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Silver Approaches $38

Tyler Durden's picture


While the DXY continues to languish in the depths of Ben Bernanke's sado-maso dungeon, money allocated to new reserve currencies: gold and silver continues unabated. Earlier, gold was on the verge of breaking out to fresh all time highs, while silver at last check just hit a fresh 31 year high, pennies away from $38. And just $10 dollars from its all time Hunt Brothers nominal highs.

And while it is more than obvious to all what is precipitating this flight to a self-imposed gold (and silver) standard, here is Reuters attempted take on explaining things:

Gold and silver prices rose on Thursday as jitters over the euro zone sovereign debt crisis, violence in the Middle East and worries over radiation leaks in Japan conspired to blunt risk appetite.

Gold prices climbed back towards record highs above $1,440 an ounce and silver touched a fresh 31-year high at $37.72 as investors turned to precious metals as a haven from risk.

"Given the geopolitical environment, concerns about Portugal and other peripheral countries, euro zone debt concerns and the still extremely low interest rate environment, it is not surprising the trend is your friend," said Commerzbank analyst Eugen Weinberg.

Concern over the indebtedness of some smaller euro zone members returned to the spotlight on Thursday after Portuguese prime minister Jose Socrates resigned, a move set to dominate a summit of EU leaders starting Thursday.

Among other commodities, U.S. oil prices extended gains on Thursday, rising back above $106 a barrel as concerns over ongoing violence in the Middle East and North Africa outweighed worries over the financial health of the euro zone.

Gold tends to benefit from higher oil prices, both because it is sometimes seen as a hedge against oil-led inflation, and because it is often traded as part of a commodity basket dominated by crude oil.

Western warplanes hit Libya for a fifth night on Thursday, but so far have failed to stop Muammar Gaddafi's tanks shelling rebel-held towns or dislodge his armour from a strategic junction in the east.

Other clashes have been reported in Yemen and Syria in recent days.

"Risk appetite remains hobbled by geopolitical tensions," Credit Agricole analyst Robin Bhar said in a weekly note. "The Libyan crisis has, if anything, intensified over the last week with the advent of Western bombing."

Elsewhere, concerns persisted in Tokyo over radiation leaking from a nuclear plant crippled in the earthquake and tsunami that hit northeast Japan earlier this month.

As usual, any "strength" in stocks will be merely a reflection of the ongoing decimation in the dollar, with the real value of the stock market unchanging, and only superficial cable propaganda channels extolling the virtues of nominal price changes.


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Thu, 03/24/2011 - 08:15 | 1094472 BrianOFlanagan
BrianOFlanagan's picture

where's the JPM bankruptcy filing?  I thought $36 was supposed to bring them down.

Thu, 03/24/2011 - 08:23 | 1094501 Ray1968
Ray1968's picture

Unlimited access to the Fed window can carry you a long way.

Thu, 03/24/2011 - 08:34 | 1094537 Careless Whisper
Careless Whisper's picture

@ BrianO

dewd, do you have any idea. jp morgan has 2 trillion in assets. they have about 176 billion in stockholder equity (according to their gaap certified financials). there are rumors that they are short about 1 billion ounces of silver. if that's even true then silver needs to go to a few hundred an ounce before they loose any sleep and ask for a bailout.

Thu, 03/24/2011 - 08:50 | 1094589 BrianOFlanagan
BrianOFlanagan's picture

@ Careless Whisper

Exactly!  JPM/Blythe aren't losing any sleep on the rise in silver (they may in fact be net long, but that's another story).  Silver could go to $50 and JPM will still likely be reporting perfect trading records.  

But the silver bugs need a boogeyman, for some reason.

Thu, 03/24/2011 - 08:58 | 1094644 morph
morph's picture

I hear paper numbers

Thu, 03/24/2011 - 08:58 | 1094645 tmosley
tmosley's picture

Please don't buy any silver.

Neither of you.

You don't deserve it.  I would hate to see people like you get rewarded.

Thu, 03/24/2011 - 09:48 | 1094835 long juan silver
long juan silver's picture

Anyone bearish scares the hell out of you dont it? hehehe

Thu, 03/24/2011 - 10:06 | 1094908 tmosley
tmosley's picture

lol, whatever you say, Willy the Coward who had to change his name due to his cowardice.

Thu, 03/24/2011 - 10:17 | 1094952 I Am The Unknow...
I Am The Unknown Comic's picture

I am so glad that bastard changed his name.  I used to just cringe when I saw his drive-by trolling posts.  I hope he gets fired from his trolling job.

Thu, 03/24/2011 - 10:45 | 1095015 EscapeKey
EscapeKey's picture

I seriously doubt he's paid to do that. If I were to sponsor shills, I would want someone who could argue intellectually. WTB's posts basically just amounted to the intellectual equivalent of "I'm rubber, you're glue", with a lot of curse words thrown in for good measure.

