Thursday, February 24, 2011

Hmmm...Coincidence?

One of the things we've been following very closely for the past few weeks is the price of the U.S. long bond. Here's a sample discussion:
http://tfmetalsreport.blogspot.com/2011/02/santas-pillars.html

Well, what to make of this?

Now, I'm not ready or willing to ascribe this to anything other than luck and good fortune for the perpetuators of The Great Ponzi. I would suspect, however, that many of you will say otherwise.

Have at it!

200 comments:

  1. Gary at biiwii is looking for another deflationary scare before the next round of QE driven inflation.

    http://biiwii.blogspot.com/2011/02/d-boys-close-to-claiming-keys-to.html

    That would coincide nicely with this gold stock chart:

    http://www.marketbust.com/2011/02/calvf-will-history-repeat-itself.html

    If it were to happen that way, we may have another month or three before the next explosive wave of inflation?

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  2. I am not sure whats going on with the long bond,but silver on the 15 min chart is forming a decending wedge

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  3. Who is standing for Comex Silver delivery?

    For the few that actually are going to
    go through with it, would you please
    document the process?

    For example, I myself would almost give my
    left nut to see (or hear a phone conversation)
    an official letter from the Comex asking you if
    you'd kindly accept cash plus 20% in lieu
    of the physical.

    Also interesting would be to learn how long
    are the delivery delays, and
    how does the Comex get the metal to your
    house/warehouse.

    You might want to create a blog since you'll
    probably get gobs of web hits.

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  4. Re the bullion:miner ratio trade we discussed on the previous thread...I've asked Trader Dan to write a blog that discusses it so that we can all better understand it. I hope that he will oblige later today or tomorrow.

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  5. f2e: That would be a very good request for Harvey. Please send it to him.

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  6. QE3 is a done deal. Just a continuation of policy. There is no other option. Eventually the last pillar will give way.

    Gold and silver hanging in there pretty good considering. USD chart looks absolutely sick.

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  7. If what you're implying is true then it cost them a spike in oil to do it.

    it's a hobson's choice with these knuckleheads.

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  8. Got this from a reader named "Greg". Can anyone help him?

    "I've been a faithful follower for awhile. I have bought 600 oz of physical. I have now amased another $10,000 to invest. I feel im missing something. I thought maybe forex trading XAG pair would allow me to get more fiat. So opened a questrade account only to find out today they only do currencies. I was told this is the rule in Canada. I then tried forex.com and they said no due to residence. Im frustrated. I've done my research and homework. I want to put my savings on it that silver hits $50. How do I make the most profits. I know this is drops in the bucket for most but I'm sure there's others like me. Maybe I withdraw the deposit and buy physical? "

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  9. Greg,

    I would highly advise you to just take physical. You will be very happy you did in the end. It takes all the timing and risk away from you and just leaves you with a big pile of money in the end.

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  10. oanda.com .... check out http://www.babypips.com before engaging in any other forex trades besides XAU or XAG)

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  11. XAU or XAG are great trades, to multiply fiatscos. This in turn gives you more purchasing power to buy more physical/food/gunz/whatever. To each his own however.

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  12. OI hammered downward once again, in MAR SI. below is the final, showing a reduction to 28,275. That's roughly half of where we were coming from last week.

    http://www.cmegroup.com/daily_bulletin/Section62_Metals_Futures_Products_2011036.pdf

    It's my understanding that if 28K however stood for delivery, that is still a rather gargantuan number.

    G

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  13. I'll bite on this one...

    whether or not a spike on the long bond is coincidental to global unrest or not, I STILL have to ask:

    Why on Earth would the rational response to any level of global unrest be to sink capital for 20+ years into a near-zero yield paper instrument...?

    Have not precious metals been demonstrated by history to make the best form of zero yield capital?

    I know I'm singing to the choir, but I guess my point is that the common stupidity of the human race still finds new and exciting ways to surprise me...

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  14. Turd, you recently postulated that miner weakness is due to a long bullion/short miners algo trade but you thought that it would be unwound. As someone who has a lot of miners that sounds great. Any idea when that might happen? Would a COMEX default cause it, or would you look for something to happen earlier than that?

    What about the community? Anyone getting fed up enough with SLW, PAAS, SSRI and the like to dump them for physical?

