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Second Silver Margin Hike In One Week... Is Now Priced In
As vaguely rumored earlier, and largely anticipated, the CME instituted another margin hike, presumably for a broad swath of commodities but apparently focusing on one particularly: silver, this time 10%. This is on top of the 9% margin hike from Monday. If anyone was wondering the reason for silver's swoon earlier (and subsequent jump) was, now it's clear. By now it is becoming rather clear that all the CME does is provide ever better reasons to BTFD. As always, we continue to hold our breath until there is a comparable maring hike for the ES. We may soon run out of oxygen.
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Dats wut I thaut.
Criminal scum.
Come on China, you're the good guys now... take down the USA before this corrupt to the core cancer kills us all!
Driving out weak hands, compressing the spring even tighter.
Silver Premiums are rising until the physical market until totally detatches from the fake CRIMEX market.
http://dont-tread-on.me/apmex-implications/
If the first margin hike doesn't work, try try again. What a disgusting joke this has become.
Here are some current thoughts from your resident Turd:
http://tfmetalsreport.blogspot.com/2011/04/losing-game.html
Turd, your Jan 160 +/- call looking in the zone. Thanks for your work. - Ned
Hey Turd,
The 2yr Au chart coincides nicely with your consolidation prediction in May.
I Fester
Yep and they have got concertina wire streched out a 49.50. I figure by Friday it will start to look like the Maginot Line.
Bull. Watch it blow thru 53.
and that line will be overrun faster than a belgien hooker can sing deutschland uber alles, or in this case silber uber alies.
Thank you, Mr.Turd, for your diligence and your willingness to share your insights.
Nice blog page today. You are focused and coherent like a blueturdray laser beam.
I think the system in general is getting a little nervous that the people might be waking up and looking for alternatives. The margin must go up as the price goes up, but the unintended consequence is the appearance of desperation.
Either way, we will find out the truth soon enough.
"The margin must go up as the price goes up"
- er, where's the ES margin hike on that piece of over-bloated crap then?
There is no physical delivery.
Physical delivery should have nothing to do with it. The financial risk is the same if you get a margin call.
Of course I agree, but it seems like they are using margin because of the shortage of silver and their reluctance to deliver the physical. So while it shouldn't it seems to have something to do with it. IMO
Okay I just made my first ever pm purchase. I was sent an email that once they receive payment that it will take 10 business days to clear ( funny how walmart can clear a check at checkout) and then it could take up to 12 days to ship after that. Is that standard operating procedures ? Seems like an awful long time.
Why not wire it?
Or better yet go to the coinstore with cash and don't leave a papertrail.
Wire fees are legal rape. Next question?
Well it would have been my preference to go to the coin store with cash. But where I live (bfe) that's not feasible. The closest store is about 1hour away and they want to rape you.
All this rape talk is making Hugh uncomfortable in his pants.
Better go take a dump :)
Take a 420
Always worked for me.
JFC, can't a guy get an honest answer around here? (Sorry, Texas Gunslinger dude.)
The check holding time and shipping time are not unusual -- depending upon several factors: 1. Who the dealer is, 2. How much you bought, 3. What form you bought (bullion ingots or coins, etc)
So, it's not possible to answer the question directly but I'd stay on top of the purchase and don't give them any slack whatsoever in delivering on time.
I have only used APMEX for online purchases and usually pay by check....10 days to clear the check seems awfully long as it usually clears in a day or two once they have it...on the shipping side you typically have options for ground, air, what not that can get it there sooner if you presently need your precious.
Never had any trouble w/ APMEX.
Apmex has always done right by me too. Got a unexpected big can of 3 flavor popcorn at Christmas too.
The checks that clear at Walmart are only partially cleared. Your bank will tell you the funds are there, but kiting activity could be going on that would make the funds no good. This is a basic tactic of scammers--they send a check, you deposit it, and wait until it clears in a couple of days, then forward on a payment. But the original check gets yanked in a few more days, and you are stuck having written this check.
They HAVE to wait ten days, or they make themselves vulnerable to this type of thing. And considering the size of the checks they deal with, they would, in fact, be a primary target of such operations.
