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Parabolic Flight To Silver, As April Crude Touches $98.48, Irrelevant Dollar Unch
There was a time, long ago, when the dollar was a flight to safety instrument. Those days are gone. DXY barely budging as the overnight session begins, while silver has already put $34 in the dust. Last: $34.26 and parabolic.
April Crude lieterally flying off the shelves. All those who thought the 4 pm price was a misprint and shorted... our condolences.
Time to announce 10 emergency POMOs tomorrow... or else
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Blythe shows up! Short it bitch so I can buy more!
so long $34, we hardly knew ye :(
I'll be back.
Are the liquor stores still open?
They don't serve shit bubbles from the 5th grade. Sorry :(
Don't get your sack in a knot.
paranoid...just feels like theyre gonna attack it goin into London and the pre based on the fact that its blasting their asses and aint lettin up...tough decision at these prices given purchases all the way from $10 per oz...just gotta smile, hold ur nose, and know that until its multiples the phony paper price (dealer gonna charge me 36.81) its still cheap...Salute all comrades n Gold & Silver aka..the only 2 forms of "real" money....
I hear ya, but, has the paradigm now shifted past "the market can stay irrational longer than you can stay solvent" to "the bankstas can continue ponzi longer than you can acquire PMs". Or maybe something else entirely.
Delivery, bitches. They can play all the paper games they want but can they deliver?
I'm sayin no.
I'm guessin' the noes have it.
That's correct; the answer is no.
Can U Deliver? - Armored Saint!
http://www.youtube.com/watch?v=8LMw_tvSY9Q
Nope!
http://www.youtube.com/watch?v=VPgHbt0ODr4
I'm just as excited as the next ZHer about this move in silver, but it seems like it is getting a little out of hand. When we are essentially felating each other in this forum, isn't it time chill out a bit? And by that I mean, I'm in no way selling but neither am I gonna go buy any for a bit. Thoughts?
Not buying either Mike, not selling, not leveraged. I't going higher, I don't much care if it's tomorrow, next week, next quarter. The excitement for me is the real possibility that fraudulent price rigging game is collapsing and the perps are caught but the simple fact that in this 100/1 paper/phys game, physical supply and demand is taking control.
I agree that it is certainly possible. The complete lack of a bounce in the dollar I find just as interesting, if not more so. Could a change in the 'flight to quality' mindset derail the shenningans going on in the PM markets? Treasuries were a little higher today though. Interesting regardless.
I'd be careful what you wish for. How many bankers are in jail for the last fraud with housing? None. How many of them lost money? Very few, and infact the real losers were the taxpayers which were forced to bail them out.
The game is rigged against you where you lose no matter what.
the "game" is to make fiat worthless as I see it. sure own gold, own silver. own chives and portobello mushrooms and make a quality souffle for all i care. it's when "fiat is suddenly of extreme value" and "the fed can't make it worthless anymore" that you have justice.
notwithstanding of course the fact that they have changed the rules so they can pay off in fiat instead of product, I think. That being said, will it destroy the commodities clearing house? Maybe, maybe not.
I was just thinking the same thing but what is the right counter move for them to cover what they dont have (serius question...i simply dont know). Also with all the jitters in the world, does rolling the contract atbeven 30 percent seem a good move at the rate this shit is climbig?
What the hell is the real value of this shiney shit anyway?? is this the point in history where we fund out?
Well in my opinion, almost 99.9 percent of amerikans don't own any PM and don't want any. So is it time to worry about anything? Nope. The parabolic moves must come in order for the true supply/demand ratios to correlate to physical demand. So the paper shorts get punked. That is the way it is. Jesse over at the Americain cafe kept saying it would happen very fast. So it has. Is it dangerous ? I think not. The real true price is being discovered now. JPM and HSBC and others have to eat their shorts for once. I am glad. Their constant manipulation and naked short selling of paper gold and silver must come to a end and perhaps it has. As far as buying now, it all depends what you are trying to do. If it is short term profits you are after, perhaps buying into the teeth of a rally is not a good time to do such. Wait for the corrective dip. It will stop soon and then find a floor. If however, you have a long term outlook , it doesn't really matter. One day perhaps soon, the price per oz, will be much more than now, so it matters not on a long term basis. Just my metalhead two cents.
nicely put...bottom line is its real money free of counterparty risk and debasement...
if i can only afford a coin at a time it shall be bought until the paper price doesnt matter anymore if u know what i mean...cheers
totally onboard with that. hanging long until FIAT goes poof.
