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Silver Takes Out Hunt High... When Priced In Euros

Tyler Durden's picture


As many are always quick to point out, any talk of a record price in silver is preliminary as long as the Hunt Brothers nominal high of $50 set in 1980 remains in the history books. However, when priced in EURs, this is not exactly the case. As can be seen on the chart below, our European readers have full permission to say that silver is now at an all time high, with no caveats or footnotes.


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Mon, 02/21/2011 - 09:27 | 981271 eigenvalue
eigenvalue's picture

I just want to know at what level JP Morgan will go under. One of my best friends works at JP Morgan as a secretary. If JP Morgan goes belly up, she will become jobless...

Mon, 02/21/2011 - 09:30 | 981282 Captain Benny
Captain Benny's picture

I have zero tolerance for people who are even peons at these companies. She's part of the problem, even if she is a secretary making zero major decisions and only a few pennies.  Tell her to find a job NOW and quit as soon as she can has a backup plan in place.  When she does her exit interview (if they even do those), she should say that she is tired of working for a criminal organization.

Mon, 02/21/2011 - 09:46 | 981323 eigenvalue
eigenvalue's picture

Calm down. If you see her in person, you will feel much less pissed off. She is very pretty...;)

Mon, 02/21/2011 - 09:56 | 981345 MarketTruth
MarketTruth's picture

You make a perfect case... for why idiots will vote the unqualified Palin for President.

Mon, 02/21/2011 - 10:00 | 981354 UGrev
UGrev's picture

You make a similar case... for why people voted for bammy.

Mon, 02/21/2011 - 11:13 | 981537 boricuadigm-shift
boricuadigm-shift's picture

Is my broweser ok?  I just posted this:

Anyone noticed the spread between SLV and Silver spot?  The usual gap has been .75c to .85 cents.  The price at 10:04am os silver sport is 33.64 and SLV 31.91.  Huge GAp.


yours Truly.

But I cant get a quote of SLV today!  ANyone is able to do it?

Mon, 02/21/2011 - 11:19 | 981560 HoofHearted
HoofHearted's picture

Hey, do you see that little thing that says "US markets closed due to President's Day holiday." What do you think will happen tomorrow morning? Can you say "gap up"?

Mon, 02/21/2011 - 12:36 | 981777 boricuadigm-shift
boricuadigm-shift's picture

:-)  Ups...  It seemed like a normal day of work today for me.  I thought that the SLV was drying up and it was being valued in the price.  Oh well.  We will see tomorrow.

Mon, 02/21/2011 - 18:02 | 983000 naughtius maximus
naughtius maximus's picture

Enjoy your shit sandwhich or giant douche. You ordered one of those I know it.

Mon, 02/21/2011 - 19:27 | 983281 malek
malek's picture


Mon, 02/21/2011 - 10:14 | 981396 anvILL
anvILL's picture


Mon, 02/21/2011 - 10:18 | 981383 anvILL
anvILL's picture

I think an estimated 50% of global population (read women) really don't care of the outlooks of another woman working in a criminal organization, especially when she is working for that organization just for the money.

Mon, 02/21/2011 - 11:47 | 981632 Pool Shark
Pool Shark's picture

Just like the pawns of the Third Reich;


I'm sure she's only "following orders,"

Mon, 02/21/2011 - 10:28 | 981439 Twindrives
Twindrives's picture

Work for the cabal, go down with the cabal.  Maybe she can sell her services on Wall Street.

Mon, 02/21/2011 - 11:02 | 981501 fragrantdingleberry
fragrantdingleberry's picture

Tough going for job seekers these days. She has a better chance than most if she's pretty.

Mon, 02/21/2011 - 11:20 | 981563 UninterestedObserver
UninterestedObserver's picture

So are you hoping she becomes a stripper so you can see her naked? Not very nice.

Mon, 02/21/2011 - 11:21 | 981564 Quinvarius
Quinvarius's picture

When her 401k is gone, she will probably wish she had left.  JPM's 401k plan is a dumping ground for bad trades, and may just be a ponzi scheme.  There is nothing in it that is an outside fund.  It s all JPM telling you what your plan is worth.  No ticker symbols to check.  Nothing.  And they have an all Real Estate fund that just kept going up through the whole Real Estate crisis.  It looked like Madoff's fund in the tech bust.

Mon, 02/21/2011 - 09:31 | 981283 tonyw
tonyw's picture

Are you recommending we sell our PMs in order your friend keeps her job and allows JPM to keep robbing the people??


Mon, 02/21/2011 - 09:52 | 981342 eigenvalue
eigenvalue's picture

No. Actually I told her to buy silver and fuck her employer...;)

Mon, 02/21/2011 - 10:22 | 981422 Moe Howard
Moe Howard's picture

Tell her to purchase kneepads too in case it works....

Mon, 02/21/2011 - 09:32 | 981284 dryam
dryam's picture

All of the TBTF's are insolvent, but they will never go belly up.

Mon, 02/21/2011 - 10:20 | 981418 bankrupt JPM bu...
bankrupt JPM buy silver's picture

JPM has Blythe, I heard she is the direct bloodline of Jesus Christ.

Mon, 02/21/2011 - 10:35 | 981448 mrgneiss
mrgneiss's picture

I think we need to see more of the JD-BM private texts!  Keep up the good work silvergoldsilver!

Mon, 02/21/2011 - 12:05 | 981692 MolotovCockhead
MolotovCockhead's picture


     I heard she is the direct bloodline of Jesus Christ

No wonder her family name is so strange!!  You don't name yourself a Master for being a feather weight!