Right you are....they may even be taking a small chance with the 10 days....speaking of kiting, remember back in the good old days when they outed Lehman for kiting???? That should have been the first clue as to what sort to crooks were running the show.
Good point. In fact, these days it would be wise to wait ten days with certified checks -- a couple of my clients have been scammed with these.
Yes, including cashier's checks and money orders.
These are all easy to forge now.
as easy to forge as say...... wait for it.... wait for it........ a birth certificate?
I want to see college records.
http://www.youtube.com/watch?v=rQ2Gv_q-DJ8
It doesn't f#$king matter, people. Wake up. A video could be published of the gentleman taking a blood oath in front of an inverted cross promising to sacrifice the people of this nation, and his reelection (or whatever political outcome was most expedient to his masters) would STILL be guaranteed.
This is just the 'circus' part of bread and circus...
http://www.sinfest.net/archive_page.php?comicID=3736
I was just trying to make a joke my friend, there is passion in your post so i say this with great care. Same team.
If you cash a check at Walmart how is it deposited to your bank account? You get cash and they don't have your bank info.
Dude, you seriously have to start planning out those local purchases... .cash transaction... no one knows anything and better premiums. I pay $2.00 over spot on silver still and have a GREAT relationship with my coin guy... talk a bunch when in there.. always good to make allies as well.
B
Thanks for the tip. I'll remember that on my next purchase.
My coin guy still offers $1.60 over spot for buffalos and sunshine rounds. It is also refreshing to talk to someone in person that doesn't think Jekyll Island is a reality show.
Most importantly, if the current health care bill stays in place and coin dealers basically have to go to black market to do any real sales in 2012 (I havent' seen much on this topic lately), I know him personally and can continue my business :)
B
1099 repeal signed by pres 4-14-2011:
http://www.acainternational.org/President-Signs-1099-Repeal-Legislation-into-Law-18873.aspx
Fuck the CME, buy the dip.
Put a bid on DangerTime, but it didn't fill.
He'd look soooo good on a rack.
Awwww, glad to know you're thinking of me.
'laughing at' isn't really the same as 'thinking of'
Desperation showing more and more. Meanwhile they gotta figure out how to get clients out of ridiculous stocks without a daily flash crash. So expect to see more market pumps on days where GDP contraction and bumps in new claims are announced. Today was a tell with reversed indexes. Entering Shadowland
No way should it take 10 business days. That is BS. Two other ways to do it. Set up a wire from your bank, hopefully not one of the insolvent squids, that takes about 4 hours to process and deliver.
An alternative, if they will take a CC. But if it is a large purchase that may not work. The longest delay I have had on silver is 4 days for shipping, nothing to do with payment. Gold buffalos are hard to come by. But 10 days, they are jacking you around.
Thanks. I made my purchase from Lear Financial. I bought gold eagles and silver eagles.
Don't worry about it. You made your deal. If you got a good price then it will be fine when your coins arrive. I have a dealer that I've dealt with for 10 years in Texas who will ship when I make a phone order. My check crosses in the mail. But that's only one example of a relationship that you can set up over a period of time. Lear's requirements are normal for a big dealer who doesn't know you or if it's your first order. Let 'er ride.
Get your silver while you can...
2010 America the Beautiful Five Ounce Silver Uncirculated Coin™ - Hot Springs National Park, Arkansas (NP1)
http://catalog.usmint.gov/webapp/wcs/stores/servlet/ProductDisplay?store...
The joke from the Mint is the following:
Does the ATB coin have any numi value?
At $280.00 it's $56.00 per ounce. I can buy five eagles for less. I fail to see the attraction.
Specifics:
This is a VERY limited striking and the after market premiums will be huge. Subsequent year issues will be much higher (126,500). The bullion version sold off by the primary dealers at under $1,000 per set of 5 coins. I have 3 sets that were all under $980 (for 25 ounces total silver). If you can get one of these, do it. The selling price premiums will be higher than the ASW.
When did Philly get a mintmark?
1942-45 Jefferson nickels.
exactly. and its backordered.
