Silver Passes $30

Tyler Durden's picture

$30 is now history, as spot touches $30.03. Thirty year history in the making and this time no Hunt Brothers were harmed in the making of this price surge.

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Mr Lennon Hendrix's picture

Silver is dirty cheap.  Buy some and crush John Pierpont Mourgue's silver shorts.  

http://lhmarketwatch.blogspot.com/

66Sexy's picture

cheap when compared to other metals; and they say theres less silver than gold.... dont know if thats true, but would be nice. 

Bring the Gold's picture

I feel pretty dirty after bathing in my bathtub full of pre-64 stinky. ;)

Mr Lennon Hendrix's picture

No worries it is anti bacterial ;)

flacon's picture

I boiled mine in a pan with aluminum foil on the bottom and baking soda sprinkled on top. The sulfur ions are deposited onto the aluminum. 

h4rdware's picture

I recovered a big bag of Engelhard rounds this way. Picked them up a few yeas ago, very low price due to tarnish. One Al+soda bath later, sparkly.

Mr Lennon Hendrix's picture

It sounds like the above ground silver supply in bullion is similar to the tonnage of gold.

Turd Ferguson's picture

Kickin ass and takin names, Jimi!

Mr Lennon Hendrix's picture

JP rests in the Mourgue.  Taking names is right.  Blythe must be out of her mind right now, there is no way she gets into the $21-$24 range ever, and it looks like she will not even get below $26.  Ha!

I left you a message on your blog...I started one....check up on it if you know whats good for yas ;)

Same As It Ever Was:

http://lhmarketwatch.blogspot.com/

Turd Ferguson's picture

I'm following!!!

Looks like Blythe might have seen enough for today and she's putting her foot down.

Gold back to 1416 and silver 29.87 

Mr Lennon Hendrix's picture

The movement and velocity of the price action you are so acutely aware of is about to go into warp speed.  Support and resistance levels will be tested only briefly, as those who wish to free PMs from their bonds will be yanking from one side, and Blythe and the other "M"arket "M"anipulators will do everything in their power to hit each stop.  Tug of war; our side has the real advantage ;)

MsCreant's picture

We are funny how impatient we are. It only got to 29 and 1400, what, last Friday? Sat & Sunday don't count, so really it has not been over these hurdles very long. Consolidation seems to be a reasonable thing here. That it made an upward push like this and a down seems to be in line with what keeps happening over and over monthly. Higher highs, higher lows. I saved some powder for tomorrow, though I have to laugh at the price of patriotism. If the dip were to go deep enough today, I may just pull the trigger.

Mr Lennon Hendrix's picture

Know what you mean; two sides to the volatilty.  

And even though it is twice what it was only a few seemingly short months ago, I can't stop loading up either.

midtowng's picture

I don't know about private holdings, but most central banks no longer hold silver. More importantly, silver, unlike gold, is consumed.

DoChenRollingBearing's picture

.

.

+ $30!

Even a Rolling Bearing in Peru is happy to see silver at $30.

If you must know, Bearings do not consume silver either.

FYI Peru fans, this country is rocking and rolling!  Peru is the world´s largest producer of silver.

It´s going to be our best year ever selling bearings...

Slash's picture

time for blythe to take it down

ReeferMac's picture

Yep, looks like she works over lunch....

Tortfeasor's picture

And CNBS is pimping real estate as the must buy asset.  Idiots.

Bring the Gold's picture

My endgame is to swap the shiny for RE, just not for a few years yet. Read about a farmer in another forum getting mad acreage in fertile farmland for a sizable portion of his stack. I'm not ready yet, but that's the finale for this stacker.

yabyum's picture

Just saw a add in mother earth news , wanting to trade gold silver and platinum rounds for a small farm....these bug out times are upon us.

flacon's picture

I have the same plan. I'll also want a greenhouse so I can grow food in the winter. 

Green Leader's picture

...and sheltered from chemtrails.

Bring the Gold's picture

The UN just outlawed "Geo-engineering", we all known how sacred and binding UN decisions are. :)

the black arrow's picture

Looking to trade mine for 10 acre blueberry farm in southwest Michigan. Maybe sooner than i amticipated. Weeeeeeeeeeeeeeeeeeeeeee go silver

samsara's picture

People talk about cashing out,  YOU have the RIGHT idea.

I said to my family when I bought some that it would only be TRADED for something of equal value (certainly not paper). 

YOU have the EXACT idea I Have.

Congrats friend... Good luck.

Rusty Shorts's picture

 - saw an ad on craigslist last week,

         "1987 Ford Ranger, will trade for silver/gold only".

Mr Lennon Hendrix's picture

Blackhawk told 'em it had bottomed, Cramer loves him some hanky bernanke in the morning.

Turd Ferguson's picture

+++++

CNBS? What would you expect?

Tortfeasor's picture

Turd, you're my favorite SNL clip and new daily appointment reading.  Keep up the good work.

Red Neck Repugnicant's picture

Use this opportunity to start scaling out of silver/gold positions.

Sometime in 2011, the Fed will hint at ending QE and that a rise in rates is being considered. Bernanke's interview yesterday was just rhetoric - the equivalent of him showing everyone that he's got bazookas strapped to his shoulders, and isn't afraid to use them. 

Remember March 9th 2009?  What happened?