Thu, 03/24/2011 - 09:51 | 1094853 Kaiser Sousa
Kaiser Sousa's picture

thank u for that...

now all chumps move along....

Thu, 03/24/2011 - 09:09 | 1094690 nontaxpayer
nontaxpayer's picture

This. Blythe prolly hasn't even heard about Max Keiser, the climate change-banging Israel-bashing moron.

(you may junk me now)

Thu, 03/24/2011 - 09:27 | 1094768 Careless Whisper
Careless Whisper's picture

first, i'm long silver and gold. but not because of max keiser. you are correct, he promotes the cap & trade fraud scheme that will benefit the criminal bankers, yet he hates goldman and jp. pfffftt. right. and while france leads the war on libya, max keiser remains silent, while he dines on millefeuille at restaurant du palais-royal.

Thu, 03/24/2011 - 09:34 | 1094778 EscapeKey
EscapeKey's picture

Anyone making investment decisions on basis of a showman deserves to lose everything.

Max Keiser is an entertaining doofus. So is Jeremy Clarkson when it comes to cars. That doesn't stop me from watching either, because as previously stated - they're entertaining.

Thu, 03/24/2011 - 09:41 | 1094814 Careless Whisper
Careless Whisper's picture

jeremy clarkson has the best job in the world.

Thu, 03/24/2011 - 09:19 | 1094739 bankrupt JPM bu...
bankrupt JPM buy silver's picture

There is no way they are long, you are on crack if you think you can continue the worlds greatest ponzi long PM's, that the most absurd thing I've heard in this rally.

Thu, 03/24/2011 - 09:29 | 1094770 Head for the Hills
Head for the Hills's picture

They probably just printed a fresh batch. 

You know paper SLV and metal is the same thing these days.

Thu, 03/24/2011 - 09:28 | 1094765 EscapeKey
EscapeKey's picture

What a stupid argument. Yeah, they might have $2tn in assets, but you "forgot" to mention they have $1.95tn in liabilities.

Right up there with Spalding counting CDS notionals as "debt".

Thu, 03/24/2011 - 09:34 | 1094781 Arthor Bearing
Arthor Bearing's picture


If the accouting rules were changed to discourage fractional reserve banking (which would be simple: you're not allowed to count the liability of others to you as an asset) then their assets would fall probably 95-98%. That's why the morgue needed a bailout when Bear Stearns went down, because the spiralling debt deflation would have taken down JPM, Goldman, and all the others

Thu, 03/24/2011 - 08:34 | 1094539 Bicycle Repairman
Bicycle Repairman's picture

Yes.  JPM is not going bankrupt.  Buying PM is a good means for catching the money that the FED is firing out of its "bazooka", however.

Thu, 03/24/2011 - 08:51 | 1094600 long juan silver
long juan silver's picture

Every single person here has pom poms a shaking

Thu, 03/24/2011 - 09:01 | 1094648 tmosley
tmosley's picture

Whatever you say, William the Dumbass.

Thu, 03/24/2011 - 10:04 | 1094903 Fearless Rick
Fearless Rick's picture

Read this, dumbfuck, and tell me how you feel.

Roger Weigand, usually on the money.

Thu, 03/24/2011 - 08:30 | 1094519 tmosley
tmosley's picture

They have bought time by becoming a COMEX registered vault.  It took them two days to get permission to do this, a process that takes 45 days for everyone else.

In the immortal words of Jay Sherman "It stinks!"

Thu, 03/24/2011 - 08:47 | 1094587 duo
duo's picture

don't piss JPM off, or they'll dump their EXK shares and naked short HL.

Thu, 03/24/2011 - 09:29 | 1094769 French Frog
French Frog's picture

does anyone know for sure if jpm are still net short? there's so much speculation about it that for all we know, they could actually be net long and enjoying the price rises fuelled by everybody intending on 'killing' them.

just a thought, rarely entertained in here despite the fact that probably no-one can prove whether jpm are net short ot long silver

Thu, 03/24/2011 - 09:38 | 1094793 overmedicatedun...
overmedicatedundersexed's picture

french, HOrgan reports on silver contracts that are being settled for CASH. not silver.  is it JPM many think so.

Bless Wynter Benton, still investing buying PM's and PM stocks, with them and seems they are for the contracts then sell for big premium each month is working..Silver is out performing gold each month something is pushing it, JPM caught in a short squeeze could be one factor.

Thu, 03/24/2011 - 10:17 | 1094951 DosZap
DosZap's picture


Either short or long they lose metal, damn sure do if short,and cause a DIP.

They went to Copper to make up the difference.

Mr. Rockeller, just how much money is enough?, Mr. R,

 Just a LITTLE more.

Thu, 03/24/2011 - 09:36 | 1094783 vas deferens
vas deferens's picture

Looks like JPM is hurting bad, they had to register as a comex vault!!?? Hmmmm   It took two days to register, normal time is said to be 45 days. Looks like someone was in a rush to deliver silver to themselves.



