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The Precious Metals Morning Slam Is Right On Schedule

Tyler Durden's picture




 

As noted yesterday, the paper precious metal 'slamdown' window remains open for another two hours as Gold trades under $1600 and Silver below $29. In other news, US Mint reported February physical gold and silver sales through yesterday have already surpassed the 2012 February total.

 

 

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Wed, 02/20/2013 - 10:51 | 3259161 Lost Wages
Lost Wages's picture

I'm buying more silver on Friday. I'll give it a few more days for them to really bitchsmack the life out of it before options expiration on Monday.

Wed, 02/20/2013 - 10:58 | 3259201 nope-1004
nope-1004's picture

COMEX war against open interest, that's all.  Trying to get holders to pitch.  This is nothing new, and about as far from underlying fundamentals as can be.  But then, so is this entire experiment.

 

Wed, 02/20/2013 - 10:59 | 3259207 Comay Mierda
Comay Mierda's picture

exactly, thought about buying calls two weeks ago until i saw the massive open interest relative to puts.  these slamdowns are becoming so predictable

Wed, 02/20/2013 - 11:03 | 3259222 nope-1004
nope-1004's picture

But what's different is that holders aren't pitcing.  During these slams, OI has been actually going up!  So the price controls aren't working and this is getting really serious for the COMEX criminals.  Whoever is buying is big and is aware of the game and pushing JPM and HSBC to the brink.  This is getting good.....

 

 

Wed, 02/20/2013 - 11:05 | 3259247 WayBehind
WayBehind's picture

Gold is on sale? I liiiiike it! Time to load the truck again!

Wed, 02/20/2013 - 11:11 | 3259287 Middle_Finger_Market
Middle_Finger_Market's picture

Mad money bitchez! There is a hypothetical war playing out in the pm market hear my words.

Wed, 02/20/2013 - 11:23 | 3259351 Middle_Finger_Market
Middle_Finger_Market's picture

Do you remember Goldman et als forecasts for gold year end 2012? Do you now see? Spot prices are for dummies. 

Wed, 02/20/2013 - 11:26 | 3259371 Middle_Finger_Market
Middle_Finger_Market's picture

All the gold and silver on the surface (and in the ground) is accounted for over and over and over and over and over and over and over and over and over and over and over again! 

Wed, 02/20/2013 - 11:36 | 3259423 Chuck Norris
Chuck Norris's picture

Million Dollar Bonus was right.  Sigh...

Wed, 02/20/2013 - 11:43 | 3259465 Papasmurf
Papasmurf's picture

That would be a contrary indicator to buy, buy, buy.   Sort of like the shoe shine boy telling you to buy RCA and other "tronics".

Wed, 02/20/2013 - 12:01 | 3259571 strannick
strannick's picture

Jail Bart Chilton.

THe corrupt CFTC wont declare this regularly timed, exploded OI, concentrated short as manipulation.

 

Wed, 02/20/2013 - 12:47 | 3259814 Au_Ag_CuPbCu
Au_Ag_CuPbCu's picture

Damn I hate how impatient I am.  I friggin bought yesterday…

Wed, 02/20/2013 - 13:10 | 3259906 MrBoompi
MrBoompi's picture

At these prices I don't think you could really make a mistake now.  I'll probably wait too long to order....but even then it'll be a good "investment".   Is it just coincidence we've seen the prices slammed after they sold out of silver eagles last month?  I seriously doubt it.  Now I think the cartel just wants to rub peoples' noses in it while they can.

 

 

Wed, 02/20/2013 - 13:36 | 3260056 kralizec
kralizec's picture

Agreed, I bought more, I'll buy some more, damn right I will!

Wed, 02/20/2013 - 14:11 | 3260260 nope-1004
nope-1004's picture

Last fall, premiums at the place I buy were 5.5 % over spot.  In Jan they were 7.5% over spot.  Yesterday after the slam they were 9% over spot.  Today (as of 5 mins ago) they were 12% over spot.

There is no bad time to buy at the lower end of this channel.  Buy physical, hold, sit tight, and wait the criminals out.  Something big is coming and something has to happen as far as a movement or policy change.  Status quo for Bernocchio is not working.

 

Wed, 02/20/2013 - 15:17 | 3260631 James_Cole
James_Cole's picture

"Last fall, premiums at the place I buy were 5.5 % over spot.  In Jan they were 7.5% over spot.  Yesterday after the slam they were 9% over spot.  Today (as of 5 mins ago) they were 12% over spot."

Wow are you getting ripped off! I can buy bars ~2% over spot right now in gold and silver at my usual local bullion dealer. 

When I buy I just walk in the door, but they also operate a shipping company with elevated prices:

http://www.bordergold.com/products.php 

12% over spot is criminal!

Wed, 02/20/2013 - 18:01 | 3261256 nope-1004
nope-1004's picture

Yes, 12% over spot is criminal.  I followed your link and went to the Border gold site.  Right now they are showing 1 oz silver maples for 11.2% over spot.  Show me 2%???????

Border gold 100 oz silver bars are selling right now for 6.4% over spot, according to their website.

Last time I bought from Border Gold they didn't have it in stock and ordered it directly from the mint (maples).  60 days later it arrived...... Never again.

