Thursday, February 24, 2011

Off The Mat

Well, the EE went for the knockout punch this afternoon. Like Rocky vs Creed, we have crawled off the mat and signaled to Blythe, "Bring it on!". If you need to get your head screwed back on straight, I highly suggest you take 2 minutes, right now, to watch this:
http://www.youtube.com/watch?v=25NmudB2fqg

And furthermore, maybe you never watched this or maybe you only watched it once back on Sunday and laughed it off. I make these "movies" for several reasons, the chief of which is to get you to understand my core thesis at the moment. I've found that I could type and type and some still don't get it. Reading comprehension issues, I guess. Again, please take time to watch this once more. 96 hours on, its rather prescient. If you throw out the Monday night raid to claw back Monday's gains, today's action was foretold right here: http://www.youtube.com/watch?v=Lq0bAOVaQwQ

OK, here are your updated charts. First gold...note that today's raid pierced but did not break the primary, short-term trend.
Silver, too, has its primary trend still intact. I hope you haven't already abandoned ship. By tomorrow, you may be sorry that you did.
A couple of other items...
You should take time to read this:
http://news.coinupdate.com/huge-comex-silver-supply-squeeze-developing-0695/
And this:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/2/24_Royal_Canadian_Mint_Now_Saying_Its_Difficult_Securing_Silver.html
And, of course, Harvey:
http://harveyorgan.blogspot.com/

Oh, and contrary "rumors", the diabolical Gadaffi is still alive and killing...I mean kicking. Hmmm...haven't seen a corresponding meltUP in gold and crude yet have you?

That's it. Long f-ing day. See you in the am. TF

173 comments:

  1. Yaayyyy i am first to comment. Awesome! Guess you are al asleep (I live in Australia)

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  2. Hi, this is The Jeepster

    I think the inflation index you posted earlier says a lot. January saw just under 1% inflation (.08%) for the month. Annualized that'd be 9.6% for the year! February is now coming in even higher: 2.4% for the month. Looks like we could be shaping up to see 20% annual inflation in 2011 AT THE LEAST!

    Also, what are everyone's thoughts on QE3?
    Is it going to happen? If so, when are they likely to make the announcement?

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  3. thanks Turd. The Rocky video is very appropriate. Hang in there, everyone!

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  4. As I posted the other day regarding close combat (as opposed to just historical anecdotals)...

    ... when both sides are exhausted and think they are completely spent, the battle usually goes to the one that can make one last, often seemingly desperate, push.

    I'm in for the long haul and to accumulate ounces... nothig has changed in the world today. If anything, the fundamental reasons for owning silver improve almost daily.

    Therefore, I picked up another 3,000 ounces today. That's how bought in I am and if it goes down to $20, I'll buy 10,000 more.

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  5. I'm looking for an exit from Turd's bottom

    Anyway, I think there will be some follow through overnight and tomorrow that takes metals down another notch

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  6. rocky loses in #1 and even loses vision in one of his eyes. Next time link to rocky 2. I want the championship.

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  7. $US dollar looks like death roll right now...

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  8. "Fortinbras" means "Strong arm" :-) By name, by nature.

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  9. Hey flaunt,

    I just wanted to say that this list you provided in the previous post is why I hold physical and do my best to understand the fundamentals along with supply and demand.

    It's also why I said I would punch WB right in the damn mouth if I ever met 'em! Hehehehe. Just so many distractions isn't there? I do have to admit though, I did like how WB taunted Blythe... Your going home in a body bag, do-da do-da.

    That's some funny crap right there.

    Thanks for the videos Turd! And of course the now famous graphs to!

    P.S. Be careful, I heard somebody mentioning going long on your bottom! Hahahhaha

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  10. Regarding the supposed margin hikes from last Friday, a lot of bloggers are still reporting this, but it's a myth that simply got repeated by too many people that didn't check the data.


    Margins for the standard 5000 oz silver future contract were not raised since January.

    Right now it is at 11138 $ initial margin and 8250 $ maintainance.

    Source: official data from the CME homepage, http://www.cmegroup.com/wrappedpages/clearing/pbrates/performancebond.html?group=METALS&type=OutrightRates&h=2&reporttype=marginrate

    Here we have the margin data from 2009 to the end of 2010:

    http://www.cmegroup.com/clearing/risk-management/files/SI_2009_to_december_2010.pdf

    You can see that at the end of 2010 the margin is at 10462 $ initial and 7750 $ maintainance.


    And here we have an article by ZeroHedge with as an attachment has the official announcement of the January 20 margin hike by the CME, which raised margins from 10462/7750 to the current 11138/8250:

    http://www.zerohedge.com/article/inflationary-guerilla-tactics-resume-comex-nymex-hike-margins-gold-silver-cracks-spreads-and


    So margins have last changed on Jan 20. February saw no change whatsover.


    Short summary of all of this without sources by Trader Dan Norcini:

    http://traderdannorcini.blogspot.com/2011/02/silver-margin-hikes.html


    Regards,
    Markus

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  11. These raids are just Blyvan Drago is killing Apollo Creed. We all know what happened after that!

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  12. Thanks Turd! Looks like we live for another day. The fact is that I won't sell even an ounce, but I am now thinking maybe a completely unstoppable set of circumstances will be the only way to get much, much higher in this f@#king rigged market. As along as the EE minions sell and are able to shake out the tree whenever they do, we wouldn't make much (or any) progress. I guess that's why the word on PMs is that you've gotta be in it for the long run (like, until an unstoppable black swan event happens, or the dollar completely tanks).

    What I find so infuriating is that Blythe and the Morgue (as instructed to do by the government) will take everybody down with this ponzi, casino zombie economy. It's like with Ghadaffi; He won't let go of his grip on power and is taking scores down with him.

    Anyway, I'm not selling anything and if it dips more, I am buying just to spite Blythe and those f*@king kleptocrats.

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  13. Everybody read this awesome article:

    http://www.financialsense.com/contributors/jim-willie/qe2-the-road-to-a-gold-standard

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  14. @silberblick

    I think QEn is the Black Swan that everyone is expecting over the horizon. Obama thinks the Chinese currency is undervalued by 40%. If they wont lower their currency, then we'll debase ours by 40%. Where does that take the dollar? 40% off the highs back in 08/09 gets us to 52 - 55 range. The Fed/Treasury are literally attempting to steal other peoples resources with this insane policy. At some point people are going to refuse the dollar as a medium of exchange. Then all hell breaks loose.

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  15. hehehehe.....aint this the greatest game ever......watta scam! Just hold tight and buy more physical

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  16. The analogies are endless. One, America vs. the Working Man, with the world playing spectator, Blythe vs. Turd, in the silver pit...as well as Who do you picture as Rockies girlfriend in that scene? A female Alan Greenspan, or Jim Sinclair's Angel...

