Monday, February 28, 2011

Are You Ready For $35?

I broke out the white-out one more time and look what I found.

In case you've forgotten, I first used the white-out last Tuesday evening:
http://tfmetalsreport.blogspot.com/2011/02/getting-into-white-out.html
I figured that if Blythe was going to spend so much money trying to pretend that last Monday hadn't happened, it was the least we could do to oblige her and play along. With silver now having broken through the latest containment line at 33.75, I figured I should use the white stuff one more time. Hmmm, take a look at this:
Again, Blythe wanted us to forget about last Monday. Once you do, you see a chart that is breaking out and looks ready to charge higher. Tomorrow is Happy Tuesday so maybe we can get to $35 in the next 24 hours? Maybe. We'll see but it certainly looks like a strong possibility.

Furthermore, look at this daily chart of silver. Provided we don't absolutely collapse into the bell, silver will set a new, post-1980 closing high today. This will attract momentum-chasing buyers tomorrow, too.
Strength into the close and on the Globex will feed on itself and $35 silver will be in plain sight. With about 45 minutes to go, I have a last of 33.89. Let's go get it! TF

ps We have lots of fun here but this story sure brings you back to reality.
http://finance.yahoo.com/banking-budgeting/article/112189/who-owns-the-us?mod=bb-debtmanagement


1:50 EST UPDATE:
Several comments below regarding the drop that occurred right at the Comex close.
I do not suspect think this was EE action. Since the drop occurred at exactly 1:25, this is most likely due instead to some "market-on-close" orders. Its safe to assume that some March contract holders who are unwilling to stand for delivery and post the $ this afternoon simply bailed at the close. Their accumulated offers overwhelmed the bid at that moment and dropped price by 20 cents.
Now, Blythe may yell "Carpe Diem" to the monkeys and attempt to pile on from here but I doubt it...not with tomorrow being Happy Tuesday. So far so good as we have already recovered back up to 33.71.
I'll keep you posted. TF
Posted by at

118 comments:

  1. ewc58February 28, 2011 at 12:50 PM

    Oh yeah Turd, I can live with that!

    Also, for Couer people, Q4 '10 Earnings call goes off at 1pm. If anyone interested:

    see webcast at couer.com
    or
    listen to the conf call: 877) 464-2820 ID: 39113688

    Enjoy

    ReplyDelete
  2. UnknownFebruary 28, 2011 at 12:52 PM

    Anyone know why Great Panther has been on such a tear recently? It happens to be my major holding over the past 6 months & I'm considering diversifying out of it a little bit.

    ReplyDelete
  3. kliguy38February 28, 2011 at 12:53 PM

    Been trading on the margin of my core but more patient with holding on this move up.......hell...do you want to own fiat with all of this going on....btw..gold is also showing preparation for another dynamic move up.....PHYS is a nice quiet way to put some money to work....or my fav in the gold miners....ANV

    ReplyDelete
  4. Art VandelayFebruary 28, 2011 at 12:54 PM

    White out - I think that was my first high...

    ReplyDelete
  5. ewc58February 28, 2011 at 12:55 PM

    dryam,

    no reason to with where GPL is in the cycle. Let the trend be your friend with this one. Wait to sell some IMHO, you'll be leaving $$$ on the table and that's always a no-no. Let it ride baby!

    ReplyDelete
  6. UnknownFebruary 28, 2011 at 12:58 PM

    Knock knock knockin' on 34...

    ReplyDelete
  7. Scottj88February 28, 2011 at 1:00 PM

    @ dryam

    Great Panther just reached the AMEX recently... since then its production has attracted a lot of people. They were even invited to ring the bell at the NYSE last week.

    They have 2million oz of silver production and 3.8 million scheduled silver production by 2012. I think this is why its going up...

    If anyone else is interested in stocks moving to the AMEX soon, there is talk about Revett Minerals moving to the Amex in 3-4 weeks from January 13th... you can read about here:

    Revett Seeks AMEX Listing

    This report was just put out too by their news on Friday. Apparently giving them an initiated target of $6.50.

    Analyst Coverage announcement

    To look at their production and end of 2010 reports, I refer you to this article:

    Revett 2010 Recap

    -
    I am invested in Revett Minerals, and hold a long position. You should do diligent research, as there are risks to all stocks, especially ones touted about on comment boards!
    -
    Scott J

    ReplyDelete
  8. sierra_hpbtFebruary 28, 2011 at 1:07 PM

    so glad I found this blog!

    ReplyDelete
  9. ewc58February 28, 2011 at 1:13 PM

    CDE is jumping as the Q4 call just shared some really nice metrics...

