Guest Post: Today's Silver Scandal

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Thu, 05/05/2011 - 18:44 | 1245520 skitux
skitux's picture

where do we long the SLV

Thu, 05/05/2011 - 19:53 | 1245787 Texas Gunslinger
Texas Gunslinger's picture

Talked to my coin dealer this afternoon, looking for reassurance.

He said "well, it looks like $50 was heavily defended by Blythe, and might be a temporary top on the way to $100. Hell hath no fury like a woman scorned."

This made me feel a little better. If it drops under $20, I'm a buyer again. 






Thu, 05/05/2011 - 20:02 | 1245832 Hugh G Rection
Hugh G Rection's picture

back in character douchebag?

Thu, 05/05/2011 - 21:51 | 1246141 Hephasteus
Hephasteus's picture


Up your ritalin dosage and get back in there solider!!


Thu, 05/05/2011 - 20:05 | 1245852 Michael Victory
Michael Victory's picture

sub 20?


how low can paper go?

Thu, 05/05/2011 - 23:27 | 1246292 mick_richfield
mick_richfield's picture

I'm not sure about the COMEX, but when I don't have any silver, I sell it for about ten bucks.

That's still a nice markup over the 5 bucks it costs me to not dig it out of the ground.

Fri, 05/06/2011 - 00:06 | 1246361 Henry Hub
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You've stolen my avatar! I want it back!

Thu, 05/05/2011 - 20:38 | 1245950 NumberNone
NumberNone's picture

That would make me feel a little bitter...not better. 

Thu, 05/05/2011 - 23:37 | 1246316 longorshort
longorshort's picture

My god, thats like asking NAR if now is a great time to buy a home.   You should be perma banned for such stupidity.

Thu, 05/05/2011 - 23:51 | 1246346 holdbuysell
holdbuysell's picture

Silver's tough to get now...under 20?

Fri, 05/06/2011 - 00:39 | 1246420 RockyRacoon
RockyRacoon's picture

Talked to my coin dealer...

That would be no person other than the bible-thumping Jason Hommel?

Fri, 05/06/2011 - 11:55 | 1247795 sullymandias
sullymandias's picture

I can't imagine a coin dealer talking like that. Maybe in texas..

Fri, 05/06/2011 - 18:29 | 1249530 Stares straight...
Stares straight ahead's picture

Please do not use the word "Hell" in vain...

Thu, 05/05/2011 - 19:52 | 1245794 tmosley
tmosley's picture


Only physical if you want to keep it.  If you don't hold it, you don't own it.  Hell, you're lucky if it even exists.

Thu, 05/05/2011 - 19:51 | 1245801 dynomutt
dynomutt's picture

It looks like there are some weak hands panicking on eBay.


I have no dry powder, else I'd be buying 100's.

Thu, 05/05/2011 - 20:46 | 1245980 tmosley
tmosley's picture

Damn, I just looked, and now I feel your pain.

Fri, 05/06/2011 - 00:41 | 1246426 RockyRacoon
RockyRacoon's picture

Use the chart at the bottom of the page "Let's get Physical" for some nice search links for eBay action.  Fun to watch.   The search algorithm is well done.

Thu, 05/05/2011 - 20:00 | 1245824 Pladizow
Pladizow's picture

We witnessed a concerted effort to gang-bang-bukake silver this week.

1. 5 consecutive margin increases in 8 days. Why not do all at once, perhaps to keep in the press and in the mind.

2. George Soros rumor of selling gold. The PM's tend to move as a wolf pack.

3. Carlos Slim selling 86million ounces of silver futures.

You can smell the desperation!

Thu, 05/05/2011 - 23:39 | 1246327 longorshort
longorshort's picture

My god does anyone review the profiles here.  This dumpfucks account should be deleted.  This is not appropriate.

Fri, 05/06/2011 - 00:44 | 1246428 RockyRacoon
RockyRacoon's picture

Well, Mr. longorshort, I'd guess you're getting long right about now...

Fri, 05/06/2011 - 03:58 | 1246594 LudwigVon
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Welcome to ZH. That is not the only avatar. Clearly your new.

You may have more success suggesting censorship at another location.

