At around 1:15 EST, I was visiting by phone with my friend, Mr. Hyde. We were commiserating on the orchestrated, bs nonsense of the PMs vs USDX trade today. (I don't mind getting my ass kicked when I'm wrong but getting my ass kicked when I'm right makes me want to quit.) At any rate, we agreed that we'd seen all this crap before. Regular buyers were in the pit, holding off Blythe and the Monkeys all day, but you knew that when everyone went home at 1:30, she was going to take her gigantic silver auger and jam it straight up our collective butt. In what should come as a surprise to no one, she has done, and continues to do, exactly that:
But it doesn't fucking matter. Nobody cares and no one is going to stop them so, we're stuck.
Now take a look at today's action on a 5-minute chart:
Pure, unadulterated bullshit. Now, feel free to say that I'm just a conspiracy theorist, I could give a shit, but you tell me how it is that Hyde and I can accurately predict in advance what will take place on the Globex when we're just a couple of dumb, drunk, gambling-addict hayseeds.
Anyway...we're back to hoping/praying that support will hold. Again, its about 1365 in gold and 28.50 and then 28 in silver. Any rebound strength in the USDX now and you can bet your ass Blythe will double-down and take a stab at breaking them. You'd better start planning where to place some stops.
Maybe the cute, little silver bears and the chain emails are right and silver is about to be hammered down to 20 so that really big money can surge the OI, drive the price to 40 and force JPM to settle in cash at a 30% premium. Hell if I know. For now, I'm off to CVS to get some Preparation H and some maxipads as I hope to unwind Blythe's auger without doing too much additional damage. Turd out.
7:30pm EST UPDATE:
Ignore me if you want but listen to Harvey:
Good evening Ladies and Gentlemen:
When Dennis Gartman opens his mouth and states that he is selling some of his gold and/or silver positions, you know for sure that a big raid is being orchestrated by our banking crooks.
To do so, on the day of the vote for position limits and removal of exemptions by the CFTC commissioners, has to rank as total "chuztpah" (translation: nerve) by JPMorgan and friends.
Gold at closing time comex rose by $1.20 to 1,386.90. Silver, however lost 28 cents to $29.25. However after the comex closed, our heroes sold massive amounts of paper with basically no counterparty as the access market is generally thin with traders.
Thus it is very easy for our crooks to knock the price down to anything they want. Right this minute at 5:45 pm est, the price of gold is: $1374.00 and silver is below 29 dollars at $28.74. Hold on to your hats as tomorrow will be an extremely violent day pitting massive buyers like the sovereign wealth funds against the sellers, the banks. All of the selling is un-backed gold and silver. Physical metals are very tight. As you can see there is huge disconnect between paper gold and silver and the real stuff.
More here: http://harveyorgan.blogspot.com/
i hate to close out agq and ugl on a day like today, but a bigger drop would be disastrous
ReplyDeleteOne day when we watch the workers stream out of JPMorgue like we did Bear Stearns in 2008 and we are sitting pretty on our profits we will look back at these days and smile.
ReplyDeletehehehe....oh turd ONLY A CONSPIRACY can pull this off and YOU KNOW IT. So GET OVER IT...that makes you a conspiracy nut like 90% of us on here..hehhehe....gotta play the game...c'mon baby blue light special comin
ReplyDeleteI bought my paper silver @ 28.30 and thats where my stop loss is at the moment. If it goes below that level I hope we really see $20 again so I can leverage up like crazy at that price :)
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ReplyDeleteI can't believe they are letting silver rise more than 2 cents without a smackdown? Maybe Blythe is on the phone with the fed needing more cash to burn?
ReplyDeleteI'm new to silver and if I didn't believe firmly that it has a great future, today would scare the shit out of me. I must admit that this isn't easy to watch, but we gotta have faith my man.
ReplyDelete"Hang on Baby Jesus, it's gonna' get bumpy." - Ricky Bobby
ReplyDeleteTurd, darling, I do apologize so for for the damage to your posterior regions today. But I really must insist that I have given you more than fair warning that this is my sandbox and that there is a price to pay for playing in Blythe's sandbox. I am more than happy to take your money, Turd, but it does cause me a slight twitch of guilt to watch you commoners piddle away your hard earned money gambling in my house.