    ReplyDelete
  10. AnonymousFebruary 28, 2011 at 1:16 PM

    @snick (from previous thread) - Being a Canadian here's my (non-expert) view:

    1. Canada avoided (so far) the Housing bubble - but it's coming, just wait for interest rates to start going up significantly (next year?). We avoided the housing bubble crash our economy by having our banks securitize 95%+ of mortgages and force purchasers to buy CMHC insurance for loans with less than 20% down payment. CMHC is kind of like a smaller AIG dedicated to house insurance. Watch interest rates eventually rise, our housing bubble pop, the quazi-government owned CMHC go belly up because of lack of liquidity to pay off insurance claims and our government to go further into deficit spending to bail them out at tax payer expense. I'm sure everyone's seen this movie before, just different actors. All too predictable IMO, just a question of time. When the bubble does pop, I expect it to be about 1/3 the size of USA's bubble in terms of national (not global) impact.

    2. Canada's TSX exchange is held up by Energy (27.88%), Financials (29.61%)& Materials (16.88%). See here: http://tinyurl.com/2fjxdwr

    So if Oil + Gold/Mining goes up, Canada does quite well. Canada's oil sands represents the second largest proven oil reserves in the WORLD!

    http://tinyurl.com/6yepupf

    That said, it is "dirty" oil, because it is very un-environmentally friendly to extract from the sands, not to mention some of the most costly oil to extract in the entire world.

    http://i52.tinypic.com/30lpk5z.jpg

    The chart above suggests it costs $80/barrel to extract. I've heard numbers as low as $60/barrel, but no lower. In other words, the Canadian oil sands are only profitable if oil remains above these levels, otherwise, it makes no sense to produce oil. This is probably why until the last few years, you may have never heard of the Canadian Oil Sands, because oil was well below this cost / barrel.

    3. As for "Financials" Canada is very different than the USA. We have a total of about 20 banks, although about 5 of them account for 80% of all deposits. You may have read on CNBS and other places about how 'safe' the Canadian banks were/are during the 2008 financial crisis. This is not because the Canadian banking sector was any smarter, it's only because our legislators were far too slow in passing modern lax laws allowing for mass speculation like the USA. So it was our slowness and laziness at the government level that saved our butts; we weren't saved out of economic brilliance. Also, something not often mentioned in the MSM is that when AIG was about to go belly up, the top 5 canadian banks had 800 BILLION of counter-side nominal derivative risk. Had AIG gone bell up that would have likely destroyed all 5 top Canadian banks with a single "financial weapon of mass destruction" as Buffett calls them.

    4. Some 80% of all Canadian exports go the USA. So if the USA goes belly up, Canada shall follow soon there after. If our Canadian dollar rises too high, USA will source goods from other cheaper countries.

    All in all, the Canadian dollar may continue to rise against USD, but there will be fundamental tipping points.

    ReplyDelete
  11. Eric OriginalFebruary 28, 2011 at 1:19 PM

    I went back thru my entire list of miners last night, crunched all the numbers. Big picture I came away with is that the silver miners, as a group, even with all the recent strength, still look cheaper than all the gold miners. Did a lot of converting from silver to gold, gold to silver. That's my take.

    FWIW

    ReplyDelete
  12. SciscoFebruary 28, 2011 at 1:21 PM

    Hi Snick,

    Beware of the CDN$. I would like to point out three things. 1) we have not had our housing correction yet but it is coming. How do I know one is coming? Because of sites like this http://www.crackshackormansion.com/. Plus we have all the moral hazard of making loans to people that can't afford them. We have our own home GSE called CMHC which insures 90% of Canadian restate and they have over 1T on their books. Further, banks are more interested in market share than making sound loans. See Banks Won' Lead The Way at http://globaleconomicanalysis.blogspot.com/2010/12/canadian-borrowing-gone-mad-look-at.html
    2) Privately Canadians are more in debt than Americans! According to Canadian Payroll Association, 59% of Canadians are living paycheque-to-paycheque and report they would be in trouble if their paycheques were delayed by a week.
    3) Our deficit spending is also completely out of control. So we are not going to be significantly raise rates anytime soon.

    ReplyDelete
  13. Eric OriginalFebruary 28, 2011 at 1:25 PM

    Seems like it was only a week or so ago I told my wife "we are going to take $32 and stick it right up her a$$". Of course she looked at me like what the F are you talking about?" But it just shows you how far we've come.

    ReplyDelete
  14. reefmanFebruary 28, 2011 at 1:27 PM

    They dropped it more than 20 cents in TWO MINUTES! Give me a freakin' break!

    ReplyDelete
  15. ewc58February 28, 2011 at 1:27 PM

    CDE vs. CDN: I know which one I'm going with. The results on the Q4 call are very strong across the board...

    And the CEO just reminded all that THEY WON'T HEDGE Ag.

    ReplyDelete
  16. Eric PFebruary 28, 2011 at 1:27 PM

    Did Blythe wait until the last minute to take a bite out of the price?

    ReplyDelete
  17. UnknownFebruary 28, 2011 at 1:27 PM

    Hello Blythe, how are you today?

