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Guest Post: How Much More Demand Can Silver Handle?
From Jeff Clark of Casey Research
How Much More Demand Can Silver Handle?
The numbers for silver demand are starting to make some market-watchers nervous. The U.S. Mint sold over 6.4 million silver Eagles in January, more than any other month since the coin’s introduction in 1986. China’s net imports of silver quadrupled in 2010, to 122.6 million ounces, roughly 13.7% of global production. Meanwhile, mine production can’t meet worldwide demand; the only way demand gets fulfilled is from scrap supply.
That is some very hungry demand. Which raises the question, how long can this pace continue?
This is important for various reasons, starting with how demand contributes to price. If demand falls off, our investments could, too.
While I’ve discussed the concern regarding the lack of supply before, which has its own implications for the silver market, let’s focus on investment demand. Frankly, is there room for it to continue to grow? After all, how long can investors continue to set records?
There are a number of ways to measure this – the amount of money available to invest, its percent of total financial assets, its contrast to demand in the last bull market, etc. – but I think the bottom line to answering the question is to compare the biggest silver investments to some popular equities. If they rival that of the stocks we always see on the news and analysts constantly talk about and every fund manager wants to own, then it might be reasonable to assume demand could be nearing its pinnacle.
So how do the world’s largest silver ETF and one of the biggest silver producers compare to the more fashionable equities?
The largest silver ETF, iShares Silver Trust, has net assets of $9.6 billion (as of February 4). This pales in comparison to the more popular stocks trading in the U.S. In fact, SLV has roughly 3% the market cap of Apple. It would have to grow over 43 times to match Exxon Mobil.
Pan American Silver, the largest pure silver producer trading on a major U.S. exchange, has a market cap of $3.72 billion. This is 4.7% the size of McDonald’s. The market cap would have to increase more than 53 times to match Walmart. It is over 62 times smaller than Microsoft.
This isn’t to suggest SLV and PAAS will match the market cap of these other companies, but clearly the masses are still demanding much more of them than the biggest of silver’s investment vehicles.
So how much more demand can silver handle? As much as it takes to make it the household name I’m convinced it will be before this is all over. When SLV is a favorite of fund managers. When Silver Wheaton is a market darling of the masses. When Pan American is Wall Street’s top pick for the year.
Imagine what those bars on the right will look like when most everyone you know is talking about poor man’s gold. The rise could be breathtaking.
Remember that silver rose over 3,646% from trough to peak in the last precious metals bull market; it’s up about 630% in our current run. A return matching the 1970s advance would push the price to $152. This price level is further supported by the fact that this is about where it would be when inflation-adjusted for its 1980 peak.
When you look at the potential growth in market cap of the world’s biggest silver investments, it becomes easy to view any downdraft in price as nothing but a buying opportunity. I know I do.
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Silver, bitchez
This is an analysis based on market cap and excludes the very pervasive Blythe money laundering machine.
When it becomes common knowledge that the ETF's don't have the metal to back up all that paper issued, the shit will really hit the fan. I don't even look at price in fiat anymore, because the OI in the metals markets are downright scary. The greedy hedgies are all going to stand for higher and higher premiums to delivery in delivery months, which will push the whole thing overboard.
At that point, you better own some physical.
As soon as it becomes evident that the ETF's don't have the physical, all those paper shares will be sold with the click of a mouse and the physical will drop like a rock.
Sorry.
You better hope they have the physical.
gh
A very interesting way to look at the situation.
Only if by "interesting" you mean "stupid".
It's like claiming that a default by an ETN would drive the price of the commodity it tracks to zero. That is just stupid. The price of GLD does not directly interface with the price of gold, except that they supposedly buy gold from the market. The only effect selling GLD will have when the market learns they have no gold is that people will flood from GLD to miners and physical, or something else. There is no method by which such an event could have a negative effect on the price of gold.
Or did you think that China selling plastic rice drove down the price of rice on the world market? It might have done so while they were fooling people, but not after they were found out. Same principle here, just a lot more money involved.