ReplyDeleteBlythe suggests that you and all the other minions should read the Chris Martenson post referenced earlier on this board and on Zerohedge. You would do well to read his earlier post (The Sound of One Hand Clapping) also. As Chris notes, we make the rules to suit our ends and if the rules don't suit our ends then we change them. This is our casino. We let you play and perhaps win a hand or two, but we will not lose the game, Turd. The CFTC hearing was lovely to watch, wasn't it?
Again, it does pain me so to receive so much hostility from you and your rabblerousers out here on these chatting boards. Especially when, for those of you buying physical, I remain the best benefactor you've ever had.
We shall see what tomorrow brings, Turd.
TTFN,
Blythe
Nice bounce at 28.50 for silver.
ReplyDeleteTurd, may i ask if you have any stops on your miners or are you sitting through every take down?
I know you're a trader Turd, so your perspective on today's drop to sub-28.60 is different that mine but for slow accumulators like me, these price swings are just that. My average cost is well under spot and nothing's changed in the world to convince me storing the value of my labor in the dollar is safer than a hard asset like Ag or Au.
ReplyDeleteFor a post titled "At a loss for words" Mr. Ferguson sure managed to say a few things. The passion is one of the things I love about this site- keep firing with both barrels!
ReplyDeleteTyler- I'm with you, my AGQ and UGL got hammered and I had to close them out to staunch the bleeding. But guess what, Blythe? I'm a big boy. It happens. And I'll wait until you provide a nice entry position for me and I'll get it back and then some- then I'll buy more physical. And oh yeah- I still have the same number of ounces in my possession that I had when the day started, so bite me. We aren't going away that easily...
Turd should not have to answer about his stops. That's none of our business.
ReplyDeleteI will say I hate stops...they are a target to be taken out by thieves.
blythe_masters ...you dirty biatch..just for that you're gonna taste the whip tonite after work...oh wait...you hold the whip usually. Chris Marenson's your boy tonite then. Turds next in line.
ReplyDeleteDon't quit. Retreat and live to fight another day.
ReplyDeleteI'm still watching 1360 and 28.00 as I have been for weeks. If those are broken, OMG it's katie bar the door.
ReplyDeleteEric
You know, I gotta admit I am coming to LOVE these "Blythe" posts.
ReplyDeleteThey are really quite well written.
Let us all remember our history however.
There are literally hundreds of powerful figures, just like "Blythe" appears to be now, who met their comeuppance when they least expected it.
And so it shall be with "Blythe".
This too shall pass.
Buy physical, gamble with call options without leverage if you must. Just to make sure you profit from the explosion when it inevitably comes.
And one more plea to not underestimate the power of the pen.
The CFTC put their proposal out for public comment today.
We have 60 days to PROFESSIONALLY tell them EXACTLY what we think of it.
IN LARGE NUMBERS, hopefully.
Could this have anything to do with the sell-off? More appropriately, could this be the excuse for the take down?
ReplyDelete"Gold ‘Overdue’ for Drop After Rally, Rice Will Gain, Rogers Says"
http://www.bloomberg.com/news/2011-01-13/gold-overdue-for-drop-after-decade-of-gains-rice-to-rally-rogers-says.html
On the other hand, he also said this a week ago:
"He said that silver is a metal and it is still depressed. 'Silver is still 40% below its all-time high. So silver has not been any sort of great bubble compared to perhaps some other assets we know. I, as a class between agriculture, energy and metals, would rather own agriculture and by the way of the precious metals, I would rather own silver than gold.'"
http://www.commodityonline.com/news/Jim-Rogers-I-would-own-silver-than-gold-35278-3-1.html
Perhaps Gene Arensberg will be proven correct in his prediction that we'll see more GSR contraction before it expands a bit.
OK - my miners got the ever lovin' shit kicked out of them today. That sucks. They'll come back hard and strong on the next wave up so I'll live with that. Does anyone believe that in a year silver will be selling for under $35? I don't. So even if it only makes it back to $35 from today's (so far) low of $28.20ish that's a 25% gain from today's price. I'll take that for a return on my "investment". I have no need or desire to sell any silver this year so I'll just keep buying the dips. Well actually I do have a desire to sell SOME silver at $150 this year, but I don't think that's gonna happen.
