Thursday, February 24, 2011

Here We Go Again

A brutal combination of Gadaffi rumors and crude oil margin hikes has given Blythe the opportunity to once again raid the Globex.

This afternoon's meltdown was primarily due to weak-handed longs who have been hanging in, hoping for a short-squeeze, all heading for the exits at the first sign of trouble. Blythe of course, never wanting to miss an opportunity to push price lower, has joined in to create an exceptional opportunity. Here's your chart:
So, I ask you, what has changed?

Is the silver supply issue suddenly all better?

Did we suddenly discover a couple billion ounces laying around somewhere?

If Gadaffi has been assassinated, does this make the survival of other despotic, Middle Eastern regimes more or less likely?

Did the U.S. suddenly balance its budget?

Are all of the U.S. states suddenly solvent?

I could, of course, go on and on but I won't. Just buy the fucking dip. I did. TF

ps And look at this from Trader Dan. Note the comments regarding volume.


4:30 EST UPDATE:
Again, if you're going to exist in Turd's World, you have to get used to this crap. Shit happens....oooh, lets make that into a t-shirt: "Turd Happens". I like it!
At any rate, this chart speaks for itself.

193 comments:

  1. right when you think you made some money

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  2. Copper and PGM's are not confirming silver's move.

    There must have been some juicy stop losses below $32.

    adding more AXU, and adding more PSLV

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  3. I am with you, Tyler! Bought more just seconds ago! Very nice entry point!

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  4. Posted this at the end of the last thread....

    Anyone else notice the timing of the raid... 1) today's 7-year $29 billion auction closes a little after 1:00 PM. 2) DOW, S&P 500, Nasdaq all dramatically reverse their downward trend just before 2:00 PM 3) Gold and Silver fall off a cliff just before 2:00 PM. Is our cash-strapped banking system putting the freshly printed dollars to immediate use to keep this financial facade going? Is this the most desperate hour? Haven't found any other confirmed geopolitical/financial occurance(s) to explain the sudden reverse...has anyone else?

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  5. Silver is still higher than it was just one week ago. Nothing changed when it rose $2.75, nothing changed when it fell $2.75. Silver is one volatile MF'er.

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  6. @Wallace Hartley:
    No! This is just pure market manipulation. Will not last for long!

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  7. I love the volatility in silver, and trading in a scarce commodity where you KNOW the fundemental value should be multiples higher.

    Sold 1/2 my SLV position a few days ago to lock in in a mid five digit profit (still have a ton of long exposure to silver through other vehicles). I'm going to see if I can pick up some more physical this afternoon thanks to Blythe putting it on sale for me (thanks honey). If spot prices keeps dropping over the next couple of days, I'll start laddering back into the SLV position I sold.

    Lather. Rinse. Repeat.

    Hang in there, all - This too shall pass. In the meantime consider opportunities to trade the volatility around your core long position, and diverting profits as they come to physical.

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  8. Wallace, reasonable question is whether the sequence of events after 1pm implies desperation or whether OI in fact has fallen & results in a position of strength? time will tell.

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  9. My dad, who lived through the Weimar inflation as a young lad in Germany, just passed away. At almost 92 he KNEW what was coming and started buying gold a couple of years ago. I'm glad he doesn't have to live through it a second time.

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  10. well, well, well. if engaging in typical criminal activity on the comex won't do the trick, spread a little assassination 'mope', bring down oil and attack. All may be fair in love and war, but with this silver market it seems someone has inked a deal with the devil.

    whether in dark of night or under the full light of day, the politicians have a reasonable explanation of what has occurred, the fed and cftc gets cover and the world continues to turn.

    just more business as usual. crooks win a battle. the war goes on. the sheeple sleep.

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  11. Do I have this correct?

    One can still buy contracts and stand for delivery in March.

    One buys a contract at the current market price.

    SO IF, big IF, my plan was to buy a HUGE amount of contracts to stand for delivery, at the end of the month, so as to fly underneath Blythe's (and the COMEX) radar, wouldn't I want to do that at as low a price as I could get??

    And might I not warn people ahead of time to expect volatility etc, if I were, shall we say, benevolent?

    I've said it before, NOTHING has occurred which is against the plan proposed by the (in)famous WB in the months long series of posts.

    I don't think we will know until the rubber hits the road on Monday and we know the final OI numbers.

    And even then, I am sure there are things we don't quite understand.

    But does anyone want to guarantee me that prices cannot go UP just as fast as they just went down?

    Didn't think so...

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  12. I sure bought that dip.. wheew! Blythe may make more money selling tickets to this roller coaster ride.. I know I am having fun! Get em while it's cheap!

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  13. a buck 47 is huge. this latest fleecing has certainly left a lot of wool on the floor. the usually prescient turd got caught kind of flat footed on this latest shearing.

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  14. Turd, today was meaningless for us buy and holders; for us, it's a marathon not a sprint. I myself did get caught up in the daily action whcih I have never paid mch attention to before, I confess all the intrigue and rumors made for high theater. Luckily, for me it was just a spectator sport- i just checked all my physical, yep, still there.
    While I feel for you "playas" you do realize the casino is rigged, so I hope no one is surprised.

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  15. Turd,

    Don't delete Apartment Guy or any other "trolls" unless they are disrespectful. They add value to the discussion.

    Apartment Guy called this correction.

    It is good to have and consider diverse opinions

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  16. Simple retest of Breakout area....game on from here....BTFD!

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  17. If it goes below $31.80 I will buy more. Thank you, Blythe! Love you, my little bitch!

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  18. Yes, yard, even I, The Great and Powerful Turd, am still subject to the daily machinations of The Evil Empire.

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  19. Mannippleation or not, the SLV close above the upper Bollinger two days ago, allied with the extremely overbought RSI was a definite warning sign. I took half-off to lock-in some profits, just in case. Looking forward to buying back when it's a little lower.

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  20. Joe: I had never seen him before this afternoon. Perhaps an oversight on my part as this place is getting so busy that its hard to keep track.
    Regardless, you can't show up right after an EE attack and try to tell everyone how smart you are. I'll delete it every time.

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  21. You got it turd! Buy the dip!! Nothing changed as the rat bastards will come roaring back to cover!! The gun squarely bulls eyed on bankster fraudsters forehead! A continuous compounding spinning cylinder, with a silver bullet in every chamber! The vermin may spin the cylinder and buy time but eventually the trigger gets pulled! banksters blown away by the very thing the vermin have in short order; physical silver!!

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  22. I'm reposting this question as I put it in at the end of the last thread and wanted to make sure it got seen. If anybody feels like taking a moment to teach me, I'll appreciate it.

    Cris, you had a post immediately following mine that seemed like a similar question.

    Spent my last available capital on BTFD this afternoon. Only sorry I fired too soon on one buy.

    Okay, Can we talk about WB and the BoS? I want to see if I'm "getting it".

    As I see it, when the EE drives the price down with naked shorts, someone has to be taking the other side of those or the price would never stop going down. That means there are new OI being created during that dip. Am I right? That means, just two days before put up day for MAR, somebody bought new contracts?

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  23. Incredible. What was the source of the Ghadaffi rumor? Was it a plant to cap the damage already done by the oil margin hike?