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  15. @www.gregor.us: If 28,000+ contracts stood for delivery that would be an astoundingly high number. Everyone expects these numbers to drop more. Even 10,000 contracts would be insanely high. Remember, Comex only has 40,000,000 oz registered for delivery; 10,000 contracts still equates to 10,000,000 ounces more than they have.

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  16. But the long bond has guaranteed payments and the US has never defaulted. No wait.

    To be fair, buying gold at its peak would of really hurt. Silver even worse but quickly correcting.

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  17. How low die the OI get in late December as we finished the month? My charts show that it was substantially lower than 28K, but I am not sure I read them correctly.

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  18. It wouldn't surprise me later to find out those OI numbers are revised higher. The Crimex has a problem and probably think they can knock a few others out by posting numbers that don't look as strong.

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  19. This comment has been removed by the author.

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  20. @myth

    So 8,000 contracts is the tipping point? and we're at 28,000 now with 2 days to go?

    Not bad.

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  21. Six days til the guvmit shutdown, or will the political hacks make a deal?
    What will a shut down or deal do to the bond, the $, and most importantly gold and silver. This, the Mideast conflagration, crimex manipulation all going on at once, interesting times

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  22. Greg

    If your question is
    "How can I trade silver on FOREX?", I believe the answer is OANDA, as Cyan said. I have not done it, but others here have.

    If your question is "How can I make the biggest profits, in physical or in trading?", the answer is trading, with some important caveats.

    If your question is "Which is better for me, trading or buying physical?", the answer is - it depends!

    My approach is to trade options to make the best return in the shortest time, and use the profits to amass physical silver. It assumes two critical conditions (1) That my trading will be skillful enough and (2) That there will be any silver for me to buy when I get the money.

    If you go the 100% physical route, then move fast and get what you can while the gettin' is good.

    If you decide to follow the same strategy as me, make sure you get a good grounding in trading before you risk any significant amount of money. It's like flying an airplane, you don't want to do it without adequate training and self control. It will have similar results if you try it any other way. But, also like flying, if done carefully, it can get you there a lot faster.

    Good luck!

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  23. when is the last day that open interest can change? when is the "final" final number published?

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  24. Hey Guys,

    I went to see my buddy at the coin shop this morning.

    I expressed interested in buying two more Silver Maples. He reached under his display and placed two on the counter and said, "How about these? Your son sold them to me yesterday, mentioned he found 'em in a busted medicine cabinet and needed cash."

    I busted out of the shop shouting every cuss word I knew two or three times each.

    When I got home, I found my son (Jesse) relaxing on the sofa and he said, "Check out my new video game!". I'm easily distracted so I focused on the TV, what I saw blew my mind.

    In the video game, my son played some average guy walking down a street. Suddenly he punches a woman in the face, runs to a car, yanks out the driver, steals the car, drives it full-speed into a brick wall, leaps out with a bazooka and fires a rocket into a passing station wagon.

    After seeing that, I started screaming at him about selling my Maples. I finished my rant with some choice expletives and "those Maples were to help us survive MAD MAX, not buy video games to virtually experience MAD MAX!!!"

    After my blood pressure settled down, my son let me try out the video game. I have to admit it's entertaining. The phone rang a few times, but we ignored it cause of a recent rash of crank calls.

    I was starting to get a hang of the game when my son said, "try tossing a few grenades into that building". So I did, and I quickly learned there are consequences to bad behavior in the game. Apparently I blew up a police station, and was suddenly surrounded by cops. I received a serious beat down, I was surprised given the game's graphic nature, that one of the cops wasn't brandishing a broken broomstick.

    The phone rang again, I decided to pick it up. It was the wife asking why I hadn't picked her up from the salon and what I was doing for the last two hours...

    When I picked up the wife, I was expecting sparks to be flying from her mouth, but she was surprisingly calm... until she asked about my trip to the coin shop. I said, "Well honey, we have a little problem. Your son, Jesse.. pawned our Maples and bought a video game lacking in any sense of morality, a 2-liter bottle of Mountain Dew and a bag of Ranch-flavored Doritos."

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  25. Total silver in the Comex vault...as of tuesday the 22nd.

    With the dealer: 41,914,469 (8382 contracts worth)
    With customers 60,450,699 (12090 contracts worth)

    So an OI over 8382 means dealer has a problem.
    Data from here Comex Data

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  26. Could someone please post the historic OI numbers in the final days of the month so we can know the significance of this month's number? Thanks - I have googled it, but am having an epic fail with reading charts.