ReplyDeleteI have to mention a lower price is just as insane for the shorts as a higher price.
ReplyDeleteA lower price means the physical market will go as bone dry as the desert...they need to raise prices to get metal to meet deliveries. You all can guess what happens to spot once the physical market gives it up. And JPM's short position is too large to easily close. We are talking a couple weeks to cover.
The best Blthye can hope for is slowing covering shorts at the current price.
blythe_masters ... you really made my day today ... months since I to laugh that much ... ROFL, enough for the rest of the day ... so well written, so funny, so true ... man you are good!
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteJack: Like Harvey Organ said, they dump paper, then step back in to cover the paper. It's a merry-go-round but the ride is coming to an end soon, very soon. I personally give this thing another 2-3 weeks and then we explode into a new higher price range. Any talk of a massive sell off here is just that...talk.
ReplyDelete(IMHO)
Turd, markets ebb and flow. Review your monthly chart and note that silver would have to make a once-in-a-100-year move to keep rallying to new highs without first enduring some sort of corrective action. Silver has been extremely extended for weeks, and a correction, regardless of the initial catalyst, is long overdue. (By the way, I am a big GATA supporter and know all about how the PM markets work.)
ReplyDeleteAre the first world nations magically solvent, and not printing billions of dollars/euros/etc per day?
ReplyDeleteRelax :)
Get with the program Turd, EVERYONE wants a lower paper price so they can get in at a low and burn blythe on the march delivery, Everyones sat on the sidelines waiting for gold and silver to drop. The more it drops the better for us all. Uber bull don't always work.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteTurd, an observation from the investment side.
ReplyDeleteAbout this time last year, I bought physical silver for around $15.55 an ounce and physical gold at $1076 an ounce (having NO IDEA at the time what a wild ride I was in for by year end). That was 10-11 months ago. I still pinch myself, I can't believe we've seen silver above $25, let alone *$30*. Think about that for a minute.
Now look at the price shenanigans today. Doesn't seem like much, does it? if silver goes down below $27, I'm still not sweating OR crying . . . I'm saying thank you Ms Blythe for giving me more rope to hang you with.
I'm still holding the silver even though I could have sold it and doubled my money in December. I know it is going to go higher. I'm selling when we see a C-wave top (coming this year) and this ain't it by a LONG SHOT. The physical gold is a no brainer, it's getting held for doomsday.
Spot price for both WILL go lower in the coming month or three with the Chinese New Year (Feb 3rd) and all that jazz. Just remember. Get your powder dry because buying time is almost here.
Buy the BIG f'ing dip. Onward and upward to the top of the (c)wave! Cowabunga, dude.
I'm still getting into all this but I have a couple of thoughts I'd like to bounce off people. According to this (admittedly not authoritative) source, there is no longer any limit (up or down) on silver moves:
ReplyDeletehttp://forums.silverseek.com/showthread.php?2290-No-LIMIT-on-Silver-for-the-COMEX
Theoretically, this hammer down to $20/oz. could happen in a day. Do you really think that if the understanding cultivated here, on ZH, and elsewhere -- i.e., that JPMorgan and maybe others are willing to throw serious money to make damn sure that silver doesn't become money in people's minds -- is true, that such a thing wouldn't happen? The game for them is clearly a psychological one. They would presumably love the shock and awe effect that would have. For as long as it lasts, at least...
But then, we're all familiar with the fact that this paper market is their game. But the rest of reality isn't, right? If you know, or strongly believe, that a down move is coming, why not front run them? And use the money you get from doing so to buy physical. The real world with its actual allocation of scarce resources isn't theirs to hammer down, raid, or otherwise manipulate.
Of course ultimately reality wins out. But in the mean time, what's the argument against doing the above? If it leads to a larger holding of physical silver at the end of the process, isn't that a good thing? Perhaps it would be key to start identifying days on which raids like this iwll happen and positioning oneself according.
I'm trying to spot the trends and premonitions. But TF and others with a lot of experience will likely have an easier time of this than I do.
