Monday, March 21, 2011

Another Week Begins

To the surprise of no one, the PMs rallied overnight and then were stopped dead in their tracks at 8:00 a.m. EDT by The Cartel and their monkey minions.

We've discussed quite a few times the apparent significance of the $36 level in silver.
http://tfmetalsreport.blogspot.com/2011/03/curious-case-of-36.html
http://tfmetalsreport.blogspot.com/2011/03/clinging-to-36.html
http://tfmetalsreport.blogspot.com/2011/03/questions-continue.html

The pattern continued this morning. May silver reached $36.18 this morning before being beaten back like a Gadaffi rebel. Expect this pattern to continue until/unless something dramatic happens. For now, if you want to play along, you can trade the range. Buy near 35, sell above 36.
Gold also traded back to its resistance zone of $1430. The selling above that level doesn't seem as forced and as manipulative as the selling in silver so perhaps gold will be able to slowly draw away and UP as we go through the day and the week. Keep in mind, too, that April options will expire at 1:30 pm EST next Monday, the 28th. That little fact is certain to add some volatility to the mix.
Crude, having rallied Thursday, Friday and overnight is now taking a breather. It needs to be watched, however, because if it can't get UP and rolling toward $104 soon, its going to roll over and head back down toward 99-100.
Finally, here's a snapshot of the dollar:

That's it for now. More later. TF



p.s. OK, here's some actual $ analysis that someone sent me
http://goldscents.blogspot.com/2011/03/end-game.html
and here's a chart that goes back to the beginning of this year. Yikes!

171 comments:

  1. ...and the evil minions at JPM are throwing THAT piece of shit to our silver to drive its price down

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  2. I snorted my hot chocolate on the Dollar pic.. LAWL!!

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  3. The allieds bomb Libya = PM's go up.
    ------------------------------------
    Question of the Day:
    If 'Daffy Duck' catches a direct hit from a Tomohawk will the news cause PM's to go up or down?

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  4. It seems to be strong force's in play, prepared to do what ever is necessary to keep the price of silver below 36. I wonder what extreme things will happen if the price were allowed to rise higher?

    /Hayekfan

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  5. A question for the masses:

    How do you buy your bullion (provided you are into physical, which I should hope you are)? Do you buy on websites or at a local coin shop? When I first got into physical I foolishly ordered on websites and paid exorbitant premiums, then I found a local coin shop that sells everything, and I haven't gone back to the web since. Just picked up some older RCM 10oz bars the other day...very pretty.

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  6. @Watcher

    J. Willie NL views may be flawed. There have been no reports of Sprott having to pay a premium in order to get the initial ounces for PSLV. I doubt very much a BOS such as PSLV would have paid a premium for the AG. Eric Sprott did in fact mention that the time it took to deliver was longer than expected but you also have to take that into context - refineries simply dont have 22 million ounces of AG in ready-to-deliver investment grade bar form. They have the silver which needs to be melted to satisfy the order.

    My opinion is that the true premium is measured at the refinery level, not at the distributor level (coin shops/etf's/bullion dealers/etc). It's a measure of who is willing to pay more to get their AG before anyone else and he who owns it (miners) sets the price based on supply/demand market fundamentals. It's only when the true source becomes overwhelmed with orders that the premium increases which is then processed throught the system all the way downstream.

    PSLV premium - I agree, it is the premium investors are willing to pay to hold what is considered to be the most secure paper investment tied to silver. It will appreciate in good times and depreciate in bad times. Nothing more...

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  7. Keith Neumeyers appearance on CNBC gave First Majestic an instant $.50 pop!

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  8. xty,
    If you're on here now ...I only just now got to read the end of the 'Black Horse' thread and I lol at your comments wrap/analysis. FABULOUS job in the summary..with a touch of humor. I agree with Bro.D that you should post a weekly
    'Comments Summary' based solely on your powers of memory alone ..maybe on Sunday night each week?? ..I could have never done/remembered all that you did. ....Sorry, but once you do something well it just falls on you to do going forward. :] ..You are automatically elected without your permission. :D

    ..And there was another whole thread overnight after the Black Horse thread that I missed entirely! "/ ......That's ok.. I'll just check back with your summary later this week to see what I missed. ;)

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  9. Tell me what the derivatives are that are tied to the $36 level in silver? You can't because they do not exisit. It is propaganda spread by the entity or entities that wish to halt or slow the rise of silver. Please, tell me what they are. If you believe that level will be defended to the death, and every time you poke your head above it you get beat down, then they succeed with minimal effort while they fight battles on other fronts. ie dollar, yen, gold, crude, corner copper etc. Eventually we take out 36 but until then it is a trading range. We should be $40 right now so they are "winning"
    I will be trading the range with one foot in the door so when we blast through, I am there. I am talking about the commodity silver not the mining shares. I continue to accumulate on weakness. My silver miner is EXK. My gold is NGD. GLTA

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  10. agophillic

    Initially I bought most of my physical on eBay. At the time (1-2 yrs ago) prices were the best around, if you were careful. But then as metals broke out eBayers got overly excited and started to pay ridiculous prices for everything so I had to back away. In the meantime I've developed some good relationships with some local shops, and that is a great way to go.

