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Silver Price Update From James Turk And Eric Sprott
Eric Sprott, Chairman of Sprott Asset Management, and James Turk, Director of the GoldMoney Foundation, talk about how there isn't enough silver in the silver market to back existing "paper silver" commitments. While there is much in the attached interview, the bottom line is that Sprott thinks that "silver will be the investment of this decade". And with 3 out of 5 central banks having just embarked on monetization, and two more imminents, he will almost certainly be right.
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So THAT'S why they hired her.
Eh, Dismissive wave.
Give me a little time and I will have 500 coin to trade and get me one of those. Or several when the pricing takes off.
Silver is the currency of gentlemen. I think you are referring to debt, which is for slaves.
blythe has just adjusted her published crimex silver inventory for the first time in what seems like...
...a very long time...
DJ Comex Gold And Silver Warehouse Stocks-Aug 4
Registered (i.e. deliverable) is 27M oz? Buckle up for September, Sweetie. http://lh6.ggpht.com/_rnN3mbqgIJ0/TSWtsugixOI/AAAAAAAACYo/kay1HIaKV30/BlitheMasters-Vampirella3.jpg
all this crap about price of silver in dollars, or price of gold in dollars. so fucking what! the dollar is nothing. use what you have of them now to buy anything you want that lasts and that beings pleasure. buy gold and silver, or a monet. much better than owning dollars!
I'll hold on to any physical PM that I can manage to. Being over weighted in paper (paper anything) is for optimists and fools.
The Von Mises Austrians are more proved out as every quarter passes.
But everytime silver passes 40$, margin hikes follow! Besides, will ordinary, "poor" people be willing to pay dozens or hundreds of dollars or euros for coins of a few grams? I really wonder if there's a limit to the gold- and silverprices.
Is there a limit to the amount of fiat that will be printed?
There's your answer.
The only thing I do not understand is why nobody is stepping in and buys out all the silver COMEX has? I mean if it is really a lot of buying interest you could easily find buyers of -as today- 27.3 million oz of registered silver. It would be less than 5 500 contracts. And the game would be over. There must be something else behind the scene. Maybe they are settled in cash or ETF shares and they keep going this game? Maybe they are earning more money in this way and are not interested in physical delivery?
Would be nice to hear some opinions.
Oliver
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Free money. I'm pretty sure I read on a GATA linked site that Comex was paying a 30% premium to investors not to take physical delivery.
Can you prove it that Comex was/is offering 30% premium in case of cash settlement? Any links?
This is possible, and it may happen. There are families in Europe that could form a small hui and buy the whole thing through an intermediary in Austria.
Can you be more specific? What do you mean intermediary in Austria. I'm living in Austria so it would be not so hard to prove at least some of the info.
I also live in Austria and am bothered by the 20% VAT we must pay on silver.
Yes, I know. I'm not bothered but angry about this. If you buy bigger quantities and live near to Germany there you pay "only" 7% VAT. We could maybe organise a "Fahrgemeinschaft" for silverbugs! :)
The object is to buy 'all the silver' without driving the price one has to pay for silver higher.
It's working pretty well for those buying, for the central banks/bullion banks are helping with their 'paper price suppression' operations. The price suppression is a must for the Gov fiat currencies, else they would look more worthless than they currently look.
While price suppression continues to keep the price down those wishing to take physical delivery are doing so... at a rediculously low price.
This game is being carried out by soverign nations and they have very deep pockets. It will continue untill no physical is left in the West... then the Crimex/LBMA will fail to deliver and default.
I a guessing but will say at that point all PMs will be revalued upward by the new Eastern exchanges that are opening now (see PAGE pan asian gold exchange)... they will have real metals and will value them according to supply/demand of real metal...not paper.
These are my thoughts, not predictions.
This is a good point Snidley.
Ok, I understand that you would like to buy the most you can get at the lowest price possible. But, there should be a cetrain point where price does not matter any more because the quantity is far too little to satisfy demand. I mean if there are 10 oz left and there are 20 buyers who would like to buy 10 oz EACH! What would happen? First come first buy, no? And the rest is left without silver. In this case what matters is SPEED and not price. In my opinion.
Maybe we didn't reached this point yet.
Thank you for your thoughts, I know they are no predictions. I never ask for predictions.
Oliver
Oliver... I believe that we are seeing about all the speed possible under the current 'paper' system imposed over real physical metals. If we had a strictly physical only and (must deliver/take delivery metals exchange) the process would be much faster... but it would still take some time for the buyers/sellers have to mentally adjust to new valuations. Change cannot take place instaneously for humans fear of change is almost as great as humans fear of death.
I see the process as a slow but sure shaking out of weak hands. As the weakest are shaken out, a bit stronger hands step in and in the next round of shake outs these too are forced to liquidate their positions, and on and on up the chain of ever stronger hands. The really strong hands do not fear the 'new higher price' of the metal and they are the quickest to adapt and the quickest to evaluate and take advantage of a paradigm shift. These are very bright fellows indeed.
After all, who is a strong individual hand compared to even a small soverign or central/bullion bank? Only a few, I would venture.