    Knock-knock the charts?

    ReplyDelete
  18. reefmanFebruary 28, 2011 at 1:28 PM

    Also, doesn't COMEX SILVER close at 1:25pm, not 1:30pm?

    ReplyDelete
  19. GoldIsKingFebruary 28, 2011 at 1:28 PM

    This comment has been removed by the author.

    ReplyDelete
  20. GoldIsKingFebruary 28, 2011 at 1:29 PM

    She waited till the last minute... what a sneaky biaaaatch!!!

    ReplyDelete
  21. JackFebruary 28, 2011 at 1:29 PM

    EE attack at 1:25pm.

    She must be noticing the bounces back up are pretty quick!

    ReplyDelete
  22. AnonymousFebruary 28, 2011 at 1:30 PM

    This comment has been removed by the author.

    ReplyDelete
  23. Art VandelayFebruary 28, 2011 at 1:30 PM

    Time for the 1:30pm take down !

    ReplyDelete
  24. reefmanFebruary 28, 2011 at 1:30 PM

    Looks like she's trying to get it down to 33.30. What a bastard!

    ReplyDelete
  25. SciscoFebruary 28, 2011 at 1:31 PM

    Just cleared mine before it really moved. Question will be do I go back in before the day is done.

    ReplyDelete
  26. ewc58February 28, 2011 at 1:31 PM

    Don't sweat the short term noise. Maybe we get some good buys today or tomorrow after all.

    ReplyDelete
  27. TylerFebruary 28, 2011 at 1:32 PM

    If you do the math China owns less than 7% of U.S. debt. This is only decreasing as they sell treasuries and we issue more debt.

    I feel like there is a perception among the gerneral public that this number is much higher.

    This leaves the Fed and other banks with the vast majority of ownership. What a ponzi

    ReplyDelete
  28. GeorgeFebruary 28, 2011 at 1:35 PM

    the brutality is striking. however it's like a violent beast enraged for fear of its own destruction. lol

    ReplyDelete
  29. JimmyTheHandFebruary 28, 2011 at 1:36 PM

    Blythe just threw the damn kitchen sink at that motha! Wowee.. right at the close.

    ReplyDelete
  30. Don PontiousFebruary 28, 2011 at 1:36 PM

    BTFD! BTFD!! Blythe you SKANK!

    ReplyDelete
  31. EdwardFebruary 28, 2011 at 1:37 PM

    Bouncy-bouncy.

    ReplyDelete
  32. caramelFebruary 28, 2011 at 1:38 PM

    silversurfer,

    great post - can you share a link relating to the $800B derivatives? If so, looks like everything is intertwined - US banks go down, CDN banks go down as well? thoughts on how it might play out?

    Don't talk to Canadians about housing for it is ingrained house prices will never fall.

    ReplyDelete
  33. sierra_hpbtFebruary 28, 2011 at 1:38 PM

    well as soon as the TURD posted blythe decided to have some fun. Silver down.. oh well blythe enjoy it while it lasts.

    ReplyDelete
  34. JimmyTheHandFebruary 28, 2011 at 1:39 PM

    You guys think she will pile on and monkey hammer it in the Globex today? Looks like a bounce may be coming off of 33.60!

    ReplyDelete
  35. JackFebruary 28, 2011 at 1:40 PM

    Not a very effective attack. Took off 30 cents, already 10 minutes later it's been pared down to 15 cents.

    Now we know why Blythe has been attacking during Globex...it's the only effective method left to her.

    ReplyDelete
  36. SwampfoxFebruary 28, 2011 at 1:44 PM

    Spot reacts like a spring. Blythe pushes down and everyone buys - sproing!!

    How long can she keep this up? Anyone?

    ReplyDelete
  37. reefmanFebruary 28, 2011 at 1:44 PM

    Is anybody else experiencing Turd's blogspot asking to download "navbar.g" every time you reload the page? Or is it just me?

    ReplyDelete
  38. BiosciFebruary 28, 2011 at 1:45 PM

    @Jedi,

    Thanks for the response re: USDX on the previous thread, although I'm not sure I follow you on how it's "tied into the actual resources." I'll have to do a bit more research. In any case, we certainly agree that USD vs commodities is surely the real tell.

    ReplyDelete
  39. IreneFebruary 28, 2011 at 1:46 PM

    Guys,

    Haven't you figured it out already? Blythe just did a typical girl thing. You should see us on ebay! Talk about last second.

    Yes, we can be sneaky little b*tches. ;)

    ReplyDelete
  40. UnknownFebruary 28, 2011 at 1:47 PM

    I like it when BM attacks... just means I can buy my Ag for less...

    ReplyDelete
  41. AnonymousFebruary 28, 2011 at 1:47 PM

    @caramel re: Canadian housing. Yeah "it's different here" don'tcha know! LOL . My poor friends with 1/2 million to 3/4 million houses, are all going to be in the poor house in less than 5 years. I'm tired of warning them that house porn is a fantasy with life-time consequences.

