Wednesday, February 9, 2011

Its All Silver

And it has been since August. Many are just now becoming aware of this.

Regardless of the internet rumors, yesterday's rise in silver should not have been surprising. Copper had risen almost 10% in about 10 days so silver is playing some "catch up". With price clearly through $30, it will be interesting to see how Blythe chooses to manage the situation. It's Wednesday and we all know, by now, how the EE likes to put the hammer down on Wednesdays. However, with price so close to the highs of last month, she may keep the monkeys in their cages until $31+. If I were Blythe, that's what I'd do. Again, go back and watch this self-serving video from 8 days ago:
http://www.youtube.com/watch?v=RBGqtOKmWHo

Here's a 6-hour March silver chart that surveys the battlefield quite nicely:

Now, here's the other end. IF this Benton person is for real...and if I was in charge of their trading...I'd move enough paper to send price to near 31 then I'd wait, lay low and keep my powder dry. Then, at the most opportune time (probably late session, post 1:00pm), I'd turn the tables on the old bag and jam my big silver auger right through 31 and try to set off all the buy stops I could while I drive price to 31.50+.
Let all the CNBS airbags chatter about "new highs" in silver and trip some algos into buy mode. I'd then help it along the next day, all the while dropping more internet "hints" about who is really in charge.
We'll see. We'll see very soon.

For now, we're off to a nice start. Gold is 1366 and silver is 30.43.
Sit tight. Its going to be a very interesting couple of hours. TF


12:45 EST UPDATE:
A pretty quiet day...so far...with a tight range. The lack of a significant pullback is surprising. Does Blythe believe in Benton and is therefore being cautious???
At any rate, watch the close. A second consecutive close back above $30 should be sufficient to flip a few more algos into "long" tomorrow. A second close above 1365 in gold may do the same thing. Blythe surely knows this so she may try some late day theatrics. We'll see...

97 comments:

  1. Just walked by her desk. She looks aloof. And there is a fresh Baby's head sitting on the floor. Weird.

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  2. @SGS

    HA! I needed that this morning...

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  3. LOL silvergoldsilver! I'm with turd but not so detailed!! Want to see the follow through to new silver spot highs! That's goon-a make a giant baby head roll down jpig morgues PM control isle! Put them aghast as other baby body parts follow!!! Then as stated yesterday, we get that 40% off the low dip buying turk stated a month ago to 36 & change!! turd/turk a great team=DK difference in spelling or "death kill" to the jpigger morgue fraudsters!!

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  4. I appreciate hte intelligent comments and lack of trolls on this blog. Thank you to all.

    I have a question. What could happen if COMEX defaults on silver this March? I have heard allusions to it being a black swan event. What might the ripple effect be?

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  5. I'm calling for turdulence in the silver market.

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  6. Ahhh nice to see we had a mini pullback for me to buy into this morning as I was expecting. It's nice when things go your way every once in a while. Looks like there is some solid buying today.

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  7. Spot of 30.50 is the silver line in the sand...

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  8. Time for my weekly order of rounds from my supplier....I want to thank the monkeys for all their hard work keeping prices in check for my fiat exchange. Paper pits dead today....backing and filling for the next leg up.

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  9. Just dropped a tiny little seed into the Turdfeeder, TF

    As the year moves on I'll be able to up my ante

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  10. Frank - Turdulence... that's awesome!

    Hahhahahah...

    Dr. Jerome, I have been pondering that very thing myself lately. I think a default in the COMEX should result in the rest of the world sitting up and going "Uh oh". The COMEX used for price discovery of commodities just got wiped out in silver. The price must be way more than they have said, therefore I need to get into PM's. That would drive prices sky high in PM's and in turn drive up the price of just about everything else. Then before to long your gold and/or silver stash is worth 10x - 100x what they were previously, provided you wanted to exchange them for some worthless monopoly money (aka USD).

    I don't know, maybe they default and just say Oops. Lets start over again fresh and try again. We have been doing the whole extend and pretend thing till now. They have how many trillions of derivatives still floating out there? Hard to say what will happen. I would also be interested to hear everyones take on that.

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  11. Benflation Bernanke getting grilled on Capitol Hill at the moment

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  12. I was just about to mention that too e73

    It makes me nauseous listening/watching this assclown commit Benocide

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  13. @silvergoldsilver. Your comment brought me back to my days playing Zork on my C64 :)

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  14. The emotional surge of vindication or retribution may be instantly gratifying, but the target and goal need to be considered.

