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Silver Shorts Bloodbath
In what can be only described as a total gutting of all silver shorts everywhere, including those with infinite Fed funded balance sheets (wink wink Blythe), all one can do is commiserate. With silver hitting $35.55 intraday, not even a last ditch attempt to spread the ridiculous Chavez rumor once more (this time the two dictators will really get peace ironed out, we promise) will prevent a battery of margin calls from forcing all the silver market timers to liquidate assets to keep their primer brokers happy. That's ok: all those market timer will sooner, or much, much later, get the top right.
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Big Ben
You say Benny the Bean is, "..perfectly capable of creating any amount of inflation that he desires."
There are a number of major spanners in the workings of this argument (myth) about the Feds ability.
First off Benny doesn't even know what inflation is according to a recent exchange between him and Ron Paul. Second Benny wants inflation in the CPI to expand from 1.5% to 2%. What levers does anyone think Benny has over CPI? The CPI is retailers adjusting prices. Benny never talks to retailers, he only buys the USS Govt and sometimes WS banskters debt. Benny has zero control over CPI, about as much as my Goldfish has over driving my car! Thirdly Benny prints money but that is but a hill of Benny Beans compared to the real powerhouse in the economy, retail banks credit (debt) creation which out-guns Benny at very least 30/1. The deflationary force of that imploding credit (debt) mountain is far far bigger than Benny can counter with his pea shooter of a printing press. Don;t believe me? Ok how did Benny do with his vain attempt to "support" US house prices and mortgages? He failed... miserably. His failure in US housing hasn;t been announced in the Press so nobody 'hears' about the Fed failing, and they keep this utterly false myth going the Fed can control the economy and inflation.
Benny is too small, too stupid and too powerless (ie. no control levers) to do anything about inflation or deflation. He is a Goldfish in a washing machine spinning with whatever cycle is in operation precisely what US property has shown Benny to be. Now Benny is stuck with deflating shopping malls and fast food joints. Bit of an idiot don't you think? The Fed is impotent, its powers and ability are myths
The Fed can create money. And the more money that the Fed creates, the less existing money is worth. The Fed is creating $0.6T just for QE2. The entire requested US federal budget for 2011 is $3.83T. So the Fed could easily print the entire $3.83T and the US government could declare a tax holiday for 2011 (no federal taxes or fees for anyone). The US government would issue $3.83T in new debt which the Fed would buy. That would certainly stimulate the economy!
The only reason the Fed doesn't do this is that whenever governments have tried this in the past, it has always lead to massive inflation. The members of the Fed would be replaced.
Or to take give you another example, suppose the Fed decided to give $1 Million to every man, woman and child in the US? It can print million dollar bills just as easily as it can print $1 bills, and most people have at least one $1 bill. How much do you think a house would sell for then?
So the Fed has the ability to create arbitrary amounts amounts of inflation. But it must answer to politicans who would not permit it to brazenly create lots of inflation. But these same politicans would secretly welcome smaller amounts of inflation, particularly if it can be blamed on someone else (like OPEC, speculators, greedy companies, and so forth).
When the Fed injects money into the system, it takes time (years) for the effects to work through the system. I think that we are just beginning to see the effects from QE. It seems to be causing the prices of food, energy, stocks, and commodities to rise. In the 70's we first noticed inflation in food and energy prices. Then wages and lots of other things started to go up.
Of course, the Fed can also remove money from the system if it wants. Ben B. is promising to do this as soon as inflation starts to pick up. But in the past, the Fed has almost never done this, so many people don't believe him.
you must be really new here if you think "inflationists" don't already understand what you are trying to say. These same arguments have been made about a thousand times before and are well-known.
One day we will have inflation in everything paper, and strict deflation in everything bought in the black market with precious metals. Conserving the real metals will be everyone's interest and sale of real things of durable value will collapse for everyone that doesn't have their hands on a money printing press.
True 'dat my anarchist friend. I think the very terms inflation and deflation are being used by the PTB to mask the truth - that the purchasing power of the 'currency' for the people's daily needs is being shredded. Make the housing component of the CPI take up 40%, and then say there is no "inflation".
