This page has been archived and commenting is disabled.
Houston, This Is Blythe, I Have A Problem
And silver surges on margin hike news, taking out $32, and fresh 31 year highs. Something is very wrong. Our only question: how long before the American taxpayer has to repeat the AIG experience, and bail out JP Morgan over its billions in silver shorts. For our non tinfoil heat wearing friends in the various operating subsidiaries of the FT, we have one comment: "We have sold everything we can produce in silver and have demand for at least twice that volume,” said David Madge, head of bullion sales at the Royal Canadian Mint, which produces the silver Maple Leaf coin. Silver coin sales at the US Mint and the Austrian Mint also hit record levels in January"
»
- 21752 reads
- Printer-friendly version
- Send to friend
- advertisements -
Is this the reason?
http://screwtapefiles.blogspot.com/2011/02/who-is-winter-benton-is-silve...
Yes, read that!
Also, if you are trading PMs, I strongly suggest you take time to read this, too:
http://tfmetalsreport.blogspot.com/2011/02/wow.html
what is the problem....master! :-)
There isn't any problem; it's my birthday, it's a full moon, and God loves me. Since I'm 200% invested in Silver Bullion, this is merely God's way of giving me a birthday present; quite simple, really. Oh, and by the way, Thanks God.
I think you have hit the nail on the head Turd. We shall see, we shall see.
I realize I may be jumping the shark here...but when it comes to JPM...well...they simply seem to operate by a different set of "rules"...so here goes: What are the odds of JPM being simply "pardoned" for their short position? As in forgotten and never need to cover? I realize this is an outrageous proposition...but then again...isn't this market outrageous? Isn't this system outrageous?
Any thoughts on this?
100%. They will, without a doubt, be pardoned.
Agreed. The rules will be changed when the rules are no longer convenient for the Ponzi and the Ponzi players/manipulators/teat suckers.
Silver is on a train today again...up $0.75 as I write this.
He has it right but here's the monkey wrench in the machine.
Comex has to paint a 30 dollar tape. If they can't paint a 30 dollar tape then the scheme is busted. It's got something to do with the dollar being simply a derivative of the silver and gold price. If silver is high but gold is low the dollar falls. If gold is high and silver is low the dollar falls fast, if gold and silver is high the dollar falls mega fast. Something tells me gold is 1500 for it's tape. If both silver and gold go above those set points then everyone dumps dollar, dollar goes way up then boom falls on the floor.
Wynter's plan is to push comex for settlement in cash. But since they are already blowing out the tape even if they get offered 50 percent over spot to roll and play it another month it will only drop the price down to 30.50 ish. May be worth another months play may not.
The really horrible news is the gold bugs are coming next also. And they aren't going to dick around. They won't have the people stripping bars and coins out of shops like silver does but they are going to empty comex.
Then you got double dollar fall. Government printing like mad with world dumping it. Time for a really good look at a 5 dollar can of soup. People are going to go hungry this year and being in america or europe won't help you at all. It will actually hurt you as everybody will be dumping dollar reserves competing with your dollars.
it has to do with the Weight of Money:
50$ Gold Coin = 1 avoirdupois oz
1 avoirdupois oz of 50$ bills = 1 400$...
1$ Silver Coin = 1 troy oz
1 troy oz of 1$ bills = 31.1$
Those are break points...
I've never been persuaded by the weight of an arguement until now. LOL
it has to do with the Weight of Money:
50$ Gold Coin = 1 avoirdupois oz
1 avoirdupois oz of 50$ bills = 1 400$...
1$ Silver Coin = 1 troy oz
1 troy oz of 1$ bills = 31.1$
Those are break points...
Seriously, why does the rumor persist?
JP Morgan closed their prop commodities desk last summer, and has had a trading profit EVERY SINGLE day since last June.
Both of which, make the probability of having a massive silver short approximatley ZERO.
This JP Morgan rumor is the biggest lie out there.
Silver may be moving up, but it is not because JP Morgan is short.
I just bought some July 25 puts.
No-one has EVER cooked the books before.
EVER.
Your faith in JPM's honesty is...interesting.
That will push us ever closer to a new justice/political system. Like what's going on in the ME right now. The difference being, since we have a Second Amendment, government thugs will not be pulling a Bahrain on us. Could be just the opposite.
After all they dont need to mark to market any losses to eternity ?
Then JPM will have defaulted and lost more than some credibility. Oh, and by the way the COMEX also.
That would be the beginning of the end.
What credibility do they have now? In fact, ever since the adoption of mark-to-unicorn accounting standards...what credibility do ANY of the TBTF banks have?