They process these orders to be sure that there is no attempt to game the one-per-family requirement, and to be sure that the credit card orders clear. If you get a confirmation email and the requirements check out you'll get your coin.
Ah. Well that 'splains this one anyway. Still don't get the high premiums on regular Eagles tho.
That's something I've been wondering about for some time now. Why are Eagles being traded like numi's? They're bullion rounds. I like the look of them, but I'll be damned if I'll pay that premium. Can't understand why so many do.
The silver eagle will be the coin of choice if/when silver becomes money again. It may not be the choice of foreign silver holders but in the U. S. what would be more recognizable? Hence, the premium.
This is beyond a joke by now. They shake the tree as hard as they can, and nothing falls. Thanks for the buying opportunity, assholes, I watched you trying to manipulate the silver price down for hours today, good thing you have the CFTC watching porn instead of doing their job.
The most recent COT report announced 22k net gold shorts from the commercial enterprises; that's a ~140% annualized production run rate. Silver was fractionally better, only ~110%.
http://www.commitmentoftraders.com/reports.htm
silver 53,638 114,257 (1,634 5,472)gold 233,820 538,324 (8,803 30,125)
The most recent COT report announced 22k net gold
Lol, I read that as 22 karat gold at first. Thought they started breaking it up into karats.
The shit eminating from the vaults of Comex have if possible zero carat.
I took TMosley's advice on waiting for the option expiry beat down and went in to my coin guy that night and got another "chunk" at $47.50... pretty happy to add at that price after premium :)
B
Takes discipline. I always find myself trying to be cute of "smart" and pulling the trigger early, and in retrospect, I lose at least a little bit at least 90% of the time.
I need more discipline there. Trust the cyclical manipulation and ignore the noise and the spikes and the drops. OpEx is almost always the local low, and more than half the time it is the low for the month.
Thanks man, I really appreicate your advice... planned it out for several weeks. I was ecstatic to see $50 almost be hit and then the beat down come exactly as I hoped and bought in again that night.... perfect. Now I'll keep on my weekly purchase plan and do larger orders on the opex days.
B
I hope you're in for silver at lower prices in order to have a lower average price. Don't freak if there is any type of correction!
http://www.resourceinvestor.com/News/2011/4/Pages/Silver-Spikes--Correct...
http://www.resourceinvestor.com/News/2011/4/Pages/Think-Silver-Just-Went...
Ya, my average is MUCH lower... thanks though!... that is a big reason why I don't really care of my buy ins now.
B
I cannot believe the amount of top calls on this silver run. It is like all the passengers are on one side of the ship, now, what does that tell you.
RIMM not happy, nor DECK, this is really gonna be fun when they have completed rearranging the deck chairs on the The Bernank Titanic.
So abandon ship, sukker!
"Silver has topped."
LMAO
Well, that is why we call them markets, always 2 sides. And don't think I am a sucker, as you say since I have been at this for a while. There is nothing wrong with you thinking we are wrong for working miners, metals and physical gold, silver. Something tells me you may have missed the entire move so far. You do what is right for you, I bet I do not call you a "sucker" if you are wrong. Bad calls happens to all of us. Noticed more and more are upset about this market moving forward. Interesting posts lately.
Glad you've been it for a while, though you must be newer to ZH than me.
Sure, I've missed a lot of moves in GPL and AUY, cuz my bids are low, but I've had Ag physical since 2002, and am full up.
The market honestly doesn't care about anything except for the DXY. That's part of the reason I put a long position on today, after almost 6 weeks of being an uber bear on equities. How stupid I was. Today is a perfect example. Market simply rockets up on no news around 2:30 and then really takes off in the last half hour. And tonight the futures are somehow green. At first I was completely baffled but now it's old hat. AMZN earnings come in shitty? It's okay, stock tumbles $10+ before shooting up $25 by the end of the next day's session. NFLX earnings suck? Doesn't matter, market is still up. GDP sucks? Meh. Nothing matters except for the DXY. I got tired of banging my head against the wall and simply went long, so now when the market drifts up for no reason I don't get pissed I just make money. It's a small position anyway so I'm not sure why I get so worked up over it, just something to keep me interested.