You guys are funny. You create a real or imaginary bogeyman to blame when things don't go your way, then you're surprised when the bogeyman does the very thing you created her for. Instead, you should be patting yourselves on the back saying: "I called it - I knew the bogeyman was going to pull that sh!t."
ReplyDeleteThe trick, surely, is to figure out how to profit from the bogeyman doing what you expect her to.
I turned off my monitor after that monster spike this morning, and just got back to check out the markets...
ReplyDeletehttp://www.youtube.com/watch?v=r_4jrMwvZ2A
We've got to keep the big picture in perspective. Silver is never going to zero, and we all know its current intrinsic value is much higher than $28. The world is waking up to this. Every time Blythe puts silver on sale, a greater volume of physical disappears into private hands. At some point, we'll hit an inflection point, and silver prices will slingshot higher. In the meantime, have some patience and don't sweat the daily gyrations. Develop a plan to accumulate more physical, and (if you're inclined) to play the volatility in silver prices without losing your core long position.
ReplyDeletePersonally, if silver dropped to the low $20s, I'd back up the truck so far that Blythe's curly toes would be sticking out from under the front of it. Options, miners, ETFs and physical. If we revisit $17.50, I'm going to triple my current physical holdings. If we go down to $9, I'm mortgaging my house and buying as much as I can get a hold of.
This will pass. Keep the faith. Have a plan and work the plan.
We are going higher. The balance of power sits on the buy side. Physical demand sits on the buy side. Today was nothing more than an engineered take down to permit further short covering. The momentum to the upside will overwhelm this market withing a couple of weeks at most. Take a look the daily gold chart, the 55 day moving average has acted as a constant base/support zone since January 2009 when gold was trading at around $800 oz. In fact, the 55 period average is steeping and gold has continued to consolidate in the current range for the last couple of months...we are getting very close to a firm and decisive break out of this range. I say we will witness NO grand sell off from here. Again, IMHO.
ReplyDeleteTurd, I'm still new to reading chart patterns. Am I doing it right?
ReplyDeletehttp://i.imgur.com/7SBeP.jpg
As Franklin posted last night:
ReplyDelete"The SILVER PRICE rose yesterday and today, but only by another 4.2c today to close Comex at 2953.2c. Again, this shows slowing momentum. In truth, silver merely traded sideways today, between 2970 and 2937c in US trading. Silver has crossed that first trip wire of a rally, the 20 day moving average (2936c) but done little else. UNTIL SILVER CLIMBS ABOVE 3121c, IT IS IN A DOWNTREND."
dd is correct...as an example, look how the liberal progressives trash Palin, TOTAL FEAR...now look how silver is being TRASHED...TOTAL FEAR..IMHO...please, no harm, no foul if I get a little political occasionally
ReplyDeleteGuys, it's moment like this that we need to realize that Chinese BOS are not 100% in line with our speculative interests.
ReplyDeleteThey wanna exchange as much fiat junk for metals as possible. They are not interested in mining shares or call options. They just want metals so they'd like to sit there buying it at their comfortable price zone until all physicals are drained. They are in no hurry to rush it too fast. A big price dip does them a favor in fact.
It's those of us that are loaded in the speculative positions wanting it to rise fast and relentlessly.
We therefore need to adjust our strategies to such fundamentals: buy the dips while we can but hold off on huge risky leveraged plays.
Love your honesty Turd.
ReplyDeleteThis, too, shall pass (thanks for the reminder, Chris)
I was taking a look at the charts for GDX and GDXJ. Seems like there's just a couple bucks a share to go before we match the October lows. Support there? Maybe?
ReplyDeleteEric
Like I said the Train ain,t allowed to leave the station,the backside is falling out of a lot of EE stuff,can,t have PM,s showing a flight to safety,the rush becomes a flood,buy the dips,man ...........
ReplyDeleteLooks like you've picked up a thing or two here Tripp. That's the FUTF pattern you've illustrated, not to be confused with it's inverse, the FUBM.
ReplyDeleteJust bought AGQ after-hours: couldn't resist with it being under $137.