...not to wax conspiratorial, but let's not forget what is waiting in the wings:
http://www.newmoney.gov/newmoney/default.aspx
don't tell me that they only printed 100s and no other denominations, and don't tell me there is really a glitch that wasn't caught in quality control...this was the plan all along. the board is set to have a bank holiday and roll out a new revalued currency in a flash...people in frn$ denominated assets won't have time to act. period.
f the silver shorts this march, timing this release to the delivery default in the comex would be quite serindipitous, dontcha think?
You waxxed conspiratorial...
http://www.newmoney.gov/newmoney/files/100_Materials/100_MultinoteBookle...
5, 10, 20, 50 and 100 notes
Looks like you Yanks are getting a $1 coin
True dat. I have been begging my parents for a year to buy some silver or gold, and they were absolutely not into it. Their money is just fine in their 401k, thank you! To shut me up, they bought 50 oz of silver and 1 oz of gold last fall. When I tell them about what is happening today, they just act like gold and silver are some kind of novelty or gimmick. Even my friends who are mid-thirties guys and should be more hip to PM think of me as the crazy conspiracy threorist friend. Tough crowd, these sheep are!
I discovered that for whatever reason, certain people are not good candidates for that type of persuasion. Forget it you are only at best drawing unwanted attention to yourself - they first laugh at you, eventually shun you, and then at some point will either steal everything you have, or despite years of advising against gold or silver, switch gears and lobby heavily for government confiscation, and/or be first to anonymously report your activities to the newly installed block captain.
No kidding. I've been trying for over five years to get the other members of my family to get their head in the game. My sister last year finally bought a single 0.1 ounce gold coin. Zero point one. My brother just condescendingly patted me on the back and said, "You just keep investing your way and I'll keep investing my way." He's in stock funds and real estate. After five years of trying, I gave up being the broken record.
They will learn, though, as will others. Education is on its way. Silver over $30 is just the intro paragraph to lesson one.
I am pretty much the same, not buying or selling PM. I am reviewing my ammo position (use and barter), planning for mucho range time (out to 500 yd) this year in .308. Bumped my beef order by 2x while prices are still this side of outrageous, reviewing my grains situation as well.
"I am reviewing my ammo position"
Reload yet? Should look into it. Free brass at many ranges, and free lead at many tire shops. Learn to control muzzle speed on rifle rounds and you can effectively shoot lead bullets you cast yourself accurately out to 100 yds!
"Bumped my beef order by 2x"
We raise Texas Longhorns. Good, hardy animals that forage well and yield lean, tasty beef. Get a good dryer and set some beef aside for the times when the freezer may not have power. We also dehydrate vegetables from the garden or when they put the produce in the "must sell today" cart.
"the times when the freezer may not have power"
http://www.mwands.com/
http://www.sma-america.com/en_US/produkte/windenergie-wechselrichter/windy-boy-5000-us-6000-us-7000-us-8000-us.html
http://www.google.com/#sclient=psy&hl=en&q=Trojan+T-105+6V+Golf+Cart+Battery&aq=0&aqi=g1&aql=&oq=&pbx=1&bav=on.1,or.&fp=6ec3191c2b79d4d0
add in a lil physical solar and you will be just fine... and please dont forget a well, for water.
Reloads are all well and good for the range but in a clutch situation I would prefer factory fresh...just sayin'
Well, I've never had one of my reloads that didn't go bang.
