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Silver Breaks $26; Shows What A Little RICO Lawsuit Can Do To The Price Of A Manipulated Commodity
Silver hits a new all time record: $26.03 (except for that whole Hunt bros reverse manipulation thing). It is simply AMAZING what a little RICO lawsuit filed against JPM and HSBC will do. How about a 5% price increase in a day?
And for all those patting themselves on the back for what the Fed's dollar debasement is doing to their stock portfolios, perhaps the fact that the S&P is now down 29% YTD priced in silver should be a Zimbabwean wake up call.
And you ain't seen nothing yet. The LBMA (but mostly JPM and HSBC) are bracing for a tsunami of margin calls after the close.
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Gotta say, I'm fond of this little ditty from yesterday. Thought it worthy of a re-post:
by Turd Ferguson
on Wed, 11/03/2010 - 20:21
#697917
Lost in all the shuffle of this ongoing QE wealth confiscation is the very real physical delivery problem that is unfolding on the Comex.
The problems began in earnest about 8 weeks ago, coincident to the breakout in the silver chart. Once silver closed above 23, there was really no resistance until 35 or so. And 35 is where its headed. How soon it gets there is anyone's guess but I'm prepared to give it a try:
Let's look for 27 by the end of this month.
Maybe put in a short-term peak near 28.50 sometime in December.
Let's then say that silver will, at some point in Q1, will trade at +20% for the year already.
That gives us a print at 34, sometime before 3/31/2011. OK, I can live with that.
Now, the wildcard is Comex delivery failure and, don't laugh, that's a real possibility. There is a serious, global movement afoot to take delivery of PMs and the Comex could very well experience a "run", if not in December then in early 2011. IF this happens, and since it hasn't happened yet that's a very big IF, clearly all bets are off. $50 silver becomes not just a pipedream of Adrian Dougals and Harvey Organ, it becomes reality.
Likely right-on once yet again.
It IS a little hard trying to explain that you are a Turd fan, though!
.
Hey,.. Turd Fan, SHTF... Wow, deep doo doo.
Turd Ferguson - The Guru of Poo
"When Shit's Gonna Happen, You Can Count On the Turd!"
....oh gawd, somebody please stop me!
thanks for re-posting this Turd - I look for your posts, but don't always scan every thread's commentary, so missed this one! I'm thinking you'll revise / update your POV before mid-Nov, *wink*
also, would be much appreciated if you have specific information as above, and there's a PM specific thread for the day, a re-posting for your fans? until you decide when / if to dedicate your metals posts to a place we can locate you. . .
*hint hint*
really valuable information, gratefully received, /salute!
Turd,
I've been following all of this from the beginning. Well before the bottoms of 1999 and 2001. I knew GATA when they formed the committee, which was announced in Vancouver, BC some ten years ago. I know they were right then and today is complete vindication. Kudo's to many other people like Ted Bulter, James Turk, John Embry and many others who helped point us in the right direction.
That said, your posts are some of the best I've ever read. Thank you and congrats to you Sir.
Turd,
YOU SHULD GET A CONTRIBUTOR STATUS!
Do you hear me, TD? That was the best short time call for PM!
No Art Cash, Turd contribution is what we need.
Vox populi here speaki
Thanks again for all the kind words.
Again, no POMO tomorrow, so don't anybody get all freaked out if the highs are made overnight and, by 11:00EDT gold sells off back to 1370 or so and silver heads back to 25.50. No POMO means a great time for Blythe to try to do some raiding.
IF they do, buy. Buy with both hands.
Good observation Turd. It is the most volatile of markets. That being said I thought of some names for your soon to be blog or column or whatever. "Turd's Truths" on Turdinthepool.com.
or Turdinthegoldenpool.com but that is a little longer......
how bout turd nuggets?
Based on the numbers from Organ, which is from the COMEX, delivery failures have already occurred. Contract adjustments occur almost daily as cash settlements appear to be taking place to make up for the lack of silver. Premiums on these cash settlements are unclear, but I think people would just roll the cash + premium into the next month.