Wait a minute, she could be a decendent of Yoda!! That's it, that's why I thought the name sound kinda familiar.

Mon, 02/21/2011 - 09:40 | 981306 LiquidBrick
LiquidBrick's picture

I just want to know at what level JP Morgan will go under. One of my best friends works at JP Morgan as a secretary. If JP Morgan goes belly up, she will become jobless...

Braintard! If JPM goes belly up your friend will be homeless, hungry and turning tricks for sustenance. WTFU! Better yet, Go back to sleep.

Mon, 02/21/2011 - 11:04 | 981507 Cyan Lite
Cyan Lite's picture

JPM will get a bailout.

Mon, 02/21/2011 - 11:11 | 981527 boricuadigm-shift
boricuadigm-shift's picture

Anyone noticed the spread between SLV and Silver spot?  The usual gap has been .75c to .85 cents.  The price at 10:04am os silver sport is 33.64 and SLV 31.91.  Huge GAp.


yours Truly.

Mon, 02/21/2011 - 11:23 | 981579 Flakmeister
Flakmeister's picture

SLV trading starts tomorrow AM

Mon, 02/21/2011 - 09:35 | 981290 All_Is_Well
All_Is_Well's picture

This idiot BB has got the whole effing world Spooked! Crack-up boom is an understatement..

Mon, 02/21/2011 - 09:35 | 981291 hugovanderbubble
hugovanderbubble's picture

Excellent TYler,as usual...

Thanks ZH for all the info in cross assets very illustrative.

Mon, 02/21/2011 - 09:36 | 981292 GOSPLAN HERO
GOSPLAN HERO's picture

Comrades, scour your local antique mall for cheap coins.  Beat the dealers to the door this morning.

Mon, 02/21/2011 - 09:36 | 981294 Just Observing
Just Observing's picture


Mon, 02/21/2011 - 09:38 | 981299 johnnymustardseed
johnnymustardseed's picture

Of course this is going to happen, but remember that when it is all over the  dollar will be worth nothing and we will have our Egypt and Tunisia with much more fireworks :(

Mon, 02/21/2011 - 09:38 | 981301 Oh regional Indian
Oh regional Indian's picture

Holy smoke. That would be abother blow-off top if these times were nto really different.

What a difference 30 odd years makes. So many similar actors, oil-shocks a coming, Japanese struggling with quality(?????), america in a recession.....

History rhyming, darkly...


Mon, 02/21/2011 - 11:23 | 981572 Hulk
Hulk's picture

Oil shocks are going to be real this time...

Mon, 02/21/2011 - 09:40 | 981305 umop episdn
umop episdn's picture

Silver hitting new highs in Euros AND dLOLars. This can't be good for the bwanksters...but it sure is good for me and a bunch of ZH'ers. I'm glad I found a seat on the clue bus!

Mon, 02/21/2011 - 09:41 | 981308 MarkTwainsMustache
MarkTwainsMustache's picture

And when did the Euro first get introduced??? I suppose pre-2000 this chart just uses a generic basket of euro-land currencies?

Mon, 02/21/2011 - 09:46 | 981318 Captain Benny
Captain Benny's picture

Good question to ask.  1995 basically.  1999 for us common folk

Mon, 02/21/2011 - 09:48 | 981312 eigenvalue
eigenvalue's picture

The Euro came into being in 1999. How is the 1980 silver price calculated? Using the ECU?


Mon, 02/21/2011 - 10:20 | 981416 French Frog
French Frog's picture

Any Euro chart from earlier times is made using the old Deutsche Mark as a proxy; plenty of technical analysts trading longer timeframes use those pre-2000 charts and they are valid if you want more than a 10+ years view 

Mon, 02/21/2011 - 09:45 | 981321 ms1408
ms1408's picture

This doesn't make sense - the Euro didn't exist during the 1970s.

Mon, 02/21/2011 - 09:50 | 981330 eigenvalue
eigenvalue's picture

Perhaps Tyler used the ECU (European Currency Unit) which came into being in 1979.

Mon, 02/21/2011 - 09:45 | 981322 UglyPatheticPauper
UglyPatheticPauper's picture

I'm hearing Silver Bells in halls of JPMorgan today!!

Mon, 02/21/2011 - 09:50 | 981335 The Rock
The Rock's picture

...and priced in today's dollar, that high would be $140.

Mon, 02/21/2011 - 10:00 | 981351 falak pema
falak pema's picture


eigenvalue : "I just want to know at what level JP Morgan will go under. One of my best friends works at JP Morgan as a secretary. If JP Morgan goes belly up, she will become jobless..."

Maybe she will have to take a job with her own belly her current employer...


Mon, 02/21/2011 - 10:00 | 981352 Grimbert
Grimbert's picture

I guess the 1980 price is based on DEM/1.95583


Mon, 02/21/2011 - 10:05 | 981361 Savonarola
Savonarola's picture

People will be robbing graves if this continues.

Mon, 02/21/2011 - 11:22 | 981569 Larry Darrell
Larry Darrell's picture

My guess is they will be hitting the above ground vaults hardest, since many plots below the dirt are now encased in concrete.

Mon, 02/21/2011 - 10:05 | 981362 falak pema
falak pema's picture

especially as she's so pretty she should make out all right with laid off JPM executives looking for nostalgia on her flat, succulent belly (i hope).