Alien, I think we are in (and more and more obviously now, with ME tensions rising) the war that will make such pardon's Unnecessary.
Looking at the ME dominoes tripping, oil rising, PM's rising, inflation inflating, jobs dis-appearing...clearly this situation is not going to go to bed nicely. It will be warred on.
And unless something is done NOW, by most of us, the next cycle will look just like this one. And therein lies the tragedy.
Did not think I'd see 32 today. But the big boyz are not out of ammo by a long shot yet. It must be suiting them for allowing this. The ARE the government after all. Moneylenders always have been.
Exciting times though, for sure.
ORI
http://aadivaahan.wordpress.com/2011/02/16/truth-about-america-truth-abo...
James Turk suggested it's possible JPM could call for the government to grant them a force majeure because their position so untenable. And since they are part of the cartel that really runs this country that may well happen.
But in practical terms, considering their criminal behavior in mortgages, and other activites, so much confidence would be destroyed in the banks and the dollar there will be a big shake out, not head scratching this time.
Ron Paul has got to love this. I am so glad he's sitting in the chairperson seat right now. Short JPM. Buy gold.
Sounds like the price whipsaw that JPM is holding onto is starting to glow cherry-red from all the movement(s) -- and poor Blythe with no asbestos gloves on!
If you wish to listen to a podcast by one of the douche bags who posts occasional comments at ZH, try the following...
http://www.chrismartenson.com/blog/mapping-fugly-future-david-collum/53003
(OK. So I'm jumping a thread with self promo: shoot me.)
Great write-up, TF. Thank you.
Great summary turd... thanks
Long live the Turd. Happy B'day brotha!!!
It's just rubbish. You don't know anything at all about the Comex. They've been rolling over contracts since you were in grade school. You're just going to make a fool out of yourself with these kind of breathless anouncements that will, and I'm telling you right now, they will; turn out to be nothing. non-events. The Comex problem is the global warming of the financial blog world; enthusiasm and belief on the part of people who don't have the basic science under their belt. What you're looking at is a bull market in Silver; this is suprising? Why ? You want to know how to make a lot of money on this; ask me politely and I'll tell you. I don't do theories or make up stories; but the Comex is waiting patiently to give you lots and lots of free money.
You don't get it. These guys are highly leveraged. If they were planning to roll their contracts this month, they would be doing it NOW after this margin hike announcement.
You have normalcy bias. It WILL kill you.
You're my favorite Turd.
Congressional Commission: Blythe why did you short 1 years worth of production of silver ?
Blythe: because silver has no real value, and you can't eat it :°|
Nah, they'll just claim they were "a market maker in precious metals, and worked to stabilise the environment, and provide a service for the financial community."
Plus, of course, some rubbish about this "once in a lifetime event" being "impossible to predict".
And they provided liquidity (Kudlow's favorite word). Don't forget liquidity.
They used to execute people by pouring molten metal into their mouths -- liquidity is waay overrated!
Here's the reality. If the tin-foil hat wearing folks are wrong about JPM's short position, silver is just another industrial commodity with growing demand. Still a good reason to be bullish.
If the tin-foil hat wearing folks are right about JPM, silver could see a massive short-squeeze sending it to $50 or beyond. http://www.planbeconomics.com/2010/10/29/could-silver-hit-50-in-a-few-months/
And the conclusion is- BUY SILVER either way.
anyone see the vw short sqeeze? never shorted with common after that.
Bernanke a few minutes ago..."the international monetary system must be reformed to benefit all"
The international monitary system must be abolished!
Will it hold? I don't know...but this was expected. It would be great to see a pullback and then a slingshot higher.
I smell $35...
I may have to adjust my $40 in 3 weeks prediction to $400 in 3 weeks! ;)
yes my friend, i think so too
Someone stated yesterday that if we see silver going up $1 for days in a row, it may be time to panic. What happens when silver goes up $5 in a single day?
I'm tempted to place a sizable order just for the hell of it. Who needs fiat money when you have silver?
Yup. While very happy to see it blow past 32.50, this is making me nervous. Good for silver, but a sign of SHTF? Yikes!
Do you prefer to be slow roasted or beheaded? If you're wearing a silver colar, you'll survive.
Kali my love! What is thy bidding, my mistress?
Bet you're looking forward to the upcoming Great Implosion and all the blood it will generate.
Silver up 45 cents in the last hour and fifteen minutes... That is impressive!