Fri, 05/06/2011 - 00:41 | 1246424 chumbawamba
chumbawamba's picture


In case you didn't notice, all commodities plunged similarly.  My beloved copper got raped like a meth whore at a coke party.  There is no fucking conspiracy with silver.

The whole market is a conspiracy.  Why do people still play along?  Just buy your physical, stick it in your safe and shut the fuck up.

Not directed at you, Titties, just everyone in general.

I am Chumbawamba.

Fri, 05/06/2011 - 03:48 | 1246590 The Navigator
The Navigator's picture

Agreed, it's all a rigged casino, every market; and thus my belief in (and holding of only) the physical.

In my estimation, all the rigged and leveraged casinos (stock markets, currencies, futures, etc) will blow up and for a time, the only real money will be Ag/Au.

But WTF do I know. I'll probably be wrong again.

BUT in the meantime, I buy small quantities every week, and over the past 4 years it's averaged out well - and I don't worry if the USD goes Zimbabwe on us.

Hoping to not be gang raped like a meth whore at a coke party, I am The Navigator.

Fri, 05/06/2011 - 00:38 | 1246425 chumbawamba
chumbawamba's picture


In case you didn't notice, all commodities plunged similarly.  My beloved copper got raped like a meth whore at a coke party.  There is no fucking conspiracy with silver.

The whole market is a conspiracy.  Why do people still play along?  Just buy your physical, stick it in your safe and shut the fuck up.

Not directed at you, Titties, just everyone in general.

I am Chumbawamba.

Fri, 05/06/2011 - 00:42 | 1246429 RockyRacoon
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Chumba, your second paragraph just about sums it up.

Fri, 05/06/2011 - 08:27 | 1246805 Zero Govt
Zero Govt's picture


why do you think Silver didn't pull the trigger on the other Commods markets?

One index dropping triggers similar drops in other stock indexes. Take a look, all 3 US Indexes rise and fall in unison. A sell-off in the Nasdaq will cause sell-offs in the NYSE, Dow and S&P

That's because investors act like herds. When panic is triggered in one part of the herd, say Silver, it quickly spreads to other parts of the herd and hence we get an across the board sell-off (panic stampede).

The double-whammy caused by CME margin hikes and Big Hedgys sending out 'Big Sell' signals caused the Silver panic, just as regulatory changes caused the 1980's Silver sell-off. Yes the markets are rigged, we can add CME-2011 to join Volcker/bankers-1980's in the history of Silver on precisely who is rigging them 

Thu, 05/05/2011 - 20:03 | 1245843 NOTW777
NOTW777's picture

never, its not silver

Fri, 05/06/2011 - 02:00 | 1246515 adamas
adamas's picture

the technical target for silver now it has breached $35 is $6.80 , it is going below the 2008 low.

Fri, 05/06/2011 - 04:04 | 1246597 LudwigVon
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What no junk?

Thu, 05/05/2011 - 18:45 | 1245524 The Third Man
Thu, 05/05/2011 - 20:02 | 1245837 traderjoe
traderjoe's picture

For me, the central planners jumped the shark way back at the first EU bank stress tests. The day GE chose to raise its dividend at exactly the same moment - which got all of the press. It was clear at that stage how orchestrated it was and how many players were in on the game. Over time, I closed all of my brokerage and banking accounts, cut up my credit cards, etc. and converted my FRN's to PM's. 

The last few days, culminating in the 5-margin hike for silver but a virtual elimination of the downside circuit breaker on crude (intra-day) means the planners have declared war. We are now in a financial war. Will a viable alternative to fiat FRN's emerge? Will austerity tighten the noose on the serfs? 

Today was the day when the TPTB flexed their muscles and sent a missile off the California coast. How will we sovereigns-to-be respond?

It sounds trite, but it has only strengthened my resolve that we do not have 'fair' markets or an reasonable economy. And that the war for the soul of the country will be protracted with ups and downs along the way. Battles won and battles lost. Math, the laws of thermodynamics, and the righteousness of liberty are on our side. 

All this banter about a 2-week move in silver is just a blip in the history of time. Grab a beer and some popcorn and plan accordingly...