    On the short-term, it may be helpful for the run on silver to commence on Friday at 1300 ET in order to push the market up over the weekend.

    A maximum impact on the population would appear if the media were to lock onto the rising price story over the weekend.

    But, I would also caution that the likelihood of the mainstream media covering the story is low. Last night, on our AM radio station, the announcer read that silver and gold were down (they gave some BS number which was totally fabricated). So, if the AM radio station with some of the highest wattage on the West Coast of the US is going to use completely fabricated numbers on gold and silver, doesn't that tell you how screwed up the system really is?

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  15. http://www.greenenergyinvestors.com/index.php?showtopic=14182&pid=205661&mode=threaded&start=

    "If you have been paying attention you would know that our group starts buying after Feb 8. The big hedge funds we talk to want to buy when the price is over $31. They would rather buy at $31 then at $24 because they (as well as we) would interpret the price above $31 as indicative of tight supply while a price of $24 as indicative of abundant supply.

    They would gladly pay $40 if this indicate how tight the supply is rather than a lower price if this indicates the Morgue somehow was less afraid of a raid. This is a scheme to force a premium from the Comex and the buy in price is really irrelevant if we can be assured that the Comex doesnt have physical to deliver.

    The key to this is to see how many Mar contracts are standing for delivery as Mar 1 approaches. The bulk of the buying will occur near the end but the process starts on Feb 8."

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  16. @silvergoldsilver: that was a VERY funny mental image. I am STILL laughing out loud about that.

    @Turd: something tells me Wynter is listening to you. I would not be surprised if events play out near exactly as you just suggested.

    And have you guys seen any pics of the real life Wynter Benton -- apparently some seriously hot stripper. What a perfect pen name to take when doing battle against "Blythe".

    This is all like some type of well written Nelson DeMille caper.... Charm School comes to mind.

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  17. Default in the COMEX would prove, beyond a shadow of a doubt, the silver market is a fruadulent, manipulated Ponzi scheme. This realization the market is a sham would ripple through the rest of the markets. Investors will say, "Silver is manipulated. What about Gold? Corn? Wheat?" Trust will be lost, fear will spread throughout financial markets, participants will avoid counterparty risk like the plague. Holders of paper Ag & Au will be Shiite Out of Luck; those holding physical will be Happy Campers and make generous contributions to the Feed the Turd Campaign.

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  18. Blythe must me changing tactics, "Thou shalt suppress PM mining stocks!" Or, Big money's dumping before the crash? My fear sense is on alert today, I guess. Any opinions on the pm stocks?

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  19. Dr. Jerome-
    I just don't see the COMEX March delivery issue playing out in the apocalyptic way that some are talking about. They'll find a way to get through. Deliver what they can, pay off in cash, force or entice some roll forwards, hush it up, paper it over, somehow, some way. They make all the rules, and will do whatever is required to protect themselves.

    We'll be left shaking our heads and saying "Oh yeah? Well, just wait until May delivery! Then this thing is going to blow sky high!"

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  20. @UGRev - +1 for remembering Zork. Great concept. It's interesting but scary to be living through the final days/years of the GUE. Better stock up on grue repellant...

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  21. Tim-
    Big run yesterday, soft today. Feels pretty normal to me. Especially since I bought some stuff yesterday :D

    Need to be wary of blaming any down tick as conspiracy and manipulation. It ain't always so.

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  22. Still a long way until March 1. Trading sideways for a few days and firming up $30 as a base may be a good thing.

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  23. When is the actual drop dead day in March? I thought I read something fairly late in the month, but can't find it.

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  24. WB posts coming out at a steady pace, although the newest are not that informative

    Still worth a look...

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  25. Kind if an interesting chart so far today. Even for a volatile commodity like silver, we see 20 cents up, 18 down, 22 cents up 19 down.

    A LOT of activity compressed into a short time frame.

    One can imagine Blythe and the Monkeys saying sell, sell, sell and Wynter and the Strippers saying buy, buy, buy.

    Each side kinda feeling the other up... er, I mean out.

    Great theater.

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  26. I think "Wynter" is the one on the right ;)

    http://urbanpackrat.com/diary/wp-content/uploads/2010/06/Stripper-SkanksHos.jpg

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  27. I think silver is going higher, just on the basis of good looking charts, Turd's Bottom, etc. But the more I hear about WB the more I think about selling into the rally that I expect to see. I feel like I'm being set up.

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  28. Harvey wrote a few weeks back that if there is a comex default then the BOE is bust and USA
    is in deep turd. If harvey believes this i hope
    for once he is wrong ; its too scary too soon.