Will JPMorgan Now Make and Take 'Delivery' of Its Own Silver Shorts?

Thu, 03/24/2011 - 12:23 | 1095598 RockyRacoon
RockyRacoon's picture

Yeah.  Their "vault" is probably about the size of my post office box.

Just had a phone solicitation for a U. S. Bank credit card.  The guy asked me if I still lived at P.O. Box whatever.   I said yes, but it was starting to get a big cramped and I might move up to a nice, roomy dumpster.   He cruised right thru the humor and continued to read from his script.   Sad bunch o' bastards.

Thu, 03/24/2011 - 08:16 | 1094474 Xibalba
Xibalba's picture

Not to worry!  JPM is on the way!

Thu, 03/24/2011 - 08:30 | 1094518 Troll Magnet
Troll Magnet's picture


Thu, 03/24/2011 - 08:16 | 1094475 emsolý
emsolý's picture

Reuters: "jitters over the euro zone sovereign debt crisis, violence in the Middle East and worries over radiation leaks in Japan conspired to blunt risk appetite."

Those are the same jitters that are making DAX +1.8% today, correctamundo?

Thu, 03/24/2011 - 08:26 | 1094514 snowball777
snowball777's picture

+1 Jittery fat finger

Thu, 03/24/2011 - 09:34 | 1094779 Oh regional Indian
Oh regional Indian's picture

++++1 jjjjjittery ffffat ffffinger iiiindeed!


Thu, 03/24/2011 - 08:18 | 1094476 hugovanderbubble
hugovanderbubble's picture


Short Squeezes coming if SPX above 1320

Watch them


Thu, 03/24/2011 - 08:20 | 1094483 HelluvaEngineer
HelluvaEngineer's picture

...worries over radiation leaks in Japan conspired to blunt risk appetite

C'mon.  Really?  They're not even trying anymore.  Are humans auctually writing this stuff anymore, or is it just auto generated?

Thu, 03/24/2011 - 09:16 | 1094721 dark pools of soros
dark pools of soros's picture

is this real or a game?

WOPR HTF: what is the difference?


Thu, 03/24/2011 - 10:06 | 1094910 Gordon Freeman
Gordon Freeman's picture

Actually, they just have a half-dozen hot keys, that spit out the tropes in various easily digestible combinations...

Thu, 03/24/2011 - 10:18 | 1094962 DosZap
DosZap's picture

No, when your a dumbass journalist, and a sheeple,you print what makes you ticky.

Having no clue as to the real reasons.

Thu, 03/24/2011 - 08:20 | 1094485 Hannibal
Hannibal's picture
Will JPMorgan Now Make and Take 'Delivery' of Its Own Silver  

Some vault operators are more equal than others. JPM appears immune from processes that everyone else must suffer through. On March 15, 2011, the Commodity Exchange (COMEX) and the New York Mercantile Exchange (NYMEX) advised the CFTC that they had approved J.P. Morgan's application to become a licensed vault facility, using a "self-certification" process. The newly licensed vault, more:





Thu, 03/24/2011 - 08:24 | 1094499 swissaustrian
swissaustrian's picture

This buys just some more time.

Thu, 03/24/2011 - 08:23 | 1094503 TaxSlave
TaxSlave's picture

Ha, transfer from one hand to the other, then tell everybody what the price was.  Brilliant!

Thu, 03/24/2011 - 08:28 | 1094515 the not so migh...
the not so mighty maximiza's picture

using a "self-certification" process.


yeah that sounds groovy

Thu, 03/24/2011 - 08:58 | 1094643 EscapeKey
EscapeKey's picture

Using the same self-certification process, I have determined I am worth $1.5 quadrillion.

Now, who want to buy 1% of my net worth? I will sell it at a bargain price of $1bn, but you have to act fast, because there's only 100% to be sold.

Thu, 03/24/2011 - 09:15 | 1094714 Horatio Beanblower
Horatio Beanblower's picture

$1.5 quadrillion, eh?  Would you like to buy a derivatives bubble?

Thu, 03/24/2011 - 10:10 | 1094913 EscapeKey
EscapeKey's picture

Hey, I'm already trying to sell one!

Thu, 03/24/2011 - 11:13 | 1095297 Calculated_Risk
Calculated_Risk's picture


Thu, 03/24/2011 - 08:53 | 1094611 gwar5
gwar5's picture

JPM moved operations offshore, and now this. Desperation.

More proof they're all crooks and the COMEX is owned.

Allows JPM to be in charge of good delivery standards of the Tungsten.

Thu, 03/24/2011 - 09:13 | 1094705 JLee2027
JLee2027's picture

I read the fact it happened in 3 days instead of 45 as total desperation. They are indeed, out of silver in the warehouse, at SLV, and at the LBMA.