    On AGQ, which is getting a beating, but bouncing back, its tied to the dollar cost of the London spot, correct? So even though it's paper, it's not backed by a vault/holding of silver.

    According to their prospectus:

    "ProShares Ultra Silver seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of silver bullion as measured by the U.S. Dollar fixing price for delivery in London."

    How does AGQ play against the SLV's of the world that are offered as being backed by physical holdings?

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  24. do i get some slw in pm trading turd????

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  25. This comment has been removed by the author.

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  26. The Qadaffi rumor sure shook the weak hands out of oil and gold. Both gold and silver starting to creep back up. If Qadaffi is alive and shooting people in the morning, a lot of this drop may reverse. Wild, emotional day.

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  27. "i just checked all my physical, yep, still there."

    Same thing over here :D

    At the end of the day, the only way to get the witch down is to buy physical. They can print cash in any amount the want, but they can't print physical silver. And _that_ is what gets them down, no matter how many paper games are being played.

    Physical is all that really matters!

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  28. Woohoo.. silver is still at $32.00 an ounce!

    Old Blythe knocked it down a 1.60 today, wow, I bet that cost her... unless they found old Gadaffi dead on top of a couple hundred million ounces of silver.

    I am looking forward to the Asian market coming online. If it is the Asians that are buying like mad, then they are going to buy the hell out of this dip! (I'm headed out a little early today to hit the coin shop myself :) )

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  29. @Cris:

    How about WB creating a fear frenzy in public forums to sucker in retail investors and melt up prices, then short the rally and capture 20% that way instead of hoping an extortion play of 20% would work against JPM/COMEX.

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  30. Chris.....I mentioned the same thing. Just a thought if such a thing as WB exists.....then they have warned they would be shorting

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  31. do get SLW silver wheaton now in pm trading or is silver gonna keep dropping??????

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  32. On a side note, Blythe has assisted in making today a new record in pageviews!

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  33. Turd, this is what Apt guy said before the takedown:

    Apartment guy said...

    Couple red bars on the daily charts, people are going to start taking profits pretty soon to lock in some profits. If it goes through 32.50 going to be a big, big down round.
    February 24, 2011 6:40 AM
    ---------------------------------

    He only mouthed off after it happened, and after it happened he cautioned not to load up because there will be a head fake bounce, and another leg down.

    I don't know anything myself except that WB said they may go short themselves to get the price down.

    Anyway, If I were a well funded hedge fund and I had say 5-10k contracts that I put on at 27, I would not think twice about taking profit at 33, and then jumping back later if I could get a reaction started.

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  34. Amazing timing for Blythe. Sure hope this produces one hell of a springboard back up!

    I definitely want to help get the word out on COMEX position limits. Please make your VOICE HEARD by commenting to the CFTC by 3/28/2011 !!

    More info here (Thanks, Bix Weir):
    http://www.roadtoroota.com/public/533.cfm

    Here's what I said:

    As an individual investor, I believe that no institution, commercial interest, or producer should be able to control over 1% of the yearly production of global SILVER OR ANY METAL. I review the COT report (Commitment of Traders) every week, and am appalled at the huge number of short contracts in the hands of so few financial institutions.

    Fair and appropriate position limits in silver should be NO MORE than 1,500 contracts or 7.5M ounces. The current proposed limit of over 5,000 contracts WILL NOT SOLVE THE PROBLEM OF MANIPULATION IN SILVER! The 1,500 contract limit is the correct amount and is STILL greater than any other current concentration in physical commodities traded on the COMEX.

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  35. Anyone care to explain the lack of volume during the drop? Come on call it what it is. RIGGED...MANIPULATED. A rumour? FFS give me a break. Nothing to do with the massive OI interest then?

    You can buy more toilet paper if you want, personally cannot see the point when they can simply plug in any figure they like on the screen. Only solution is get physical.

    This move has shown the market for what it truly is, A COMPLETE FREAKING CON.

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  36. Gadhafi deliberately kept his military and security forces fractured and weak and thereby dependent on him. So who would step in to replace Gadhafi if he is dead or should be overthrown. If either were to happen, Libya would spiral into chaos, the ideal environment for jihadists to flourish, as they did in Somalia and Afghanistan. So does it makes sense for Oil and my "Precious" to sell off on this rumor???

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  37. Thought we would hold 32.65 for at least today. Oh well, the market just ate my lunch. Hope it tasted as good for them as it was bad for me...

    Second time burned on a middle east rumor in a week.

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  38. Blythe and company are engaged in a massive criminal fraud and have been for quite some time. When faced with disaster they have no disincentive not to contine past behavior and double down on the fraud. we'll just have to wait and see how many delivery contract rolled to May or bailed out entirely.

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  39. Just had a someone that rents from me leave my office. He has been on unemployment for almost two years. I asked if he had found a job. He said he was not looking for a job....that the govt could not stop his check or there would be riots everywhere. It is surreal hearing straight from someone like that. BTFD and make sure you have your physical pm's. Its going to be a bumpy ride for sure.

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  40. Cris

    I am thinking along the same lines as you.

    We won't know the outcome of this until early next week. In the meantime, even though some are in the red right now, I'm comfortable with the positions I took on this week.

    EW58, I still like your analogy. I hope it turns out to be right!

    Turd, don't let the stress of having such a large following get to you. You're doing a great job!

    Keep smilin' !

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  41. @Cris et al. -- OK, just to confirm others are thinking likewise -- from the previous thread:

    While I remain thoroughly skeptical of the whole WB meme -- what if say a group of holders of large chunks of Mar 11 contracts were to start circle-selling them (amongst themselves) to create the whirlpool effect we see usually as courtesy of EE -- to suck in even MORE contracts they can hold onto for delivery....
    _______________________________

    On another note, thanks TF for patrolling the forum -- I was just about to complain, but then figured paying attention to a troll is just what they're after.

    Off to BTFD, just pray it stays this low for another 20 mins...

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  42. The Asians will buy the dip and the Ponzi scheme will be dead by tomorrow. Hope you bought a lot of silver today as I did! It will pay off in the long run. No worries. They can run the printing presses forever but they cannot subdue the real price of silver.

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  43. Just called my dealer (major PM dealer that only deals in next day delivery)....they were totally swamped....I wanted to buy several Monster Boxes...only got one...the last one...price dips - physical disappears....

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  44. Gold really isnt cooperating.

    Pushing 1400 again.

    Funny as hell.

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  45. I may have missed it in all the postings, but do we know where the OI currently stands right now?

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  46. Rip Van Winkle here. Been asleep a few weeks.
    Wow, gold is at $1400; silver at $32. Fucking A!!!!

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  47. Does the Asian market even count to us anymore?

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  48. Bought that dip. Thanks! Get it while it's there...

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  49. Joe: Thank you fro doing the research on appt guy.
    As you point out, the key is humility and not trying to instigate feuds. Pretending to portray yourself as brilliant after the fact is my job and no one else's ;)

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  50. FUBM along with JPM. I'm sure it was you that started the Gadaffi rumor. Just another day at the office for these guys...perpetuate the lies and fuck the little guy.

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  51. "How about WB creating a fear frenzy in public forums to sucker in retail investors and melt up prices, then short the rally and capture 20% that way instead of hoping an extortion play of 20% would work against JPM/COMEX."