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  27. Silver should start to take off as more people figure out that roughly a 140,000,000 ounces of silver are about to stand for delivery in a single month.

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  28. Patrick Heller weighs in on the COMEX issues:

    http://news.coinupdate.com/huge-comex-silver-supply-squeeze-developing-0695/

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  29. Anyone realize this comment section is nothing short than an online think tank? This is what the internet could be used for... for everything...
    -
    Imagine the world...
    I am glad it exists somewhere though :)
    -
    Scott J

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  30. F2e: comex would never offer a premium for someone to withdraw a demand for physical because it would lead it to collapse. Say comex gave someone a 20% premium to go away. Then every hedge fund in the world would buy futures and demand delivery to get their free 20% return. Obviously that would lead to the collapse of comex.

    If comex does not have the metal to meet delivery demands, it would simply declare force majuere and settle in cash. Nobody will ever get a premium.

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  31. A number of poster have asked how to post a live link, I do it by adding HTML tags inline while I type. This has been written up here:
    Blog university how to post comment

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  32. @SilverKing: 8,000 contracts would likely send a crushing blow to the inventory available at this point; that doesn't include customer inventory which could potentially be sold by customers who are storing with Comex.

    Shoot, 5,000 contracts would leave the Comex with only about 15,000,000 ounces left. That would be astounding in and of itself.

    It seems demand is picking up at a pretty quick rate and it seems, according to Harvey Organ's blog, that there is little being put in the Comex warehouse and more being taken out. Unless there are some major deposits the inventory at Comex will look pathetic, if not completely empty, very shortly.

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  33. Whether you believe in Wynter Benton or not, he/she/it did state that if 10,000 contracts stood for delivery, they were fairly certain silver would be $40 within 2 days.

    All we can do is wait and see I guess. :)

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  34. Brian O'Flanagan: Gata and others believe that Comex has been doing exactly that....giving premiums out. I agree it will lead to a collapse. They don't have the metal anymore, so apparently they have no other choice.

    I do not think force majuere can be declared if you've defrauded people by over-stating inventory and manipulating market prices.

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  35. Turd Ferguson wrote:
    ===============================
    One of the things we've been following very closely for the past few weeks is the price of the U.S. long bond.
    ===============================

    Turd, I am wondering whether Graham Summers' article is relevant:

    http://www.zerohedge.com/article/forget-about-stocks-big-story-us

    On ZH.com, the commentators were _unimpressed_ with Summers' analysis, but it may be relevant to your concerns nevertheless.

    -- Paul D. Bain
    paulbain@pobox.com

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  36. Impala Driver,
    My buddy has an 18 year old son who would steal him blind if he keeps any physical at home... I feel for you. Enjoy the game.

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  37. Re: taking delivery. I opened an account with ClearTrade (should have gone with Lind Waldock, I think, but they seem nice enough). I sent them enough money to buy the contract for March delivery, though I have to send them some more in the next day to be fully funded. I keep going back and forth thinking through the scenarios, and while I think the end game of fiat currencies has started, I don't really expect the Comex to explode or default. I'm hoping they offer a cash premium, would love to make a quick 20% on that, but at the same time I kind of doubt that it will happen. The second-best-case scenario in my mind is that I get a decent price on 5k oz. That's really more than I wanted to tie up right now, but it's not patently unreasonable (and my wife is OK with it, so that helps). The worst case, that they default and I have to sue them and hope they give me my money back in lieu of silver seems far-fetched, and would probably represent the nexus of a financial crisis far worse than the last one. If the futures market for metals turns out to be a fraud, then the whole financial system in the US will appear that way (and rightly so). That can't be allowed to happen, not because they can't come up with some silver. TPTB will find some way to accommodate. But, I doubt that the solution would be "cha-ching, thank you, please come again in May to collect another 20% free cash".

    It certainly intrigues me that rumors are that they DO offer a cash settlement bonus when things are tight, that's the reason I've gone this far. I'm just not sure I have the balls to put it all on the line. I would feel a lot better if my trading account were up today, not down. But I know that's just my trading inexperience showing up. I'm down today what I was up yesterday, though I probably have a few more gray hairs today.

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  38. 2006 Impala Driver,

    Your silver-related comments are among my favorites. You could write a comedy mini-series and just base it on your silver escapades.

