I like to update this blog every day at about this time. However, today is one of those days when there simply isn't much to talk about.
There's the story about the Alaska Pipeline being shout down which is helping crude prices:
http://www.businessweek.com/news/2011-01-10/oil-rises-for-first-time-in-three-days-as-alaskan-pipeline-shuts.html
The U.S. stock market is off a few points ahead of the beginning of earnings season:
http://online.wsj.com/article/BT-CO-20110110-704705.html
And, apparently, the would-be assassin has been discovered to be just another in the long line of American, lone nut whack-jobs.
http://www.nydailynews.com/news/national/2011/01/10/2011-01-10_chilling_shrine_in_madmans_yard.html
Certainly disappointing news to Paul Krugman and all others with an agenda and an axe to grind.
The dollar and gold are flat and silver is up $0.22. Blah. Dullsville.
Here's the only interesting thing I can find. It's an update (if you can call it that) from Eric Sprott regarding the difficulty he is having obtaining physical silver (which we already knew) for PSLV.
http://www.newswire.ca/en/releases/archive/January2011/10/c9211.html
For those of you still wondering how/why PSLV trades at such a premium to its NAV, here's some info on the fund itself:
http://www.sprottphysicalsilver.com/
We'll keep an eye out today for anything else worthy of your attention. TF
The Sprott funds seem a good way to get physical exposure without keeping large
ReplyDeletequantities at home.I have a similar UK PHPS etf,
but if/when the expected currency crisis occurs
are they truly safe?
A BAG OF POTTING SOIL!
ReplyDeleteShit, good job theose people took him down when they did, who knows what could have happened.
Only silver where you can put your hand on is your silver in an emergency case...
ReplyDeletePing pong prices this morning lol.
ReplyDeleteYes, silver seems well bid. Very nice.
ReplyDeleteWhen is the CFTC decision on size limits?
ReplyDeleteI thought that was later today?
USDX struggling to hold 81. Big POMO's today and tomorrow.
ReplyDeleteSomeone I know said "I wish Loughner was a Tea Partier so we could go after them and silence them". Bread and circuses... how about bread, circuses and the occasional tragedy, just to keep everyone polarized, focused on the "other team" and not at those really in charge.
ReplyDeleteI find Sprotts to be a be a nice middle ground amongst the options (Futures, unallocated ETFs, allocated ETFs, holdings in someones vault, personal vault). The more severe things are when SHTF, the more to the latter options you'll want to be.
Did Sprott admit that PSLV owns some paper silver (SLV)???!
ReplyDeleteAnd has owned such paper silver since Nov 20th...?
The irony,,, considering the hysteria that would have resulted if SLV were revealed to be holding "contracts" to purchase silver bullion? WTF?!
Thats my feeling Theos and therefore where i
ReplyDeleteget nervous about adding/reducing my holdings
lately.also in the interest of fairness to CNBC
http://www.cnbc.com/id/15840232?video=1726171226&play=1 they were not bashing gold on Friday in this feature.
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ReplyDelete@ Scottj88
ReplyDeleteI believe the next CFTC meeting is on Thursday 13th. I would expect the vote to take place then.
I can't see much coming out of it though. JPM and the boyz have not been behaving as one would expect if they were about to be cut off at the knees, and there is every reason to think that they are kept fully informed of activities and discussions taking place within the walls of the CFTC.
If we don't start to pick up here we're in for another nasty beating soon.
ReplyDeleteOver two months to get silver? Definitely a supply shortage.
ReplyDeleteNot serious yet, but getting there.
Isn't the CRIMEX just paper only, and the LBMA is the physical side? Don't we want the paper Gold and Silver markets to burn?
ReplyDeletegold plotted against the inverse Dollar Index
ReplyDeletehttp://twitpic.com/3ouw44
@mark: COMEX are futures for physical delivery. Base on COMEX rules (I don't know what actually happens), if you are short, you either have to buy back your contract before trading termination, deliver the silver to a registered vault, or default. When you default, pays the long damages which equate to the difference between the "delivery price" and the "contract price". I'm assuming delivery price is a function of the date that delivery is chosen, and the spot price. COMEX gets this money from your performance bond, then goes after you if its not enough.
ReplyDeleteBetty said...
ReplyDelete"Did Sprott admit that PSLV owns some paper silver (SLV)???!"
Links? References? Sources?
Or do you just drop to take a dump?
JP, I think when ZH posted that Sprott article, they brieflyt misidentified PSLV as SLV. That may be the source of the confusion.
ReplyDeleteI apologize if this has already been commented on, but this is an interesting change of directive to the US Treasury's bullion requirements.
ReplyDeletehttp://www.govtrack.us/congress/billtext.xpd?bill=h111-6162
note section 4
@ Robobbob
ReplyDeleteVery good catch, but could you give me and anyone else who is wondering a little insight on what the following line means?
"Subsections (e) and (i) of section 5112 of title 31, United States Code are each amended by striking ‘quantities’ and inserting ‘qualities and quantities that the Secretary determines are’."
-
Thanks,
Scott J
Here's an interesting read that details the author's THEORY about the Chinese role in the silver market.
ReplyDeletehttp://seekingalpha.com/article/245676-the-mechanism-of-china-s-silver-accumulation
After reading a little bit more before just mindlessly asking a question instead of doing research, I stumbled upon this comment very quickly which clears it up...
ReplyDelete"There would be no reason to change the law if there was no problem getting silver. If they are making money, they can add employees, production equipment, etc....
The problem has to be getting the raw material. This is all the proof I need, silver is in short supply.
They can dance around it being increased investment demand all they want...It is a supply issue. Nothing fancy about these blanks. They just need to be made out of silver. "
regarding HR 6162, if Timmay will now be in charge of the "quality" of ASE's, then I've bought my last Eagle.
ReplyDeleteit's a trust thang.
Hey All,
ReplyDeleteI thought I'd share some brilliant propaganda from the EE compliments as Stephen Colbert...
http://www.colbertnation.com/the-colbert-report-videos/369993/january-05-2011/yellowline-international--inc-
Subtle dig at gold in a comedic way