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  11. Ginger

    You have to go back and read last nights because we had a whole big thing about sterling on eBay, that I had started and directed to you in the first place. :D

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  12. Fed Must Release Names of Banks That Received Emergency Loans During Financial Crisis: Supreme Court

    http://www.cnbc.com/id/42193298

    WOW! The sh*t... er...Turd's $pic...er...the dollar ....er...whatever, it'll all hit the fan, I believe when we find out just who all got the big bucks from our crooked cov't WallStreet boys and the Fed.

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  13. I agree with atlee. If you are trading the range, and selling above 36, then you are doing their work for them. YOU ARE ONE OF BLYTHE'S MONKEYS!!!

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  14. I think we need to come up with some new sayings, such as

    "When the Dollar Hits the Fan"

    "The Dollar always rolls downhill"

    "Oh Dollar!" and/or "Holy Dollar!"

    "You're such a Dollarhead"

    and last but not least, our esteemed host, "Dollar Ferguson"

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  15. atlee,

    you must be new to this. See, there is a boogeyman, er woman, named Blythe that controls the price of silver with the wave of a hand. She decided that the price of silver should remain below $36 and everytime is nears that level, she snaps her fingers and WHAM, the price drops $0.50.

    She is no ordinary human - she survives by consuming silver in large quantities - usually by sprinkling shredded silver on her salads. The only way to defeat this evil being is to buy an ounce of physical silver and thus starve her of her sustenance.

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  16. Marcel

    If you are out there, did you see those drill results that Fire River just released? Holy Schnike's!!

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  17. $36.00... again. :)

    It's only a matter of time. Longs are a resolute bunch absorbing anything that is sold to us short.

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  18. What will happen with my forex broker OAnda when JPM goes down ? OAnda has all it's accounts with JPM. I am longing my paper silver(XAG) there, so I am worried about my funds when SHTF and JPM dies.

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  19. Coin shop update. This is the only coin shop I've found in the Charlotte, North Carolina area.
    Two weeks ago, silver eagles were $7.00 over spot, last Saturday they were $9.00 over spot. Rounds were $4.00 over spot. The same price whether I bought one or a hundred. Needless to say, they weren't doing much business. I think this place caters more to the collectors. I once got a 1923 British sovereign there for a little over spot. I'm not an expert collector but I thought that was a good deal.

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  20. ScottJ88

    My understanding is that activity in the Bakken Field is booming, that production is growing by leaps and bounds. Not sure what restrictions you are talking about. Maybe mixing it up with some of the Arctic areas?

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  21. Looks like Blythe's off to the washroom as silver just slipped past 36 :)

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  22. Why do surges usually start on an hour? See today for what I mean... 10est and 11est...

    Anyone have any thoughts?

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  23. Harold

    I love those Sovereigns too. Just a hair over spot is a great price. From an online seller 6-10% over melt is more common, plus a credit card fee, plus shipping.

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  24. am I readng this volume correctly?

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  25. nope, volume's fine, temporary chart error i guess

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  26. An interesting interview regarding banks, fraud and more fraud.

    http://www.theundergroundinvestor.com/2011/03/a-history-of-rigged-fraudulent-oil-prices-and-what-it-can-teach-us-about-gold-silver/

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  27. Eric and Irene
    The last link Turd provided from goldscents.com about the dollar is actually Gary Savage's blog - I forgot to mention yesterday that he too had a blog and the link is right there on the home page (www.smartmoneytrackerpremium.com). Toby Connor is a screen name he uses for GoldScents.

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  28. eric#1,

    How 'bout that FAU?!! UP 15% on positive drill results @ Nixon Fork. Huge volume on the TSX.V as well.

    word verification = "reiney" as in FAU = my reiney day fund

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  29. Silver with the solid bid this morning! Exited SLV calls for nice profit from Friday.

    In my opinion, it is imperative to have a local relationship with a local dealer. There will be times when you need to move out of physical and will want someone that can immediately hand you cash. You won't be able to do this easily over the internet. Especially with any banking disruptions.

