Wednesday, February 16, 2011

Blythe Is In The House

Ever since I came up with that title, this song has been stuck in my head. Click below and you'll be doomed, too.
http://www.youtube.com/watch?v=C4D1HSL7P98

OK, to the business at hand. Blythe has made her presence known this morning. Check this one-minute chart:
She's continued to raid since I printed this and silver has since seen a low of 30.50.
C'mon, you saucy little vixen, is that all you got? Bring it on!! Turd is waiting for you...

And Blythe is waiting for Turd:


I will be an aggressive buyer if The Evil One can succeed in pressing price down toward 30.

Let's watch how this plays out. It should be a fun day. TF


10:00 EST UPDATE:
It's ON!!! Check out a very pissed off Blythe:
I have limit orders in for some March $30 calls. I'll need about 30.10 or so to get filled. Waiting with crossed fingers. TF


10:50 EST UPDATE:
What a fun day this is!!! Turd is getting very excited. IF we can complete this FUBM and IF we can close positive, it will be time to buy with impunity.
Blythe will try again, of that you can be assured. A higher low, however, would set the stage for the final, most significant FUBM. She has to be very nervous at this point and chain-smoking like Deano.
More again later!

12:30 EST UPDATE:
WOW!! We should all be very, very excited. Blythe is losing control. Her death grip is loosening. Her days are numbered.

More after the close.

196 comments:

  1. I'll be buying even more physical should the price fall under $30. Actually, I'll be buying more physical moving forward, question is just how much based on the price.

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  2. I want more physical... now should I take a loan against the worthless 401k to make my purchase.

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  3. Blythe getting kicked in the nuts? Silver looks to be rebounding strongly, as is gold. Today might be the day I am confident enough to venture into some options on gold; looks like it's really priming to break higher.

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  4. well that was a successfull raid - not!

    We're back to where we started, the bankers must be VERY nervous as EVERYONE is now just BTFD - making the JPMs position just that little bit worse!

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  5. The first FUTF/FUBM of the day have commenced. Things appear to be going even faster than yesterday.

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  6. Can the FED really keeps all the plates spinning? Here is a great question for us. what are the priorities, in order?
    - keeping interest rates low, i.e. bond market
    - propping up stocks
    - depressing price of PM's


    One has to imagine at this point the EE is deeply in the shit short PM's wise. If the FED cuts off the spigot to send more good money( albeit free ) after bad, so as to prop up stocks or keep lid on rates, are they then totally fucked?

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  7. Well, loooks like PM are about to explode as she cant contain us on her Wednesday! YAY!

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  8. Turd - absolutely love the Pulp Fiction poster spoof!

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  9. Matt, Cognitive Dissonance made that for me. I like it, too.

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  10. KAAAAAAAAAAAAABBBBBBBBBBooooooooooooommmskie! SHEEEE's baaaaaaaaaAAAAAAAAAck.

    All those redbulls and rockstars last night kicking in....

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  11. 9:42 EST... 1000 short contracts in one minute! How much does that cost?

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  12. c'mon, Blythe,
    Just a little farther...

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  13. I get the sense that sending silver lower at this point is just inviting more folks in the door cheaper. I am really hoping that the shorts get nailed this time around and with so much OI on Comex it's going to take some serious premiums to buy those contracts you'd have to believe.

    Could this takedown be the first whiff of the rumored margin hike? Wouldn't be surprising at all.

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  14. Ok, WHOs IN!!!???!

    I just had a stink bid filled...let's roll!

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  15. Dipped my toe: bot AGQ June 155/160 call spread for $2

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  16. Love the pic too, but too much cleavage for ole A cups. Blythe will need to stick to wishing.

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  17. Ok Blythe. Thanks for the fill. Your raid was pretty impressive. Now lets start going back up.

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  18. Dr. Jerome..What do you use to see the contract volume? Several people have previously asked for suggestions for monitoring real time volume for Silver, but I haven't seen any answers.

    thanks,

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  19. patiently waiting to pull the trigger. c'mon blythe!!! u can do better than this!!!

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  20. I day trade the silver market on FOREX using OANDA as my broker. I also have Meta trader running which shows the volume for the spot price.

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  21. Hey guys I just saw the price and it looks like people can't get out of silver fast enough! This 70 cent drop at the open of the day has me worried and is making me think it is time to sell. Why would prices be going down that fast unless they were going to keep going down?!! I am so very afraid that I think I just pooped myself.
    -
    /endsarcasm
    -

    Feel comforted, as the days of this giant ponzi scheme are numbered. I hope high treason trials await our friends who have the illusion of power right now.
    -
    Scott J

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  22. Dr. Jerome,

    Do you have a link where we can see the number of contracts coming through? I'd love to be able to actually see it live like that!

    Thanks!

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  23. NIce job, Scott!

    I just posted an update with a very fun chart.

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  24. What's with the DXY, pretty strong today.
    Maybe one more reason for Blythe?

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  25. allie,
    I am using thinkorswim trading software, set at a 1 minute daily chart. I trade stocks but mostly buy physical... I don't know of a website that offers that flexibility. anyone else?

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  26. Scott, I was so ready to call a rookie on you!! so close...lol

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  27. C'mon, Blythe, you heartless bitch! Hit us again! I dare ya!!!

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  28. Pick - thanks for your thoughts last night. It sounds like you've got a good strategy there, and I'm going to think about that in a lot more detail.

    Turd - I'd love to see a column on your strategy too, that would be awesome.

    I just dipped my toes in with an Apr 32 call on SI (futures). Split the bid/ask (.566 to .629) and I bid .600 and got filled. Hopefully that was the bottom of the dip. I'm kicking myself for not selling some of my SLV calls before close yesterday. Told myself I would, but didn't. Oh, well.

