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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.


(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”.)

( – 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 - 10:23 | 1220291 tmosley
tmosley's picture

Uhhh, yeah right.  You lost 100% on a position that you admitted to doubling down on, probably on more than one occasion.  You recently started talking about going "all in" on this position.  And you want us to believe that you've only lost $5K.  Bullshit.  That is, unless your total "portfolio" is 10K.  Then I might believe it.

Further, you admit to having sold your entire physical silver position.  You have lost your ass on that move as well.  You claim you will buy it back, but guess what--you'll never be able to get the same amount of silver you just gave away without massively increasing your investment.

You can't engage in rational discussion with disinformation agents.  You're like fucking Bagdad Bob.

Fri, 04/29/2011 - 10:38 | 1220331 Dangertime
Dangertime's picture

More lies and assumptions about me.  How could anyone lose 100% on an October Put when it's not even close to October yet???  You convert your standard lies into amplified lies now.  What are you so scared of?

And now you give a cowardly half-assed reason for refusing to discuss the price. 

Why bother using logic when you can just sling mud and defame anyone who disagrees with your little view of the world?

Fri, 04/29/2011 - 11:03 | 1220489 tmosley
tmosley's picture

What the fuck are you even talking about?  You were harping about all your June puts three days ago.  Those are all nearly 100% losses at this point.

Face it, the only reason you haven't hung yourself yet is because you have no actual conviction to go all in.

You keep saying that I am lying, but all I am doing is pointing out your lies.

And this is not "more".  These are the same accusations I have been smacking you around with for the past week.  

You want to prove that you aren't a liar?  Tell us what country you live in.  That is the only way to show that you have ever told the truth about anything, because you said you don't have to pay capital gains taxes on silver gains.

Fri, 04/29/2011 - 11:10 | 1220527 Dangertime
Dangertime's picture

More lies.

If you find the post where I claim to have bought June puts I will leave here FOREVER.

Now, why are you so afraid of discussing the price of silver?  Why the fear?  Mere words are that scary??

Fri, 04/29/2011 - 11:23 | 1220578 Richard Head
Richard Head's picture

Whatever, your October puts have lost most of their value.  Danger clown = troll failure.

Fri, 04/29/2011 - 11:24 | 1220589 Dangertime
Dangertime's picture

Just turned green cupcake.  Of course, that may not last.

Why the hate mate?  Are you also afraid to rationally discuss the price?

Fri, 04/29/2011 - 12:14 | 1220768 eisley79
eisley79's picture

i'll discuss anything you want BITCH, ante-up.  Stop wasting time with your imaginary investment talks.  What you want to argue about?

Fri, 04/29/2011 - 13:23 | 1221116 Dangertime
Dangertime's picture

I don't want to argue, I want a rational explanation on what price silver should be and why.

Fri, 04/29/2011 - 19:51 | 1222652 eisley79
eisley79's picture

O RLY?  Well let me see, i think in 5 minutes, it should be 48.5213545 for about 3 seconds, and then.....


You want other people to pick some arbitrary point because you are so ashamed of how owned your predictions got.  Well let me educate you:


Was silver going to be able to hold the rate of appreciation it was seeing?  No, I don't think so.  Is Silver an investment bubble of speculators, just waiting to crash? SURE IS NOT.  The real issue with Silver and Gold, is the USD.  The USD is a lie, and the lie is unraveling.  There will be many bumps along the way, and pull backs a plenty, but Silver is going to keep going up over the long term for as far as the eye can see.


The only thing that could pull it down significantly is the US Dollar going up big.  A Euro collapse, or US Interest rates rising could trigger a big push in the USD.  That would probably hurt silver pretty good in the short term, but cant change the fundamentals of the US or World economy, only delay the march forward. 

In the case of the former, a Euro collapse is possible, and probably the most significant threat to a suddne spike in the USD up.  The confetti masters will imagi-print any such issues away as long as they can.  In terms of the latter, US interest rates rising would be the absolute death knell of the US economy due to it being a complete debt based fantasy la-la-land.  So, I dont see that happening until the end of Shit Hitting the Fan, in a bid to maintain US Hegemony.  More likely, TPTB would try to bring in some new reserve, combining all the big currencies into one big piece of confetti to play with.