I'm bullish silver, so, yes, I expect the price to go up. A lot.
But why do commentators think the price will rise in proportion to its previous peak in 1980 when the Hunt brothers were attempting to corner the market?
Good question. I think a lot of people point to the previous peak simply as an example of what is possible, and then it's fun to inflation-adjust the numbers. But I agree that things are totally different this time: supplies down, demand up, and central banks inflating the fiat currencies. It's a different ball game this time, it seems to me.
We have the Ben Bernanke dollar tsunami in progress.
Yep. Here's a visual aid.
http://www.themarkettraders.com/content/bernankes-fleet
I'm not a betting man. so Silver and Gold rising are a certainty.
There's no way I would bet on Fiat Paper maintaining its value. Hyperinflation is comin.
I admit that I like the thought of thrashing JP's organ, by buying Silver.
As soon as you use the word "price" in relation to gold you killed your argument (which is none other than the same tired spume you offer daily)
You're a pimp, nothing more.
insert "value" with "price" problem solved.
Your koolade cherry?
You need a new bib. This one is full.
What Chu Talkin Bout Willis!!
But they do have physical. These arguments are old. If you conspiracy theory nuts convince GLD holders to sell, you shoot yourselves in the foot.
Fact is, they hold the physical. And it can get sold at the click of a mouse. That is what scares you. Knowing you are in bed with a bunch of white shirt and tie wearing, office dwelling city folks that may decide to sell your precious metal before Armageddon arrives.
gh
Wrong. Try to get your facts straight before you attempt to bullshit a crowd that knows way more than you sonny boy.
Pfft, whatever. Yeah, like a million people just "decide" to sell GLD and SLV all at once without proof one way or another. That the dumbest thing I've heard in the last five seconds (sorry, Dim Willy above is hard to beat).
Either they have the physical, and no-one sells, because its safe, or they don't have the physical, and GLD implodes along with the entire gold and silver complex, and you and Dim Willy fight to the death for a position on my septic system cleaning crew.
But hey, don't think that I want you to buy gold or silver. I couldn't care less what you, or any of the other people here do. I just tell the truth. Believe it or not, and you'll get what you deserve.
Morons abound so I suggest ignoring them. When the sheeple discover the ETF fraud, they might dump the ETFs but that money is going to ricochet right into physical which will be unavailable. Paper prices won't be relevant then.
You stressing about someone selling what you proport to hold for a hundred years? You ain't man enough for this gig Wainwright!
Who you callin Wainwright?
(duplicate post deleted)
Umm... as soon as the ETF's are exposed as having no physical, they will go no bid, while physical goes parabolic.
Increasing scarcity means increasing prices for physical.
Pay the offer. It's the bubble way.
Hurry!! Supplies won't last!!!
"Operators" are standing by.
there's HL, EXK and CDE as well.
SIL, the ETF, boasts the inclusion of 30+ silver miners. There's a shortage especially as to Canadian listings.
"Umm... as soon as the ETF's are exposed as having no physical"
Or as soon as that instrument on paper becomes inaccessible for any near-term transaction due to government shenannigans...
heres my take on all this...
in late '08 when silver was 8 bucks, you could buy all the paper silver you wanted
you could get it thru major sources, if you were willing to wait six weeks for delivery
but on ebay, it was going for close to 25 an ounce
thats where the rubber hits the road
people wanted physical right damn now, and were willing to pay a premium to get it
right now on ebay, it goes around spot or there abouts
you can buy below spot on craigslist if you search hard enuf
i could see the bottom fall out of paper silver, while at the same time tripling in price for physical, right now type delivery
when i can contact a redneck from Dover delaware, and they shoot the word contango back at me, even if improperly used, i'm a buyer to 70/oz (he said cotango, but dammit,close enuf)
all the way up, all the way down
people selling right now around here need heating oil....this wont last much longer(spring is in the air)
people get what is going on to some extent, but they dont know what to do about it
poor mans gold folks
straight to the moon alice,straight to the moon
that's shameless even for me. Sell SLV and physical goes down? To terrify the gold bugs the statement has to have some plausability to it.
