buy the metal for 17% less .

Fri, 04/29/2011 - 11:07 | 1220501 riley martini
riley martini's picture

 PSLV sells at  a 17% premium to NAV who wouldn't sell . Sell the paper and buy the metal for 17% less.

Fri, 04/29/2011 - 11:13 | 1220533 riley martini
riley martini's picture

 PSLV sella at a 17% premium to NAV who wouldn't sell . Sell the paper and buy the metal for 17% less

Fri, 04/29/2011 - 12:03 | 1220744 SRV - ES339
SRV - ES339's picture

Good point MM... the share price "crashed" an amazing $0.02 on 4/21/2011!

Fri, 04/29/2011 - 09:17 | 1219992 rambler6421
rambler6421's picture

Silver will crash when it gets to 500 bucks.

Fri, 04/29/2011 - 09:27 | 1220035 long juan silver
long juan silver's picture

500 a ton

Fri, 04/29/2011 - 10:43 | 1220394 Richard Head
Richard Head's picture

Whatever you say, william the bastard.  Your views are so brilliant that you had to abandon your old screen name.  TROLL, DOUCHE, FAIL.

Fri, 04/29/2011 - 10:20 | 1220266 Citxmech
Citxmech's picture

I love how you talk shit about Ag being in a bubble - but you think you can time the top...  What a crock.  Holding phyical I can't lose more than I've invested - And since my cost-average is still below $20/oz [even though I'm still buying every month] I really can't lose.  Buying puts or calls on leverage - THATs how you can lose your ass.  Holders of physical are preserving wealth.  You need to worry more about your position than ours.

PS  I note that you never comment on the inflationary influance of money-printing...  No smug "$5 to dig it out" answers for that charge?

Fri, 04/29/2011 - 12:08 | 1220775 Ahmeexnal
Ahmeexnal's picture

MathMan, why don't you just go line up at Mickey Dees HR so you can be first dibs when the next round of hirings are announced?

Fri, 04/29/2011 - 08:31 | 1219823 augie
augie's picture

+1

Fri, 04/29/2011 - 08:38 | 1219837 Al Gorerhythm
Al Gorerhythm's picture

 

Blythe at the controls, Comex CEO in Tower.

3:29:21 New York TRACON: "Cactus 1529, turn right 2-8-0, you can land runway one at Teterboro."

3:29:25 Flight 1549: "We can't do it."

3:29:26 New York TRACON: "OK, which runway would you like at Teterboro?"

3:29:28 Flight 1549: "We're gonna be in the Hudson."

SPLASH!   Cactus 1529? Cactus 1529? Respond.

 

Fri, 04/29/2011 - 07:59 | 1219734 wandstrasse
wandstrasse's picture

sorry for the out of context post, but you cannot afford to miss the info:

Trash director Uwe Boll makes 'a thriller where a guy actually strikes back and starts killing all the investment bankers'

http://insidemovies.ew.com/2011/03/23/uwe-boll/

 

Fri, 04/29/2011 - 08:03 | 1219742 snowball777
snowball777's picture

Please let it be a documentary. Please let it be a documentary. Please let it be a documentary.

Fri, 04/29/2011 - 08:28 | 1219807 narapoiddyslexia
narapoiddyslexia's picture

Ummm, why do you think this is out of context, again?

Fri, 04/29/2011 - 08:49 | 1219878 wandstrasse
wandstrasse's picture

I forgot why!

Fri, 04/29/2011 - 08:11 | 1219755 Hephasteus
Hephasteus's picture

Fucking hollywood.

 

Fri, 04/29/2011 - 08:12 | 1219761 Forward History
Forward History's picture

Ever seen "Rampage"? It's actually a pretty smart flick that is surprisingly well done. I am still dumbfounded that Uwe Boll made it.

Fri, 04/29/2011 - 09:28 | 1220038 Zedge Hero
Zedge Hero's picture

"chirp chirp" - Rampage is great, saw it a couple times and it give me tingles every time. The talk radio in the backround of that movie reminds me of Zero Hedge. 