I have the impression that December will have an unusually large amount of contracts to deliver.
APMEX web page is slow to load too, guess everyone is shopping....
what was that call the other day for people to pull funds out of banks across Euroland.... sometime in december, they all need to then buy a little hunk of shiney stuff, just one little piece would do it....
December 7
Remember remember the 5th of November. It is also interesting that Obama, Hillary, Oprah, Gates, more and more of them are all out of the U.S. from tomorrow for many days. Many are heading to Australia....interesting, maybe the apocalyspe or Obamageddon starts sooner.
I really hope not. All of the supplies we have laid up, all of the preps we've made, they only serve to remind me how horrible things will be if everything goes up in smoke.
I'm still hoping for a miracle.
It's an economic crisis not a war-torn one. No one is going to starve. There will be no massive breakdown of society. You'll need some PM's, some coins, and maybe a change of pants or two after SHTF.
Pearl Harbor Day: December 7.
Euro bank run day: December 7th
cossack55, I guess I will participate in that. $500 more out of the ATM. Village Idiot, care to join the fun?
James Turk - Oct 28 - Silver to $30 in less than 18 days...Looks like a pretty darn good prediction and bold might I say...
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2010/10/28_J...$30_in_Less_Than_18_Days.html
He's been spot on
Just like our Turd!
He's mine. I saw him first. Let go of him you big jerk.
Oops! Now see, you've gone and broke him.
I've never seen either of them, and certainly not in the same room at the same time!
Very funny.
LOL LOL
Trichet has the best comments.......excerpt from Bloomberg:
Trichet said he has “no reason to think” that the Fed, the U.S. Treasury and President Barack Obama are “playing a tactic of a weak dollar.”
What's he smoking ? .....whatever it is....I want some.
B-b-b-but Timmy said no one should manipulate their currency markets, so obviously it couldn't be happening with the U.S.
The might not be playing a tactic of a weak dollar, but the dollar sure as hell is weak due to their tactics.
$US LOLar FTW!
a Year and a half ago i vaguely recall a chorus of "Our nation economic fundamentals are sound" . Those words given to our public was an outright lie then and they still lie now.
May the burn in a hell of their own creation.
Hopium. Call Da Prez. He has enough to go around for everone.
i'm feeling like a soothsayer..... :-)
Just to point out again, gold will get hammered as they try to keep oil up.
This is where the difference in gold and silver's inherent place in the pantheon becomes clear.
Value vs. price, wants vs. needs, wealth and money vs Fiat.....
game on....
ORI
http://aadivaahan.wordpress.com
I'm not sure if I agree......
Oil priced in gold should be pretty steady, barring CB gold sales and steady energy demand. Therefore a weakening dollar should show in higher prices of each, if "gold and oil never flow in the same direction"
"Barring CB gold sales and steady energy demend"!!!!!
No barring nothing and nothing is going to be steady.
I believe we are in 6 sigma territory, huge imbalances in the system.
They WILL make gold work for them. Their distaste for it is theater. It is the biggest level they have.
If energy demand plunges (as it will in the deteriorating circumstances), oil will plunge. Since they do not flow in the same direction, they will suffoate gold to keep oil up.
How gold at $400 dollar oil per barell?
Hmmmmm....
ORI
http://aadivaahan.wordpress.com
Any guesses when Moody's, S&P, or Fitch dowgrades the US debt?
Right after they finish relocating their offices to China.
That was funny.
lol, truth.
At least it's an orderly parabolic
Uh oh.
All I can say is: "Enjoy it whilte it lasts, guys."
If you're determined to stay in metals, you may want to start thinking about moving some from silver to gold.
LOL
Okay.
Whatever.
Have fun.
Just remember that these JPM positions are legacy Bear Stearns positions.
non farm payroll report tomorrow...be vigilant per my post yesterday...