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  29. How many new short contracts can an entity open? Considering they are potentially going to be obliged to deliver on those contracts.

    Based on how small the silver market it is, it would only take one or two serious funds to corner the rest of this market and keep chewing away at all new silver contracts on the Comex right?

    It seems to me that the bulls have a massive upper hand here because of the small size of the market which all revolves around an actual commodity that is becoming increasingly hard to come by. It seems that determined longs who are ready to stand for delivery, if it's anywhere near 10,000 contracts, can absolutely destroy the shorts.

    This is one of the most interesting news stories I've seen in my time as an investor and, of course, mainstream news sources seem to be nowhere near it.

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  30. Silver Cell, I too use OANDA and trade the XAG/USD all day. I used to use MetaTrader for practice and charting, but since all my live trades are in Oanda I quit using MT. I'm surprised more people on this forum don't trade silver/gold on the Forex market given the decent leverage (50:1) and no time constraints eating away at your profits as you have in Options trading. I'd be interested to hear if more folks use the forex route to play these daily ups and downs.

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  31. @allie - I am glad to hear that i am not alone DT the S spot mkt on FOREX. I also use the 50:1 leverage.

    I use MT with some custom tools such as ADX crosses and slope line along with the volume and scalping indicator.

    OANDA gives great fills and low spreads.

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  32. I also forgot to mention I use the current horizontal support and resistance lines and consider the time of day (London AM & PM fix) and when Blythe has her coffee at 820AM.

    Kitco Wycoff also list his HSR line which I draw on my OANDA chart

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  33. FUBM 2 under way. Slowly but surely

    I think this one will be a FUVMBM (FU Very Much BM) if completed.

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  34. Looks like shorts could be overwhelmed soon. Once again, with such a severely limited amount of silver available at the Comex warehouse, how the hell would anyone have the nerve to keep shorting?

    Knowing the limited supply of silver, one would have to think that big money would be smelling potential blood in the water. Comex will not let the shorts default as it would reflect badly on them.

    This is setting up to be a phenomenal surge.

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  35. We had this same kind of dip yesterday at the exact same time. Blythe hits but then we counter. Wynter Benton? China? We'll be back to where we were by the end of the day hopefully.

    http://1.bp.blogspot.com/-v3xHM1pS3xQ/TVrzc-CF0CI/AAAAAAAAAX4/A46h0Wden78/s1600/silver2-15.jpg

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  36. Blythe is seriously pissing me off.
    I gave you a buy zone on 30-30.25 and the low on the day is 30.26.
    I swear she is sitting at her desk, smiling at her precision in screwing with me.

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  37. Turd, it´s really a FYTF :-) (30.26 vs 30.25)

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  38. @allie and Dr. Jerome - great minds think alike -- I too am watching on TOS. The 1-min setting on the regular 'Charts' option shows the action quite well. I am looking at /SI which I take to be the forward month Silver futures -- not quite the same as the spot price, but close enough. I don't know what other trading platforms will allow you to see, but try searching for Silver among the available securities/tickers, and you should be able to find something similar.

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  39. Seems everyone is taking advantage of bm hits! Pilot fish now leavin the bloated jpig shark? We've had at least 1 outside day reversal near every week the past 3!! We'll see how quick into the crimex close the baited bloated jpig shark need cover!! Time to feed on the wounded shark! It's blood in the water!!

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  40. We need an update with an updated buy zone 30-30.24

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  41. I found a video of Blythe being taunted by the silver vigilantes.

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  42. I'm on TOS, too! and watching the 1 minute and seeing /SI steadying at 30.45-6 at the moment (10:30 ET).
    OOOPS...now up to 30.56
    Now what? Do I call CMI and buy the metal? What will come into play now, just the FOMC? Will that really drive the price any lower, in light of the inflation report??

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  43. allie,

    I use Oanda as a broker and don't daytrade, but have been establishing positions since the first of the year. Still a newbie so at first didn't buy too many units, but the last few weeks, been doing a bunch of buying.

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  44. Watch gold dicking around 1372 on light volume while silver falls 1% in 2 minutes ... twice.

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  45. Frank: And some people think that the PMs are a fair, unmanuipulated "market"...

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  46. Wow. If we paint another FUBM and close green today, it might be time to put on the full court press and buy with impunity.

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  47. Holy Moly, what a ride! I picked up some AGQ at 150 and more at 151.30, and now I'll just have some popcorn and watch the circus.... ;-)

    I like the idea of buying on the "Wicked Witch Wednesday" dip, holding through the weekend and then selling on the "Happy Tuesday" spike. That way I only have to watch the tape 2 days a week.

    And if you are buying jeans, do it soon.... cotton up 6% this morning...wow.

    Kiwi

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  48. Can anyone point me to where I can learn to trade the FOREX silver?

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  49. Well, at 30.60 I'm figuring we missed the 30-30.25 for the day?

    I guess I'm not fast enough (on top of being a novice trader, although I DO know how to pick up the phone and talk to the dealer! LOL!)...and living in the MT time zone is a pain because right around when Blythe hit, I was dealing with feeding three dogs and the circus that accompanies that!

    Looking forward to the next update, that's for sure!!

    I fee like Scarlett O'Hara..."Tomorrow IS another day...." (I hope! or maybe later today?)

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  50. Ask one of the Aussies. I think "Graham" knows.

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  51. Too many bullets used during Jan manufactured hit to PM's! Especially with the 26.40 silver bottom call by James Turk who said 40% ramp from there!! Looks like this is it! What we have going into March!! 36 & change!! Think the inks running on the new benron burnokio bucks handed off to primary dealers! NeoCONoplian funny money can't control every inflationary run away commodity!! bm backoff & set battle higher in silver needs be the logical strategy! The double top 31 drop isn't feeding the bull dog! Barracuda silver vigilantes walkin on water and comin a shore!! Run jpig! RUN!