Will take profits at $37. Turn margin bought silver mining shares into my money so I canbuy the next dip. QE will fuel shorts and status quo happiness and create more dips. With one exception. Not touching SLW. It will have extra booster rockets when the first moonshot happens.
This is the slingshot following the last pullback.
We Have a problem....bitchez
Absolutely no stress whatsoever shown on this chart.
Seems like if JPM was going to have a problem, the stock would be tanking now.
Lern2Read, dumbass. Everyone knows they are going the be bailed out.
Price that stock in silver, and you will see a different story.
Denominate JPM against your out-of-this-cosmos douche-bagginess, and they're effectively insolvent.
Get out. Go troll the Yahoo finance or Marketwatch forums with your socialist propaganda. I'm sure you'll be welcome.
You are not wanted, boy. You have nothing to contribute.
Get out.
Get out.....
You are not wanted, boy .....
*LOL*
.....You doom/gloom libertarian douche bags sound like a bunch of cranky old geezers who are just one insult away from calling me a "whippersnapper" and flinging your AARP card at me.
As long as you don't take the tennis balls off the end of your walker and throw them at me, I'm staying.
Holey shit dude, how much money are you losing on your silver shorts to be flying off the handle this early in the day?
Sorry it's not working out for you, but attacking the people who (unintentionally) tried to give you better advice is not the way forward.
You never contribute anything, and you clearly hate everyone here. Why do you stay?
Masochism is the only answer I can come up with.
Hey, the last time I ordered you to head down to the local gay biker club and set yourself up to pull a train, you disappeared for quite a while.
Do it again, bitch.
According to George Washington, he could also be a Psyops plant.
Stay, go, whatever...but at least say something intelligent, or witty, or anything of substance.
Because we're tired of just saying, "Don't pay attention to him. He's one of the special ones that ride the short bus."
Either say something of substance or close your mouth and let others assume what is actually true.
If you're going to post something like that, at least make it funny.
Red neck .. Boot licking camp guard.
Guys, JP Morg is a key member/owner of the privately owned United States Federal Reserve Central bank. As such, they literally own the Fed money printer. The point IS NOT profit or stock value, it is targeted price suppression. JP Morg stock will not be effected because they literally can print money.
The "raison d'etre" for Central Banks is the suppression of the gold price.
Jesus, do you listen to yourself?
Excellent...back to where it was a year ago.
the old catfish mouth robo uber bull bear wanna be has spoken. there is no jpm silver short position. it's a myth he says, posting from his apartment in los angeles, where he sits in retirement bliss from the mint he made trading stocks, or so he says.
meanwhile, as he would say, silver explodes higher, doing the exact opposite of what he pounded the desk saying it would not do.
Chart is due to socialized losses
Robo,
What's your guesstimation on the HUI today? The reason I ask is we have Option Expiration and rising Silver.
old catfish mouth doesn't do requests. he weighs in from on high, and then scampers off to the safety and security of his "veranda" overlooking a jam packed los angeles freeway, where he brainstorms some cockamamied idea exactly opposite of what he just posted.
Two sides to every arguement. I would like Robo to present his.
Having read though his posts and his friend Rasputin on "the other board" it is obvious (imho) he has been influenced by Rasputin.
It is obvious he is an experienced trader. I want to know if emotion is getting in the way of his trading.
Just my opinion. Awaiting Robo opinion.
granted, there are two sides to every trade. and he's on both sides with no thesis, as a fellow poster made clear recently.
he's an easy target, and i am predisposed to believe little of what he says about his "trading." i think he's a legend in his own mind, transposing the success of others onto himself. i believe you would be better off trusting yourself, and going with what you see with your own eyes and experience in the world.
That's due to the Bernanke put.
Come upstairs and lick my neck again you little tool for a son
Comedy Gold.
I don't hate Robo at all, I want to make that clear.
But someone was inspired to create this attractive avatar, cook a up name, and post stuff like this. It's funny as shit on so many levels. Robo really matters to someone in our midst.
Or could it be it really is Robo's mom?
LMFAO.
well it is all that you say..
but it is also basic trolling, day 1 lesson 1, Imp-ing.
first imp them with humorous misspellings of their name, (HomoTrader etc, see if you can drag in some anti-homophobes while you're at it) then their mum, sisters, nans and all female relatives.
sometimes its as though none of you even went to troll school at all.
CD has posted some stuff on disinformation tactics, similar, but not always the same as trolling. I have also seen some anarchist materials on how to disrupt an enemy.
This is the first "troll schooling" I have had. Thanks doggings!