Mon, 02/21/2011 - 10:05 | 981365 johnQpublic
johnQpublic's picture

what blows my mind is the level of ignorance/blindness/denial from some truly smart people


i sat in on a conference call friday of a major international player...increase sales, or major restructure was the call from the top

increase sales to whom?

did they just not get it?

who exactly was gonna buy more of their crap?

they have mega over-capacity, yet they are running time and a half shifts today to boost production of a product no one wants at this point

pm's exploding,massive unemployment,dollar devaluation,food and fuel inflation

sales falling, but stock rising in price


Mon, 02/21/2011 - 11:23 | 981576 UninterestedObserver
UninterestedObserver's picture

Yeah they just say that to make it sound like there are options they are considering - in the meantime the pink slips were printed a while ago.

Mon, 02/21/2011 - 13:31 | 981986 jmc8888
jmc8888's picture

They never did.  40 years of Imperialism, free trade, and money printing makes those with the biggest debt pockets win regardless of how good they really are.  Just do what the 'system' dictates.  That's been the 40 year secret.  Debt, outsourcing, tax breaks, etc. 

The system worked for them before, and they got rich.  Now they think it's still the same way. 

Oh yes, the worst businessmen in the country are the ones leading the businesses.

They're captains of their own titanic, and they are going full speed.  Hell at least the Titanic captain KNEW he screwed up.  These assholes won't ever admit it, and certainly won't go down with the ship.  Nope, these assholes were the worst choices to run our businesses over the last 40 years.  They just adhered to the 'system' more than running their businesses effectively. 90-10 if you ask me.  They're completely clueless and unprepared for reality.  People will find out soon they were only 'good' in a 'ponzi'.

Mon, 02/21/2011 - 10:06 | 981367 Xibalba
Xibalba's picture

A 30 year chart is irrelevant.  Those traders aren't around anymore.  Play the goes to 16.

Mon, 02/21/2011 - 10:18 | 981410 tmosley
tmosley's picture

A panic by industrial users is likely to take it to 1:1 or higher.  I start buying gold again (in tiny quantities) at 15:1, and buy all gold at 5:1.  Will start selling my silver for gold at 1:1 and will trade the last of the silver I plan to trade for gold at 1 oz silver:10 oz gold IF we should reach such a height.  That would likely be a blow off top.  I envision that gold and silver will totally decouple at that point, as silver is recognized as an industrial commodity on top of being money, taking on a role similar to platinum or palladium, and likely to have a similar price to one of those metals (in terms of gold).  

This will continue until the graphene revolution hits full swing (absent western collapse, this will happen in 10 years, with a western collapse, 15-40 years), at which point the price of silver will drop precipitously, as all of its industrial applications are replaced with cheap, abundant carbon.

Mon, 02/21/2011 - 10:34 | 981445 Xibalba
Xibalba's picture

When the ratio falls hard, I'm asking myself, should I: a)Trade for Gold?  B)Trade for Land? Or, C)Pull a Rothschild .... and trade for Debt?

Mon, 02/21/2011 - 11:10 | 981525 Fearless Rick
Fearless Rick's picture

I go for land. If you can hold it and defend it, at least you can grow something to eat on it or raise livestock grazing on it.

I saw a comment the other day talking about lawn care and how it is so wasteful. I'm with that. Digging up my entire back yard for crop production as soon as the snow melt (upstate NY). The front yard will have to remain lawn, mostly as it is on the North side of the house (huge colonial) and doesn't get great sun, though I'm thinking mushrooms and herbs which should flourish.

I am, however, on a main street, meaning my 'shrooms are likely to get pilfered or evoke the ire of the zoning wardens.

The way things are going, I may boy more silver, but now I have to wait for the next dip - or at least a pause - but I'm concerned things are getting out of hand too quickly and I won't have much in the way of edible crops when hell breaks loose in May or June.

If the country and the currency can hold together until September, I should be OK, but the wheels seem to be coming off mighty quickly.

Mon, 02/21/2011 - 11:27 | 981591 MsCreant
MsCreant's picture

Put labels on your shrooms on little cards. Make sure the beds (logs on beds?) that you sprout them in are neatly done. Call it a "demonstration" project. 

What herbs grow in the shade? I have lots of shade/semi shade and would like to know.

Mon, 02/21/2011 - 12:01 | 981672 Tedster
Tedster's picture

Turf isn't all bad - it provides erosion control, and a cooling effect in hot climates. I agree it's pointless to try and grow or maintain in certain locations at the micro and macro level. At home we have used hardscraping with patio pavers and decking to provide for more usable space in lieu of trying to grow grass where it won't grow well anyway.

Container gardening is what we are going to this year. Both for beauty, vegetables, and ceremonial tobacco. We installed a rain barrel too.

Mon, 02/21/2011 - 12:08 | 981699 johnQpublic
johnQpublic's picture

the problem with land is that you dont own it, you rent it a price of the tax mans discretion

you also cant take it with you if you need to relocate

being from upstate ny myself, my taxes were about two fifths of my monthly mortgage payment

Mon, 02/21/2011 - 11:20 | 981561 tmosley
tmosley's picture

Depends on your local and national situation.  I remember reading about a guy in Chile during one of their governmental collapses who sold his car and bought stocks at the very bottom, when they were just as likely to be nationalized as the government was to collapse.  They weren't, and became a multi-millionaire.  Maybe a billionaire.  I don't remember.

Mon, 02/21/2011 - 11:01 | 981497 living on the edge
living on the edge's picture


I agree with you the silver to gold ratio will tighten, history would dictate such a move. I differ with you on the 1:1 ratio but if you are correct I will have exchanged silver for gold long before that point.

You reference western collapse 15-40 years. I don't believe we have even 5-years and we should prepare accordingly.

Mon, 02/21/2011 - 11:12 | 981535 Fearless Rick
Fearless Rick's picture

See my post above. I'm hoping we make it through the next five months. IMO, there's no way we get through the 2012 elections, much less five years without some severe systemic shock.

