This page has been archived and commenting is disabled.
Biggest Silver Surge In Over 3 Years
Presented with little comment - Silver - having (like Gold) retraced all of last week's losses is seeing a record-breaking move today. This jump of 6.6% is the largest since 11/24/08 - over three years ago.
Chart: Bloomberg
»
- 24327 reads
- Printer-friendly version
- Send to friend
- advertisements -
Down 40% perhaps, yet still up 100's% from $5 just a few years ago.
You sell your short at $10, that would still be near 100% gain for most of my silver. Cheers.
Why cover at $10 when it only costs $5 bucks to dig it out of the ground?
LOL...Spalding, is that you?
Short your ass off...you'll be bankrupt by May...
Encouraging but I wonder how long before it gets slammed again
Turd called it, a couple days ago on his youtube channel.
Silver, bitchez.
He has a youtbe channel now? He is hitting on fronts! What will he do next?
sell hats?
Does Turd still believe in the official 9/11 story and the Tooth Fairy?
ouch.
Yawn
Short it tough guy
Too manipulated and volatile for my blood, tough guy
Not anymore than the rest of the market
You wonder what these guys will say when silver is above $50 and into Blue Sky?
What is that word I hear so often? Ah yes, bubble!
Which is why I'm into Norwegian Kroner - cash
Which is stupid
Petro currency backed by the World's largest sovereign wealth fund and 20 years of Oil and Gas reserves in a stable, peaceful, (genuinely) democratic country - why is that stupid?
Because it isn't "backed" by any of that. It is fiat, it isn't real, it's an IOU, it loses to inflation, that's why. What makes a good investment is intrinsic value. Fiat has none. Look at it this way, what happens when the US/UK/Europe/Japan/China contagion spreads? It will burn your fiat to ash.
I'll take my chances with it, you take yours with a manipulated, volatile, non-scarce metal which you do not know the true (industrial) value of and comfort yourself in the Groupthink on ZH.
Non scarce, because there is so much in the ground, right? And I am aware of the industrial value. And I am aware that it defines the term "monie". And if Zero Hedge is group think why does everyone still watch Dancing with the Stars?
And the manipulation is putting pressure on the price of silver, to hold up the dollar. Anyway, see you at $100....
I bet you 1000 Norwegian Kroner it's not at $100 at any point in 2012 you care to name.
Because butter costs $500 a pound there.
And is controlled and distributed (read: "rationed") in Norway by the FUCKING GOVERNMENT!
Yeah, that's what every nation really needs: a Butter Czar!
hmmm
So 2% of the fund was exposed to PIIGS debt - is that your point? If so, it's not very exciting. Maybe they should be 100% physical silver - is that your point?
I know it goes against the ZeroHedge doctorine, but I snapped up SLV shares for a quick turn profit. Looks like I can go ahwad and do that today.
Bought some more physical silver over the last two weeks. Nice to see the surge this morning. Feeds those confirmation bias endorphins big time.
Now I know how those Buy The F**king Dip (BTFD) stock market loonies feel when the market surges every time they buy the dip.
However, it is sooooooooooo much better being a PM loony. Get physical baby. :>)
http://www.youtube.com/watch?v=vWz9VN40nCA
I would expect a retrace when FOMC minutes today disappoint the QE3 expectations. Nice time to re-short silver.
Paper player eh?................. better load up the real deal before you lose your chance.
China & Hong Kong, and India are buying it as fast as they can get it.
China said NO EXPORTS this year on ANY Silver.
China said no exports? Link please, I missed that...
Buckaroo Banzai
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/12/30_Stephen_Leeb__Expect_$5_Gas,_$60_Silver_&_$3,000_Gold_in_2012.html
Silver Bears, report to makeup...
Happy Silver New Year Blythe & JPM
http://vegasxau.blogspot.com
Where oh where are the Math Man cheerleaders today?
I'm a phyz PM guy myself, but let's be honest here - we're still 40% below last year's highs.
Gotta love a good sale.
