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Meanwhile, In Silver...
For the 3rd time in 3 days, Silver (and gold) have been slammed lower in an almost instantaneous hammer blow, only to be lifted shortly thereafter to fill the apparent foreced sale void. Prices of precious metals have become increasingly volatile intraday in the last week or so as the debt ceiling debacle plays out but this mornings dump-and-pump seemed to sum up the new normal perfectly. Once again, it would seem, the Chinese will be sending thank you letters to the Fed and their henchmen... (as Goldman suggests there will be no Taper until March)
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DOWN goes Frazier!
Looks like Frazier is getting back up right about now.
Look at the live chart: http://www.pmbull.com/silver-price/
Severe as it is, it still does not meet CFTC standard on market rigging.
You don't want real money.....you want government healthcare.
You're feeling very sleepy....
fukushima typhoon http://enenews.com/afp-powerful-typhoon-heads-for-fukushima-huge-flood-p...
Charts look like a cat playing with a water fountain.
What are the odds Megalon or Ghidora emerge from this Typhoon?
They should just name it "Typhoon Fukushima" and be done with it.
"sandy like" character? more like be done with us
CME Group spokesperson Damon Leavell said: "Our markets functioned properly, and price discovery continued throughout the move."
I want to tell CME, that China is studying continuous trading, (current halt from 15:00 to 21:00, or 3:00 - 9:00 Est), when SGE continuous trading starts, lots of small investors in COMEX will return to SGE and let CME/JP morgan play alone with their endless paper. Comex' total registered gold is only around 23 tons, less than SGE's one week delivery volume, joke.
I believe there are lots of people that would love to trade off of WS. Any criminals would have to be better than WS criminals
Say, do you remember your childhood?
....extra valium for all....keep them calm, and carry on...
delete
The CFTC cannot implicate the same Government that owns it
remind me - what is the penalty for breaking those rules?
a $10 voucher for Brazzers?
I see a bunch of up arrows on the convenient spots of a downslope chart...so what?
The news could come out today that every silver mine on the planet has been forced to shut down operations for the foreseeable future . . . and the paper silver 'price' would go down.
That chart is awful.
What is the consensus on here? Are people buying phyz at these levels? Or are we waiting for substantially lower levels? Or are we tapped out and hangin out and waiting?
Some of us are having to sell to pay the rent ;p<
Yes, Phyz is getting bought down here. Ask a dealer. :-)
that sucks. i hope your situation improves soon.
A year till it runs out. Which really will suck if it get to $1000 an ounce after that time.
Still, if anyone wants to see what I do for a living>
http://www.indiegogo.com/projects/gandhi-s-labyrinth/x/4896690
I'll be using my phyzz profits to pay for my cancer treatment when molten Fukushima fuel washes up on my porch.
I'll be using my phyzz profits to pay for my cancer treatment when molten Fukushima fuel washes up on my porch.
I read somewhere, probably here that Seaweed is a good remedy against low level radiation exposure. Not sure if seaweed can be bought that is already not radiated....
".. low level radiation exposure.."
interesting read about low level radiation:
Forbidden Science: Low Level Radiation and Cancer
http://www.americanthinker.com/2012/07/forbidden_science_low_level_radia...
Thanks for the link. Interesting. For the last three years I was doing a twice weekly flight from Seattle to La and back. Maybe I built up some resistance or repair to help when I got exposed to the Fukashima cloud.....
"..Thanks for the link.."
You are welcome - I was watching a BBC Horizon documentary af few day ago about the processed data from the Chernobyl incident, think it was named "Nuclear Nightmares Overstated", can't find it right now but here's a BBC link about same topic:
Chernobyl's 'nuclear nightmares'
http://news.bbc.co.uk/2/hi/science/nature/5173310.stm
Yes I worry too (We had the Chernobyl cloud hanging over Denmark) but now not quite so much
We are tapped out in more ways than one.
It's actually at trendline support on the daily and weekly. Can it hold?
Looks like gold has a bit further to go, around $1200.
Live gold: http://www.pmbull.com/gold-price/
I know, TA doesn't mean anything in these manipulated markets blah blah...
support at 1209 USD, then it is buy time for me. At the current EUR-USD exchange rate this is a freebie for me.
I'm loving the pound price as well.Not sure 1209 is the bottom,
but I will buy some there.
I'm going with 3 and 4.