    Here's the article from the Canadian Financial Post on Sept 16, 2008:

    Canadian banks stuck with more than $800B in CDS

    ReplyDelete
  42. JimmyTheHandFebruary 28, 2011 at 1:48 PM

    I'm not seeing that reefman. From the looks of the web it is related to the "Blogger" navigation bar, which is what this site is currently running on. Are you using IE, Firefox, Chrome or Safari?

    ReplyDelete
  43. GeorgeFebruary 28, 2011 at 1:48 PM

    that's just you reefman.

    silver is going up no matter what....today, tomorrow, next week...why fight the inevitable blythe? you can't win.

    ReplyDelete
  44. JimmyTheHandFebruary 28, 2011 at 1:49 PM

    Irene -

    HAHAHHHAHAHAHA!

    ReplyDelete
  45. StephenFebruary 28, 2011 at 1:54 PM

    I'm very new to watching POS and BM attacksin real time . . . this doesn't have the feel of previous EE raids . . . is the difference this time that BoS stepped up and defended 33.50 and BM is running low on ammo ???

    Was that BM or something else like hedgies lowing price to load the boat?

    ReplyDelete
  46. UnknownFebruary 28, 2011 at 1:54 PM

    Dryam,

    Great Panther's CEO was interviewd by Hains on CNBS last friday morning, maybe they got a boost from that exposure in the mainstream???

    ReplyDelete
  47. Turd FergusonFebruary 28, 2011 at 1:55 PM

    I just updated this thread. Please read.

    ReplyDelete
  48. ewc58February 28, 2011 at 1:56 PM

    Ginger and Irene: we need more fine women like these in Turd Town!

    ReplyDelete
  49. AnonymousFebruary 28, 2011 at 2:05 PM

    LOL ewc58 ..I can't tell who is male and who is female by most of the usernames. ewc58 could go either way y'know :]

    ReplyDelete
  50. reefmanFebruary 28, 2011 at 2:07 PM

    JimmyTheHand I'm using Chrome.

    ReplyDelete
  51. Eric PFebruary 28, 2011 at 2:08 PM

    Turd,

    I just keep telling myself (and you reiterated in one of your posts)...

    "the fundamentals have not changed"

    While I do believe some people who weren't going to stand for delivery stayed up until the close, I have to think BM knew that and pushed at 125pm EST. However, we are having a nice comeback ...

    Did I mention that the fundamentals have not changed?

    ReplyDelete
  52. ewc58February 28, 2011 at 2:09 PM

    Ginger, let's just say it's Edward and not Edwina :-0)

    Did you see today's relaease from CZ? Commissioning the PFS at Prairie Creek...

    http://www.canadianzinc.com/docs/NR022811.pdf

    ReplyDelete
  53. UnknownFebruary 28, 2011 at 2:16 PM

    Bye-Bye HL, best ride I have taken...

    took you in for under $2(FRN)-several moons ago.
    Bid good-bye earlier today when you dared to show red on a strong Ag performance.

    May we meet again... in the future.
    Liking Impact silver now.

    ReplyDelete
  54. lord koosFebruary 28, 2011 at 2:18 PM

    It's now heading south again... I agree not EE but could it be the WB group? Current price is 33.60, not much higher than Friday's close, hopefully we can hold above 33.50.

    ReplyDelete
  55. atleeFebruary 28, 2011 at 2:36 PM

    Buyer from 33.25 to 32.70 area going into today's close. Think tip off was they were leaning on many of the mining shares early when PM was strong. Just my opinion.

    ReplyDelete
  56. SilverLeafFebruary 28, 2011 at 2:39 PM

    Anyone have thoughts on why CNBS' silver quotes are off by so much lately? Woke up this morning and saw they were indicating silver as being up $0.95+, but Kitco was showing $0.50+. Similarly, noticed last week that CNBS was quoting silver as being down way more than Kitco.

    Not a huge deal, but just curious about what might account for the discrepancy.

    ReplyDelete
  57. RoCoachFebruary 28, 2011 at 2:43 PM

    Sold half my Great Panther last week, with over 100% gains. Will hold the remainder indefinitely - it's all pure profit.

    ReplyDelete
  58. gpamFebruary 28, 2011 at 2:43 PM

    @SilverLeaf: each uses a different "close" as a reference point for their change. CNBC might have been from Fri at 1330 EST, whereas Kitco Might have been from Fri at 1600 EST..

    ReplyDelete
  59. Eric OriginalFebruary 28, 2011 at 2:43 PM

    SilverLeaf

    It has to do with where their cutoff point was. Close of COMEX? Close of Globex? You see those diffs also among various internet price quotes too. It's not the price that's so different, it's the change.