At some point something has to give. Either the dollar completely crashes through all known support, and oil/silver/gold/corn/gas/stocks/everything not nailed down flies up in price, or the dollar makes a late inning comeback to around 80 on the DXY, completely tanking the markets. In the end the dollar and all other fiats are dead, but the next few weeks and months should be interesting watching the DXY, commodities, and equities.
...and on that note, somebody needs to inform the trolls that it now costs $6 to dig out of the ground....rising gas prices are a bitch. Oh, and we are still waiting to hear where that ground is and what street corner in San Diego can we pick up a truckload of diggers who will work for a penny a day to make this all add up to $6. Shovels are still ready and waiting.
You are spot on. The dollar carry-trade is the only thing that matters anymore. The dollar has a way of taking off just when everyone is convinced it is dead, sparking massive margin calls in all risk assets.
Right now is the PERFECT time to be long the DXY and short risk. The conditions are exactly the same as June-July 2007, May-June 2008, June 2009, November 2009, January 2010, April 2010: we have had several weeks of sustained extreme dollar bearishness and bullishness on everything else. Stocks keep making incremental new highs, and the dollar keeps drifting lower so that 90+% of traders are bearish on it.
This is an extremely risky time to be long anything but cash or puts. I'm no troll, but a long time gold & silver bug who tries to keep a clear head about the situation. Calls for hyperinflation or a severe dollar crisis are unfounded. There is too much dollar-demoniated private debt that needs to be unwound, and too little in favor of other fiat currencies to buy into the dollar crash hype.
http://sovereignspeculator.com
...IMHO all the top callers are short or paid by same in one form or another...or want you out of silver so you buy whatever crap it is they are trying to peddle.
CME has their nose up Jaime Dimon's ass on this one, Dimon has his up Bernank's, Bernank has his up Soetoro's, Soetoro has his up anyone who will give him a vote in 2012.
Leave Obama out of this; he is nothing but a useful idiot.
Last election was a choice between him and that senile sellout McCain. Gee, what a choice.
I would quite Carroll Quigley, but there's no point. If you haven't realized by now that R+D are the same party, you haven't been paying attention.
Man i would give anything to bukkake your avatar.
tell that to Anna Chapman, not me. FFS am I supposed to use some cheap bitch with her tits hanging out as avatar not to be confused as a chick? Stylish pics are infinitely more hot than those $200-an-hour prostitutes featured on plenty of posters here.
I guess lady spies just give me a boner.
$200? Ouch.... that's like 4 oz's of silver.
Not worth it.
$200?
Only costs me a couple of old chicken bones and a banana peel.
That's what I like about coons --- cheap dates, they don't mind staying out late, and they always take the garbage out with them, even if they do occasionally take a crap in the pool.
When I first moved out here in the boonies, they were often seen eating a watermelon. However, the last ten years they have been getting slaughtered by cars, so a rare sight now.
Best pickup line at the bar in my town...
"Nice tooth"
Sorry, junked you for putting useful and ODammer in the same sentence.
Crap, fergot the junk part.
...like they say at Goldman, "Lick what's above you....kick what's below..."
lol, nice! I might have to use that...
Remember when the margin hikes use to really tank Silver for at least a week?
So dangerman didnt capitulate?
Oh shit!
What the fuck am i doing in ZSL?
Winning the Future!
Nope! But I give this silver bull a maximum of two weeks to live.
And I give your bullshitting here a maximum of four weeks before you slink away in abject shame and humiliation --- before you reappear under a new alias here. Trolls will be trolls, after all.
Don't worry, I bet we will break $50 over the next three days and quite possible hit $60 before the floors falls out.
Cool. I only need it to go one more week...
Cool. I only need it to go one more week...
,,!,,
The dollars that aren't getting exchanged for PMs are going overseas. Big. As Fx and everything else. Anywhere but Bennyville.