    I don't know. It seems to me that if there would be physical available, the witch would not have a problem. So, me thinks that unless WB wants to get herself in the same kind of trouble the witch is in, she would *not* go big-way short, cause that would have to be naked shorting since there just ain't no physical available AFAIK...

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  52. @John -- my trading platform (ToS) says 65,620 (versus yesterday's 39,528)

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  53. My EUROS are up and silver is down. It looks like a good day to buy a few silver bars tomorrow. I don't mind waiting a few weeks.

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  54. "Does the Asian market even count to us anymore?"

    Yes, definately. That's where there is real physical demand. So the Asians are the ones that are going to stand for delivery.....

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  55. @rahbii:
    Silver is traded around the world almost 24h a day with only a short break. It is very important for us what will happen when the Asians start trading silver. They are not as manipulated as the US market with Blythe at the trading desk.

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  56. just got 200 slw hope we spike overnight anone else buy slw???

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  57. jasa,
    A "lack of volume?" I saw high volume from 2-3:30.I also want to repeat oldNavy's question:
    "As I see it, when the EE drives the price down with naked shorts, someone has to be taking the other side of those or the price would never stop going down. That means there are new OI being created during that dip. Am I right?"

    I too am curious. could the OI actually have gone up today?

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  58. Dear Turd,that was fun!!We need some fun.

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  59. Blythe is a were-creature. It'll take a silver bullet to kill her. I would settle for a serious wounding at this point. Pun intended.

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  60. Hey guys, anybody have that Gainesville coupon code? Looking to snag a few Maple rolls. Thx!

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  61. What does Gadhafi have to do with gold and silver prices?

    Not much. What complete utter bullshit. Peddle that kind of propaganda somewhere else. The veterans around here don't buy any of it.

    BTFD. It won't be down here long.

    Bay of Pigs

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  62. @caramel - You're right, the "truth" should reveal itself on Monday with the final March OI numbers. I just can't help but think that even with daily POMO money to play with (another $6 - $8 billion tomorrow) and fresh Treasury auction ammunition, TPTB are scrambling to make it to the next raising of the debt ceiling (or debt target, depending on how you look at it). I mean they tapped the Treasury's Supplementary Financing Account at the end of Jan to free up $195 billion, QE2 continues, Blythe's daily raids, an attaboy $150 million to Egypt for their successful uprising, extended unemployment benefits to keep the masses pacified, etc. Just seems like they're buying time until the $1.5 trillion for this year's deficit gets approved and income tax revenue is collected. Of course, we'll have to wait it out another year (or more) if they make it to June and another round of QE is announced. 2012?

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  63. Check out some of the AH action...I'm seeing some strange orders coming in on my AH screen on TOS.

    375K of SLW at 40, large orders at high prices on SSRI, SVM, NGD, etc.

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  64. A sizable FUBM in progress, get it while the getting is good.

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  65. Hello Mr. Turd, didn't you say in your last post that a break below 32.25 would be the end of the bull run? If so, why are you now recommending a buy? Or did I misunderstand your post?

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  66. Well, I've been lurking awhile and this is my first post, so hopefully I won't get deleted like Apt Guy. But why delete his viewpoint? It seems a little bit like this blog operates in a vacuum which is maybe why no one saw this dip coming. Unfortunately, my paranoia got the best of me and I bought another 100 oz at Monday's peak (kicking myself). Luckily I have plenty I've purchased at the $12-$14 range back in '09.

    Point is, it would be nice to see some more bearish viewpoints here, b/c the flux is inevitable. It would be great if someone would do a chart that factors in today's dip. I noticed the stock market reversed while gold, silver and oil PLUMMETED. Ouch.

    I agree, fundamentals haven't changed, but now I'm spooked!

    PS: Word verification = DEMON

    wtf????

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  67. That was quite a smack down,managed to get sow buys in at 31.85.
    No worry guys.

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  68. Prize Fighter,

    The coupon code is "NIAUS", good for $5 off your total purchase.

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  69. @Dr Jerome

    Cant say this for sure but I believe the mechanics are when the book is flooded with sell orders it goes searching for a bid.

    During times of low volume the bid will be light in volume thus the flood of orders will send price down until the next bid and the next etc.

    As price drops, stops are triggered putting more sell orders into the market, these should usually be market orders which would send the bid even lower.

    How this contracts OI is during times of low volume the cascade of sell stops closes more open long contracts than the initial sell flood opened in new longs.

    For example, we start at 30, with a bid at 29.9 and 2 stops at 29.9, a sell order of 5 comes in no bids at 30, 1 new long at 29.9 plus 2 sell orders making 6 sells , price drops to find the next bid etc.

    OI drops by 1.

    This is my limited understanding of the process, take with a fistful of salt.

    For those better informed if I have misunderstood this please correct.

    Thx in advance.

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  70. Screw you JP Morgan I'm buying physical on my CC.

    Anything else and I feel I will get caught in that burning theater.

    How long would it take to get all your possesions together?

    Just saying if a run did happen. We have already seen it in other countries. Limits on withdraws. Banks closed. So what good is money if you cant get it.

    Wouldn't this be a concern of even WB. If they want to make fait money but must then keep the fait economy going if that is what there getting.

    Delivery would be logical if they were taking out EE.

    I'm confused obv.

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  71. "Joe: I had never seen him before this afternoon. Perhaps an oversight on my part as this place is getting so busy that its hard to keep track.
    Regardless, you can't show up right after an EE attack and try to tell everyone how smart you are. I'll delete it every time. "

    Hi Turd, not really after it happen, I mentioned this would happened a couple of days ago. It is bases on previous terminal surges in silver.

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  72. Yes! Criminal bastards! Yet! The fraudster shortsters are no more than cadavers in the morgue!! Roll'em out and hook up; the electrodes, and they dance as flippin tuna on a ships deck! Take away the juice, oxygen; dead meat! fraudsters nothin but dead meat! Keep accumulatin the physical silver!! The criminals will be on ice indefinitely!!

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  73. Apt Guy: What are Terminal surges?

    PS: I'm The Jeepster (not sure why my ID comes up as a number)

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  74. Ok Apartment guy, please explain what you said about not loading up here and that there would be a head fake up before the next leg down.

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  75. tkemper and 22f2:
    Real action down through 32 would have made me worried. EE bullshit does not. Now, if the algos trip over to "sell" and we slide back through 31, then I'll re-assess.

    Regarding the deletion of comments: We have worked hard to build an asshole-free environment here. Its not for lack of diverse opinion. Its because we all treat each other with respect. ANYONE that shows up and taunts other posters with troll-like behavior will be deleted. PERIOD. And don't give me some line of shit about how "this blog sucks" or "turd's an asshole". I don't care. Its my blog and I'll run it however I please. If that means all the newbies go away and we go back to 10,000 pageviews/day, thats perfectly fucking fine with me. Got it?

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  76. why bother momentum trading the gold or silver market or timing 'breakouts'? Its a criminal market and the enemy has huge supplies of naked shorts to elevator drop this thing at any time thru any 'support' or 'resistance' level.

