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


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


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
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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
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+$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
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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, pa pling pling,


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!

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



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!

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!



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

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.


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.

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.

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