From: Andrew Maguire
Sent: Tuesday, January 26, 2010 12:51 PM
To: Ramirez, Eliud [CFTC]
Cc: Chilton, Bart [CFTC]
Subject: Silver today
Dear Mr. Ramirez:
I thought you might be interested in looking into the silver trading today. It was a good example of how a single seller, when they hold such a concentrated position in the very small silver market, can instigate a selloff at will.
These events trade to a regular pattern and we see orchestrated selling occur 100% of the time at options expiry, contract rollover, non-farm payrolls (no matter if the news is bullish or bearish), and in a lesser way at the daily silver fix. I have attached a small presentation to illustrate some of these events. I have included gold, as the same traders to a lesser extent hold a controlling position there too.
Please ignore the last few slides as they were part of a training session I was holding for new traders.
I brought to your attention during our meeting how we traders look for the "signals" they (JPMorgan) send just prior to a big move. I saw the first signals early in Asia in thin volume. As traders we profited from this information but that is not the point as I do not like to operate in a rigged market and what is in reality a crime in progress.
As an example, if you look at the trades just before the pit open today you will see around 1,500 contracts sell all at once where the bids were tiny by comparison in the fives and tens. This has the immediate effect of gaining $2,500 per contract on the short positions against the long holders, who lost that in moments and likely were stopped out. Perhaps look for yourselves into who was behind the trades at that time and note that within that 10-minute period 2,800 contracts hit all the bids to overcome them. This is hardly how a normal trader gets the best price when selling a commodity. Note silver instigated a rapid move lower in both precious metals.
This kind of trading can occur only when a market is being controlled by a single trading entity.
I have a lot of captured data illustrating just about every price takedown since JPMorgan took over the Bear Stearns short silver position.
I am sure you are in a better position to look into the exact details.
It is my wish just to bring more information to your attention to assist you in putting a stop to this criminal activity.
Kind regards,
Andrew Maguire
http://gata.org/node/8466
And then he was nearly run down by a car in London. Thanks for keeping the memory alive, KS.
No prob Bob...
that's a walk n the park considering where i come from...
he made it though....
Finally risk free money.
Chart: ES and ZB
Topping?
http://99ercharts.blogspot.com/2010/11/es-zb_4293.html
Could one ask for a more stomach-turning contrast to the rising unemployment claims release and, by proxy, the health of the actual economy? What a fucking charade!
http://www.zerohedge.com/article/inflationary-thursday-benny-drops-big-one
I remember when charade was a parlor game.
I remember when a *trillion* of anything was an unbelievable number.
"Hell, I can get you a toe by 3 o'clock this afternoon... with nail polish. These fucking amateurs..."
Great flick..
I still love writing a check for a $0.69 grocery item..
Showtime tomorrow as massive margin calls pour in.
silver manipulation quizz
http://www.roadtoroota.com/public/223.cfm
Unfortunately, the cause of the pending silver futures spike also demonstrates the difficulty that small investors may have trying to capitalize on it. These futures and derivatives markets are heavily manipulated by the big players, usually to their advantage. That puts outsiders at an extreme disadvantage, no matter what is going on inside or whether prices are going up or down. Even when the usual perpetrators are the ones getting squeezed for a change (yay), the futures market is dangerous turf for the little guy to be treading on. If you’re going to own precious metals, make it the real physical stuff for the long haul, and only do it if you can transact with minimal buy/sell spreads.
I just went and counted the silver dollars in my old coin collection.
Sometimes a forest fire is needed for new growth to occur.
So what day are we going to make "national demand physical delivery day"?
http://silver-dollars.com bitchez.
Damn good question!
Silver to at least $294.00 per oz within 5 years.
I'm thinking $292.57
thats based on gold being $5000.00 and Silver trading at 1/16th the price of Gold.
Silver won't take that long. One big run or panic and it happens. You guys all forget that Bill Gates alone could buy all the silver in the world at current prices.
False. He could not buy my 40 ounces at current prices.