    If I am fighting a guy who has an 8 inch reach on me and is wearing brass knuckles, I can only counterpunch. I have to be patient and wait for him to committ. Then I buy his weakness. In the gold and silver comex circus of theft, trying to time breakouts is a recipe for utter disaster in my opinion. But moving once he has thrown the big right hand and then laying in a flurry of jabs into his kidneys is the way I think. Whether its Blythe or whomever, I don't care. But I have to be patient until they show their hand. When the elevator drops, thats the time to start the buy programs.

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  77. FLASH: Silver PLUMMETED nearly 4.4% today and now stands ONLY 14% above where it was on FEB 1.

    The bull market must be over!

    Keep smilin' !

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  78. This was completely fabricated...
    Did you notice the HUI going up today and didn't react to the sell off in the PM?
    Turd you were right BTFD... at least till Monday then the cycle spreads out till the May contract. Of course that is "if" the Comex default doesn't occur.

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  79. Who didn't see this coming? I sold most of my USO calls yesterday. An still holding underwater calls in AG & AU miners. While the Turd makes the point that the fundementals haven't changed, what happened today WAS FOR REAL. How can it hold though? The dollar was down sharply today. They are DESPERATE to contain ALL commodities, but none more than oil. I suspect we will be clawing back up soon enough. One more thing: LEARN FROM HISTORY. You are not going to cause a COMEX default.EVER. The Hunt Bros DID corner the market. They had won. Or so they thought. Until the boys called a midnight meeting on a Saturday AND CHANGED THE RULES. They forced the Hunts to sell at a loss. Just like a casino. You might win, even might win allot of money. But you are NOT going to break the house. They will toss you out first. Just like the boys at the Comex, it's there house, their game. I play to win some money, I'll leave it to you guys to bust the Comex.........

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  80. Turd, would you consider this level a new Turd's bottom? I'm thinking about opening some longs.

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  81. Just dropped this friendly note in the CFTC's comment box

    "Nothing has changed for the better in the market fundamental driving the price of either gold or silver. The contined pattern of the spot price rising consistantly for several days and then dropping precipitously in the course of 15 min. is nothing more than blatent manipulation by the short sellers at JP Morgan Chase and HSBC. The public knows it and you know it and yet nothing is done by the regulators to end this fraud. The time has long since come and past for the CFTC to do the job you were established to do. Everyone with more than two brain cells to rub together knows that this is going to blow up. Do you really want to be placed in the dock along with Masters & Dimon when that time comes just because you didn't have the integrity or the courage to act in the face of criminal fraud? The public is watching."

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  82. Space Shuttle launching now. Literally.

    Go Baby Go!

    Soon the silver shuttle will follow!

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  83. I started buying silver and miners a little over one year ago because I believed in the fundamentals. I cashed out my 401K and bought:

    slw at $20 now at 38.78
    GGCRF at $.40 now at .94
    Czicf at $.60 now at 1.10
    Pal at $4 now at 6.63
    SWC at $14 now at 21.97
    Pall at $40 now at 76.81
    Pnpff at $1.50 now at 3.78
    Slw at $22 now at 38.45
    Cef at $15 now at 20.70
    Pslv at $10 now at 14
    Ree at $6 now at 12.14
    physical silver at $16 now at 32
    physical paladium at $400 now at 800

    There were some roller coaster rides that screamed for me to sell. But I held on; everything still up 50 to 100%. Stay the course until the fundamentals change. The party is just getting started.

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  84. Im buying Turd happens T-shirt!!

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  85. Apartment guy said...

    to quote Adam hamilton who I totally respect.

    Silver is radically overbought and is exhibiting the technical signature of a terminal surge before a plunge.
    And plunge silver does after these terminal surges, by an average of 30% over less than 6 weeks! The average first-weekloss after one of these major tops is 11.4%. If silver falls this far this fast again, the silver stocks including SLW will get obliterated.

    The average two-week (10 trading days) loss after a major silver top runs 17.5%. Silver could really be in for some rough sailing here, its corrections are wickedly brutal.
    February 22, 2011 3:37 PM

    Apartment guy said...

    and to add to that, he says that silver has decoupled from gold now and is latching onto the spx. If the spx corrects so will silver.

    The problem with this SPX/silver correlation is once thestock markets roll over, silver plummets like a rock. Fallingstock markets scare traders who bought silver near highs asit was surging, and they rush for the exits with a vengeance.This dynamic is one of the key reasons silver’s correctionsoff of major interim highs tend to be so violent. Silver tendsto plunge by 25% to 35% in just 4 to 6 weeks!


    Keep your eyeballs open. Remember things go down as well as up, even more so with with the Silver beast.

    Safe trading guys.
    February 22, 2011 3:45 PM

    Apartment guy said...

    and to add to that, he says that silver has decoupled from gold now and is latching onto the spx. If the spx corrects so will silver.

    The problem with this SPX/silver correlation is once thestock markets roll over, silver plummets like a rock. Fallingstock markets scare traders who bought silver near highs asit was surging, and they rush for the exits with a vengeance.This dynamic is one of the key reasons silver’s correctionsoff of major interim highs tend to be so violent. Silver tendsto plunge by 25% to 35% in just 4 to 6 weeks!


    Keep your eyeballs open. Remember things go down as well as up, even more so with with the Silver beast.

    Safe trading guys.
    February 22, 2011 3:45 PM

    ReplyDelete
  86. Just the price action in silver,it is a fucking monster. When you get candles like that it rarely comes in ones. If that was in normal trading hours with more buyers/sellers around you would get more people pumping it down. Now most people have gone home after that excitement so no more downleg. That is done for today.

    I was short on that move, so I am smiling. I know most people are long here. I am sometimes long, sometimes short, I really have no bias. I base my decisions on technicals mainly, although there is a rumour circulating that Gadaffi was shot and that is why it went nuts.

    If you look at silver and how it is way, way over the 200mda you cannot expect this to go on forever. Silver is making new highs but there has to be some retrace. Do not worry it will go up again if you buying and holding. BUt we are due for a 10% correction at least now I think you will do ok long term.

    You also need to look out for a stock market sell off, that is going to take silver with it.

    ReplyDelete
  87. Come on boys! There is no good dammed reason why silver is slipping, in fact by all the inidicators it should be near or better than 40 now. Think things through . Wall st makes a move you panic ? What are you made of? This is a fight , you guys didnt really think they were going to lay down and let you take thier money that easy did you? We won last week , we lost this week. Have some hart .

    ReplyDelete
  88. If the EE and cannot deliver silver, then what are their options? Go bust? I don't think so. Buy put options on the stock market and remove support from the broad stock market, knowing that silver will follow like a bull held by the ring in its nose?

    ReplyDelete
  89. Afrum!! You punctuate like a hyper-active child that lost his ritalin!! The excitement is great!! But tone down the exclamation points!! Yes!! These are incredible times in the PM complex!! But!! You do not have to stress every sentence so jubilantly!! I get nervous just reading your posts!! Silver!! Silver!! Silver!! I love silver!! Wait!! What was I sayin'!! Hey!! Those are nice shoe laces!! (Falls on floor hyper-ventilating...)

    Ease up my good man. You're like our resident cheerleader, but put the pom-poms down on occasion.

    ReplyDelete
  90. We have all watched on TV as millions of Egyptians struggled to secure democratic rights.

    I think we take that for granted here in the USA.

    Ted Butler has issued a call for all those interested in silver to simply WRITE A LETTER to the CFTC so that we may be on the record during this open comment period for position limits.