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  52. Matt and Jamie,

    Trading FOREX silver is just the same as trading regular FOREX currency pairs. One site which has some good FOREX learning material is http://www.babypips.com/

    check out the "school" tab

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  53. What do we need to close above today TF?

    Kiwi - that AGQ 150 held strong didn't it! Turd is the shit

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  54. I'm on the OANDA site going through their training. Interested in learning about that after reading Allie's post. I might paper trade for a while to get the hang of it. They provide a demo account to do just that. Wondering about any particular strategies using OANDA and XAG/USD.

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  55. New Turk blog at KWN:

    http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/2/16_Turk_-_Massive_Short_Squeeze_in_Silver,_Gold_to_Hit_New_Highs.html

    He is a bullion market genius, but I can't say I use him to try and time the market. It has backfired twice on me. A good read though

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  56. Please stop these obvious ads for OANDA please.

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  57. haha, my post was not an ad. just interested in learning..

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  58. Mike, I've used Oanda heavily for about 5 years, and am quite happy with them. Just be careful with stops, because the spread really jumps around scheduled news events and there's a huge spread on the weekend, guaranteed to set off close stops.

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  59. Thanks. I've been burned with options years ago when I didn't know what I was doing really. Thinking about getting back into it a little bit more now. Thought maybe a leveraged account trading forex might be a good way if people say good things about it.

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  60. Most people like OANDA bc of their low spreads and reputation for being an honest forex company (unlike many out there). I would definitely recommend setting up a practice acct and using it for a long time until you are consistently profitable. Like others mentioned, anyone new to trading in general should go through the excellent course at www.babypips.com. My strategy for the XAG/USD is watching the recent supports/resistance levels, knowing the London AM/PM Fix times (when Blyth raids tend to take place) and reading Turd's excellent blog for more ideas to back up my research. I try to get in an out of trades rather quickly after making a decent profit and look for 10-30 cent moves in Silver to get in and out. I know most others have a longer term mentality when their trades. I too would like to establish some nice long positions on the drops and then leave them, but I always get too tempted to take a profit when it's just sitting there. I used to short it on the way down with Blythe, but that has become a bit risky lately with all the persistant buying we are seeing (WB?). I usually don't use stop loss on the my long positions, but always did keep tight stops on my shorts. That's the beauty of Silver and forex trading...if you are long and the price get's smacked down hard..you just have to wait it out a little while for it to come back up. As long as you are responsible with your margin and leverage. Most people get in trouble bc they don't understand margin and then receive a margin call.

    Just my thoughts here..would like to hear how others trade also....

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  61. Margin calls is what I'd be afraid of too. Probably would take profits when I had them as well and wait for the next opportunity. How much leverage do you use? The full 50:1?

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  62. @allie - Damn I never met you but we both have the same silver spot DT stragety. I use 15-20% of margin with 50:1 leverage and get out 10+ cents profit. The Meta Trader with the indicators I use are a big help as well.

    Turd and this site is the biggest help. It is like the PM squak box.

    I dont use Limit Orders or stops as they always seem to get hit and then reverse. I manually pull the plug on the trade with a market order.

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  63. Ah TF, nevermind...just reread and saw that we're looking for a postive close is all

    Sorry

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  64. Yes, 50:1 is the max you can take with oanda. Some foreign brokers allow higher (100:1 & 200:1) but that get's a little crazy. 50:1 is plenty to make a good profit without having a huge trading acct.

    Also, I'm not trying to push oanda on anyone..there's plenty of forex brokers out there. Do your own research and you will see which ones are consistently rated the highest.

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  65. I was just about to say I'd love to see some evidence of short covering if this was Blythes final crack at taking us to 30...nice little bounce - a vertical .50c move would be splendid

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  66. Nosebleed speed upward! Is there a news story out there? I mean other than the usual rampant inflation, wars and rumors of wars in the ME, and general mayhem of our post-common-sense world.

    Cotton up 8% now..... forget stocks, invest in socks.

    Kiwi

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  67. Reuters are reporting that two Iranian warships are moving through the Suez Canal on their way to Syria. The minister hinted at an Israeli response, according to a Reuters headline.

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  68. @allie,

    I use position trading in silver right now. Right now I have 28 open long positions. In the past, I did trading with stop lossses, but right now in silver, I have a few stop losses set, but not terribly worried because all signs point to silver going to 31+. After silver goes above 31+ I'll probably adjust all my stop losses to 31 after it is determined that we aren't at a double top.

    for my positons, I always set a limit buy order. Look support/resistance levels and Turds and fellow Turdites commentary on key levels to look at. I like to buy when resistance is broken. I'm not terribly good at buying on dips (afraid I'll miss out and my limit order won't be executed), so need to get better with that.

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  69. Just wanted to point out from our zerohedge watchdogs, the 25 billion additional funds handed out to primary dealers for distribution on Thursdays! This is week 3 of a supplemental fed goon gift of 8 for the dealers!! That would give the bm more bullets into the OEX option kill! Chasing paper profits takes patients! Doesn't hurt to pick up a few call options in SLV or whatever your silver run preference today! Thursday/FRYday may be the time to back up the paper profits truck on calls?

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  70. Blythe switching to copper in an attempt to influence more weakness in silver for her next raid.

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  71. You can view live 1 minute silver action WITH volume here:
    http://netdania.com/Products/live-streaming-currency-exchange-rates/real-time-forex-charts/FinanceChart.aspx?m=c



    e7,

    "WAR" is the EE's last hope for a distraction to the people.

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  72. Damn you Turd. I never paid much attention in the past during the day, due to ignorance about Blythe, now this WB kabuki, and in general didn't much care about day to day fluctuations.
    I'm getting addicted to this stuff.