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  39. One more thing, it doesn't help my confidence level that I keep coming across articles touting that the Comex will collapse for sure this time, and find that they are three months old, or two years old, or ten years old... though granted this time we do seem to be in worse shape than before. And there is a lot more interest in silver than there was--or maybe my perspective has been skewed by reading every single thing on here, and Harvey Organ, and SGS, and who knows what else for the last couple months.

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  40. Jack, if they did that, the collapse would be immediate. Every shark out there would've loaded up and demanded physical to get their free payoff. Gata and Harvey are being a little bit too creative with their fiction on that.

    My reading of comex's bylaws is that they could do whatever they want. If there is no physical, it would be cash settle with damages determined by the lawyers.

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  41. @ Oldnavy

    This is Greg. As you have figured out I'm confused. Thank you for answering the best you could. I'm thinking along your stragedy. Make fait in this BS market and turn it into physical.

    I will look into OANDA. Just hope I can get trading before the spike. Its coming just a matter of when.

    Thanks Turd and all the brilliant comments

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  42. I wouldn't make anything out of bonds rallying. Yes, it's due to instability. Bonds also completed 5 waves down and are due for some kind of retracement of the big down move. I think it's very possible (for now) that bonds and gold/silver rally at the same time.

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  43. @Impala: That is when, as a parent, I exercise the "nuclear option". No forgiveness. No quarter. No survivors. I would "beat the foolishness out of my child".

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  44. Wow, that is one mother of an ugly FUTF... I sold out several positions half an hour ago for lack of balls, but this is really getting ugly. I'm still in enough to be taking more of a pounding. What do you think of this one, TF?

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  45. HOLY HANNAH! AU and AG simultaneous strikes!

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  46. That was a brutal one. FUTF in progress

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  47. Oil - Gold - Silver ---all is getting smashed

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  48. HOLY COW Crude to a beating too!

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  49. they hit crude about 15 minutes before turning on the metals

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  50. Brent is now down for the day @111.8 after a high of almost 120...

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  51. Hit it once! Drop your knickers a little lower, sweetie, and I'll hit it again!

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  52. Jesse predicted this yesterday on his blog. He reasoned OpEx converted to March futures usually fall to week hands. Thus he expected the EE to pile on.

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  53. 2006 Impala,

    I love your diaries even if they are fake. I hope the story doesn't end, best of luck scrounging up more cash to get back those two maples.

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  54. I hope none out there have any doubts of the reality of the EE, whoever these shadowy figures are. The one minute chart is brutal. -.40 in four minutes--after hours no less.

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  55. coolbytes

    can u post a link to his blog? Thx.

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  56. Here's the link to my previous comment: http://jessescrossroadscafe.blogspot.com/2011/02/gold-daily-and-silver-weekly-charts-la.html

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  57. Silver@32.75. Pretty good entry point. Bought more!

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  58. Is there anything these guys won't stoop to:

    In it he also shows how JP Morgan is making some nice money on the food stamp business. Yep, it seems JPM is the largest processor of food stamp benefits in the United States. Here is a video interview with Bloomberg TV’s Margaret Brennan about JPM’s $5.47 billion in net revenue in this business. In the interview, this guy admits “the food stamp business is very important to JP Morgan.” Poverty is good business for these folks.

    http://www.zerohedge.com/article/mike-krieger-asks-logical-question-how-long-until-obama-starts-writing-checks

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  59. BM attacking TF after Comex hours?.....how desperate!

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  60. This is pure manipulation.. shit!!!!

    Guys buy Physical and fuck them!!!

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  61. this is absurd - backwardation is increasing and the price goes lower

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  62. I don't mean to be OMO-phobic (OPEN MARKET OPERATION), but this is pretty suspicious. Bernanke-panky: Feds trash my currency and rig the markets.

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  63. Miner Massacre In Progress And Proceeding As Manufactured.
    *sigh*

    Good thing I'm not afraid of no stinking volatility. ..Irritated.. but not afraid.

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  64. Blythe must be passing out X-lax to the flying monkeys by the basket load for all the unbacked shorts they are crapping out! Wil the BoS step back and wait until they are spend and drop an even larger number of bids? Time will tell.