I might let him have them for double current prices, but I might not
free at last free at last thank god almighty we are free at last!!!!!
fuck the fed and its criminal qe1, qe2, ... qen
and fuck the american people for falling for the ponzi / madoff swindle
Have they taken the suicide pills at SLV yet? Sprott knew this was coming; smart M-F er. With his you know 100 Oz are real; not imagined.
Gold,oil and REE will soon fall.
Hear some batshit insane genetic scientist managed to massage Bernankes genes succesfully,so come new year he can shit gold,pea crude and spit REE .
TD-"It is simply AMAZING what a little RICO lawsuit filed against JPM and HSBC will do..."
I would say the move has as much to do with yesterday's monetization announcement or the combination of the two events. I think many who have been paying attention suspect the Fed numbers (as bad as they are) are severely low-balled.
“My motto is that gold fights the major political and financial war, but silver will ride in on a shiny white horse and take much larger spoils.”Jim Willie CB 11/4/10
Maybe its a perfect storm, and about freaking time.
We knew it was coming eventually. All those earlier wild predictions I read about “… by the end of the year.” are starting to come back to me. This thing could really take off. We’ll see. In the meantime let's enjoy the Financial Soap Opera starring our favorite actors.
$200 silver used to be the high projection. New ballgame?
Add a zero. Ben did.
Speaking of Zimbabwe, when I was there in 2003 the government could no longer afford the paper with which to print more money. As a result you could take a $500 note to the bank and get 8 $100 notes in return.
Um...Softie's IE just gave me a red screen saying that this site is unsafe when I refreshed this article on the Silver up 5% article above.
"This website has been reported as unsafe.
www.zerohedge.com
We recommend that you do not continue to this website"
"This website has been reported to Microsoft for containing threats to your computer that might reveal personal or financial information."
Ah, it begins...
IE? my word, bin it for Firefox right now.
good advice.
please consider using opera everyone.
ff and ie look like lame insecure ducks afterwards
Wow! Silver finally broke through the $26 cap that has been denying all rallies since 1pm Eastern.
$26.07.
Hey Jamie and Blythe--"don't panic", I'll buy you a drink tonight.
Something evil is definitely afoot. The prostitute who hangs around my Chase Bank branch will now only take payment in old ladyhead dimes.
+26.28 and climbing..
1600:H
Silver now well over 26.20 and going up more.
Gold up to 1394.+ looks to go higher.
The Chart
She glided in from the east swooping low but just above the residue paths of the days before as if to holler down "So long" -- so long to the 30 years of days that kept her bound to the height of the rotting tar-shingled roof that so contained, constrained her -- "So long." Then steadily, gently rising, she glided higher out of the day. Out of the days so long. She would not be coming back here anymore.
Is silver a witch?
Does it float?
She's a wild wench whose alpha we ain't never seen the likes of before.
Gold 1392
Very interresting move on the EURCHF too which seems to confirm the correlation with gold / silver
is there a site will that let you chart silver spot price, SLV, PSLV on top of each other?
---just put eg., SLV symbol in the google and hit enter, and the first thing at top will probably the yahoo chart, add symbols in box on left , all you want, it will assist!
Try SLW it's a good silver play.
Canadian, based on mining but not a miner, good business model, silver metal. Not paper bullion metal.
Spot Gold Price Charts Update Every Minute Automatically. Gold Price Silver Price RatiosPMs finishing with a flourish near the day highs at the close
I feel like a cigarette after that silver break out
Gully Foyle posted a very interesting comment yesterday on "Foundation X". He also posted some links to reddit.com where there is some fascinating discussion of the topic broached by Lord Blackmere in the House of Lords. Pursuant to that, which is very entertaining reading, there was the following comment, which confirms that there is no gold in the LBMA. Today, with all the discussion of various US notables including the president and an entourage of 3000, leaving the country, it seemed appropriate to veer off à la Dan Brown...
"I'm not too sure how many people will buy this one, but it happened.