 

Wed, 02/20/2013 - 18:41 | 3261347 James_Cole
James_Cole's picture

You can't compare the mark up on the maples vs. spot price. The maples are already priced differently to spot, the spread on their maples is $1.50. Why people buy maples (other than lack of funds) is beyond me, but to each his own. 

I was talking about the bars, which are marked up ~4% to spot.

I wouldn't buy phys online either, I just thought since you were getting hammered so hard on the mark-up from wherever you were buying you could at least get a reasonable price from BG. 

I just noticed you wrote that their mark up on their bars is 6.4%, you must not have it all in USD

One last thing, the 10oz gold bars are ~2% over spot which is what I'd expect. 

Wed, 02/20/2013 - 20:47 | 3261763 nope-1004
nope-1004's picture

Yes, was referring to silver.  Right now with GSR over 53, I'm buying silver.  When it goes to 32 range, I'll trade in my silver for gold.  Right now is not the time to buy gold if faced with a choice, IMO.

 

Wed, 02/20/2013 - 12:21 | 3259680 Boris Alatovkrap
Boris Alatovkrap's picture

BTFD

Wed, 02/20/2013 - 13:26 | 3259995 caconhma
caconhma's picture

Any fiat comes to the end (sudden and substantial loss of its value) when there are no takers willing to accept fiat in exchange for underlining hard assets. This goes for US$ (as the reserve currency) or gold or any other hard assets.

Speaking about gold, the paper-gold system collapses the moment when holders of fiat paper-gold become concerned about security and/or value of their paper-gold holding and want to exchange their paper-gold for physical gold. This exchange process cannot occur due to the nature of fractional fiat creation when fiat paper-gold quantity enormously exceeds the amount of physically available gold assets.

At the moment, China reluctantly supports fiat US$ since this reserve currency is used by Chine to acquire hard assets (oil, gas, copper, and other commodities). At the same time, the use of US$ heavily taxes China's economy. Consequently, China intend to stop using US$ in their foreign trade.

Price of Gold Dynamics

There is fiat paper-gold and there is physical gold.

We were told all these hyper smart and complicated theories about price of gold. But somehow all these theories are close to useless since there is no guidance to explain the current price and/or predict future gold price.

Well, regardless what someone might say or do there no way to change the Law of Nature or fundamental laws of economics. Specifically, nobody can abolish the law of Supply and Demand regarding to gold. In other words, if gold could be mined in quantities and at the cost of copper or bronze, gold would not be much more valuable than copper or bronze. It is that simple.

Now, let us look at gold supply. Approximately, 2,500 metric tons of gold is annually mined all around world. Presently, private buyers in China and India buy approximately 1,100t of gold.  China mines and keeps its 320t of gold. Therefore, there are ~1,000t of physical gold left for the rest of world including world central banks to accumulate.

As the printing of fiat reserve currencies continue, inflation around world will accelerate creating a strong physical gold accumulation particular in Asia. Consequently, even a very minor run for physical gold will lead to a forceful sale by central banks to prevent a panic. This is when fiat-paper gold will collapse creating a worldwide run for physical gold. I thing we are not too far away from this point.

Wed, 02/20/2013 - 11:46 | 3259444 SafelyGraze
SafelyGraze's picture

dear nank,

hows it going. everything good? ok.

here's the thing. people are loading up with metal. that's just how it is. 

so here's what you're going to do. you and mister loo are going to work together to jack up prices on the metal assets. 

he said "mister loo would jack"!

no playing around here. factor of 100, nank.

wealth effect.

people are going to generate economic activity like you wouldn't believe.

an ounce at 150k. are you reading me nank? an ounce. 

it would buy a house. it would start a business. 

150k for an ounce, nank. real estate prices to the moon. mark-to-market again. solvent banks. mbs rocket.

free the ounce, nank. stimulate the boom. let the horses run free.

the ounces will once again flow. maynard envisioned it. you can make it happen.

velocity, nank. hot, flowing ounces.

organic, liquid, mobilized, slippery, shiny, endogenous, circulating ounces.

just think of it.

and then please clean up after yourself. 

 

Wed, 02/20/2013 - 12:10 | 3259627 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1

Very creative!  I would take $150,000 / oz...

Wed, 02/20/2013 - 17:37 | 3259707 SafelyGraze
SafelyGraze's picture

exactly!!!

and with that 150k you'd buy that car and that boat and that big screen tv and hookers and blow and an apple trinket.

NANK! take note, buddy! the wealth effect can be had right here right now.

he said "note"

Wed, 02/20/2013 - 22:27 | 3261986 Long_Xau
Long_Xau's picture

I'd pay for a boat even now... I really need it for boating accidents!

Wed, 02/20/2013 - 23:12 | 3262097 thisandthat
thisandthat's picture

You guys are just too cheap - 1T$/oz is the exact platinum convertible, market value, once you factor in US national debt (or so I've been told...)

Wed, 02/20/2013 - 11:43 | 3259462 eclectic syncretist
eclectic syncretist's picture

SLV jan 2014 open call volume = 365,844

SLV jan 2014 open put volume = 198,866

Almost a 2-fold call/put volume

Wed, 02/20/2013 - 12:00 | 3259560 LawsofPhysics
LawsofPhysics's picture

Indeed, paging Eric Sprott, care to comment on PSLV?