Reminder: March 15, 2008 price: 21/oz November 21, 2008 price: 9.25/oz (45% delta)
Aug 24, 2010 price 18/oz April 28, 2011 price 49/oz (36% delta)
I missed buying phyz during the low in 2010 by $3 (out of town for a long time for work) and missed buying phyz in 2007 during the low by $3 then as well. I remember literally staring at $9 something in November, 2008 wanting to pick up another couple thousand ozs, having the dough, and chickening out due to the mayhem thinking 'this was it' for the financial system. Big mistake. Fundamentals baby, fundamentals.
Guess who has been buying? This guy!
Yes, this $1.25 jump is epic. Now I can go buy that postage stamp I've always wanted.
You don't own much silver, do you?
No sir, not that I begrudge anyone that does. Takes money to make money.
Yeeeeeeeeha!!!
$70 silver here we come!!!
Got my Jan '13 $50 SLV calls in place along with Jan '13 GLD $200 calls.. glad I didn't capitulate on PSLV, PHYS, CEF, and miners last week. My stacks of Gold and Silver Maples in the safe look the same. Still waiting on my Mossberg to arrive at the shop to go next to my Sig P229 and accompanying pile of ammo.
You sir clearly have excellent taste, and a discerning palate to boot. Well played. *golf clap*
Increasing volatility with a downward bias on the path to COMEX irrelevence (since they aren't allowed to go bankrupt, and any creditors standing for physical delivery will just have their accounts seized).
Physical silver, bitches.
No longer to $60 then?
Hi sock puppet. People keep saying that I made a "call" that silver was going to $60, but I didn't. When silver was spiking, I was highly exasperated, because my thesis for silver investment was breaking apart, namely that silver would fall on high volatility as supression efforts resulted in the breaking of the futures exchange delivery mechanism. Check my posts. I was calling for a fall "toward zero" in silver both during that run up, as well as on several occasions in the months prior.
Unlike many, I don't think that the price is valid when it is rising, and invalid when it is falling. The price is invalid PERIOD. But the more it rises, the closer it gets to a real market value, and the longer the COMEX maintains legitimacy and solvency. I WANT the futures price to fall, so we can break this system and have real price discovery. If this is a straight up repeat of 2008, which I fear it may be with this spike up which is so similar to the one in November of 2008, then the spot price will rise, and the day of reckoning will be pushed off into the future, which just plain fucking sucks.
I expected flat or sinking prices today. Like you, I am thinking the comex is losing creds and people should pull out, causing the price to drop. Maybe we give the paper investors too much credit and only a portion of them are really disillusioned.
It's tough to get excited by a dollar one way or the other when you have seen the wild gyrations of 2011. In it for the long haul, I think I will just stop trying to figure out where it is going short term. It would be easier to herd cats.
You don't get it yet.
The futures (paper market) in any commodity is the price of that commodity. The best way to buy a commodity is by buying the futures contract. This is how you buy @ spot and accept physical delivery. You prefer going to the coin shop and paying 6% (or whatever) over spot.
Of course you're going to bring up MF Global. MF Global had nothing to do with the Comex defaulting or anything else. It had to do with Corzine being a fuck up. MF Global was also a tiny PD in comparrison to the larger more reputable firms. As an investor the onus is on YOU to do your due diligence on who you are conducting business with. Any investor with any kind of trading acumen, or mental investing acuity, would have been watching the the price of MF Global equity and how their bonds were trading, and should have gotten the fuck out post haste; the writing was on the wall. It stood out like a big bold red dot on a white piece of paper. The more astute investors who had accounts at MF Global prior to the collapse DID get the fuck out, there was exodus of accounts fleeing that place prior to collapse. The ones who didn't should have been paying attention.
If you're holding physical and praying for the paper price to go down, you simply don't know what the fuck you're talking about.
As expected, you are pathologically incapable of learning lessons/applying past experience to present situations.
"The best way to buy a commodity is by buying the futures contract" Yes, this is true, except when the exchange abandons its obligation to make its customers whole when their brokerage goes bankrupt, and illegally seizes their delivered metal and hands it over to those banking entities that are massively naked short that same metal.
As I said, you have learned nothing, and I will go ahead and make the call that you will continue to learn nothing until they day that you wake up and your own brokerage has gone under and has taken everything from you, and left your trapped in your trades, exposing you to unlimited risk wile the exchange does NOTHING to help you.