Fri, 04/29/2011 - 08:02 | 1219738 snowball777
snowball777's picture

What's the problem? Everyone here talks about how they buy a monsterbox every payday and have been burying rolls in their backyard since the Ford administration...there must be trillions of ounces above (or slightly below) ground by now. ;)

 

Fri, 04/29/2011 - 08:05 | 1219747 Turtlelord
Turtlelord's picture

Seconded!

Fri, 04/29/2011 - 08:09 | 1219750 Treeplanter
Treeplanter's picture

Trillions of ozs. hoarded. None for sale.  

Fri, 04/29/2011 - 09:02 | 1219945 Urban Redneck
Urban Redneck's picture

Sort of like a Poor Man's CBGA, trickle-up economics, force the big buyers to pay the same or higher premium that everyone else must.  

Fri, 04/29/2011 - 08:27 | 1219820 Hephasteus
Hephasteus's picture

Nobody knows what you are talking about.

Fri, 04/29/2011 - 09:07 | 1219950 The Barber Us Relic
The Barber Us Relic's picture

+$55.80 (ASE on APMEX) lol

Fri, 04/29/2011 - 15:41 | 1221868 Temporalist
Temporalist's picture

Seems like last week it had just hit $50...oh it was last week.

Fri, 04/29/2011 - 09:24 | 1219854 cowdiddly
cowdiddly's picture

Yes officer I know I buried that pvc pipe around here some where. Better take off those sunglasses I have seen a few rattlesnakes in the past around . Oh an watch out for that trip wire. Spikes? No those are not spikes, our native cane just sprouts at funny angles. Reciept with my name on it? Yes I traded that for this here rifle. Just You and your friend in the car came out here by yourself? Fade to strange banjo music.................ping, pa pling pling,

PLATA, PURA, PUTAS

Fri, 04/29/2011 - 13:14 | 1221083 Ahmeexnal
Ahmeexnal's picture

Protect your PMs with APMs.

Bouncing Betty is your friend!

Fri, 04/29/2011 - 08:03 | 1219741 Creed
Creed's picture

The Federal Funds rate would have to rise to “Volcker” levels before gold enters a bear market, said Gold Corp.’s McEwen, who expects the metal to rise to $5,000 over three to four years.

 

using a GSR of 30, $5k gold would equal $166.6 silver

Fri, 04/29/2011 - 08:19 | 1219780 TeMpTeK
TeMpTeK's picture

Fastmoney says Silver is in a bubble yesterday....quick,... Head for the Doors!

http://www.youtube.com/watch?v=VdfoNb4x0j0

Fri, 04/29/2011 - 08:37 | 1219850 Hephasteus
Hephasteus's picture

Yahoo says billions globally watched some wedding.

People lie.

Fri, 04/29/2011 - 10:07 | 1220213 PeaBird
PeaBird's picture

Thanks for the link.

Fri, 04/29/2011 - 08:06 | 1219743 CH1
CH1's picture

FT is putting up a trial baloon.

Rather than "JPM was caught in a short squeeze, after long-term naked shorting and other manipulations, which Comex ignored," it will be "evil speculators tried to corner the market."

 

Fri, 04/29/2011 - 08:48 | 1219882 DeadFred
DeadFred's picture

So let's send out the National Guard to confiscate their gold and silver.  Beware, they could sell that story to the masses.

Fri, 04/29/2011 - 08:02 | 1219745 The Axe
The Axe's picture

Excuse me....come up from the boiler room....please.

Fri, 04/29/2011 - 08:11 | 1219751 HellFish
HellFish's picture

 

moved.

Fri, 04/29/2011 - 08:05 | 1219748 sunnydays
sunnydays's picture

This last week I have never seen so many anti silver articles on all the financial pages.

From Seeking Alpha, Kitco, and others they have had one analyst after another saying "Don't buy silver, about to drop to the teens - it is over bought etc". 

It seems they brought out every media person they could to try and scare the people.