    Also, as silver heads way higher there will be a lot more counterfeit showing up. You need to have someone local you can trust to "weed out" the bogus metal. In Washington State we have already had reports from pawn shops of imitation silver arriving from Thailand.

    I will not be selling physical any time soon but there will come a day, say when 1 oz. makes the mortgage payment that I will need to briefly exchange for dollars.

    There will be temptations from these online dealers to begin delaying orders and other nefarious activities when the price really begins to rise.

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  30. while (silver.getPrice() > 36) {
    comex.sell_contracts((silver.getPrice() - 36.00)*100);
    sleep(1000);
    }

    The day we take out 37$ this happens:
    http://www.youtube.com/watch?v=3rnWSLqV3R0&feature=related

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  31. So, a local guy is offering to swap 500 oz of name brand silver bars for 500 oz of American Eagles, plus a cash premium of $1100. I'm thinking that the cash will get me another ~30 ounces, and the premium on Eagles won't keep pace percentage-wise with the continual gains on silver spot.

    I'm pretty sure Eric would take the deal. Any thoughts, anyone?

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  32. I agree atlee & eric

    I mentioned this yesterday. I'm now getting nervous being out over 36 and lost some profits as of right now. I'm buying back in near the comex close but not selling agian. This should be 40 IMHO. And that will be the fight of fights I believe

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  33. eric#1,

    Is that what they mean when they say "bonanza grade"? 3.66 oz/t over 6.0 m!!

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  34. (Bloomberg) -- China’s Silver Imports in February Were 245.6 Tons
    China’s imports of silver in February were 245.6 metric tons, the customs agency said. Imports of platinum were 7.3 tons and palladium shipments were 3.3 tons, it said today.

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  35. "SMARTREND DETECTS CONTINUED BUYING PRESSURE IN SHARES OF ISHARES SILVER TRUST (SLV)"

    http://www.zacks.com/research/get_news.php?id=080l7660

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  36. agophillia

    My best deals were from the local coin shop. The relationship with a cash buyer who knows and trusts you as a "regular customer" might be very important later. But I had to try a few to find a shop with people I like. I buy some from Providentmetals... so far so good, but I pay a higher premium there.

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  37. Only thing is even an amature trader, such as I can see this range. It is frustrating me that I don't short it when I sell. I would be killing it.

    A twenty cent move is something in my account. It doesn't hurt me but its over a days pay.

    I just hate the dollar and can't buy it. Is this smart? Should I fight my greed? After all I'm in this to fight the EE and stand for whats right. I work hard for my money and want to save my wealth. Not watch its value actually devalue while in savings account.

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  38. Scottj88 said... Why do surges usually start on an hour? See today for what I mean... 10est and 11est...
    ---
    It might have to do with trading 30 minute candles. if a candle closes above a resistance point, then 30 minutes later the next candle closes above the previous close , that's a buy signal. could be either algo boxes, simple macros, or a bunch of people with their finger on the buy button all following the same queue maybe

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  39. Turd
    Next update should be titled

    Can't you hear me knocking?

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  40. And behind the scenes the possibility of a conflict involving Iran grows:

    http://www.english.mojahedin.org/pagesEn/detailsNews.aspx?newsid=11871

    “We share the view that Iran’s activities in the Gulf, including its efforts to advance its agenda in neighboring countries, undermines peace and stability,” she told reporters after an international conference on the crisis in Libya. At that meeting, she met with numerous Arab officials who complained that Iran was fomenting unrest Bahrain and elsewhere.

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  41. For anyone living in the Northwest, I have dealt with NW territorial mint. They have there own coins but also mint for Pan American. While I get better buy prices from my local guy, the sell side is definitely better at the mint. They have no problem with large transactions.

    A couple years ago I was in a position where I needed cash. It was no problem for them to handle 20k plus. They asked me if I wanted check or cash.

    They also handle some foreign currency. If you have a large stash of cash you might want to consider holding some of it in Canadian dollars. It will not lose as much value and is easily transferable to USD.

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  42. In the name of security and anonanymity in holding PMs at your house, are you telling the local coin dealers your name? I would think you'd not be.

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  43. Mister

    Absolutely I would take that deal in a heartbeat. I do have a few Eagles here and there. I'm starting to think maybe I should get them all out, take them to the shop and see if I can swing a similar deal.


    Marcel

    That is a big time glory hole, I'm thinking. They still need to get the mill running though, otherwise it just sits there in the ground. Bralorne has never it a hole like that though, I can tell you that.

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  44. Ok I just paid 206.41 for some more AGQ. Come on lets roll.