I watched the "Gensler" in action vis a vis wheat last year--and of course was vilified for advising to "stay long the Leiter trade." Obviously you can't predict "peat moss fires." of course if you know your history you understand "peat moss is how the irish and the eastern europeans made bread." and the rest as they say "was history" as wheat soared and has never looked back. now we have "the poor man's gold" (which can be only bullish for gold of course) and "margin rates up, up and away." this is a classic "up, up and away signal" for "what person who isn't afraid of a price rise is suddenly afraid to offer credit?" as we know from the Nadaq a parobolic move higher can be both sustained and RUTHLESS to those who dare stand in its way. It can not only break a bank--it can in fact create one as well. Again "the man's name was Morgan" and "he was a man before he became a bank." Not of silver of course....
This hike was really good for $ destruction. Announce another now, please.
It's rattling along the 73 line. I'm off to the bunker if it drops below 72.5 for more than an hour.
It'll take it 3 days to get from 72.5 to 66 and on the 3rd day the walmart shoppers won't be using credit cards.
Where are we at on the count, 10 margin hikes in 6 months?
I'll sell my silver when QE n+1 ends and the Feds hike interest rates up to 10%.
B
I was thinking the same thing, but only to trade silver into more gold if/when the time comes.
It's interesting, though, because the Fed is in a corner. If the Fed hikes rates they risk going insolvent themselves since they're now proud holders of the US debt in low yield treasuries which will implode if they hike rates. At such low rates the effect is even more devastating.
They're trapped... like a rat.
Like a big, fat, fucking rat with nothing but a printing press and jelly donuts to hand out at press conferences to assure everybody.
This price narrative has a new upside surprise every day. The usual systems for controlling silver price are breaking down.
This is starting to mimic the action of overthrow of corrupt regimes where crackdowns become more frequent and openly oppressive and attract only greater resistance.
With all the latest MSM treatment of the price move in Silver, not one mention of the delivery issue. Not one mention of the scarcity/industrial use issue. Not one mention of CME issue.
The only thing you hear is the price has moved fast and far. Mostly people saying too fast and too far. People are buying it because it's affordable per ounce next to gold (yeah, that's it.)
This investment certainly has its share of spooky intrigue.
Thanks manipulative beeeatches! I bought more on the dip today. Man, if silver closes above $50 then...
I've seen a lot of people who are saying "silver is due for a pullback", "it's toppy", etc. Now, I can certainly see a good case for short-term pullbacks, like the one we just had a couple of days ago, those are bound to happen. But as far as the current trend goes, I remember the wisdom of the old adage "don't fight the Fed." In this case, the Fed seems quite happy to, at the very least, continue to pursue ZIRP in the face of real inflation running somewhere around 9% (according to ShadowStats.)
My opinion? I think the precious metals are destined to continue on an upward trend right up to the point where the Fed gets serious about inflation, and we see Bernanke replaced with someone like a Paul Volcker.
Anyways, that's my story and I'm sticking with it.
What effect does raising of margin by CME have on Silver pices in the short term... Sorry, but I a nubee to ZH and trying to understand whether I should hit/hold the buy button for next few days... I have been going long physical and hedging the volatility via SLV puts..
It means you need more money in your account to trade the future in question. Which means small fry, usually long, will need to post additional collateral, or close the position.
... and closing the position should, presumably, create downward price pressure, which it does for, oh, a day or so. I gotta tell ya though, I've been watching these margin hikes for a year now and they haven't done anything except provide good entry points to load up on physical.
Problem is two fold: If margins are hiked, prices fall which attract more buyers and exacerbate the Morgue's position. If margins aren't hiked to the "evil speculators", more % is bet on margin.
In a nutshell, I wouldn't worry about it.
my way of thinking is it comes down to the morgue vs. the street with the morgue playing with unlimited fed resources and no margin or position limits against the street trying to hold firm as margins go from 9 to 10 to 15 and 20 on and on. Why play this game ? Buy silver and bury it in your yard and if you must play do so from the short side but only to hedge what you have buried in the yard and only briefly at that on rare occasions.
Small fry don't move the markets.