This projecting can go on and on.  The point is, 2008 was just the begining of the greatest depression in human history which is coming/started.  They ended so-called "free-market" capitalism in response to stave it off.  They then printed insane quantities of money as debt, lent it out, which were then used to hold up all the markets.  They are then trying to pay off that debt by devaluing the dollar (rise of physical metals, relative to their devaluing measuring tool the USD), to as low as they can get away with.  Eventually the other shoe is going to drop, dont kid yourself.  All the Countries, States, Cities, Corporations, and most of the people, are all in debt beyond what they can ever payoff, and are only hang on because interest rates are impossibly low, simply due to reserve status.  More and more debt needs to be created, just to maintain the status FAUX.  One of two things is going to happen, QE3 gets announces, metals soar even more. Or Two, interest rates rise and the world economy explodes again like in 2008, except nothing can hold it back this time, in which case metals will soar (As a TRUE flight to safety, with everything else becoming worthless).  Inflation or Deflation, metals=win, because they are simply staying the same, relative to the insanity around them.


So, keep pretending to make your little imagi-puts.  I'll keep buying and holding physical metals to give to my children.  Celebrate every time there is a slight pull back, and i'll continue to own you with your quotes of failure.  Then, when SHTF, remember this post and think.  Damn, instead of arguing for no reason on ZH about imaginary things I could have done with puts, I should have got a job, and actually bought something for real.  Something you can hold in your hand, and would be worth a lot of money in this new USD2, or BANCOR currency you keep hearing about.

ya dig?

Fri, 04/29/2011 - 20:05 | 1222707 akak
akak's picture


Eisley, that was superb.  I'm speechless.

(And so, apparently, is somebody else.)

Fri, 04/29/2011 - 22:20 | 1223012 R Man J
R Man J's picture

that post was hot! at least 1000ºF

cotton burns at 170º

silver melts at 1760º

I smell a singed troll

Fri, 04/29/2011 - 10:25 | 1220304 Crisismode
Crisismode's picture

You only came on the scene two weeks ago?

Then why does your profile say that you've been a member here for 39 weeks & 2 days??

Fri, 04/29/2011 - 10:34 | 1220342 Dangertime
Dangertime's picture

I should clarify to say I only came on the "silver correction scene" two weeks ago.  Not ZH itself.

Of course, now mosley can just make wild assumptions on my first statement and call me a *liar*.

Does nobody really notice that he does that?

Fri, 04/29/2011 - 12:09 | 1220779 eisley79
eisley79's picture

its because you lie that he calls you a liar.

Liar- "one who lies", see Dangertime's investment claims at ZH...

Fri, 04/29/2011 - 12:57 | 1221014 Dangertime
Dangertime's picture

Show me ONE lie.

Fri, 04/29/2011 - 19:49 | 1222657 eisley79
eisley79's picture

Anywhere you claim to have bought or sold something...

As shown on many threads, you just make up things you claim to hold.  Prove it, as I have asked you to with no response.  Picture or you lie...



by Dangertime
on Mon, 04/25/2011 - 13:53

No way am I covering yet.....

Got some more puts at the open, 33, 37's and 40's for October.



Fri, 04/29/2011 - 09:12 | 1219980 Hephasteus
Hephasteus's picture

Have you read turd's blog. He does pretty good job.

Fri, 04/29/2011 - 08:18 | 1219787 FunkyMonkeyBoy
FunkyMonkeyBoy's picture


Latest News From RAN Squawk


04-29 08:08: Market talk of Asian names selling into Silver - ha, ha, ha, ha, ha. The desperation absolutely stinks!


Fri, 04/29/2011 - 09:58 | 1220171 Bastiat
Bastiat's picture

It's getting a little hysterical isn't it?

Fri, 04/29/2011 - 08:24 | 1219804 Sudden Debt
Sudden Debt's picture

I don't believe any of the Russian of Chinese crap. It's just another rumor to make the market worried.

Total BS.

Silver is going up just because supply/demand. And because demand is higher than supply and will only keep growing, we've got a bull run in silver for the next decade.

The Comex doesn't even need to default.

JPM doesn't even need to go bust.