Out of nowhere, Citigroup announces that it might be profitable for the quarter.  Kaboom!  Every short got decimated and the market went on a bull run that is ongoing, while everyone - EVERYONE - kept saying that a total collapse of the system was/is imminent.  In the meantime, some of the most widely held stocks have doubled, tripled, quadrupled, etc.

Same will happen with gold/silver and the Fed.  Out of nowhere, when you least expect it, some announcement will be made and the PM longs will get killed, as the US $ jumps out of its pants.  People will perceive that moment as the official start of the Great Fed Mop-Up, timed perfectly before the 2012 election cycle begins to heat up.  

Beware! 

Mr Lennon Hendrix's picture

If rates are raised the interest on the debt outstanding would bankrupt the US government instantly.  It is not a question of when, even if.  They can not raise rates

Red Neck Repugnicant's picture

Hey dumbdumb

It will not bankrupt the United States instantaneously.  That's utterly idiotic, and reeks of gloom/doom nonsense. Despite how provocative it is to talk about the apocalypse, you may want to consider reality when making investment decisions (and landscape plans for your back yard.)

They absolutely can raise rates, and they will. 

 

CrockettAlmanac.com's picture

At current debt levels what rate of interest would have to be reached before the US government could no longer service the debt?

MsCreant's picture

 

Please make your insults more intelligent or at least entertaining. Dumbdumb is very bad form.

There comes a point where you are paying so much interest that most or all of your money is going to service that and little else. You can roll your debt on to the next credit card, but you are so fucked when you need to get yet another credit card to pay the interest that you built up on all your other debt. There comes a time when no one will lend to you at any interest rate.

I watched someone close to me going bankrupt. They did all the things this country is currently doing. They finally borrowed against the house and lost the house, business, their job, their employee's jobs, etc. Lost money bidding on this job to have cash flow to get them to the next job, hoping to make up the difference there just so he could have work for his crews. And so it went. They ate themselves from the inside out. The person it happened to died guilty and broke, his wife died less than a year later, and the son, honestly, is still a broke/broken person to this day.

 

CrazyCooter's picture

This was covered back in the summer (maybe spring) I think on ZH. At that time (lets call it May) the marketable debt of the US was roughly 8T. The DV01 for this debt was roughly 1B. So ever basis point move in interest is another 1B in interest payments. It was also covered that the blended rate was 3.5%-ish at the time. Just a few years ago, the blended rate was 5.5%-ish. So just a 2% blended rate hike, a return to "normal" rates, would cost an additional 200B in interest annually.

So, tell me, do you really think Benny can pull a Pauly and jack interest up to 15%?

Hell no, thus there is no interest rate hike coming ...

Cooter

 

If you really care to reasearch some more regarding your comments...

http://lmgtfy.com/?q=site%3Azerohedge.com+DV01

Janice's picture

High-Ho, High-Ho; 

To sell my silver options I go.

Make some cash, in one mad dash;

Take my cash, add to my stash (of physical).

High-Ho, High-Ho, High-Ho,

High-Ho...........

Kobe Beef's picture

Hi Ho Silver, Janice!

"take my cash, add to my stash, High-ho"

Classic. Now I'll be singing this all day.

Cheers,
Beef

midtowng's picture

It's good to have an exit strategy, but your reasoning if flawed. The primary reason gold and silver is going up is because of negative real interest rates. As long as real interest rates are negative the PM bull market will continue.

MsCreant's picture

Holding value vs. losing value. I'm in!

dryam's picture

Eat shit....I mean silver, Blythe.

Al Gorerhythm's picture

Blythe to dryam;

One can't eat silver. 

StychoKiller's picture

There was a post some days back that proved that indeed you can eat silver, but it'll turn your skin blue! (Augyria)

brian0918's picture

$30 was history 30 years ago, as was $40 and $50.... just sayin'....

 

I like how silver broke $30 and gold $1420 at practically the same time.

gwar5's picture

That was silver in 1980 dollars. 

Silver would need to hit $83.50 to equal the old highs.

Silver still a buy. Gold needs to take out $2200 to equal the 1980 high.

Inflation never sleeps.

VFR's picture

if you do compare it with 1980 and the ratio holds true we will see gold at $3089.  I think that we will see a ratio of 20:1 with silver at $110. Gold $2,200. But who knows really. The 1980 price was driven through manipulation on the part of the Hunt Brothers, the price now has been held back so long that it could explode. If it does, I expect the US Government to step in to stem JPM losses which otherwise they will claim the US tax payer will have to shoulder. But how can you stem the tide of a world market. Particularly one that recognises the dollar has had it's day. The system of control is broken.

unum mountaineer's picture

but isn't it funny how by centrally planning you can make it "disappear"..so much so its not even factored in by folks who otherwise get it?

VFR's picture

We have been told for so long by the powers to be that Gold and Silver are unimportant and yet those same people The US and German Governments hold the most. The dimwit Brit, Brown either believed it or was forced to cover some shorting . It would be interesting to really know. I guess the latter. I can't believe that he was that stupid. I guess though Successive US governments have held onto the gold more out of wonderment (if it is still there) rather than any particular understanding of how money works. Lets face it we have been party to the biggest ponzi scheme on the planet in the history of the world. Short term we have all benefitted. The Russians jumped on the fiat band wagon along with many other emerging nations (China) and now finally Governments scared to death of losing thier wealth (power) are once again starting to accummulate gold. Shame Germany can't get it's gold back from the US.

Moric's picture

On a side note gold is at 1,420.00 you know what that means.