 

Now if this is correct.... then we will have default.  Are 108 MILLION ounces really standing for delivery? -  Sirens ahead and it won't just be in the 50's that silver will be at - by the end of May.... think triple digits!

 

http://harveyorgan.blogspot.com/

Before beginning, Adrian Douglas of GATA and Market Force Analysis has just commented that the options exercised in gold for the month of May totalled an astronomical 18,366 or 1.8366 million oz of gold. In silver he announced that 21,721 contracts or 108 million oz of silver were exercised.
If this is true, either Blythe asks the Fed to start printing massive dollars or the Comex goes belly-up.
I am in the process of verifying this and I will inform you.  If true this is a major development.

here is Adrian's comments:


In a stunning development yesterday 18,366 MAY GOLD CALL options were EXERCISED for futures contracts and 21,721 MAY SILVER CALL options were EXERCISED for futures. If these are not settled in a backroom cash deal for large premiums a default is looming!
Cheers
Adrian

 

 

Fri, 04/29/2011 - 08:17 | 1219776 overmedicatedun...
overmedicatedundersexed's picture

wynter benton, you magnificent bastard!!

Fri, 04/29/2011 - 09:01 | 1219926 fredquimby
Fri, 04/29/2011 - 11:54 | 1220713 sunnydays
sunnydays's picture

I can tell he does not like Eric Sprott.  Wow over and over again saying Eric is the only reason silver is high and implying Eric is ripping people off. 

 

Oh besides the sell sell sell sell any silver you have, because it will only drop from here.

 

Math man and him must be same person and is this Jon Nadler's other persona?

 

Fri, 04/29/2011 - 13:50 | 1221295 floydian slip
floydian slip's picture

I read 321 gold every day for people like stewart thompson and daryl shcoon

but when i saw this(link below) and the article bob wrote the other day, seems like hes kinda losing it

http://dont-tread-on.me/my-skirmish-with-321gold/

Fri, 04/29/2011 - 12:50 | 1220980 John Wilmot
John Wilmot's picture

The 'options monster' guy on fastmoney yesterday called the action in silver options a 'freakshow' and then promptly crapped himself on air...

Fri, 04/29/2011 - 08:12 | 1219758 HellFish
HellFish's picture

 

Question to those in the know - what happens to the price of a share of SLV if COMEX defaults?  Does it go to zero or does it attempt to reflect the high market price of silver due to the squeeze?

Don't worry I'm just playing with SLV options.  I have my physical.

Thanks.

Fri, 04/29/2011 - 08:20 | 1219781 sharkbait
sharkbait's picture

I am in exactly the same bought.  Large position (large by my standards, which is not large for most people) SLV call position.

I beleive SLV will be fine in a COMEX default.

I am not in the COMEX default is imminent camp.

Fri, 04/29/2011 - 08:54 | 1219916 Snidley Whipsnae
Snidley Whipsnae's picture

You're holding paper silver with a default possible and you are not concerned?

What kind of meds are you on?

Fri, 04/29/2011 - 09:01 | 1219933 DeadFred
DeadFred's picture

Your danger comes from the gov/regulatory response to the default.  Who knows what they could come up with but the downside could be sudden and huge.  I don't want to sound like a troll but we are in uncharted waters now.  I'm thrilled to see what is happening but the law of unusual events says when you are experiencing one unusual event don't be surprised if other unusal things occur as well.  I'd love to know how to hedge for governmental malevolence.

Fri, 04/29/2011 - 09:18 | 1219996 Snidley Whipsnae
Snidley Whipsnae's picture

Get some of your assets out of the US... In fact, you should have done so years ago... This is a slow motion train wreck and it's been evident to me since before the housing bubble collapse. Anyone that has watched the secular rise in gold for the past 11 years and not thought 'what's up with this?', must have been living in a cave.

Did you see the new rules for aquiring a pass port? Draconian is the word that comes to my mind.