ReplyDeleteIf anyone be at a loss for words...here may be more than one soul can handle...the silver stealers:
ReplyDeletehttp://www.silverbearcafe.com/private/metals.html
part 2:
ReplyDeletehttp://www.silverbearcafe.com/private/01.11/silverstealers-2.html
Just remember, folks. It's the Elite's casino. We play in it, but they own it. The Elite's pit boss will change the rules whenever it suits:
ReplyDeletehttp://www.nakedcapitalism.com/2011/01/dc-puts-its-bankster-friendly-solution-for-foreclosure-fraud-on-the-table.html
Sumo, you're a brave man (or woman). If silver dips to $25, AGQ could lose another $30.
ReplyDeleteI have words. "Hello, do you have any bullion to sell me today?"
ReplyDeletetitaniumvt, I can wait out the raids. Most of my silver is bullion held in a vault, for the long-term. AGQ is a small trading position.
ReplyDeleteResources boom coming to Canada? Start taking Mandarin lessons:
ReplyDeletehttp://www.marketwatch.com/story/china-sovereign-wealth-fund-to-open-toronto-office-2011-01-12
Action like this makes me wary of buying 'cheap' OTM call options. I did this once when I was 'sure' gold was going up and lost the lot.
ReplyDeleteJim Sinclair (whom I respect immensely) called for Gold at 1650 on this precise day. He must have posted dozens of times on his website from 2007 onwards 'relax, gold is going to $1650 by 14 January 2010'
One of JS's strengths is that he knows the limitations of his analysis. He knows traders should sell rallies and buy dips. And focus on the hard stuff.
Yeah, sumo.
ReplyDeleteChinese are probably writing "thank-you" emails to Morgue for today's rigging while BTFD on mining shares.
Just placed an order for 200 more ounces for immediate delivery with this latest after hour raid! God damn those bastards. They're in panic mode and I'm happier than ever.
ReplyDeleteWayne, that's why I like AGQ: has some leverage, but you can wait out the raids. But aren't junior miners with "pounds in the ground" effectively call options with no expiry?
ReplyDeleteOh man, today was interesting.
ReplyDeleteI was walking out of Starbucks, when overhead two of Blythe's flying monkeys spotted me.
As they descended, I ditched my grande vanilla latte and ran... but, I was too slow.
One monkey ripped off my pants, the other proceeded to sodomize me.
--- I just got back from Harvey's blog, he has some good advice, take some aspirin and turn off the TV... but I think I'll need some Preparation-H too.
tomorrow's news will provide some clarity for today's action IMO. Meanwhile, the overall BS shell game / musical chairs experiment continues...Nothing to see here, pretty par for the course...nowadays "expert networks" are being looked at with more scrutiny. Is is really hard to imagine that someone got the wink wink from an ol' college buddy?
ReplyDeleteSharkAttack: I'm gonna have nightmares thinking about your experience today. Make sure to put on the Preparation-H thick and heavy!
ReplyDeleteYou folks know that Gary Gensler is part of the Elite, right?
ReplyDeletehttp://en.wikipedia.org/wiki/Gary_Gensler
"Gary Gensler spent 18 years at Goldman Sachs, making partner when he was 30, becoming head of the company’s fixed income and currency trading operations in Tokyo by the mid-’90s, and eventually the company’s co-head of finance...
As the Treasury Department’s undersecretary for domestic finance in the last two years of the Clinton administration, Gensler found himself in the position of overseeing policies in the areas of U.S. financial markets, debt management, financial services, and community development. Gensler advocated the passage of the Commodity Futures Modernization Act of 2000, which exempted credit default swaps and other derivatives from regulation..."
An ex-Goldman executive who has opposed derivatives regulation, is going to bring out position limits in Silver contracts? No wonder Blyte is so complacent
shart: Welcome to the blog. Very nice job. You fit right in.
ReplyDeleteGetting caught up on my nightly silver reading. The more I read, the more the action today reeks of EE desperation. I think we could all use some reinforcement today that the primary thesis hasn't changed, so I'll post some of the more interesting things I come across. First up, from Zero Hedge today:
ReplyDelete"Three days ago we noted that in just the first week of January, the US Mint had sold 2,221,000 ounces of silver "a number which if run-rated would be an absolutely all time monthly record," A quick glance at the tally today, shows that something very scary is going on. In the subsequent three days, the number has surged by 50% and has hit 3,407,000 ounces of silver! In just the first 12 days of the month we have already surpassed the total monthly sales of 9 separate months of 2010...