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  45. aurum -

    Think about using a stage name or blogger name. Anonymous is best. It is definitely worth going the extra mile to build rapport and eventually these relationships may be vital. My local guy has given me discounts over and above what he gives other people. I can by less than a bag of junk but get the full bag discount from him. I can buy partial bags from him and sell full bags to the mint. The mint gives you a bump for a full bag. This is definitely the tightest bid/ask spread I have come up with.

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  46. aurum

    It depends on the shop. The good ones share your concerns, keep things quiet also. Professional discretion so to speak. But it's nice to know a guy well enough that he'll take a personal check from you for instance if the great deal is there and you are light on pocket cash.

    Gotta remember, these guys have their names on the door, live in the community, and all that too.

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  47. @ Dave412

    Thank you, that makes a lot of sense! Appreciate the response.
    -
    Scott

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  48. Oh Happy Day in the Martel household!

    Not only did FAU hit the motherlode. Kitco just delivered the shiny I bought last week.

    They're my first Au purchase and also first bars I've ever bought. Suisse Pamps and they are a thing of beauty to behold!

    My physical purchases to date have been limited to junk coins which aren't as esthetically pleasing.

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  49. Hello Ginger - thanks for the thanks. I was embarrassingly pleased when Scott posted my encouraging words and it unleashed a torrent - which of course promptly closed the thread!

    I see the dollar/yen is settling down and we are back above 36! And could we please just stay there for crying out loud!

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  50. @agophillic

    I buy my bars online at Gainsville and my Libertades here at the bank. I've lucked out twice and bought silver (once 90% USA coins and just a couple weeks ago a 1 troy pound round) from people who walk in and sell for half or so of spot.

    I just bought a sterling plate on eBay but that's for something else, not for investing.

    We have no coin stores here locally.

    Many profits,


    Jai

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  51. Good one in using the right terminology when addressing the manipulation. The Cartel is correct...

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  52. BTW, sorry to be a party pooper but Im selling here... :(

    Hope Im wrong...

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  53. Scottj88,

    Why the spikes on the hour? Smoke break every :45 minutes of the hour. On the hour, smoke break over. 'Tis a mystery.

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  54. Marcel

    Congrats! I think we were telling you you'd love the feel of that gold in your hands. Silver can't even really hold a candle to it.

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  55. Mister

    Sounds like a good deal to me as long as you either know and trust the guy, or you can validate the bars so you know they are the real thing. He's paying you a $2.20 per oz premium on the eagles...that's hard to resist!

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  56. 36 is looking stronger every bounce. A close above that should indicate some real strength. Next buy is a long term hold for me. GL all.

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  57. Eric,
    Thank you for the heads-up on the previous thread. I will definitely be going back to read it ..though probably not until this evening as I find myself inundated with work this morning.. that estate that I'm liquidating.. I keep dragging my feet but need to finish it up. Just wanted to say I'm looking forward to reading it though if y'all talked more sterling!! ...I'll definitely be reading it before I do any sterling listings anyway. :]

    xty,
    Are you saying that you and Eric are vying for first place as 'thread killers' ? lol.

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  58. Oh and I can't resist chiming in again on this dang premium conversation. There is a true, so to speak, spot price. There it is, on the Forex screen. But there is no 'true' premium. There is no 'true' price of silver. The only price that matters is what are you willing to pay? No right answer - just an enormous number of variables way too complex to list or even recognize that come together in a simple transaction, currently carried out in strange fiat pieces of paper or as pixels on a screen. Whatever price you pay is the right price at that time. Spot + premium = price. Price is a constant subjective variable.

    Rant off, calm, reflective persona back.

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  59. SUBJECT: Paper Stock Certificates

    Has anyone ever considered asking their brokerages for the actual paper stock certificates for any long term stocks that you have?

    This is a FEAR thing for me if any of the conspiracies of the DTCC and the world in a SHTF mode.

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  60. Eric #1

    Melt value is a better term. It wasn't much over the melt value, plus no shipping. I don't look at buying sovereigns as an investment, I just buy what I like.

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  61. Ginger
    Yes, I think you'll find it all very interesting. We went back and forth on it throughout the thread, crunched the numbers pretty hard. One of our own Turds (Jai) actually bought the thing. I about fell off my chair when I read that! Plus I had a comment near the end about salt/peppers and candlesticks that you will want to read.

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  62. If you are thinking about selling, take a step back and look at at a 10 year chart for silver & gold. Most ups and downs are just noise in the system. The fundamental reasons for PM's only get stronger as we move forward. Timing the market is a fool's game. Buying & holding longcvterm based off of sound fundamentals is where the real money is.