    He even wrote a sample letter:

    http://news.silverseek.com/SilverSeek/1298557244.php

    It is not asking much to take literally five minutes and cut and paste an email.

    Then we can at least say we have done something.

    We don't have to protest in a square for nights on end, or face snipers like they have in Libya.

    THe last time the CFTC asked for comments they got a few thousand.

    Perhaps we should shoot for a few MILLION this time. Make this appeal go viral.

    It wouldn't hurt our cause.

    Take a few minutes...

    ReplyDelete
  91. Dear Mr. Turd,

    I have to apologize about the "good entry point" comment from yesterday... it was an honest mistake. Must admit that once people pointed it out to me, I laughed my a$$ off.

    The best advice I have read on this blog so far is "BTFD". Period. There are a lot of people here who believe that AG will be at least $40 to $50 in short order. So having said that, BM just gave us a gift today. I know I added to my physical position today.

    Thanks for all of the hard work, Mr. Turd. It is truly appreciated by many.

    ReplyDelete
  92. Being out of money sucks.. >:|

    ReplyDelete
  93. Im not convinced the latest plunge was EE driven. Looks to me like it was HFT algorithms selling off gold and silver in response to oil prices collapsing. Silver dropped from approximately price of wtic divided by 3 to price of wtic divided by 3 - ie it maintained its 3 to 1 ratio throughout. Which for me implies some correlation algorithm was at work.

    ReplyDelete
  94. Yesterday there were 28.275 open March-Contracts =
    141.375.000 oz. The cause for the raid was FEAR.

    http://bit.ly/dfEpBO

    ReplyDelete
  95. 35% correction would be about 22. I could see it happening with a stock market correction of 10%.

    I could also see that this is nothing at all but noise, and silver will be trading 37 to 40 next week.

    ReplyDelete
  96. CTJ,that's quite a pile you made there,I would normally have sold if I make 25%
    profit.Will always reenter after a correction.We always get a correction no matter what,nothing goes straight up.

    The only thing I keep is my physical gold and silver and that I have been doing since 1996.Make money on paper trades and convert most of the gains to physical gold and silver.

    That's my game.Wish you all luck and let's hope the Asians push up the price over night.

    Silver is a bitch, so handle with care.

    ReplyDelete
  97. 22f2=The Jeepster

    OK, this question is directed at bears like Apt Guy: I'm a long on silver, holding physical bullion and coins... do we still see $50/oz this year? Or are you saying this has spiked and it is time to clear out? I am so long term on silver I feel like I may very well miss the peak sell time, but I just have that feeling like the hyperinflation/currency collapse is coming.

    Also, on a separate note, question to all: do you think it is safe to hold silver 100oz bars in safety deposit boxes, or spread out over several boxes at different banks? I'm nervous about keeping it at my house, and scared of thieves who apparantly use metal detectors to hone in on people's stashes.

    Thoughts?

    ReplyDelete
  98. TheObsoleteMan said...

    Who didn't see this coming? I sold most of my USO calls yesterday. An still holding underwater calls in AG & AU miners. While the Turd makes the point that the fundementals haven't changed, what happened today WAS FOR REAL. How can it hold though? The dollar was down sharply today. They are DESPERATE to contain ALL commodities, but none more than oil. I suspect we will be clawing back up soon enough. One more thing: LEARN FROM HISTORY. You are not going to cause a COMEX default.EVER. The Hunt Bros DID corner the market. They had won. Or so they thought. Until the boys called a midnight meeting on a Saturday AND CHANGED THE RULES. They forced the Hunts to sell at a loss. Just like a casino. You might win, even might win allot of money. But you are NOT going to break the house. They will toss you out first. Just like the boys at the Comex, it's there house, their game. I play to win some money, I'll leave it to you guys to bust the Comex.........

    To steal a phrase from Star Trek;

    The ObsoleteMan's logic is sound...

    It only makes sense to me, and I am not a trader, just a newbie that has been following for a few weeks. The house will throw you out before they let you break them. Like Turd said "It's my house and I make the rules". They will do the same and set the rules as they please to win. They (the bankers) have been doing it for centuries...

    ReplyDelete
  99. Joe Jost look at the stock market, it is going up, up, up. I have my trigger finger ready for a massive short on the spx.

    Even this middle east shit is hardly making a dent in it, but soon and IMO in the next 4 weeks it is going to pop. For this I am also vary cautious adding longs to silver unless it becomes oversold.

    ReplyDelete
  100. Jeepster,

    This might help: http://www.caseyresearch.com/displayCdd.php?id=662

    I personally do not like to rely on anybody for physical storage.

    I also think silver will hit 50 this year. Just an opinion however, and I really do not know where silver is going in the short term. To me, it is still under valued and I don't mind buying physical at this level, but leveraged is a whole different story.

    ReplyDelete
  101. Silver's on sale again... Buy the f'ing dip baby!

    ReplyDelete
  102. CFTC could care less how many letters you write....know the game and the players....these guys are nothing but operatives for the bankers cabal. Try to anticipate what benefits them and how buying bullion poses a problem for them with this trade. All they can do is manipulate the rate of rise and how long that can go on with the printing press behind them is a "long time"...so play the game or just buy bullion and take possession

    ReplyDelete
  103. Turd said:

    Its my blog and I'll run it however I please. If that means all the newbies go away and we go back to 10,000 pageviews/day, thats perfectly fucking fine with me. Got it?

    Absolutely. Nothing but respect and admiration here. Thank you for the blog.

    ReplyDelete
  104. I bought the FD, I hope we aren't wrong this time.

    ReplyDelete
  105. rthaler - excellent analysis...yes.
    And, if I do say so myself, I did post a statement early this AM about the fundamentals and paper based trading.

    There is a greater and greater divergence between the 1 oz Silver American Eagles on Ebay versus NY Comex Spot Price.

    The current bid price for silver on Ebay is $43.52 for 1 oz uncirculated coin with free shipping. There is a proof 1 oz Eagle at $50.06 with 15 minutes left.

    Meanwhile, NY Comex is claiming $32.change ???

    LOL

    The dang 1 oz SAE is already at $40+ on EBAY!!!

    LOL LOL ROTFL LOL LOL

    Trading? bwahahahaaa

    FUBM! HA HA HA

    hmmm....gotta go to the coin store....I need another couple hundred ounces....

    ReplyDelete
  106. @Apartment guy - your lease is up dude, take a hike.

    ReplyDelete
  107. If anyone was surprised by this, you need to get your head checked. I'm a new as they come, and and seeing CL do 3 bucks in 30 minutes over night signaled me things were going to correct.

    Hell, CL made 20% in under a week, so of course it was going to correct violently. Same can be said for the PMs. Things only go straight up or down once - Otherwise its two steps forward and one back.

    BTFD.

    ReplyDelete
  108. I am of the Stewart Thompson school. We will not break JPM or the bullion banks. They have thousands and thousands of contracts on every commodity known to man and they are both long and short across the entire price grid. One can adopt a 30% short position to protect a long core on the way up but timing the thing I beleive to be virtually impossible within tight parameters. That said Silver and Gold are on sale now when compared to this morning. Who doesn't like that? Its just how you think about it and trying to remove all the emotion from the equation. I expect another impulse wave down tommorrow as followthru since they usually come in 2 legs it seems but whatever, I am happy to buy the weakness. As Lao Tzu said, 'invest in weakness'. The rest is not for me. I'll leave the tops and bottoms to guys alot smarter than me and mo-mo boys and the guys that can somehow manage to gamble and win.