    ReplyDelete
  60. Turd FergusonFebruary 28, 2011 at 2:44 PM

    Cnbs is basis Friday comex close.
    Kitco is basis Friday globex close

    ReplyDelete
  61. GeorgeFebruary 28, 2011 at 2:44 PM

    another brutal attack. this one worse then before.

    ReplyDelete
  62. atleeFebruary 28, 2011 at 2:49 PM

    After 10 am est today, upside volume sucks in silver today

    ReplyDelete
  63. AnonymousFebruary 28, 2011 at 2:52 PM

    Re Turd's update/comment

    Why would anyone use a market on close order? Seems dangerous regardless of which side of the fence one is on. I don't trade futures so
    I'm not aware of a condition where that would be advantagous.

    ReplyDelete
  64. rthaler71February 28, 2011 at 2:56 PM

    I am thinking Tuesday is also referred to as Turnaround Tuesday. Could we get a reversal down of momentum in Silver tommorrow then since Silver has been running up and attracting alot of momentum chasers?

    ReplyDelete
  65. rthaler71February 28, 2011 at 3:01 PM

    Was there news on HL? Anybody know? Or is this just heavy selling one day after the good news?

    ReplyDelete
  66. AnonymousFebruary 28, 2011 at 3:04 PM

    Bloomberg is interviewing some miners today. You can stream the TV here:

    http://www.bloomberg.com/tv/

    ReplyDelete
  67. snickFebruary 28, 2011 at 3:08 PM

    @ SilverSurfer, Sisco, and all others who posted on the Canadian Dollar -

    Thank you very much for the fantastic insights. They really help!

    Boy, the thing about crack shack or mansion scared me ... (got 9 out of 16 right, but I just guessed).

    ReplyDelete
  68. RayFebruary 28, 2011 at 3:08 PM

    This article came out on Hecla today... I dumped it and bought more GPL.

    http://www.fool.com/investing/general/2011/02/28/skeletons-emerge-from-heclas-closet.aspx

    ReplyDelete
  69. Eric OriginalFebruary 28, 2011 at 3:09 PM

    rthaler71

    Motley Fool came out and trashed it. Old news from last week. This selling on HL is ridiculous. I just bought some. F'em.

    ReplyDelete
  70. SRV ES339February 28, 2011 at 3:10 PM

    This is getting tired (me too)... beat the PMs down after Comex close in low volume... just in time to wipe out any miner upside into the 4:00 pm close!

    Collateral damage... or planed... comments?

    ReplyDelete
  71. AnonymousFebruary 28, 2011 at 3:10 PM

    Policy Market movers this week:

    Tues: The Bernanke is testifying tomorrow on any policy changes (doubt it). $10 says he will hint oil/middle east putting recovery at risk.

    Tues: Geithner also will be chatting about the GSEs tomorrow.

    Thursday: ECB will be talking interest rates.

    ReplyDelete
  72. RobertFebruary 28, 2011 at 3:10 PM

    I think both on HL-

    as the 10K gets digested, some got spooked by the enviro-litigation costs versus HL's organic growth prospects.

    HL is frantically trying to be a cash-rich, no debt major player, but they still have Bush league caliber management.

    For as much as HL wants to buyout some smaller producers, I think the big spec funds want to surpress HL PPS until someone comes in and takes HL over.

    Either way, HL is a proven Silver producer with stellar extraction costs, and proven reserves.

    Let them be taken over- I'm cool with that.

    ReplyDelete
  73. Eric OriginalFebruary 28, 2011 at 3:12 PM

    They offer me HL at $1 off, I'll buy it every friggin time.

    ReplyDelete
  74. AnonymousFebruary 28, 2011 at 3:14 PM

    Just another day...

    PSLV up +3% in the AM, cut down to 1/2% in the PM

    ReplyDelete
  75. AnonymousFebruary 28, 2011 at 3:15 PM

    Goldcorp (lowest cost producer in the world) on bloomberg tv right now

    ReplyDelete
  76. Eric OriginalFebruary 28, 2011 at 3:15 PM

    I passed on buying at the open, but I'm pretty busy right now.

    ReplyDelete
  77. AnonymousFebruary 28, 2011 at 3:15 PM

    Goldcorp CEO at Bloomberg Live now...

    ReplyDelete
  78. TheObsoleteManFebruary 28, 2011 at 3:20 PM

    I hate to go against the charts and the Turd, but I have a sickening feeling that the PMs are about to get taken to the mat. We have been at these levels for too long. I pray I am wrong {for the sake of my portfolio}, but I am getting more concerned by the minute. Tonite will be decisive.

    ReplyDelete
  79. AnonymousFebruary 28, 2011 at 3:22 PM

    One thing I don't like about bloomberg, their users must all have ADHD or something. No single story appears to get more than 1 or max 2 minute exposure before switching to some other topic. WTF. Need some better quality finance news Internet streaming sources. Ideas anyone?