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  65. Nothing in the fundamentals supports this takedown. Nothing ! The markets are so distorted and manipulated as to have no rational basis whatsoever. We live in a totally surreal world of fantasy phony Wurlitzer played and orchestrated financial fictions. Disney eat your heart out. The EE can do a better job at creating a make believe world than you ever dreamed.

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  66. Is this our bounce off 32.70? It better be or I am going to have to cut bait... I can only watch those red numbers grow for so long.

    Hello? BoS...? (crickets chirping)

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  67. COMEX:

    Customer (eligible) vs Dealer (registered)

    Don't forget these facts, dealers silver has been made available at a certain price, customer silver is in good delivery form, but has not been made available yet. The customer has to indicate it is available at a certain price.

    So when you are focusing on COMEX silver it is really just the dealer/registered that counts.

    The dealer inventory has enough for about 8000 contracts, that is assuming they're not worried about supplying much silver for the rest of the year for the other delivery months.

    Wow, looks like someone is really trying to shake the tree right now.

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  68. Interesting that doctor copper did not follow the raid.... agree a big FUTF formation.

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  69. Seems like Blythe should her ugly head

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  70. BS Gaddafi dead rumor floated by crude shorts on NYMEX close...

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  71. As Yogi would say, its deja vu all over again:

    http://tfmetalsreport.blogspot.com/2010/12/ok-now-im-pissed.html

    This, too, shall pass.

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  72. The EE is issuing it's commands to the markets: DIVE! DIVE! DIVE!

    Confirmation word: backful

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  73. I agree with atlee, buying opportunity.

    McClellan Market Report has gold making a minor cycle low Feb 24 (that's today) and the stock market going thru a bottoming process Feb 22 - 28.

    Screw up your courage and BTFD.

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  74. All that their attacks say to me now is that we've already won. They are simply delaying the inevitable, and presenting buying opportunities along the way.

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  75. Hey Blythe, do I really have to whip out my CC again and buy some more metal? Really??? Keep it going cause the more you do it, the more people I can convert to PMs. Much abliged.

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  76. Hand on the iron tiller time bitchez!

    Sold most of my USO and GLD CALLS to lock in hefty profits. Didn't sell any SLV CALLS. Riding into the storm.

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  77. Here's what TF said in his 10:30 update today:

    At any rate, IF the EE is successful in taking out 33 later, they would still have to take out 32.70 before I'd get nervous.

    I know I am watching this very closely!

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  78. Gaddafi dead! Found in pink underwear clutching Hello Kitty themed Blackberry.

    http://velvettalkmanagement.com/2011/02/24/gaddafi-dead-found-in-pink-underwear-clutching-hello-kitty-themed-blackberry/

    rumor - Gaddafi dead

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  79. Re: taking delivery. I presume taking the 20% premium will also require the signing of a non-disclosure agreement. It could explain the rumours of prior non-bullion settlements with no confirmation found anywhere.

    And great blog Turd. Long time ZH and TF metals lurker here.

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  80. Ok, rock and roll, back to all in on the miners in my IRA's after this takedown. If they hit it between $32.20 - $32.50 tomorrow, I'm using my FRN's to buy some physical!

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  81. Long Bond Silver sez:

    'ARRR! I'm goin' down with me ship, and I'm taking me treasure with me, mateys!'

    Seriously, this is gonna get worse before it gets better. And gets worse again.

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  82. do you see what i am seeing. spikes between 1402-1408.

    she is struggling so much..hahaha

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  83. It is either that time of the month or all the all-nighters are making Blythe upset.

    Is there any we we can send her virtual hugs?

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  84. Well, they've taken out 32.70, the bottom is close. Unreal. They are shaking the tree HARD!

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  85. FYI.... a lot of retail brokers require customers to be out of March Silver by 4pm EST today (3 day prior to first notice)....could be a factor for the Morgue to abuse...

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  86. Little question, mateys :)
    For those who stand for delivery in March what is the delivery price? The March 1st spot close, the spot at the actual delivery date or something else?

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  87. And what do you and I do? The best I can come up with is that we sit with our holdings of gold and silver.

    http://www.321gold.com/editorials/russell/russell022411.html

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  88. Just a side note for those wanting some more circumstantial data.

    The South African Rand has been strong throughout the recent oil fiasco although one of their largest imports is crude.

    By all accounts this should exacerbate their current account problems, strangely this seems to be ignore by ZAR buyers.

    Considering that markets have also been in freefall the past few days, the ZAR has also avoided the usual carry unwind too.