    None of this is not to say I don't enjoy the Turd and all the smart traders on this site. Only that I am not good enough or smart enough to time my way thru this using a 5 minute chart, though I appreciate all the chart analysis and can always learn from it. Best to All, R.

    ReplyDelete
  109. @ApartmentGuy
    Could you please educate me on the fundamentals of your bearish outlook for Ag?
    Is your opinion primarily based upon the USD silver spot price on Comex? Or where?

    EBAY is already at $40-$50 per ounce for silver. In my book, Ebay IS an active physical market with bidding. My coin shop is another market. But, what market are you looking at?

    ReplyDelete
  110. Your telling me I can make $10 over spot on Ebay??

    hmmmm...

    ReplyDelete
  111. Wallace Hartley,

    I am in your camp -- The just returning from lunch to see the FEDs delivery of fresh minted $$$.

    Hold the line on stocks, gold, silver, nations and F$#* the doomed...

    ReplyDelete
  112. Gold at 1402, up $10 after the raid.

    ReplyDelete
  113. I btfd too. War nickels, philarmonics and eagles. My dealer here didnt have enough silver left to fil my order. No one is selling, everyone is buying.

    Glad to hear the new website is coming along, only one thing, I'm not superstitious, but its never good to plan anything for April 1st, its like a joke waiting to happen. Unless there really is no new website and I'm just not reading you right. How about Apr. 2nd?

    ReplyDelete
  114. Theos

    The boss nixed arrogant post facto claims of greatness.

    He rules (correctly) with an iron turd.

    ReplyDelete
  115. I may be mistaken here, but the Hunt Brother's downfall was using leverage and getting run over on the margin calls. But for the leverage, likely silver shoots down but at least they can keep the silver if they want or sell it for some equity vs. being bankrupt.

    Today, my understanding is ind'ls, funds and nations the world over are buying and storing it and paying for the metal in cash. Doesn't mean
    paper drop but the purpose it is being held relates to TF's recent paper vs. physical posting.

    apt guy, your post highlights the problem with paper money and the benefits of holding the metal. By holding the metal over the long term, one can forget about the day to day noise. As ZH constantly points out, it'll be HFT's vs. HFT's with everyone else hopefully pulling their paper to sit in cash and/or hopefully buying the metal. Reality is, many will be wiped out unfortunately. Buy the physical everyone, gold & silver & trade/invest in paper only what you can afford to lose.

    ReplyDelete
  116. If you guys aint buying, the Hong Kong, London markets are going to devour this up . Buy the dip.Tommorrow We'll be back at 33

    WB if your real, RELEASE THE KRACKEN!

    ReplyDelete
  117. Kliguy38,

    I am not saying we should be naive and think a bunch of letters will change the world.

    But we all learned in kindergarten that two wrongs dont make a right. Unless you are dealing with congenitally corrected transposition of the great vessels, but i digress.

    Isn't it our duty as CITIZENS to give our feedback.

    To me, it's kind of like voting -- if you don't vote, you basically give up your right to complain.

    ReplyDelete
  118. Just a little update on the end of the Keynesian experiment to cheer everyone up, especially on a day like today when the EE attacked. In the last 2 days, gas prices in my neighborhood have risen 12 cents per gallon. Gas is now up almost 7% for February, and over 15% for 2011! Prepare accordingly indeed.

    www.verifythecpi.blogspot.com

    ReplyDelete
  119. StrongSideJedi said...
    ...

    EBAY is already at $40-$50 per ounce for silver. In my book, Ebay IS an active physical market with bidding. My coin shop is another market. But, what market are you looking at?

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

    WTF? Why would anybody buy a "silver" one ounce coin on ebay for $40-$50 when they could buy for less from a reputable dealer?

    Ebay means nothing. There are plenty of 100 ounce bars, rounds, 90%. There is an abundance of retail silver if anybody cares to open their eyes. I am not saying that there is an abundance of good delivery silver, but Ebay has nothing to do with the price physical silver price divergence or a supply shortage.

    ReplyDelete
  120. Is it just me or is there no volume on the Comex?

    ReplyDelete
  121. From Jesse's Café Américain

    Yesterday I said:

    "Today was the option expiration on the Comex, and those options which are 'in the money' and have not been settled for cash are now converted to March futures positions.

    Depending on the size and distribution of those conversions we may see some 'action' in the front month because they are sometimes notoriously weak hands and will receive at least one 'gut check.'"

    And a gut check to run the stops was very obviously delivered in the afternoon trading session at the Comex and across the monthly contracts.

    This is remniscent of the 'Dr. Evil' strategy that got Citi warned and fined in Europe a few years ago. Memories of Citi's Eurobond Manipulation At the time one of the defenses offered by an ex-pat trader was 'in the US everybody does it.' Has JPM taken up the trading strategy that Citi once made infamous? And why would banks be trading for themselves in markets with players they help to finance, and with public money?

    Large players can come into a relatively small market and drive the price by selling in size, running the stops which they often can see through positional advantage, and essentially bomb the market, manipulating the price in the short term to their advantage. The profit is made through derivative and correlated bets that depend on the price of the metal, index, or bond such as shorts on mining stocks, currencies, bonds, etc.

    This is why the 'uptick rule' in stocks served a purpose, and why regulators are in place to keep an eye on big players with deep pockets and a far reach. In a properly regulated market the CFTC would immediatly pull the trading records for today and track the big sellers, and inquire as to the reasons for their sudden selling.

    It *could* have been a hedge fund margin call. It could even have been a margin call provoked by a bank tightening credit lines with one hand while playing the market with their other hand. There were rumours being spread all week keying in on the day after expiration. I do not have any inside information, no special knowledge, only the advantage of experience and a watchful eye on the markets.

    And so there it all is. I was ready for it. I may or may not make money from it, but at least I had flattened my positions as I had said earlier this week and did not lose from it. But it sickens me to the heart nonetheless.

    http://jessescrossroadscafe.blogspot.com/2011/02/silver-market-hit-hard-with-bear-raid.html

    ReplyDelete
  122. silver had good volume ~ 129,000 today. The March contract is still being traded.

    Gold is up too 200k+ contracts.

    The access market is closed from 5:15 to 6:00 pm EST.

    ReplyDelete
  123. Those Asian boys know a good deal when they see it , watch , it going right back up .

    ReplyDelete
  124. Thanks -my bad, I kinda knew that.

    ReplyDelete
  125. ok, so today I just told Monex who I bought a 10oz bar of gold from in Oct. 2009 for 1062/oz that I wanted to sell it for silver. I made a little under 3500 on the deal by selling it today.
    So I'm having them send me 100 Eagles for delivery. With the money left over I locked in a 100/oz silver bar at 32.00/oz which I will still owe them about 1800 on to pay it off.
    I thought about having them wire me the rest of the money instead of using it towards the big silver bar, but then I could only use that to buy about 40 more Eagles locally here at GVille Coins.
    Seemed like it was ok for now to lock in 100 ounces at 32/oz and wait for silver to rocket back up again and hopefully cash in that bar for delivery this summer when it hits 50/oz!