Thu, 05/05/2011 - 20:30 | 1245924 sgorem
sgorem's picture


Thu, 05/05/2011 - 20:38 | 1245957 optimator
optimator's picture

"GE chose to raise their dividend" should have read, Jeff Immelt, GE CEO, Obama finance advisor and a Director of the New York Federal Reserve Bank, chose to....

Thu, 05/05/2011 - 21:15 | 1246050 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

You are a smart boy my patriotic friend.  Death to the New World Order!


--Tuco Benedicto Pacifico Juan Maria Ramrez

Thu, 05/05/2011 - 23:39 | 1246324 Cui Bono
Cui Bono's picture

Potatoes? You have to be pretty poor to eat potatoes....

Fri, 05/06/2011 - 00:55 | 1246445 HungrySeagull
HungrySeagull's picture

I am raising some right now out back so that I may avoid questionable supplies at high prices down the road. I only do Russets out of Idaho and Snowdens from the Dutch Country.

That along with other food crops as well that will assist in keeping our food bills low and position us to help others with the excess we cannot consume.

Thu, 05/05/2011 - 22:32 | 1246218 donpaulo
donpaulo's picture

$35 and still in the money is a good feeling.

time to buy some more I reckon

Thu, 05/05/2011 - 23:45 | 1246330 longorshort
longorshort's picture

Wow read up on stop loss orders even if the equivelent is hauling it to your coin dealer. 

Thu, 05/05/2011 - 23:46 | 1246335 longorshort
longorshort's picture

Heres my new slogan.

Dont love your investment.  Love your profits by taking them before greed and doubt destroy them.

Fri, 05/06/2011 - 00:48 | 1246431 RockyRacoon
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It's not about "profit" -- in case you've missed the entire point.

Fri, 05/06/2011 - 07:09 | 1246686 aVian
aVian's picture


Fri, 05/06/2011 - 08:38 | 1246862 Zero Govt
Zero Govt's picture

The Third Man

Good link to Dan Norichis take on the Silver stink. He writes,

I find it hypocritical, if not downright wicked, that this is occuring against a backdrop of a senior executive at the CME Group, one Mr. Bryan Durkin to be exact, warning regulators against reining in High Frequency Traders. He parroted the usual BS about their presence providing much needed liquidity warning that any attempts to bring them under more intense scrutiny or curtail their activity would result in markets becoming less efficient.  Does anyone besides me marvel at the temerity of these people who spout such idiocy and then go about deliberately instituting a series of devastating margin hikes which are deliberately designed to KILL LIQUIDITY

Thu, 05/05/2011 - 18:50 | 1245532 molecool
molecool's picture

Thank you for making my point - for which I was junked virgorously on 5/2. Well, at least I had the last laugh (all the way to the bank) ;-)


Thu, 05/05/2011 - 19:08 | 1245622 homersimpson
homersimpson's picture

What are you talking about? Silver is still way up if you bought a while ago and didn't follow the HFT fads..

You're not the only one having a laugh, let alone the last one.. but it shows that you're pretty ignorant if you really think everyone on ZH bought in at 49.

Thu, 05/05/2011 - 19:15 | 1245650 nope-1004
nope-1004's picture


Thu, 05/05/2011 - 22:11 | 1246186 molecool
molecool's picture

No, what I find ignorant is sitting through a 30% drop like an idiot. But heck - if you like that kind of punishment - welcome to the other side of my trades.

Fri, 05/06/2011 - 00:50 | 1246432 RockyRacoon
RockyRacoon's picture

A Silver Eagle still weighs one ounce Troy.  A dollar on the other hand...

Never mind.  I get tired explaining this all the time.

Pissing up wind is a waste of time.

Fri, 05/06/2011 - 02:52 | 1246546 akak
akak's picture

Molecool, I strongly suspect that the only thing you really trade is your right hand for your left while compulsively spanking the monkey.

Thu, 05/05/2011 - 21:35 | 1246108 ViewfromUnderth...
ViewfromUndertheBridge's picture

and Kickaha replied to you with one of the best comments seen on ZH. Re-read it, learn it and profit from every sense.

Do NOT follow this link or you will be banned from the site!