The situation is irrelevant to JPM; it has nothing to do with JPM; JPM doesn't care; what you're witnessing is the functioning of the Silver Market; It's a bull market. You find this surprising ? You haven't been paying attention. All the BS about JPM is just "internet wisdom".
Junk for ignorance.
You are the most worthless ignorant poster ever RoboTrader.
I think the term 'carping weisenheiminer' is more apt for Robo.
If RoboTroll's posts could be made here in the physical medium most appropriate to their intellectual and financial profundity, they would be in spraypaint --- or perhaps crayon.
Lots of supporting volume at these highs too. Oh yeah, goin' to the moon baby!
Robo...don't you feel like the guy wearing the "Free Charles Manson" t-shirt at Sharon Tate's funeral?
JPMs not tanking. Because they don't have a short.
The commodities prop desk was closed to comply with the Volker rule.
And they had a trading profit every day in the 2nd half of the year.
The short rumor is not true.
The best part about this little rally is the puts just got cheaper.
It only costs 5 bucks to dig it out of the ground.
I just bought myself some more July puts on SLV.
Put your toe in the water and short these guys when the chart shows a top formation.
How long?
Not long.
Cause what you reap,
is what you sow!
Sleep Now in the Fire - http://www.youtube.com/watch?v=w211KOQ5BMI
Loved how they shut down Wall Street for a point.
the MSM will say no-one saw it coming
Follow the yellow brick road...
Use your Chase CC's to buy silver. Make JPM pay for their own demise. And then default on your credit cards. Fuck them.
That's so funny that you said that, I just ordered another 140 Buffalos on my new Chase card. The irony is just too much.
Let's roll!
but wait ... robo catfish mouth uber bull bear wanna be said silver bulls like the scroomers (his words) gentleman jim sinclair and eric king were going down.
it's great to be on the other side of a trade against the old catfish mouth.
And amazing how Robo catfishmouth can STILL come around and strut about claiming he was somehow right!
You have to admit she has a pretty bra, tho.
he's shameless.
I can already see her giving instructions to her own personal Waylon Smithers: "Find me 5000 tons of silver and bring it to New York. Oh and Smithers, you have 1 week."
Question: Is Blyth's version of Smithers a lesbian?
So long $31, we hardly knew ye...
Thanks.. I needed that.. LOL
This reeks of desperation to cut Open Interest. Perhaps this was the smell of blood in the water to many funds that there is easy money to be made buying contracts and selling them at a premium in a few weeks?
Perhaps, this time it really is different. Bullshit laws of economics, meet the very real Laws of Physics, Thermodynamics, and Biochemistry. There is a very real cost for creating capital on a finite world with finite resources. Gee, maybe real commodities do in fact need to get to real refiners and to real customers after all. Gee, perhaps you do indeed only make the problem worse when all that money you print does not find its way into the hands of innovators or the real value-added market movers.
The financial sector of the world economy remains a cancer that the broader sectors of the world economy can no longer sustain. This time is indeed different, buy physical metals, everything in the world of paper is based on mark-to-unicorn accounting (hint; it ain't real)
Hedge accordingly.
Bullshit laws of economics, meet the very real Laws of Physics, Thermodynamics, and Biochemistry.
My undying faith that simple mathematics will prevail are the foundation for my being long PMs and miners.
Edit: I am now actively selling Treasuries and buying PMs. Let's see if we can't get a wave started here.
Galbraith was on Bloomberg Surveillance this morning again and I was left dumbfounded, astounded, and downright DISSED, as in cognitive dissonance (this one's for you CD). He said deficits don't matter, they're just numbers on some electronic ledger, and if China told the US Treasury they didn't want to purchase our bonds anymore we'd just reverse the flow of numbers . . .
Credit to the Bloomberg guys even they gave pause and did essentially a 'lol wut?'.
I congratulate you. Especially notice that you will profit more from Silver than Gold.
TBT and silver.
The upper bound on ALL positive exponential functions is ∞
+1
Excellent.
I really liked it too. Few people understand that inflation of the money supply is theft of innovation. Fewer still can explain it so plainly.
Excellent. well said. "The financial sector of the world economy remains a cancer---" yes, indeed. And silver is the prevention.
+1 good post LawOfPhysics.
PS Has nothing to do with this article, but I just needed to say this: Most Ron Paul forum memembers are just as clueless as the MSM. So don't expect too much help from that side either.
Interesting that Silver is taking off precisely when Gold is being stepped on. Do you think there is some rotation here?
I'll bet an ounce of silver that the answer is yes. Perhaps the financial douchebags are finally eating each other. One can only hope.