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  73. Ok, I'm a newbie here. I infer that FUBM means FU Blythe Masters. I also infer its some kind of technical chart formation where: (a) Blythe takes it down. (b) It pops right back up.

    So, my question is: How high does it have to pop to be an official FUBM and what kind of followthru typically follows an FUBM?

    FWIW, I surrendered and added some silver calls to my gold calls yesterday. There does seem to be some kind of confirmed "Its Different This Time" thing happening with silver. Can't say I buy all of the silver stories I hear (Chinese want their silver back, the world is running out of 100 oz silver bars...), but something extraordinary does seem to be happening.

    MontyHigh, www.worldofwallstreet.us

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  74. Monty,
    No hard abd fast rule, but I would say in general a bouce back to where the raid began, which forms a nice upside down "middle finger" is high enough, or even something close to it. If it goes beyond the raid starting point, well, thats a "fuck you and the horse you rode in on"

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  75. Welcome, Monty. To be technical, the sudden move down is actually a "FUTF" (FU Turd Ferguson), while the corresponding rebound is the "FUBM."

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  76. Found this link to an article in a comment on ZH about the new Obama budget including a 5% royalty (aka "tax") on gross proceeds of mines:

    http://mineweb.com/mineweb/view/mineweb/en/page72068?oid=120691&sn=Detail&pid=102055

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  77. Alright Turdites: We know the Fed is trapped and cannot quit printing $, we know QE2infinity is the only option, etc. BUT- my question is, will the release of the Fed minutes at 2:00, where they will supposedly be jawboning an "exit strategy" for money printing, offer us a nice window for a buying opportunity? Will JPM use this as an excuse for a raid? Opinion and speculation would be greatly appreciated!

    I ask because I care. Also, because I want more AGQ...

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  78. 2 Hour and 4 Hour graphs of silver have hammer formations.

    4 Hour graph of silver is the best...

    I am looking forward to the next 8hours :)
    I think the market is to strong for blythe, notice how we don't talk about the dollar index anymore... its all about the physical supply squeezing... 50$ here we come!
    -
    http://thehardrightedge.com/50-physical-silver-by-april-2011/
    -
    Scott J

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  79. Sorry about that Israeli saber rattling Blythe; real sorry. Bummer for you.

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  80. Holy crap by looking at the 1min silver chart you can really feel the intensity of the battle for 31..Not long now!

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  81. Gold $ silver up
    Oil up
    Copper down
    dollar down
    RUT giving up today's gains
    DJI giving up today's gains
    30 yr treasury is up

    Are these markets on crack? Is the Iran warship story that big. I see nothing else in the news.

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  82. Is it just me......or is Blythe lurking in the oil market? If oil closes low today I'd have to say yes.

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  83. Maybe a leak of the FOMC minutes; QE3 discussion was the order of the day?

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  84. Wicked bitch of the east is gonna eat it soon...

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  85. +1 on the newly addicted comment. I never knew being layed off could be so much fun.

    This is like an epic cage fight. To bad I lost half of my SLW profit from the first part of the week.

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  86. 25 Billion on thurday says it all......thanks Ben..;-)

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  87. TurdDome- two men ( or woman ) enter, only one man leaves

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  88. I use PFG Best.

    You can see the price ladders with it.

    Ladders show the bid and ask volumes for 5 ticks above and below current spot.

    It allows you to see where major support/resistance is in real time.

    I was out to lunch during the recent charge up to 31. Would be interested to see how many contracts are sitting at that level on the ask.

    I guess I will know soon enough.

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  89. Turd-

    Your last chart made me laugh out loud... "Eat it, Blythe" indeed. I think this is about the fastest money I've made in one day.

    You know, I'm making great money on the cotton stock, but it's not nearly as much fun as this gang....I can't find any forums where folks talk about burying guns and cotton in their back yard.... ;-)

    Kiwi

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  90. Hey, don't forget...great earnings news and home sales up ..YIIPPEEE...so, perfect set up for the crap in the MSM that inflation uptick is due to the growing economy!!! Ben will talk about the possibility of ending QE...

    HIGH NOON....(at least here in MT)

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  91. bm jpig squid juggling way too many sweaty ole sticks of dynamite, with controlling/price fixing commodities!! How many tentacles the vampire squidder down to? Need leave one to poke out her eye!! It's obvious her eye got punched today!! I'll be a more dead vampire squid believer Thursday, after we see where the fresh hot money primary dealers attack!! Where the chits gettin the deepest? Where the fear is derailing the adult diaper delivery & nothin but stench head to toe burying the rat basturds bmers!!!!!

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  92. I just bought a safe yesterday to keep all my metals in.

    Sad story: I have a close friend who is missing out. He has 160K on the sidelines. Doesn't trust the bank. Afraid to store silver at home because he has a son who will steal from him. Is the Sprott fund a good option for him?

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  93. Under attack again! We knew it wouldn't be easy. If the fed slips in language about exit strategy at 2:00 I think she may use it to start another raid (and don't forget about the margin raise coming)

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  94. Super: Exactly but it will be very hard for her to take out today's lows, however.

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  95. FUTF...FUBM...FUTF!!...FUBM!!!...FUTF...FUBM? Where does it end today?

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  96. Doug: That there are so many FUBMs is a VERY GOOD sign.

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  97. Dr. Jerome-

    What about a Kitco pool account? They have a minimum purchase in place (or a fee is charged), but they seem to have their act together.

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  98. Doug,
    If we finish the day flat, I call it a win.

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  99. I think Wynter Bentonwalker in her X-wing fighter has a lock on that unprotected exhaust port ...

    "Use the Force, Wynter! Let the Force guide you!!"

    :-)

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  100. IF they exist, right now would be a great time to hit the EE squarely between the eyes.