The big fry don't allow themselves to get overleveraged and will presume a margin hike to come. They are a little smarter, you know. Thats how they became the big fishes.
gh
It is exactly this assumption that appears to be breaking down. Indeed you are correct in the vast majority of situations, especially in regard to things financial in nature. However, the silver market is exhibiting traits of a political, grass roots, populist uprising where the price (as calculated in dollars) is increasingly irrelevant. This is most clearly exhibited by the ease of purchasing physical silver and the difficulty of unloading it quickly. It's a highly inefficient market that is outrunning the market-makers ability to adjust.
"Small fry" are the one thing that are not a consideration when crafting the business models. If the masses become out of control, they cannot help but move markets in an out of control fashion. It's called the mob. In regard to "big fry" never being over-leveraged, then they wouldn't be fried now would they ala LTCM, Enron, Lehman, Marie Antoinette.
Dave Harrison
www.tradewithdave.com
Spec longs are often fully margined without much additional cash available I suppose is the thinking.
Welcome on board.
Step 1) read Turd Ferguson's blog. From the beginning to present, if possible. Also see Jesse's Cafe Americain, Harvey Organ, Trader Dan Norcini, Jim Sinclair (and see who they recommend).
Step 2) examine a weekly chart for this week -- the last margin hike took effect at close of business 4/26 (Tuesday). Leaked to big players Monday AM, announced to public Monday afternoon.
In theory, the margin hike is suspected to be an attempt at capping upwards momentum, and assisting in trying to bring about a reversal. The half-life of such attempts has decayed from several weeks to a few hours. We may see further downdrift tomorrow, but the suspicion of many here is that we are retesting previous highs and hitting new ones soon (<1week). GL.
When silver was worth $9 an oz. 5000 oz. /one contract,was worth $45000.
Now, one contract is worth $235,000. The margin has to go up to keep everybody from getting overleveraged.
Particularly when the market gets volatile. The exchange is the clearinghouse. If traders put up plenty of margin ahead of time, it will lessen the chance of a precipitous selloff due to margin calls.
Volatility has been on the rise in the silver futures lately.
I notice that margins went down in the milk futures tho...
Maybe some of the silver traders that are whining about the steep margins can trade milk!!
gh
Actually that doesn't make a lot of sense because the margin is a % of what ever the price is so ... margin goes up along with price, they are closing the gap between margin and the cost of the full contract. It will drive down speculation while at the same time destroy the comex because at some point a person would rather hold on to the physical rather than trade paper. The whole point of trading paper to begin with is that it is leveraged.
Apparently, a cash-for-gold shop has just opened in my local mall here in sunny Surrey, UK.
I am tempted to bring one of my Krugerrand's tomorrow, to laugh at the employees face when he offers me £195 for it.
I do laugh at their faces in the mall, they ask me if I'd like to sell anything, and I just reply, I buy silver and gold everyday bitchez. (ok, so I leave out the bitchez).
B
Actually what you say is exactly what is starting to worry me, I have seen 3 cash for gold stores open within 10 miles of each other in the last 2 months, if we look rationally and not emotionally wouldn't that signal a top? If not a top at least a pause? Food for thought
The more you see the happier you should be. They shake a lot of the scrap out of the trees and add to the supply available to smelters. This makes it available to you to buy. Many of the aggregators of the coins that come in end up selling them as junk silver lots or sell the eagles and better grades on eBay. This adds to the overall availability to the average guy. This is good until it's not. Buy while it still is good.
For a quick and dirty look at the PM markets daily, subscribe (free) to Ed Steer's report:
http://www.caseyresearch.com/gsd/home
This just signals that people are in a selling frenzy. I'll be more nervous when these shops are closing up and all these people are running back to buy their gold at 10x what they sold it for.
People taking physical are overwhelming the silver sluts at the JP Morgue. It's unstoppable, no matter what they do.
Time to think about the same happening to gold, the elephant in the room. China physical retail gold holdings up 20% YOY. Any more physical/allocated institutional buying, eg UT, will be huge.
Jim Sinclair, ten years ago in 2001: "gold will be $1650 in 2011". He now says it could go to $10,000-$12,000 much sooner as the dollar does a Thelma and Louise over a cliff. I like his track record.