But on the other hand, many of these 'trolls' add very little to discussions. While not a troll, per se, Spalding Smiles posted dozens of times just the other day on how the dollar was not going down, even though that day alone sugar was up 4% and oil up 2.5%.
Hard to measure what "down" means when all you've got to measure with are rubber rulers! Spalding Smiles is gonna continue to fly towards the pretty UV light of the bug zapper until he encounters the high-voltage field!
Look up "Bi-Flation" for a description on why assets purchased with debt are depreciating while cash items are inflating.
Observations fit the theory to a "t."
So housing goes up again when the average employed working class person can afford a house with cash on hand, and have enough left to pay the rent er..property taxes. Maybe twelfth of never.
.
Caught them with their pants down with a silver dildo up their..............
up their (_!_)
Silver have a gap to fill from the Hunt's time?
Just asking.
Yup. Blyth's.
I am wondering if investment in silver might slow down a bit. Are people still going to buy silver maples at $35+ when they bought a bunch at $15? Are people still buying physical or mainly watching what they have increase in price?
Both.
Call your PM supplier and ask them. They'll tell you that sales are brisk when price is either rising or falling, and sales are slow during sideways days.
BTW.... I ordered a good qty of silver on Jan 26 and it just arrived TODAY. Think there's no shortage? I felt it first hand and was truly concerned that I may not get my order.
Who did you order through? (if you do not mind me asking)
Only in number of oz. I am still buying regularly each month. I admit I do try to aim for dips, though.
This sort of reasoning, strangely, appears less often with real estate and stocks.
After a 20% meltup in gold, people - even on ZH - will usually ask loud if it's time to sell, because too much profit is too much.
But when stocks go up 10,000%, or real estate 250% in one year, this is normal... lol.
That is an interesting observation. I hadn't thought of it, but now that you say it, I can see that reasoning in people I speak with. Strange....
The "story" that can be used by the shills and brokers is "better" for the stocks and RE. The story puts them to sleep again. "it's because of this, and this, and it's real and alright because of that, and etc." What can you tell people about the PM price; well, it indicates serious trouble ahead. they don't want to hear that.
Once all traces of big Govt are swept aside by the Great Implosion, then it will be time to form your own local monetary co-op (bank) and keep your local (county-level?) area functioning.
retail buyers still need to enter.
Once the Hunts barrier is broken, we'll might see it in the newspapers and John & Jane Doe will start to get in.
Once the Hunts barrier is broken, along with some mainstream media notice, I expect there will be some commentary that silver is still below historical ratios relative to the price of gold. If silver gets to $50 an ounce, gold will likely be somewhere around $1600 an ounce and it will be only too easy to note that a return to a more historically typical ratio of 16:1 of gold to silver price will *still* mean that the price of silver should double again.
In the race to the top by the various PMs, the FRN will limit-down at zero!
maybe. yes. both.
It's only "expensive" when you measure it in dollars which is a waste of time.
...Why the fuck would anyone in their right mind do that to themselves? It's an exchange rate and as Bill Haynes says: Dollar cost average your acquisitions. If it's up, oh well. If it's down, great. But you still need to be acquiring as much as you can afford and as much as you feel comfortable owning.
Goal = Acquire 1oz of gold for every month you plan to spend in retirement.
Silver is gravy!
Goal = 1 oz Ag for every working day until retirement.
That is a lot of @#$^@#$^ gold!!
He's 96 yrs old.
LOL
first sensible comment I've ever seen on this subject; makes perfect sense.
Exactly! =)
folks like me didn't get into the silver action until it was already in the mid 20s.
there are probably more people like me than those who got in early in the teens.
and there are more people who are just waking up to silver and looking to get in.
and yet there are still FAR MORE people who are still asleep and have no idea what's going on than ALL OF THE ABOVE COMBINED.
personally, i think silver @ 35 is a good buy. hell, i think silver @ $40 wil be a good buy.
Yep. I thought $15 was crazy at the time.