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  101. Holy crap silver pierced 31 today?? No wonder they are so desperately pissed off! You can see it in the charts! Those scumbags are on the run!

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  102. We need to beat 30.78 to get a green again.

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  103. Jerome

    Yes, that's an option. Also CEF which is half gold, half silver.

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  104. Thank you Eric and kiwiquest

    What a blog, Turd!

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  105. OK, so if we don't pass 30.78 for a green close today (that's what I figure, too)...
    Does is matter if we want to get into some more physical before on any dip with BEN and BLYTHE that may be getting ready to unfold? Even if it doesn't take out the today's lows as per Turd's comment above?

    Or do you experienced folks thinks there will be more slamming later this week?

    I have all my ducks in a row to make the call to buy...thinking it may be time in a little while...

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  106. The EUR is gaining a lot of ground on the USD after a early day rally on "good housing numbers?" Anyways, this signals to me something is coming that will not be pretty for the Federal Reserve Note. I am hoping for a spike kinda like when they released QE II, if we get negative pressure, let us see how strong the positive pressure is coming back up...

    The longer they keep the price of silver at these laughably low levels, they just delay the inevitable and are creating a giant arbitrage opportunity (who said these don't exist these days). We should be running once we pierce and make our old laughable $31.24 our new floor.

    You know what is a funny thought? I wonder if blythe masters has any physical silver buried in the back yard. I betcha she does :)
    -
    Scott J

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  107. Did you guys see PPI this morning? Some truth starting to bleed through even the most manipulated of numbers, and maybe another reason Blythe feels like the train is coming off the rails.

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  108. CNBC today - Nicole Eliot - Mizuho, Technicals,
    sees siver 37-40 very soon. i like this whacky
    lady who is usually pretty accurate;
    http://www.cnbc.com/id/15840232?video=1797358065&play=1

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  109. 17minutes will it rise or fall?

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  110. Turd, you're starting to get people on here whose names reflect their dedication to your blog. Pretty impressive :)

    turdwatcher (lol) ... I think you meant to link to this video instead:

    http://www.cnbc.com/id/15840232/?video=1797340098&play=1

    Good stuff.

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  111. @ jaws136

    I say we get a spike up, then a massive spike down (The Hand of Blythe), then a spike up for a higher high.

    That is just my guess, it really depends on what is revealed in the minutes. It has got to be hard to keep releasing information without sinking the ship, I mean what can you really say these days?

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  112. I suppose they could say, "that wasn't an iceburg... everything is fine... go back to sleep."

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  113. I agree just continue the lies, at some point will they fess up? probably not, but the masses are wising up to their scheme. This should be on CNBS right?

    ReplyDelete
  114. Still 59851 silver contracts standing - with 8 trading days to go. This is really mindblowing.

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  115. Scott,

    Speaking of burying stuff in your back yard... reminds me of this song. Of course Axl is talking about Blythe! :)

    http://www.youtube.com/watch?v=Le1u6BTm0SQ

    ReplyDelete
  116. AGoldHamster,
    Welcome back. Love your posts when they stick strictly to adding content like the above update.
    Good on ya( and for Turd for letting you back )

    ReplyDelete
  117. Well, supposed to stay under 2% even with an uptick in inflation in 2013...
    Some "hawks" think there could be a spike up on "perception" that we're in a mess...

    Courtesy CNBC......

    ReplyDelete
  118. Watch TRE closely this week. Feb 22 is the annual shareholders mtg. and there is a very strong rumor than a fund with 6M shares short is " about to have a religious experience ". From Santa's site:
    My Dear Friends,

    A major well known US brokerage firm has sent out packages to investors in a precious metals company. This is unusual, and one of the few times I have witnessed an attempt to borrow shares from cash investors.

    In the stock loan system there are few if any shares available to borrow.

    This initiative is an attempt to borrow shares to accommodate a major legal short seller in this company to satisfy delivery to the buyer.

    Although it will always be your choice, facilitating an enemy of a company is counterproductive to your interest.

    Personally, I will not lend one share.

    Respectfully,
    Jim

    ReplyDelete
  119. HUI holding strong at 542. Very good.

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  120. Ginger

    Thx for the idea of Impact Silver on saturday. I bought some and it's a winner for me so far. My other hero is Avino Silver which I bought mostly on the basis of my own nostalgia from days of yore.

    ReplyDelete
  121. Boy, we got all this anticipation on these FOMC minutes and so far the impact on gold and silver is....zilch.

    OK, gotta go back to work now. Check in with you guys tonight.

    ReplyDelete
  122. Hey Eric,
    Congrats on the Impact.. I don't hold a huge position in this...wish I had more!!

    FYI.. another play that I picked up today is a rare earth play. If anyone is interested..all the fundamentals seem to look good as they have cash/no debt..management seems to 'get it' and well..it just looks good to my TA untrained eye. I don't (or didn't) currently hold any rare earths so this is my first. I also didn't have a bunch of $ on the side to invest so I only got 1500 shares but I'm thinking this one could be a winner.. ...I'm not pumping this stock.. just sayin' what I got and hoping if it's a good pick I can put it out there for others.

    I'm impressed that with the spot price beatdown this a.m. that the miners overalll held their own!

    ReplyDelete
  123. Pat,

    Help me understand. The brokerage wants shareholders to lend their shares (probably at a premium) to a short seller, who is upside down and is unable to pay back the person/entity, in which he borrowed all those shares. Am I understanding this correctly?

    That would mean that the short-seller is in a position to get heavily squeezed...correct?

    Thanks!

    ReplyDelete
  124. Question: When we refer to "close" are we talking about the COMEX close at 1:25pm EST? Can someone enlighten me?