The common person can't afford an ounce of gold,but they can buy some silver.
That's one of the reasons I started my Johnny Silverseed project. BTW I will be updating it in a week or so. It was interesting to watch how my new recruits handled the Silver correction.
http://www.zerohedge.com/article/johnny-silverseed
Well you're on the same side as me and God; so you must be right.
Cog,
It looks to me that the morning gold sell off, such as it is, is about to reverse. $1383.50 was significant on an intermediate term chart. Should serve as a spring board.
You appear to be correct. It held twice within the hour and now $1,386 is about to be pushed on the up side. We shall see. This is almost as much fun as video games. :>)
edit: And as I posted this, Gold pushed above the $1,386 resistance. Let's see if it holds.
I see 2 things. A much more severe shortage of silver and the old 16:1 ration to gold. As market supression is eroded that old ratio gets into play.
The number of spinning plates is getting to be too large for The Bernank! :>D
Spiked after reports of Bahrain army firing live rounds from helicopters and APCs on protestors and mourners. Casualties already reported.
It's war: Sunni vs Shia
It always amuses me that the Muslims hate each other as much as them claim to hate us...
You'd think our "betters" would be able to find a strategy in there somewhere...
Yes, I enjoy this also. Crazy is crazy, once you're completely nuts, confusion comes easily.
They hate us more. Envy and misery.
Look around, don't think that divid and conquer won't work in the U.S. just as easily. Good thing we still have lots of arable land.
Blythe, this is Houston, our eyes are closed so no one can see it coming.
Houston, this is Blythe, I'm not worried, you will bail me out just like usual and I'm looking forward to my bonus.
Continue to make pressure on Blythe.
For the dumbasses such as Bigger Dickus who think JPM has closed its short since a while, it was simply impossible to do it without suffering a catastrophic loss (just look at the figures).
And if JPM is currently hedging the short, this is even worse for them...
Eleventy Gazillion Brazilian Bajilion Monopoly dollars to JPM!
It won't matter if the banks get bailed out, they're all broke anyway. Physical stuff (especially non-eroded and depleted arable land) is what's most important now
I would wager a guess that JPM unwound most of its silver trade when the price was getting squashed last month.
If they did so, I applaud their cold calm.
Taking a several billion dollars loss and abandoning every further hope to suppress the silver price demands to be sure it won't go down anymore.
Though, if they think their Federal Reserve friends will bail them out, sure thing, but the money created for that will add to the inflationary pressures...
Gold not yet taking off..??
Silver ratio returning to a more normal level?
love the move in Ag but gold not confirming it.
so much turmoil in the world news- so small amount of PM.s to go around..
got 20% in PM and PM stocks, only one in my
family or friends and neighbors who does..
guess it's a bubble LOL
By definition, a closing of the Gold:Silver ratio would mean that gold does not confirm silver's move. In other words, how can silver close the gap without outperforming gold?
Another Silver short squeeze in the making but this time its a mining company
http://rosenthalcapital.com/blog/2011/02/precious-metals-outlook-potential-short-squeeze-brewing/
Interesting stuff. Which shares are they talking about?
Word is that's TRE.
Hi Ho Silver! Away!
http://www.youtube.com/watch?v=xoHECVnQC7A
You betcha; just like "the lone Ranger's great white horse, Silver". Used to listen to the radio show on my crystal set as a rugrat. This week I made over a 100K on my margin buy up at 27.23; maybe the radio show was some kind of good "programming"; ha, ha. Sorry, a little giddy today. It's my birthday, I made it to 68 and the world is paying me off for doing my homework and knowing WTF I'm doing; God obviously loves me; I'm having a HAPPY BIRTHDAY.
Protip: Need to call chicago, not houston these days
ES
Bears...on your mark...
http://www.zerohedge.com/forum/99er-charts-0
word
Do my eyes deceive me or is that Sqworl? :>)
Nice to see you sluming around ZH.
This seems to be a statement from the markets that Bernank is full of it.
The best PM strategy: Once gold has gone to 10,000 and silver to 500 an ouce, you have to sell and invest all that money in land. As in farmland/forest/etc. Because thats the only thing they wont devalue/confiscate/make illegal.
Not true. You should research the Highlands Preservation Act in New Jersey to see how a corrupt state government (led by Jim McGreevy) confiscates the property of (mostly Republican) land owners.
Nice idea, but how do you figure they wont make land illegal or confiscate it? They already do it all the time.
You are right. We are all screwed. There is no escape.
LOL.
You already pay property taxes, haha