Silver demand just needs to stay the same and we've got ourselves a winner for a decade.

Any story with more thant 1 "IF" is for the trashcan.


Fri, 04/29/2011 - 08:47 | 1219869 Moe Howard
Moe Howard's picture

+ 1 TOZ. Exactly.

Fri, 04/29/2011 - 09:12 | 1219968 Hephasteus
Hephasteus's picture

You ARE exactly right. There's only one problem. That bull market won't stop. If nobody is going to jail than nobody believes enough of the corruption can be cleaned out to bring people back and trusting it. Which means it's going to go over the cliff, past nutsville, and straight into crazy corner.

Fri, 04/29/2011 - 08:34 | 1219836 Sutton
Sutton's picture

When SLV volume is greater than SPY, look out!

Something crazy is nigh.


Fri, 04/29/2011 - 08:39 | 1219847 El Hosel
El Hosel's picture

"Silver may rise to $55 an ounce by the end of year, Dennis Wheeler, the chief executive offer of Coeur d’Alene Mines"....

        Silver is up $20 in the last 60 days, it might hit $55 this afternoon.

Fri, 04/29/2011 - 08:47 | 1219879 Moe Howard
Moe Howard's picture

Glad I dumped them at $36. I can predict better than that with my magic 8 ball. 'Outlook is hazy, try again later'

Fri, 04/29/2011 - 08:37 | 1219849 buzzard
buzzard's picture

Seeing the gold/silver ratio at 31 and hearing all the noise around the surge in silver prices has made me start considering the unthinkable: trading some of my silver for gold. Why do I suddenly feel this need for 'balance'? I am not a market player nor do I use silver as an investment. I began buying some ten years ago because of silver's function as the poor man's gold. Is it time for me to actually consider some serious gold?


I have no real fear going into the future. I'm riding this thing into the sunset (or collapse, which ever comes first.) Of course it would be a bit of icing on the cake if all us bozos became partly responsible for taking down 'The Morgue'.

Fri, 04/29/2011 - 10:34 | 1220191 Zedge Hero
Zedge Hero's picture


    I did so yesterday and it felt great. I'm a zero hedge convert so to speak since last fall.   I am not a man of millions or let alone thousands, but when I started buying silver last september gold was a distant dream and way too expensive for me.   So I would save and buy 30 oz for around $900 for some time as it hovered around thirty.  Yesterday I went to local coin shop and traded 33.5 to 1 for a silver gold trade.

    Here's my thinking- silver is on the most righteous swing it deserves but to go 100% in the last 8 months and gold to go 18% in that same time to me is a sign to trade some over.  Why because now I have 5 ounces of gold to go with my 150 ounces in silver, meanwhile I have around 8000 FRN invested in this from the start.  I cashed out my winnings in gold because I still see the demise of the dollar, but silver is on drunken Irish sailor binder that is a little out of control.

   My stance now is I can only lose if both do or if the silver continues to the moon then I would be out some gains, but if the silver corrects (which could be healthy for a number of reasons for all silver bugs)  then I take the gold and buy some more silver  when it gets to 35, 30, etc

I hate the historic 15 to 1 because its inaccurate in concern with the last hundred years which is 50 to 1 on average.  Here's the chart.

Plus the hunt brothers high with adjustment to inflation is too much of an anomaly for me.  Gold is still strong against the dollar and the university of Texas just brought a billion dollars worth which is 666,666 ounces at $1500 an ounce. 

Fri, 04/29/2011 - 10:42 | 1220375 I Got Worms
I Got Worms's picture

What's the ZH consensus on physical holding ratio? I am 30 to 1 (600 and 20). What is the rationale to trade some silver for gold, or vice versa?

Fri, 04/29/2011 - 10:12 | 1220225 hamurobby
hamurobby's picture

Its a great "trade up" and I have been doing this for the past few months, still have a long long way to go to be down to 10oz to 1 which is where I will stop. Even at 31 to 1, you sure dont get much gold for all that silver! Its about ten rolls of quarters for two ounces of gold.

Fri, 04/29/2011 - 10:34 | 1220328 Zedge Hero
Zedge Hero's picture

Yeah it was weird to hand him 16 10oz bars in bags and and I left with a pocket full gold coins, but it was nice to have some gold for once. 