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  17. "Let me tell you something you already know. The world ain't all sunshine and rainbows. It is a very mean and nasty place and it will beat you to your knees and keep you there permanently if you let it. You, me, or nobody is gonna hit as hard as life. But it ain't how hard you hit; it's about how hard you can get hit, and keep moving forward. How much you can take, and keep moving forward. That's how winning is done. Now, if you know what you're worth, then go out and get what you're worth. But you gotta be willing to take the hit, and not pointing fingers saying you ain't where you are because of him, or her, or anybody. Cowards do that and that ain't you. You're better than that!"
    Rocky Speaking to his son in Rocky Balboa (2006)

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  18. Flaunt..From previous thread. That jumbled feeling about current events is an engineered reaction. It has long been a known goal of NWO elitists to remove all semblance of confidence in the future. They're doing a pretty good job eh?

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  19. Roger, key word being play.

    In regards to this WB character mentioned above, one thing I will say, and this can't be said for most, is it's rare in today's world to obtain objective 'advice'. Specifically, I'm referring to WB's comments that they might be short alongside the EE and it would go against everyone's interests. Now, I don't know about WB's other recommendations but I kinda found this strange - I mean, if they're out to get you to profit on the short, why the warning?

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  20. Wondering why the Turd so "buy physical"??? Read thhis report, or skip to the next to the last section labeled "C. Possible Over-reporting of Gold and Silver Holdings relative to Actual Precious Metals in Existence"

    http://solari.com/archive/Precious_Metals_Puzzle_Palace/

    This report will stun you. Go ahead and gamble in the ETF market, BUT, transfer profits to "physical", cause when the music stops, your PM ETF wil be a "derivative" with no value.

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  21. The dollar just can't catch a break lately. My silver doesn't have a problem with that either.

    Bank of India becomes first to offer trade settlement in yuan

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  22. Symbolism at its' finest?? Bald eagles falling from the sky in Comox (Comex) Valley:

    http://www.theglobeandmail.com/news/national/british-columbia/starving-eagles-falling-out-of-the-sky/article1918336/

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  23. Well, the current spot seems to be at least $0.70 - $0.80 above the spike bottom, and no lower than the bottom 2 days ago.
    Having bought a bit of physical this afternoon, I noted that my bullion dealer was out of all silver except 'junk', a few 10oz bars and ASE proofs.
    Proof of implending shortage? No. Indicative of strong demand for physical? That's how I see it.

    From Rusty Shorts on ZH (though he stole it too):
    ECONOMIC THREAT LEVEL
    Harmonious. :)
    Content. ;)
    Indifferent. :-
    Discontent. :/
    Almost fucked. :( --------- YOU ARE HERE ------
    Totally fucked. :0

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  24. On of my co-workers keeps going on and on about the Amero and that they have warehouses full of these somewhere just itching to distribute them.

    Is this a wacked out conspiracy theory or is it true, and if it's true how do it fit into the situation here?

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  25. Speaking of the dollar not catching a break, it just went under $77.00, now $76.98. Cynical but, Probably means a raid on Gold, big time, coming tomorrow to save it.

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  26. This comment has been removed by the author.

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  27. I wish somebody would start a class action suit against JPM for fraud on PM market. Also CFTC should be a co-defendant given that they are not living up to their mandate.

    Here is what Avery Goodman says on the subject, a lawyer of 26 years who specializes in securities law related cases. In the article below, he writes about the nature of future markets, the fraud being committed on the COMEX, backwardation, and the fact that the CFTC is not fulfilling its mandate. He also discusses whether or not the COMEX will default, and what would happen if it does.

    Among other things, Avery contends, "If COMEX and/or NYSE-Liffe short sellers are entering into naked short contracts, they are violating market rules, falsely presenting their contracts to the public, and doing all this with a premeditated intent to defraud buyers. Knowingly making false assertions and promises is fraud in the inducement. Violation of the market rules is also “fraud upon the market”, and a federal and state felony level crime that can result in a long jail sentence. The vast majority of short positions in gold and silver appear to be held by only 2 – 3 American banks, so, it would be extraordinarily easy to pinpoint the perpetrators. Potentially, they could be prosecuted for market manipulation, common law fraud, state and federal RICO actions, as well as other counts."

    Read the full article here:


    http://seekingalpha.com/article/111852-will-comex-default-on-gold-and-silver

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  28. Anyone notice the DXY is now at 77 and still falling...

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  29. Anyone worried about TPTB creating a new international event to halt the DXY fall?

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  30. Now I just wish the dollar fall would mean a silver and gold rise.

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  31. this is all we need to know, QEIII coming:

    DJ Fed's Bullard:Third Round Of Bond Buying Not Totally Off The Table

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  32. This comment has been removed by the author.

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  33. TGG: I say we start an office pool. I choose debt crisis in Italy, appearing in the news at 76.50 or 6am EST tomorrow, whichever comes first.

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  34. Here is a question for everyone...

    If the open interest stands for delivery tomorrow higher than 10k, is that going to be the match that lights the fuse of what everyone sees coming?

    Just a thought because I told a few of my friends at the beginning of the year the next 90 days are going to be interesting. That comment was made without any knowledge of what has happend in the middle east in the last 6 weeks. Not to mention everything that is going on right now here at home.

    Along The NB

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  35. @Turdle CG:

    Your welcome. You can check out my blog (partially still under construction) for more interesting great info.

    Here's the main page:
    http://redpillfactory.blogspot.com/

    And here is the gold/silver page of the blog:
    http://thesilvergoldhedge.blogspot.com/

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  36. Evening y'all. Still licking wounds? Here's my email to Lurch earlier today, bringing him up to speed:

    Blythe the blight at JPM? She only had two days left to shake out the longs, waited until after COMEX close 'cause she's cruel like that. All the open interest (OI) longs on the COMEX are shitting their pants right about now, hoping for recovery in the after-market so they can get out tomorrow. There was talk about a possible COMEX default (JPM=dealer default) right before the latest development. 8,000 OI at end of day Monday (13:30 COMEX) is all that is needed I think. End of day yesterday was
    still at 31,000 OI plus and silver was in backwardation...equals lots of chatter and excitement. This smackdown should remind everyone who's still in charge. Wonder how many OI will dump tomorrow?

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  37. What the heck, it's a lottery shot but, I choose a Yuan revaluation in China as the reason why the dollar is down, or another China rate increase that get's the dollar up.

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  38. CO-Dan,
    I say a WSJ article that the White House is close to allowing US multinationals to repatriate their off-shore cash without tax penalties

    silberblick,
    sorry I deleted my comment because I noticed that the article was over 2 years old. I want to make sure the info is current before I recommend it to Turd's followers

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  39. Mind if I do a little poll? Low for tomorrow during COMEX (not close) and the number of OI left?

    I'm taking $30.50 and 8500. UF

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  40. Uncle Fester: $32.20 low and 17500 standing basis today. 12000 still standing Monday at 1:30.

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  41. PS. Blythe hit my 15 pt trailing stop in AGQ, she always hits my stop the bitch! Lost an extra dollar a share on the ~3pm puke before the stop kicked in. Oh well, per my own rules I have to go buy physical next week.

    Mr. Hyde, How did you fare?