Mon, 02/21/2011 - 11:15 | 981546 tmosley
tmosley's picture

No,no.  IF there is a Western collapse, the graphene revolution will be put off for 5-35 years.

Graphene is amazing, and new processes have been discovered that will allow it to be mass produced.  Regulations will likely need to be overcome, otherwise it would be commercialized before the end of this year.  These processes will make solar "panels" that are as cheap to produce as newspaper, as tough and damage resistant as cloth woven from stainless steel wire, and able to produce as much electricity as amorphous silicone solar panels.  The stuff is so cheap, you are likely to see the complete disappearance of metallic electrical wiring.

Amazing things are coming.  If only the government would get out of the way.

Mon, 02/21/2011 - 11:28 | 981588 Flakmeister
Flakmeister's picture

 You have touted graphene a number of times, if it is what you say, how is the government in the way?

Mon, 02/21/2011 - 11:46 | 981628 Hulk
Hulk's picture


Mon, 02/21/2011 - 11:53 | 981649 tmosley
tmosley's picture

The same way it is in the way of everything else.  It has destroyed the economy.  My own company is struggling, even though it has created a technology every bit as revolutionary as graphene.  No-one is investing money, because the rules are changing so fast.  No-one is willing to take any risk.  No-one wants to be the first to use Rearden metal.

This is one of the main reasons I study economics.  Meddling in money and markets by governments effects everyone and everything, mostly for the worse.

Mon, 02/21/2011 - 12:09 | 981678 Flakmeister
Flakmeister's picture

Granted the government has fucked things up...then again they only did what their corporate masters wanted. As for non-investment in new technologies, you only have to look at the way the tax system works, in particular how economic rents are favored over investment in productive capital. So it would seem that part of the solution would to preferentially tax rents and consumption....but I thought you told me that all taxes were bad, I am confused?

Also, a cursory examination show that it was government funding of basic research that contributed to the technologies leading to graphene, now I am really confused.

Mon, 02/21/2011 - 13:08 | 981726 Red Neck Repugnicant
Red Neck Repugnicant's picture

Meddling in money and markets by governments effects everyone and everything, mostly for the worse.

But you also told us that your research was partially funded by the government, and any private venture capital was dependent on the government continuing its portion of the funding.  In effect, your entire wallet is dependent on the same government that you ruthlessly bash as worthless on a daily basis. 

A few months ago, you told everyone here that you had the specific cure for cancer and HIV, and if your work wasn't so important to society, you would have quit and enjoyed the riches of your new silver wealth. In fact, your cancer research was supposedly so "top secret" that you could only give us bits of information, which you were all-to-eager to do.  You - very clearly - led everyone to believe that it was your lab that was about to cure the world of cancer and HIV.  It was conclusive, and your lab was about to become famous.  

Now you're telling us that you can't find funding, which means your cure for cancer and HIV was just another grandiose illusion in your head, like all the other self-congratulatory bullshit you post.  

And this was in between posts about you becoming the next "oligarch of society."


Illusions of grandiosity, to the max!  


Mon, 02/21/2011 - 13:30 | 982009 TomJoad
TomJoad's picture

Do you mean,

"Delusions of Grandeur"

If so isn't that a case of the pot calling the kettle black, "to the max!"?

Mon, 02/21/2011 - 13:35 | 982048 Red Neck Repugnicant
Red Neck Repugnicant's picture

There is no need to clarify that his illusions are delusions. 

An illusion is a distortion of reality, so my wording is correct - although I think I prefer yours.  

Mon, 02/21/2011 - 13:36 | 982052 tmosley
tmosley's picture

What the fuck are you talking about?

I said we are having trouble getting new funding, due to the depression.  Work is not stopping, though it has shifted to prostate cancer research due to a funding avenue that has opened up there.  And who said anything about "top secret"?  The information is on my company's website!  I posted it!  Remember the nude mice?  Remember how you went straight from calling me a liar about my research to accusing me of inserting butt plugs into mice?

I love how in your view libertarians are hypocrites for living in a non-libertarian society.  

Sorry, but would you please go find someone else to man crush on?  I'm tired of you.  Go open a new vendetta against someone else on another forum and pursue it there.  The adults are talking here.

Mon, 02/21/2011 - 13:56 | 982143 Red Neck Repugnicant
Red Neck Repugnicant's picture

Not true.

First, a few months ago, you said you had secured funding, which was to begin in February 2011. Now, you're claiming the opposite.  

Second, you led everyone to believe you had the definitive cure for cancer and HIV, which, if true, there would be no funding issues whatsoever.  None.  Zip. Zero. Zilch.  You were very clear on this; you had the actual cure for cancer and your work was vitally important to the entire world.  If this was true, new funding would be the least of your worries. 

As far as being top secret, you repeatedly said that your work was very secretive and that you could only give us bits of information - as if we cared in the first place.  Yes, you posted a video of a rat's ass, but you claimed that you could not reveal the actual chemistry behind your work - it was a secret, which you thought would impress everyone here. 

You have routinely been proven to be a liar.  Over and over, again.

And you still haven't addressed the hypocrisy that you are reliant on government funds for your own livelihood.  You specifically mentioned that any private capital into your research was completely dependent on the military giving your lab more money.  You're just another ward of the state, which I find highly ironic considering your vehement anti-government positions.    


Mon, 02/21/2011 - 15:37 | 982496 tmosley
tmosley's picture

You are either a liar, or your hatred for me has perverted your view of reality to the point that you can no longer tell the difference between reality and fantasy.  If you review my posts, I, in fact, told you the exact compound that we were using.  I told you how it worked.  But you just yelled from the rooftops to anyone that would listen about butt plugs for mice.