I have, however, had some factory loads that were either squibs or incredibly under/over powered. In a rifle, just a surprise. In a pistol, results may vary (death/s.h.t. pants).
It's very possible that the price will decline two or three dollars in the next few days. However, it is a well verified bull market; the raw price itself is not indicative. At $35/oz. the market is not really distributing, and allocating silver; at %125 it probably would be. This is the whip lash from decades of happy enthusiasm for the stock market, during which Silver was driven down to $4.35/oz. Enjoy.
Blythe must be crapping bricks right now.
She hasn't slept in a few days. Snorting blow and drinking hundred mile coffee and sweating blood.
Rectal bleeder for Blythe too...
She is a anal retentive bitch when it comes to her derivatives.
damn damn....i sold my silver march 35 calls friday...damn it....and on top of that
forgot to roll over my USO 39 calls
Silver erections, future holds many more...
Blythe shits tungsten bars bitchez; endless supply at Comex!!!!
The exuberance of precious metals bulls is deafening.
Will it end in tears (again)?
HTF, I'd say yes but it seems that silver is in short supply, backwardation is real, and with all the crises in the world now the USD is sinking. If the dollar was raging and silver wasn't in such severe backwardation I might be more worried...at this point it looks like many are just waking up to the epic run in silver that is set up and the shorts can easily get toasted here.
Short squeeze anyone?
This is a recipe for $100+.
If I see $100 silver, I'm sellin!
But not all - only enough to recoup my seed stake money and hold the rest for doom or boom. I think that at 7X purchase price (in @ abt. $15), I would have made a good investment and as long as I cash out enough to cover the entry cost, the rest will be cake!
Gold is close to Backwardation also, we have less time left than you may think.
When the Precious goes into B-WARDATION, and Slvr same time.
Partiy is over.
Lots of tears for the paper shorts. None here.
Yes, but not the tears of the PM bulls!
Will it end in tears? Well, will QE ever end? Case dismissed.....
For me the million dollar question is: what is a realistic value for silver? Assuming that something is worth what someone will pay for it, what would you pay for an ounce of silver? If it is going to be used as currency, how much could you buy with an ounce compared to current dollars? If not, how high can demand push up the price before it decreases? (it being the demand)
I find it really hard to assign value to silver based on anything concrete. Consequently I have not dared to put more than my current 20% in it. Any insights would be greatly appreciated...
what is the realistic value of silver?
is that paper or physical?
The real stuff. I only have physical, although now, with 20/20 hindsight, I wish I had this run levered to the moon instead...
Well, does the real supply/demand equation come into play? If it does, then who knows. I can only hope this whole damn scam they have been running in the metals is exposed once and for all. I said the first time I came on this website, that the whole damn FED scam is balanced on the metals and what goes on in the metals market. So a big crack is appearing now and the emperor has no clothes. Does the music start now for the musical chair game? Is it time for them to do some shearing over in the equities department? They have some more punking to do to the pension funds etc. since those idiots don't own any PM.
Not too late to go with the miners at the open tomorrow (they've done very well but have lagged... typically 2 to 3 times bullion increases... of course be careful on pull backs).
Well, we can look at the historical prices, when silver was circulating as money. In 1960, one dollar (that is, 0.77 ounces of silver) would buy five gallons of gas or thereabouts. In other words, silver was worth about 6.5 gallons per ounce. Today, silver is priced at about 10 gallons per ounce. Seems fair, roughly speaking.
According to Wikipedia, a silver denarius, which was a day's wages, contained 1/10 ounce of silver. So if a day's wage is, say, $80, then one tenth of an ounce of silver is historically worth $80, or silver is worth $800 per ounce.
So depending on which historical setting you look at, the price could vary widely. I remember reading one verse in the Old Testament (can't say where off the top of my head - sorry) where it said, "In those days silver had no value." or something similar, so there have been times where it was worth very little.
And, of course, the 600 year silver chart is pretty interesting:
http://www.flickr.com/photos/survivalbros/5242628749/
If you see silver as breaking out from a 600 year low, then it certainly has room to run. Presonally, I'm investing on a decades timeline, not centuries, but it's still interesting.