    Whadya think? I don't mind waiting on that, and at least I used my gold profits to get 100 more Eagles delivered, right?

    By the way...at the end of the call, I asked the broker if he had ever heard of Turd Ferguson. He immediately said, "yeah from Zero Hedge, right?!" LOL

    He said they all read ZH and and TFMetalsreport at Monex.

    The Turd is Mighty!

    ReplyDelete
  126. Did you guys ever play poker? Did you win all the hands? Hang tough. There is nothing real about the drop .

    ReplyDelete
  127. @Deucedude

    Yes you can get a hefty premium if you sell on eBay BUT eBay has ridiculous fees and so does PayPal. One way to avoid the eBay fee is to get your most if not all your principal from Shipping and Handling as eBay does not charge a fee on that. Look up anything from Hong Kong and you will see many items selling for 99 cent and shipping many multiple that price.

    ReplyDelete
  128. Pat and TRE fans,

    Notice how Santa has been protecting his baby, TRE, the last few days. True to his word. All should take the time to listen to his AGM address.

    ReplyDelete
  129. F'ing B ate up my stops, grrr. Glad I had fairly tight stops in, reloaded and ready for Asia.

    ReplyDelete
  130. Interesting times we live in.
    Volatility, manipulation, rollercoaster.
    Can´t say it´s boring.

    ReplyDelete
  131. Apartment guy said...

    "Joe Jost look at the stock market, it is going up, up, up. I have my trigger finger ready for a massive short on the spx..."

    I've been buying AAPL Jan 2012 put spreads, deep OTM, and they have been slowly creeping up. Something is coming.

    ReplyDelete
  132. To TheObsoleteMan and Apartment guy. I always like to hear alternative views BEFORE events transpire.

    If you post it in advance and establish a track record like Turd, then what an AWESOME blog this will be.

    Trolls are NOT people who go AGAINST the prevailing viewpoint of blog members when they FORECAST market moves correctly.

    Looking forward to your future posts.

    Apartment guy, I share your views on shorting the SPX. For us non-market savvy folks what ETFs do you think will perform in such an environment?

    Thanks.

    ReplyDelete
  133. Turdle GG,

    Would you mind posting that Santa audio link again please?

    I missed it the first time around

    Thanks my friend

    ReplyDelete
  134. Save_America1st

    I think you are doin' fine.

    ReplyDelete
  135. Pick52,

    here you go:
    http://www.tanzanianroyaltyexploration.com/s/Presentations.asp

    ReplyDelete
  136. Interesting post on KWN

    http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/2/24_Royal_Canadian_Mint_Now_Saying_Its_Difficult_Securing_Silver.html

    ReplyDelete
  137. OK, so here we are 50+ cents up off the beatdown low, and about $5 up for the month. So let's all get a grip on ourselves. It's going to be OK.

    ReplyDelete
  138. How about WB creating a fear frenzy in public forums to sucker in retail investors and melt up prices, then short the rally and capture 20% that way instead of hoping an extortion play of 20% would work against JPM/COMEX.
    -------------------

    I would NOT be surprised.

    SE

    ReplyDelete
  139. Here's my prediction for TONIGHT.

    Blythe gets an ominous fortune cookie and the Asians BTFD!

    ReplyDelete
  140. Wynter Benton,

    if you are reading this I want to thank you for the warning to be careful when setting stops!


    stuey,

    if you are reading this, let's get silver to $36 by the end of Feb, as you promised! We all want to see the banks "in superb trouble", as you put it.

    ReplyDelete
  141. Funny, I have to reread posts from WB, but what I remember is she said there would be fireworks by Friday (tomorrow).

    Not that I believe her posts, but tomorrow is another day.

    ReplyDelete
  142. Revenge is a mother f**ker, I have faith in WB. Remember his group isnt doing this for us, they just want as much support as they can get and to make it sting as much as possible.

    @oddzon

    Even if he isnt for real, doesnt change the fact that silver is in backwardation , inflation is knocking on the door,The Mideast is on fire,and people are buying silver faster than it can be produced.

    Were on the right path, have no doubt.

    ReplyDelete
  143. In a war, it's the last battle that counts.

    ReplyDelete
  144. Cris, I know that there's a buzz over the Mar 28 implementation of position limits but I'm more concerned over enforcement of it. It doesn't look like the CFTC (or SEC for that matter) is willing to enforce any rules on anyone of size. Therefore, I don't know what to make of the limits no matter what the number is. To me, it's a non-event if it won't be enforced. Am I missing something?

    ReplyDelete
  145. For what its worth, I think this is interesting and I am now following.

    http://www.verifythecpi.blogspot.com/

    ReplyDelete
  146. Lets get a few things straight,
    Silver is going lower because flooded Paper is being sold,not physical.Pyhsical will be over $35.00 an ounce very shortly,world events will see to that.
    The Stock Market does not reflect reality any more and has not done for months,its full of QE and institutions who have to purchase equities,the falls of the last couple of days are proably largely the last of the private investors who are taking the money and running.To think the world is on a knife edge with current events the really scarey thing is that the falls have not been absolutely huge.Silver and Gold will not disappoint,you buy for the long term.Keep the faith as all markets are brought and sold by the elites who are scared to death of events but even more scared of the markets showing the reality that they are truly broken and bankrupt.

    ReplyDelete
  147. The last two days I had this uneasy feeling. Being an average Joe I couldn't put my finger on it but something wasn't right. Now that the EE has struck I have this calm feeling, everything is normal. Fed manipulation rules! This reeks of desperation. Bright days ahead for Turdites. Our time is NOW.

    ReplyDelete
  148. Turds post is verifys the reality. I cannot be shaken from the reality.

    Unless reality changes ,Im going to belive in what its telling me.

    ReplyDelete
  149. I see an alternative scenario to Blythe running the table that is probably more plausible than a raid by Blythe at this point. The WB boyz have shown their ability to hold the resistance points, but the price dropped through resistance like poop through a goose today. The WB boyz were not resisting. Here is another possibility. The WB boyz also said they would be doing Blythe's job, so this dip could be from the WB boyz. Their last post said their interests would no longer parallel retail, so they were ending the posts. What we saw today was probably what they meant. If they ran the price down to shake out the longs looking for the short squeeze, and they bought those positions, then what they did would not be in retail's favor. They warned people they were going to be nasty, and they were, and they said the dips would be shortlived. The metals are already coming back and they still have 17 hours to recover. Look for 15,000 to stand, but we may not see that number. Comex may not report it, even if 15,000 do stand.

    ReplyDelete
  150. Why do we trade the most manipulated commodity on the planet? Maybe we should just go to cotton, cocoa, coffee, things like that. This is fooking pissing me off.

    ReplyDelete
  151. I absolutely love it when Blythe Puts Silver on sale at these killer prices!- I will always BTFD. Glad I bought in before it started back up on the Asian Markets tonight!!

    ReplyDelete
  152. Okay, guys, there is still one thing someone needs to explain to me:

    Why are all the fast drops always called EE attacks where at the same time there are many up trends showing up that are coming very fast as well?