Fri, 04/29/2011 - 14:03 | 1221354 floydian slip
floydian slip's picture

Many dreams come true and some have silver linings
I live for my dream and a pocketful of gold.

Zeppelin bitches!

Sat, 04/30/2011 - 13:18 | 1224118 Piranhanoia
Piranhanoia's picture

You are thinking in terms of faith in the dollar as currency. Try removing this from the equation. To keep the populace calm, they will begin making payments directly to the place you used to purchase your food.

Fri, 04/29/2011 - 08:45 | 1219873 Sean7k
Sean7k's picture

For anyone that has been paying attention, the number of contracts being traded on silver this week was off the charts. Some days, it was 6 times normal. If you are watching the OI, the 21,000+ standing for delivery is mindboggling. Last month, Comex had trouble meeting 100 contracts a day, but 700? Impossible! 

Someone will be exposed this month. Either the Comex will default and payoff in dollars, trading will be suspended for "national security" reasons or the US Mint will be blamed for absorbing all available silver.


Fri, 04/29/2011 - 08:46 | 1219876 hangemhigh77
hangemhigh77's picture

There is no manipulation in silver??  Is this guy on crack??  And he's ADVISING people on investing?  AMAZING!!!

Fri, 04/29/2011 - 09:08 | 1219956 Ruffcut
Ruffcut's picture

Advisors need to collect subscriptions, cause they can't profit from their own spew.

Pretenders, at large.

Flip a coin. If it is PM, and you own it, tails you win, heads you win. My eight ball is on the fritz

Fri, 04/29/2011 - 09:11 | 1219974 ViewfromUnderth...
ViewfromUndertheBridge's picture

to me it seems that price discovery is starting to yeah, he might be

Fri, 04/29/2011 - 08:51 | 1219884 Navigator
Navigator's picture

I keep looking for views on why the miners and SLW aren't participating in the PM rise but there is very little being written about it that I've found.  Anybody?  (and yes I have a large core position in physical too)

Fri, 04/29/2011 - 09:25 | 1220020 rambler6421
rambler6421's picture

Hedge funds are short mining shares.......some conpsiracy theorists I've been reading are saying that it's the government shorting these stocks.....under Exective Order 12631 (aka the Plunge Protection Team is doing it).  These stocks should be way higher.....there is manipulation.

Fri, 04/29/2011 - 10:06 | 1220189 ViewfromUnderth...
ViewfromUndertheBridge's picture

I read a good piece recently (sorry, lost the link) that miners rely on equity analysts who rely on their in-house projections for silver prices...and some of them are still $18 or so...

Do your own research and anticipate the anticipation of others.

Fri, 04/29/2011 - 11:38 | 1220626 Transformer
Transformer's picture

It's all about the ETFs, mainly gld and slv.  They divert the funds that would normally go into the miners.  Stocks go up or down, because people buy them or not.  Imagine the market cap of gld/slv invested in miners.  The miners will not run until the ETFs/Comex are hoaxed out.

Fri, 04/29/2011 - 08:55 | 1219907 vast-dom
vast-dom's picture

from the WSJ: 

Silver mania may come to an abrupt end


Any thoughts (Tyler)?

Fri, 04/29/2011 - 09:03 | 1219938 Sean7k
Sean7k's picture

I suggest a rather large, broad scoop shovel. 

Looking to the WSJ or Marketwatch for serious analysis is an oxymoron.

Fri, 04/29/2011 - 09:44 | 1220039 ViewfromUnderth...
ViewfromUndertheBridge's picture

v-d, great link.

Best article ever on many money quotes!

At this “important pivot point” in silver, the question is “sell now, or sell later?” said Jon Nadler, a senior analyst at Kitco Metals Inc.


And with cash costs for producing silver at a new mine estimated at $10-$15 an ounce, according to Ned Schmidt, editor of the Value View Gold Report, “silver is going to come flying out of the ground at current prices.”

Though not good news for MathMan as that represents a possible 300% cost increase...though oil producers world-wide immediately responded by offering to refund all amounts paid to them in excess of extraction costs.

In other news Paul Volcker was re-appointed head of the Federal Reserve and announced 19% interest rates and Comex introduced a new rule allowing liquidation trades in silver only...