Thu, 03/24/2011 - 10:21 | 1094972 DosZap
DosZap's picture

Just imagine when the SHEEPLE wake up, and the RUN starts...............

The only Silver to be had will be found at a supermarket as loose change,spent by mistake.

Thu, 03/24/2011 - 09:35 | 1094790 Head for the Hills
Head for the Hills's picture

This is like playing Monopoly with someone who gets to rewrite the rules everytime he gets in a bind.

They must have redefined the words "free" and "fair" when used in the context of today's market. 

I think I'm going to kick the board over and go home.


Thu, 03/24/2011 - 08:18 | 1094486 gwar5
gwar5's picture

I've been watching it go up the ladder.

Sweet. New normal.


Thu, 03/24/2011 - 08:19 | 1094489 TaxSlave
TaxSlave's picture

How do ya BTFD when there's no D??

Thu, 03/24/2011 - 08:42 | 1094563 Troll Magnet
Troll Magnet's picture

when silver hits 40, 38 will look like a big dip. when silver hits $50, $40 will seem like a fantasy. keep buying. it's still a bargain.

Thu, 03/24/2011 - 08:57 | 1094623 johnQpublic
johnQpublic's picture

it dipped to 33.50 or so a week back

dips just arent as big as they once were

except the human kind

Thu, 03/24/2011 - 09:20 | 1094742 dark pools of soros
dark pools of soros's picture

the last real dip was $26 a month or so ago...bought with both hands


there will be one more then the dollar will disolve


Thu, 03/24/2011 - 09:42 | 1094817 Oh regional Indian
Oh regional Indian's picture

Methinks it's higher lows and higher highs from here on out.

And I'm still curious and would love an answer from any PM genius here.

It was stated that a couple of thousand Kilos of silver were blown to smithereens over the Libya Sands last week, Saturday. The process continues un-abated.

War, ugly war, consumes massive amounts of silver to extinction every day. And they need more of it, there is no current (sic!) substitute for it in electronics yet on a cost effective basis.

So, is war Silver bullish? It's not the most abumdant material on earth.


Thu, 03/24/2011 - 10:25 | 1094999 DosZap
DosZap's picture

All 100 plus of those missles that got SENT, had a good amount of Silver in them.W/out it, they could not fly.

Slvr will be declared a Strategic Metal in the near future, Solar panels need a ton of it.

Thu, 03/24/2011 - 10:52 | 1095148 Oh regional Indian
Oh regional Indian's picture

Agreed. The fact that war is silver bullish is a bit of a bummer for an essential pacifist (me).


Thu, 03/24/2011 - 10:27 | 1095003 SilverRhino
SilverRhino's picture

You wont see a 10+% pullback like that for a very long time.  

Thu, 03/24/2011 - 08:57 | 1094628 Crumbles
Crumbles's picture

After moving from $36.11 to $37.25 or so yesterday, Ag spiked to $37.85 this morning near 7:40 EDT and then dropped about 30 points in the space of 30 minutes.

Looks like that's the kind of D one has to work with these days.  Stop runs seem to predominate the rapid rises and falls, especially during the hectic pre-opening minutes. A look at the 5-minute chart often will show gap action highlighting an attempted running of the stops.  Manipulation does leave tracks, IMHO.

Disclaimer - long phys, fiat.  BFTD!

Thu, 03/24/2011 - 09:07 | 1094669 Long-John-Silver
Long-John-Silver's picture

The Dip was yesterday, as always. You must buy today so you can tell everyone you bought the dip yesterday.

Thu, 03/24/2011 - 08:20 | 1094490 swissaustrian
swissaustrian's picture

They will just settle in cash with 100 % premiums or more.

And there will be a rule change: cash-settlements depending on JPMs will.

Thu, 03/24/2011 - 09:01 | 1094654 EscapeKey
EscapeKey's picture

That will in an instant make the LBMA/Comex worthless for entites which require actual physical, and it will all move to Shanghai, Mumbai, or some other exchange ready to setup PHYSICAL ONLY trading.

Thu, 03/24/2011 - 10:28 | 1095009 DosZap
DosZap's picture

Already IS a cash settlement clause.

Thu, 03/24/2011 - 08:19 | 1094494 cossack55
cossack55's picture

SSSSSSHHHHHHHHH. You know Blythe the Bitch reads ZH. If you cheer to loudly she will sell more of that SLV shit to dumbasses and drop the price. Cheer, but cheer softly.

Thu, 03/24/2011 - 08:21 | 1094497 Seasmoke
Seasmoke's picture

Up a $1 a day keeps Jamie Dimon away

Thu, 03/24/2011 - 08:41 | 1094498 ivars
ivars's picture

Something strange is going on. If silver reaches 45 USD in few weeks, what would it mean for stocks? There must be a spike as well, i guess, and then a correction, as in this silver graph. But why?