And I would like to see it go back to $15 or everyone is in for a world of hurt. I am not optimistic about seeing $15 ever again.
Definitely both.
Saw a few pre-'64 Junks in the case at a gun / pawn shop I frequent for parts and repairs. Thought they were a bit pricey at $30 per back in Aug. '10. Bought the last 9 he had Thursday, still at $30 each.
Gold to Silver ratio should reach 32. This is my hunch. As of yesterday, 41.32.
40.179 low today.
I"m curious why you think it should be 32.
Before all the Comex price suppression antics started in the early to mid 80's, the more typical ratio was 14:1 to 16:1.
You could also argue in favor of the ratio being closer for several reasons. There's much more gold in possession above ground right now. Gold is still salvaged in almost every possible instance while we continue to throw away small amounts of silver with almost every discarded electrical device. Gold has almost no industrial uses. Silver is used in electronics and things like solar panels because of its excellent conduction of electricity. It also has anti-microbial uses in textiles and other products. (I've got a top for running in the cold that's billed as having silver in it. I've worked up a full sweat and pulled it off and only come back to it the next day and it doesn't smell. I wish I could say that about all my clothes.) Gold may still be more sought after but it's also much more widely held by central banks, too.
Fred,
Gold has many uses industrially, but its too expensive to use, over Slvr, and other metals.
True, the ratio to Gld/Slvr in the earths crust is 8-1,here's the kicker, Slver is being used up, and we have worldwide shortage of in excess of 3-7B ounces or more,and with the current rate of use, the mines cannot make up for the slack.
Mathman is getting rich -- he evaluates his trading positions in absolute value!
That is cold - funny, but cold. Ya think he knows what an absolute value is?
He thinks it's when there's a sale on vodka.
ah, harry organ has been documenting the "custodian" (aka JPM)'s gutting of the SLV inventory....
apparently they are "borrowing" it all to make good on deliveries......
too bad for anyone who thinks SLV actually has any silver....
It's Harvey, not Harry.
Harry has an Organ, too
Harry Harvey full handle
Some call him Harvey Harry,, Mom calls him HH dad calls him HO.. wife calls out HHO..
Kids just call him dad ,
Do you suppose the Silver ETF was created specifically to accumulate enough silver bullion for China to be paid back from?
Here they would be using OPM (Other peoples money) to acquire the silver bullion for the bullion banks and then drawing china’s payback from the hoard slowly enough not to ramp the prices or cause a run on physical that renders the vehicle insolvent.
If indeed China’s silver was lent (not sold) to the bullion banks and then sold off as part of the price suppression scheme, it might explain why Warren Buffett gave up his position so easily and for little gain (uh Mr. Buffet, that mass you acquired actually is China’s and they want it back now.)…it would explain a lot…but not how they are going to make good on silver that is not backing the ETF when there is none there …
Hmmmm…
Yup, I know anything is possible when transparency is absent.
www.lemetropolecafe.com
Attention anti-PM trolls:
***LICK MY BALLS***
.
Who cares what the price is. Monthly buying just like 401k. As Doug Casey says it's no longer what did you pay for it but how much do you have.
Guess I better clean this pit - a roll of rounds is AWOL.
It's hard to believe it was $10 just 27 months ago - when we were backing up the trucks.
I owned some then... and I ahve bought more along the way... but not nearly enough...
I hope all of Fight Club has some silver and is doing very well!
JW, your situation seems similar to mine.
I have been a steady buyer of gold since the 1980s. But, I did not start buying silver until, say, 3 years ago. So my cost basis is not real low in silver like many who comment here. Me too re should have bought more at the beginning when I could get the silver for $12 or $15 or whatever it was.
But, I am not complaining! Not at all.
Bleed you bastards.
Gold 36000
Buy my new book.
This time it really is different.
+ $55,000
Can't even touch Silver Eagles for under $40 a piece now unless you are buying monsters and bank wiring.
APMEX has tubes for less than $40/oz. Not great, but certainly less than a monster box. Just don't pay with a credit card.
gainesville coins and provident metals have better deals.
