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

Tyler Durden's picture

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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?

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?

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.

 

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/

 

snowball777's picture

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

narapoiddyslexia's picture

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

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.

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. 

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. ;)

 

Treeplanter's picture

Trillions of ozs. hoarded. None for sale.  

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.  

Hephasteus's picture

Nobody knows what you are talking about.

Temporalist's picture

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

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

Ahmeexnal's picture

Protect your PMs with APMs.

Bouncing Betty is your friend!

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

TeMpTeK's picture

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

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

Hephasteus's picture

Yahoo says billions globally watched some wedding.

People lie.

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."

 

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.

The Axe's picture

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

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

 

 

overmedicatedundersexed's picture

wynter benton, you magnificent bastard!!

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?

 

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/

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...

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.

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.

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?

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.

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.

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.

Piranhanoia's picture

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

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.

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.

CD's picture

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

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/

falak pema's picture

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

floydian slip's picture

nice site  :)

 

liked the way you got bob all undie bunched lol

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.

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.

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.