Fri, 04/29/2011 - 10:27 | 1220308 nathan1234
nathan1234's picture

Comex then announced that it was downing shutters as all buyers of commodities felt that they could no longer do business with it.

Following this the entire CFTC, bar Bart Chilton,  resigned owning up failure but each one who left was personally far richer then they had been when appointed to the CFTC.

Fri, 04/29/2011 - 08:53 | 1219909 Carl LaFong
Carl LaFong's picture

Record prices in gold and silver and surging profits for miners and yet the HUI is still below 600....Some big time investors are going to figure this out very soon. Buy mining shares NOW!!!!!

Fri, 04/29/2011 - 09:10 | 1219961 Snidley Whipsnae
Snidley Whipsnae's picture

Hmmm... Do I want to own physical silver... or would I rather own a piece of paper that is supposedly a claim to a portion of a hole in the ground with a liar standing nearby?

Fri, 04/29/2011 - 09:14 | 1219975 Carl LaFong
Carl LaFong's picture

I own both...hope you do too.

Fri, 04/29/2011 - 09:28 | 1220040 Snidley Whipsnae
Snidley Whipsnae's picture

Nope... Only paper I play in is oil paper... PM purely physical... BTW, I started in 1968... Were you alive then?

Sat, 04/30/2011 - 13:27 | 1224129 Piranhanoia
Piranhanoia's picture

Just to be fair, Carl LaFong is a railroad man, gets up very early in the morning, may be interested in an insurance policy and this was in 1934.  One Charles Bogle considered him a chump, but apparently only because he arose so early.

Fri, 04/29/2011 - 10:44 | 1220397 I Got Worms
I Got Worms's picture

What, in your opinion, are the top mining stocks to look at? I'm thinking it may be time to dip my toe in this market.

Fri, 04/29/2011 - 11:42 | 1220664 Transformer
Transformer's picture

But....but.... it's so hard to pick a good mining stock.  How are you spose to figure which one to buy?  And so many of the analysts are either bought off or just pushing their own stocks.  You know what.... I think I'll just buy some SLV and a little GLD.  That way I can participate in the run up without taking big risks with the miners.  Yeah.... that's it.

/sarc off

Sun, 05/01/2011 - 17:01 | 1225951 delacroix
Fri, 04/29/2011 - 09:11 | 1219973 rayban
rayban's picture

If anybody is trying to corner the market, he will hit a brick wall as in the case of the Hunt bros or like Gardini with soybeans. The powers in control of Comex won't let it happen. Period.

Fri, 04/29/2011 - 09:27 | 1220045 Snidley Whipsnae
Snidley Whipsnae's picture

rayban... here for 14 weeks and telling us how the cow eats the grass... lol

Wow, the trolls are coming out of the fiat!

Fri, 04/29/2011 - 09:15 | 1219993 EZYJET PILOT
EZYJET PILOT's picture

I've noticed that Max Kaiser has been mentioning the SDR and global currency recently, he's been one of the few I've listened to but I sense he's talking about a world currency with glee, looking forward to the day it arrives. The money system we have is corrupt but a single currency is surely worse because it carries the connotation of world government, who the f@ck does Max think will be in charge of "global" economics when the new "global" currency arrives, surely it will be the same corrupt whores who are ransacking the world at the present time! My question is, who is Keiser working for?

Fri, 04/29/2011 - 09:31 | 1220063 Snidley Whipsnae
Snidley Whipsnae's picture

A 'true' global currency isn't going to happen, in the sense of IMF SDRs.

Who would agree to tie themselves to a basket of currencies that included a dollar, sinking like a rock, and backed up by the Fed that cannot print enough to ensure that the corrupt bankers in the world continue to receive huge bonuses that are a tax on all fiats and workers paid in those fiats?

Fri, 04/29/2011 - 10:05 | 1220196 Hephasteus
Hephasteus's picture

He works for DICK JONES. You got that. DICK JONES!!!

Sat, 04/30/2011 - 13:27 | 1224133 Piranhanoia
Piranhanoia's picture

How do you get world government from ubiquitous metals that have always been used as currency?