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  63. The important skill if you too want to be a thread killer, is to finally pour out some at the time incredibly insightful and heartfelt post, or key argument in a troll environment, at exactly the moment Turd is posting "New thread for your evening entertainment." The more you hesitate before actually posting the comment, the stronger the cyber force at work. Some internet law of probability at work no doubt.

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  64. HArold

    When you said "over spot" I assumed you meant "over melt" , but yes "over melt" is the much better term, makes sure everyone is on the same page.

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  65. Atlee,

    I am also curious about the verity of JPM's silver exposure rumor. I've been digging around and the best source I have found so far is Max Keiser who refers to rumors from the floor and cites WB. That doesn't inspire confidence yet.

    I think it is important to know. If JPMs downside exposure goes exponential above 36, we might find a much more difficult time moving up. But if it is all smoke and mirrors, some confident buying might push up through 37...

    Anybody else have a source?

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  66. Hi all
    Following this Blog from the very beginning, I even remember when someone on zero hedge said Turd : “your comments are valuable, why don’t you create a blog ?” thank to him to have done so, that make a valuable blog on which valuable comment can still be found.

    So one day someone here has provided the link to a live chart: Netdania, thanks to him too, I enjoy watching Silver progress live.

    But there is a button to see the volumes and I discovered something that seems odd.
    Is this a Netdania bug?

    Has it been discussed here, and because of my poor English I didn’t understand?

    But I have seen that daily volumes in silver that never in history had reach more than 700 000 (of what ?) has come between December 10, 2010 and February 23, 2011 to an average volume of 5 000 000 with a peak at 15 000 000 on December 15.
    Since then the volumes are back to normal.

    We discuss the prices here, the 36$ path and so on, but it seems that something has been happening on silver during that interval of time (December 10, 2010 and February 23, 2011) and is now over.

    So, please, can someone tell what I did miss ?

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  67. SilverRun - I have been wondering about that. I suppose they might offer them if asked. It certainly would seem more real than a monthly statement from an institution that might go belly up.

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  68. Perception is 90% of reality

    its a bitch

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  69. 5 Min gold and silver charts suggesting a big move is coming soon.....

    Dollar is plunging as we speak...

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  70. sibeoni - Hello - nice to have you comment. I have seen that, and my hubby and I assumed there was something wrong with the chart, and I never really worried about it again. It is something that should be googled. And your English is very good.

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  71. atlee - yes, so perception is %90 of the price undoubtedly, and only %10 is intrinsic value. But even that is hard to measure, as it would change according to the use of the object.

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  72. JUst bought some Brigus Gold. Anybody got an opinion on that one?

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  73. xtybacq,

    I believe they're required to issue stock certificates on request. I'm still researching (not very quickly), but I also believe it doesn't slow down a sell transaction.

    So what kind of message would I be sending to my brokerage? Scary thing is, it's JPM/CHASE!! Not of my choosing; been consider moving this 401k or cashing out.

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  74. "beaten back like a Gadaffi rebel" - Funny!

    9th time over 36 now if I've counted right. Too much buying power to keep it down.

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  75. We at silverdoctors.blogspot couldn't agree more about the $36 level in silver. The problem for Blythe is that the longer they stubbornly cap the silver price at $36, the stronger the floor/ support $36 becomes once the level is taken out.
    This puts a move to the all time highs around $50 as a distinct possibility for 2011.
    Excellent commentary!

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  76. gold looks like it's got a rally on its hand. no selling for me, and a close above 36 today, i buy more, and more tomorrow.

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  77. That took alot to go under $36 agian. This forex market sure looks bullish today.

    I'm excited. Can't wait to see what Turd thinks.

    I have decided to end my day trading because I can't function when I'm on the sideline with silver. LOL. Really though I just feel it could go parabolic anyday now.

    When a limit up happens how does forex respond? My understanding is $1.50 is limit up for silver does that mean trading stops till next day or does it mean the price can only go down?

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  78. Eric,
    Brigus Gold looks GOOD to me! ...BUt what do I know? ..Interested in what other have to say here. Added to my watchlist. ..thanks.. ..ANd YOu and I TYpe The SAme way.. I just normally go back and fix all my stupid CAps.. :D :D

    PS.....isn't the time to ask before you buy?? :D ......(but I can see why you'd be pretty confident there....)

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  79. @Eric/Ginger

    I've been holding Brigus since it was Apollo Gold and merged. It never seems to go anywhere. Sold one of my accounts when it went over $2.10 at one point. Good decision because back down it went. Maybe someday. Patience definitely required.