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  42. In my opinion, trendline breaks are to be bought not sold. The banksters paint those breaks all the time. They have read all the TA books. They know what they are doing. I expect more selling tommorrow in Silver. I don't know where it ends but a suspect a 2nd down impulse leg is coming and these impulses have tremendous rage and swift power in them. But why get involved in all that? If the truth be told when Blythe's job is done here and the Comex ultimately defaults she WILL NOT be fired. No way. Its not how the real financial Mafia works. They will promote her upstairs and give her even more money and power. She knows where all the bodies are buried. All of them. Give me the name of one shyster who has been sent to the big house since 08'? Only Madoff and thats because he butt-rammed rich people. You don't do that in an oligarchy.

    No, I won't waste breath on an aging hatchet girl. Bush,Rumesfeld,Fuld,Paulsen,Greenspan,Rubin and on and on, - they are all promoted upstairs and all secrets are kept inhouse that way.

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  43. Dan,
    I like, just have a hunch BM fires double barrels tomorrow. Part of me thinks along your lines though...most of the weak hands were forced today. 12000 still standing 1330 Monday! If only...
    UF

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  44. Turd, I just have to put my 2 cents in although everyone seems to have the same opinion of you and your advice. I rode this horse from the high on Dec 31 to the low you called around the third week in January. You were so emphatic about $26.50, I loaded up on miners and 4000 of slv. Yesterday, you all spooked me. I decided lessons not learned are repeated until they are. I dumped everything yesterday near the close(not the physical). Turd, this site is as good as it gets. Doesn't tell you what to do, just forces you to think.

    I said in a previous post you have to be careful about terrorists. They set off one bomb and when the crowd gathers, they set off the second. I missed a tweleve thousand dollar ride down today. That's powder for a new fight. I just don't think tomorrow is it. I wouldn't be surprised to see the second bomb go off after they put back a buck or so from the low today. Be careful out there!

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  45. I just realized something...
    That bitch painted a double top in gold today. She's good, oh so good.
    I Fester

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  46. Uncle Fester: TOTALLY wouldn't surprise me to see another bloodbath tomorrow. BM is reduced to throwing Hail Mary passes at this point. The jig is up.

    There's also been some chatter (coming from "Wynter", I believe) about huge derivative losses that JPM is going to suffer at $34, then accelerating at $36.

    If true, then there's a delicious irony here: Blythe needs to be running price UP right now to make it more expensive for ##,### contracts to stand for delivery. But she can't, or else she starts triggering financial Weapons of Mass Destruction created by...

    Blythe Masters.

    Hollywood couldn't have done it better.

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  47. hi ya'll

    if you like music then you will love my show about 'gold and silver is money' starting at 8am UTC, 3am ET, 2am CT. (about 4 hours from now)

    http://lunaticoutpost.com/radio.php

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  48. Dan,
    You can't make this shit up...painted into a corner as they say. Think she's 6sigma'ed the path of least pain?

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  49. If the RCM is having trouble getting silver, you can bet the Industrials are next to have problems.

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  50. And now a few words from Turd to blith

    http://www.youtube.com/watch?v=6COETGNSNBs

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  51. Turd"er", thanks for the link. Wouldn't come close to 'owning' slv or gld shares after reading that. The way gld/slv is set up is extremely convoluted so that only 3 people on this planet know all the in's and out's of these ETF's. There's so many exceptions, no oversight, no liability, etc., it makes you wonder :). Short story is if you're holding shares of gld/slv, pray the music doesn't stop.

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  52. silver +.65 atm

    last time it was up this high in asia (last week) we saw a buck and a quarter rise by the end of the day.

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  53. Silver just made a quick move up to 32.72 after basing around 32.50 for hours . . . got all my toes and fingers crossed.

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  54. DXY will not continue to drop tomorrow. We will see something like a big European event to try and force a flight to safety. Something to get it above 77.

    It keeps getting harder to do, so we should expect to see some pretty big events in the coming weeks.

    The good news is that more and more people are realizing we can't go back to "normal".

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  55. Got my layered stink bids in on XAG. BTFD.

    I like the combination that forex gives you: leverage without expiry.

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  56. stuey and/or Wynter has recruited Ruprecht. He gone to the "light side".

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  57. This looks more official than most of the chatter about punting the dollar.


    http://timesofindia.indiatimes.com/world/china/Bank-of-India-becomes-first-to-offer-trade-settlement-in-yuan/articleshow/7565143.cms

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  58. Me, I'm drinking a red bull and staying up until stuey drops by.

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  59. I can't help it. I'm addicted to this damn blog!

    I've got more return from some guy called "Turd Ferguson" than any bank in this town!

    Return from TF is topping 10% in literally 6 weeks.

    Return from 3 local banks - $0

    In fact, I'd like to suggest that the entire banking system get scrapped. WTF do we need a bank for these days anyway?

    If we're going for assets, we need to buy physical.

    If we're going for electronic bytes, do we really need the hard drive capacity at a "bank" or "lending institution"?

    I'd be perfectly happy with using Microsoft XBox Live! gold points or may be those Farmville points at Facebook. What's the diff anyway? It's just a bunch of binary crap anyway, right?

    Who the hell wants to give up $20,000 for a bunch of O's and 1's on E-Trade or Schwab?

    I'd rather go down to my local coin shop and ask them for their entire silver supply. No really...I mean ALL of it. LOL

    Think about it people!
    10% in FOUR WEEKS.
    Silver was $29. It is now $33 spot, $40 EBAY
    Gold was $1320. It is now $1415 spot, $1450 EBAY.


    I began adding up in my head the entire silver inventory of the coin shop's cases. I have come to realize, that the entire shop carries about one monster box per month. And, they run out! In fact, they put in orders about 2 to 4 weeks ahead of time. They can't order the things faster because the US MINT will not ship it any faster through the warehouses.

    I got delivery by buying that damn coin at $29 + $3.00 instantly.

    What's the point of me buying a future option or a trade at $10K when I can buy the entire monster box at $15K?

    I don't want the FRN. I want the silver in my hand before the 1,000,000,000 other bastards want it in theirs.

    Now, I just need to find the right monster box. So far, no one has one!

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  60. Eric...

    thanks man...and Turd...love the Rocky Vid! I send not only Rocky vids to my friends and family regarding this current shituation...but also these 2 vids that I love for inspiration:

    JimmyVDontEverGiveUp


    Ronald Reagan Speech - 1964 Republican National Convention

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  61. I got something else to say.
    If we all showed up tomorrow afternoon at ALL of our banks and requested withdraw on our paychecks and then walked to the coin shop and bought 10 or 20 Silver American Eagles, what do you think that would do to the backwardation issue?

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  62. @Save America 1st-

    That Ronald Reagan video is one of the best speeches in US political history!



    @Turdle GG - I really appreciate the contributions you make to this board. Thank you for your comments.

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  63. @StrongSide

    How about 1000 Oz Brick?
    If Turd is right I would make money otherwise I have to wait it out for next decade ;)

    Or it would serve as a tool to take on Blyth.

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  64. Take what you can out of the market but don't fight it. Even Harvey says that tomorrow brings a raid.