    COMEX TRADING HOURS FOR METALS

    ReplyDelete
  125. Yes, correct. And TRE is held in very strong hands so I believe they are truly screwed. 6M shares is like 13.5 days average volume.
    I have done some checking around, and this type of request sent out by registered mail mind you is very very unusual.
    Geez, it seems everything associated with PM's and miners is straight out of bizarro world.

    ReplyDelete
  126. man I had to leave my desk for a few hours and completely missed my chance! any afternoon fireworks?

    ReplyDelete
  127. That is why I had to ask for confirmation. It seems like the Twilight Zone to me. But, then again, it shouldn't surprise me.

    I've been meticulously tracking and charting the CME silver warehouse stocks for the last couple of weeks (as I couldn't find a source online that has it available). It's painting a pretty unbelievable picture!

    I'll have to post it to my site and make a link available here. I'll do it when I have a little more data.

    Turd, thanks for putting together this website. You helped me time multiple silver purchases in January.

    ReplyDelete
  128. Savings,

    Update from another tRE holder; he got his letter and they are offering an 11% premium. No details as yet to what exactly that means, nut and bolts wise

    ReplyDelete
  129. What a battle today! Notice the gold chart almost perfectly echoes silver -- highly unnatural -- anyone who claims the PMs aren't manipulated just needs to take a look at those charts.

    ReplyDelete
  130. Savings, I track the Registered and Eligible inventories in my Silver Data Spreadsheet:

    https://spreadsheets.google.com/ccc?key=0Ajym06WyPAdmdEdZM2RwRlZvNW40N1lsTm1CS1Fianc&authkey=COqL6cUF&hl=en#gid=0

    ReplyDelete
  131. Hey Turd, someone on another site called you a gold pimp. Congratulations! I'm very proud of you. Keep up the good work. This site is the best.

    ReplyDelete
  132. sassball,

    great spreadsheet. Thanks

    ReplyDelete
  133. @ lord koos

    You are right about how they follow each other, but it is actually the other way around. Silver has been programmed to follow gold. Here is a great article talking about how it is breaking loose from these algorithms.

    http://www.zerohedge.com/article/guest-post-silver-breaks-its-golden-shackles

    -
    You are right on the manipulation, pretty much all commodities, indexes, and major stocks have some form of corruption.
    -
    Buy physical silver. One day we are going to wake up and it won't be available like it is (barely) today.

    http://www.usmint.gov/mint_programs/american_eagles/index.cfm?action=sales&year=2011

    The US mint shows 8.1 million oz of silver have been sold to date (not including the past 5 days or so due to lack of updating). I wonder if that is concerning considering the fact that the US total mined production of silver is approximately 40million oz a year.

    This should ring alarm bells in your mind if it hasn't by now. Do not wait to buy physical silver if you haven't by now. A dollar here or a dollar there is not what you are buying physical silver for, its for long run purchasing power when the fiat currency fades into the history books leaving so many clueless people holding nothing but a firestarter.
    -

    ReplyDelete
  134. Sassballgrandpa,

    This is great! Thank you. I see you highlighted the same data in the Registered Silver inventory as I did. What's with the 3 days in a row of the exact same inventory data from the CME? Doesn't it seem a little odd, especially given that Eligible inventory is also rising, as is SLV? Thoughts?

    ReplyDelete
  135. Silver's going to have a $2 up day very soon IMHO. Without Blythe's heavy hand, on 70,548 contracts traded so far today for the March 2011 futures, we would be up big time. There's only 7 trading days left until the rubber meets the road and the longs that want to stand need to have the cash on deposit at their brokerages for their March 2011 contracts. Only 8,385 out of the remaining 59,851 contracts need to do this to BUST THE COMEX.

    ReplyDelete
  136. Our friend SilverGoldSilver has the SLV call option numbers for March on his blog.

    I am fecked if I know what it means but he is very excited, and I trust him not to get excited easily

    http://silvergoldsilver.blogspot.com/2011/02/slv-march-call-options-on-fire.html

    ReplyDelete
  137. Our friend SilverGoldSilver has the SLV call option numbers for March on his blog.

    I am fecked if I know what it means but he is very excited, and I trust him not to get excited easily

    http://silvergoldsilver.blogspot.com/2011/02/slv-march-call-options-on-fire.html

    ReplyDelete
  138. Eligible inventory is rising because as customers take delivery of their silver, they just transfer it out of registered into eligible for the customer. That way they don't need to reassay it if they wish to sell it later on..

    As far as the drop in SLV inventories, that's well known to be buyers converting SLV shares to silver baskets and getting the silver allocated to their accounts, using APs (authorized participants). It does NOT indicate that SLV is being shunned as an investment vehicle.

    ReplyDelete
  139. Turd = Gold Pimp
    I prefer the term Mac Daddy!!

    ReplyDelete
  140. Bizarro world

    Accumulate Gold but Be Cautious on Silver

    By: Jordan Roy-Byrne, CMT

    Meanwhile, Silver has rebounded nicely but our work shows that short-term risk is increasing while the odds of a sustained breakout are low. Yes, physical supply is very tight and yes there is manipulation in the market. Yes, there is backwardation and yes Comex inventory is low. However, what is the market saying about that?


    The real world
    How Much More Demand Can Silver Handle?

    By: Jeff Clark
    http://news.silverseek.com/SilverSeek/1297885733.php

    ReplyDelete
  141. How about MacTurd?

    "Would you like that with fries?"

    ReplyDelete
  142. Reefman: Wow! Thanks for the links to the COMEX long term inventories charts. I would say that's a DEFINITE trend that shorters of 147,000 contracts have no answer for. IMHO silver may explode upwards soon..

    ReplyDelete
  143. Kiwi, I'm not keen on Kitco's pool account. I asked them if they really had the metal in their vault in Montreal and they said, "yes". But when I asked for delivery there was about a month delay, the bullion came from some dealer in the mid-west US. It was poorly packaged. I had asked if the bullion would be like the shiny stamped bars in the pictures on their site. They said it would be from an internationally recognized source. It was, but it was some rather beat up Pamp Suisse cast bars. After that, I took my business elsewhere.