Don't you know SLV is more valuable than silver?
Jon, Please get your li'l protege here sellstop up to speed. He's confused.
To: sellstop
I think your reasoning may be flawed.
If the reason the SLV shares get sold is because it is discovered they are commiting fraud, I doubt it will have a negative impact on physical.
Perhaps even the opposite.
See my other reply.
SLV does hold physical. It can be sold at the click of a mouse. The problem from the "physical" holders point of view is not that the ETF's don't have the metal, the problem is that they do! And it can be so easily bought and sold. The volatility is increased in anything that can be instantly and widespreadily (?) bought and sold. Especially when the "little guys" get in on the act. And that was the whole point of ETF's. To make physical available to everybody.
so be careful what you wish for.
And for your information, I own paper silver, and physical silver. The timeframe of the two holdings is very different because I recognize the volatility and can vary my bet size depending on conditions more easily with the paper. The physical is for that worst case, and long term scenario that may or may not happen. But that is what my 26 acres, cattle, garden, shop, gravity feed water, and wood heat is for. Besides the quality of life......
Best of luck,
Know yourself.
gh
That's exactly the casino mentality that physical holders don't buy into. All you "brokers" huddled in your cubicles staring at a computer screen placing bets on pokerstars and futures markets doesn't "scare the hell outta me", it makes me realize how disconnected from reality you paper pushing criminals are.
But don't buy physical. I suggest you keep your ways, place your bets, and keep anti-ing up to stay afloat. When it crashes, I'll have my burger without onions, please.
Why is the Comex settling in cash instead of delivering silver?
They are bribing the hedgies and offering as much as 30% (by some accounts) premium to spot.
Your 26 acres, cattle, garden, shop, gravity feed water, wood heat, flux capacitor and your quality of life will be taxed to death when TSHTF. Good luck trying to move your 26 acres. Remember Rome. Remember Zimbabwe. You have been scrood, just like everyone else.
Strike hard, strike first, strike the head. Or get down on 20 nails and pray 5 times a day towards anywhere the power elite tell you to.
Well... if you're going to be wrong, you may as well go "all in!"
You better stick to mutual funds.
Well, if you're going to be wrong, you might as well go "all in!"
You better stick to mutual funds.
sellstop, wtf? the people who own SLV today do so in hopes that this paper vehicle will gain them exposure to the actual price of physical silver, yes? once aware the counterparty trusted to maintain this link has defrauded them, yes, they will sell. however, their initial reason for being attracted to silver (supply demand imbalance, fiat profligacy, etc.) will persist, only they and their ilk will have fewer vehicles with which to play it. supply is essentially further reduced. holding demand static (or increasing it in a newly aware panic at the extent to which the fiat ponzi is willing to go to prevail), while reducing supply = price increase.
or did you have some other logic that made sense to you?
WTF! You believe rumors about fraud and base your investment decisions on conspiracy theories.
gh
'Rumours', hunh....pending lawsuits aside?
What about all the outflows of actual real silver from SLV as of late, even as spot increases and the futures go into steeper and steeper backwardation? Remind me again who runs that particular 'license to shoot myself in the face' ETF?
It may be time to upgrade that 'conspiracy theory', IMHO. But fill your boots with long ZSL, if you're so damn certain, paperbuoy.
sellstop, wtf, again? nowhere in my post did i suggest an investment thesis. i made the case that a fraud at SLV would send the price of physical silver higher. can you really dispute that? or are you just mad that i disagree with you and so i must have some inane investment thesis based on rumors?
do you know what i own?
know yourself? please.
get a grip.
If SLV defaulted silver would be over 50 in about an hour.
More like 10.2 seconds.
Silver is money, paper is not. Once the public remembers that, the demand will be virtually infinite and so will the price.