I appreciate the honesty. So while we sit here and root on the chinese while quietly eying our stash hoping we don't have to end up at the pawn shop in 6 months to put food on the table.
This is why Laws says it has to end in guillotines.
Waiting for the budget deal, followed by PM slamdown, followed by back up the truck (again).
Exactly.......
Fonz I buy every month and will never stop.
Same here. Though, several times this year the LCS has been out of 90% silver and I had to buy gold.
The chart is awful, but it doesn't change my strategy which is to take market proceeds, and buy monthly. Sometimes if silver has had a run I will buy put options on SLV when I purchase to hedge. I look at it in the same manner that I look at my retirement savings, which is to contribute monthly regardless of market conditions.
Edit...after all these years investing there is one thing that I have learned...when it is painful to buy and hurts with every fiber of your being to take the market pain..then you probably should be buying.
I just keep playing the buy at the slam down and sell in the afternoon game....
I've been asking myself the same thing, Fonz.
I saw a chart somewhere showing a huge spike in physical gold & silver purchases on the big paper slam in April, then showing purchases declining over the next few months to minimal levels recently. As I recall, Bill Haynes of CMI recently told King World News that sales have been slow recently, despite the relatively low price.
I speculate that people used up all their dry powder, then watched in amazement as papersilver got slammed even further in June/July. However, I'll bet that many are now waiting for another slam to 18 before "backing up the truck" again to BTFD with whatever FeRNs they can scrounge up or even borrow. Two technical chart analysts I follow are predicting a dip to 17.50/17.75 to form a double bottom. If this happens, I will be stacking some more.
I bought 200 grams of AG last month, but this month I bought a Ruger 10/22 Takedown and 1500 x .22LR rounds instead :)
I went all in on the Slamdown in SPRING. So I have very little dry powder left however u will never sell my Gold. It can go to ZERO for all I give a fuck. I'm sick if the corruption and the fraud and made up my mind this was the way to go before I hit the send button 6 months ago. If I go Down with the ship , so be it. I believe I will win in the end (or someone in my family tree)
On the bright side, if you go down with the ship you're certain to stumble onto other boating accident 'lost fortunes'.
I'll buy more Buffalo when they hit $900-$1000. 'Til then, hanging on to what I've got, and my Pandas, which are adorable.
Buy silver on the dips. Don't use up all your dry powder. Keep many thousands of FRNs on hand. For some it might mean 1 ounce a month, for others 1 tube of ounces a month. The fundamentals for silver are amazing. The current GSR means you should be buying almost 100% silver. Market forces will win out eventually. You're not doing this for a quick turnaround, are you? As far as putting food on the table...grow a garden, man (or offer your labor to someone who already is). Have a ton of rice & beans in mylar bags with oxygen absorbers, in 5 gallon buckets. Each can last 30 years if done properly (and they are fucking cheap). Get a big backup of living essentials in case of economic or social upheavel. With a little organization, you can not have to exit your house for a few years to purchase these essentials. Get your entire life in order. Prepare for the worst, hope for the best.
btw, this protects you from many things:
job loss, inflation, hyperinflation, sickness, deflation, .gov force, price controls, shortages, etc. etc.
Choreographed. All hard assets to China. China to be the next workhorse/powerhouse. US to be a slave farm.
Americans as slaves? BAH HA HAA!
They'll be REALLY bummed with a U.S. slave farm...americans can't do much riding around in a Rascal eating 5 pound buckets of Cheezy Poofs wearing diabetes shoes.
What's the Chinese equivalent of chicken McNuggets? Gotta have something to put in those.
I think he meant the young, healthy ones. The others will just die.
LOL!
No it won't. China has a Piper to pay before that ever happens.
Bullshit. China has many mouths to feed. My farming co-op is looking forward to exchanging our soybeans, nuts, and fruits for their gold and silver. Sounds great, fucking bring it!
Since all the sardine stocks have collapsed in the Pacific it's going to be about two months before nets come up empty. Sardines are feed fish and without them most of the Pacific food chain will disappear. A single, oily, high protein food source for fish. This won't take very long at all.
Also reading about the Snow Crab, last year for them apparently.
This sardine macro-migration has happened numerous times in the past...
and, thank goodness india had gold to sell to get usd's to pay current accounts.
:)
Guess I'll have to stop at the LCS and see whats on sale...
DaddyO
OK so they bought some PM's cheaper, so what? Kind of like having the best slicker in a Cat 5 Shiticane, I don't think it's really going to save their ass.