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  80. Here's my sort of runonsentencethoughtprocessonBrigus:

    I did a bunch of DD trying to find something interesting that I didnt' already own and came up with Claude, Timmins, and Brigus. Claude and Timmins had the great charts and all the pizzaz and all the sizzle, and poor little Brigus was sitting there with a crappy chart. Loved the fundos on Brigus though. RIght in my wheelhouse as far as what I love to see for fundos, but the chart just stunk and usually my rule is that a crappy chart means there's something wrong that I don't know about and I gotta walk away. That's what kept me away from Great Basin and that's what helped me unload Hecla just in the nick of time, but still I couldn't get away from the fundos on Brigus. So this morning I've made up my mind I'm going to buy one of those three, don't know which one yet. So it's a strong opening and everything is up and lo and behold Claude and TImmins are down! and Brigus is UP! so I think maybe the Mr. Market is going to pretend to be efficient and bring Brigus up a while and the other two down a while and I go ahead and pop on a little slice of Brigus. What the hell. let it ride. the whole shit is going to themoon anyway.

    Just a little peek inside my brain. I know it's not a pretty sight but there it is, if you can't share with your fellow turdlings who can you share with?

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  81. Ging

    I stopped fixing all my Double Cap CRap. I YAm what I YAm and THat's ALl what I Yam , just like POpeye.

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  82. Eric#1 True dat. Here is one of my recurring thoughts - I keep thinking of Iron Chef - the commodities like secret ingredients going up and down in value as the various powers that be desperately try to manipulate things so that their friends get rich like increasingly insane really intense chefs. Ben Bernanke working up a sweat, with a growing pile of dollars he needs to do something with, but nobody wants what he is serving. (I think I have watched too much late night TV.)

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  83. Ummm... I was just informed of this:

    http://www.inquisitr.com/74367/guatemala-sinkhole-crater/

    Which makes you wonder about this....

    http://www.insurance-website.com/Content/2011/01/26/florida-legislature-grappling-with-sinkhole-costs/
    ...

    Just thought I would add to the whole "The Earth is Swallowing itself whole" thing...
    -

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  84. Thanks Scott

    Someone here can always find a way to bring us down. yay.....

    LOL

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  85. xty
    You need to get some sleep my friend...

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  86. Scottj88,

    Then there's HAARP conspiracy that it triggered the Japan earthquake and is responsible for all those sudden bird deaths in the mid states.

    Saw a wild Youtube video last night concerning the new Madrid fault, linking the old asteroid that hit the Yucatan peninsula, causing unusual formations in the earth's crust in the gulf, and the BP drilling in the gulf making the whole system unstable, causing all these sinkholes, and eventually a major event on the New Madrid fault.

    Wow, makes one's head spin. Too many theories, so little time.

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  87. And back to regularly scheduled progamming, I am at least getting more and more confident that silver is not going much lower. This is getting silly. And I just clicked through all the currencies, and the US dollar is down everywhere EXCEPT against the Canadian dollar. I slap my beaver tail at you.

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  88. Had to share this with the Turdinistas- I put in an order with my favorite online dealer APMEX last week (yes, I BTFD) and apparently my crazy math skillz aren't so hot because I overpaid and wound up with a credit with them after my wire went through. So last night I emailed them and asked to fill out the order with rolls of dimes and half-dollars to make up the difference.

    Today I get an email from my salesperson who wrote, I kid you not, "It's taken care of Mr. XXXXX, your order is locked and loaded. What a nice sound!"

    Love it. Get that silver locked and loaded, friends.

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  89. Agnico eagle sees $1600 AU and $40-$50 AG

    http://www.reuters.com/article/2011/03/21/us-mining-summit-agnico-price-idUSTRE72K4NL20110321

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  90. OK, it's just a matter of where the margins are, but when xty said "I slap my beaver" I thought OK Turd Town has just entered a different realm entirely.

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  91. Scott - Yikes. How about this from 2010:

    http://www.msnbc.msn.com/id/37085694/ns/world_news-americas/

    The earth just ate them up, as they watched TV, speaking of the dangers of too much TV.

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  92. Eric - Tail - my beaver tail. Drag mind out of gutter.

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  93. Here is First Majestic CEO Keith Newmeyers appearance on CNBC today:

    http://www.cnbc.com/id/15840232/?video=3000011654&play=1

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  94. @Silverrunnw - Interesting, Do you by chance have a link for that video?

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  95. @ Pining...

    I know that you can find cheaper prices over spot than APMEX, but I love them too and have used them exclusively for my big buys.

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  96. xty

    Well, you said it, sort of...well anyway how 'bout that $36 silver hey!