    The smart move here is to step aside or short, and jump back in when the market it lower.

    Buy physical and leveraged when the price dips below 30. If you want to take the manipulators to the cleaners then you need to stay whole.

    "I want you to remember that no bastard ever won a war by dying for his country. He won it by making the other poor, dumb bastard die for his country." Gen. Patton.

    Stay whole, take back your TARP money, and take more silver off the market.

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  65. let me ask you this, should someone payoff mortgage as if dollar goes down, atleast you are debt free? or it doesn't matter whether its paid off or not, if sh!t hits the fan?

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  66. Gross discrepancy pronouncement GDP FRYday!! Ohhh the dead head fed goons enjoy painting the tape!!

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  67. thank you Jedi! I listen to it, well, a whole lot, and so much that it might freak most sheeple out! LOL
    Just like the Rocky vid that Turd posted, I get the same inspiration from Reagan's speech, and I was born in 1971. I send Reagan's speech to everyone I can over and over at least twice a month because I just can't accept the thought that even 1 person I know might not have seen/heard that speech.

    I listen to it all the time. How can anybody not????!!!!

    Hope all on here love it as much as I do! Here is the link again:


    Ronald Reagan Speech - 1964 Republican National Convention

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  68. My guess is, 12,000 OI, comex low of $31.26, bouncing up to close at 32.25.

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  69. This comment has been removed by the author.

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  70. @Joe Jost

    You are probably right, in the short time I've been reading Harvey he's been spot on.

    But something doesn't smell right all things considered - wouldn't be surprised to see a full reversal rocket ride up either. Today's action was a shakeout IMO.

    Place your bets, I've got mine placed.

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  71. Very wishful thinking that Harv is dead wrong this time and Silver rocket flies off to 34.34 and above.

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  72. Yep - you are probably right. See you in the morning, should be good.

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  73. @trashcan, It makes sense to pay off a fixed liability with future dollars that are worth less and to use the current dollars to invest in something that will gain value as inflation increases. That being said, we don't just have inflation, we have stagflation, which is inflation in the things we need and deflation in the things we have and don't need. To me, it is better to pay off the house because you're probably going to use the mortgage money to now buy the things you need that have gone way up in price, use any extra to invest in PM's, IMHO.

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  74. Harvey did give two alternatives, so wouldn't be dead wrong if it went up, 1) the tonnage taken off the GLD will be used in a raid tomorrow, or 2) the tonnage was taken out of the GLD as a redemption basket of shares turned in for physical. Hoping for number 2, expecting number 1.

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  75. Is the plunge protection team out on the dollar? It keeps bobbing up and down around the 77 level. I don't discount the very real possibility that the fed engages in "market interventions" to try to keep the dollar from embarking on a completely disorderly collapse.

    The EE has to be scared by the remaining open interest numbers so I'll be surprised if we don't see continued volatility to shake out some more contracts. SGS says she's got one more day to raid, which would be tomorrow.

    Nice to see it up a dollar off the lows earlier today but we'll see if the bitch brings out the big guns on the deathstar.

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  76. trashcan: A system crash would probably (almost certainty) require a "debt jubilee" (google it)....all assets and debts are reset to zero, because the currency needs to be replaced.

    We are near system crash in my opinion. One cause could be a bond market panic. Or a silver market panic. Or a housing crash panic from fraudclosure. And this time, the taxpayer will not want any bailouts, we are sick of non-working bailouts.

    If I had the cash, I would buy more silver instead of paying off a mortgage, but that's just me. Do what's best for you.

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  77. Just a guess:

    Today was options expiration, so TPTB wanted a lower silver price. Tomorrow they want a higher price to make it more expensive to stand for delivery.

    Shouldn't be too difficult with major nationwide demonstrations scheduled tomorrow in Libya.

    Question: even if 10K to 15K contracts are still standing for delivery on Monday, can't they still be bought off for cash premiums during the month of March?

    I think that Blythe's last resort secret weapon to delay a COMEX collapse is the SLV silver stockpile.

    Since JPM is the custodian of the SLV silver, they can use it to cover their COMEX shorts, and pay off any shareholders in cash or replace the SLV inventory with substandard bars.

    It's all in the prospectus. They even removed the word "bullion" completely from the prospectus. And defaulting as SLV custodian would be far less costly to JPM than defaulting on their COMEX contracts.

    But the word is that lately the Chinese have been standing for delivery by buying "baskets" of 50,000 shares thru authorized participants. If you can buy in quantities of $1.7 million and wait a few weeks, delivery of physical is still possible. But if the Chinese and others (hedge funds) drain enough physical from the SLV vaults, then Blythe's self-destruct device won't function.

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  78. 2:16am east coast time and silver is all the way back up to $32.87. No EE attacks today and we could be pushing $34 by closing time. Oil futures have jumped back up overnight also, guess the rumors wore off and crud is currently back at $98.35/barrel.

    Futures

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  79. Wow, I am so thankful for that Blythe dive last night! Managed to add £10k near the absolute low last night using BullionVault. Got most at £643.

    THANK YOU BLYTHE!

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  80. Correct me if wrong but the OI of 28K is basis 23rd WED, therefore it is quite likely we have lost the majority of those not intending to stand for delivery during the Globex flush on the 24.

    Also, the OI posted is as 6pm CST so the numbers posted on the 25th should include the Globex flush on the 24th, yes?

    ReplyDelete
  81. Paging Sueco, paging Sueco

    If memory serves me correct he has posted sometime very early each morning for the past two days some very accurate prelim numbers for OI. Not sure how he/she gets them, but info is info.

    And Qussl3, to borrow the Star Trek phrase, your logic is sound.

    ReplyDelete
  82. From a great article somebody posted earlier... a picture is worth a thousand words!

    http://www.financialsense.com/sites/default/files/users/u73/images/2011/0223-silver-production.jpg

    ReplyDelete
  83. @ trashcan
    Do not pay off that mortgage as it is the only thing you have to bargain between the county assessor with when they try and raise your taxes through the roof. If its paid off you have nothing. Say you paid 300K for the house and now its worth 220k your still able to afford (rationalize)the depreciation but, what if it goes to 150K ? You walk and tell the bank to go F themselves because, if the mortgage is paid off who are going to sell it too. even for 150K ?
    I thought about the same thing but the fact is there will be a further 25% devaluation in housing prices this year alone sparked by the CRE meltdown starting next week.
    Commercial realestate is in big trouble kids !
    Get ready for an asskicking starting in March !!

    ReplyDelete
  84. What a joke... the overnight chart is almost a straight line creeping back up. So much for the scary raid. Stop panicking!

    ReplyDelete
  85. Anybody getting offers for cash settlements on their contracts?

    ReplyDelete
  86. @Chris

    Thanks for the validation.

    Just to put it out there, but by my limited estimation wouldnt the most favorable scenario be a large drop in the MAR OI into the 5K range with a corresponding spike in the MAY OI be the most positive for prices?