But, but, but, silver isn't manipulated. Must be those pesky speculators once again.
http://www.vancouversun.com/travel/Sudden disappearance sardines serious economic ecological/9034961/story.html
Go long sardines and canned Alaska Snow crab. Because they are all gone.
"Menawhile in silver" - Could you clarify whether this is paper of physical? When fraud is the status quo, possession is the law. Like the Chinese I will send my own thank you note.
As long as you can trade paper for phizz, send the paper.
moving these amounts of real physical silver is impossibrü!
of course it's just paper games.
the buyers of the real thing say thank you. and fuck you Gary Gensler!
Laws
it is ALWAYS paper, sale of phyz doesn't even move the needle (at least for gold)....
Never had this much confidence in owning even MOAR of the "precious stuff"!
On the one side... I've lost 40% on my silver... and really... I can cry my eyes out for that because it's a shitload of money.
On the other side... I'm averaging down like crazy right now every month.
But in the end I'll win for sure :)
Yes, the ounces go up and the average price goes down. Hee!
I'm in the same boat, but my finances are such that we can sit in a holding pattern without realizing a loss. You only lose now if you sell, kind of what the powers that be would like.
Check out the local pawn shops. I got a few Kennedy half dollars and Roosevelt dimes at spot last week. Every little bit helps.
I write that 3Q letter.
I still think the Chinese will be patting themselves on the back for a job well done. They're the ones rigging the market, just as fervently as the US/West.
I often wonder that myself, is it a bank acting as a FED proxy or is it China looking to buy metals on the cheap.
Unless enough people finally figure out the fiat scam and start supporting the monetary metals, there is no bottom under this.
The bottom may be much lower in valuation of fiat dollars - but you won't be able to take physical delivery.
Even in the latest slamdown the premiums remain very high for the physical. There are also significant physical shortages and extended delivery times.
Production costs are the floor
the stocks at record highs, luxury real estate at record highs, use of foodstamps at record highs, monopoly of all the markets....place your bets.
WHO or WHAT is hammering the pre-open equity futures?:)
AND THAT'S HOW THE COOKY CRUMBLES!! 17$ BITCHEZ!! GIVE IT TO ME! HARD!
It's like the Fed and Congress have EBT cards and no incentive to take even a little bit of pain or deferred gratification to reverse the decline of America. Like someone living in a foreclosed house, they know the day of reckoning will arrive, but they take the chance that today is not that day.
Political leaders, who should be pressing their oversight responsibility, are happy with the status quo, knowing that until the big fail, they have the votes that allow them to also do nothing meaningful.
The U.S., in tactical mode, is trying to run out the clock. China, and others, are playing a strategic game and they're playing to win.
I've always worried about the reaction when they dump the paper market in their last ditch kamikazi raid on PMs. Will people hold onto their phyzz or get disgusted and hand it over on the cheap?
The next couple months will tell the tale. Hang tough, me hearties! Sell something else, save the silver!
My LCS says folks don't sell based on price, they sell based on personal need/emergencies.
Its us stackers who watch the prices ;-)
Hate to say it but I think we go lower. The Western world does not think we need gold, silver yet. Mind boggling how stupid people can be. Yet Asia eats up all they can afford. That will change, but still need more patience. Not shorting anything, just sitting on the sidelines with cash.
Dollar may have formed a short term bottom here. Be careful. If so, it will pressure the only undervalued sector even more. But this too shall pass.
Will never, never sell my phys. Not negotiable.
You will when you are hungry....
< ====== Depression Metals Go Down
< ====== Inflation Metals Go Up
Happy Depression!!!
Who says PM's go down in a depression? Not History.
YOu would think that most of the hands are smarter hands now....and stong hands. Nobody will be selling physical now...except for crumbs...and whatever some are made to deliver to China whilst naked shorting.
it's down 60% since I bought some. I want to invest in bullion now but worry it will be like catching a falling knife. Chinese have trillions and I dont.
I was a late PM convert. Like my house I own outright, I want some PMs forever, and like my house, I don't care what the original cost or current market price is - I just need to have them in a state that can't easily be taken. No liens, leverage, mortgage, or custodial arrangement. All mine in a form I can get to.
Over time, as my kids become believers, I hope to gift them a good start on their accumulation, only without the spot plus or commissions.