Wed, 02/20/2013 - 13:07 | 3259896 Mugatu
Mugatu's picture

You can keep buying at lower levels each day, but your losing money each day too.  Weeks ago I hedged my phys gold position by buying a 3x Inverse ETF Bear Miners Fund (DUST). Now, I will have huge buying power as this move bottoms out.  Still time to hedge, as we at least are falling to 1500 (but probably will go to 1300).

When I back my truck up this time, it will be a very big truck - not a pickup.

Wed, 02/20/2013 - 13:39 | 3260077 Likstane
Likstane's picture

Good for you.  I prefer to keep my shiny stuff where I can see it...in the surf next to the Bainbridge ferry.   

Wed, 02/20/2013 - 11:17 | 3259255 GetZeeGold
GetZeeGold's picture

 

 

Your freshly printed QE tax dollars at work......it's the only plan going right now.

Wed, 02/20/2013 - 11:24 | 3259358 AllThatGlitters
AllThatGlitters's picture

I don't have to pay my taxes for another few months. I'll buy the silver smash and file for an extension.

Look at Spot Silver real time as it prepares to bounce: http://www.pmbull.com/silver-price/

 

Thu, 02/21/2013 - 11:22 | 3263258 El Diablo Rojo
El Diablo Rojo's picture

no way dude.  compare to NWTMINT.com   Look at the buffalo 1 oz. rounds on PM Bull vs. the Pan American rounds on NWT mint.  At least a dollar more per round on PM Bull.  Also the free shipping kicks in with a lot smaller buy on NWT mint @ FREE in the continental US.  $2500 buy before free shipping on PM Bull.

The downside on NWT Mint is that it's 8 weeks out.  Not sure about the lead time at PM Bull. 

Wed, 02/20/2013 - 11:08 | 3259262 one-in-nine
one-in-nine's picture

Harvey Organ at

http://harveyorgan.blogspot.com/ tracks this daily.  It looks like a big player or players are loading up on the silver raids increasing the open interest -- not exactly the desired effect the raid is supposed to produce.  One of these days it will turn up and all hell will break loose. 

Wed, 02/20/2013 - 11:13 | 3259298 Pegasus Muse
Pegasus Muse's picture

This might give you some fresh insights into the machinations and manipulations in the gold and silver markets.

 

This is work is right up there with G. Edward Griffin's Creature from Jekyll Island and similar works in terms of peeling back the layers of government disinformation, propaganda and criminality to reveal what could be at the nasty core of it all.

==========

Eric DeCarbonnel’s presentation on the US Treasury’s ESF based on his extensive research. Part 5 gets into what he describes as the Deflation Myth.

http://www.dailymotion.com/video/xn4a62_exchange-stabilization-fund-parts-1-to-4-eric-decarbonnel_news

http://www.dailymotion.com/video/xn4i9o_exchange-stabilization-fund-part-5-eric-decarbonnel_news


• The Exchange Stabilization Fund (ESF) was created (without oversight) by Congress in the 1930s to ensure support of the Dollar. It has done a lousy job of what it was supposed to do, as the Dollar has lost almost all its value.
• The ESF was put in the hands of the head of the US Treasury and the US Treasurer has absolute power to do what he wants with the fund.
• As a result, the ESF has acted as a giant slush fund that has funded the growth of the American Empire over the past century against the will of both Congress and many bankers in private industry.

See more: http://www.thedailybell.com/3343/Fearfully-the-US-Treasurys-Secret-100-Year-Old-Fund-and-Its-Dark-History-Has-Been-Exposed-

 

Wed, 02/20/2013 - 12:40 | 3259779 Bay of Pigs
Bay of Pigs's picture

+1 Great stuff. Thx...

Wed, 02/20/2013 - 11:10 | 3259277 scatterbrains
scatterbrains's picture

Wait till they jack margins sky high.. peeps will start capitulating into the waterfall which will be a glorious buying opportunity

Wed, 02/20/2013 - 12:05 | 3259595 disabledvet
disabledvet's picture

Exactly. "they're lowering them you dope." Gold...and now even silver apparently...are flooding into the US market. One does not manipulate these prices lower...only the market can do that. If oil starts flooding in too "watch out below." natural gas still looks like a good trade because so much is wasted....but if "printed solar panels" is for real then even that looks vulnerable.

Wed, 02/20/2013 - 13:59 | 3260195 dow2000
dow2000's picture

They are lowering them to encourage buying by US citizens, after that confiscation.

Confiscation conversion price: $250/oz for Gold, $4/oz for Silver. 

You lose, socialism wins!

Wed, 02/20/2013 - 11:23 | 3259354 seek
seek's picture

My thoughts are similar. If the buyer actually wants the gold and positively won't settle, we could be looking at another MFG incident shortly.

I think it's worth keeping an eye on the COMEX inventory. Also, if this works for the buyer, it's blood in the water to the sharks, which is no doubt one reason they're slamming so hard. I don't think they've run into that many outside of the MFG situation where the buyers absolutely wanted the gold no matter the cost.