What the fuck didn't you understand about the onus being on the investor to do their due diligence with whom they are conducting business with? The investors who read the tea leaves and left MF Global didn't lose a dime. It was the MF Global investors that were asleep at the wheel that lost the bag and rightfully so in my opinion. Same with the Lehman investors, the Bear Stearns investors, the FNM and FRE investors.
The CME stated publically that they had a hundred billion dollars committed to insuring their customer's postions. They couldn't even come up with 1.3 billion. But you want to keep trading with them. Talk about a lack of due diligence.
Bob dab o'linament, your credibility is, how shall I say it, increasingly rather threadbare here.
What you are unjustly accusing the average investor of is the inability to safely run, ever faster, through a mine field which is having an ever greater number of new mines added to it every day. Your argument is disingenuous at best.
Isn't this the guy who posted equity profits from a fake account? I'm wondering if his money is in the same locale as his piehole.
Presumably you think that the true value is somewhere (a lot) higher than the current paper price - what EVIDENCE do you have for that?
Do you have an insight into the prices paid by large scale industrial users who buy direct from the producers - that is the only true indicator I can think of...
Demand is known, and exceeds production. Stockpiles are almost gone, and the stockpiles that are supposed to be available in COMEX vaults may be undeliverable, encumbered, or may not exist at all. This is the PERFECT setup for an industrial user panic.
I've never had a problem taking delivery from the COMEX. Maybe one day it will happen but I pay close attention to all aspects of who I do business with and if we get close to that point I will promptly cease conducting business in that fashion.
lol, big player now. Reminds me of the guy who stepped into the ring claiming to be invincible because he had never been defeated. Thing is, he had never fought before. Went down on the first punch.
You claim to pay attention to who you are doing business with even as you continue to trade on an exchange that defaulted on its obligations to its customers. It's like watching the normalcy bias of a lamb going to the slaughter, even as he watches the lambs in front of him being killed, he thinks "surely it won't happen to me, I've been paying close attention", even as the knife approaches his throat.
Please elaborate on what you've taken delivery of on the COMEX.
FRN's
I tend to agree completely. Note that the high in March 2008 (bear stearns belly up) was never exceeded till September 2010, then things tended to higher price levels for quite some time till the smackdown in May. If history is repeated to some extent, the price won't be allowed to exceed Apr/May 2010 levels for around 18 months .... minus another black swan event whereby it may or may not jump or be smacked like November 2008. We just don't know except that it is all counterintuitive.
Comex is a futures market. Cash settlement.
Back a LONG time ago, these types of markets were trading posts for real buyers and sellers. They're not anymore. They are for cash players. COMEX may make a market at the margin, but that is it.
The SELLERS owe the metal, not comex.
If the sellers default, the COMEX must deliver. That is the point of having an exchange. The problem is that they didn't. Indeed, they seized silver held in the accounts of MF Global customers.
But you keep living in your little fantasy world where silver price is legitimately set by people trading nothing but paper such that no silver ever trades hands.
Paging Roubini...
Roubini is a cunt.
Spot on!
Nah a cunt is useful... Roubini isn't.
When a bag was selling for $12,000 I offered a gunshop $90 face value for a rifle. They were not impressed. I think it's the volatility that puts many off.
bit confused by gold and silver. CBs already have gold, consumers in India cannot afford to buy gold anymore, and producers can discount it. Seems levered reflation types are the only game in town- hence the volatility
Very odd....the silver miners are actually tracking the metal price today....something must have broken within the system.
it's probably more of a coincidence than an actual relationship.
fundamentals went out the window quite some time ago...
I'm thinking lately that If you are in PM's or stocks you are going to do well in the next few years. If you are joe six pack going to work every day with a credit card bill you are completely fucked. Anyone holding dollars is going to get wrecked. Printing is going to raise everything. Everyone will be discussing how much they made, when it will actually be about how much they didn't lose.
There you go thinking again.
"Everyone will be discussing how much they made, when it will actually be about how much they didn't lose."
Exactly. I try to explain that everytime someone cheers QE to boost their PM "value". Price does not equal value.