    Unusual to see.

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  89. Just BTFD. Added some SLV July $35 CALLS to the kitty. They're pretty cheap in my opinion at only $1.68.

    Iron tiller bitchez!

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  90. $0.57 in 10 mins. Ouch. I'm little-time, trading in YI-- and it's saving me a bit by dampening out some of the extremes.

    TF, been following for about a month now. Thanks for the time/effort.

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  91. She can shake the tree all she wants, I ain't falling!!!

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  92. Floating rumors to manipulate the market, how novel. IIRC the Rothschild clan did after the battle of Waterloo...they ended up owning England.

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  93. @GoldisKing

    http://www.jessescrossroadscafe.blogspot.com/

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  94. Only gadafi is dead or wynter too?

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  95. Guys, we expected this. We have been here before. Use it to your advantage. My trading account looked better yesterday. It will be even fatter in the future. I got lulled to sleep this afternoon and did some buying early. I did more on this take down. At least buy some physical if you are not a leverage trader. My 2 cents

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  96. So, let me see if I've got this straight because I'm a little slow...

    Gaddafi is dead. Assassinated.
    How, exactly, does this make further Middle East revolutions less likely? Anyone? Anyone?...

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  97. I hit it again and again! Then I whipped out an offer 12 points up, and just as you got close, Blythe, with your eyes closed, I yanked it! You're going to have to work much harder to get those 5,000 oz. back, strumpet; you've been a very bad girl! [loud sound of seasoned maple smacking against rose-colored flesh]

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  98. US DOLLAR could not rally at all on that PM slam....

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  99. Update: U.S. government has no reason to believe that Gaddafi is dead

    Just a completely unfounded rumor for now. If it proves false, watch the vicious snapback...


    http://www.zerohedge.com/

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  100. Don't forget WB's farewell post... Said that things were going to be volatile and their interests will not always align with ours. It's not Monday yet. Friday's and Sunday evening's trading could be very interesting. I am staying in the SLV calls. I'll exit Tuesday if it does not look promising.

    Help me out here. Price should have little bearing on the OI standing for delivery?

    Who is buying all these shorts?

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  101. WB: "You ain't seem nothin' yet!"

    Do you think he/she/it was being ironic?

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  102. A convenient rumour to help shake the tree. Nothing more. Same BM (Bowel Movements), old tricks. Nothing to see here...

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  103. Where's the supply coming from?!?

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  104. It's all the more likely. IMHO More revolutions that is.

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  105. TF....US now says Gaddafi not dead....and like you say....the real fun starts when Gaddafi is gone....those guys only understand Strong Man rule...anarchy next...

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  106. he last time we presented the silver backwardation chart, it was "only" $0.50 or so between the front month and the long end. In the week since then the difference has jumped to what we believe is a new record of $1.50 or so.

    http://www.zerohedge.com/article/silver-backwardation-surges-over-100

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  107. @rahbii: No supply. It's called "naked shorting". They just will shares into existence to sell them.

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  108. Just bought more of one of my favorite silver miners at 6.57% discount.

    Calling my bullion dealer now.

    Thanks, you old Witch.

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  109. Yo...Turd...you still holding on the 32.70 low you predicted yesterday? IS this a "for real" bottom?

    What are YOU doing with your money?

    thanks buddy...

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  110. humph... PSLV just lagging behind or what?

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  111. An Irish perspective on the financial situation

    http://www.youtube.com/watch?v=koY6kXhQDQo&feature=related

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  112. I know this is older news, but Blythe Masters knows she's screwed:

    "Masters, who was named to run the business in late 2006, said the bank began dismissals on July 21, a day before the call, to trim overlap after buying parts of RBS Sempra Commodities LLP. The bank cut less than 10 percent of the combined front office, even as the oil unit lost “key people” who needed to be replaced, she said. She was discussing results with top executives after “we made a bit of a rookie error” that left the firm “vulnerable to a squeeze,” she said"

    http://www.businessweek.com/news/2010-08-03/blythe-masters-says-don-t-panic-as-commodities-slip.html

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  113. This comment has been removed by the author.

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  114. If really gadafi did the bulk of his dying at the end of february,I sure hope Wynton will do the bulk of the buying end of february too.