    A large drop in the MAR OI would signal the weak hands are out of the delivery game and the spec interst has run into May, giving us 2 more months of largely positive price action, barring an economic/credit collapse.

    ReplyDelete
  87. Silver Rocket Countdown T-
    Last Printed 33.11

    ReplyDelete
  88. Holy crap. 33.12

    I'm buying whatever dip they serve today.

    But which of the 3?

    The pre-open pre-GDP primer.

    The Lunchtime special.

    Or the Occasional tea break varietal.

    Choices lol.

    ReplyDelete
  89. Seems to me the scenario is more favorable the higher the OI for Mar remains.

    Mar OI in the 5K range would be a failure in my eyes. I am secretly hoping for between 15-20K today, and then at least 10K Monday.

    Actually, I am secretly hoping for a WILD result like almost NO deterioration in OI today. THAT would get the ball rolling. And we would have more "proof" re Wynter Benton et al.

    But it is getting real close to put up or shut up time. Today's # is HUGE.

    ReplyDelete
  90. Silver on FIRE 33.09 tonight Gold @ 1409.34

    Best real time currency ticker and free.

    http://www.usagold.com/gold-price-live.html

    Later time for night night !

    ReplyDelete
  91. @coolbytes said..."Obama thinks the Chinese currency is undervalued by 40%. If they wont lower their currency, then we'll debase ours by 40%...The Fed/Treasury are literally attempting to steal other peoples resources with this insane policy."

    That's not entirely accurate. Keep in mind the Chinese Yuan is pegged to the dollar. So when dollar goes down 5,10 or 20% so does the Yuan. China doesn't want to unpeg the Yuan because it would result in a sudden halt to their export markets and their GDP would go from 9% to ~3% overnight and trade imbalances would reverse significantly to favour the US (after several years). Truth be told, they both manipulate their currencies.

    They are both playing Russian rullette. The US's QE machine is exporting inflation first to 3rd world countries (e.g. see middle east food inflation), and later to poor Wester countries. Eventually the masses will figure out that the reason they have no buying power anymore can be traced back to the US dollar printing machine. If you think the US has a lot of enemies now, wait till more governments collapse and even stronger anti-US regimes rise up. The Chinese by leavin their Yuan pegged and stimulating their economy at a factor of 3 times even more than the USA (per capita), will result in a real estate crash even bigger than the USA's (but with far less global remifications - no derivative alphabet soup involved), and the run away inflation they are starting to play catch up with now by raising interest rates, has barely begun. Whomever collapses first, loses. I think the USA will beat China, but then they may blow up their own economy right after anyway.

    The only solution here is for a new world reserve currency to be accepted by everyone in the G20 (including US and China). The current proposal is the SDR (Sovereign Drawing Rights), although I've heard at least 5 different flavours as to what that may look like. The longer they stall on agreeing to this new reserve currency (of which several proposals include it being backed by ~20% gold), the greater the risk to the world's economy.

    ReplyDelete
  92. So COMEX last trading day was the 24th and the first notice day is the 28th.

    So am I right in saying that if OI numbers for yeaterday (when we know them) are 20k+ that will be 100 Mil OZ and wil more than the COMEX has for delivery?

    Assuming of course that the 20K stand for delivery that is, either way it looks like if the number is around there we will see an actual or defactto default and a loss of confidence in the availability to deliver which must push prices up....

    Would appareciate some feedback on this logic?

    ReplyDelete
  93. @Cris

    I think the only way MAR OI stays huge is if the industrial users panic and demand delivery.

    However there is this uncomfortable piece of data that doesnt jive with that scenario.

    The industrial demand lags mine supply by a sizable margin.

    It is entirely possible that we are witnessing an inflation driven retail panic.

    Whether that can lead to an industrial panic I'm not so certain.

    We are at the top of a credit cycle and Asia looks boxed in inflation, and thus tightening wise.

    The major positive I see is that due to all the property clampdowns in China, money is being shifted into PMs instead of property.

    And Chinese like their physical, paper is BS to most.

    All I know is that if China undergoes a hard landing I'm going short the paper and going hunting for physical.

    ReplyDelete
  94. @flaunt @Qussl
    How about lap dance by Blyth as a bonus ?

    ReplyDelete
  95. Does anyone happen to know what the OI figures displayed in live trading platform feeds (such as TOS) represents? For the March 11 contract (SIH1) I see OI at 28.2K for 2/24 and at 19.5K for 2/25. Are these the previous day's figures, projections for the current day?

    ReplyDelete
  96. CD, 28,2k is the official number for yesterday. Dunno about the 19,5k for today, but maybe those are current numbers? Projections or estimates wouldnt make sense imo.

    ReplyDelete
  97. Those are preliminary numbers as posted by CME:

    http://www.cmegroup.com/daily_bulletin/Section62_Metals_Futures_Products_2011037.pdf

    That's 97M ounces still so we can expect Blythe to have a conniption over that tomorrow.

    ReplyDelete
  98. LSE paused.

    Technical issues.

    CAC paused yesterday.

    MIB the day before.

    NYSE to follow.

    Dont like it, a market crash is NOT good for paper prices.

    ReplyDelete
  99. Thanks, Markus. Well, with only 3 hrs into 2/25 (EST), and a tenth of yesterday's volume, the 19.5K OI could be interpreted as promising -- provided buying (and not panic selling) ensues when COMEX opens in the morning.

    ReplyDelete
  100. First position date is tomorrow, so I think that gives Blythe one more day to "convince" people to give up their contracts.

    First Position Date: The first date on which CME Clearing will accept intents and run assignments for deliverable contracts

    ReplyDelete
  101. SilverSurfer -

    If a new world reserve currency is backed and REDEEMABLE by 20% gold, then what they have done is effectively set the new market price of gold at five times the fixed price for redemption.

    If a new world reserve currency is "backed" by 20% gold, but NOT redeemable, then it is just another fiat experiment in which the amount of money printed cannot be verified, just as the amount of gold in central bank vaults cannot be verified. It would be just another temporary "fix."

    ReplyDelete
  102. flaunt.. I'd love if someone could clear this up:

    when is the definite date and time that we know the final number of positions still standing for the March contract?

    Thanks.

    ReplyDelete
  103. Flaunt:

    Why isn't Blythes best move right now to let the price run UP?

    ReplyDelete
  104. Cris - Explain to me why it would be her best move to allow them to go up?

    ReplyDelete
  105. IF 19K stand for delivery, I believe the shorts have the whole month of March to source for physical, ie prices will jump through the month of March.

    IF they haven been shaken out yet then the mother of all dumps will ensue today.

    Can anyone who has taken delivery shed some light on when brokers demand you post full margin?

    If most brokers have already demanded clients have the funds for delivery its rocket ride time.

    If not a BIG dump is enroute.

    Exciting lol.

    But knowing my powers of prognostication, I wouldnt be half surprised to see us trade in a 20c range into monday lol.