I'm not sure about infinite, but I get your point.
I think it's more accurate to say silver has a value much higher than paper.
Money is what your country accept for paying taxes. It could be anything (shellfish, gold, tally sticks, paper, et.). Money is a wealth vehicle.
Yeah if the physical is not backed by paper I'll just throw it in the street. You work for JPM or are you drunk?
Well-played.
sellstop = bullion banker
Who buys these you? If so we need to talk, I've got some land you should see pictures of and bring cash.. Pictures are enough right, you don't need to actually see it do you...
I think we are one "Mad Hedge Fund Trader" away from a comex crash.
LOL
We got 182 "I hate Blythe's" today, check it out...going to try to get to 500, on days Blythe puts the hammer down
http://silvergoldsilver.blogspot.com/2011/02/just-hit-vent-click-below-i...
In Multiples!!!! Fuck Inflation, Buy Silver!!!!
>>That is some very hungry demand. Which raises the question, how long can this pace continue?
A VERY long time ... 300 million in the US. 500 million in the EU, 2.3 billion in India/China ... even if 10-20% say "Let's buy an ounce or two."
According to Larry on UnCommon Wisdom, there is 5000 tons available on the market now.
300 million dollars total value of that 5000 tons is not a lot. An individual could buy all of it.
uh, check your math.
$4.4 billion. Well within the capabilities of some individuals.
And that's not including leverage.
Larry said stay away from gold and silver 2 weeks ago..If you can get him to say that every day, we'll all be rich.
http://www.youtube.com/watch?v=bzwvM0qneVQ
As much as I like some of your more wordy comments, I have to ask you to get real about the purchasing power parity of spot silver right now. Do a chart of silver vs just about any real commodity, and tell me how much more price appreciation is there other than a possible short squeeze.
The price of silver on spot markets is at 30.74x.718 oz/USD of 1964 coin, or 22 present dollars for an old silver dollar.
I'd rather cash out silver to buy foodstuffs that are now at near record lows in silver.
I dissuade anyone that has a small amount of cash to convert to silver to instead buy storage food.
As long as Bernanke/Shrute bucks get printed, silver and other PMs are going up
Today showed us a true fight! Can't wait to see how this performance unfolds..
PAAS....snarf, BTFD today after earnings...
Silver is easy to buy easy to own. Thursday is the day you find out who your local coin guy is( maybe more than one) go buy a few old dimes, get started, have some fun and corn hole a banker:))
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Buy Silver!!!
Fuck the FED!!!!
Fuck a Banker!!!!
Fuck Inflation!!!!
Protect your hard earned dollars!!!!
Don't take you bib off.
Stop assuming everyone is like you. Most people don't need bibs to stop the drool from ruining their t-shirts.
I am destroyed!
Indeed you are, though you did it to yourself. You clearly have no purpose in your life. Why don't you just seek the sweet release of death instead?
No, actually, don't do that. I want you to see the world for what it really is when you stand at the bottom, and those that you trolled so very weakly stand at the top. I want you to savor the humiliation, poverty, and hunger that comes from that realization that your pride and ignorance lead you to lose everything. That is a fitting fate for the likes of you.
You're a sick motherfucker.
Seek help! Seriously. Church, clinical counseling, AA, psychological.
If I could send a bullet through the internet into your pathetically diseased and worthless brain, I would gladly do so. Count yourself among the walking dead, you sick and malignant son of a bitch.
Blythe is about to shit brix!
BTW, how much does Blythe pay trolls like you? Wait, don't tell me you get food stamps. Can you eat those?
Buy silver. Fuck the FED. Fuck a Banker. Then, marry a banker to protect your hard-earned dollars. And fuck 'til you're inflated.
You should shower after you crap.
You should learn to wipe your ass like a big boy. Most of us know how to already.
Weak. Like your life.
Nope, my life is awesome. Rich and getting richer, great job curing diseases (no, not like you, important ones that people actually care about, like prostate cancer), great family, etc. It would be hard for my life to get any better.