...Mike Krieger presents the following disturbing observation on this trend: "In the first 12 days of January 3.4 million silver eagles have been sold. I have never seen anything like this. The amount of physical being taken off the market on this paper sell off is EXTRAORDINARY. We must be VERY close to the end." Whoever has adopted JPM's legacy paper silver short position is in for some very troubling days ahead."
From Harvey Organ...something is screwy about his post date tonight (it says Wednesday, Jan 13, 2038). Not sure if these numbers are from today or yesterday. If they're from yesterday, it speaks to EE desperation. If they're from today, it means they're having no impact on scaring silver longs:
ReplyDelete"...The total silver comex open interest ROSE by 728 contracts from 136,331 to 137,059. The front options delivery month of January saw the OI rise from 54 to 75 contracts. The front delivery month of March saw its OI surprisingly rise from 73,563 to 74,309.
Obviously we are getting no switches in the silver arena. The estimated volume today was a rather large 63,216. The confirmed volume yesterday was a very respectable 49,584. The bankers were very alarmed at the total OI and the March OI..."
Nobody can say with a straight face that the paper PMs aren't manipulated. Nobody with a brain in their skull can say that the US equities market isn't full of shit right now and just driven by the Fed. Nobody can say that we aren't F'd no matter what happens -- markets crash or market skyrocketting... either way the US dollar is worthless in the eyes of the world and there is a slow awakening right now to that fact. I don't know if anyone reads the comments users post to MSM articles, but pretty much every article I've seen saying the US is on a recovery is FULL of comments saying "hell no it isn't, stop lying to us". America is waking up, its just a matter of time before everyone and their grandma want out of the US dollar.
ReplyDeleteI found my next coin
ReplyDeletehttp://www.coininvestdirect.com/en/silver_coins/libertad_2010_1kg_silver_bu_stempelglanz.html
Is it really realistic, that the EE can drive down the price e.g. for silver to 20$, or even to below 28$ with all the strong physical demand we are having right now?
ReplyDeleteIf silver goes below 28$, there must be some serious changes in the fundamentals?
Yeah, Harvey has had his dates screwed up two nights running. The data he's presenting is current though. I think...
ReplyDeletelitegoose, for physical prices I use Bullionvault as a guide:
ReplyDeletehttp://www.bullionvault.com/gold_market.do
The silver bid/offers are for bullion bars in a Via Mat vault located in London. Current bid is $29.05.
I've seen the futures price go $1 below the in-the-vault bid. Futures price can be BS. Don't be fooled.
See Theos's post at 1:40. And, as has been mentioned before, if you want to be a trader, remember it's their game: watch it like a hawk (I don't use stops because no one but me should know where I'll sell), stay small, don't get over-leveraged/keep plenty of cash so that you can adjust on the fly.
ReplyDeleteOtherwise, go have dinner and a drink. Unfortunately for people everywhere, the USD and EUR are headed to the toilet. At least we can cushion the blow for those in our own small worlds.
When the US Mint used 88% of domestic silver production to make ASEs last year and this year looking to easily out-demand whatever the Mint can make, I think we're well on our way to a HUGE rise in prices just on the ASE demand and casual investor alone.
ReplyDeletePeople like TF, Eric Sprott, myself, and many of you are not the casual buyers. We don't just buy ASEs and small coins, we buy bars big enough that the TSA would consider them a weapon and won't let us fly with em...
I'm expecting these paper takedowns to rebound rather quickly as people start to buy and add volume to the otherwise dead market.
Can anyone locate the dumptruck load of paper in any of the etf's that would have caused the dip today? Slv was pretty large but no huge numbers to trigger???????
ReplyDeleteDon't forget about storing FOOD. I have accumulated many years worth of dehydrated FOOD for me and my family.
ReplyDeleteB good point about the larger than small buyers. I was one of them too at $18. Cleaned up many hundreds of ounces from ScotiaBank last year. LOL! And they asked me "why?". I just said... "because!". LOL!
ReplyDeletejaws136,
ReplyDeleteCRIMEX closes at 1:30PM EST. After that, trading is done in the access market where volume is very thin so a small pile of paper contracts can move price in a big way. SLV and other ETFs only follow that spot price.