Fri, 04/29/2011 - 12:10 | 1220783 Tidewater
Tidewater's picture

My read is that, were the COMEX unable to deliver silver, volatility on the SLV would skyrocket as the market questioned the legitimacy of the trust's holdings and custodial integrity, even as the price of the metal surged. No net benefit to the long-term SLV holder there (relative to he who holds the metal). Because regardless of how the story ultimately shook out (BlackRock can back the trust, BlackRock can't back the trust), SLV would carry massive downside volatility relative to the physical commodity as the drama played out. We'd see large upside moves in SLV on the "new" fundamental information of a commodity shortage, and downside pressure on investor concerns of a run on the trust (again, regardless of how that question ultimate resolves). So you'd be better off holding the metal than irredeemable listed claims on the metal, obviously. At least that's my read and one way it could play out. That said, if the COMEX defaults I'd rather hold SLV than not hold it -- but I'd rather hold the metal than the iShares. And I do.

Sat, 04/30/2011 - 13:08 | 1224107 Piranhanoia
Piranhanoia's picture

then one must rely solely on faith in your masters.  Burn the witch, eh?

Fri, 04/29/2011 - 15:48 | 1221882 Temporalist
Temporalist's picture

It goes to zero because everyone with enough money redeems their shares for the physical and then only paper is left.  When the underlying asset goes there is nothing but lawsuits.

Fri, 04/29/2011 - 08:09 | 1219759 trav7777
trav7777's picture

COMEX is price fixing mechanism...I don't even know why they bother with this legacy function of warehousing.  They should leave that to real buyers and sellers.

Fri, 04/29/2011 - 09:17 | 1219989 CD
CD's picture

Wouldn't that be because then the sellers might actually have to put up physical collateral for the paper being sold...?

Fri, 04/29/2011 - 08:10 | 1219762 Silver Shield
Silver Shield's picture

At some point you will not be able to trade your trash/cash for real money.

http://dont-tread-on.me/2011-doom-is-6-months-away/

Fri, 04/29/2011 - 09:19 | 1219998 falak pema
falak pema's picture

this guy's a few years ahead of us...but its pointing that a way...

Fri, 04/29/2011 - 13:52 | 1221306 floydian slip
floydian slip's picture

nice site  :)

 

liked the way you got bob all undie bunched lol

Fri, 04/29/2011 - 08:16 | 1219773 Forward History
Forward History's picture

It really pays to dabble in numismatics as well when you're looking for the best bang for your buck. I never buy silver at spot. Here's one of my latest hits: 1988S Olympic Silver dollar: Melt: ~36$. Paid: $10.

Fri, 04/29/2011 - 08:29 | 1219817 cossack55
cossack55's picture

I'll share another trick. Look for sports "medallions" which many are 1 oz .999 which you can often pickup way less than spot. Good hunting.

Fri, 04/29/2011 - 08:59 | 1219927 Snidley Whipsnae
Snidley Whipsnae's picture

Yeah, I bought 20 'Joe Camel' medallions that are 999 silver 1oz for cheap about 2 years ago...paid about 12 bucks each for them...looking good now...Few people wanted the 'Joe Camel' collectibles cause smoking has been villified...but, silver is silver no matter the form. I look for this stuff at flea markets where many times vendors are selling way under spot.

Fri, 04/29/2011 - 10:24 | 1220287 Confuchius
Confuchius's picture

The problem is: Is it 1 oz @ .999 or ???

Must be melted and assayed.

Costs involved in doing this.

Fri, 04/29/2011 - 10:20 | 1220281 Crisismode
Crisismode's picture

What kind of person would sell PMs at less than 1/3 melt value??

Could you please arrange an introduction to this individual . . . I own a famous bridge in New York that I would be happy to offer at a greatly reduced price!

Fri, 04/29/2011 - 08:15 | 1219775 Sean7k
Sean7k's picture

Marketwatch is trumpeting the fall of silver this morning- even as it rises. The MSN will do it's job to create insecurity, but the only losers are those that fail to grasp the reality that silver is money. 

Silver eagle vs fifty dollar bill or hundred dollar bill? I know which one makes me feel more comfortable. Especially in light of debt management by the CB's and their printing presses. 