Wed, 02/20/2013 - 11:36 | 3259422 youngman
youngman's picture

I think this is how it will implode...think China buying most of the OI......and asking for delivery on all of it....that would crush the game....

Wed, 02/20/2013 - 11:08 | 3259264 ParkAveFlasher
ParkAveFlasher's picture

Hey guys, you really have to stop all this buying of physical PM.  All the manipulation is so that Chinese - NOT American - citizens can afford gold. 

Wed, 02/20/2013 - 11:15 | 3259300 one-in-nine
one-in-nine's picture

Yeah, it's too bad.  I don't want all the metal moving to China via Hong Kong either, but I'm not the one raiding gold and silver in an attempt to force players in the futures market to liquidate.  I like the lower prices though because I'm still a buyer. 

 

It will really get ugly when those players demand delivery rather than rolling it over or taking cash. 

Wed, 02/20/2013 - 12:01 | 3259569 Alpo for Granny
Alpo for Granny's picture

Yes you are supporting the evildoing hackers by buying all of the phyzz and thus can be seen as contributing to turrism. Therefore, please turn in all of your PM's which are now considered weapons of mass destruction of the US dollar. No worries though. you will be given an equivalent amount of "Patriot Paper" aka 30 year UST's and a spiderman towel for your trouble.

 

Wed, 02/20/2013 - 11:02 | 3259229 Anasteus
Anasteus's picture

The more demand the cheaper price.

Wed, 02/20/2013 - 11:08 | 3259268 GetZeeGold
GetZeeGold's picture

 

 

The more we print the cheaper it gets.

Wed, 02/20/2013 - 11:20 | 3259336 Anasteus
Anasteus's picture

Clear message from the charitable Fed to its citizens that so few grasped...

Thu, 02/21/2013 - 10:28 | 3259561 Ag Tex
Ag Tex's picture

This is a gift to those and their families who are buying and holding physical silver and gold.  The ones buying physical precious metals today and holding for the very near future are elevating themselves to a level on par with that of aristocracy.  It is a paradigm shift.  The smallest amount of silver and gold is great wealth with very soon to be enormous purchasing power.

Wed, 02/20/2013 - 11:31 | 3259401 Cortez the Killer
Cortez the Killer's picture

What is really hilarious is all those kool aid drinkers over at Turd's site blasting "Blythe"

She and her traders must get a good daily laugh reading all that clueless BS

Here's a question for you conspiracy buffs, since Turd has been so wrong for so long, isn’t it time to consider whether he is doing "Blythe's" bidding by spreading bullish disinformation to the masses while JPM shorts into those clueless motherfuckers?

Just wondering........

Wed, 02/20/2013 - 12:52 | 3259835 Bay of Pigs
Bay of Pigs's picture

I wont junk you because its a fair question as Turds joint turned into an echo chamber when he allowed his moderators to ruin the site from healthy debate by banning people.

Turds TA work has proven almost worthless is these manipulated and controlled markets. Buying physical is the only game left. Holding miners and trading futures and options is utter madness.

Wed, 02/20/2013 - 16:40 | 3260923 Anasteus
Anasteus's picture

Absolutely. Not only Turd but every pundit and even skillful trader have proven clueless since 'the market' stopped being what it claims to be, and has transmuted into a chart dance charade driven by momentary mood, wisdom and plans of the social engineers. Crystal ball and psychoanalysis are necessary prerequisites to complete 'analyses' these days.

Turd is, at least, on the right track, which cannot be said about the myriads of pundits tweeting all over around.

Wed, 02/20/2013 - 11:03 | 3259231 AllThatGlitters
AllThatGlitters's picture

Was thinking same, but I think somebody is going to scoop it up sooner, options be damned.

Look at spot gold coiled and ready to bounce - real time: http://www.pmbull.com/gold-price/

Change that chart to 15 min and it is at the bottom of the channel.

 

Wed, 02/20/2013 - 11:14 | 3259304 azzhatter
azzhatter's picture

I just ordered some more silver eagles this morning

Wed, 02/20/2013 - 11:40 | 3259438 BoNeSxxx
BoNeSxxx's picture

Methinks these PM sales are not going to last much longer... I grabbed up as much phyzz as I could today.

Currency wars as predicted here on ZH, by Rickards, and others occurring on queue... devaluations now daily...

There my be a few more sales here in the US as the mighty dollar will be the cleanest dirty shirt during at least the entry of the global currency crisis.  But then it's Brenton Woods Part Deux time... Or not...

Wed, 02/20/2013 - 11:22 | 3259349 slaughterer
slaughterer's picture

What about the death cross inthe  gold chart? 

Wed, 02/20/2013 - 11:26 | 3259370 fuu
fuu's picture

Means moar sale! Woohoo!

No one cares dude.

Wed, 02/20/2013 - 11:57 | 3259542 TheFourthStooge-ing
TheFourthStooge-ing's picture

.

Means moar sale! Woohoo!

No one cares dude.

Exactly. Hopefully they'll slam it again tomorrow and Friday. I'll be making a trip to the coin store on Saturday.

Wed, 02/20/2013 - 12:14 | 3259644 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1   Yes, we BUYERS of PHYSICAL gold don't worry much about charts.  When I have extra money, I make similar trips to the gold (erm, coin) store.