You, on the other hand, are no better than the semen you leave on the sheets for your mother to clean. I can't imagine how terrible it must be to be so totally unwanted, unimportant, unneeded by anyone :(
You're a sick motherfucker.
You two need to get a room, and no, I don't want to know who gets the handcuffs! :>D
I had a hot banker, and I fucked her silly. Still miss that sweet ass, but the pillow talk was horrible.
Hey Jefro, why don't you go ask Blythe how long it can last? Forget those ETF's. They don't have the product. They are lying, except Sprott. Paper silver is only paper.
Except that Sprott is keeping it with the Canadian Mint in Ottawa, Canada... a Crown Corporation, owned by the... Canadian government. Guess what will the Canadian government tell to Sprott if the silver paper will prove not to have much physical behind it, and Sprott will ask for its physical share to deliver it to the rightful owners?
Better get physical or don't get involved at all.
maybe the miners should start selling bars to the public
Check out First Majestic.... AG on NYSE
Ck out SVM
does it sell direct?
thanks - I'll check it out
Rumor is some Miners are hedging.
U.S. Silver is hedged!
"...u.s. silver is heavily hedged at least 20% and maybe more....owned 600,000 shares when we heard they hedged we sold all of them
the same day. They did this in
november three months ago..."
via lemet
Shocked...just shocked, I tell you.
I heard 70 mm ounces to 2013 is the best they've been able to get. Won't help our friends for March anyway. Besides, 35mm/yr is piss up a rope.
"On January 11, Minera Frisco announced that it had presold 70 million ounces of silver that it expects to produce between now and 2013."
Heh, looks like someone wants to be the 'Ashanti' of the silver space. Whoops.
Oh wait, mb 70 million is a stretch:
from http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=ai6jfG_zsao4
"Frisco estimates the new mines in Mexico will produce 19.1 million ounces of silver after reaching capacity, compared with 5.5 million ounces from existing mines in 2010, according to an e-mailed statement yesterday to Mexico’s stock exchange. "
Wow, that's quite the feat: increase production almost four fold in a year, I guess you get motivated when you get a cheque for funny money to pull 70mm ounces of silver.... good luck amigos!
But still not much help there BM, not for awhile anyway. Just more paper ammo that no one seems to want to roll over to, maybe those 'yet to be realized' ounces can act as SLV share stand ins? Better get a move on Frisco! Blythe is crackin' the whip!
They would be insane not to hedge at these prices. If I had a silver mine I would forward sell six months minimum at the prevailing price.
Then again, why worry as the management can issue a boatload of shares to management at five percent of the current share price. Most miners are scams that are even worse than NFLX. It isn't exactly what miners were in the 1980's, and not at all like some of the semi-honest South African mines of ten years ago.
Profit stripping isn't just for tech stocks.
Yeah yeah yeah. Ashanti thought the same thing when they took the banks' advice and hedged their gold 1000 US bitz of paper/oz ago.Barrick too. Whoops.
So your message is 'do your own due diligence, but NFLX is a better deal than scammy miners, if I was smart I'd sell forward all my ounces, blah blah blah', gotcha.
And you're right, profit stripping isn't just for tech stocks, it's for HFT algo's, which is why everyone is doing the Olivia Neutron Bomb and getting physical; "Lemme see your bullshit walk, your bullshit walk. Lemme see your bullshit walk..."
Definitely, direct sales. The miners should sell shares directly as well. It would be good to take delivery here as well. This may seem a retrograde step until you consider the recent judgement on MERS. Everyone is assuming a final receiver to unwind all these frauds, maybe not.
What difference would that make?
How much more silver demand can the JP Morgue handle? Thats what i'm interested in.
You factor in scarcity, fraud and a default at the COMEX... $152 is beyond a lowball estimate.
$450/oz by 2012.
If it hits $450 it will be priced in SDR's..
No, the SDR scam would require a 2/3 majority in the Senate to pass the Obama-signed treaty agreement. Won't ever happen.