For those who don't get it: How about I give you 20 Jr. burgers, instead of 10 regular burgers, for your silver quarter? You'll double your number of burgers. Woohoo!
That's not completely true. Not in a day-to-day life anyways. Lets say I'm sitting on 500oz. of silver and QE is announced. Silver price rockets, but the price of for example ammo will not change as rapidly, so I can get more bang for my buck. That's why I'm kinda happy to see PM rallies every so often.
More about return of capital instead of return on capital is what you're saying?
People don't get it but that's okay, more silver and gold for me.
Buying all the way to the bottom and riding it all the way to the top.
$2 of silver for every $1 of gold, bitchez.
/sarc on
After that I will invest my proceeds into a well diversified mutual fund portfolio consisting of high yield bonds and developing countries.
/sarc off
Meh screw the fiat paper price just wake me up when the silver to gold ratio breaks below 20:1.
Then I'll be interested.
I assume you mean interested in SELLING. I am quite interested in the current fiat price, as I am a buyer. But you are dead on about the GSR. That is the only important price for selling silver.
selling?
I use the GSR to see which one is "cheaper" at any given time. (basically undervalued, because I consider both gold and silver as money)
if the GSR drops beneath 20, it would be a good time to start changing some of your silver to gold.
Exactly. Selling.
Don't buy dollars. Sell your silver for higher level money.
Buy silver above 50, exchange for gold below 30.
Rinse repeat.
The big question is how much gold and silver will be up tomorrow when RP wins Iowa...
As far as I am concerned Silver is in a bear market. I'll leave it to the market to convince me otherwise. I'll be a happy buyer once we cross $36 to the upside.
IMO, PM's are manipulated on the paper side affecting physical markets. Eventually, (soon) paper/physical will separate and go in opposite directions. Take paper profits and buy physical from local coin shops. Thank me later.
When something falls, it will continue falling down.
When something goes up, it will continue going up.
If only it was so simple... In finance, something never has a 100% chance to happen. And the 1% or 2% chance something may go wrong renders de facto every prediction, saying, rules or technical analysis useless. The oracles of Ancient Greece usually worked... but sometimes they didn't.
I prefer Palladium to Silver.
So much hubbub!
Buy and hold has only made me great returns.
How do you losers lose money on silver?
Geez, I guess common sense really ain't so common.
Gerald Celente got stiffed in MF Global. Wealthy does not equal smart.
Day trade SLV (BTFD) buy physical for the long haul.
Bullionvault is still far cheaper than APMEX etc for silver. Still loads withing 50c of spot. Why waste so much on that premium. You can take delivery from London too.
That looks like an invitation to be MF Global'd. I've never dealt with them before, but they are proud of being friends with the wrong people.
The standard cost is 2.5% for withdrawing whole gold bars, and there is a 5% surcharge for withdrawals below 400 oz. The fee for silver (whole bars only) is 10%.
thanks. given the comments above I can easily conclude 1. this website has no editor and will ikely be in the trash bin soon 2. sell silver
1 Nobody would miss you. Just leave and don't come back.
2 will sell if we break 24
Thanks for the smelly troll droppings.
Ssshhhhh! Be quiet, please!
If you havent seen it, its a classic
http://www.youtube.com/watch?feature=player_embedded&v=8TkI3q0XEhk
There is an orchestrated across the board sell off in all asset classes coming in my opinion. This will be done to provide political cover for the Fed to move to full on overt QE3 +....
Silver and gold should test the 50% retracement levels. For me this is the entry point. I missed my stop getting in on this rally by less than 1%. Crap! Anyway, after the mope and spin on the ISM and situation is over for the day, the reason why QE3 (the massive refinancing of sovereign crap) and the accelerating US debt, etc. will take hold and the massive drop in equities of all classes will take silver back to $25 - $26 and gold back to $1500 or thereabouts for a brief run and the QE3 and ECB-QE will be announced and gold will begin its march to $2500 and beyond and silver to $60.
Now is a good time to accumulate physical silver and gold but until we get the clear and present capitulation driven by a dose of orchestrated and economic fact based sell offs in the broader equity markets, traders should set their sell stops tight in my opinion and take profits on these short sharp moves.