Wed, 02/20/2013 - 13:31 | 3260027 Sokhmate
Sokhmate's picture

When I go to the coin and 'stamp' store, I buy stamps. At least I don't have to keep suffering the boating accidents.

Wed, 02/20/2013 - 11:25 | 3259364 Silver Garbage Man
Silver Garbage Man's picture

CNBC told me gold was dropping because people no longer needed a safe haven or store of weaIth, because the market is on fire! I guess that I have made a mistake. Does anyone want the 30 Freedom Girl and 30 Slave Queens I have on the way, sounds like I don't need them any more.

Wed, 02/20/2013 - 13:21 | 3259968 Eternal Complainer
Eternal Complainer's picture

Yes but what about when gold rises?
CNBS always refers to gold as a risk asset?
So lets put this in context:
When gold was rising, CNBS refers to gold as a risk asset.
When gold was falling, now CNBS say 'investors' moving away from gold because gold is safe play, a 'safe haven' ...

..I see.....hmm?

Wed, 02/20/2013 - 11:55 | 3259525 AlltheWine
AlltheWine's picture

There's a really good chance silver goes to $13-$18 this year.  Likely within a few months.

 

Wed, 02/20/2013 - 12:00 | 3259566 TheFourthStooge-ing
TheFourthStooge-ing's picture

.

There's a really good chance silver goes to $13-$18 this year.  Likely within a few months.

Fuck, I sure hope so. I'll be loading up on all I can find at those prices, provided, of course, that there is any physical to be found at that price point.

Wed, 02/20/2013 - 12:09 | 3259622 earnulf
earnulf's picture

Paper silver prices can go to whatever they want.   If the spot prices for actual physical don't move with it, all the paper holders are phucked!

Wed, 02/20/2013 - 12:14 | 3259645 Chicagomark
Chicagomark's picture

If silver gets that low and crude oil (Brent) stays above $100 a barrel, all silver production will stop. Miners are losing their asses now.

Wed, 02/20/2013 - 13:01 | 3259871 Bay of Pigs
Bay of Pigs's picture

Cost of production for many silver miners is upper $20's and close to $30 an ounce now.

At $13-18 they will go under and massive shortages will occur. I'd say well before those levels....as anything below $26 would trigger a total disconnect.

Wed, 02/20/2013 - 13:05 | 3259889 deeznutz
deeznutz's picture

According to the Chicago Tribune, The Bull Market is all but over: http://www.chicagotribune.com/business/yourmoney/ct-biz-0220-gail-201302...

Wed, 02/20/2013 - 13:12 | 3259912 Axenolith
Axenolith's picture

I think the bigger story here is that it looks like around the end of March the year to date sales will have exceeded ALL of 2012...

Ron Paul was an oracle when he got the legislation passed for making these.  The numbers match or exceed that which was minted during the era of the bimetallic system at this point.  There is PLENTY of it for a FUNCTIONAL backed system and my personal theory is that this was slipped by TPTB in plain sight so when the cows come home to roost we will have the ability to conduct business outside of their evil dystopian technocracy.

I think people are "getting it", I think liberty minded people are battening down the hatches and donning their proverbial PM life preservers. 

Thu, 02/21/2013 - 01:38 | 3262371 tekmike13
tekmike13's picture

Get ready to buy; weeks away from bottom; gold: $135, silver: $3.50

Wed, 02/20/2013 - 10:52 | 3259164 MFLTucson
MFLTucson's picture

The great American con game at the shithole in Chicago!

Wed, 02/20/2013 - 10:52 | 3259165 Debtonation
Debtonation's picture

I can't wait until the price goes negative.

Wed, 02/20/2013 - 10:56 | 3259184 tarsubil
tarsubil's picture

That'll be the time to take delivery.

Wed, 02/20/2013 - 11:05 | 3259252 tmosley
tmosley's picture

NOW is the time to take delivery.  If you don't, there won't be any left.  We don't know when this will end.

Cost averaging remains the best method.

Wed, 02/20/2013 - 12:31 | 3259279 SafelyGraze
SafelyGraze's picture

delivery??

they'll have to *pay* me before I'd take delivery for that stuff.

Wed, 02/20/2013 - 12:33 | 3259737 SafelyGraze
SafelyGraze's picture

spoiler: being paid to take metal = negative price for metal

Wed, 02/20/2013 - 11:31 | 3259399 KansasCrude
KansasCrude's picture

TMosley your prediction that the paper price is going to zero given the 2x,3x,4x whatever...increase in the green and digitial confetti is looking spot on. I just got another 30 day delay on Ag I purchased in OCTOBER from Northwest Territorial Mint.  Based on Harvey's report now up to 38.5 Tons of Gold deliveries for February on the Crimex.  Silver OI on Ag over 50,000 contracts for March and growing daily.  If they hold like the Au longs did this month I got to think end of the road for Physical Ag within 45 days or a bailout for the Crimex. 

Given the huge selloff in the Miners I am moving my IRA shares to my brokerage accounts.  Figure with the capital gains I expect to see by year end plus the carry forward losses I have on cap gains will easily offset the penalties.  Plus the draconian steps I anticipate on retirement account "gubmint management" will be mitigated.