Didn't check those. I just wanted to let him know you CAN still get them more cheaply. You just have to buy a score of them or more.
TMosley,
What is your take on the strange public listing of zero deliveries/notices/deposits at the Comex, and finally the unverifiable truthfulness of big headed boasting of up <80% cash premiums with ensuing default-unsecured position threats against those standing for delivery?
Sounds like BS to me, but you would need an insider to confirm it. Someone you KNOW is an insider, not some random person posting on the internet.
Like all hoaxes, there is a thread of plausibility. Who knows?
That said, the COMEX does look like it is having trouble sourcing silver. I can verify this from my own efforts to source COMEX deliverable bars. Currently, I know of one company, APMEX that has ANY available. They have two, one of which is numismatically priced (asinine). Hardly worth the effort when you need tens of thousands of those bars to make delivery. It seems to me that the likelihood of a COMEX default is getting larger with every passing quarter.
seem to be some here
http://www.bulliontradingllc.com/silver-bars-c-3.html
better prices but only 100oz here:
http://www.bulliondirect.com/catalog/lp/Silver_Bullion_999_pure_Bar_CMX_(100.00_oz).html
Those greedy bstds have seen my last dime.
WEEKEND special!!!, Random Date Mapes only $49.99 over spot!!,only $17.99 more than I can buy ONE for .
If you ONLY buy a 100+.Gold is not that hard to get,those are Eagles Prems.
I picked up a handful today at a local dealer for $38.37, purely as a victory lap. Plan on cracking open the Martinelli's when I get home.
It wasn't that long ago that rolls of 90% silver dimes could be had for $20 or so. Now, they're bringing $130.
Apmex is currently sold out on silver dimes. :>(
I didn't see big vol with today's run up in silver, or did I miss it? If there's a short squeez coming we ain't seen nothing yet. I'm going to have a fish Martini tonight and keep my fingers crossed for Monday.
"Don't panic, no one's going to get screwed!" -- Blythe Masters
I just love that quote, it makes me feel good all over.
"everyone's scared shitless of us" -- Blythe Masters
LOL at her hubris.
Yup, none of them will be getting screwed once they go broke and their wives leave them.
You are now reading this in Rodney Dangerfield's voice.
Hey everybody, we're all gonna get laid!
Don't beat the victory drums just yet. I suspect BM/JPM will try to dump this at least one more time........to what level, I wish I knew.
Finger on the trigger to buy more at the next f'n dip...
I'd buy that silver lining.
outamyeffinway; i asked mathman which planet he was from, he's probably gone home.
home should be easier to find than the silver in SLV.
Note: Math Man died on the way back to his home planet.
Obviously, he is from Uranus.
It only costs 5 bucks to dig the shit out of the ground!
Seriously - colleagues.....I had lunch today with the CEO of a fairly large privately held manufacturer of high tech sensors, located in upstate NY. We are both CPA's, well educated, affluent, the works.
I wanted to talk about ME tensions, price of oil, PM's, gov't money printing, deficits as far as the eye can see, etc. This guy wanted to talk about the NFL labor dispute and whether the Buffalo Bills will draft Cam Newton.
I am telling you - there are less than 1% of people who have the faintest idea of what is likely just down the road, nor done even the smallest thing to protect their wealth. This is truly, truly frightening. I almost wish, I did NOT know so I could continue life blissfully unaware.
It is difficult to play the role of Morpheus in this Matrix like world. At least I'll celebrate the latest $1 gain in silver with multiple adult bevs.....
"I wanted to talk about ME tensions, price of oil, PM's, gov't money printing, deficits as far as the eye can see, etc. This guy wanted to talk about the NFL labor dispute and whether the Buffalo Bills will draft Cam Newton.
I am telling you - there are less than 1% of people who have the faintest idea of what is likely just down the road, nor done even the smallest thing to protect their wealth. This is truly, truly frightening. I almost wish, I did NOT know so I could continue life blissfully unaware."