I really like that 600yr graph. It's like watching the month chart after trying to make sense of price variation in minutes, but then better.
I'd say that denarii are a bad comparison; a totally different world, not to mention huge devaluation because the state kept decreasing the silver content in order to pay the army.
The 10 gallon of gas mark might be something. Should I expect ever to be able to buy 100 gallons with a silver coin? I don't think so, but I can not tell you why the same for gold is normal. What sets the relative price of gold and silver, except for historical valuation?
Just thinking aloud here, as it were.
Historically, 1/16oz gold per oz silver capers.
had it backwards, corrected
Thanks for the reply. I have heard the 1/16 quite often, but I thought that was mainly true in Europe/mediteranian some 2000 years back. As I understand, depending on time and place the gold/silver ratio has varied significantly and some even say we are now aiming for 1/1. Again, I do not see how to test the viability of such claims.
Another thing I have heard is that one ounce of gold will buy you a good suit, anytime... This would be quite the suit these days then.
A bespoke suit for approx $1400 is near the low-end. Remember 70-80 years ago we still had a lot more tailors constructing clothes on a one-off basis. They're still out there, but don't be fooled into thinking today's $700 Armani would meet the standards of a "good suit" of 1920.
Mmm, did not know that proper suits were that expensive. Now I want to know how incredibly charming I would look in one, although I would not dare to wear it.
Anyway, is it that the 'good suit' is an indicator then because tailor-making clothing will always be labour intensive and therefore the gains of economy of scale in industrial production? Closely linked to what a well paid professional earns basically.
Going with a gold coin for a 2000$ suit, how many silver coins should that be?
"Skilled labor" went out of fashion with widespread automation and the illusion of widespread "wealth."
A passionate customer still cares about the distinction between a bespoke suit and a made-to-measure (or even worse, a ready-to-wear), just as he still cares about properly built furniture vs. "screw and glue" crap.
What you're describing is the flipside of our government's manipulation of "hedonics." Sure, sure--you can get a decent bookshelf for dirt-cheap today. But if you want a GOOD bookshelf, the worksmanship really hasn't changed in hundreds of years. There are human beings who devote their lives to quality construction, and just because their skills are currently out of fashion, it doesn't mean they've become obsolete. Hire Filipino customer service phone reps, 14-month trade-school auto mechanics, and the cheapest landscaper you can find. Maybe everything really is commoditized and no one would ever notice the difference.
As for the suit: you get something that fits right and looks like what you want. You pay three times as much as the cheaper "get-me-by" purchase (which itself may be kinda nice if you ignore the wrong vents and lapels), but you're actually HAPPY with the damn thing.
Once you understand the value of a good suit, you'll wear it whenever you like because it's the whole reason you bought it in the first place. Of course, everyone picks their own priorities.
As for me, I'd buy cheap cars, 'cause I just don't care about those things if they roll around OK. I craft my own french fries.
WTF do I know?
That 1/16 ratio might've made sense before electricity, electronics, and modern biomedical engineering, but I can't imagine that all the existing industrial applications that were undiscovered a few hundred years ago wouldn't have a very dramatic impact on that price relationship.
In 1700, silver was strictly a precious metal. Now it's an industrial metal with "precious" value more out of tradition than anything else.
I think the gold/silver ratio will definitely continue to regress--just noting that the long-term historical comparison might just add confusion at this point.
I agree. I may sell some at 16/1 though, heh.
No doubt. In theory, the current industrial importance of silver would suggest closer equivalence between prices. On the other hand, when things are so weird/wacky/ugly that silver is trading at a tighter ratio than 16/1 for gold, maybe electronic and biomedical applications become far less important market elements. Heh. ;)
16/1 would just be hilarious. I wonder what life is like as a millionaire, get me one of those super-suits for a fifteenth of my maple. Don't think its bloody likely though.