Hanging in and still buying....

Wed, 02/20/2013 - 12:17 | 3259655 DoChenRollingBearing
DoChenRollingBearing's picture

@ tmosley

+ 1

Indeed.  They have been able to keep the physical out there (for us shrimps), yet I have to wonder what is going to happen when some of the bigger players do not want paper anymore.  Right about the same time the SELLERS of physical disappear I would imagine...

Get those Gold Eagles while you can.

Wed, 02/20/2013 - 11:05 | 3259239 EL INDIO
EL INDIO's picture

I can't wait until the price goes imaginary

(like in complex numbers)

Wed, 02/20/2013 - 11:41 | 3259454 MsCreant
MsCreant's picture

That time is now. The price is imaginary. But then again so is the entire "market" and the "e-con-omy" for that matter. Carry on, sorry to bother you.

Wed, 02/20/2013 - 11:57 | 3259540 AlltheWine
AlltheWine's picture

Price is anything but imaginary.

It is the only thing that matters and it is real.

Wed, 02/20/2013 - 11:42 | 3259458 fortune114
fortune114's picture

+1 Best. Comment.  Ever.  Of course, if that happens, we'll need new derivatives so we can speculate on the phase shifts.

Wed, 02/20/2013 - 12:09 | 3259614 Alpo for Granny
Alpo for Granny's picture

I prefer my complex number pricing as conjugate pairs.

 

 

Ag+bi

Au-bi

 

Bitchez

Wed, 02/20/2013 - 11:54 | 3259522 Bansters-in-my-...
Bansters-in-my- feces's picture

The prices usually are negative if you get to lease it.

Silver is negative lots recently.

Wed, 02/20/2013 - 10:52 | 3259166 jmcadg
jmcadg's picture

Hello Bart are you there? Bart, put that hairspray down and do your job.

Gensler you're a crook and WE ALL KNOW IT.

Wed, 02/20/2013 - 10:55 | 3259176 Cognitive Dissonance
Cognitive Dissonance's picture

Bart is part of the facade. Don't expect any resistance to come from an entity that is actually there to enable the manipulation.

It's all part of the show.

Wed, 02/20/2013 - 10:54 | 3259167 Silverhog
Silverhog's picture

None of this matters. I'm more curious about the price a year from now. 

Wed, 02/20/2013 - 11:16 | 3259316 azzhatter
azzhatter's picture

Even 3-5 years from now is what I'm looking at

Wed, 02/20/2013 - 11:58 | 3259545 AllThatGlitters
AllThatGlitters's picture

True, but this is the most violent move down since... uh.. the last smash.

So, anybody think this is the move that allows JPM to start covering shorts?

Funny thing is, I'm not seeing any capitulation.  Look at TF Metals and all-in-all, they are pretty resilient.

Negative sentiment is more reserved than prior smashes.  What's JPM gonna do if they can't get anybody to sell?  

All those shorts are gonna have to be covered somehow.  I don't think they can sit on them for a year.

Wed, 02/20/2013 - 11:00 | 3259169 fuu
fuu's picture

NEEDS MOAR DEFLATIONS!

Still very slow compared to 2009, 2010, 2011.

Wed, 02/20/2013 - 10:53 | 3259170 VonManstein
VonManstein's picture

Perfectly normal

Wed, 02/20/2013 - 10:54 | 3259171 resurger
resurger's picture

Grand ETF Sale ...

Thank you Blythe , love ya <3

keep stacking , Bitchez!

Wed, 02/20/2013 - 10:54 | 3259172 Bazinga
Bazinga's picture

BTFProlooongedD!

Wed, 02/20/2013 - 10:55 | 3259178 Madcow
Madcow's picture

folks - there is no "conspiracy" here - 

the falling PMs are signalling that the global governments and central banks are serious about reform - and will be raising taxes and cutting spending dramatically over the next few years.  

Wed, 02/20/2013 - 10:57 | 3259190 Navymugsy
Navymugsy's picture

That was pretty funny cow.

Wed, 02/20/2013 - 11:40 | 3259447 youngman
youngman's picture

It might be a horse in DRAG.....don´t eat it....EATE MOR CHIKN

Wed, 02/20/2013 - 11:43 | 3259463 MsCreant
MsCreant's picture

It did say it was a mad cow...

Pissed or insane, you decide.

Wed, 02/20/2013 - 12:36 | 3259761 Bansters-in-my-...
Bansters-in-my- feces's picture

I see Madcow has taught his Madcalves to hit the up arrow.

Is that you MDB...???

Wed, 02/20/2013 - 11:02 | 3259226 homersimpson
homersimpson's picture

Give this man 3 moos for his optimistic insight..

Wed, 02/20/2013 - 11:02 | 3259228 Troy Ounce
Troy Ounce's picture

 

 

monetise bs and you will be rich.

Wed, 02/20/2013 - 11:03 | 3259230 EL INDIO
EL INDIO's picture

You're true to your nickname !

Wed, 02/20/2013 - 11:07 | 3259260 GoingLoonie
GoingLoonie's picture

Serious about reform-----

 

Ohhhh, please don't make me laugh so hard...

