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Silver Soars 26% In 26 Hours
It appears rumors (there's that word again) of precious metals' demise have been greatly exaggerated yet again. After hitting a low of $26/ounce just shortly after 24 hours ago, the metal has since soared by a whopping 26% to $32.90 (thank you CME and Shanghai Gold Exchange). That's $6.90 in one day. The same with gold. It seems that the market has finally had its brain kicked in a little following the realization that an expansion in the EFSF from E440 billion to E3 trillion (which has about 0.01% probability of happening, and would likely see the mobilization of a certain army first) would mean an exponential decline in the credibility of that "other" currency, which while potentially retaining its value against the "first" currency, will have been devalued that much more against the real, undilutable currency. We expect the market to comprehend that Goldman, for once, was spot on in its evaluation that anyone who bought yesterday at the lows, will have already made their full year unlevered return in one short day.
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$30.06 was my entry point last Sunday, buying on the spot price...I saw it Monday AM in the $27's but I'm satisfied...I don't get greedy when given fine gifts.
I assume everyone is here to make some money. Here's a once evey few years trade that snuck up out of nowhere: Look at the top the bonds have made in the last 4 days. With a good probability - since we are at a quarter's end here this week - there is a high probability of a monster-sized rebalance out of bonds and into stocks (and PM, too). It feels like we are in about the 2nd or 3rd inning. I don't know how long it will last, but recognize this window for what it is. It may only last a week or who knows, but milk it for all it's worth.
Easy- M3 has been flat for past year or so but look at gold, the ultimate bubble:
http://www.howprofit.com/wp-content/uploads/2011/05/US-M3-VS-Gold-1970-2...
still buying...watch 34 though
silver bitchez!
i do think when and if Greece goes bankrupt. silver will drop to low 20's or high 10's the lowest. why? because banks will sell all there paper silver and gold to cover the losses. what do they have to lose. paper. lol
have some free up cash just in case.
Very good advice in my opinion, but I'm a buyer at $35 and below no matter what.
If we see $10-$15-$20-$25 range -- I'll be surprised if there's a physical ounce left ANYWHERE to be purchased.
Don't forget the PAGE is opening before year end.
what do you mean by page is opening before year end?
Good point, we could see a flurry of these down spike prices for all paper PM instruments in the coming months and years as the paper PM market finally achieves its inherent value in terms of the amount of physical metal you can receive, zero. So perhaps the price is real, but it’s only for paper promises not the real stuff. Meanwhile the market price for physical delivery continues to be driven by real supply and real demand fundamentals. Its episodes like this that remind me why I’m turning what paper I do have into stuff of inherent value, starting with the basics first and ending with physical PM. I mean why exchange paper promises for yet more paper promises? It’s hard to tell which paper promises will be kept and which ones won’t anymore.
this song is for jamie dimon.
http://www.youtube.com/watch?v=auzfTPp4moA
They probably just found out that the treasure ship was electro-plated silver on Nickel. Some tricks never get old.....
I wanted to BTFD but GPL did not come off their $36.40.
I don't understand??
Paper touched $26 and the physical wouldn't move off of $36???
Bummer.
Welcome to the world of Physical PMs. The paper price has not been the Physical price since 2001.
I see a real change in my PM investor friends. In the past, a 15% drop would have been met with the gnashing of teeth. Now they really don't give a fresh fuck what the paper market does. I believe they sense a tipping point approaching.
Stackers of pms need to be concerned about only one thing. Always be hedged with enough fiat trash so as to cover ongoing living expenses. One never wants to be forced to sell in one of these periodic down cycles. One wants to get to the "other side" of whatever happens this decade with the stack intact, ready to convert some of the stack into the new trash, hopefully backed by something more than "faith and credit".
wow, thats what i call some stable currency there bitchez
It is as stable as the dollar, and it won't flame into ashes when this economic house of cards fully ignites, (and it will fully ignite).
Maybe in fantasy-derivatives-paper-land silver is $26-$30 oz...
But here in reality land... a real physical Maple Leaf cannot be had for less than $38 oz the entire time...
Bernanke and his sis-ZIRP, got everybody drunk. Sheep shearing coming?