Like breaking out of poverty, a family should be sustained on the sacrifice of only one generation.
We can be good stewards of our families without making them do bunker drills.
Keep stackin Bitchez, the dollar's fall is a mathematical certainity(sad as that is, as it did not need to end this way) . Patience is the order of the day...
(maybe next time we break the gold standard to deficit spend to feed the MIC, we'll know better)
/skittles are coming out of my ass...
The gold head and shoulder top formation looks ominous for gold. I think this sucker is going down.
This is my fault. Every time I purchase, it goes down.
Meanwhile, in Silver...
Uh, it's UP?
[Looks like a reverse H&S pattern]
Yesterday afternoon, between 5 and 5:15 PM, they banged silver at the close with 42,000 contracts. The spike sticks up like the Eiffel tower on Netdania's volume chart.
Having trouble moving gold down, they turned a shorting bazooka on silver. They're going for the throat. We should see the shills come out here, talking about gold at $1000 any second now. <sigh>
Fonz, there is a coin show in my burg this w/e and I have hard-wrought consensus from my wife to buy up to 10 oz AU.
I will be shopping for 1/10 oz bullion, no show coins, and my terms will be cash and carry and no tax.
I am going to try to get a dealer of like mind to go with that.
My main argument that broke the ice with my highly intelligent but non-prepper wife was, we are near all-in extraction and refinement cost for most mines and you simply buy physical at this level if you can.
Are mining costs going appreciably lower? I doubt it.
Can the Fed break it much lower? An ETF, a price yes; but physical must hold at extraction level unless they go Mussolini on us and forbid all sales everywhere.
Don't underestimeate the power of the central bankers. Look at what they are doing in India. They practically shut down gold demand there. All central bankers love their printing presses and the monetary metals are their arch enemy. While China for now seems to be supportive of gold, this could change if the banksters order for a mandate to go out in support of paper-goods.
I think the war of paper versus metals is on and it could get really ugly. The only hope in my opinion is for massive inflation to hit, so joe and jane get a clue.
Tulving will sell you 100 2013 1/10 oz American Eagles at spot plus 10%. Anyone with volume will want a premium on these little beauties.
as GLD (but not SLV) inventories continue their 10 month drop towards zero...
Until yesterday, when "we lost 1.927 million ounce of silver inventory from SLV"... Harvey Organ's Monday report.
Nobody knows how much they really had, but now it is a lot less.
Hell, I'm gonna send em thank you letters too. With every monkey hammer down my stack gets bigger...along with my future net worth in dollars.
Who's more bent, the connected American dealer in precious metals or the connected Chinese dealer?
Folks, as bad as it is in New York I think I'd take the American over the Chinese? Cheating isn't yet a national sport in the US (although the date looks like it's getting nearer).
Having said that credit where credit is due, at least the Asians have a deep historical respect for the PHYSICAL metal. I doubt the connected elite refer to Gold as 'barbaric'.
Some folk are traders and some are investors. I am a conservative investor. I buy silver because I fear high inflation. If deflation prevails then I have my cash reserves. You see, I don't want to be poor. Silver, like gold is a reserve asset. It's price is only meaningful if you wish to convert reserve asset to paper claims (i.e. dollars) at favorable ratios, which of course don't apply presently. So accumulate physical silver as a reserve asset. In time, the fundamentals always dictate the price:
1. silver is essential to industry and technology - over 400 million ounces are consumed annually, never to be seen again barring reclamation at multiple higher prices.
2. silver stockpiles are severely depleted to the lowest levels in recorded history. Just in time inventory management does suppress prices, until it doesn't. The period from 2000-2013 will be marvelled at for being the most opportune time to accumulate silver on the cheap.
3. silver is selling at below it's cost of production. Also, cost of production is upwardly biased because of the ever rising cost of energy (peak fossil fuels), collapsing ore grades and rapidly decling reserve base. The only way to offset these factors to provide for future silver demand is to increase the price by at least 3 fold.
Presently, the US has engineered a false oil and natural gas bubble with cheap-credit driven frack drilling. This is a classic credit bubble as these wells deplete rapidly (i.e. 60% per year) and to date show negative cash flow in the $billions. When the US fracking bubble pops the prices of oil and natural gas will rocket. As for silver - use your imagination.
You'd think that Obummer had chosen Volcker instead of Yellen if you looked at the pm charts since the announcement.
Any lingering doubts about pm manipulation have been laid to rest.