If buying silver crashes JPMorgan and brings this whole stinking corrupt financial 'system' down, then i'll pay for silver with blood just so future generations don't have to live their lives under this financial tyranny.
You have to have a line in the sand, and the bankers, with the governments they bought and paid for, crossed that line many moons ago now.
Now way it will crash JPM, imho. They will be hedged, fair or foul, and/or backstopped.
a day's work at the average wage, i recall reading is a useful historical average for silver.
if the comment about 10x avg volume shorting gold and silver a few minutes ago is accurate, and the market pretty much ignored it, ha ha ha ha!!
It helps to think of it in terms of fiat paper falling away in value against silver rather than silver rising in dollar terms.
The end of the fiat money experiment is near.
Thanks for the reply. It helps indeed. For the time being, however, if I sell the silver I have I can now buy twice the number of beers so there is an absolute gain here as well.
Another thing here though; if everybody and their dog loses buying power through inflation and consequently demand for (expensive) commodities goes down, does this not then lead to decreases in price (even when compensated for inflation)? In other words, if no-one can afford coffee anymore, does this not (in the short term at least) lead to cheap coffee due to high supply low demand? (In the longer term stuff might even disappear, since not enough people buy it to cover expenses of production/transport of increasingly smaller bulk). The best moment to convert would then be just as oversupply hits and before supply goes down.
Commodity prices have been pushed up by hot money sloshing around looking for a place to get some volume to trade on, since the equities markets have become completely controlled by skynet. That's at least what I've learned from coming here.
I had similar thoughts, I bought PSLV on Friday but only 25% of my current investable fiat. I just couldn't go all in. At least I have some dry powder...
Wish I had some of that. Sometimes I really hate living in Europe... bloody rules and regulations for everything. I do have lots of seeds and a new greenhouse. IF ever hunger would strike, however, I would not be able to hold off the people coming out of the cities. Ah well, I hope it won't come to that...
Let's compare to Palladium? The quantity of Silver is hardly relevant when so much of it is consumed (it'll be just as rare as the other rare-earth metals in a decade or two).
I think that will be priced in ...
http://minerals.usgs.gov/minerals/pubs/commodity/platinum/platimcs07.pdf
http://www.physorg.com/news/2010-12-japan-nano-tech-team-palladium-like-...
herr weir says:
http://www.youtube.com/watch?v=XBF8frSUXUA
starting at 8:10 $619, $1,350, $3,900, $6,000 depending on methodoligy...
www.roadtoroota.com
No one can "assign" a value to anything. As my stepfather used to say, "a thing is worth what a man will pay you for it". The market assigns values; not individuals. Historical research is very interesting in this regard, people have been executed for owning; trading in silver, gold, in modern times, and in ancient Rome. This, of course, is when the government gets "pissy faced" about the supposed value of its currency. I just bought a Metric Tonne at $27.23/oz because of the shape of the price curve during the recent "correction"; it never really grew up into a correction. At $125/oz it would be more realistic than it is now; but that is only an opinion. The current price is not "high"; that is clear.
Thanks.
First off, I can assign a value to everthing, you just may not agree and therefore refuse to buy :-).
I started off saying that things are worth what people are willing to pay for it, following up with the question how much that is likely to be. You seem to say 125$/oz is reasonable, but why? What are you using to assign this value, which you just before said is unassessable? How is the current price not high, when it has not been this high in decades? I do not understand how you come to your statements.
ps. Was/Is your stepfather called Publilius Syrus? In that case your history is personal experience and I should tread very lightly indeed
resistance at 34? or just a lull? what's with those spikes? someone has a clue?
The aim of the group I mentioned in the other post is to drive the price to $37 or above.
Believe it or not this move was foretold a couple of weeks back.
The group claimed Silver would go "Supernova"
in this timeframe.
Click here for a quick primer
http://screwtapefiles.blogspot.com/2011/02/who-is-winter-benton-is-silve...