You have claimed, over and over, that I am a liar, but have never been able to prove it, because I am, in fact, not a liar.  You are.  You constantly misrepresent everything I say.  Hell, you have taken your vendetta against me to disgusting levels, calling my colleagues, attempting to talk shit about me.  Lucky for me, the guy you called has dementia and hasn't worked with us in years.

I never said any such thing as private funding being reliant on the military.  Where do you come up with these lies?  We have a small grant coming from the Army to do some in vivo work on our prostate cancer cure, which has NOTHING to do with any of our current funding from private industry.  We have long been focused on the quick payday projects that are possible outside the world of drug development, as I have told you time and again.  Drug development is expensive.  Monkeys are expensive, and require special handling.  Human trials require acrobatic leaps through hoops of regulatory fire.  But hey, you wouldn't know anything about that, you just suck politicians dicks for a living.

Mon, 02/21/2011 - 12:16 | 981727 Sean7k
Sean7k's picture

I've been thinking that maybe the reason for the revolutions is the need to change from our dependence on oil to new technologies, but the Elites that hold those technologies need to socialize the costs- just like other tecnology shifts. Graphene has a lot of possible applications...

Mon, 02/21/2011 - 11:30 | 981602 Red Neck Repugnicant
Red Neck Repugnicant's picture

Cliff Clavin alert!!  

Mon, 02/21/2011 - 11:42 | 981621 tmosley
tmosley's picture

Worthless comment alert!

Why don't you go create and pursue vendettas somewhere else?  You aren't wanted or needed by anyone here.

Mon, 02/21/2011 - 12:36 | 981768 Red Neck Repugnicant
Red Neck Repugnicant's picture

Why don't you go create and pursue vendettas somewhere else?

Quite simply, because you're a treasure chest of bullshit, dysfunction and pomposity, and I find it endlessly entertaining.  You're a know-it-all like Cliff Clavin, and you have the most extreme illusions of grandiosity that I've ever seen. 

Truly fascinating, especially since you're wrong about so much.



Mon, 02/21/2011 - 13:38 | 982059 tmosley
tmosley's picture

Sorry, where am I "wrong"?  I'm getting rich because I was right, you stupid shit.

Mon, 02/21/2011 - 11:11 | 981532 fragrantdingleberry
fragrantdingleberry's picture

Damn. I'm under water at 17. Not selling though. Nothing to put FRNs in.

Mon, 02/21/2011 - 10:09 | 981375 falak pema
falak pema's picture

Graves: looking for god, his shadow, his alter ego, gold fillings, even silver ones...anything goes. Imagine if he had his 'donker' enlarged with a silver spine! his cojones plated with shining armour. Gold mine for a crazy monk on the run.

Mon, 02/21/2011 - 10:11 | 981379 Bahamas
Bahamas's picture

In Italy in the 70es there used to be 500 lire of silver..that is to say 0,25 cent. It weighed 10 grams. It now costs almost 8 euros to get one from a coin shop.

Just for the numbers.

Mon, 02/21/2011 - 10:10 | 981384 falak pema
falak pema's picture

Don't you think that when Khadaffi finally ends up in exile with his Ali Baba cave he could flood the market with his silver...beware when the pendulum swings back!

Mon, 02/21/2011 - 10:30 | 981440 NotApplicable
NotApplicable's picture

This will benefit him how, exactly?

He holds silver for the exact same reason that most of us do. It stores our wealth in an undervalued, physical asset with no counter-party risk.

Mon, 02/21/2011 - 10:13 | 981392 Judge Judy Scheinlok
Judge Judy Scheinlok's picture

"Sell it down to their pinch point Blythe. Make their fucking noses bleed".

When does the ZH swag store start selling the Blythe voodoo doll?

Mon, 02/21/2011 - 10:17 | 981403 Overflow-admin
Overflow-admin's picture

Hello Tyler,

Do you know what's the proxy used for EUR on that chart before 1999? European Currency Unit (ECU)?

Mon, 02/21/2011 - 10:31 | 981443 Tyler Durden
Tyler Durden's picture

HELP HELP in Bloomberg should answer that question

Mon, 02/21/2011 - 11:07 | 981512 MarkTwainsMustache
MarkTwainsMustache's picture

As per Bloomberg Help Desk:

At the time that the Euro was announced but prior to its

introduction, it was determined that the value of the Euro at

its introduction would be equal to the value of one XEU. The

value of the XEU was defined as a small fixed amount of each of

the 10 currencies that made up the European Union. The value was

set equal to 0.6242 DEM plus 1.332 FRF plus 151.8 ITL plus

.0.2198 NLG plus 3.301 BEF plus 0.13 LUF plus 6.885 ESP plus

o.008552 IEP plus 1.393 PES plus 0.08784 GBP plus 1.44 GRD.

So as each of these currencies traded vs. the USD it would be

possible to calculate the value of the XEU vs. USD by summing

together the amounts of each currency times the corresponding

exchange rate vs. the USD for that currency. Given the above

information, it would be possible to estimate the theoretical

value of a euro prior to its introduction by using the value of

the XEU and adjusting for the fact that the GBP and GRD would

not be participating in the EUR at its inception. Thus the

Theoretical Value of the EUR vs. the USD could be calculated as:

(.6242/DEM Curncy + 1.332/FRF Curncy + 151.8/ITL Curncy +

.2198/NLG Curncy + 3.301/BEF Curncy + 0.13/LUF + 6.885/ESP

Curncy + .008552*IEP Curncy + 1.393/PES Curncy) / (1 -

((.08784*GBP Curncy + 1.44/GRD Curncy) * XEU Curncy))

where DEM Curncy is the value of the DEM vs. the USD, etc.