Read, "When Money Dies". It is not the exact same scenario, but the options for people were similar and the smart ones maintained their wealth in safe currencies and commodities. There are few currencies worth having. Which leaves...

Fri, 04/29/2011 - 08:33 | 1219830 Flakmeister
Flakmeister's picture

I like to think of the old silver dollars becoming $50's and the Eagles becoming the equivalent of a Guinea....

I have a weakness for the old 50 cent pieces, currently almost the equivalent of a $20....

Fri, 04/29/2011 - 09:00 | 1219936 Snidley Whipsnae
Snidley Whipsnae's picture

LOL... silver has fallen up to $49.21... MktWatch is another Bloomblab...

Fri, 04/29/2011 - 10:18 | 1220263 PeaBird
PeaBird's picture

MSN will do it's job to create insecurity

No, that would only happen if MSN trumpeted the "rise" of silver.

Fri, 04/29/2011 - 08:20 | 1219786 Dangertime
Dangertime's picture

Silver will break $50 next week and march possibly even to $60.  Then comes the painful ride back down.

Fri, 04/29/2011 - 09:00 | 1219923 Ruffcut
Ruffcut's picture

How's those puts doing dungertime? LOL

Fri, 04/29/2011 - 09:05 | 1219946 Snidley Whipsnae
Snidley Whipsnae's picture

Dungertime can cover his silver puts losses by selling videos of him eating expired out of money puts...

Fri, 04/29/2011 - 09:04 | 1219951 Dangertime
Dangertime's picture

Only down about 5k.  I actually may close them out and redeploy next week now that the picture is clearing.

Fri, 04/29/2011 - 09:09 | 1219966 Snidley Whipsnae
Snidley Whipsnae's picture

But you assured us that you had a 'clear picture' last week... and the week before... and the week before... etc...

Fri, 04/29/2011 - 09:14 | 1219976 Dangertime
Dangertime's picture

You must be a mosley or akak alias.  I only came on scene two weeks ago and never claimed to have a "clear picture".  As times goes on, one must adapt.

Too bad you will go down with the ship.

Fri, 04/29/2011 - 09:14 | 1219986 Hephasteus
Hephasteus's picture

No. We don't have to make new id's every couple weeks. That's snidely. Same snidely he was a year ago.

Fri, 04/29/2011 - 09:28 | 1220047 Ruffcut
Ruffcut's picture

You down only 5k?

You are certified to have your own investing newsletter. Your trading is not working out very well.

Fri, 04/29/2011 - 09:35 | 1220071 Dangertime
Dangertime's picture

Give it a month and we'll see who is the one that is down.

Fri, 04/29/2011 - 09:38 | 1220089 tmosley
tmosley's picture

You'll have gone through six more usernames by then.  Let's use past performance as an indicator.

Let's see...Yep.  You lose!

Fri, 04/29/2011 - 10:05 | 1220184 Dangertime
Dangertime's picture

You sure follow me around a lot.  You gonna send flowers too?

Fri, 04/29/2011 - 10:15 | 1220241 Hephasteus
Hephasteus's picture

Hey your good with charts. What is this weird thing this is doing. I can't figure it out for the life of me.

https://picasaweb.google.com/lh/photo/ouP2B4avqSG_BkVyjPJd8Q?feat=embedw...

Fri, 04/29/2011 - 10:19 | 1220265 tmosley
tmosley's picture

Uhh, we're in the same place, moron.  Leave ZeroHedge and I promise I'll never speak with you again.

Fri, 04/29/2011 - 10:31 | 1220313 Dangertime
Dangertime's picture

That's not very nice.  Maybe I'll send you a nice bottle of wine after silver goes balls to butt on you.

Fri, 04/29/2011 - 10:59 | 1220457 tmosley
tmosley's picture

I'm not up on the homosexual lingo, but perhaps you could do us all the favor of getting the fuck out of here, you walking farce.

Fri, 04/29/2011 - 11:01 | 1220468 Dangertime
Dangertime's picture

Another insult as you refuse to discuss the only subject that matters.  The price of silver.