You are so correct. After you take the Red pill, it's hard to see past the absolute disaster that's staring us right in the face. I mean, when I survey headlines I half expect to see "Seventh Seal Broken - Apocalypse Ensues" and then the bobble head starts talking about Charlie f'n Sheen - wtf?
The wheels are falling off the entire f'n world economy and no one seems to be able to connect even two dots.
Diesel here in Seattle just hit $4.20/gal Folks - the trucks that bring our food run on that shit. This is a BIG DEAL.
I now know how Cassandra felt...
Cassandra is a really apt comparison. It's the vacant stare that you get from people who normally respect your advice when you try to discuss massive systemic problems that freaks me out. I'm pretty sure that they don't even remember anything you've said to them ten minutes later.
I talk to a few people about what I feel is coming, and about Au & Ag., but mostly I don't waste my time trying to convince people, they have to come around on their own. I don't have the time and energy to be the messenger, it's a thankless job.
The criminal element have certainly caught on to the PM rise. I'm noticing more stories involving the theft of gold and silver bullion from homes, something I never heard of before. That's another reason I don't go around talking about PMs.
Plugging PMs is pretty easy with a lot of smart people though. Appeal to greed, emphasise the longrunning bull market and explain that QE is money printing. It's much tougher to talk about the wider implications.
I recently gave a Silver Eagle to my Dentist and we had a little discussion about what it was worth. His comments indicated to me that he is aware that all is not right in Neverland -- hopefully, he'll put two and two together and buy more with his own FRNs.
I've got one better.
Had a phone conversation yesterday with the President of a media company who has family in the ME and is very well educated. I asked him what he thinks of PM's. He mentioned that he has been selling his gold slowly over the last year, as he feels now is a good time to do so.
I asked him why, since QE3 is around the corner and inflation looks like a problem.
His reply:
"What's QE?"
Let the bears teach him about The Bernank:
Quantitative Easing Explainedhttp://www.youtube.com/watch?v=PTUY16CkS-k
Quaint ole England?
Queen's English?
Quotient Exponent?
Quackers Extravaganza?
if we are only 1%, we are going to be very easy controlled. I guess they have already a list, so wait for somebody to knock at the door, when the shit is blowing up.
scary!
If you have fear of the knockers, once you've made enough that a custom home is spare change, you could build a concrete, fireproof, off grid home that looks ordinary (hardy plank siding that looks like colonial clapboards, etc). But the concrete (usually ICF) is a foot thick, windows are bullet resistant hurricane type, colonial style shutters are steel, outside doors are insulated plate steel, vault style and open out. etc Then they can knock all day, if they come up the driveway; otherwise they need to get by the electric fence, your large livestock, and the dogs and geese! (plus your favorite surprise) Putting such a package together discreetly would be interesting though.
True story. It's lonely at the top.
while you're feeling superior, give some serious thought to where you get *your* information, and some further thought into the role that information plays in shaping your opinions, and whether your own confirmation bias affects what information you go looking for. if you look at deeply you'll find that there is no real truth in any of your information sources. Morpheus my ass ... that is just your ego talking.
Somebody is going to be walking funny this weekend
C'mon, Silver - spread your wings and soar!!!
Daddy wants a new Schwinn
Is it the time for the second round of Max kaiser buy 1-10oz silver....??
Speaking of the Keiser rounds did people get their deliveries?
Quoting the great, almighty, and eloquent Shaq:
HOW DOES MY ASS TASTE.
Thank you.
Bullish: CEO of SLW on CNBC @ about 4:30 said he's not going to think of hedging silver prices until it hits $50.
There are going to be a lot of unsecured creditors to JP Morgan by the end of the month. What's the back-up plan now Uncle David?
My 200 candelabras are now worth three times their estimate two years ago. I'm glad I didn't junk them to the guy from Sothebys.
"Forgive me, Father, for I have sinned. I am short silver.
Forgot to go to the coin store today."
$35.71 in the close (APMEX ask) .... to quote the Mask ..... "That's GOTTA HURT!!!!"