What most do not understand is that what we are watching (imo) is not a cyclical run up of PM/commodities prices but instead a rise in PM pricing that will continue untill some soverign introduces a new currency that people can put their faith in (faith is fading rapidly in current fiats). At that point the system will become more or less stable and PMs will remain at some much higher level (priced in fiat) than they are today. Actually the 'new fiats' will be priced in, or compared to, PMs, much as currency crosses are comparisons today. I also see that many individuals that have been 'in the PM business for many years' are also failing to see what I describe. They are stuck in the belief that PMs will run up and come crashing down as has happened in the past. But in the past the players were confined to the West, now the players with deep pockets are in the East... and the East has always understood the real value of PMs... and it is to the East that PMs are migrating.
Meanwhile, as this relatively slow shake out of ever weaker hands progresses, we have a gov that is using fiscal policy and influencing monetary (Fed Resv) policy to prop up the current system as long as possible... After all, no one wants system collapse on thier watch.
What will the new system look like when it evolves? I don't know... and there is a very good chance that before the new system is allowed to evolve some soverigns will be at war with each other... The old money that controls and stays wealthy by the Fed/fiat system will not relinquish their wealth/power easily... and since they control the Pols they will get the 'intervention by war' that they seek.
BTW, while this thread was still being discussed the US credit rating was downgraded. Interesting times indeed.
1.08 Billion dollars buys the entire deliverable inventory of COMEX in a world that has 1,600 Trillion dollars in derivative contracts, how could this be?
crimes would have to be ignored, and have been; but your right about failure to delivers being settled as some thing else.
Maybe 'they' remember what 'happened' to the Hunt brothers?
This is also a good point. Sure, you are against people who have some kind of "monopoly" on power and legislation.
We few, we happy few, we band of silver holders !
Best arbitrage ever? Buy contracts, threaten delivery, take 30%, do it again... Am I missing something?
I asked exactly the same thing a month ago, but got no convincing answer. If they actually settle for cash way above spotprice, then isn't this a "free money" opportunity? Buy shit, demand delivery, get settled above spotprice, reinvest the gains 50/50 in PMs and more paper.... to paraphrase you: "what am i missing?"
You can take delivery but arbitrage implies that you sell it to someone, there's a risk in holding the asset. When you go to sell the physical to whom will you sell it? If your answer is a metals dealer expect to pay a hefty commission.
If your intent is to hold the physical, then it may be a good strategy, just not an arb strategy.
I have 80% of my net worth in silver bullion, because it is a fail safe investment.
If I am wrong about the world collapsing into chaos, tech/solar/electronic demand will soar, and supply is projected by the USGS to be "extinct" by 2020, hence huge gains, and a happy ending.
If I am right, and the world financial system collapses, people will still need money, barter isn't going to cut it, and the proliferation of poor men will guarantee a healthy demand for poor man's gold, as we enter a new dark age, ravaged by war and famine.
And what did Bill Gros, managind director of PIMCO (largest bond fund in the world) have to say to his customers/followers about protecting their wealth in his latest missive?
"Purchase commodity based real assets before reserve surplus nations do."
This appears to be a very simple, straight forward statement. Notice that Mr Gross included the term 'before reserve surplus nations do', when he could have easily ommited the phrase.
Mr Gross realizes who the deep pocket purchasers of PMs are and he knows that PMs are headed to the Eastern Hemisphere. The East is being helped by Western Bankers to strip the West of PMs... The West is being hollowed out, literally.
Please tell me again why the Treasury won't allow an audit of US Gold?
http://www.pimco.com/EN/Insights/Pages/Kings-of-the-Wild-Frontier.aspx
I presume this is:
1. US Fed
2. ECB
3. BOJ
4. PBOC
5. BOE
Which 3 are engaged in monetization at this point?
1470 US millionaires paid no tax in 2009
http://www.presstv.ir/detail/192544.html
US millionaires are now paying about one-quarter less of their income in federal taxes than they did in the mid 1990s.
and the governent spends too much....
Lame arguments while Rome burns. We are going to in a blaze of paper printing.
WTF ever happened to the great country, the shining beacon on the hill?
china in its ancient glory days used to run a silver currency system.considering its world leading position as a trade nation in those days, the quantities of physical silver involved must have been huge. the unknown quantity in the silver short position discussion may be the question, how much of that ancient horde is still held by china, and whether they peldged or lent it out - how they play it in the markets ? without an answer to this question it may be difficult to really do the math on the question about how much of the shorts are covered or not, unless the mayor players are forced ot open their books. sprott mentioning that china is a net importer may mean little in this context without knowing all their moves and positions in the market. and the chinese naturally will be hardly inclined to give that info away. i would actually expect them to be the smartest player in the field, due to their long standing experience with silver as an asset.
China is a nation of frugal people and has been through out it's long history.
You are correct to point out that we don't know how many 'Spanish Silver Dollars' and various other PM coins are buried in Chinese court yards... but, it's a big number.
It's also interesting that the Chinese Gov saw fit to legalize PM ownership for it's citizens...and, do so loudly for all the world to take notice.
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