I made this prediction graph on March 13 where silver tops at around 45 USD at around week 1 of April. What could happen? A strong quake  aftershock in Japan that destroys Fukushiima? Why would that affect silver negatively? Or gold? because of imminent recession and temporary deflation?






Thu, 03/24/2011 - 10:12 | 1094926 Bastiat
Bastiat's picture

Ivars gold is money and the price of gold is a reflection of rapidly decaying confidence in fiat.  Worse problems in Japan will result in more money printing by the Japanese and the Bernanke and further erosion of confidence in fiat.  Silver is acting more like money too though demand for it as a industrial consumable will decrease with decreasing economic activity.  On the other hand silver has begun to enter a price discovery phase after years of artifical suppression. No one knows where that ends but you might get a hint by looking at the gold/silver ratio.  16 is considered the historical norm.

Thu, 03/24/2011 - 10:34 | 1095040 DosZap
DosZap's picture

Worse problems in Japan will result in more money printing by the Japanese

Not only will they print they will/are calling in currency from all over the world now(Yen),to keep from havng to print.



Thu, 03/24/2011 - 08:25 | 1094504 trendybull459
Thu, 03/24/2011 - 08:25 | 1094505 TexDenim
TexDenim's picture

Time to sell grandma's dinner service.

Thu, 03/24/2011 - 08:40 | 1094532 cowdiddly
cowdiddly's picture

Thats funny, I bought 9 old Morgan Dollars from a guy yesterday for 25 bucks each. I know they are not solid silver but figured they were worth that. I did not really want them as I have a fair amount of gold but what the hey I guess every one needs some silver lying around just in case. 

Thu, 03/24/2011 - 08:52 | 1094606 BrianOFlanagan
BrianOFlanagan's picture

good buy - one Morgan silver dollar contains 0.77oz of silver.  The melt value of a Morgan right now is $28.94

Thu, 03/24/2011 - 08:59 | 1094637 cowdiddly
cowdiddly's picture

Thanks for the information. I was not sure if I bought them right or not. Maybe I can solder some CCs (Carson City Mint)on em. LOL

Thu, 03/24/2011 - 09:59 | 1094892 Bastiat
Bastiat's picture

Yes! 90% silver 10% copper

Total coin weight: 26.73grams = .8594oz  X 90% = .7735oz silver

Thu, 03/24/2011 - 10:30 | 1094971 cowdiddly
cowdiddly's picture

Same guy has  20 some Peace Dollars for the same price. I know nothing about coins and just bought the Morgans because I think they are a Purrrty coin.They look so old Wild West. Are these the same silver content as Morgans? If they are I may be going back to the flea market today.

Thu, 03/24/2011 - 10:34 | 1095039 GubbermintWorker
GubbermintWorker's picture

Absolutely, go get 'em! Just make sure they're not chinese fakes. They should weigh roughly 26.7 grams each. If they weigh a few grams less, they're fake.

Thu, 03/24/2011 - 10:31 | 1095022 GubbermintWorker
GubbermintWorker's picture

Nice buy! See if he has any more!

Thu, 03/24/2011 - 08:36 | 1094536 cowdiddly
cowdiddly's picture

edit dp

Thu, 03/24/2011 - 08:55 | 1094625 Developers
Developers's picture

OT - Is your avatar a pic of Jesse Preston?

If so, good for you sir!

Thu, 03/24/2011 - 08:26 | 1094511 Cistercian
Cistercian's picture

 Rocket ship.Got Silver?

Thu, 03/24/2011 - 08:28 | 1094517 Id fight Gandhi
Id fight Gandhi's picture

Bby surging 4% after missing eps, revs and guiding lower. Comp store sales down a lot.

Pcln at all time high with oil surging

Nflx up because eh who cares.

Thu, 03/24/2011 - 08:29 | 1094520 apberusdisvet
apberusdisvet's picture

Blythe is soooooooooo phukked. The vigilantes have their algos buying every dip in real time.

Thu, 03/24/2011 - 08:30 | 1094524 John McCloy
John McCloy's picture

Durables down.. markets don't care...

Thu, 03/24/2011 - 08:35 | 1094540 Id fight Gandhi
Id fight Gandhi's picture

No why would it?

Businesses need to stop hiring and producing. Just have the fed mail them checks directly. Much easier.

Thu, 03/24/2011 - 10:48 | 1095116 DosZap
DosZap's picture

Major Leauge OT, but this scummy bstd needs a good hanging, he is so far up the ass of tearing this country down he needs to be contracted.

Thu, 03/24/2011 - 08:39 | 1094553 swissaustrian
swissaustrian's picture

Gold is down.