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  115. Just came from my PM dealer... sold out of ASE's, Silver Maples, Austrian Philharmonics... only had Silver Koala's left. He is a pretty even keel kinda guy, but silver sales has him positively giddy...

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  116. Bought some more physical silver. In fact every payday I buy some more silver.

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  117. WTF just happened...50 cent drop in like 15 min? hope 32.70 holds

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  118. 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 geopolitical/financial occurance to explain the sudden reverse...has anyone else?

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  119. Fail to see how all this is good for the Eurosky, having the all the refugees washing up from the North African Riviera. I guess it's just relativity--like different brands of toilet paper at the WalMart...oops! Time to step back into the fray!

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  120. Rumor that Gadaffi had been shot sent crude down and I'm sure the EE saw this as the perfect opportunity.

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  121. Silver getting cheaper and cheaper. Thank you, Blythe. I am buying more. The third time today! I will be very rich by April!

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  122. Looks gunning to take 32.40.

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  123. good grief! Are we closing at 31 today????

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  124. Is it just me or did the Kitco site just go totally under? Toolbar feed and the site itself? Frozen at 32.73 while actual spot looks to be below 32.50... just checking.

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  125. Oops. Went down even further. At $32 I will fire a very big bullet and buy much more of my beloved white metal! Cannot have enough of that shit!

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  126. Sounds like a classic pre-GDP raid. That plus the high March OI gives them enough desperate reasons to do it.

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  127. Daffy Duck is not dead....Silver move is coordinated obviously but don't be disuaded. This is a war and will be marked by a number of these battles. Look at the channel you are in and relax. If you are a trader this is only an "opportunity". Reloaded some SLW I sold yesterday and added UEC URG today.....thankyou ponzi..

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  128. I'm glad Gaddafi is okay, (he seems like such a nice man...)

    Was the part about the pink underwear true?

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  129. I think Blythe wins this round. "Wynter" is getting smoked.

    It was a nice story, but who in their right mind would announce their plan months in advance and taunt JPM repeatedly? Not a winning strategy.

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  130. Yeah, Kitco chart is screwed. It's showing 32.73 (which would be nice, ugh).... IB showing 32.22 right now (UGH).

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  131. @Buxmember

    That's the way to do it!!

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  132. Loaded up more of that shit. But still keeping some firepower. This is a once in a lifetime opportunity. Is anybody joining me?

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  133. Jesus, can you say falling off a cliff???

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  134. Damn! I thought 32.70 was holding!

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  135. I'm out...it was a nice ride while it lasted.

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  136. Shaking hard enough to make me consider liquidating and keeping some small portion of my profits...

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  137. I bought some more physical, but I should have waited a bit longer.

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  138. do not liquidate. we are going to srike back those motherfuckers

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  139. Eww. It's always rough watching our silver and stocks go on sale. Always a good buying opportunity, but that doesn't mean my stomach has to agree with it.

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  140. Wow, what an assault. I'm on hold for now. Can you say brutal?

    I guess BM has artillery! Holy shit.

    Tomorrow will bring more chaos surely. This game is just getting started. :0

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  141. Oh well, at least I have my physical lol.

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  142. Looks like it found some support around $31.85. Unreal when I was hoping we'd break $34 again and hold by the end of the week. BTFD!!

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  143. I would be buying now not running.

    Looks like all the weak Mar hands being shaken out now before days end.

    The fundamentals have not changed.

    MAY OI is >60K already.

    China is buying with both hands, India ditto, as price rises will create demand from retail buyers, inflation will ensure that.

    Fundamentals dont change.

    Today like every other expiry episode is technical.

    This is why TIME is more important than other indicators.

    The markets have a rhythm, this is silver's.

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  144. Separating the boys from the men.

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  145. Wow. Every leaf coming off the tree. Paper getting shredded. Physical? Well, it looks just the same to me today, as it did last night.

    Seriously, not being smug here. I hope you guys made out ok despite the freefall. Unreal.

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  146. Sold 1/3 of my SLV holdings this morning to lock in a gain and have some FRN's handy to buy the next dip. Was going to sell GLD, but held off. Feeling good about that now.

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  147. This Post Has Been Removed By Muamar Gaddafi.

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  148. Wynter the turncoat. He/she/it joined the Dark Side.

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  149. Did Blythe saved her best for last?

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  150. Buy when there is blood in the streets!

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  151. ok...i'm back in, but this time only going to use 1/2 the capital I started with. bring it on Blythe!!!