    ReplyDelete
  106. This thread over on SeekingAlpha has a commenter named Brian Wills who said he was on the board of governors for the Comex. He say the OI will keep going down until first notice day which is the 28th. He also thinks there will be no delivery problems, but we'll see. Read all his comments on that thread, he explains some stuff.

    http://seekingalpha.com/article/253746-silver-breakout-has-serious-fundamental-legs?source=commenter

    ReplyDelete
  107. Ive never been so glued to a chart in my life. This is ridiculous, i hope i dont wake up to another bs raid.

    ReplyDelete
  108. This is going to take a few days to play out but I have the feeling a huge downturn in silver is coming.

    What we have seen is just the warning shots from the big players. If silver goes back under 30$ all the leveraged longs will be closing out and that's going to continue all the way down to 20$.

    Silver won't correct on its own. The S&P is turning and that is going to be the catalyst. In my opinion the only way to play the long game now is without leverage.

    ReplyDelete
  109. @flaunt - This Brian Wills gentleman seems to know how to talk the talk, and convinced me that he knows how things have played out in the past. And he refuses to believe that things are no longer as they were. His is a rational (if a bit closed-minded) view - it seems odd that a man with his background (and proclaimed bullish stance on silver) would not have read Harvey, ZH, GATA or Turd.
    He is crowd control from the EE, even if his stated opinions are honestly his.

    ReplyDelete
  110. @Milked
    Looks like you are trying to MILK here too...
    How is Blyth? Is she sleeping properly these days?

    ReplyDelete
  111. Hi G

    I tried to say it politely 4 days ago but nobody noticed. Here is what I said

    http://tfmetalsreport.blogspot.com/2011/02/amazing-day.html?showComment=1298105908791#c1791030290136886634

    Now I am saying it a bit more vocally because there is an imbalance on this board. Everyone is long. and you know what happens when everyone is long don't you...

    ReplyDelete
  112. Check this out: https://www.ipredict.co.nz/app.php?do=contract_detail&contract=GOLD.GT1500.2011
    Its a contract that pay out if the price of gold closes above $1500 USD an oz on the 1st March, which aint far away.
    Im not sure if some one in NZ knows something big is about to happen (only NZers are allowed an account) or they made a mistake trading (kind of an expensive one if they did)!! Interesting either way!

    ReplyDelete
  113. I'll have to agree with miked.

    I really like this blog, and the comments, but if it gets so far that people are no longer even willing to keep open the possibility that silver is not the new Holy Grail you effectively end all rational thought. If contrarian calls are only met with suspicion as if some sort of agenda has to be behind them, then what you get is a silver-faith compounded by a witch hunt of contrarian opinions, not a discussion.

    Don't let the belief that silver will bring salvation run out of hand, keep your head cool. Otherwise you're nothing but an inquisitor stuck in his own world, burning heretics who might, incidentally, have something useful to say.

    I'm long silver myself. But it's only with money I can stand to loose.

    ReplyDelete
  114. Milked - 'Everyone' is long?

    If by 'Everyone' you mean the few hundred people (max) who post here, then I guess you're right. On the other hand, since a statistically insignificant proportion of the total investing population own any non-jewellery silver whatsoever, I think 'Everyone' is a slight exaggeration.

    I'm not saying you're wrong about Silver potentially taking a dive today, but you cannot take the participants on a PM focussed blog as indicative of investors generally, and draw the conclusion that the trade is crowded.

    ReplyDelete
  115. Also, on another note, I think I understand what just happened. Correct me if I'm going wrong anywhere.

    If you need to meet your shorts, you need to buy silver. If you want silver cheap, you need to crash the market. Sure, that'll use up some money, but if you're a big player it should be possible. Now, once you've let PM's fall of a cliff, all the stop-losses join in, weak hands let go of PM's, lots of liquidation, and not just right now, but probably for a while after.

    Basically, you create the perfect time to buy in. You buy large, people still don't believe the market is going up again because just a day or two ago we've crashed massively. So after a buy, POS goes lower again. You buy again, and wait for the weak hands to sigh and be happy that they can exit now at a higher point. You buy in again. Average you get a low POS, in the process of buying upwards you hope you'll reverse market sentiment, and whop, you've got a huge amount of silver for a low price in a rising bull market.

    Does that make any sense?

    ReplyDelete
  116. TurdleGG, great thanks for the intro how to trade Silver and Gold on Forex. I know it was at least a week ago but saying "thanks" later is better than never :)

    Can You pls give some info on options - in which case which maturity and strikes are to be used. A good link to such an info would help me a lot.

    thanks again

    ReplyDelete
  117. Hello Quintus

    Thanks for your reply. No I am not saying there will be a dive today. I am saying it will be playing out over the next few weeks. There is still too much complacency for a sell off to happen today in earnest.

    As you say this is a silver investment board and part of investment is knowing when to sell and stand aside. I assumed that with the 60k hits this site gets per day it represents a decent cross section of the silver investment community. And 99% look long to me...

    ReplyDelete
  118. Appears that IRAQ has taken a leaf out of Libys's book in gunshipping protesters in the streets - guess the price of oil is going up then.....

    http://english.aljazeera.net/news/middleeast/2011/02/2011224192028229471.html

    latest news here in Dubai.

    ReplyDelete
  119. Just tried to lighten up on my silver PHSP
    LSE stopped for "technical problems" , just
    checked with my broker - says i might not be able to trade for a day or two - unsettling

    ReplyDelete
  120. The London Stock Exchange is disabled "for a day or two" for "techincal reasons"?!

    That is f^&%$d up.

    To me, there are NO coincidences. In resonse to Turd's question last night, I said I would bail from "paper" silver at the first sign of "funny business", and this seems like a big fat "funny business" to me, if reports are true.

    @flaunt: I would think would want price of silver to go up in the very short term, ie until Monday, so as to inflict maximal pain on those contracts standing for delivery. Think of it as the only margin hike she can come up with now.

    ReplyDelete
  121. Hey Turd,

    Silver is/was... above/below/around the magical 50,000Rs per kilo...reading about silver in India (moneycontrol.com), not an insignificant market and apparently a significant number...

    Milked, good point. But, this is a silver-foil-hat site, hardly representative. Hulbert's HGNSI is 45% on gold(ie not overly committed therefore short term bullish) ...does he do silver? If not, there is your answer, this has hardly started.

    But, when I look at the ten year daily...we are on a space walk.

    All the best.

    ReplyDelete
  122. nearwana,
    Thanks for the thanks!

    Sorry, I don't trade options. But I know someone around here who does - Turd! And many others, it seems. Can anyone help?

    (the main reason I don't trade options is that I have access to as much leverage as I need, through futures, FX and CFDs. Americans aren't allowed to trade CFDs, which is a big reason for options being so popular there. It was actually the options industry that used its power to block CFDs being introduced there. But that's another story that's not really relevant for what we are focussed on here)

    ReplyDelete
  123. London Stock Exchange Gremlins?

    http://www.londonstockexchange.com/exchange/news/sharecast/news-detail.html?newsId=4072959

    ReplyDelete
  124. (silverblic) there was a zerohedge story several months back that a retired judge that oversees all metal market lawsuits basically said that for the last 20 years any lawsuit brought against due to fraud etc was 100% good old boy ruled against and not 1 lawsuit ever was won against. so.... the metals market and conspiracy continues in the metals market. The judge must have been dying or something to come out and tell the truth of the corruption but I still hope satan shoves a red hot gold bar up his ass.