Note: the values of the IEP and the GBP are multiplied in the

equation because their prices are quoted in USD terms. All other

rates are quoted in units of currency per USD.

Mon, 02/21/2011 - 10:19 | 981411 topcallingtroll
topcallingtroll's picture

Hopefully people know when to switch horses, or at least think about it.

If you think the government will allow fiat to go to zero and lose complete control that seems unlikely.

Tight money and high interest rates would kill the economy, but I believe central bankers will kill the economy with tight money rather than see fiat repudiated, if they have no other choice.

Where will silver be when its bull market is over and it is again time to ride the 15% bond yield train?

Mon, 02/21/2011 - 10:36 | 981452 gwar5
gwar5's picture

Historically a new currency is issued when the old one is destroyed. 

This time likely an IMF fiat SDR, with +/- gold if China has it's way.

I think Bernankestein has put the USD on a one way trip to the IMF by design.

It'll be for our protection, and a global currency, global government

Mon, 02/21/2011 - 11:18 | 981555 fragrantdingleberry
fragrantdingleberry's picture

That has been the dream of the multilateralists since WW Twice. George Soros is a most happy man.

Mon, 02/21/2011 - 10:43 | 981466 johnnymustardseed
johnnymustardseed's picture

They can raise interest rates at their peril. A 1% hike equates to an additional $142 billion in interest payments. That is why you have not and will not see it move.

Mon, 02/21/2011 - 11:23 | 981574 Fearless Rick
Fearless Rick's picture

Right on @ johnnymustardseed. The Fed will not allow "official" interest rates to rise, which is why they'll let the S&P go to 2500 if need be, keeping the appearance of a strong economy while it crumbles internally.

As a last gasp, they'll kill the stock market and take depression and deflation as poison pills. Unless, of course, the idiots in congress kill everything by a) taking this week off, b) leaving just 4 days before having to vote on whether or not to raise the debt ceiling, and c) probably shutting down the government for a couple of weeks because they care not about the welfare of the nation, only their partisan politics.

With Wisconsin at a deadlock - won't be resolved for months - and other states beginning to join in - it's looking like Tea Partiers vs. .gov employees, in a twisted chess game of patriots vs. "loyalists."

Mon, 02/21/2011 - 10:55 | 981490 zaknick
zaknick's picture

You said:

If you think the government will allow fiat to go to zero and lose complete control that seems unlikely.

Fiat has nowhere to go to but gold were the Maestro's words at the "Council" on Genocidal Relations. The gold (US, European and some scammed Chinese) is long gone.

Nothing they can do to prevent the consequences of 40 years of "neo-liberal" economics on the US middle class' purchasing power (read jobs) which is now only 15% of world GDP!

This is a spiritual reckoning that awaits you; don't kid yourself.

The precious!!!

Mon, 02/21/2011 - 10:22 | 981427 hotkarlandthecl...
hotkarlandtheclevelandsteamers's picture

Turd Ferguson must have dropped a load in his bridges when he woke up to see silver printing 33.50.

Mon, 02/21/2011 - 16:47 | 982703 RockyRacoon
RockyRacoon's picture

I'd call that an appropriate reaction for a fella named Turd.

Mon, 02/21/2011 - 10:41 | 981432 gwar5
gwar5's picture

$50 USD in 1980 is worth about $140 in today's USD.

Gold has to get to $2250 to reach it's nominal high.

The rocket ship is just getting to escape velocity.


Silver almost up a buck now at $33.62, +.94

Mon, 02/21/2011 - 11:21 | 981568 Captain Benny
Captain Benny's picture

33.78 as I write this message.  Everyone is getting giggly about silver right now, which is why I'm getting cautious.  I'm not selling any physical for fiat, but I am taking steps to hedge.  Last Friday I booked a few SPY puts for March, because I personally don't think the PTB will just sit around and let silver take off freely.  The only way I see them getting silver down is some kind of market-wide drop.  A black swan event maybe?  A "terrorist" attack again.... something big is bound to happen.  I've been around long enough to realize that TPTB don't like losing control of things and don't give up easily.  My guess is this for the week: The US markets will get a double whammy somehow.  Margin increase on silver and gold, maybe... but that won't happen till after the main event which I think will be some kind of black swan scenario.

I've got so much fiat piled up on the sidelines waiting to get more physical that I'm getting impatient not being able to spend it.  Hell, if the SPY puts put out like my lady, then I'm going to have some many little baby fiats running around that I won't care about silver prices.

Please take caution on this silver breakout!  Don't be caught unhedged!

Mon, 02/21/2011 - 11:28 | 981598 Fearless Rick
Fearless Rick's picture

Capt. Benny, please, the Middle East and Wisconsin aren't enough black swans for you already? The writing is on the wall. Governments will be toppled worldwide in the coming months and years. We may be last, only because we're so well-established and large, but make no doubt, the black swans are alflight and soon to be landing on domestic ponds.

That 20-year-old kid winning the Daytona 500 qualifies as a black swan. All those experienced drivers and nobody could beat this kid? A sign of the times.

Everything is changing. Egypt was the tipping point and we're going beyond, into uncharted territory even as I write. 