Click here for complete details:
http://screwtapefiles.blogspot.com/2011/02/updated.html
Excellent points not more than two years ago when the 10yr traded below transaction costs was all big mirage. Not really a flight to safety at all, was more the world saying we'll pay you to hold our money for us.
Very good observation. The Bond market is now "done"; as in stick a fork in it. The "long bond" on the CME as been a short since October and will be for a long time; a lott of money here that wants to go in somebodies pocket. Franz Pick, " Instruments of guaranteed confistication"; ref. Bonds.
I guess licking my maples brought me good luck.
I'll have to put some on my pancakes now and see what that does .
I hear you can eat pm's,so why is Blythe chocking on them.?
No currency. The way of the future.
Blythe is out tonight.
Long safe havens short indust commod and equities...that'll be the play now.
new major crisis brewing.
Those stupid American teacher pension funds should have been talking to Eric Sprott for the last several years. If they had, they would feel a lot better about themselves right now.
The reason Americans are so dumb is because most of our teachers suck. Since the inception of the Department of Education the quality of education has seen a slow but steady decline.
And if you think State funded education is great go to California. About some of the dumbest people I have ever had the privilege of talking to.
The reason they're so dumb is that we believe it's up to teachers to educate our kids.
Ding, ding fucking DING!!
Testify!
That is a large part of it. Either that or people use the schools as day care.
Sure, they should all be privatized just like health-care... oh wait, you get questionable results at twice the cost (comparatively) there... hmmmm!
Seriously though, I'm not aware of a free market education system in any of the 30 or more countries ahead of the US in education results... peeling back the onion usually reveals vested interests behind the "free market solves all" mantra.
Free market does not exist, therefore it is inferior.
Excellent logic.
Might want to examine the scores of private school graduates and compare them to public school graduates. Feel free to control for income of parents.
Also, we don't have a free market in health care, and haven't for 100 years. http://mises.org/daily/4276
Someone must have replaced your brain with an onion while you were sleeping.
++
You know absolutely nothing about what you're talking of! You're a cretin!
You say we've no free market for health care in 100 years? Then you tell the poster his brain is an onion?
You're full of shit. You're an abortionist quack. I know who you are dr dallas homebrew abortion.
To dumb to click a link. How typical.
And you clearly have no idea who I am.
I think William the Fucktard is having a bad case of the Mondays. :(
All those amazingly stupid comments he has made against PMs must be burning his incompetent, impotent, tiny little prehistoric pebble of a brain.
I suppose I would be having a bad attitude too if I were a troll about to lose my job....but by no means does that indicate anyone should cut him any slack whatsoever. In fact, let's expedite his unemployment by junking him off this site.
Eat my dust William You Fucktarded Bastard!
Cheers and enjoy the silver ride! Yippie-Aye-Eh!
Those stupid Americans should have been listening to Jefferson and talking to Eric Sprott for the last several years. If they had, they would feel a lot better about themselves right now.
Fixed.
Crap, probably means no dip in AVL Tuesday.
Still kewl though.
LOL, I remember when "flight to safety" meant U.S. Bonds.
+10
"Flight to Venezuela" just doesn't have the same ring.
it's all gold baby...till china melts-down probably this yr, then a buy on dip, looking at a 1200 buy.
Well, this idea is still alive and well; but now the river of hot capital has a little tributary, called Gold, and a very small creek called Silver. The fact that Silver is in a bull market is an indication that opinion is changing in the world. So, "some" flight to safety now means, Silver. Basically, in Silver which is so small a market, we're waiting for the day when it doubles in price overnight. A few families in Europe can do this whenever they want.
and all this while we're in the midst of the "latte recovery"
http://finance.yahoo.com/banking-budgeting/article/112150/signs-economy-...
Was that 'r' omission intentional?
Wilford Brimley: "Silver...its the right thing to do"
i've been holding a small few hundred ounce stash of physical silver since 2008. I've been trading it since 2007, never been on the right side of one of it's big moves, until now. Trading the market is so tough that I'm only up slightly over the SLV appreciation benchmark in my trading account over the past few years. Now I win. I've been holding the slv march 35 calls and april 36 calls for the past few weeks. Bought them DIRT cheap when silver was below $28. Just bought the feb(25w) 35 calls on friday anticipating a big move over the weekend.