    ReplyDelete
  125. @Milked
    I am long PM specifically for my retirement.
    I have come to TURDISTAN (this blog) to get insight into the Metals market and its daily min-by-min gyrations.

    There are many like Zealllc pridicting many things, but no one explains why or answers any questions. In fact most cannot even be reached leave alone expecting answers. Here we have Turd running a up to the min commentary.

    And if you really think Silver is going to fall back to $20/Oz. You are wasting your time here. Find a good wealth manager. Wall st. has many.

    ReplyDelete
  126. THIS MORNINGS THOUGHT EXPERIMENT- LET'S REVIEW OUR FUNDAMENTAL POSITION

    IMMUTABLE FACTS
    - the dollar has lost 90+% of value since 1913
    - this devaluation, due to debt monetization, is now in overdrive as yearly deficits are $1T+
    - the total national debt is officially $14T; unfunded liabilities some project to take this figure to $100T+
    - current deficits are unsustainable; too high a % vs. GDP
    - once we cannot service the interest payments, game over
    - there is no political will to address the budget; this is a fact today, this could change although unlikely
    - China has reduced their T-Bill monthly purchases as have others; the Fed is the largest buyer now and increasing
    - a debt that cannot be repaid will not be repaid
    - every fiat currency in history has failed
    - gold and silver have been real money for thousands of years; universally recognized as such
    - yet, PM's are not widely held by most people worldwide( YET!! ), more so in western world but still a fact. Same is true for hedge funds, etc.
    - increasing demand for physical PM's would very much appear to be a fact, based on many sources of information, none of which has any conspiracy drama behind it. It simply is being accumulated, in an accelerated fashion relative to the recent past
    - Most other fiats have similar issues as dollar, and have same structural problems and probability of devaluation. Look at their graphs vs. PM's. Again a fact.

    Please add to the list of facts, thanks.

    ReplyDelete
  127. - one other fact/observation: with high and increasing structural un- and under-employment, and an anemic economy, there appears to be no possibility to increase tax revenues ( actual tax revenues; the idiots could raise tax rates ) in any meaningful amount to balance the budget through income.

    ReplyDelete
  128. Miked, thanks for the other perspective :)

    Flaunt, I find it interesting Brian said this:

    "...However, during the month of March if the open interest in the March contract is judged to be too high steps will be taken to reduce the position [As noted --margin increases etc]."

    First, I think he's essentially stating that if there's too much demand for the physical, they'll make sure delivery demands are reduced.

    Second, not sure what he means by Margin increases - my basic understanding is you stand for delivery, deposit all the funds and wait for delivery. If all the funds are deposited, margin hikes at that point are irrelevant no?

    Flaunt, Qussl, I may be mistaken so please correct me if am, but they can attempt to shake the leaves from the tree until end of day Monday no?

    As for the 19.5K #, I'd be very surprised if the final # is close to it but we'll find out later today.

    ReplyDelete
  129. Thank you Save_America1st,

    At the risk of waxing political,
    A great speech by Reagan! Overwhelm them with evidence and direct quotes from socialist politicians, and then present a choice between freedom and slavery. Sound rhetorical strategies. Alas for the sophistry of the Daisy commercial that sunk Goldwater's campaign through fear.

    I wonder why this one is not in the books of great speeches I have on my shelves, all compiled by liberal college professors?

    Take heart. We are fighting that socialism and the powers behind it through taking delivery of physical. I am just wondering how they will try to maintain their power after their financial system fails.

    What will silver's role be? someone asked about paying of a mortgage, or if it would matter. I have been wondering the same thing. I am heavily invested in real estate and wondering if my mortgage-holders will even exist in a year, if the MERS system has already destroyed my original notes? Will there be an institution that steps up with a legitimate claim to hold a mortgage on my home and rental properties?

    At this point, I am hoping to take profit on my silver and pay off mortgages that have been reduced through inflation. I'll probably lose some properties during a crash.

    Anyone else in the same boat?

    ReplyDelete
  130. OK, one more "fact" for the short term minded watching every tick of the battle royale, raid and response, going on into Comex expiration.
    Where is this battle occuring?
    GOLD: $1400
    SILVER: $32+

    Wasn't it just weeks ago that much conjecture had gold correcting to $1260, and silver back well below $29 and some thought to below $20?

    The battle is being pitched around some very nice numbers, say what?

    ReplyDelete
  131. pat: You summed it up. End of todays' commnets. Waiting for Turd.

    ReplyDelete
  132. @Caramel

    Please note I have NOT taken delivery before so anyone better qualified please correct the following.

    I believe the mechanics are that the march contract can be traded till the third to last day of march itself, but you must be able and willing to take delivery anytime during the month from the 1st trading day onwards.

    Thus most brokers would force you to roll the month before in febuary if they do not allow delivery.

    Thus the deadline for the weak hands (longs not desiring delivery) to bail would be first day or whenever their broker forces the roll.

    We will only know for sure come Monday/Tuesday.

    If things hold to form and <5k stand for delivery - a flood of sellers should be coming.

    ReplyDelete
  133. @Uncle Fester...She missed my stop by 3 pts. We'll see if she gets me today. One thing I know is nothing has changed, however I'm not moving it down, I'm not willing to give up gains beyond my stop.

    ReplyDelete
  134. Fellow Turd Fans: PLEASE take the time to submit a comment to the CFTC regarding silver position limits, as requested by our friend Ted Butler. Here is what I wrote:

    Your comment: Honorable Chairman and Commissioners of the CFTC:

    Please consider adjusting your position limits per organization to 1,500 contracts or less, total for all delivery months. 5,000 contracts is just too high and encourages further manipulation of the silver markets. It would be best for markets to serve a true price discovery mechanism, not too high, not too low, based on real world supply and demand. When the commercial banks can suppress the price of silver for decades, what happens it that is it used up and wasted, and that is exactly what has happened.

    Thank you.

    The link for submitting comments on position limits to the CFTC is:

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

    ReplyDelete
  135. qussl, hopefully someone can chime in to confirm.

    question then becomes how many of the holders are with brokers who force you to either liquidate or rollover?

    Surely most/all the speculators with no intentions of taking delivery left March behind after yesterday's action.

    Final #'s from yesterday will be interesting no?

    ReplyDelete
  136. @caramel

    OI as of this morning bulletin is 19k - huge. Most brokers do not allow delivery, so for seasoned players unless they want delivery they'd be out by now.

    So it's either alot of retail holding into the very last day they can with understanding brokers or one heck of a delivery issue come march.

    All the hoopla around silver recently may have suckered alot of fresh retail so that could explain the elevated OI, but one never knows.

    GDP coming up soon with no big raid yet if this comes in light I think we may finally have a situation where shorts scramble this late before first day.

    I hope lol.