"Hang onto your lug-nuts, time for an overhaul!" :>D
Tulving has raised silver Maples from $1.99 to $2.29. Won't have any till March 17th...I have a feeling silver is going to shock the world this year.-Upwards-
$2.0361942796 is the total melt value for the 1942-1945 silver nickel on March 04, 2011.
Rumor has it... from the filing of a certain lawsuit... that it was inherited with the purchase of Lehman.
I just wish it were to correct so I can make one last load up.
starting to second guess my call
to sell silver at 42$ back in 1980...
oh well..live ya learn ..
it's just ballast anyway
You should have bought back in at $4 in 1999.
I got in at $15 and remember thinking then that it was too high and that maybe I should wait a bit..And now after many hours of educational reading and research I will have no problem at all paying TRIPLE of what I got in the game for,$15....
got back in at 5$
never was good at timing ..
Is that you JonNadler? RobotTrader?, Johnny Bravo? Harry Wanger?
P.S. Ballast is really useful in a storm, you think?
ballast....
interest
on your investment....
in times of stormy seas...
fresh ground pepper
with your sea salt ....
when the the crows come a callin there Blythe, they is going to pick your bones clean
newbie here so be gentle, but what happened at 8:30 this morning?
That dip at 8:30?
That seems to be Blythe Masters and her flying monkeys' favorite time to attack to try to drive down the price. Turd Ferguson has done some analysis of that. You can read his blog, Along the Watchtower, here:
http://tfmetalsreport.blogspot.com/
He and Harvey Organ at Harvey Organ's Daily Gold and Silver Report, here:
http://harveyorgan.blogspot.com/
And some of the people to whom they link, like Dan Norcini and some of the folks at King World News are great at explaining what's going on.
Oh oh,
Utah passes gold acceptance bill:
http://www.foxnews.com/politics/2011/03/04/utah-house-passes-recognizing-gold-silver-legal-tender/?test=latestnews
Okay, let me get this straight.
They will now let me pay my taxes with US legal tender gold coins. Since the legal tender value of a 1-ounce gold coin is $50... are you saying someone is stupid enough to give Utah one $1500 gold coin to pay each $50 they own in state taxes? Is there even one gold bug stupid enough to fall for that?
Wait! Now I get it. Even if they credit the market value for your gold coins... we all know what will happen. That's right, the politicians [and their best friends] will receive these gold coins as tax refunds... at the rate of one-ounce gold coin for every $50 of tax refund.
Wanna bet this doesn't happen? Anyone?
Does anybody know where CNBS gets its Silver price?
I got:
$35.69 ask from Kitco
$35.65 from Finviz
$35.71 ask from Apmex
and........
$35.327 from CNBS
Can I arb that?
Seasonal hedontic birth/death adjustment don't ya know...
thanks for the heads up!
Mark,
I believe that was the May contract close at 13:25 EST.
Thanks!
Well they haven't been delivery silver this week to those standing for physical, did any get delivered today I wonder?
Did it go up because many said NO to Masters in taking a premium so they are standing for silver and there isn't any at the comex?
This was an great day!
OH, but Masters will probably have a bad weekend. LOL
Don't worry about Blythe, she has more money than God, she will do just fine. Take care of your yourself and family, first things first.
....silver maples @ 40 are a screaming buy!!
To high Alfred, to high. DO NOT OVERPAY for your silver, shop around et the best deal, factor in s/h and premium.....why pay more?
WHY, do you guys continue to throw away silver?
Buy rounds, bars, use the extra 2-3 bucks for more silver.
If its .999, whats the difference??.
Bullion is Bullion.
dupe
tnx Yaby....I know and appreciate what yr telling me...I don't overpay for my silver either: I live 5 miles from Kitco's Montreal office and buy it directly...no shipppiing and insur. ! What I meant is when spot is @ 35 or 36, it's ok to pay up for physical; and of course when spot is 75 it will be fine to pay 80$ Right now the price of ag should be around 140 and that's where I believe it is going...so that's why I don't argue the buck or so difference ,,,tnx asgain friend !
35 dollars is still as cheap as dirt!
http://www.youtube.com/user/BrotherJohnF?feature=mhum
On a related note, all of the mirrors in the world are now more expensive - gives a new meaning to million dollar smile (inflation adjusted that is now billion dollar smile).