This looks like a commercial signal failure due to the combination of over-leveraged shorts and the black swan events in Libya. I gather this from the coincident run in crude and downside equity reaction in europe, which gets more severe, on a geographical basis, the closer the nationa market is to Libya. Case in point: Italian equities.
I just F'ing cleaned up and can't wait for the markets to open tomorrow. Don't know if the short-term move is over, but I do know that I intend to trade this fucker as best I can for all of the blood sweat and tears I have put into learning how this market trades. Not to mention all the recreational sacrifices due to keeping my $ in the market and the relationships that have suffered due to close friends and fellow colleagues dismissing my silver perspective as that of a raving lunatic and conspiracy theorist. (I am a former/current wall st. guy. investment bank to commodity broker to hedge fund. whole shebang. now i consult and trade my own stuff).
As much as i want to see silver go to $50 by this Friday and $100 by December, I know how this market works all too well. Of course, there's no telling what could happen if this is really a commercial signal failure. Recall wheat going from 10 to 25 in weeks, and let's not forget cotton just recently. Silver could easily go to 50 and beyond before the next futures expiration. No matter what happens, I am going to trade my ass off. This is worth calling in sick, staying home and sweating it out with the shades down.
I'll re-up on my physical after this parabola settles down and retests 30/35 (if that happens?). Until then it's blythe with a gag in her mouth, her hair in my hand, and my banzai up her kamikaze.
Aside from Sinclair and Norcini, I rely on a few other commentators for intel and my own technical/fundamental analysis and market "savvy", if you can call it that.
I don't plan on having to work as a desk monkey ever again after silver is finished gutting this rotting corpse of a financial system. Whether that be in 2012 or 2015...
This is not a commercial signal failure. I understand what Trader Dan says to describe a CSF, but this is not a CSF! Silver is a precious metal. While some people trade it like a commodity and view it as such, there are thousands of years of history which says otherwise. A CSF in a base currency just doesn't happen. This is a flight for safety from counterparty risk that you are witnessing. People want immediate delivery and we'll see the COMEX vaults depleted this next month.
I think you want to be careful about historical significance. Things can and DO change.
Salt has been used a valuable commodity--it was a currency.
Consider.
Silver is not a base currency. Yes, silver and gold are the REAL earth money, but the US Dollar is currently the base fiat currency. A CSF occurs when the demand for physical delivery overwhelms the ability to deliver of the obligated contract sellers (in simple terms). that is what is happening here. Aren't you aware there is big money blackmailing the Comex on the March contract? Comex has about 100 million ounces available... billionaires on the prowl for quick profits. December was a dry run. I thought all this info was out there already... Louis Cypher and Wynter Benton?
It's not a commercial failure signal. (thirty years in the market, good mentors).
Poor lemmings! Perfect time for a market top just as equity mutual fund flows finally turned positive (as pointed out by Tyler).
Got more powder dry. A dip is nothing but a further (expected) buying opportunity.
PMs are the ultimate currency (when the rest sinks into turmoil) fighting like rats on a sinking ship (to keep the rodent reference alive).
Cheers!
That's what the big boyz like to hear! Don't forget, they need to have somebody to sell to.
Hahaha I mean the BIG dip. If by then your big boys didn't move it to their own vaults.. (stranger things have happened)
I'm a dutchie, and what I see is a sense of entitlement here; apart from a handful of people, that diversified (like me), everyone and their sister still has the stern conviction that all bills (Italian derivatives.. Irish bonds.. Icelandic savings accounts) will be paid soon. There's even a group, pushing for "action" on Iceland, what is that going to accomplish? Warships? Marines?
Calling for a "bankrun" is illegal, and references to the S-Korean one, as well as any reference to PMs as alternative to banking, are systematically removed from the mainstream media (comments on fora and reactions on websites).