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  152. @Hansi

    Just bought another 200 oz from Apmex.
    Brother, I am WITH you!!

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  153. wow, it's under 32...BTFD time or what?! Wish I wasn't stuck at my desk at work. Just messaged my brother to grab some cash and start driving to GVille Coins while I text him updates! lol

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  154. Holy crap they are so desperate! No reason unless they are seriously concerned about comex troubles. I wonder if their OI numbers are scaring the crap out of them. Could this be the last and final beat down?

    I just checked gainesvillecoins and their maples don't ship until March 18th. Thats quite a long lead time.

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  155. Wallace Hartley, great perspective - the message to the reasonable bystander is stocks are the safe haven & the metals are not.

    Great opportunity to average down on physical purchases.

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  156. If you haven't got yours yet, BTFDYFI!

    Gotta admit I feel your pain when the waterfall of FUTF hits and takes time to percolate back. But those who - like myself - stopped purchasing physical when the premiums drove it above $20 (and only then because of a severe liquidity problem on my part, having been all in for a long time...too long, perhaps) are not concerned yet. I doubt you'll ever see $30 again for physical. ;-)

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  157. Man... attacks from ALL fronts:
    http://www.zerohedge.com/article/ice-hikes-oil-margins-second-time-week

    1) Oil margin increased
    2) Horrible rumours of Ghadaffi's death
    3) OpEx revenge by the EE

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  158. Precisely why I eased up on my positions in SLV, Silver Wheaton, HL and Great Panther two days ago. I now have some fiat to go long the Ags and to take advantage of lower silver prices. The charts don't lie...

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  159. Always respect "true power" .... these guys have been at this game for centuries.....heheheh.....shake the leaves and watch the weenies run...hehe

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  160. Fundamentals are fundamentals. Anyone who is buying/selling based largely on the word of someone on the Yahoo Boards is going about it wrong. Today is a buying opportunity for me.

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  161. Blythe has kicked your asses this time.

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  162. 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....

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  163. Still holding some options here, but annoyed that I locked in my Mar contract yesterday at the wrong price. Need to get more disciplined next OE, that's for sure. Just saw the graph for the previous month's OE with the big dip right on that day, too. Need to load up again here, it just sucks to learn the hard way.

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  164. It is already going up again. No worries. The victory is ours.

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  165. After ten years plus of watching this price action almost daily, this is the most ridiculous looking shit I've ever seen today.

    We're supposed to believe "rumors" cause this kind of technical damage as physical demand surges?

    Watch the monster boxes fly out of Tulving today. Only 175 of 500 Eagles left as of this morning.

    BTFD.

    Bay of Pigs

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  166. Bought some more silver miners -- this one 10.27% off. Swweeeet!

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  167. BE AWARE......if you are taking delivery of silver....WHAT PRICE DO YOU WANT ????? Thats right....you've got it.....heheheh.....

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  168. @apartment guy

    Nice little troll.

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  169. @Appartment guy:
    Are you long or short silver?

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  170. What an exciting experience!

    I mean, it is exciting to watch a game of soccer, but that's just a game. This is for real. And even though you know the witch is going down, it ain't over till the fat lady sings.

    We'll see what happens.

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  171. Pure Desperation.

    "UNITED WE STAND, DIVIDE WE FALL"

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  172. 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 some profit (still have a ton of long exposure to silver). I'm going to see if I can pick up some more physical this afternoon thanks to Blythe putting it on sale. If silver spot prices keeps dropping the next couple of days, I'll ladder 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.

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  173. "apartment guy" has been deleted. I DO NOT have time for smartass trolls.

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  174. Blythe is not dead, just wounded. Remember Blythe has the full back of the US Fed on her side. Those that underestimate her will be surprised...

    Just be careful not to get too cocky. She takes advantage and blows out the stops. She is done this dozens of times in the past couple of years.

    JFC

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  175. Good point Kiliguy38

    Blackmailing Comex doesn't look so clever now does it?

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  176. 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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  177. 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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  178. @jfc

    Blythe is a member of the fascist crooks running this country. At some point, what's going on the ME is coming to your nearest elite neighborhood.

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  179. Sprott Physical Silver has a NAV premium of 16.9%(homemade calculation)!

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  180. Silver recovering nicely. FUBM in progress? Looks mostly like the algos are switched to buy mode.

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