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Silver At Escape Velocity, As Another ECB Intervention Desperately Needed
We apologize for this most recent silver update, but it is rather exhilarating to watch the main Tri-Party repo clearer, and Fed's pet bank squirm. Silver is now above $32.70 as the unleashed squeeze is claiming victims left and right, and the metal is up 7% from yesterday's low. Jamie: it may be time to shelve those dividend plans for a year or two but at least you got your bonus you sly dog, you. As a reminder, margin calls in silver, and they will be, ahem, sizable, commence at 3pm Eastern.
And in other news, the half life of ECB bond monetization interventions is now a few hours. ECB - meet SNB.
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They can let silver go unless there's something I'm missing -- it is not "the" monetary metal. The only loss is financial, mostly to JPM. It is NOT a systemic threat unless I'm missing something. Nobody's gonna riot over $50 silver -- as they say: you can't eat it.
The Silver for me is a great investment because my state never know i`ve got it!
If I got it in Fiat They know it.... Then I got to pay for it!
Well sometimes the little guy manages to claw his way ahead. I managed to do a new auto policy today that will save me $50 bucks a month. I decided it was then safe to devote a small amount to another purchase, which I haven't done since December. I got three 2011 maples and two 2011 silver eagles, spot plus $4.50. If there is a shortage, I didn't see it at this shop. I could have walked out with almost $10k worth of maples and eagles if I'd had the cash.
I'll add that to my little collection.
Fuck you bankers.
1949&78 1ozt silver bullion from Mexico. if you ever run across these; buy them! FYI the 1949 scales&press was the first round silver bullion at 1ozt on the planet for you numasmaticians. Them mestizo people of old made some fine coinage; for they knew what was coming by putting weight and purity on their silver coins.
So when does Michael Lewis write the book about JP Morgue v the Silver longs?
What a great Summer's (down here) entertainment.
At some point here, I'm going to have more silver ounces than FRNs (false remuneration napkins) and will need to find a garden cart or wheelbarrow. It is so tempting, however, to bill as many hours as I can while the Obama and BP money flows down into my home state of Louisiana. If I bill $50 an hour, do I stop working when silver hits 1 ounce per hour? Do I continue to inflate my rates and work lots of hours? I won't be able to carry the silver. How do we manage physical precious metals in large quantities?
Uh oh Tyler. Apmex just raised priced on 100oz bars from $.99 over spot to $1.19. (not new bars even.) I smell another 100 oz bar shortage story coming. Tulving still at $.59 over spot...for the moment. In the grand scheme of things I'm sure there are so many 100oz bars out there for sale at these high prices (John Nadler says so) that it would add almost .0001 seconds of time to the national debt clock if the U.S. purchased them. Time is money. By not buying this silver we can put off our day of reckoning even longer. Good thing this country doesn't run on silver money any more or we would be hopelessly bankrupt.
Becarful it could get really ugly. I like silver longterm though
If you look at last 10 years of silver charts, there were many sharp corrections after spike.
Especially if you take a look at 2006, oh man...it was so fast
Good chart of the decline of silver stored at CRIMEX... hat tip to Jesse...
"The entire silver inventory at the Comex warehouse, roughly one hundred million ounces of silver, is worth about 3.2 billion dollars at today's prices."
Keep buying... let's clean these azz hats clocks! ...and, whatever we do not purchase is headed to SE Asia.
http://jessescrossroadscafe.blogspot.com/2011/02/registered-silver-ounces-available-for.html
I publish a google spreadsheet with realtime updated info on silver and gold miners
The link is: http://tinyurl.com/5rytju9
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