The euro will make it, because Ireland is not Greece. Yup that's what even Der Spiegel said.
In the "race to the bottom" truth is the first victim. Savings in fiat money is somewhere else down the line.
PMs have no counterparty risk, and even if silver goes to 5 USD/ounce, it still will have some value. I don't believe it'll "magically" take it's "rightful place" as currency. Rather we'll have an underground market (for the elite, to buy everything they want), and electronic money on a chip inserted in the cranium for the rest of us. Hell, even the RFID chips they use to tag us sheeple with, contain silver...
Be well rounded. Squirrel away all the things you'd need if trucks stopped running for one month.
Any New Zealanders on here???
Huge quake just hit NZ, all risk crossess got sold - FX, check your wires
That means gold and silver in foreign currencies are simply going to skyrocket into Outer Space.
That's funny, weren't you just telling us two or three weeks ago that silver and gold were about to crash? I think the only thing that has crashed, burned, and had its ashes pissed on is any shred of credibility you might have retained here.
Next time, you might want to use a flow chart to keep track of all your smug, shallow, self-important, contradictory, follow-the-momo-herd baseless comments.
+1
+1 is your IQ cubed. Love the Bernanke avatar. Origional.
Straight to the hurr durrr...
What a moron.
you mine the stuff phuck head or do you just shop and buy like the rest of the American women.
Your point, and the reasons for your ire, elude me.
Disabledvet, indeed.
ssshhhhhh everybody. the old catfish mouth is listening hard to the gold and silver market. he's trying to figure out what the market is saying to him.
btw catfish mouth: wrong way corrigan sends his regards. he no longer feels like he's the most directionally challenged man on the face of the earth now that your calls are vitually 180 degrees wrong.
Lieutenant, I haven't yet thanked you for coming up with the "catfish mouth" descriptor. I laugh every time I see you type it. Please keep it up. Cheers.
6.3 mag at Christchurch
Was there another one or after shock too?
Two X 5.6 so far
Major ouch! WTF?
Buying NZD.
2 @ .7545
check the correlation trades with oil/shanghai/risk crosses.
anymore shocks to the markets, it will be just sell.
asia going into a sell fest.
Phone rings at JP Morgan commodites desk....
Bang Dai-Ho: Her-row, Blythe? Me Bang here.... fast, me want buy silver!
Blythe Masters: We lied, Bang. We only pretended to have silver.
Bang Dai-Ho: No funny to kid Bang....
Blythe Masters: No silver. Zero. Nada. It was all a lie.
Bang Dai-Ho: Oh, then you lose big money! This reminds Bang of his cousin, Dai-Ho Sheesad.
Blythe Masters: Who?
Bang Dai-Ho: But me so happy you still easy on eye, just like Dai-Ho fuktup.
Wondering how Jamie Dimon sleeps tonight?
Upside down.
Same as Blythe and Lloyd.
In a coffin.
Same as Blythe and Lloyd.
Exciting times for sure...!
Ben back from Paris yet? His inbox is full.
put my $10,000 order in this afternoon and already made over $300 in less than a day
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Death to the fucking squid!!
But where is the batter? Want Calamari!
calamari with a side of ceaser dressing!
Mmmm Calamars Farcis & Champagne
http://www.youtube.com/watch?v=HQQxU52Tyf4
may i suggest some manscaping for your ascii porn?
I like the art, but would use 2 eyes. Just for cartoon appeal.
Gold set to take out old record high. Any bets on when??
Could even be overnight........(!)
Did I get that right?!?! No one posted
SILVER BITCHEZ!
yet?
Wasn't first, so no bitchez post. :(
By tomorrow we could have TWO shocks on our hands:
1)Oil (shock)
2)After (shock) Christchurch
Call me Shock Jock
3)Iranian ships sunk by the Israelis (possibility by the time I wake up tomorrow)
We might go 35 tonight? where is upward resistance? 50? ha ha ha