    Please: I am all in Silver, still, I have a brain and want to learn. Turd, can you please elaborate (or anyone else) ...

    ReplyDelete
  153. Jayhawk,

    "Why do we trade the most manipulated commodity on the planet?" Why trade? Purchase said commodity, hold, drink a glass of wine and watch. Really easy and very profitable.

    ReplyDelete
  154. One more shake down to the break out line/20 DMA.

    That would be a nice gift.

    20 MA

    ReplyDelete
  155. Looks like Chinese take-out night to me. Up to 32.50 now!

    ReplyDelete
  156. iFlash, I have to disagree with you a little. Not all drops are EE related. I think that Turd does a fair job at explaining when it is not the EE attacking. Often times it is just blatantly obvious that it IS them. Why? Because you can damn near set your watch to the time of day, everyday that they pile on the shorts. Hang around for a few months and you will begin to see the patterns to.

    ReplyDelete
  157. The EE is trying to drop the price by selling paper certs and flooding the market which takes it down in a very short space of time,the uptrend is created by buyers seeing Silver reaching a certain price and buying the dip.Traders who sell to take profits would not create such profound dips in such a short space of time therefore it can be deduced that the EE is manipulating the market downward.The higher the price the more buyers want to settle for physical Silver metal,the lower the price the more buyers settle for fiat paper banknotes which suits the EE as they are apparently at least 3.3 Billion ounces short of physical Silver (they have sold paper contracts which if the buyers want to they can demand the contract is settled in ounces of Physical Silver,if this happens they have sold silver they don,t own and won,t be able to buy)if all the buyers refuse banknotes and want the contract settled in Physical Silver.The market is so manipulated in Silver by the EE that the end result of all this could cause a run on the Banks which could cause the current paper pyramid scheme to implode.

    ReplyDelete
  158. Oh man... there have been so many Blythe raids now I'm starting to rationalize them in my own mind:

    - a nice, orderly increase in precious metals is desirable... we don't need another hunt brothers boom/bust to erase all the IRAs out there

    - it's just a matter of time before the Fed can print themselves back into the game.. a run-up in PMs will surely ruin the economy!

    - we must avoid a currency collapse at all costs. think of the children!!


    (Disclosure: long paper silver to make enough fiat to by the physical stuff)

    ReplyDelete
  159. Good read over at ZH:

    http://www.zerohedge.com/article/what-you-need-know-about-buying-silver-time-when-even-canadian-mint-says-it-difficult-source

    I found the following part thought-provoking (or action-provoking, given that I'm only at 21%,):

    "Our recommendation in Casey's BIG GOLD– which is a conservative letter, by the way – is that approximately one-third of your investable assets be devoted to the precious metals market. "

    ReplyDelete
  160. Seems to me there are lots of factors clouding things up. Hard to tell WTF is going on anymore. We have to contend with:

    1) WB and "hedge fund" rumors
    2) Backwardation
    3) Possible liquidity issues in the overall markets that could pull the rug out
    4) Lots of rumors from reputable individuals about physical supply constraints
    5) "EE" and "Blythe," whatever or whomever you choose to believe that is
    6) Craziness going on in the Middle East
    7) Technical factors
    8) Is the fed going to continue QE? Is the dollar going to continue to tank? Is the S about to HTF?

    I swear it gets to be too much sometimes. There are all sorts of reasons it could go either way and there's no logical way to wrap your head around it and come to a solid conclusion. Maybe that in itself means something.

    Done ranting.

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  161. i hold my sell btw. do not put emotions in to trading

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  162. cbottlebob, wineguy, isn't it that simple? Why trade (other than for pleasure with paper you are willing to lose)? Eventually Atlas Shrugs & everyone stops playing the game. The vast vast majority will not be able to win the paper game so why play the game? In time, one will realize the only way to 'compete' is to do nothing - buy physical, gold & silver, prepare & watch theatre in real time.

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  163. EE is also trading emotional swings of traders:

    "it's up, yay!"
    "it's down, damn :-("
    "it's up, yay!"
    "it's down, damn :-("
    ...
    "man, this is too hard, I'm out"

    Blythe is trying to play Silver longs like a fucking piano.

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  165. flaunt:

    investment demand
    industrial demand
    commodity inflation
    negative real interest rates
    dollar debasement
    bail-outs a go-go
    India: 1 Bn people who love gold and silver
    China: 1.3 Bn people who love gold and silver

    BTW, I did BTFD in XAG

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  166. Chris ....sorry if I am too cynical but it comes with the territory. The only vote the CFTC understands is what the Illuminati tells them. If you wish to exercise a petition then by all means hit um. It has no effect on these scumbags. all bot n paid for

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  167. Silver seems to be holding it's own and then some in the after hours with a steady pace back up. Anxious to see how tomorrow goes.

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  168. @DayStar

    Very plausible, if you ask me. Could be WB group added to their long positions today at a discount. Now I believe it would be in their interest to drive the price up again.

    We'll see...

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  170. @Justin,

    It is a bit surreal for me because I have a friend with the same name and your profile pic reminds me of him. However when I start talking to him about investing, his advice is only buy bank stocks. The government will never let them fail!

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  171. Saw this on ZH and it seems it should be discussed here...
    A commenter said:

    I wouldn't invest in U.S. companies in foreign mining ventures. When the U.S. dollars starts to sink there will be an unstoppable unwinding of globalism. Every sovereign nation that loses money on the dollar or in U.S. assets will nationalize U.S. assets. All of the U.S. assets overseas will be seized.

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  172. flaunt, you essentially made the case for all those out there on the fence about holding physical - why deal with all that risk when you can just hold the physical which acts as the best hedge known to mankind?

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  173. iFlash: I DO NOT CHARACTERIZE EVERY SINGLE DIP AS AN EE ATTACK. YOU'RE NEW HERE SO YOU'RE DUE SOME SLACK BUT ALL OF MY PREVIOUS 226 POSTS ARE CONVENIENTLY LISTED OFF TO THE RIGHT. PLEASE FEEL FREE TO READ EVERY SINGLE ONE OF THEM.

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  174. iFlash is a very obvious troll.

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  175. As of just after midnight USA east coast time silver back to 32.6, gold back to 1410... this little raid ain't gonna stop the show.

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  176. It's 7.35am here in the UK. Every man and his camel from here to the Bering Straits seems to have bought silver and gold overnight.

    Current spot price for silver now stands at 32.85. Gold forming a bullish flag pattern at 1408.

    This'll be an interesting morning for sure.

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  177. @id: I think that's a bit rude. Just because I am asking questions you call me a troll? Sorry, that's bull.

    And all I asked was: Why are all the FAST drops called attacks from the EE? I have read many of your posts, Turd, including the explanation of EE attacks, but it's fair to assume that the wicked witch is not the only bearish player in this market, huh?

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  178. Some more selling coming today possibly at 33.20-33.40, only above 33.75 will I feel more confident about longs.

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  179. CME silver warehouse was interesting. Everything that came in, looks like it went to pay back registered and eligible holders. Who knows but all of the deliveries for months may have been completely borrowed. Hard to imagine. They will not only have the new delivery people screaming, but you can bet some of those who lent and now can't get it will start to call their lawyers.
    Likely coming up on last chance to purchase small quantities for awhile, plan to get some if the EE attacks today

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