Fri, 04/29/2011 - 09:18 | 1220003 monopoly
monopoly's picture

Silver in a bubble. I don't think so. I just ignore daily talk and hold on to all my positions. Corrections and dumps, of course. No way do I want dollars with what is in charge of this govt.

At some point miners will move up dramatically. Every time we move higher it is the "top". It is over. So they sell miners since gold is going to 900 and silver to 18. At some point, when it is realized that it is not going down, then we could see a meaningful rise in miners.

Meanwhile, I have no desire to buy most stocks, so I just stay with what I have had for a long time. At some point this will turn ugly. You cannot grow a country on debt. Never happened.

Fri, 04/29/2011 - 09:19 | 1220007 Silverhog
Silverhog's picture

CNBC loading their web page with fresh advice about the dangers of buying Silver. They must be the Fed's official public warning system now. Hello, CNBC were all adults here! Funny, no articles about Netflix though.

Fri, 04/29/2011 - 15:29 | 1221814 unununium
unununium's picture

Good news.  Worry when they start pumping it.

Fri, 04/29/2011 - 09:24 | 1220018 riphowardkatz
riphowardkatz's picture

Now I have to go read some Nadler to contain the froth.

Fri, 04/29/2011 - 09:30 | 1220044 falak pema
falak pema's picture

The bears see a mega collapse, depression deflation style, when Ben pushes interest rates up and abandons asset levitation defense under pressure of 'hyperinflation gone mad' even in USA. But that is "MISSION FAILED"'ll be later than there is an election in 19 months...stick it out Benocide and keep those Chinese/BRIC dogs at bay, by saying "what inflation?" to the world. Meanwhile the US military complex prepares Plan 'B' for post 2012 election...2013 may be the corker...that breaks the camel's back and jangles his nuts into ME commodity price fed explosion. We're in the micro wave oven right now for a long hot spell...

Fri, 04/29/2011 - 09:31 | 1220050 MBB
MBB's picture

"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”.


I think got you it wrong. Bunker Hunt tried to corner the siver market in 1979 -1980.

Fri, 04/29/2011 - 09:36 | 1220088 ViewfromUnderth...
ViewfromUndertheBridge's picture

Buffet bought 400 metric tonnes in 1997...and by 2002 was out of silver.

Bunker Hunt started buying silver after Nixon closed the gold window in 71....while he bought physical he had no problems. Problem started with taking on Comex and they were facing default because he never rolled...he took delivery...nine Comex board members were short 38,000,000 ounces.

Fri, 04/29/2011 - 10:24 | 1220284 nathan1234
nathan1234's picture

Buffet, Soros and their ilk share their outlook with you only when it benefits them. These guys are worse than rattlesnakes.

Fri, 04/29/2011 - 10:39 | 1220359 falak pema
falak pema's picture

rattlesnakes without rattles?

Fri, 04/29/2011 - 09:49 | 1220143 Jovil
Jovil's picture

Fed likely to print $2.5 trillion dollars. All hell will break down the dollar and PMs skyrocket. Read why.

Fri, 04/29/2011 - 10:05 | 1220198 f16hoser
f16hoser's picture

Is it time for a Comex "Cover-Up" Fire? You know, the one that burns up all records of ownership and is hot enough to vaporize all physical Silver? Desperate people will do desperate things. I fully expect a COMEX Disaster before years end.....

Fri, 04/29/2011 - 10:13 | 1220228 Bastiat
Bastiat's picture

When I close my eyes after reading the anti-silver trolls and MSM anti-silver spew, I can almost hear the terrified squealing of pigs.

Fri, 04/29/2011 - 10:10 | 1220229 digalert
digalert's picture

Where do the morons proclaiming sliver only costs $5, $10, $15 to dig out of the ground come from? Therefore, the price should be $5 - $15 bucks? Let's compare another commodity, gasoline. Gallon of gas Saudi Arabia 91cents, Kuwait 78cents, Egypt 65cents, Venezuela 12 cents. What's up with that? Since the USD is trash and we don't "dig" our own oil, you will continue to pay for five or 10 dollar gas.

Fri, 04/29/2011 - 10:15 | 1220256 nathan1234
nathan1234's picture

Mutt Man,

Is Blythe your Boss? Suggest you spend more time with her instead.