GOLD ALL-TIME HIGHS HISTORY – From Yesterday's Bottom at $1,536 oz
April 28, 2011 – $1,535.90 oz (for now) – $1,537.40 oz
April 29, 2011 – $1,569.30 oz
May 02, 2011 – $1,577.40 oz
July 13, 2011 – $1,594.90 oz
July 17, 2011 – $1,598.60 oz
July 18, 2011 – $1,607.90 oz
July 19, 2011 – $1,609.55 oz
July 24, 2011 – $1,622.99 oz
July 25, 2011 – $1,624.30 oz
July 27, 2011 – $1,627.73 oz
July 29, 2011 – $1,631.80 oz
Aug 01, 2011 – $1,632.80 oz
Aug 02, 2011 – $1,661.38 oz
------------------------------ Now at this level
Aug 03, 2011 – $1,675.90 oz
Aug 09, 2011 – $1,782.50 oz
Aug 10, 2011 – $1,814.80 oz
Aug 11, 2011 – $1,815.50 oz
Aug 18, 2011 – $1,845.30 oz
Aug 19, 2011 – $1,881.40 oz
Aug 22, 2011 – $1,911.52 oz
Aug 23, 2011 – $1,913.50 oz
Sept 05, 2011 – $1,919.50 oz
Sept 06, 2011 – $1,923.70 oz (According to Kitco)
Bottomline: What it took gold to get there in about 3 months is now happening in just 2 days! Point being: Bring the Gold! http://www.youtube.com/watch?v=_qO66Rmi1Mw
Why gold forward rate inversion is important, 14 September 2011, by Izabella Kaminska (ft.com/alphaville) http://ftalphaville.ft.com/blog/2011/09/14/677021/why-gold-forward-rate-inversion-is-important/
Izabella Kaminska: How central banks use ETFs to keep gold down. 27 September 2011, by cpowell (GATA) http://gata.org/node/10494
Greenspan in 1998, before Congress: http://www.federalreserve.gov/boarddocs/testimony/1998/19980724.htm
"central banks stand ready to LEASE GOLD in increasing quantities, should its price rise."
William S. White June stipulated in 2005 ( head of the Monetary and Economic Department of the Bank of International Settlements in Basel ):
"One of the five main purposes of central bank cooperation is the provision of international credits and joint efforts to influence asset prices – especially gold and foreign exchange – in circumstances where this might be thoughtful."
Australian Central Bank 2003: "Foreign currency reserves and gold are held primarily to support intervention in the foreign exchange markets!"
Dutch central bankster Nout Wellink (CFR member and Bilderberger) always said to his colleagues: “There are two thing you can lie about as central banker, gold and interest rates.”
Jim Rickards about Gold Manipulation: “We call it market manipulation the central banks simply call it policy.”
Was anyone able to close on deal for physical delivery at these fire sale prices?
I wasn’t, all quoted prices for physical delivery were at the same level they were at just five days ago. No fire sale for physical.
I think somebody needs to get a chart together that tracks what the ‘actual’ physical delivery price is across various vendors. Gee what a concept, we actually track the prices paid for physical delivery. What’s the world coming too?
Frankly, what the paper guys do to each other in their own bed rooms is their business; leave the real buyers and sellers out of it.
What I really want to know is what the actual market is paying for the real stuff. Again what a wild and wacky concept.
Paper sucks, you Wall Street fucks! I'll see you vampires in the sun, with my loaded silver gun. Yer goin' down in flames, from Lower Manhattan to the Thames. Your paper is I know not where, I'd rather shit my underwear! For, be there bull, or be there bear, silver is the suit I wear! (With gratitude, and apologies to Dr. Seuss.)
The only paper I own is the stuff I wipe my ass with. Market paper is worthless, because I cannot do a good job of wiping my ass with it. Gold was worth $28.00 an ounce when I was a kid. Silver was worth whatever was printed on the coin you spent. Any one think those days are coming back? All of the lying bum fucking aristocracy of the Age Of Paper Power can burn in their paper suits soonest. I won't even bother pissing on them to put out the flames. I collect gold, silver, lead, copper, real dry powder, food, tools, diesel fuel, and other useful commodities. There is a community of folks all doing the same, so skill sets and extra eyes and hands can guard each others sixes, and "break on through to the other side, break on through to the other side, YEAH "
The fictional Butch Cassidy got frustrated and said if they would pay him the money they are spending to get him to stop robbing them, he'd stop robbing them.
If they would offer to buy the silver with all the money they use to short it, I would sell it to them and dance a happy jig. It has to be costing them quite a bit to maintain those shorts through the dramatic rise in silver and gold this last year. So it's not that they want the silver, it's that they want you all to lose your asses on it.
It's not enough that I win, but that everyone else must lose.
There are so many gaps on the daily silver chart now that the application of TA tells us that Silver is simultaneously locked in both a Bull and Bear market....
If all gaps get filled then this market has only BARELY gotten as schizophrenic as it is bound to get.
The long term secular trend is the only thing not sending conflicting signals.
I am therefore taking the age old path to success in secular bull markets: buy the volatility, and stay the hell away from leverage.
Tyler, I love the site and the content, but its getting hard to read the comments that are stacked one word above the other for entire pages. I know its a little trivial, but is their anything you can do to extend the comments into the unused ad space under the ads?
Thanks
Oh by the way, I just used the 200 worthless dollars that were given to my six week old son to buy enough silver to put him through college in 18 years...woo hooo