TO quote the Mogambo: "Wheeeeee this investing stuff is easy ! "
Let's see.....at 150/oz, those 90% bags I paid 3500 few years back, will be selling for over 100 grand.
Wheeeeeeeee.........
Silver open interest down 1,869 contracts today in the front delivery month. Gold significantly up, though. http://news.tradingcharts.com/futures/8/6/153452168.html
Gold Open Int Change Silver Open Int Change
GC G1 699 -20 SI G1 88 -33
GC H1 1,504 -84 SI H1 59,851 -1,869
GC J1 306,330 7,358 SI J1 43 4
As oil trucks move in North Dakota so mine trucks move in Nevada. And yet again Wall Street is surprised.
World production of Silver per year equals 800 Million ounces. 800 Million times $31 equals $24.8 Billion. US Budget deficit for January 2011 equals $48.9 Billion.
When it takes the entire World's production of Silver for two years to pay for one month of US Budget deficit, demand will grow.
There no logic whatsoever in your statement. None. Why not price Egypt's budget in cotton..or tourism? That at least makes some sense.
i think he's just trying to offer some perspective on the extent of the fiat folly we're in and the likely cost of a remedy in terms of real money. the difference between the us budget deficit, paid for in virtually in entirety by fed issuance of the global reserve currency, and the egyptian budget denominated in cotton, should be apparent to you.
Leave it to a drooling baby with filthy shorts to fail to understand the difference between money, goods, and services.
Might I suggest you try disney.com? Might be more fitting to your disposition and level of development.
Do you best. Come on. Oooo! That hurts.
Is that a douche bag on yer head Bill?
A good point stated in a unique way. The point is the fiat has to be replaced by gold and silver and what will that ratio be assuming it happens in an orderly fashion? Egypt is not issuing the Reserve Currency. So will it be 30 Bernankies for every oz of silver- that hardly seems likely. 300? 3 Billion? Pick any number. We have to knock about 9 zeroes off our current sums. Money has to be real at the end of the day.
"Money has to be real at the end of the day"
They took mine today. You want to tell me it was bogus?
Your slip is showing Bill the bitchtard. Your currency was exchanged for goods. The Federal Reser e Note is missing on property of money. Let's see if you can indentify which proerty of money your shit paper be missing.
When you buy toilet paper (they say it's better than your hand ya know) the seller will require you monetize your gold bars to complete the transaction and then you can take this new discovery home.
No dispute there Paco Fish Taco. I don't rely on a pile of currency for long term saving. The currency market, stocks included,are needed for short-term planning and tranactions. What I am saying, along with many others here, is the to save currency is to promise lose in the negative interest rate environment. This environment cannot change without dire consequences to the masters of currency. Now money,that is a different story. I will save money, but spend currency. While you fight against, you make great points with. Stick that in your pie hole bastard. Fuck qwerty for any and all typos.
Put the bottle down. You're unintelligible. I did try read it. I did. Seek help man.
Exponentially increasing bogosity...
Seriously wtb, not your best effort. Ignoring all other factors being discussed does not make them go away, just makes you look obtuse.
Backwardation in COMEX silver is becoming rather extreme, at this rate the entire forward curve will be backwardated by the end of the week.
COMEX may not be the final word in silver but it seems this is unprecedented.
Hasn't been in backwardation for a spell.A long spell.
If Gold does too, we have trouble in river city.
The Chinese are doing to SLV the same thing their doing yo GLD now.
+1
little or much underlying silver or gold in SLV or GLD is irrelevant. it is taken out as we speak. dropping tonnage is very bullish for me. when these buffers are empty all bets are off. no mental accounting in $ or EUR anymore.
Backwardation in COMEX silver is becoming rather extreme,
Turd Ferguson says the Morgue is shorting future contracts because they are out of options to reduce open interest
http://tfmetalsreport.blogspot.com/2011/02/wow.html
You can not eat this shit. It is worthless.