I work in the gold industry, and have some connections to some heavy-hitters, though I'm just a conduit for deals, not a deal-maker myself. Let's just say I work more on the technical side of gold movements. Out of the blue, I get an email from a lawyer in Switzerland who says he had been referred to me by a "mutual acquaintance" who he would not name. 419 scam alert was in full effect, and I hit the spam button, I get those all the time. Next.
The next day, I answer a call from an unknown number. The Swiss lawyer is on the phone. I guess he wasn't 419, but I'm thinking he's just the Swiss version of it. He wants me to connect his client (who he would not name) to some of the major gold sellers that I work with. I'm resistant to this, and am tempted to hang up immediately, but he's somehow believable. However, I let him know that there's no way in hell I'd jeopardize any of my longstanding relationships to some anonymous person. I politely end the conversation, but prior to hanging up, he lets me know he will validate himself.
10 minutes later I get a call from one of my clients, who I've known for 15 years, who is ultra-wealthy, and who I view as somewhat of a mythical figure. He's one of the "old boys", and makes hundreds of millions by merely placing a few phone calls every month to facilitate deals. Though he's my client, I rarely talk to him, I usually deal with "his people" through a few layers.
Without a "hello" or any sort of preface, he said, "Believe what you want, and draw your own conclusions, but I'll tell you this: the people trying to do business with you are for real. I've never met any of them directly, no one has. They control a massive amount of wealth in the world. You're a convenient person to them due to your connections in gold. That being said, they probably have 100 more people they could use. No harm if you walk away, but I'm letting you know that they are real."
I manage to get out of him the group I'm dealing with. A organization called the "Sovereign Military Order of Malta", some strange pseudo-church state thing straight out of the Da Vinci Code:
http://en.wikipedia.org/wiki/Sovereign_Military_Order_of_Malta
"... a Roman Catholic order based in Rome, Italy. The Sovereign Military Order of Malta is widely considered a sovereign subject of international law. It takes its origins from the Knights Hospitaller, a group founded in Jerusalem about 1050 as an Amalfitan hospital to provide care for poor and sick pilgrims to the Holy Land."
I get a followup call from the Swiss lawyer an hour later, and I let him know I'm willing to proceed, though cautiously. He sends me a few docs, I fill them out, and send them back. He lets me know they wish to do some very large gold purchases directly with gold mining companies. I asked him why not just go to the LBMA, though I knew the answer, and I guess he knew that I knew the answer. He replied, "I realize this is just a question to probe our knowledge. If you're in this business, you of course know that for all intents and purposes, the LBMA has no gold".
He goes on to state that the gold is to be used to fund various global projects, and they would like to acquire 20 metric tons of gold per month over the next year.
It ends there, however. After that day, I never heard back from him, and that was 2 years ago. Since that time, the price of gold has gone from 800 to 1350 per ounce."
That's a bullish sign right? LMAO.
Game on Bitchez....hold on tight to that which is real.
Ha! JPM doesn't give a damn about margin calls --- as long as they can pay them off with freshly printed FederalReserveNotes supplied in unlimited quantities at zero cost by their co-conspirator (FederalReserve/Treasury).
The gold and [especially] silver markets will explode for real when many or most folks (and companies) holding long positions demand physical delivery.
When that happens, gold will rise ~3x and silver will rise ~10x... overnight. All those poor long-bruised and abused folks who have been holding long gold and silver positions for a long time will finally be rewarded in spades (10x gain times 30x leverage == 3000x or 300,000%).
The dams have cracks. When will they break?
How does one calculate the premium over spot that the Sprott trust trades at? both silver and gold?
Thanks
This blogger has the latest on it:
http://jessescrossroadscafe.blogspot.com/2010/11/sprott-adds-65-million-ounces-of-silver.html
Jesse, yes, at least for silver. Thanks.
Is 90 bucks a good price for a roll of pre 62 dimes?
Thanks.
USD 26.66 in HK tonight
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