Peter Schiff: "Any time Bernanke opens his mouth everybody sells America."
"Any time Bernanke opens his mouth..." I make money. I want him to be on prime time every evening....I, of course, will not be listening to him as he drives me crazy...but I do appreciate the results of his spewing.
Bank run Bitchez!
Here's my personal rant in this regard (warning, I should switch over to wine from the beer). I think Bart Chilton is a fucking pussy. This cocksucker has GATA and Ted Butler snowballed into believing he is a good guy. How fucking hard is it to gather the evidence he is clearly privvy too and present it at a news conference???
The motherfucker has been gladhanding every pro-silver representative he has met over the past 3 friggin years, telling them how concerned he is about stopping the manipulation, blah, blah, blah.
Fucking bullshit! He could have raised the bullshit flag on this operation from day one, but has chosen not to. Fuck him. After all of this time has passed with no action being taken, I don't believe him for a second and have stopped giving him the benefit of the doubt. CALL A NEWS CONFERENCE YOU FUCKING MORON, TELL WHAT YOU KNOW!!! If you are on the side of the common man then grow a set of nuts and do the right thing! Quit asking permission to be a man and just do it! Expose this criminal activity!
JHC!
chubbar... you're asking that Bart make himself a Dead Hero.
I agree somewhat with your feelings but these fuckers play for keeps.
Maybe I could get Bill Murphy to relate the story of how 'they' cold cocked him with brass knuckles shortly after he and Chris Powell started up GATA ten years ago.
I'm thinking that this is a top for silver.
I'm selling.....for now.
Good luck with that.
Bob, Can I assume you are now short? If you truly believe silver has topped, then you would take a short position to profit from it's decline. All ears here.
Selling some bullion from an inventory with cost basis of $22 per oz., and yes some ZLV.
Best regards,
Surely you mean sell a little. Only true novices are all in or all out.
Understood.
From Turd Ferguson's blog
quote
1) First notice day for May silver is tomorrow. Expect intermittent raids through the evening, overnight and tomorrow as The Cartel tries to shrink the May OI as much as possible.
2) The POSX continues to decline next week. It will get desperately close to critical support between 70.81 and 72.17 on the cash number.
3) Though volatile, gold and silver rally through next Thursday. Gold breaks through 1550 and even approaches 1560. By Monday, with some Cartel pressure removed, silver finally begins a successful assault on 50 and reaches toward 52 by Thursday.
4) Just as all looks lost for the dollar and the PMs look ready to roll, the BLSBS report comes out next Friday with a better-than-expected (versus reduced expectations) number. Dollar shorts scramble to cover. The POSX gets a desperately needed bounce away from 72. Over the next 10 trading days, it even makes a run back toward 74.
5) In the face of a rising POSX, the metals trade in a downward consolidation from 5/7-5/21. Gold trades back down toward 1535. Silver reaches a selling climax all the way back down toward 47 or even 46.
IF all of this plays out even remotely close to what I've described, I believe we will be set up for the opportunity of a lifetime. From 5/24 until the end of June, silver will streak higher, peaking somewhere between 65 and 70. Gold will rocket higher, too, achieving my stated goal of $1600 before 6/10 and rolling on toward Santa's oft-stated goal of $1650 before the end of the month.
The key is to not get carried away and act in haste. Let the events of the next three weeks play out before you act. Be patient. Wait for your opportunity to strike. You will be rewarded.
unquote
Thanks everyone.. (CD) ...I will read thru those links .... trying my luck some more.. I know who " The Bernank" and "The Morgue" are.. but who/what is blythe..
Also some news I got from my brother there is a silver futures exchange being opened in Mumbai, India where they are trying to access 1500 tons (approx 47,250,000 oz of silver) this year as reserves.. trying to get some valid leads to confirm this story.
calc done as 1500tons*1000 kilos per ton*31.5 oz per kilos = 47,250,000
one link from 04/26 is here
http://www.zimbio.com/Indian+stock+market/articles/Rm2L03Q7vwY/MCX+Silver+MCX+India+Silver+Price+Live+MCX
silver trading on MCX is ranked #1 by volume in the world.. and here is where the future trading is being introduced.. http://www.mcxindia.com/
Silver bitchezzzz
Her name is Blythe and is supposedly in "control" of the JPM silver short "conspricacy".