And now the Gold /Silver ratio is down to a low 40..
Dont kid yourself, China is SCARFING up all the silver they can get.
Rumor has it they took 2 million Silver Eagles off the market here, last month.
Just like Japan, prior to WWII, they bought everything they needed to engage in War.
China is likewise, for a different kind of war.
Good post! And consider that is only 84 million worthless FNRs. Not a drop in the bucket for the Chinese.
That made me think about a song,
Till Your Well Runs Dryhttp://www.youtube.com/watch?v=_euoe57iz3k
Amazing how the Chinese want to have something so much because they've been refused it for so long (20% of the global population). Someone is going to miss the PMs (oil and everything else) when the well runs dry. [If peak oil were here the armies wouldn't be able to fight so maybe we should try to use oil faster than we are.]
This is from `07 but is intereting:
"In reality, throughout the last several thousand years of Chinese history, the lower classes have rarely had a chance to touch gold or silver. “10,000 liang of gold! (unimaginable wealth)” and “Three years of good governance, 100,000 pieces of sliver (meaning a period of good governance was often followed by corruption)” are sayings that reflect the reality that the people who actually saw gold or silver were very few."
http://chinagoldnews.blogspot.com/2008/05/chinas-gold-eternal-treasure-b...
GSR 10/15/08 80.71
GSR 10/06/09 60.06
GSR 10/10/10 57.91
GSR 3/4/11 40.17
Wish you all were riding this pony.
Looks like some piece of shit J P Morgan troll got on for the first few post. A "junk",junky for sure. So I was listening to yhe 5 o'clock news in Canada hear and when the business news come on,NOT a mention of the word "SILVER".
What a fucking joke.
Major news outlet too...CBC.
Ye ha!!
I love the sweet smell of liberty on a Friday afternoon!
Hi Ho Silver, away!
I took delivery today. I just keep buying. It's so beautiful to hold in one's hand. How long till' there is a Comex meltdown?? If this is just the beginning there is plenty more damage we can do.
Keep takin' delivery people.....
Gold & Silver Bitchez!
http://www.youtube.com/watch?v=ZNGe7iK1O-4
This move up makes me feel slightly better, but not great because so long as the comex/LBMA/JPMorgue/SLV/GLD fraud continues then it is a MANAGED retreat by the Fed/elites of the global ponzi.
If the comex gets busted/defaults because those with longs actually stand for delivery then I will be ecstatic. but until I see that, I remind myself its nothing more than a retreat.
I mean its obvious - I've only been cognisant of the real struggle going on for precious metals, for 2 years (thanks to GATA, ZH, Harvey, King etc) and yet I can see that the spot price is laughably low. Shit, to even "price" gold and silver in terms of fiat requires a brain twist. Bring on a default of paper gold!
I like that term, "managed retreat." Very appropriate. They haven't lost contol yet.
But it is funny to watch, you know it kills them every time they to have to deliver silver at this price, but there is so much money to be made suppressing the price....
but there is so much money to be made suppressing the price....
No,not anymore, people are taking physical, the cheaper the prices, the faster they are hanging themselves.
This sucks. I want to play paper. Can someone please call the dip for me? Where the hell are the bears?
Sorry, can't call a dip for you, but I entertained the idea of buying a straddle on SLV a few days ago. And let me be clear, I've never bought a straddle in my life, but this month promises to be Ms. Toad's wild ride....
The straddle I was thinking about would have already paid off nicely, and I expect that a similiar one placed today will also pay off. The only thing that would surprise me is if the volatility in silver vanished.
That's as bearish as I can get on silver right now.
$35.50 where it should have been trading last summer. Now it has to get to $42 to catch up further. But by the time it gets to 42 it will need to be 50.
Is there any caution here among the newbies?
What if the funds that are the real buyers that matter in the silver market get trashed in some other commodity speculation? They will dump silver as fast as they can to be the first out of the burning barn.