Duffminster
Hello from Greece! Greetings to all ZHedgers! You rule! Ok fiat money sucks, I agree, and commodities inflation bites! But as long as there is outstanding debt denominated in a fiat currency, which means that borrowers need that money to service their debt (otherwise they will suffer....), there will be demand for this currency (and intrinsic value as well). Other than that, I find farmland, cattle and oil wells the quintessence of our existence, not any bling metal! Besides, don't you find platin group metals or rare earths sexier (industrial applications...)? Also: The only intergalactic currency is energy, at the end of the day! :))))
So what happened after the last time it surged this much?
So true. How many of the college kids here traded through the hysteric days of 2001/2002? There were short covering rallies every now and then but the overall trend was down.
A bear market is a bear market. Trade it as one until the facts change. The 200 day moving average for SLV is around is $35 and change. As long as we're below that level this pig deserves to be sold on rallies.
Why is the dollar weaker?
Ohhhh Million Dollar Bonus, you pathetic schmuck, you're on my radar. When equities collapse and silver triples this fall (or sooner), We're all going to have a good laugh at your expense.
PMs traditionaly spike up on news of war.
Today we see news of escalating sabre rattling between Ameica and Iran, heading toward "it's about to get serious" territory.
Plus we're coming off a year-end silver (naked shorting) smackdown by TPTB.
I doubt silver will see 26.25 again for a while.
... but who knows? TPTB can pour on trillions of $$$ of naked shorts and knock it down to 10 if they want.
...revealing how much they hate real money competing with their fake fraudulent fiat currency ponzi scheme :)
Sueeeeeeeeeeeeeeey!
Suey, Suey, Suey!!!!
Bring it to the trough Baby!
Lots of opinions here about how silver isn't real money. Be that as it may, its important to keep in mind that fiat in electronic form is REALLY not real money - so how much actual cash do you have in your pocket? Paper fiat PLUS silver eagles will make a pretty good shelter from the coming storm (even in chaos some people will still only take greenbacks), but if most of your money is in electronic form in the banking system I wouldn't be dissing silver if I were you.
When it goes up it's wheeeee.
But beware, it can turn in minutes and take you straight back down.
Why? weak hands.
Buy with both hands always never selling lower than what you paid for it.
Keep in mind that some exhanges have raised fees for shipping and some have been closed until today for the holdiays.
Put in your asks and bids and forget about it.
as long as there is a hyper-leveraged paper market still massively distorting actual supply and demand, moves like this aren't worth getting your panties in knots over. sheesh.
How is that buy and hold working out on the NIKKEI :)
You're going down with that strategy. Only thing making it look ok is a decent job that allows you to keep pumping (inflating) money into your brokerage account.
Coffee-Brazil-Dots-"Waking up". I will allow you to link these up :)
Silver For The People - The Blog
http://brotherjohnf.com
Physical silver is the stake in the hearts of the financial vampires. Physical silver is the bullet that slays the wall street werewolves.
Patriot Radio Newshour – Tuesday, January 3, 2012
Financial Sense – Changing Horses In Mid-Stream?
IF Oil Gets Through 107 LOOK OUT!!!!
Head Over to Drudge and VOTE FOR RON PAUL!
Fed to regularly forecast interest-rate changes
Peter Schiff: Now’s the Perfect Time for a Gold Rally | Daily Ticker – Yahoo! Finance
The Possibility of $1,000 Silver before Hyperinflation
Simon Black – Eight simple truths you need to know about 2012
Next Short Term Targets For Silver, 30.25, 31.00, 31.5
Bloomberg – World’s Biggest Economies Face $7.6T Debt
Cost to Make Penny and Nickel Rises, Annual Loss Reaches $116.7 Million
Rand Paul and Ron Paul in Iowa: Liberty, Prosperity & Peace!
TFMetals – The Turd Speaks 1/2/12
Silver Update 1/2/12 Possible Bottom
Maybe someone on ZH can help shed some light on a question I asked myself and can't seem to find a logical answer to:")
were are the data feeds for gold and silver derived from? Is it the banks or broker, what is the sources of these prices we see on deferent charts?