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  97. xtybacq ..$US is down against $C

    http://netdania.com/Products/live-streaming-currency-rates-foreign-exchange/real-time-quotes/QuoteList.aspx?m=q

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  98. To my knowledge, the ratio of females to males here is approaching 3:infinity. Any time one of our resident hotties (xty, Ginger and Jai) says something like "beaver" or "tail", be assured that most of our minds are instantly in the gutter...

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  99. Um - the chart is USD/CAD and is going straight up. Doesn't that mean the USD is going up relative to Can dollar?

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  100. I logged on to my futures account to watch the prices scroll by...

    Bid 35.995
    Ask:36.005

    Arghhhhhhhh

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  101. Pining

    Apmex uses JP Morgue for wire transfers. I use Gainesville now. Not as good of selection though.

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  102. On the one minute chart, I mean.

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  103. Atlee...

    I posted the irony of the APMEX/JPM wiring a couple of weeks ago... I hate it, but APMEX has been GREAT to me over time on numerous occaisions.

    PS Glad to see you aren't "gone." You posted something to that effect the other day and I enjoy your posts... you're name is one of a handful I scan for.

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  104. ya want something to really bring you down?

    http://www.oyetimes.com/news/canada/9588-750000-worth-of-silver-bullion-stolen-in-chilliwack-bc

    Ouch!!

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  105. Paul - I checked the chart a moment ago after doing something else for a while. $35.9960. What can you say? Some bizarre accident resulting in the most unlikely coincidence - twilight zone to keep the tv thing going. Or more like Hitchiker's Guide, the book not the movie. The Infinite Improbability Drive has arrived at these two particular numbers, 35.9960 and 36.0040. And is caught, oscillating between them.

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  106. Amazed at the staying power of $36 silver and wondering how long this can go on before "they" give it up and let silver run to the next target...

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  107. And thanks for the hottie comment. I do my best. (For a mum of three, of a certain age.)

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  108. word verification: typexon type x on Really.

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  109. atlee, Fortinbras- Interesting. And I am curious, is your reservation that JPM gets a small cut (thus an ethical issue of not wanting to support the EE), or are you suggesting something more sinister along the lines of keeping tabs of who bought what for potential confiscation by TPTB later on? And ewc58, I am wearing my SILVERFOIL hat on this one ;)
    FYI, I am not being argumentative, I am genuinely interested in what you think. Thanks!

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  110. kairological, sorry I didn't save the link. I'm sure you can find similar postings on YouTube by just doing a search on "New Madrid Fault". There's a ton of videos on the topic.

    Back to silver trading...

    With the $36 "battle line" thesis, is there any significance to keeping silver spot below $36 at 1:00pm EST; when the New York NYMEX closes and the New York Globex opens?

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  111. Pining

    I like APMEX too much not to use them because of the JPM connection. I'm sure they have been using JPM for a buzzillion years Like my business checking, I don't like BofA much, but haven't moved that account yet because it's a huge pain in the a$$ customer wise (but I probably will move it to something regional, probably a credit union with a 5 star Bauer rating.

    Bottom line, I swear by APMEX because of the ease and phenomenal customer service I've received when I actually needed it.

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  112. I am not sure if this is the video SilverRunNW was referring to, but it sure makes for an interesting 37 minutes:

    http://www.youtube.com/watch?v=muyu4aucZDM&feature=player_embedded#at=11

    And for anyone interested in how silver is mined:

    http://news.silverseek.com/SilverSeek/1300427821.php

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  113. Next Tuesday March 29, 2011 is the last trading day or Roll day for the March, 11, 2011 contract for Silver and Gold. Look for the "Biatch" to take it down so they "Make them Roll" "By Next Tuesday as they say ..........

    CME 2011 Metals Calendar:

    www.cmegroup.com/trading/metals/.../2011_expiration_calendar_metals.pdf

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  114. @Fortinbras
    Thank you for the compliment. It was just that day when all the low down bitchin got my poor feet itchin. I do recall your post now that you mention it about the wire transfers and the Morgue

    @ Pining
    I just don't care for the Morgue and don't want to contribute anything to their coffers. I know they are so pervasive, it is hard to avoid. Just sayin.

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  115. sibeoni:

    "But there is a button to see the volumes and I discovered something that seems odd.
    Is this a Netdania bug?

    Has it been discussed here, and because of my poor English I didn’t understand?

    But I have seen that daily volumes in silver that never in history had reach more than 700 000 (of what ?) has come between December 10, 2010 and February 23, 2011 to an average volume of 5 000 000 with a peak at 15 000 000 on December 15.
    Since then the volumes are back to normal."


    It's most obviously a bug.

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  116. Btw lol @ beaver comment :).