Mon, 02/21/2011 - 12:49 | 981826 Captain Benny
Captain Benny's picture

The HFTs don't care about black swans, which is why we've been marching upward in the US equities markets the last month.  Wisconsin is definately not a black swan event -- Yet.  Give it a week of simmering and then unleash the psychos from the nearby psychiatric hospitals and let the shit hit the fan.... they'll blend right in with the tea partiers who hang on Palin's every incoherent word.  That is the black swan in Wisconsin :)

Mon, 02/21/2011 - 10:41 | 981464 camoes
camoes's picture

Yay, keep going like this I can get my own BB terminal, trading @ home w/ bottles and models bitchez!

Mon, 02/21/2011 - 10:44 | 981471 hugovanderbubble
hugovanderbubble's picture


JPM still short?

Mon, 02/21/2011 - 10:52 | 981480 chubbar
chubbar's picture

Question for anyone who cares to address it.

If Blythe were attempting to coerce the maximum amount of longs to settle for a large premium after expiry next Monday, how does this sound for a scenario?

Run silver up to $40 between now and next Monday. Offer longs a 20-30% premium instead of physical delivery. Bomb the silver market hard in an attempt to run the stops and get a 15-20% correction off of the highs.

Would the longs then have the incentive to settle knowing they could pocket essentially a 40-50% premium and re-lock their positions?

The ability of JP to bomb the market notwithstanding (I'm assuming she would be the one at least partially going long on the way up to drive the price), would it be effective (remembering that it isn't the cost in FRN's these guys are worried about but the physical offtake and default of the comex)???

Mon, 02/21/2011 - 11:06 | 981508 Downtoolong
Downtoolong's picture

I think JPM can and will do anything it takes to make it through this PM mess they have created for themselves, and neither the COMEX, CFTC, nor any banking regulators will try to stand in their way. There will be some investors and traders who will make money from the manipulation, but, on the whole, the collective of smaller market players, particularly the latecomers will pay a high price for JPM's folly. This is ultimately more about the abuse and misuse of a futures market than the fair price of silver. When you're in the silver futures market, you are playing their game, on their field (which is slanted in their favor), by their rules (which they make up as they go along), officiated by referees which they effectively employ. That's why I'm not in it and don't plan to be either.


Mon, 02/21/2011 - 11:22 | 981570 stormsailor
stormsailor's picture

as of 2/17/11 close, there were still 53,125 open 3/11 silver contracts.


as of 2/18/11 close, 53,090 open 3/11 silver contracts.


looks like a storm is brewing for jpm.

Mon, 02/21/2011 - 10:58 | 981491 montanassky
montanassky's picture

Comex will change the rules in the middle of the game. No one gets physcal in 6 months. by then comex will be long gone before every gets their silver.

Mon, 02/21/2011 - 11:08 | 981514 chubbar
chubbar's picture

Not sure why I get junked for putting out a scenario, it's not like we all don't know that these assholes are up against the wall and will do what it takes to extend and pretend.

Regardless, I agree with you, the comex is on it's last legs with regard to containing silver and being viewed as a legitimate price discovery mechanism.

I hope Chilton and the rest of the fucktards over at the CFTC who have been instrumental in covering up this ongoing crime have some good lawyers, they are going to need them.

Mon, 02/21/2011 - 16:49 | 982710 RockyRacoon
RockyRacoon's picture

Wear your junking as a badge of honor since there is no thumbs-up button.

Mon, 02/21/2011 - 11:25 | 981583 tmosley
tmosley's picture

That is a default.  The market would explode.

There is no changing the laws of nature.  It doesn't matter how much fiat you print, you can't turn cotton into silver.  The tide does as it will, regardless of what the king orders it to do.  The best he can do is order a seawall be constructed, but with so little real capital (in this case silver), they can't hold it for long at all, and any attempt to do so will only make the coming disaster all the more destructive for them.

Mon, 02/21/2011 - 11:05 | 981505 Motorhead
Motorhead's picture

You mean the Europeans aren't blaming this on the weather? 

Mon, 02/21/2011 - 11:05 | 981506 boricuadigm-shift
boricuadigm-shift's picture

Anyone noticed the spread between SLV and Silver spot?  The usual gap has been .75c to .85 cents.  The price at 10:04am os silver sport is 33.64 and SLV 31.91.  Huge GAp.


yours Truly.

Mon, 02/21/2011 - 11:07 | 981516 camoes
camoes's picture

US markets closed for today SLV will go ballistic tomorrow...

Mon, 02/21/2011 - 11:10 | 981524 chubbar
chubbar's picture

The exchanges are closed aren't they? That would explain the gap if SLV isn't trading today. Tomorrows open will gap up to cover the arbitrage.

Mon, 02/21/2011 - 11:06 | 981509 camoes
camoes's picture

Ok people we are breaking ridiculous speed, my brain is going to my feet!...are we seeing commerical signal failure in process???

Mon, 02/21/2011 - 11:06 | 981510 camoes
camoes's picture

33.730 SI march contract...

Mon, 02/21/2011 - 11:13 | 981540 Hearst
Hearst's picture

It would appear that the immediate resistance that keeps Silver in relative check is breaking down.  If we can get a close over $34 before London markets close I'd say the short squeeze we've been waiting for has arrived.

Mon, 02/21/2011 - 11:10 | 981515 falak pema
falak pema's picture

@NotApplicable : My point is made very clearly by others for turning the market around with a strategic partner like JPM. The big guys gang up when the market is on a high roll and they flip it over. Ok for those who short, get out with their wins. Too bad for those still in the roll when it reverses. You then win in a meltdown scenario. The little guys get cleaned out.

Mon, 02/21/2011 - 11:08 | 981517 silvertrain
silvertrain's picture

gold-silver ratio now below 42...