    ReplyDelete
  144. Pat.....I received one of those letters re: TRE ... that naked short can twist in the wind for all I care....I mean the very nature of the letter shows the position is illegal (never borrowed the shares to begin with)....hello SEC?

    Anyway, I love Santa and would never throw him under the bus....an 11% premium? Ha...the market is soon enough to give us a 100% premium in TRE....the naked short can go pound salt....

    ReplyDelete
  145. This comment has been removed by the author.

    ReplyDelete
  146. Ok.. duh.. I realized I didn't put the name or ticker symbol of my rare earth play in my earlier post. ..Just in case anyone checks back or cares at all, I meant to say that it is Rare Earth Metals (RAREF)

    Best Of Luck To Us All!
    :]

    ReplyDelete
  147. Rogue,

    I do not understand the machinations, but this is actually a legal short. This coming from my guy who knows everyhting there is to know about TRE. It is some fund, they borrowed the shorts unwittingly some some billionaire who lives in Portugal who owns 10M shares, and basically set them up. The Fund is heaed from someone who has a hard-on for Sinclair going back to sutton resources days. I know, I know, this sounds like a Robert Ludlum novel.
    Suffice to say, TRE is held by strong habds, this leter will go nowhere, and once we begin to see big price jumps on volume we'll know it has begun.

    ReplyDelete
  148. Pat...thanks for the clarification....I thought Sinclair was using the words "legal short" quite cynically.... anyway, it does sound like a Ludlum novel with such a set up to stiff the short....TRE IS in very strong hands....I have had most of mine since the sub $1.00 days....nobody is getting at mine...

    ReplyDelete
  149. Pat,

    I have some info on TRE and met with Santa himself last month at his home. Please email me so we can confirm a few news/rumor items.

    Thanks!
    jacklthompson@aim.com

    ReplyDelete
  150. HL closed at 9.99....its a sign.......lol

    ReplyDelete
  151. Back in November (18th I think), you said: "Do not trade front-month futures or options." Now you are looking at March options. You saved me a lot of grief these past six weeks with that suggestion, but was it just for the situation back in November, or are you going against your own methods? (BTW-we obviously have great respect for your opinion!)

    ReplyDelete
  152. GDXJ closed at 38.49, 7 cents below its high for the day, and up 55 cents from yesterday. I.e., it has closed above its intraday highs of a week ago, thereby putting in a higher high on top of a higher low. This should affect trend-following algorithms and traders tomorrow.

    Incidentally, I've read that 15% of GDXJ's holdings are silver miners, or derive it derives 15% of its revenue from silver.

    ReplyDelete
  153. Turd -

    Put this in your question file for your website developer: Can you give readers the option to search the thread for all posts from a certain poster?

    ReplyDelete
  154. @ Scottj88

    Thanks for your comments... I started buying physical silver last fall at around $28 & am still accumulating. I'm not so sophisticated as to trade in futures, I like physical reality.

    ReplyDelete
  155. I have a question that has not much to do with PM, but with dollars and bonds. There is a lot of knowledge on this blog and the atmosphere
    is respectfull, so maybe my question is stupid, but I don't have very much insight in the financial world.

    I stumbled upon a WSJ article that Dutch Gov. decided to issue for 50 billion dollar bonds when they 'see a window of opportunity.'

    What could be the motive for a non American Gov. to issue dollar bonds?

    I hope somebody can answer my question.

    Link to article:

    http://online.wsj.com/article/SB10001424052748703373404576148122411109458.html#articleTabs%3Darticle

    ReplyDelete
  156. With skyrocketing food fuel energy on and on wouldn't a prudent person want a market and commodity crash or is ok what anything costs as long as my silver and gold get more expensive.

    ReplyDelete
  157. The Rogue Trader,
    lots of us, including our fearless leader, own TRE. But I own mine through a broker who is unlikely to forward such letters on to me here on the other side of the world. Would you be so kind as to e-mail a copy of that letter you received to Turd, and he might put it on this blog?

    Thanks to you, Pat and Long Dong for the interesting info.

    ReplyDelete
  158. If the markets ever figure out that Brent is a better indicator of price then maybe the metals will start getting priced on +$100 oil.

    Louisiana Crude just hit a record spread as well.

    "HOUSTON, Feb 16 (Reuters) - Light Louisiana Sweet U.S. cash crude sold Wednesday at a new high of $21 a barrel over West Texas Intermediate , up $1.05, traders said. (Reporting by Bruce Nichols; Editing by Alden Bentley)"

    https://research.tdwaterhouse.ca/research/public/Markets/CommoditiesNews?documentKey=1314-N16190973-1

    ReplyDelete
  159. "Can the FED really keeps all the plates spinning? Here is a great question for us. what are the priorities, in order?
    - keeping interest rates low, i.e. bond market
    - propping up stocks
    - depressing price of PM's"

    Based on the FOFOA angle, a gold reprice is a part of the game plan of some central banks. The UK and the US are doing a decent job at keeping a lid on prices however. If the ECB for example was betting on 50k\oz gold, then it would care little for the increasing price.

    The UK might as they have unloaded a lot of their gold, and actually wanted to get rid of all of it. The US, supposedly has lots, but if they didn't, which many suspect it would be understandable that they would fight a reprice with their last breath, least gold become reserve again, they lose from that, plus they can't rebalance their debts against their gold if they don't have any. Just a theory that attempts to explain the facts...

    ReplyDelete
  160. Just how desperate is Blythe?

    -----------------------------

    RCMP in the Fraser Valley are searching for clues to identify who stole three quarters of a million dollars worth of silver bullion during a recent home invasion.