I'm trying to guess what the purpose of today's move was. It could be that EE wanted to paint the tech chart that the important silver 50DMA is broken down, or some meltdown is ahead and they usually assault the metal market before letting the meltdown happen.
Ok, so it's 1am on the East Coast. Time for a little heart relaxation for all you adrenaline junkies:
ReplyDeletehttp://www.youtube.com/watch?v=JwFGXskz93s
maybe its a good opportunity to buy some miners today if metals and stocks get hammered?
ReplyDeleteTurd,
ReplyDeleteI've loved reading your blog since not long after you opened it. I love your passion and commitment. But one thing I guess I differ in is that the daily monkey hammering is a bad thing. Sure, if you are a leveraged trader it would be enough to make you quit.
If you a physical owner just using PA to look for ideal buying points however then this is a gift. I've bough my bodyweight in pm's, and sincerely appreciate JP's help in keeping the price stable to I can get it all delivered.
We all KNOW the paper gold \ paper silver markets are a fraud, but they have been so for decades, in particular if you have read the thoughts of another, you will have even more conviction.
Looking at the American mint production numbers you get the idea that the blood is in the water and and sharks are circling.
A silver tsunami builds...
From Harvey :
ReplyDelete"When Dennis Gartman opens his mouth and states that he is selling some of his gold and/or silver positions, you know for sure that a big raid is being orchestrated by our banking crooks."
And thats what i found :
http://www.businessinsider.com/gartman-my-first-prediction-for-2010-2010-1
He is the best contra-indicator !
Test of 1650 and 28.50 while America sleeps.
ReplyDeleteGood Morning Blythe,
ReplyDeleteI woke up extra early today with my Preparation H in hand knowing you'd be here. Looking forward to spending lots of time with you today.
Sorry, I have no plans on selling my physical, and the only thing you could do to change that is something you would never ever do - let the price of silver hit $150 an oz.
Have fun painting the charts today, Blythe. It will be another dismal masterpiece I'm sure.
All the best,
CMill
We need to stop complaining about the COMEX and start figuring out how to replace it with an entity that is not susceptible to criminal manipulation.
ReplyDeleteMarkets like the COMEX are organizations that were designed when telephones were black and funny-looking, whose purpose was to provide a central location to trade commodities at high speed and thus efficiently discover the most accurate price possible.
If we were to start from scratch today, in the internet era, and design a solution to the problem of honest price-discovery -- the solution would look nothing like the COMEX and its compromised 'regulators'.
The most efficient -- and probably the only way to reform such an institution -- is to create a viable replacement.
The COMEX, the LBMA, and the CFTC should simply be ignored.
Good morning, everyone.
ReplyDeleteOnce again, a fantastic discussion overnight.
My guess is that 28.50 will fail shortly but 28 will hold. We'll see.
Mick, you are exactly right.
Cmill is on to Blythe's game.
Marvin: Nice find! Send it to Harvey.
fourth: You are, of course, correct but it still pisses me off
reefman: very smart with the MREs.
Hey, what do you think of XAGUSD @ FOREX?
ReplyDeleteIsn't is far safer than futures at the Death Star whose collapse we actually wish for?
Btw, XAGUSD just for trading (the other 90% are of course physical)
ReplyDeleteAh and naturally, inflation warnings all around and PMs drop like a stone, that's how it ought to be!^^
Sources all taken from ZH:
http://www.bloomberg.com/news/2011-01-14/ecb-s-weber-says-inflation-risks-in-euro-area-could-well-move-to-upside-.html
http://www.bloomberg.com/news/2011-01-14/india-s-inflation-accelerates-to-8-43-adding-pressure-for-higher-rates.html
http://www.investors.com/NewsAndAnalysis/Article/559842/201101131842/Has-The-Fed-Lit-Inflation-Fuse-.htm
USDX weakness continues...this charade with the metals can't go on much further..we are at the bottom end of the range. BTFD. I am preparing a care package of Preparation-H for special delivery to Blythe Masters office.
ReplyDeleteI use forex to trade silver, because I dont have to pay any taxes on profits and it is traded 24 hours/day.
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