    ReplyDelete
  80. rthaler71February 28, 2011 at 3:26 PM

    Thanks to all Turdists on the Hl thing. They are paying off their liabilities in a suit by Indians in the area. This is good. Once selling exhausts tommorrow I will step in and buy but this could definitely slow its rise since Hl was expected to be a buying predator and now has alot less perceived cash. Also I think HL is a favorite shorting stock of Hedge Funds doing the long bullion short the miners spread trade. This is just conjecture.

    I fear turnaround Tuesday. It would mark a good time to flush out crazed breakout momentum chasers and feed them to the lions for the millionth time. I will stay neutral tonight, have been blessed today with some coin and am grateful.

    ReplyDelete
  81. Yukon CorneliusFebruary 28, 2011 at 3:28 PM

    Silversurfer,

    I can't think of one. Whether it's Bloomberg, CNBC, or whatever else all of that stuff will melt your brain and have you riding the short bus in no time. Find some more blogs and news sites to check out. If you got time to watch that crap, you have time to be reading some more. =)

    ReplyDelete
  82. rthaler71February 28, 2011 at 3:28 PM

    also in response to one poster, I always expect smackdowns in the miners after mid day, they are still treated daily like red-headed stepchildren but then thats the time near the close to buy them if you are cycle or day trading in my humble opinion. I try never to chase them after opening, it can be a recipe for the crying game.

    ReplyDelete
  83. Pining for the FjordsFebruary 28, 2011 at 3:32 PM

    Wow- Significantly increased volume in the fight at 33.63. Looks like somebody REALLY wanted to cap the comeback rally there before it could get to 33.75.

    -Obsolete man: I hear you, I keep waiting for the other shoe to drop, particularly entering the last 30 min of trading. I take comfort in the fact that over the last two weeks whenever we have a rough session, the price corrects back during the Asian markets overnight. Ultimately, I think that is the variable TPTB cannot control and it may just do them in. We'll see.

    ReplyDelete
  84. DaveFebruary 28, 2011 at 3:34 PM

    Hope this hasn't been mentioned yet, but I just noticed that the premium for the 1 oz APMEX silver round went from "As low as $1.19 over spot" to "As low as $1.49 over spot".

    http://www.apmex.com/Product/27024/1_oz_APMEX_Silver_Round_999_Fine.aspx

    ReplyDelete
  85. GeorgeFebruary 28, 2011 at 3:36 PM

    but silver rises up throwing blythe and the rest of the EE on their backs once again. surging into the close.

    ReplyDelete
  86. bobsmith5February 28, 2011 at 3:40 PM

    http://theinternationalforecaster.com/International_Forecaster_Weekly/The_Flood_Of_Money_Drowns_Out_The_Value

    Bob Chapman's excellent analysis of global economic affairs. A great read !!

    ReplyDelete
  87. AnonymousFebruary 28, 2011 at 3:42 PM

    THe special on gold miners on Bloomberg must be having a positive effect on them, look at it go up!

    ReplyDelete
  88. bobsmith5February 28, 2011 at 3:42 PM

    wow, its recovering very nicely in silver, I hope it keeps up. 33.75 as we speak.

    ReplyDelete
  89. Don PontiousFebruary 28, 2011 at 3:43 PM

    The nice things about physical as opposed to the paper PM's. Market fluctuations are not such a scary thing. If computers go poof, you still have the intrinsic value of the PM. If the value (on the market) goes crashing to the "mat", not so scary. The value of physical is it's tangibility. I cannot say I am out of paper completely, but I am so heavy on the physical end of things that I would have to say the 0.20 FRN drop this afternoon was more a nuisance than a worry. FWIW, YMMV. The current system will not last, it is unsustainable.

    ReplyDelete
  90. StephenFebruary 28, 2011 at 3:46 PM

    saso . . . hey good to hear from someone who also trades SLW options. I'm loaded with front month but hope to be rolling them over soon.

    Gotta like the price action on SLW the last hour of trading!

    ReplyDelete
  91. rthaler71February 28, 2011 at 3:47 PM

    Pretty clear reverse H&S on the 5 day chart in SLV. If that neckline blows we are talking 35 I think. Will change my mind and take a position in PSLV and CEF overnight.

    ReplyDelete
  92. Save_America1stFebruary 28, 2011 at 3:48 PM

    So did today turn into an all time high for the Great Panther or what? Gotta like that!

    ReplyDelete
  93. bobsmith5February 28, 2011 at 3:49 PM

    I don't believe that a day goes by where BM and others don't put some pressure on the prices of gold and silver. It's just a matter of how much and what their strategic goals are at the time.

    But, I can't recall silver having this much strength and capacity to rebound no matter what the EE throws at it. This is very gratifying. I just hope it continues.

    ReplyDelete
  94. GeorgeFebruary 28, 2011 at 3:54 PM

    some fool was calling a top in silver on zerohedge....blow off top this is it he said.....what a fool.