    ReplyDelete
  137. Good morning, everyone.
    Its 8:30 EST and I'd sure like to see silver pop backover 33 and gold back over 1410. Lets see what happens.

    ReplyDelete
  138. Yes, Turd. I'm expecting a short covering rather than a raid this time around...

    ReplyDelete
  139. Re: posting funds for taking delivery, my broker (ClearTrade/MF Commodities) told me I have until Monday to post full contract value.

    After yesterday's action, I hedged my positions (except gold, waiting for the action to clarify). I am still net long a bit, but I'd rather see my account stay in a tight range while the March delivery question is resolved than try to be long and hope for the best. That did not work out well yesterday.

    ReplyDelete
  140. Turd,

    We are dying of suspense here.

    What's your take on the prelim OI of 19.5K.

    That's pretty impressive, no?

    ReplyDelete
  141. Ive posted on the CFTC site asking for position limits at 1500 - doing my bit!

    20,000 Contracts still? looking good for a nice outflow of physical then?

    ReplyDelete
  142. GDP light, prices and spending up.

    Beginnings of stagflation anyone?

    When the idea of stagflation becomes entrenched and the PM rocket ride begins in earnest, that'll be when it's best to look for the next asset class.

    ReplyDelete
  143. Re: closing out positions with brokers that don't allow taking delivery, I called IB and spoke to someone who had to look into it in detail. He told me specifically that they would convert my option to a contract (on margin) at the close of market Wednesday or Thursday (I don't remember which, but I believe it was Wednesday), and then automatically close the contract overnight. Holding it until today was not an option. If I held the option, they would automatically close it out for me (and no, delivery was not feasible in any way). They would have let me transfer my option to another broker, but they wanted 8 days to do that (though the other broker told me it would only take 1-3 days).

    ReplyDelete
  144. CRIS - Can you tell me where you are seeing the current IO numbers?

    CME Group is not updated yet.

    Thank you.

    ReplyDelete
  145. qussl,

    19K is huge - can't imagine final #'s being around 19K but we'll see.

    Hopefully the #'s coming out of the comex are accurate :)

    ReplyDelete
  146. Cris, its just impossible to know. We may still end up with the same 4000 or so that we had back in December.
    What would be fun would be to see the March OI rise today. IF a WB group exists, you'd expect them to do some buying here.

    Btw, this is interesting:
    http://www.debka.com/article/20708/

    ReplyDelete
  147. Iron tiller bitchez!

    Another day to stand strong against the monster BM!

    It dawned on me yesterday that the silver market really is a ticking time bomb going off. Sometimes I say it so much to myself and am so entrenched in reading about it that a day like yesterday, with a massive reversal of 5%+ makes you stand back and re-assess what you think. It's ridiculously difficult not to come to the conclusion that sometime in the next 3-9 months we'll see a complete disappearance of physical silver stockpiles.

    Eric Sprott could decide to buy $1B worth of silver and pretty much wipe out Comex single-handedly. Think about that!

    ReplyDelete
  148. I have posted my CFTC letter, have you?

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

    I'm long. wondering if I should sit out the day until 3:30, like I wish I would have done yesterday.

    Short covering today, or another raid? Both have been asserted here. I would like to hear some predictions with reasons.

    ReplyDelete
  149. Dr. Jerome

    You and I are thinking along similar lines. Currently my total debt levels, house, car, everything are roughly offset 1:1 with my physical metals holdings.

    It brings peace of mind to know I could always sell a little bit to make a payment, or go debt free by selling the whole pile.

    BUT, I'm in no hurry to do so. I expect the debt, being largely fixed rate, to get less and less burdensome over time, getting paid with cheaper and cheaper dollars. While the metals have the wind firmly at their backs.

    At some point in the future, I expect to be able to go debt free while only making a modest dent in my metals holdings.

    ReplyDelete
  150. qussl,

    http://finance.yahoo.com/

    title I read on main page: "world shares recover after oil prices drop".

    Message to reasonable bystander: oil down, stocks up & if oil up, stocks down.

    curtain, much appreciated. So I understand, some brokers allow delivery (probably few) while majority don't? And if one's with the latter, one can 'switch' mid-stream to the former to turn the option into a contract leading to delivery? Or did I read too much into the sentence? :)

    ReplyDelete
  151. I sold all my stocks yesterday morning the second the market opened. Turned out to be one heck of a call.

    I bought back in this morning. Hope it pans out.

    Long SLW and PAAS

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  152. Turd, PLEASE see my comment and Dr. Jerome's comment and emphasize, with link, the need for all of us to send a comment to the CFTC regarding silver position limits.

    Thank you.

    P.S. have you guys been checking into my Silver Data spreadsheet

    Click Here

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  153. The Turd must really be steaming after that big drop last night.

    No wait, that came out wrong...

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  154. Yes, Dr. Jerome.. I did it. Thanks..

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  155. What's this?: CFTC, SEC halt criminal investigations, blame lack of money:

    http://online.wsj.com/article/SB10001424052748703905404576164774042487098.html

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  156. I must say that the action till the last day of FEB trading day after breaking $31 a few days ago is really "SUPERNOVA"!!!!!

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  157. "TurdleGG, great thanks for the intro how to trade Silver and Gold on Forex. I know it was at least a week ago but saying "thanks" later is better than never :)"

    How did I miss your intro T GG!?? ..I was one of the ones looking forward to it but somehow I completely missed it. ..These threads move so fast and sometimes I have to try to scan through at the end of the day. If you would be so kind as to just tell me which day, I will go back and research those threads. THANKS!!

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  158. sass, one thing - under "comex", 19,544 is pre-lim for yesterday, Feb 24 and 28,275 is final Feb 23 no?

    May I make another recommendation :)? Possible to add in a "PNT" category?

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  159. rahbii, your CFTC comment/link to WSJ is disappointing but not surprising. For crime to continue there are many ways to avoid capture and continue an ongoing enterprise. While Ron Paul is attempting to kick down the front door I suspect the scoundrels just move all the Weapons of Financial Corruption (WOFC) to another safe house. Or just bar the door. Or change the rules. Or suddenly run out of funding. Or the dog ate the homework...

    I've received permission to post Ted Butler's call to action and links to the CFTC, so I'll copy/paste here in a few minutes.

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  160. Chawanmushi -

    雷声大,雨点小。 = loud thunder, little rain; a lot of talk, little action

    Are you taking the piss? What did you think happened on a blog? Maybe you should head over to the pits and start buying silver contracts???

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  161. My wife recently had a conflict with city officials where we live. She asked her friends on Facebook to contact the city and demand action. They were swamped with calls and caved in within a day, and asked us to take down the facebook post.

    The more CFTC letters, the better. They may not read them, but they tally them and politicians don't totally ignore the public.

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  162. @caramel

    The majority do not allow for delivery Im only aware of Lind waldock for the little guy.

    If IB closed out march contracts yesterday expect most other brokers to have similar protocol.

    I believe this is the largest OI going into first day, regardless of what happens it's going to be fun to watch.

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  163. Ah, there she is, right on time. 9:30 down draft.

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