Obviously there are many small time silver buyers here based upon the post count and the comment content. If thatis the case for many of you and you really do believe that the shit will hit the fan you are better off selling your ten ounces-several hundred ounces to reap some profit to get the neccesities, like food, water, and whatever you personally need for your circumstance.
A quick charting of $silv versus any food commodity on charts will show you just how high Ag is now compared to the basics.
If you bought 100 oz of silver in high premium items like the US walking liberty coin replicas or in generic rounds of one ounce you are sitting on a couple thousand dollars of gains that could feed yourself for a year, or your family of four for 3-4 months.
All that I am saying is that you must consider first things first. If you are worried about this past week's US dollar action of decline when it should have been a flight to safety, then you should stock up on primary necessities rather than admiring your small stash of shiny coins.
Think about the fact that a silver dime of the USA is now 24x the face value in silver melt(not including refining).
If something becomes silly cheap in a currency you should part with the currency to get the vastly underpriced good, especially if the good is indispensable for one's sustenance.
Storage foods are at a spike low right now when priced in silver even though they have gone up in fiat pricing. Do you recall when ZH picked up on my tip (I think that it was mine) of the so-called "one year" supply of food from Costco for USD800.00? Costco doesn't discount like that as the suppliers cannot do that os it has gone back to the USD1000. list price.
The current price of $1000 is (1000/35.67=28.034 oz of silver)(28.034/.718 oz/usd=$39.05 in junk silver coin. That food deal of 14 cases of 6x1gallon cans(shipping included) that is a legitimate supply of not 365 days, but really 240 days/person is the cheapest food has ever been in the past thousand years. At these silver prices being high as compared to foods still comparatively staying low, you had better make your choice. Fingering your 40 pieces at the barren kitchen table will not please the wife that waited for some rotten gombit cheese for five hours in line behind gang bangers.
Of course I could be wrong, and silver will go to the moon and you will be able to buy acres of fine bottom land for an ounce per.
I think most of us buying physical silver are already the ones that have the other essentials in storage(gold, lead, food, alternative energy source, etc.). Silver is just one component of it.
It's all about diversification.
You bring up the a silver dime is 24x face now. However, a candy bar used to cost a nickel. Now they are around 80-90 cents or so? Do you think a Snickers is going back to a nickel? I don't think a silver dime is going back to a dime.
I think you should probably focus a little more on the published M2 and the non-published M3 to get a better feeling on what equilibrium the commodities could trade at. Let alone national debt levels and off balance sheet national debts. Let alone future expectations on the national deficit, just using official government numbers.
If I told you, you had the choice to bury $100,000 in paper bills in an air-tight container or $50,000 in current value gold and silver but couldn't dig it up for 10 years, which one would you choose?
I wonder if Blythe & Co just took an early weekend, and this is what a "normal" market would look like?
There's nothing like having placed an order for 11 Kg more silver, and being told "delivery late April" to make one pray the wobbly supply waggon holds together for a couple more months.
This was a gold to silver conversion, something I should have done months ago. Watching the G/S ratio dropping, dropping, and knowing it will go well below the historical 14:1 and _should_ ultimately approach unity, while still hanging onto relatively way too much gold... sigh. I feel so foolish.
The idea that China has been aiding the silver shorts, in a sacrificial strategy to keep prices low while they make even greater quiet silver & gold buys - very interesting. Believable, since China must have accepted there's no way they are going to be able to convert ALL of their fiat US dollars to physical assets before the US$ implodes. So they must be trying everything they can think of to maximize the proportion they can convert. Why wouldn't that include some clever sacrificial ploys? I'd be surprized if it *didn't*.
Good for us anyway - it's kept the price low for us too, and China's objective will be to cause the 'price' of silver/gold to go up as far as possible after the discontinuity (which they'll be attempting to control the timing of to suit themselves as well.)
And the discontinuity would have to occur when there simply isn't any more physical to be had.
I'd expect the final stages to involve China throwing large amounts of their soon-to-be-worthless US$ paper at remaining silver and gold stores, attempting to wring out the last few Oz. A China buyout of Sprott for instance?