    ReplyDelete
  95. Yukon CorneliusFebruary 28, 2011 at 3:55 PM

    Yeah big day for Great Panther and some other of my holdings, Coeur d'Alene, Impact Silver and Tinka Resources.

    There's really quite a collection of great companies out there and the valuations just haven't kept up with the price of the metal.

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  96. StrongSideJediFebruary 28, 2011 at 3:55 PM

    @BIOSCI-
    I used the term "tied" loosely.
    Dan Norcini had a really interesting blog posting about the miners v. spot price for silver. The point was that the performance of the miners was being supressed by EE/Hedge funds against the commodity. Two things were conjectured.
    1. The ETF's were rerouting the investment capital away from the miners into the hands of JPMC/EE (JPMC/EE control the SLV and GLD ETFs, and therefore can use those funds to push their financial power instead of allowing the capital to move into the miners.).
    2. The hedge funds were playing the spread by using the ETF as a vehicle to supress miners with short positions while they scavenge and scrape the miners because the ETF does not get exposed to the risk of running an actual mining operation.

    By the same logic, the disparity and differential between the USDX and the commodities are linked through the investor's mind. Since they are linked, there is a feedback loop.

    As the USDX weakens, the PM price escalates. This linkage was seen throughout 2009 and 2010 (someone correct me if I am wrong).

    However, in early 2011 and 12/2010 I began noting that the tightness of the link was a bit broken. The new player was Copper.

    Copper long appears to be offsetting Silver short.

    Gee... BLYTHE...why is THAT ONE happening???

    DUGHhhh.... I dunno is JPMC going long CU in 4th Qtr 2010 due to onrush of Ag longs in the paper and physical shortage?

    Nah... I'm Jim Puplava and there's nothing to see here!!!

    LOL

    ReplyDelete
  97. Dr. JeromeFebruary 28, 2011 at 3:56 PM

    I like what I see this afternoon in silver. when does Asia start trading?

    ReplyDelete
  98. BIGEYE10February 28, 2011 at 3:56 PM

    I was also buying HL on the discount. Anyone follow RBY (Rubicon Minerals) ??

    ReplyDelete
  99. ewc58February 28, 2011 at 4:00 PM

    I mean, Turd told us 35 looks good and dang if argento isn't still heading there even after today's version of the noise.

    I follow RBY but do not own it. See goldminerpulse.com for lots of Rubicon info. owner Dennis Boyko is a big RBY proponent, even after McEwen and others sold out. He makes a very good case for "why RBY"

    ReplyDelete
  100. UnknownFebruary 28, 2011 at 4:02 PM

    Stephen,
    I'm in SLW big time so I'm trying to play it safe. We'll have earnings soon.
    Listening to their conference call should be fun.
    Today was great.
    GL

    ReplyDelete
  101. SwampfoxFebruary 28, 2011 at 4:02 PM

    Sorry - not a spring - more like a rocket. Here we come $34.00.... JPM can kiss my redneck ass....

    ReplyDelete
  102. bobsmith5February 28, 2011 at 4:03 PM

    Dr. Jerome... Kitco charts post the opening and closing of all markets around the clock.
    http://www.kitco.com/charts/livesilver.html

    ReplyDelete
  103. bobsmith5February 28, 2011 at 4:04 PM

    lol Swampfox :)

    ReplyDelete
  104. Dr. JeromeFebruary 28, 2011 at 4:05 PM

    Turd said 35 so I went long... a bit premature, but I have finished the day even.

    Now that March 11 is over, and LBME may be out of metal, isn't that bullish for this evening's trading in Asia and Europe?

    ReplyDelete
  105. caramelFebruary 28, 2011 at 4:05 PM

    silversurfer,

    Thanks for the link.

    Vancouver Real Estate - a lot of eastern money flowing into that Province over the past few decades, first the Japanese and Chinese and in some areas, Indian.

    Usually by now we have pre-lim #'s for the day...

    ReplyDelete
  106. BIGEYE10February 28, 2011 at 4:06 PM

    Thanks EWC58, I will check that out

    ReplyDelete
  107. TeMpTeKFebruary 28, 2011 at 4:08 PM

    @Eric
    Are you avoiding the "Hedged" miners? Ive been trying to find a good list of them.. but no real luck

    ReplyDelete
  108. PatFebruary 28, 2011 at 4:08 PM

    Look, I owe someone here a blowjob, whoever pointed us into GPL a few months ago. OK, not a blowjob- I'll put it in my mouth, but I'll be damned if I suck.

    ReplyDelete
  109. Yukon CorneliusFebruary 28, 2011 at 4:10 PM

    Wow Jedi good find. Going to read about that right now. I've known for a while that ETF's were evil in a variety of ways - ever read the part in a lot of ETF's where they say they may not have the securities (stock, physical) they claim to?