Bob must prefer FRN fetuccini and T-bill toasties.
Naw. Bob likes municipal munchies.
worthless?, you must own a farm then.......or do you just have a ton of food hanging around the house........maybe you keep some space ice cream in a safe deposit box
Dollars are the only investment I will ever wish to own because they retain their value over time.
Are you sure you aren't that TV reporter who was caught on camera jibbering nonsense as if it all somehow made some kind of sense?
All those placing their faith in farmland are doomed. All agricultural activity will be highly taxed when TSHTF. Taxed to death. Remember Rome.
Whats your plan,high rise section 8 housing? Remember you cannot eat it, but your tenants will eat you when the checks stop..
Bob,
Is ONE brave mutha.
But you can ear dollars right. Mind sharing some recipes?
No you can't ear dollars.
Do I have to announce being sarcastic after every facetious comment?
Probably.
Can eat dollars? Not very origional. Maybe I'll get the humor sometime later yo.
You take the prize for most juvenile and worthless commenter on ZH. Why do you even bother? Go watch WWE and save us the inconvenience of scrolling past your drivel.
America's ace arbitor of taste: A troll called "Dick Head" .
"Do I have to announce being sarcastic after every facetious comment?"
+1
No, but I'll take anounce for everyone of your facetious comments.
Au contraire, mon frère. Check out this site.
http://www.businesspundit.com/10-ways-people-eat-gold/
Me and Bob are way long Chevy Volts. That's where it's at.
People are lining up around the block, even bringing their own extension cords... </sarc>
Hey TD as long as we are on the Chevy subject why no thread on the GM bonus situation?
RCMP in the Fraser Valley are searching for clues to identify who stole three quarters of a million dollars worth of silver bullion during a recent home invasion.
It happened Feb. 9 in Chilliwack around 1:40 p.m. PT.
Police said two men believed to be leaders of the infamous GATA GANG, entered a house in the 10000 block of Imperial Street and made off with thousands of ounces of bullion.
Const. Tracy Wolbeck said the suspects... believed to be Chris Powell, of no fixed address, and Bill Murphy, who has recently moved to Vancouver, were wearing tin foil hats. They bruised the sole occupant of the home during the robbery.
"Police are in the preliminary stages of investigating this incident," said Wolbeck. "We are hopeful that given the time of day, someone saw something and can give us some helpful information."
Wolbeck said people should think twice about storing valuables and cash in the home.
"Do not keep a significant amount of precious metal or money in your home like that. And if you do that, be sure to keep that information to yourself because obviously these people knew what they were looking for," said Wolbeck.
Wolbeck said investigators don't know why the victim was collecting silver bars.
Read more: http://www.cbc.ca/canada/british-columbia/story/2011/02/16/bc-silver-theft.html#ixzz1EASDAOwZ
The actual article:
"
RCMP in the Fraser Valley are searching for clues to identify who stole three quarters of a million dollars worth of silver bullion during a recent home invasion.
It happened Feb. 9 in Chilliwack around 1:40 p.m. PT.
Police said two men entered a house in the 10000 block of Imperial Street and made off with thousands of ounces of bullion.
Const. Tracy Wolbeck said the suspects, who may have been wearing a uniform, bruised the sole occupant of the home during the robbery.
"Police are in the preliminary stages of investigating this incident," said Wolbeck. "We are hopeful that given the time of day, someone saw something and can give us some helpful information."
Wolbeck said people should think twice about storing valuables and cash in the home.
"[Do not] keep a significant amount of precious metal or money in your home like that. And if you do that, be sure to keep that information to yourself because obviously these people knew what they were looking for," said Wolbeck.
Wolbeck said investigators don't know why the victim was collecting silver bars.
"
If you can't think for yourself, don't cut and paste.
Instead, leave idiotic one liners EVERYWHERE!
+1
Now THAT was origional asswipemos !! Oh! and you achieved your useless point within one line!! hehe
$50 says you have not one friend in the world, WTB.