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  29. Damn Turd...that was a great pic, but it almost got me busted at work! Always make sure there's no one lurking behind you! lol

    I sure wouldn't mind a nice dip today so I can go hit GVille Coins up to BTFD! Anyone think the EE might get it below 30 at all this week?

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  30. Looks like the EE may be going after the miners instead.

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  31. Can't wait to see what today's action is doing to OI. Today could end up being as significant a day as yesterday if Blythe is raiding and Wynter's group is fighting her off.

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  32. Think there is a long bond auction today/tomorrow...

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  33. pdale-
    another debacle like yesterday? Or do they make sure it's ok since THe Bernank is on the teevee?

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  34. I think this is normal, we cant go up 1$/day forever. Traders that went long in the last few weeks will take profits, a lot of them raised ther stop losses to lock in some profits and they might get hit. I think we could go down to 28.50 at some point. Maybe im wrong, but I sold my paper silver yesterday. 8% in a week is just too much for me :).

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  35. @Marvin - and here's the FUBM to follow it right up. Volatility indeed.

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  36. wow...Gainseville Coins Silver Eagles were 2$ over spot a week ago and prior to that. But now their website says "now ONLY 2.75 over spot". Gettin' greedy??? They must be getting tired of gettin' hammered when we BTFD.

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  37. Save__

    That's really interesting. Feeds into the discussion here in recent weeks regarding phsical and paper silver prices separating.

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  38. On the other hand, I though the US mint itself was screwing dealers to the tune of 2.50, so I'm not sure your numbers are right.

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  39. Anyone else find it weird that gold, silver, DXY, and all the stock exchanges dropped at the same time? This isn't the EE.

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  40. Harry, I'm thinking the same thing. I think Rui (last night) and pdale (today) are on it: The long-bond auctions are in the driver's seat today.

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  41. Eric...

    yeah, this is Ian (I changed to my twitter profile name). But yeah, when I bought a couple weeks ago at GVille it was 1 buck over spot for Buffs and 2 bucks over for Eagles. I dunno...I guess they just felt it was time for a rate hike???

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  42. Actually it's $2.00 over spot for dealers from the mint. I looked it up. So 2.75 on retail is probably normal.

    Ian---
    You just bought a bunch of eagles last week or two. What did you pay?

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  43. This comment has been removed by the author.

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  44. Wow, Spooky, Ian-Save

    Given a minute or two to type a comment, pretty hard to have a real time conversation. Lot's of overlaps.

    Pretty cool little community we got going here though.

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  45. Turd, what about creating a forum?

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  46. Why don't more miners like first majestic set up shop to sell direct to the public? We need to cut out these middle men that make money for doing basically nothing.

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  47. Vedast/Turd

    I would think that forums might tend to split off the conversations. Futures and optons on one, miners on another, physical on another, etc.

    I think the really neat thing here is that we get really great insights from a lot of folks on the whole range, all on one string. Then when the Turd updates the post, we all just sort of move on.

    I suppose when Turd gets to the point where he has 300 comments on a post instead of 100, that might force the issue.

    By the way, I can't stomach ZH comments anymore. I told the dipwads last night I was logging off for the last time. Just scan the headlines and skip the rest on ZH. Come to Turd Town instead.

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  48. More QE coming! To infinity and beyond!

    http://blogs.wsj.com/economics/2011/02/09/geithner-debt-ceiling-will-be-raised/

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  49. Like I said yesterday, we have 10Y and 30Y bond auctions these two days so be prepared for nasty EE actions.

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  50. @Matt

    Lol, we got ourselves a Timothy "Buzz Lightyear" Geithner here... and like in the movie, he doesn't realize his spaceship is made of PAPER!

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  51. The fact that we're holding firm above $30 so far today is impressive.

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  52. Just in case Turd is thinking of a site upgrade, I just want to vent my other pet peeve about ZH. You can reply to certain comments, reply to the replies, etc. Net result is that often the most intelligent discussion ends up way at the bottom of the list because of some stupid flame war that generally goes up top. Please Please Turd don't set it up that way!

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  53. ZeroHedge needs to clean up their comment section. Its 90% snide comments and idiocy and very little additional content.. far to much to read through. they need a moderator to clean it all up

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  54. Consolidation above 30 is good! I think Turd is right about an attack waiting until 31+ ... but it may be an interesting afternoon. I'm keeping charts near for the entertainment.

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  55. "A pretty quiet day...so far...with a tight range. The lack of a significant pullback is surprising."