As ZH reported: Silver broke it´s golden shackles

Thu, 03/24/2011 - 10:00 | 1094893 Crumbles
Crumbles's picture

NO, Au is not down; rather trading within an $8 range which is nothing more than everyday noise in the timeline.  Anything over 1442.50 spot will be a 'rise' and below 1434 could be considered as a 'drop'  -  the trades in between are nothing more than static noise.  Again, IMHO.


Thu, 03/24/2011 - 10:54 | 1095163 DosZap
DosZap's picture

I would wager if you could get the stats for TOTAL tonnage held, by Indians Banks and individuals, they would be #1 in the world.

I have a Indian Jewelry Store close to me, the jewelry there is all 22k, and is Beautiful and the necklace are intricate and most are HUGE, and not light.

Haven't been ion but once since the jewelry is Indian specific for the most part.

I wish we could get gold and slvr here at the prems most non american vendors pay, a $1.00-$4.00 over spot is a mouth drooler.

Thu, 03/24/2011 - 08:46 | 1094577 dryam
dryam's picture

I work at a large hospital & interact with hundreds of people a week.  There are only a small handful of doctors that are buying PM's or PM stocks (several just because I recommended it), and I've not heard of any non-MD's buying PM's.  This PM run has a very long way to go.

Thu, 03/24/2011 - 08:57 | 1094630 eddiebe
eddiebe's picture

People and probably central banks in the orient and middle east are buying.

Thu, 03/24/2011 - 09:44 | 1094826 yabyum
yabyum's picture

I'am a RN and I dabble in both metal and miners. Lots of folks have food and goods stashed away, but, this is Utah!

Thu, 03/24/2011 - 10:13 | 1094940 Bastiat
Bastiat's picture

. . . and nurses have more sense than doctors!

Thu, 03/24/2011 - 08:48 | 1094585 Downtoolong
Downtoolong's picture

No need for bankruptcy. JPM is working on a plan with the COMEX and CFTC. For starters, they’re going to blame it all on the Hunt Brothers again, throw them in jail and seize their assets. Next, they’re going to deliver 162 ounces of copper for every 100 ounces of silver they’re short based on the argument that copper atoms have 29 protons and silver atoms have 47 protons. Hey why not? When you’re a central banker, you can rationalize anything as fair and reasonable as long as it makes you a profit.

Thu, 03/24/2011 - 10:29 | 1095023 SilverRhino
SilverRhino's picture

In that case I'll settle in Platinum-190, Tritium or Iridium.  :)

Thu, 03/24/2011 - 08:50 | 1094595 Josh Randall
Josh Randall's picture

Won't be satisfied until the Silver - Gold ratio is 15:1 -- (i.e. Gold $1400, Silver $93.33 repeating of course) Leeeeeeeeeeeeeeeeeroy Jennnnnnnnnnnnnnkins!!!!

Thu, 03/24/2011 - 09:11 | 1094696 H. Perowne
H. Perowne's picture

At least I have chicken . . .

Thu, 03/24/2011 - 08:52 | 1094604 brian0918
brian0918's picture

The Gold/Siver Ratio has broken past the low last seen in 1998, and is now the lowest it's been since 1983!

Thu, 03/24/2011 - 09:20 | 1094743 JLee2027
JLee2027's picture

Manipulation has caused tremendous imbalances that must be corrected. According to Israel Friedman, Ted Butler's mentor, the true ratio will one day equal the price of Gold then go lower still (an ounce of silver worth more than an ounce of Gold)

Thu, 03/24/2011 - 08:52 | 1094610 themosmitsos
themosmitsos's picture

The attempted excuses of many, as to why PMs go up, are such bullshit, it's unbelievable. Show me a US annual deficit <$1T. Doesnt have to be <$500B [SHOULD be] ... just ... let's see you do <$1T tough-guy! :P

Thu, 03/24/2011 - 08:52 | 1094612 SilverRhino
SilverRhino's picture

Can someone explain why APMEX and Kitco have divergent spot prices now? Also is anyone seeing further signs of price divergence locally or on other internet pages?

Thu, 03/24/2011 - 09:02 | 1094659 PlanForTheWorst...
PlanForTheWorstHopeForTheBest's picture

Apmex has been buying Silver Eagles for $2 over spot and selling them for $5-10 over spot.  This started when Silver took a dip in January.  Physical price didn't go down nearly as much as paper.  It's getting harder and harder to find cheap, generic 1 OZT rounds.  6 months ago you could find 'em for $1 or less over spot.  If you can find 'em online for less that $2.50 over spot, buy!

Thu, 03/24/2011 - 09:08 | 1094679 Troll Magnet
Troll Magnet's picture

another question: why do gainesville coins and provident metals ALWAYS have better prices than apmex? why do people still buy from apmex when they can just buy cheaper from GC and PM?

Thu, 03/24/2011 - 08:56 | 1094619 ietalon
ietalon's picture

blythe just showed up to perform her lap dance and take her turn at the pole for the addience. ben's been tipping her with hid fat finger cash. next!