    It happened Feb. 9 in Chilliwack around 1:40 p.m.

    Police said two men entered a house in the 10000 block of Imperial Street and made off with thousands of ounces of bullion.

    Read more: http://www.cbc.ca/canada/british-columbia/story/2011/02/16/bc-silver-theft.html#ixzz1EA8vWNfH

    ReplyDelete
  161. Yes, Bro. I'm breaking a cardinal rule by currently owning a couple of March silver calls. They expire in one week.
    My gold calls are April. I will not own them longer than three weeks.
    My biggest position is in May silver calls.

    ReplyDelete
  162. "Mr. Reynolds has apparently changed his name to ... Turd Ferguson."

    "Yeah...that's right. Turd Ferguson. It's a funny name."

    Hilariously Hilarious (at 1:01 or so...)


    Outstanding. All of it. Except for the world as we know it spiraling downward ... but at least *we* are all having fun.

    (Turd, you're 2nd hit on the Google, btw)

    ReplyDelete
  163. "With skyrocketing food fuel energy on and on wouldn't a prudent person want a market and commodity crash or is ok what anything costs as long as my silver and gold get more expensive."

    What we want is irrelevant; we have no control of the macro world, only our own lives and perhaps to a degree family, extnded family, and community. It is sickening what is going on; it is sickening on how very few people have a clue what is going on. Most folks here are merely trying to preserve whatever wealth we are luck y enough to have, and keep it from the evil bastards. And we have zero guarnatees the ideas we share here will work, but it is a blog of like minded peole attempting to help each other.
    The "Fuck Blythe" stuff is kind of sophmoric, but I'd rather have more mirth than less in these times. Dry balls commentary would be not much fun.
    Hope that helps a bit.

    ReplyDelete
  164. Old Navy,
    To searc a thread (or any webpage), use the "Find" command
    Ctrl+F and then type your search term into the box that appears in the upper or lower margin. Works with all browsers.

    ReplyDelete
  165. Would anyone care to recommend a good futures site/blog? Futures in general, not just PMs (I get all the PM advice I need here).

    ReplyDelete
  166. Matt Taibbi asks, why isn't Wall St in jail?

    http://www.rollingstone.com/politics/news/why-isnt-wall-street-in-jail-20110216?page=1

    Because Wall St owns the Administration, both parties, and the Fed.

    ReplyDelete
  167. Wynter and friends added a few more comments today.
    http://screwtapefiles.blogspot.com/

    I'll ask Wynter if they want me to just give out the address for where they are posting now so you guys can follow in real time rather than this cut and paste situation. I don't mind doing it but sometimes it can take me a while to get to it and it loses a little something when it's not real time.

    ReplyDelete
  168. And I put a reminder on my calendar to never be long pm on a Wednesday morning.

    ReplyDelete
  169. Some great posts here today. Love that spreadsheet Sass. That's worthy of a bookmark. You should send it to Harvey. Now to dig through the rest of this great blog to see what else I missed.

    https://spreadsheets.google.com/ccc?key=0Ajym06WyPAdmdEdZM2RwRlZvNW40N1lsTm1CS1Fianc&authkey=COqL6cUF&hl=en#gid=0

    ReplyDelete
  170. Latest simplistic, shallow analysis from the FT Here's the summary if you don't want to read it:
    silver price rise is due to the "economic recovery" and those wacky individuals who strangely want to buy coins rather than stocks.


    Investors look for a silver lining
    By Jamie Chisholm

    Published: February 16 2011 16:56 | Last updated: February 16 2011 16:56

    The mint ratio, which shows how many ounces of silver it takes to buy an ounce of gold, is close to its lowest levels since 1998, currently about 45. Why?

    With gold near a record high the simple explanation is that silver has been performing even better of late, driven by increased demand rather than any supply contraction.

    Silver tends to hang on to gold’s coat tails when gold is stronger, during periods of inflation or political turmoil, perhaps. But gold’s recent gains have come at a time of improving economic fundamentals, so silver, which has a tight industrial demand correlation, has enjoyed extra impetus.

    Another boost has come from retail investors who would rather spend their $200 on roughly five 1-ounce American Eagle silver coins, than one 10th-of-an-ounce gold coin. Doubtless the “penny-share syndrome” also applies a bit here too – when smaller priced assets are perceived as providing better opportunity for gains.

    This is possibly why the US mint sold a record 6.4m Eagle silver coins in January, a 78 per cent increase on the previous year, when silver was more than 40 per cent cheaper. Gold sales were up 57 per cent over that period.

    ReplyDelete
  171. oldNavy you can filter google for "site:tfmetalsreport.blogspot.com oldnavy" to get the thread and then use your browser search to cut to the chase.

    Not sure how often google crawls turd's bottom, though...
    b2

    ReplyDelete
  172. Gainesville shipped my order to the wrong address. Shipped to billing and not shipping. Postman delivered it to the marina and the dock master signed for it and laid it on the floor with all of the other heavy engine parts. No one paid it any mind because all the other boxes there are just as heavy. Lucked out on that one! Gotta have a word with Gainesville tomorrow about that.

    ReplyDelete
  173. I added 21 oz silver and a gold pamp today. Waiting on the fraudulent CPI report manyana to set the mood.

    ReplyDelete
  174. @Dr.J and bacq2bacq

    Thanks, guys. Obviously, I have never tried to do that before, but it occurred to me it would be nice to call up all the posts from certain people, ...such as you, of course!

    ReplyDelete
  175. Its taken me almost all afternoon to write it but I finally have a very important, new post for you. Please go read it.

    ReplyDelete
  176. TDave23-

    Your news item is a good cautionary tale for this board. How did the thieves know there was all that bullion in the house????

    Be careful, people.

    ReplyDelete