    Tell that to my miners.. :[

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  56. This comment has been removed by the author.

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  57. "...Does Blythe believe in Benton and is therefore being cautious???"

    Yes, Virginia, there is a Wynter Benton..

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  58. Eric,
    I feel the same way about ZH comments. Used to be they added something to the discussion. Now it's just BS. Skim the headlines, then come back here. That been my MO since this site began.

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  59. This comment has been removed by the author.

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  60. Fascinating Keiser interview with French author who has just published a Blythe Masters biography

    Turdle GG posted this late last night - many thanks TGG! I figured some TFers missed it:

    http://www.youtube.com/watch?v=i-B2V2l_6QE

    Interview starts at 13:50 mark

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  61. Eric: There won't be a "junk" button, either. Positive feedback only.

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  62. Gainesville must be jammed up. Took them a week to confirm my last bank wire payment by email. Also no way to check the order status on-line except that it was originally made. Called yesterday, and they said they would call me back in a little while with the info. Still waiting. They need to tighten that up a bit.

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  63. Eric, Tim & others -
    I concur with your comments. The conversation here is even more precious than the subject. It will be hard to maintain as the population grows, but I hope Turd can. An intelligent, adult conversation on the web - rare indeed!

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  64. Green close today = EPIC if we can get it.

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  65. nice little rally here...a little "benton-buying" into the close?

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  66. Gold still ranegbound but on the jump right now ??

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  67. Anyone else notice that Bernanke's initials spell "B.S. Bernanke"? I couldn't help but make that connection while I listened to that assclown lie to us (again and again) on CNBC this morning.

    As an aside, wow, does he ever look like shit!! It's like he's aged 10 years and hasn't slept in months. Wonder if he's racked with guilt about the all the evil that he's wrought on the world while aiding and abetting his banker cronies?

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  68. The dollar is dropping, gold is rising to almost the daily high and silver is stuck.

    Hopefully the silver rocket is on the launch pad awaiting take off. Not necessarily to the moon but over 30.50 would be a nice orbit.

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  69. Wow, somebody lit a fuse under cotton right at 1pm...what's with that?

    Although I'm not complaining, it put me back in the black... ;-)

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  70. Of course he looks bad. He didn't BTFD!

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  71. Hi all.

    first time poster, but have been reading the Turd since middle December.

    Does anyone know of a good place that has historical silver graphs? probably
    weekly charts? Once silver hits 31, the last time it has gone that high was
    sometime in the 80's...I haven't found any good charts that go back that far
    and show support/resistance in detail.

    Thanks.
    Jason

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  72. Don't you think all that Wynter Benton plan may be just a "bull trap"? I'm not saying that silver price won't keep rising in the long term (I'm sure it will), just that maybe someone wants us to believe it's going to get much higher in the next weeks, incentivating us to go long, to take profit in some way.

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  73. Anyone been looking NAK today? It's down 11%. However, I haven't read anything to why its down. Just profit taking maybe?

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  74. Jason,

    Go to kitco.com and look in the left margin under "Historical Charts"

    That's one place

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  75. Jason, try this:

    http://futures.tradingcharts.com/menu.html

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  76. Just ordered another 100oz Academy bar.

    How much longer will I be able to afford my regular 100oz purchases...Will I have to scale back to 90 or 80 or gasp 50....

    I miss the good old days of $27 silver...


    Word verification "terbro" Turd Brother?

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  77. OK, another chicken-sh!t after-hours raid. I must admit to being extremely interested in how this one plays out.

    Maybe an opportunity for the Asian market to step up to the plate tonight?

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  78. We need the "red phone" directly to WB to let her know Blythe is in town this afternoon.

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  79. A/o 2:22. it looks like Blythe is trying to hammer silver on the Globex. I'll post a chart in a while.

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  80. Nice article by Jim Kearns in today's Whiskey & Gunpowder newsletter. He uses the term "pixel dollars" (or euros) to describe the imaginary money created by central banks. I like it. The printing press doesn't even come into play anymore. Pixel-Dollars (I think I'll call them "pixie dollars") are not printed on paper at all, just keystroked into existence in databases. I have been telling my banker brother-in-law this for years - The "money" doesn't exist.

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  81. Turd the Almighty you called it

    "Blythe surely knows this so she may try some late day theatrics. We'll see..."

    Damn you are good brother!

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  82. Speaking of initials blythe masters and bowel movement. Seems like a good match.

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  83. Eric...