    After I get through some SLV calls I have in play I'm never doing ETF's again. I'm tired of letting them use my capital for their bullshit.

    ReplyDelete
  110. Eric OriginalFebruary 28, 2011 at 4:19 PM

    This comment has been removed by the author.

    ReplyDelete
  111. SwampfoxFebruary 28, 2011 at 4:41 PM

    Ya. Thanks for the recommend on Great Panther. Errr... no BJ's here but a hearty Thank You Very Much. Biggest % gainer since I started this game. So Sweeeeet. Just wish I'd bought more. And to the good people at Hecla.... thanks for nothing. Oh well - broke even on that one and up for the day.

    Cheers all.

    ReplyDelete
  112. RobertFebruary 28, 2011 at 4:50 PM

    "Also I think HL is a favorite shorting stock of Hedge Funds doing the long bullion short the miners spread trade. This is just conjecture."


    _ I think it is very good conjecture. HL is most definitely caught up in the ratio trade- the number out long dated warrants that are generating net shorts against the common isn't helping HL either.

    No worries- the Price of Silver gives you the correct HL strategies after today's beatdown:

    1) Short term- watch for additional weakness
    2) Intermediate- Hold
    3) Long- BTFD!

    ReplyDelete
  113. RuiFebruary 28, 2011 at 11:13 PM

    Bill Murphy interviewed @ GolkSeek.com

    http://radio.goldseek.com/nuggets.php

    ReplyDelete
  114. SaludFebruary 28, 2011 at 11:45 PM

    bobsmith5 said...

    Bob Chapman's excellent analysis of global economic affairs. A great read !!

    WARNING....STAY AWAY FROM HIS STOCK PICKS! MANY HAVE LOTS ALL THEIR MONEY ON HIS PRIVATE PHONE CALLS AND BAD ADVISE. HE'S A CROOK. CHECK OUT STOCKHOUSE WEBSITE UNDER HELLIX VENTURES FOR MORE ON WHO HE REALLY IS. HE ALSO POSTS ON THESE BOARDS UNDER DIFFERENT NAMES!!!! BE VERY CAREFUL.

    ALL THE BEST TO EVERYONE HERE! MANY THANKS TO THE TURD FOR ALL HE IS DOING TO HELP US SAVE OURSELVES FROM ALL THE FAKES AND PHONEYS OUT THERE, LIKE BOB CHAPMAN!

    ReplyDelete
  115. bobsmith5March 1, 2011 at 1:58 AM

    @Salud
    Hey jerk, before you make accusations it would be best to check your facts.

    First, I am not Bob Chapman. We only share first names.

    Second, I know nothing of his private stock picks. If indeed he gives bad advice. It is totally another matter from his public advice and analysis which is dead on correct. Essentially he advises that you own as much gold and silver that you can afford. His geo-political/economic analysis is very accurate and consistent with the views which most of us hold here.

    Third, if you do take another analyst advice, you should not do so without a full understanding of what you are doing and why you are doing it. The concept of "due diligence" is applicable here. You can lose your ass with the advice and analysis of Mr. Turd, if you don't have a clue as to what you are doing. It appears your unfair and unwarranted attack on me and Mr. Chapman is proof you do not know what you are talking about.

    Fourth, you method of attack is "ad hominem" because you attack the man not the ideas by proving them to be without foundation, fact, or logic. Giving bad stock picks does not make you a crook.

    Fifth, I have listened to Bob Chapman hundreds of times over the years and find no flaw in his philosophy or his "Austrian School" based economic views.

    Sixth, I have never heard anyone ever complain in the manner and for the reasons you give. It will take much more than the evidence that you present to discredit this great man. Are you sure you have the right "Chapman"?

    ReplyDelete
  116. bobsmith5March 1, 2011 at 2:09 AM

    BY THE WAY SALUD,
    I went to Stockhouse to check your so called source. I could find nothing under the Hellix Ventures or Bob
    Chapman when doing a search. You are going to have to give specific links if you expect anyone to find the supposed proof that is to be found on that monster website.

    Regardless Salud, you do owe me an apology !!

    ReplyDelete
  117. Modern HippieMarch 1, 2011 at 3:13 AM

    Check this Video

    http://www.youtube.com/user/endlessmountain#p/u/0/sR28o5f9aKE

    Quit interesting stuff about USA SLV market in bear scenario and REST OF THE WORLD SLV in a bull market:)

    ReplyDelete
  118. Nigel SmitesSeptember 13, 2011 at 6:33 PM

    I have posted specific links about Bob Chapman on stockhouse.com.



    http://www.stockhouse.com/Bullboards/MessageDetailThread.aspx?p=0&m=29108802&l=0&r=0&s=HEL&t=LIST




    http://www.stockhouse.com/Bullboards/MessageDetailThread.aspx?p=20197471&m=20202572&r=0&s=CPS&t=LIST

    ReplyDelete

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