I am only 61, and I remember buying gas for $.15, and my first car for $650.  Ha Ha.  Today that car is worth$15,000 and it is all original with 100,000+ miles.

 

Reform.....Ha Ha Ha, oh please stop.......

Wed, 02/20/2013 - 11:16 | 3259314 JustObserving
JustObserving's picture

US debt and unfunded liabilities increase by $8.35 trillion a year.  That can never be fixed by raising taxes and cutting spending.

Default or hyperinflation is the only solution.

Wed, 02/20/2013 - 11:27 | 3259378 agent default
agent default's picture

Cutting spending and raising taxes is a recipe for disaster.  If they decide to cut spending and taxes I would be worried about the PMs but raising taxes while cutting spending? Given the debt levels, that would lead to instant collapse of what is left of the real economy.

Wed, 02/20/2013 - 11:46 | 3259475 eatapeach
eatapeach's picture

You channeled MDB.

Wed, 02/20/2013 - 15:40 | 3260734 jumbo maverick
jumbo maverick's picture

I don't think I've ever given anyone a down arrow here but I had to give you one for that comment.

Wed, 02/20/2013 - 10:55 | 3259179 Sudden Debt
Sudden Debt's picture

oh well... my options are dead in the water... might as well buy some silver at the end of the month to feel better :)

Wed, 02/20/2013 - 11:01 | 3259220 EL INDIO
EL INDIO's picture

Sorry but you deserve it man.
You’re helping this shit to go on by participating in paper scam.
Just buy the real stuff God damn it !

Wed, 02/20/2013 - 11:26 | 3259374 Sudden Debt
Sudden Debt's picture

I shouldn't drink...

I shouldn't smoke...

I shouldn't cheat on my wife...

I shouldn't drive to fast...

I shouldn't act like I work hard...

I shouldn't blog like half of the day during working hours...

YOU'RE NOT MY DAD!!!

 

Wed, 02/20/2013 - 13:50 | 3260143 Likstane
Likstane's picture

How do you know?

 I see a resemblance.

Wed, 02/20/2013 - 13:02 | 3259878 Acet
Acet's picture

I can give you the link to my supplier of physical PMs in Holland if you want to get the real peace of mind that comes from holding the actual commodity in one's hands. Their premium is pretty tight too (in Gold, Silver has the problem of having VAT charged on it in most of Europe except Germany).

Wed, 02/20/2013 - 10:55 | 3259181 AndItsGone
AndItsGone's picture

The only way to make money on long timescales is to buy what the government wants you to sell and sell what the government wants you to buy.

Wed, 02/20/2013 - 10:57 | 3259185 slaughterer
slaughterer's picture

Say goodbye to 1600/30 for the rest of your lives.   Time to join Team Blythe. Donning monkey suit right now. 

Wed, 02/20/2013 - 11:00 | 3259212 fonzannoon
fonzannoon's picture

Pussy.

Wed, 02/20/2013 - 11:01 | 3259224 fuu
fuu's picture

Feels good sometimes doesn't it?

Wed, 02/20/2013 - 11:07 | 3259257 fonzannoon
fonzannoon's picture

yes.

Wed, 02/20/2013 - 11:04 | 3259240 slaughterer
slaughterer's picture

Team Blythe is winning.  Team anti-Blythe is losing. 

What makes financial sense?

Wed, 02/20/2013 - 11:13 | 3259296 fonzannoon
fonzannoon's picture

Cat and WMT make sense to me. That and some patience.

Wed, 02/20/2013 - 11:32 | 3259406 Sleepless Knight
Sleepless Knight's picture

There is a difference between winning the battle and winning the war.

Wed, 02/20/2013 - 11:58 | 3259555 Overfed
Overfed's picture

This shit ain't over by a damn sight.

Wed, 02/20/2013 - 11:05 | 3259243 Central Wanker
Central Wanker's picture

You're predicting quite short lives for us...

Wed, 02/20/2013 - 12:06 | 3259603 PAWNMAN
PAWNMAN's picture

Your basing your comment on what exactly? Are you another schmuck suggesting new found discipline from our beloved Fed and Congress dispite any evidence of such? You have to check out www.cnbc.com my friend.

Wed, 02/20/2013 - 10:57 | 3259187 jimijon
jimijon's picture

They just handed me my ass as I bought a bunch of calls yesterday. Why o why do I always keep trying to stop the falling knives of silver? Sigh...

Wed, 02/20/2013 - 11:01 | 3259216 EL INDIO
EL INDIO's picture

Sorry but you deserve it man.
You’re helping this shit to go on by participating in paper scam.
Just buy the real stuff God damn it !

Wed, 02/20/2013 - 11:11 | 3259286 Al Huxley
Al Huxley's picture

Exactly.  If the retail crowd exited the market (and especially the paper metals market) and just bought the actual metal (apparently happening more based on mint sales figures) this game would be over fairly quickly due to inability to deliver.  There's approximately 1 oz gold for everybody on the planet, and at current silver mine production rates of 770 million oz/year, one new oz per person every 9 or 10 years.  Not to hard to buy at least ONE oz of real silver as insurance against all the government paper floating around these days.