Mon, 02/21/2011 - 11:14 | 981538 camoes
camoes's picture

Buying some NG contracts with my silver commoditiy to go ballistics should be nat gas with oil going up like this, never been cheaper...Rick Rule agrees with me...

Mon, 02/21/2011 - 11:58 | 981661 camoes
camoes's picture

Just to be clear, not selling my silver, just buying nat gas with my new expanded margin limits gone ballistic along with silver,gold,commodities anything that not the dollar...

Mon, 02/21/2011 - 11:15 | 981544 SPACEPETE2000
SPACEPETE2000's picture

 I just pulled my silver out . I love to touch it as its going up :)I'm going to dump my copper stock though . ca:cum .

Mon, 02/21/2011 - 11:16 | 981548 Overflow-admin
Overflow-admin's picture

Nice BoS starting to show: last uptick @ 33.78


Well, what are waiting Blythe minions?

Mon, 02/21/2011 - 11:16 | 981549 JarrettMD
JarrettMD's picture

They'll just get bailed out since the are TBTF. Another screw to the tax payers.

Mon, 02/21/2011 - 11:16 | 981551 lawrence1
lawrence1's picture

CNBC is running the gold price along the top of their screen but not the silver price this morning. What a whore house. No, far worse, whores provide a honest service, not disinformaion. Fuck everything on Wall Street.

Mon, 02/21/2011 - 11:18 | 981559 The Count
The Count's picture

You got that right buddy! What a scam Wall Street has become... under the eyes of our beloved politicians. So fuck them too!

Mon, 02/21/2011 - 11:21 | 981565 Hearst
Hearst's picture

While Gold has somewhat retaken its rightful preception of being money, Silver will be looked at as only a commodity by organizations like CNBC.  That is in my opinion why Silver will be the clear winner.  By the time the masses figure out that Silver is a better buy there wont be any left to buy!

Mon, 02/21/2011 - 11:31 | 981604 SPACEPETE2000
SPACEPETE2000's picture

Gold is the currency of kings . Silver is the currency of gentlemen and debt is the currency of slaves .

A couple of years from now it will cost 3-4 silver maples to get the furnace fixed . Which is the cost now . but in paper terms it will be 10 billion dollars or your wife is going to have to have sex with him - twice . 

Mon, 02/21/2011 - 11:22 | 981575 SPACEPETE2000
SPACEPETE2000's picture

You have to remember , its only a half day of trading . The volume is light .I bought Copper Mountain minning at $2.20(can) (tsx cum )last spring . Its just under $7 now but its falling . Copper won't keep pace with silver , at some point it will go contra because high comodity prices will slow down India and China .

 It won't be long now before we see a drop in the market .

Mon, 02/21/2011 - 13:26 | 981982 Dr. Gonzo
Dr. Gonzo's picture

I noticed that too. Silver doesn't exist in the land of CNBC...only gold and they report on it like it's not money but a post apocolyptic trade only for if we ever go back to the stone ages. Makes people not want it because they've been programed to assosiate it with cavemen and Mad Max scenarios. So many people have told my that if gold becomes valuable and the dollar worthless than it won't matter anyway. Everyone will be in the same sinking boat. Fuck that. The people with PM's will be a thousand times better off than the people with paper.

Mon, 02/21/2011 - 11:23 | 981578 Marge N Call
Marge N Call's picture

I got into AGQ about 4 weeks ago. I am buying OTM calls on SLV tomorrow. It may be time to go all-in for the next 2-4 weeks and get the hell out before the requisite pullback scorches the longs for fun.

Mon, 02/21/2011 - 16:53 | 982728 RockyRacoon
RockyRacoon's picture

Paper trading... such fun.

Mon, 02/21/2011 - 11:27 | 981587 SPACEPETE2000
SPACEPETE2000's picture

I'm glad they're not showing the price on tv or that average people are not talking about it . Its a sign that its not a bubble , its just getting started .Beware of buying so-called stackable silver . My buddy got some and the edges are worn and chipped .

Mon, 02/21/2011 - 11:36 | 981617 Overflow-admin
Overflow-admin's picture

Dear Mr. Bernanke,

I see that currently our manipulation scheme - notably on silver - can't stand anymore. As you constantly repeated that you had a plan, that you can handle everything in 15 minutes, I think it's time NOW.

Please help us Mr. Bernanke, you're our last resort.

Blythe et al
The Evil Empire

Mon, 02/21/2011 - 11:52 | 981635 gwar5
gwar5's picture







Mon, 02/21/2011 - 11:49 | 981639 web bot
web bot's picture

So... as we see margins becoming squeezed and corporate earnings start to fall because of the past through of inflation, we're likely to see the markets tumble.

In the event that we see a correction, what happens to PMs?


Mon, 02/21/2011 - 11:50 | 981640 FoieGras
FoieGras's picture

What if we price it in Yen? Or better yet: Iceland Krona?

I don't understand what sense these comparisons make.

Mon, 02/21/2011 - 11:51 | 981642 lunaticfringe
lunaticfringe's picture

I can make no better case for internet porn or the gay lifestyle- than this.

It's the east end of Bourbon St. for me!

Mon, 02/21/2011 - 11:53 | 981648 ArkOmen1
ArkOmen1's picture

Methinks I hear the sounds of horns blowing and horses galloping in the distance!

Mon, 02/21/2011 - 12:19 | 981734 Trifecta Man
Trifecta Man's picture

There were no euros in 1980.

Mon, 02/21/2011 - 12:42 | 981806 PulauHantu29
PulauHantu29's picture

Those who predict $250 oil....$6 gas...$5,000 gold may be right.

I refurbished by bicylce and old motor scooter from college days just in case.

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