B
Farce!
A brief commentary regarding the bogus and I do mean BOGUS trading action in the metals and shares. We have witnessed for 10+ years much manipulation, dirty, unethical and even illegal tricks to suppress anything metal.
TODAY ABSOLUTELY TAKES THE CAKE!!! Gold was up $15 and Silver over $2 last night in Asia and held those gains until the N.Y. open and then BAM... they are both down now and the HUI is down.
Ask yourself how that can possibly be? PAPER! That's how!
It will be interesting to see a massive increase in open interest for today's trading as that would show NEW shorts entering for suppression.
THIS action is occurring immediately after 2 high ranking Chinese officials have said over the weekend that they would like to cut Dollar reserves by 2/3rds or roughly $2 Trillion.
This is virtually impossible to accomplish but it does tell you they are no longer buyers. Japan will also obviously not be a buyer as they will need capital to rebuild the country, so now we have the # 1 and 2 owners and past buyers of Treasuries turned seller which leaves ONLY the Federal Reserve as the sole buyer.
Can you say "Ponzi scheme exposed"!?
THIS news is supposed to be Gold negative or Dollar positive?
Not a chance and what a complete joke and farce! In a free market Gold would be up a minimum $100 today and Silver at least $3, they are not only because your friendly neighborhood "cabal" is trying to paint a "top" to scare the bejesus out of you.
NO MATTER WHAT HAPPENS HERE, remain calm and collected with the knowledge that YOU have done the math and logic and that your positions in metal are correct.
"They" absolutely have to throw everything they have at this market here and now to try to break it. The Dollar is collapsing because of fiscal and monetary policies but to continue the illusion "they" CANNOT allow Silver and Gold to get any more out of control. Maybe they actually get a correction going for a couple weeks, days or only for a few hours, IT DOES NOT MATTER ONE BIT!
The game is over and anyone who can add 2+2 is in the process of figuring this out.
Sit back and relax about your metals positions because soon you will have more important things to worry about, like where to find available gasoline and food! THIS is coming soon, stay prepared.
www.lemetropolecafe.com
ps: 2 weeks free access to GATA Chairman, Bill Murphy's subscription site with no obligations.
Or interest rates rise, taxes rise, government spending gets cut, and the Fed unwinds its balance sheet.
The is looking more and more like a Black Swan.
Two Towers: A kilo is 32.15 troy ounces. You may have inadvertantly substituted grams per troy ounce which is 31.10
An easier way is 1500 tonnes X 32,150 = 48,225,000 troy ounces
Question:
Do any if you buy silver from Scottsdale at all? Been intrigued, but mainly buy maples on Kitco. I'm just really starting to wonder if it matters holding it in a maple, eagle or scotsdale?
Thoights?
I buy whatever I can get from my local coin guy... maples, pandas, a few eagles (premium is not worth it to me) englhard bars, prospectors and morgans. Buying local is just too easy for me. Just make sure whatever you buy it has the "real" factor involved... as in it's easily recognizable. When the time comes, you don't want to have acid test being done all the time.
Only other place I've bought (once in my infancy of silver) was junk silver from apmex and they were good.
B
Been buying Pandas on Ebay, getting some pretty good prices (I think). Some of these coins have serious premiums and very low mintings. I'm hoping in time 1.3 Billion Chinese may want these rarities.
I stay away from pandas. I don't trust.the Chinese.
+1
+1
I bet you 1.3 billion chinese will have rice as a priority over those pandas.
I don't trust silver from a place that has plastic rice, poison baby formula, and drywall that will corrode your wiring and water pipes. Anything shipped to America from China is suspect to me.
I buy rounds and 10oz bars from Scottsdale. Easy to purchase and they'll ship it reasonably quick.
Nunca me hablo antes, "plata perras"