Wed, 02/20/2013 - 11:02 | 3259227 Al Huxley
Al Huxley's picture

You should avoid playing in the paper casino, especially on the 'buy' side in the options market.  The 3 card monte games on the street are less rigged.  Just buy the actual metal and put it in a drawer somewhere - it's no stress, never moves unless you move it, never expires, and you never get fucked by arbitrary moves in 'implied volatility'.

Wed, 02/20/2013 - 11:16 | 3259320 dogbreath
dogbreath's picture

Is your broker in Belize or Costaa Rica.   The week before last I had a bunch of calls from different brokers all based off shore that wanted to sel me PM options.   I hadn't heard from these guys in months and then blam three calls in one day from different brokers. 

Wed, 02/20/2013 - 11:45 | 3259473 fortune114
fortune114's picture

Try a straddle next time!

Wed, 02/20/2013 - 10:57 | 3259189 PAWNMAN
PAWNMAN's picture

Meanwhile, in New York, the stock market simply refuses to go down in spite of lousy fundamentals. How can anyone possibly trade this shit?

Wed, 02/20/2013 - 10:58 | 3259198 devo
devo's picture

Momentum.

Wed, 02/20/2013 - 11:01 | 3259223 resurger
resurger's picture

There is a 99.99% chance that the Algo's will sniff your stop/loss orders

Wed, 02/20/2013 - 10:57 | 3259191 EL INDIO
EL INDIO's picture

This is probably the last buying opportunity at these levels.
I bet, within six months, we will have new all time highs.

Wed, 02/20/2013 - 11:19 | 3259332 dogbreath
dogbreath's picture

I don't agree.  There could be a 2008 style event before the PMs appreciate significantly.  

Wed, 02/20/2013 - 10:57 | 3259193 LawsofPhysics
LawsofPhysics's picture

SALE, bitchez....

Wed, 02/20/2013 - 10:59 | 3259195 pupton
pupton's picture

I can do this all day.  Since I stopped pissing money away into a 401k/IRA the banksters will confiscate someday anyway, I have lots of extra money to pour into silver on the dips.  Take it back down to $26 please bitches.

I like that they are putting silver on sale by about 16% from a year ago, but when are they going to mark down food and energy as well? 

Wed, 02/20/2013 - 12:03 | 3259575 Conax
Conax's picture

"when are they going to mark down food and energy as well?"

They'd love to, but it seems the people buying food and oil actually want the food and oil.

 

 

Wed, 02/20/2013 - 10:58 | 3259196 Stuart
Stuart's picture

Gee, you think there's a coordinated, deliberate effort to push it down.  Nah, that would be too conspiratorial and we know those things don't happen, right.   Situation reminds me of continually trying to push a beach ball under water.   Eventually we know what happens.

 

 

Wed, 02/20/2013 - 10:57 | 3259197 caimen garou
caimen garou's picture

$32.13@ oz  SAE at provident now, thank you for the gift! buttnake can I have some more, please!

Wed, 02/20/2013 - 11:05 | 3259248 PowerzThatB
PowerzThatB's picture

$31.67 at Tulving or Silver50. Lowest 2 on the net I've found...

Wed, 02/20/2013 - 10:58 | 3259204 devo
devo's picture

Morning group therapy right on schedule, too.

Wed, 02/20/2013 - 11:04 | 3259236 fuu
fuu's picture

<heart hug>

Wed, 02/20/2013 - 11:00 | 3259209 Central Wanker
Central Wanker's picture

Slam it all the way to $26. Please!

Wed, 02/20/2013 - 11:02 | 3259214 moonstears
moonstears's picture

C'mon $19 or so(again), "Silbah", I'm selling the dog at that point and going all in to build a liqueur cabinet out of coins!

Wed, 02/20/2013 - 12:08 | 3259611 Overfed
Overfed's picture

If it goes that low, I'm taking the max cash advances possible on my credit cards and goin' shopping.

Wed, 02/20/2013 - 11:03 | 3259235 rsnoble
rsnoble's picture

$1500 is a strong support level followed by $1400 which would be hard to break.  Unless the gold crowd is front running a stock market crash.  Silver shouldn't go any lower than $25.  But then again this is all dependent on the equity markets which aren't going anywhere.  PM's crash everytime with them I see this time as no different.  Don't get mad, be glad a possible buying oppurtunity of a lifetime is coming. 

No one has a crystal ball mind you.  And some crystal balls would work much better if it weren't for the FED.

Wed, 02/20/2013 - 11:05 | 3259251 rsnoble
rsnoble's picture

Of course what should've happened and what is happening is evident by failed patterns,  time after time after time.  This jenga market is now officially in orbit.

Wed, 02/20/2013 - 11:21 | 3259338 Boston
Boston's picture

Unless the gold crowd is front running a stock market crash.

This is exactly what happened in 2008.

So if it happens again, this year, then the real test of pm investors will be whether they can HOLD (and even ADD to) their positions if gold falls to say, 1200 or even 1000. This month's dip is esy to buy. But will you have the guts to buy if gold---temporarily---crashes?

I will. 

Wed, 02/20/2013 - 11:03 | 3259237 wildstylechef
wildstylechef's picture

Didn't you know theres a bilg slump in gold and silver, sales are way off and the 12 year run has finished, soon gold will be back to 1,300 and silver below 20$

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