    I did buy a couple weeks back. My first purchase (remember I had never bought before and had a bunch of Bernankies burnin' up my pockets!), but I bought 160 Eagles at 2 over spot. They were 29.05 each...spot was 27.05 when I locked them in. So the guy definitely didn't charge 2.75 over spot at that time. Oh well...no biggee...like the "robots" on SilverGoldSilver say...don't worry about the price Sheep...watch the physical (or something like that, lol).

    Regarding the site's comments forum...I like it how it is also if it's ok to add my 2 cents worth.

    I do read nearly all articles on ZH, and I typically also read through as much of the comments below them as I can. For the most part a lot of them just crack me up. But also I learn a lot of other info too. Just like on the site of the Turd.

    There are definitely a lot of trolls and certain ones who like to talk a lot of smack, but it cracks me up seeing everyone else smack them down and then they leave to troll some place else, lol.

    The one issue I have w/ZH's comments are that they can be hard to keep up with when in the middle of the list one thread with branch way out. Then it's hard to keep up with other new comments added to each new thread that might get out there on a tangent. I've learned to deal with it. I refresh the page here and there and then scroll back through to see if I've missed anything new that's worth reading.

    I like how things are set up here, but as mentioned earlier if threads start getting up into 300 comments, etc. it will be hard to manager.

    It seems like everyone gets how it goes on here though. We read and comment until Turd posts a new entry. Then we move it over to that one and keep on going. Works for me!!!

    Keep up the awesome work Turd...I'm still new, but I'm addicted to the knowledge of Turd and all who follow on here!

    One of these days I might actually be able to contribute some wicked Turd-worthy knowledge. I'll keep studying!

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  84. I only see a .15 move commencing at 2:11. the volume has spiked, but it is still low compared to volume at 11:23am. Is this a genuine raid? couldn't BM overwhelm the buyers at 30.06 and push it down further if she wanted. I see a double bottom at 2:12 and 2:25... fingers are crossed for continued support here at 30.

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  85. Dr. Jerome, I've been looking for a silver chart where you can see volume ... can you provide a link? the spot chart on Kitco doesn't provide a volume indicator ...
    thanks!

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  86. I am using thinkorswim.
    You can download the software for paper-trading without having an account, if I am not mistaken.

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  87. Turd, Pick52,

    Tried kitco.com and historical monthly charts only go back to 1985/1984....It appears this was after the big runup happened.

    futures.tradingcharts.com only goes back 3 years.

    What I'm looking for is something like this (this silver chart goes back 600 years) but only need it to go from like 1980-2011.

    http://www.flickr.com/photos/survivalbros/5242628749/

    Thanks.
    Jason

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  88. Looks like another FUBM is forming. First the raid and then another swift kick upwards. Gold is currently at 1362 and silver at 30.13.

    Very nice. Spot is still above $1360 and $30 respectively.

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  89. "I think "Wynter" is the one on the right ;)

    http://urbanpackrat.com/diary/wp-content/uploads/2010/06/Stripper-SkanksHos.jpg"

    We now have CLEAR PROOF you are 'The Leader'. I was wondering what you were doing in Vegas. Dispatching orders.

    We're on to you Turd 'Billionaire Hedge Fund Trader' Ferguson ;)

    +++++++++++++++++++++++++++

    OK, so the price action today wasn't all that impressive. Lets have a look at Harvey's numbers to see how the front month is cooking.

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  90. Wynter (referring to the known metalblogs):

    Yes we do know all of them, some personally, even though they may not know us. We think that they do a great job in educating the public about gold and silver. We do diverge from them a little bit in that we are not so high on gold at the moment.

    That was why we thought it might be a unique experience to inform the public about a major hedge fund endeavor before it actually occurs. We do not see how we could have recuited any one of those vehicle to transmit what we were going to do before we actually did it. I am referring to yesterday's action.

    If we are not adding any incremental benefit than what is happening at all those other sites, then we'll leave it up to them since they are all doing a great job.

    Even if we were to quit "broadcasting" our groups actions in advance, I think you all would know what we are going to be doing anyways from now until Mar 1. Then at the next delivery month May 1. Then the next, then next until Comex says 'no mas' or the price of silver is high enough where people actually stop demanding physical silver.

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  91. The Keynes Family

    Enjoy...

    http://www.youtube.com/watch?v=pj5r9NBCKRI&feature=player_embedded%20target

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  92. Please try to read my new post before 4:00, if possible.

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  93. So this is a classic match of wits between a BM and a Turd?

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  94. winter_benton claims that her group leaked the Chinese interest rate hike. How is that possible unless they have close ties to the Chinese government??? Something to think about.

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