Fri, 04/29/2011 - 10:23 | 1220289 z123
z123's picture

my 75 year old neighbor who knows nothing about markets started buying gold and silver last week, one I knew this I sold all I have and I'm 100% cash now

Fri, 04/29/2011 - 10:27 | 1220300 tmosley
tmosley's picture

1 week 4 days

No, she didn't.  You are a lying troll.  Just like your other incarnations.

Fri, 04/29/2011 - 11:23 | 1220581 z123
z123's picture

why it keeps tanking every time it approaches 49.5

Fri, 04/29/2011 - 11:59 | 1220695 Hook Line and S...
Hook Line and Sphincter's picture

z123, meth, and dangertime...

Good to see you hard at work. I really have no qualms about what you're doing to make a living, as I have a certain cousin of mine who is in the same line of work as you. She takes her knowledge she's gained from 'such dialogues', and have invested it in PM's. 

You really do have a great opportunity, not only can you be paid in fiat for assisting 'those in need' to tentatively suppress PM prices, you can also utilize your efforts in driving the price down to buy in lower yourself. Big hugs from me to you.

The truth is... you are also doing many of us a favor here at ZH as well! Diabolical to say, but true. We get the migrant ZH unregistered viewer coming through, and you are getting their weak hands to drop the nugget. Thanks! I swear I owe you a beer or seven.

The issue to me is 'how does someone in your position become more effective at their occupation?' and 'how can you be certain yor employer does not find out you're playing them while you collect your stipends from them?'

I'm going to put some thought into your situation, and surely will come up with some exceptional suggestions to help you achieve your objectives. In addition, I strongly suggest those fellow ZH'rs who have been distracted and bent on refuting your propaganda and cointelpro rantings get their head on straight, having a change of heart, and becoming your loving, caring, assistants. 



Fri, 04/29/2011 - 13:16 | 1221080 John Wilmot
John Wilmot's picture

Sometimes prices change

Fri, 04/29/2011 - 13:17 | 1221087 John Wilmot
John Wilmot's picture

Sometimes prices change

Fri, 04/29/2011 - 12:30 | 1220871 rambler6421
rambler6421's picture

Your dollars will be worthless.

Fri, 04/29/2011 - 10:23 | 1220293 swissinv
swissinv's picture

can anybody do me the favor and let me know where I can find the index components of XAG silver index?

Fri, 04/29/2011 - 10:42 | 1220372 falak pema
falak pema's picture

In the Vatican if your read Dan Brown or under the Paris Louvre glass pyramid.

Fri, 04/29/2011 - 10:51 | 1220417 cabernet
cabernet's picture

Silver shorts are in a very vulnerable position. The physical silver market is pretty small and a couple of Russian oligarchs could soak up the physical wholesale inventory pretty easily. Forget about everyone else. It seems that the conventional wisdom suggests that if silver went to $150 or higher, the US Dollar would get smashed. I am not sure this follows. Silver is commonly viewed more as an industrial metal and not really a monetary metal. (For the record, I believe silver is a monetary metal.) But just as importantly, the value of silver market is just a fraction of the size of the currency market. So will the silver tail wag the currency dog? It could, but I am not so sure. I could see a short squeeze in silver or maybe a default at the exchange driving up the price to $200. I think this will be sold as a failure of market structure and not of the currency.

Would $200 silver cause people a rush to sell their dollars and buy silver at that point?  Possibly, but people would have to be convinced that hyperinflation is here. Alternatively, if people buy the market failure argument, and given the difference in the size of the markets, would a freaked out silver market really hurt the currency more than 3-4%? In addition, if silver went to $200/oz, people may rush to sell their silverware and other silver household products to cash in on the high prices. Thus pushing prices back down in the mother of all whip saws. Regulators and exchanges may intervene to protect the shorts. After all, the shorts are the institutions who are member of the the exchanges. How this plays out is not so clear to me.


Fri, 04/29/2011 - 14:53 | 1221632 Bastiat
Bastiat's picture

Some good thoughts.  Regarding silverware: almost no one has it anymore.  Those intergenerational handmedowns got melted in 1980 and I'll bet 90% did not get replaced.  So that source is largely depleted -- at least in the US.