Why so afraid mosley?  Why the need to attack the messenger instead of discussing the message?

Fri, 04/29/2011 - 12:31 | 1220875 tmosley
tmosley's picture

You are the one talking about balls and anuses, not me.

I've told you all you need to know about the price of silver.  Buy it.  Hold it.  Don't part with it.  The spot price doesn't matter, only the price for physical.  Which is now around $60.

You keep making the mistake of thinking you are special, or that you are having some sort of effect on me.  You aren't.  You are getting the same treatment I give to every PM troll that comes in here.  There are plenty of traders and silver bears in here that I don't tangle with, because they aren't trolls.  They know when they have lost, and they abandon their losing positions, rather than doubling down, as you claim to.  You ignore reality, and lie about your past in order to pursue an agenda.

You will never be welcome here.  Just go.

Fri, 04/29/2011 - 12:50 | 1220985 Dangertime
Dangertime's picture

So tell me, why did silver not hit these prices sooner?

Fri, 04/29/2011 - 10:59 | 1220471 Dangertime
Dangertime's picture

Another insult as you refuse to discuss the only subject that matters.  The price of silver.

Why so afraid mosley?  Why the need to attack the messenger instead of discussing the message?

Fri, 04/29/2011 - 11:00 | 1220474 Dangertime
Dangertime's picture

Another insult as you refuse to discuss the only subject that matters.  The price of silver.

Why so afraid mosley?  Why the need to attack the messenger instead of discussing the message?

Fri, 04/29/2011 - 11:10 | 1220504 Dangertime
Dangertime's picture

WOW, ZH lag fail.

Fri, 04/29/2011 - 11:08 | 1220506 Dangertime
Dangertime's picture

Still not willing to discuss the real issue, the price of silver.

I wonder why you are so afraid of mere words.....

Fri, 04/29/2011 - 11:08 | 1220507 Dangertime
Dangertime's picture

Still not willing to discuss the real issue, the price of silver.

I wonder why you are so afraid of mere words.....

Fri, 04/29/2011 - 11:08 | 1220508 Dangertime
Dangertime's picture

Still not willing to discuss the real issue, the price of silver.

I wonder why you are so afraid of mere words.....

Fri, 04/29/2011 - 11:08 | 1220509 Dangertime
Dangertime's picture

Still not willing to discuss the real issue, the price of silver.

I wonder why you are so afraid of mere words.....

Fri, 04/29/2011 - 12:00 | 1220722 eisley79
eisley79's picture

REAL DISCUSSION

Here are two quotes, monday and friday, and........ DISCUSS

 

 

Friday(Today):

----------------------------------

by DangerTime
on Fri, 04/29/2011 - 08:20

Silver will break $50 next week and march possibly even to $60.  Then comes the painful ride back down.

-----------------------------------

 

Monday:

------------------------------------
by Dangertime
on Mon, 04/25/2011 - 10:23

Silver peaked, Bitchez.
------------------------------------
by Dangertime
on Mon, 04/25/2011 - 10:35
You'll have a dip buying opportunity for the next six weeks as this pig gets roasted.

Where are Aka and Tmosely?  The idiots who kept pumping this thing and said I was stupid for(pretending to be) buying puts?
------------------------------------
by Dangertime
on Mon, 04/25/2011 - 10:35

Forgiven, the peak is in for this run.  We will see $50 again but not likely for another year.  You still have time to sell and restock with even more this summer.
------------------------------------

Fri, 04/29/2011 - 12:56 | 1220997 Dangertime
Dangertime's picture

You missed the post where I said that actually silver may end up breaking through $50 and head to even $60.

Times change dude as more information comes available, you have to adapt.

Not everything is some conspiracy theory.  Sometimes it's just people rolling with the punches and willing to actually document it by posting them.

Fri, 04/29/2011 - 19:14 | 1222545 eisley79
eisley79's picture

that's an interesting theory that you should consider in light of your other comments below.  The problem is, you are only saying it now because you talked your shit and GOT OWNED.  Now you try and pretend it never happened.