Thu, 03/24/2011 - 09:05 | 1094668 camoes
camoes's picture


Thu, 03/24/2011 - 09:07 | 1094670 MCHedgeHammer
MCHedgeHammer's picture

looks bubblicious to me,

Thu, 03/24/2011 - 09:14 | 1094702 Long-John-Silver
Long-John-Silver's picture

The US Dollar is the bubble. Exit paper-Enter metal

Thu, 03/24/2011 - 09:09 | 1094678 Johnny Lawrence
Johnny Lawrence's picture

Serious question, how much of this rise in PMs is related to currency destruction and rejection of central bank policy vs. POMO money being poured into commodities for speculative purposes?

Thu, 03/24/2011 - 09:13 | 1094704 long juan silver
long juan silver's picture

In dollars, euros, yen or percentages?

Thu, 03/24/2011 - 09:36 | 1094792 Johnny Lawrence
Johnny Lawrence's picture

More of an open-ended question...fundamental rise vs. POMO-infused rise.

Thu, 03/24/2011 - 09:14 | 1094707 Arch Duke Ferdinand
Arch Duke Ferdinand's picture

Must Read

Congress vs Big Banks....Which is to Blame?....3/Revolution/Starve the Government ...

Wrong Side Up...OT Comedy 2 min short...

Thu, 03/24/2011 - 09:14 | 1094711 CIABS
CIABS's picture

probable strong resistance in may comex silver in the 38.555 to 38.840 range.

by the way, this one worked out:

Thu, 03/24/2011 - 09:23 | 1094748 ivars
ivars's picture

There has been recently very strange behaviour of stocks despite bad news all around, and USD despite instability and wars all around. That leads me to think that we might see a short spike in stocks, silver, ( up to 45 USD in first weak of April) gold, and USD ( USD value drops ) within few next weeks.

However, I think that this spike will be corrected, i.e. stocks will turn down, USD up, silver will have almost 40% correction and so will gold. May be the first profit reports for Q1 will be disappointing on top of growing oil prices and global instability.

Why , I do not know, but things are getting too strange for them to continue ( of course, we may be unleashing USD inflation in big numbers, but something tells me that is not going to happen).

What event would cause a sharp correction in silver and gold prices? Demand drop, or heavy increase in instability leading to expectations that USD will remain safe heaven, and inflation will not happen? Increase in FED interest rates before ECB?

What do You think- for Gold and silver to undergo major correction, what has to happen?

Thu, 03/24/2011 - 09:49 | 1094846 bobert
bobert's picture

For silver to drop the US congress would need to develop

a plan for balancing the budget by 2015 without raising taxes...

i.e., buy silver and keep buying it!!!

Thu, 03/24/2011 - 10:35 | 1095049 Fearless Rick
Fearless Rick's picture

You need to buy more AAPL and NFLX, asshat!

Silver will be $256 before we see a 40% correction and even then, it's unlikely. Silver is money, moron. Go back to your couch, play with yourself while watching CNBC.

Fucking douche-bag.

Thu, 03/24/2011 - 09:27 | 1094764 Fortune
Fortune's picture

STFD bitchez...


Just kiddin!

Thu, 03/24/2011 - 09:38 | 1094799 agNau
agNau's picture

Here we go, Thank god for GS ! With out elite leaders like George with our best interests at heart, where would we be? Thank you George!

Thu, 03/24/2011 - 09:59 | 1094890 Kaiser Sousa
Kaiser Sousa's picture

man, those New World Order mother fuckers never waste a orchestraited crises do they...

fuck Soros's Bilderberg ass...bomb the conference...

Thu, 03/24/2011 - 09:52 | 1094855 Lone Mad Minute...
Lone Mad Minute Medic's picture

WTF is going on with GPL? I almost swollowed my fish.

Thu, 03/24/2011 - 09:56 | 1094869 Lone Mad Minute...
Lone Mad Minute Medic's picture

Is this a BTFD in GPL?

Thu, 03/24/2011 - 10:01 | 1094898 hoyasrule
hoyasrule's picture

The buy precious metals because the world is coming to an end trade seems preposterous to me.  Let's say fiat currencies go worthless.  When you are walking around this post apocolyptic world, do you really think the hungry masses are going to care that you have a big pile of shiny crap in a safe in your basement, or do you think you'd be better served buying a huge farm in iowa and building a fortification zone around it with mercanaries and heavy artillery?  just food for thought

Thu, 03/24/2011 - 10:14 | 1094935 Snidley Whipsnae
Snidley Whipsnae's picture

"If armies can overcome the obstacles of nature, mountain ranges and oceans, nothing man can build will stop them"... paraphrased from 'Patton'.

In other words, you are clueless.

You have no grasp of what defending a farm would entail and you have no grasp of what will be valuable in a crisis.

