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Presented without comment - but plenty of incredulity...
Chart: Bloomberg
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High Low High Ho Silver Away!
This sucks! If they can no longer hold the price down for more than an hour, then how am I going to keep aquiring silver for pennies on the dollar?
Jump motherfuckers, Jump!
I will be selling "Parabolic or Bust" T-Shirts in the lobby after the show.
I'll get my bonus in 4 weeks. I hope they blowtorch silver to 25$ by newyear so I can load up cheap :)
you were saying the exact same thing 12 months ago!
who would have thought you'd be able to do this one more year?
I buy every month for the last 4 years :)
and I always hope every month they bazooka it :-)
Maybe some PM bugs can explain:
I bought a tube of physical yesterday, with no regard as to price as it will be stored as my continuing hedge (for better or worse). This price movement, since I don't trade in paper/algo's has zero impact on me, even if I paid a little more/less. Or does it? Even if it's manipulated, which many have made great arguments for, what does it matter to those who physically possess the PM? It's supposed to be a hedge against government/global stupidity yes? For the sake of argument, given the price is manipulated, isn't the burden of those trading in paper the fault of their own and get what they deserve for "trading" in the PM markets?
Yes.
1) No affect, just opportunitry to grab more.
2) It matters because the manipulation cannot go on forever and when (not if) it ends, you will be very happy you own the phyzz.
3) Yes, and governments and their citizens are generally very, very, stupid.
4) Yes, and as our beloved Trav used to say, the paper players will known as bagholders when (2) takes place.
It's simple: one can either save in Real Money, or die a slow death in paper.
Precious metals ownership is NOT an investment, it's the way to save your wealth in a form that cannot be debased over time into oblivion. Who cares about short term noise and paper price dips? They are buying opportunites and nothing more.
Except to Orly of course.
The paper and physical markets should be separated and whoever sells and buys physical should make that happen without any reference to "spot" BS. The F'n thing is a commodity like shoes. There is no "spot" shoes. However sometimes you do have to scrape the Jamie Dimon off of them.
Looking forward to the December deliveries . . . enjoy, Blythe.
Place one silver eagle (or libertad, or philharmonic, or whatever) on the table before you. Observe it carefully throughout the next paper price gyration. Note and record any changes in the metal. Put the coin back where it belongs. Enjoy the rest of your day.
Just for fun... When that happens, I get out a set of clippers and clip little bits around the edges, then save the shavings in a separate scrap pile & pretend I'm a master of the universe paper trader...
+1 for the scientific method
Thats a rather small move down 1-1.5%? Normal patterns.
Hey eveyone ,want a good laugh?
Have a look at kitco's silver lease rate chart for oct 29th.
The lease rate went to ZERO for all month leases,the data shwed it but the chart did not,so i contacted them and they made them match(the chart and the data for it).
Now the zero rate that was on the chart for the one year silver lease rate has been "vaporized" and no longer shows the drop of the one year lease rate to zero.
Kitco is very deceptive on this chart.
If you want a good laugh watch them and see the bullshit Jon and the crew pull.
You would almost think they were Anti-Gold....
Ps....Fuck you Jon.
Stopped checking the charts months ago.....it was obvious.
But Orly and SilverDosed say we're stupid if we don't follow all the charts.
Why I read his Monday article I dont know. Same old crap, Spot gold opened lower drivel drivel drivel, silver next support at $26 drivel drivel drivel. The guys a crony and has been spewing the same crap since I can remember. I remember when I started stacking and read one of his articles. I thought hmmm thats a bit negative and carried on stacking. Don't know how yopu sleep at night but I hope its not for long!
KITCO- the PM dealer that despises its own products and customers.
"We here at Kitco invite you to come on down and lose your ass on PMs with us!"
They were being investigated for some sort of tax fraud, then the story went away.
Gangsters will understand the implication.