------------------------------------
by Dangertime
on Mon, 04/25/2011 - 10:35
You'll have a dip buying opportunity for the next six weeks as this pig gets roasted.

Where are Aka and Tmosely?  The idiots who kept pumping this thing and said I was stupid for(pretending to be) buying puts?

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by Dangertime
on Mon, 04/25/2011 - 10:51

In six weeks your post will look like such a noob call.
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by Dangertime
on Mon, 04/25/2011 - 10:39

If Asia buys this dip they are morons.....and it will not prop up this pig.
Silver to low $30's over the next six weeks.  The real pain is still yet to come!
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Fri, 04/29/2011 - 12:13 | 1220799 eisley79
eisley79's picture

you aren't old enough to buy wine in the US ("where you live in your mom's basement while attending community college")

 

But, I guess, you could send him imagi-wine, to go with your imagi-puts

Fri, 04/29/2011 - 12:57 | 1221005 Dangertime
Dangertime's picture

Your fears betray you.  When my puts go in the green you have already setup your escape routes by claiming I never bought them.

 

But inside, you know that I make a strong case and that I very well may be right about silver falling to the low $30's.

Fri, 04/29/2011 - 19:28 | 1222570 eisley79
eisley79's picture

actually fuck-chop, as I told you before, you're lying existence serves only my humor.  I dont care one way or another about your imaginary trades, as I have stated since the day I first noticed you trying to talk smack, and clearly lying.

Before the weekend spike,

Before the pull back,

Before you tried to claim victory,

Before you got owned,

Before it soldified and you started trying to pretend you didnt say what you said.

 

You dont make a CASE AT ALL, let alone a strong one. You came on to posting to try and bait and troll and pretend you hold investments, when all you actually hold is an opinion.  You jumped the gun on thinking it was validated, and ate your owns quotes which I am happy to keep serving up to you on a platter.

You havent posted one true prediction, and all you can really say is "nothing can rise super fast forever without having pull backs"   OH RLY?  NO WAI!  You sure showed the silver bulls.

The last time I bought silver it was spot 32, (And i only buy and hold physical cause its an investment, not a trade), so I would love LOVE to see it pull back that far.  However, I also said that for a long ass time when gold crossed 1000. 

QE2 and QE3 are the real movers of silver, and that's all you need to know.  Silver will always be more volatile in its moves than gold, and everyone here knows that.  You have no new information, and nothing to contribute.  No one would hate on you for being bearish--simply for being contrarian--, its cause you came in trying to insult people, and got FUCKING DESTROYED on all your predictions, that everyone LOLs at your very name, let alone anything you say.

But hey thanks for coming out.  Anytime you are ready to take a picture of your screen or paper that shows proof of your imagi-puts, and post a link (personal info edited out of course), then be my guest.  Until then, know your roll and shut your hole, you lying troll!

that's my word, so go to your room with that BullShit, and tell your mom that dinner's late and you are wasting her internet.

Fri, 04/29/2011 - 10:00 | 1220178 hamurobby
hamurobby's picture

Glad to see you admit your timing was off. I chickened out of puts Monday, watched it sell off and started buying call opts as it slowed its decent. Im up 75% so far, but silver is so volatile you might be rich by the end of the day, who knows.

Fri, 04/29/2011 - 10:09 | 1220204 Dangertime
Dangertime's picture

Contrary to the "silver only goes up" crowd claims, I am honest and give my positions.  I am not always right and am willing to adapt as circumstances change.  Right now I'm 2k more in the red, but anyone with a brain and who has seen silver's history knows that a steep correction is right around the corner.

I am still deciding whether to keep my puts or not.  They will definitely be in the money this summer, but if we really do hit that $60 mark it will have been nice to redeploy at a better cost basis.  I may just end up adding the final touches to my position at that point instead of redeploying.

I may just sit tight and add a ton more as the parabola takes it's final form.