Fri, 04/29/2011 - 16:05 | 1221949 BigJim
BigJim's picture

I agree, even if silver does go to $200 an ounce in the next few months because there's a short squeeze, it won't signal the end of the dollar. 

A similar fast quintupling in Gold, on the other hand...

This is why I'm holding on to my silver. I understand why people are trading it for gold at this point, but I think they're a bit premature - I don't think its run is done.

Fri, 04/29/2011 - 16:31 | 1222022 fairlynumm
fairlynumm's picture

Not quite. Grannie's silver, rest her soul, gets a breath of fresh air every Thanksgiving. Nicely tarnished.

Fri, 04/29/2011 - 10:56 | 1220450 The Count
The Count's picture

Don't you just LOVE all the egghead 'experts' with their 'predictions' that are always so far off in the future that everybody has forgotten them by the time the are supposed to come to fruition? Why don't they just SHUT UP. Nobody knows where the weather, the market or everything else will be by the end of the year. I am pretty sure about one thing though... (no, not a prediction)... if silver passes $55 it will be WAY before the end of the year!


Fri, 04/29/2011 - 11:02 | 1220461 The Count
The Count's picture


Fri, 04/29/2011 - 11:08 | 1220517 bob_dabolina
bob_dabolina's picture

I said it was PBOC last week. It's obvious.

Fri, 04/29/2011 - 11:23 | 1220573 1000DOLLARsilve...
1000DOLLARsilvercrushthefeds's picture

1000$ SILVA! Crush the fed!! Oh, and meth man... I could use an employee to pull parts at my junkyard when silver hits 140$ and you are bled dry. 12.00 an hour, you can buy some silver, or food?

Fri, 04/29/2011 - 12:51 | 1220989 streetman
streetman's picture

Meth Man will be busy "digging it out of the ground for $5"...

Fri, 04/29/2011 - 11:26 | 1220583 z123
z123's picture

why it keeps tanking every time it approaches 49.5

Fri, 04/29/2011 - 11:54 | 1220707 Transformer
Transformer's picture

Turd says:

I must admit to being amazed. The utter desperation of The Cartel is palpable. They may still win this battle but it is increasingly clear that their empire is crumbling. They are losing and will lose.

The size of the raids to protect and defend 49.50 are enormous.
The backwardation to 2012 and beyond is growing.
Option premiums for July are extraordinarily high.
Bullion banks are quickly acting to protect themselves by reclassifying bullion so that it can't be used in the delivery process.

Fri, 04/29/2011 - 11:53 | 1220708 Transformer
Transformer's picture

Turd says:

I must admit to being amazed. The utter desperation of The Cartel is palpable. They may still win this battle but it is increasingly clear that their empire is crumbling. They are losing and will lose.

The size of the raids to protect and defend 49.50 are enormous.
The backwardation to 2012 and beyond is growing.
Option premiums for July are extraordinarily high.
Bullion banks are quickly acting to protect themselves by reclassifying bullion so that it can't be used in the delivery process.

Sat, 04/30/2011 - 08:34 | 1223610 anvILL
anvILL's picture

Why don't you start from researching why silver kept tanking every time it approached $36  a while ago?

Fri, 04/29/2011 - 11:32 | 1220606 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 other reasons?

Fri, 04/29/2011 - 16:06 | 1221954 BigJim
BigJim's picture

How about: because that's what his masters told him to say?

Fri, 04/29/2011 - 12:11 | 1220776 glenlloyd
glenlloyd's picture

It's really rather poorly written.

Fri, 04/29/2011 - 12:26 | 1220860 Geoff-UK
Geoff-UK's picture

Please stop allowing people to re-post 12 articles as if its something original.

We already have the Drudge Report. 

Fri, 04/29/2011 - 13:13 | 1221069 Tejano
Tejano's picture

PSLV is not silver. Silver is silver.

Fri, 04/29/2011 - 15:29 | 1221793 gatorontheloose
gatorontheloose's picture


Fri, 04/29/2011 - 18:01 | 1222338 --- - .. ... .....
--- - .. ... .... . .-. - --..'s picture

Applause for correct usage of the word, "moot."


Moot means debatable.


I have never seen its correct usage elsewhere.


Well done!

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