Conax, I have had several lengthy email exchanges with that infuriating, absolutely dishonest and utterly arrogant Jon Nadler, and they were revealing in the extreme. The man is without any doubt an agent of the big banks and a defender of everything pro-status-quo in the financial and political realm, a classic Quisling to our financial overlords. His every argument downplaying and attacking gold (and his "Radical Goldbug Extremists") was laughable in its desperation and absurdity --- the man literally does not understand the first elements of logical argument or analysis, and it is no surprise to me whatsoever that this snake Nadler has NEVER been willing to publicly debate Peter Grandich or any other pro-gold advocate: because he knows that he would be shredded to ribbons. Paper ribbons.
So... it's true then. What a bum to have hanging around a big dealer. A dead rat tossed into the well, as it were.
Thanks for the info.
Conax, here is a link to a forum thread which contains a section of one exchange I have had with Jon Nadler (and not even the most egregiously idiotic one, either):
http://forums.silverseek.com/showthread.php?8632-The-Idiocy-of-Jon-Nadle...
(Go to the bottom of page 2 of the thread for the email exchange)
And here are some other links to articles slamming the widely (if not almost universally) recognized dishonesty and propagandistic pro-bankster, anti-gold sentiments of the Nadlersnake:
http://www.tomaveni.com/Commentary/Nadler-01.htm
http://www.silverdoctors.com/jon-nadler-of-kitco-turns-up-the-bearish-he...
http://silverenthusiast.com/grading-jon-nadler/
http://silverenthusiast.com/kitcos-nadler-problem/
I am laughing my head off right now.
It is a 1% move...like no one has seen brutal 1% moves before...
Keep those markets up. Can't have deflation.
It's funny to watch the USD pop and then slide while the Yen, Euro, Pound slide and the pop. The Yen has been doing a lot of the heavy lifting as of late.
A weak US Dollar keeps these commodities and market indexes up. And a weak US Dollar is held down by a strong Euro, Yen and Pound - representing three gongshow economies.
it is a 1% move...tyles makes it sound as if these moves are abnormal...
and what's up with UNG?
and every time JPM dumps the silver price the Chinese buy and thank JPM for being so helpful by suppresssing the price so they can buy cheap....
Make that the Chinese.. and me!
Yep. Still shiny.
I bet those green boxes don't give a shit...
Even the Honey Badger owns physical silver, he's a badass...
we few, we happy few, we band of silver holders . . .
Silver Bitchez
Late to the party, all the good comments are taken, but last night and through the wee hours it looked like a short covering algo was running.
I would like to point out how ridiculous it is that the price of 'silver' is the same as it was in February 2011. IOW, ludicrous. They keep this up they will run out the physical and get caught short.
Physical inventory shortage started on Apr 2011 and still exist. Our generic silver products (Non-GD) are flying off the shelves. Too much paper around. There will be wake up call at some point of time. Nobody knows when.
Just wait, then. It gets worse. Much, much worse.
Guess how many OTC sillver derivatives are getting priced off the average futures today?
That's leverage baby.
Also, how long can silver miners like Dia Bras and Coeur de’ Alene use creative accounting to indicate essentially negative cash cost of pulling the stuff out of the ground at the current "price" and how long will shareholders let these companies get away with this BS?
Everyone comes down on "The Cartel", JPM, now Citi, etc. for manipulating metals prices. I think it's safe to say that the executives/boards running some of these companies can bare more than a little blame too?
You mean like Barrick Gold the poster child of deception, corruption and fraud?
A den of theives led by the evil snake himself, Peter Munk.
Just noise.
Long haul for the win.
Someone's making a lot of money roundtrip, but then again I suppose one can make huge sums of money if one controls and manipulates the markets.
You never know when it is round trip or one way road :)
I find this puzzling. Precious metals have only notional, traditional value. They have no real meaning in a modern economy.
+1 for the laughs..
We hate you for your beard.
Just started my stack.
Thanks to everyone on this site for opening my eyes!
The beard does help with my credibility. It increases smugness 10%, and condescension a whopping 11.4%.
Pay no attention to that man behind the curtain...making 10% profits each day pulling the strings...
My seat is in the upright and locked position. Unfortunately.