Thu, 03/24/2011 - 10:18 | 1094957 Jack Sheet
Jack Sheet's picture

What would you pay the mercenaries with ? What do you think their leader will demand as payment?

Thu, 03/24/2011 - 10:25 | 1094993 Jack Sheet
Jack Sheet's picture

Just a reminder - with grateful acknowledgement to Richard Russell Good money must have a number of unique characteristics. (1) It must be durable, which is why we don't use wheat or corn. (2) It must be divisible, which is why we don't use a Picasso painting or jade statues. (3) It must be convenient, which is why we don't use lead or copper or real estate. (4) It must have value in itself, which is why we don't use paper. (5) It must be transportable, which means that large values must be contained in a small area (a gold coin weighing only one ounce can be worth far more than fifteen hundred dollars). (6) It must have a long history of being accepted as a store of value. Gold was considered valuable as long as 5,000 years ago in the age of the Egyptians. (7) It cannot "disappear" or be used up in manufacturing as is copper and even silver. Thus, the gold coin that you have in your hand may have been part of Cleopatra's earrings centuries ago. Almost all the gold that has ever been discovered is still available in one form or another. (8) It must not be the liability of any sovereign nation, nor should it require governmental law to make it money. For instance Gold requires capital, talent, risk, sweat and courage to recover or to accumulate. Russell note -- It's possible that gem-quality diamonds can fit all the above characteristics but two. Diamonds are not divisible, nor do they have a long history of being stores of value.

Thu, 03/24/2011 - 10:45 | 1095110 LoneStarHog
LoneStarHog's picture

Riddle me this, joker.  Why is it that military survival kits - especially for pilots - contain GOLD COINS?  Why would such coins be worth something in a war-torn country?  Why does the government think that such coins would have VALUE and be BENEFICIAL to a downed pilot?


Thu, 03/24/2011 - 10:07 | 1094905 ziggy59
ziggy59's picture

The gold/silver chart on right hand column hasnt been updating ..just saying

Thu, 03/24/2011 - 10:26 | 1095005 east paris trader
east paris trader's picture

The fucking bayonets are out and hand to hand fighting has begun in the crimex gold pit.  Not a huge range, but nasty.  I hope I live to see the day they take Blythe out on a stretcher.

Thu, 03/24/2011 - 10:49 | 1095047 I Am The Unknow...
I Am The Unknown Comic's picture

Folks, the following comments apply to paper silver only:  I am doubting TPTB will let 38 silver calls get exercised a mere 2 days before expiration.  I'm long ZSL here with a small AGQ position.  I have seen this manipulated market eat my lunch too many times and most of those times have been on a Thursday or Friday and right before gold/silver expiration.  I'm going chicken shit.  I would welcome thoughts/feedback on how silver can continue this rally into the 38 range without a pullback here.  After expiration on Monday I expect a dip (probably to high 35/low 36) and will look to load up long again there.  Having said all of that, I would not cry over my losses if silver hit $40 before Monday and The Morge fact I would dance on my desk.  Just sharing my thoughts and looking for feedback.  Cheers.  

Well F*** me!  Must be lunchtime again.  Hey, where's my lunch?  Looks like I'll be eating crow and humble pie today.  That was sooner did I get done posting than silver broke through 38.

38 bitchez!!! 

Thu, 03/24/2011 - 10:49 | 1095124 tmosley
tmosley's picture

Bought just prior to the fucking spike. Locked in a new order just below $38. Just my monthly order. We'll see if I regret it on Monday/Tuesday options/futures expiry.

Thu, 03/24/2011 - 10:58 | 1095190 SimonNL
SimonNL's picture

JP Morgan can only go bankrupt if the Fed will disappear. Probably they lose a lot of money on their gold and silver shorts. But they are fully supported by the Fed. And the Fed doesn't care about a few billion in losses if this can keep the multi trillion dollar con game alive.

However something has changed. 10-15 years ago it was a paper game only. And it was easy to keep gold and silver prices low. But now more and more people, funds and countries are joining the game. And they want the metal. The result: Higher highs and lows.

The need to suppress the metals has almost never been higher than today. All currencies are on the verge of collapse. And although the Fed and other CB's wish lower gold and silver prices. And have no problem with losing a few billion to achieve this. They can't prevent gold and silver from making new highs.

The game has changed and the train is leaving the station. Much higher gold and silver prices ahead!

Thu, 03/24/2011 - 11:18 | 1095328 savagegoose
savagegoose's picture

looks like mag 7 earhtquake in burma or myanmar, middle of golden triangle

long opium

Thu, 03/24/2011 - 11:24 | 1095342 Bagbalm
Bagbalm's picture

Broke through 38...

Thu, 03/24/2011 - 11:37 | 1095400 Lone Mad Minute...
Lone Mad Minute Medic's picture

So GPL did to its shareholders what the Bernank does to the American people everyday. Slipped the canadian weasel up where the sun don't shine.

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