Fri, 04/29/2011 - 10:19 | 1220274 tmosley
tmosley's picture

Sure, we're liars, says the guy who claims to have held silver for ten years and didn't know what the values of the major corrections were.

You are a lying sack of shit.  Get the fuck out of here, and you'll never have to deal with me again.  But you won't leave, because you have an agenda.

Fri, 04/29/2011 - 10:40 | 1220317 Dangertime
Dangertime's picture

Glad to see you did not disappoint me.  Yes MORE lies.  So much for a rational discussion on silver prices.  THAT is what tells volumes about YOUR agenda.

Fri, 04/29/2011 - 10:28 | 1220305 hamurobby
hamurobby's picture

Average any play and have a plan, trying to pick a top or bottom is a fools game. Im always thankful I didnt bet the farm on losers and pissed I didnt on winners. Sure IF I went all in leveraged long silver I would have made a decades worth of wages instead of just one years worth, but what if it had went back to $9? If you go broke (which I have done before, hell I lost half a years worth trying to stay short spy) you cant play anymore. Its better to be a little more wealthy than to go for broke. There is always another big score coming if you still are solvent.

You sure remind me of Johnny Bravo. 

Fri, 04/29/2011 - 10:33 | 1220325 Dangertime
Dangertime's picture

I've always been pretty good at picking tops.  It's the people that expect to pick them perfectly that fail.  That is exactly why I scale in when I see a high probability of success.

Fri, 04/29/2011 - 11:59 | 1220737 eisley79
eisley79's picture

TOP PICKING MODE [X]On []Off

 

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by Dangertime
on Fri, 04/29/2011 - 08:20
#1219786

Silver will break $50 next week and march possibly even to $60.  Then comes the painful ride back down.
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by Dangertime
on Mon, 04/25/2011 - 10:35

Forgiven, the peak is in for this run.  We will see $50 again but not likely for another year.  You still have time to sell and restock with even more this summer.
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Fri, 04/29/2011 - 12:58 | 1221009 Dangertime
Dangertime's picture

You missed the post where I said that actually silver may end up breaking through $50 and head to even $60.

Times change dude as more information comes available, you have to adapt.

Not everything is some conspiracy theory.  Sometimes it's just people rolling with the punches and willing to actually document it by posting them.

Fri, 04/29/2011 - 19:29 | 1222594 eisley79
eisley79's picture

read the quote you responded to, its there, right after your, wont see 50 until next year, six weeks of dip buying down to the 30s.  Nice try,

Cheat and Retreat

Lie and Deny

Wail and Flail

 

you got it all covered!

Fri, 04/29/2011 - 11:18 | 1220557 Richard Head
Richard Head's picture

What about the 1200 ozs of physical silver you claimed to have sold about 4 or 5 days ago?  Fucking liar. 

Fri, 04/29/2011 - 11:23 | 1220571 Dangertime
Dangertime's picture

I did sell it.  Only have about 100 oz left.  Didn't get the exact top, but close enough.

Fri, 04/29/2011 - 09:37 | 1220081 tmosley
tmosley's picture

lol, you said we wouldn't see Sunday's levels again for a year.  Before promptly losing your ass.

Also, you sold all your physical and realized a 90+% gain, which means silver has to fall some 70% for you to get more oz of silver than you have now.

Unless you really do live in Never Never Land, like you claim, and pay no taxes (but feel that you can somehow advise people to sell their silver without knowing SHIT about their tax situation).

You should be ashamed of yourself.

Fri, 04/29/2011 - 10:18 | 1220219 Dangertime
Dangertime's picture

I would not consider 5k *my ass*, but perhaps that is a whole new trailer for you.

I have also adjusted my forecast based on new circumstances.  Whatever number we do end up seeing as the high for this particular leg (and hence crashing from), we will not break through it for at least a year.  I will be sure to update with that number as this upleg progresses into it's terminal stage.

You may now commence to pick apart what I say, make up lies about me while calling me a liar, and turn my words into insults.  But whatever you do, do not engage in a rational discussion about the price of silver.  Not that you would ever do that.

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