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  117. Sprott's premium serves a simple purpose...it is to prevent a bullion raid.... they are PROTECTING the actual bullion they hold....as opposed to SLV they actually have bullion. As the physical becomes more precious for entities they would naturally use Sprott as a source....but the 18% premium redemption for possession protects their store....It that FOCHIN simple.....therefore Kid dipchit can ran pontificate as to its merit or lack of all he wants.....He should concentrate on JPMs crooked SLV.....hehehhee

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  118. Juan, YES that's it!! Good find.

    Regarding APMEX, I really like them too. Though I need to go back a few years to check my wire transfers, I do not believe that they have always used JPM for funds transfers. So at least back in late 2009, I do not think APMEX was using JPM.

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  119. My winners of the day:
    AG +7.22%
    ASGMF +10.65%
    LEXVF +7.78%
    SWC +7.09%
    (My portfolio is spread over 20 stocks).

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  120. March 28th and shortly after could be interesting for trading silver.

    So, who thinks that the CFTC will actually announce position limits after this date?

    If memory serves correct, I believe March 28th is the close date for comments to the CFTC regarding position limits. So, could this really be the day that the CFTC makes an announcement? Wouldn't they need more time "to deliberate"?

    They've already delayed this decision; why would it be any different. I bet they delay again!

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  121. Wrt comments above about Iran and their involvement in Bahrain, Coxe also has some comments on his take on Iran involvement, see summary here

    http://goldandsilverlinings.com/?p=284

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  122. DXY diggin' a hole in the basement...75.37

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  123. my god dollar really is an utter piece of crap

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  124. I like to lurk in here over my (far too brief) lunch break so that I may catch up on the xtybacq and Eric #1 "Stream of Consciousness Blog"....

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  125. Alex, thanks for your thoughts.

    Can't wait to see the banks that got Fed money. Wait till folks see banks getting tax dollars not even in the U.S.

    Access word: virmen

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  126. Last year, I wrote APMEX a letter stating that I would no longer use them because of their JPMorg affiliation. Of all the bankers in the world why did they did they chose the Morg?

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  127. If you back out, gold and silver are both well up on the day. As to PSLV and all that - the markets will decide. Let's stay civil - so far so good.

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  128. EXK earnings tomorrow. Anyone else here own that? Take a shot and add more to the position here?

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  129. Look at the dollar against the yen. Honestly. And everywhere else I quickly looked it is a disaster.

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  130. There is no way to explain the constant beat down of silver except that it is being manipulated.

    I am no trading expert, or technical analyst, and I have no experience in the ways of trading or the markets. I just look at it from an outsider's point of view.

    It is amazing to watch the 5 minute chart, and see the 4 different run ups today above $36, then watch the beat downs. Like clock work. Only the lows are higher and higher.

    I can feel something big afoot. Wish I had the expertise to put what I feel into words. Oh well.

    I do have some questions for all the wizards here: I want to transfer my entire (paltry) 401k into silver miner stocks, and I want to self direct it. What is the quickest, easiest way to do that?

    Second: I want to open a trading account with $10,000, and buy 1/3 junior miners and 1/3 majors and 1/3 index, which I believe is HUI, mostly for the reasons that I believe mining stocks are the lottery ride if things go the way I think, and based on the excellent comments I have come to appreciate on this blog. Is TD Ameritrade the best option for this?

    Finally: is there some semblance of a list of juniors and majors that the consensus has compiled, for which I should buy a little of each? Or would I be better just with an index?

    I am truly grateful for all the insights.

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  131. Hearing via Alex Jones and others today that the international banksters are moving in on Japan now while it is weak. In what fashion they will try and take over that economy I do not know but I'm sure they will figure out some scheme.

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  132. Cali Lawyer,

    Just remember that hedge funds can be long bullion/short miners and the miners have clearly under-performed during this run .....FWIW

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  133. Is this the break we have been waiting for? Silver touches 36.15 after being stuck in the doldrums.

    We said it last week, but it is worth reiterating: When the $36 cap truly blows, the upside is going to be really something to see. Have fun!

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  134. @Mister

    Dude, I hate to make you flacid, but I'm 100% red blooded male.

    Jai

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  135. California Lawyer,

    See if you can find a trading platform that trades on US AND Canadian markets. Trying to enter or exit on the Pink Sheets is horrible. Much more liquidity on TSX if you can trade there. Most of the GOOD miners are Canadian. ;)

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  136. atlee

    Yes, owner of EXK, but it's more of a core hold type of thing, not hanging of every release to trade. I'm assuming the news will be blockbuster, but I won't be trading either way.

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  137. ya, I would recommend buying pre-1964 junk silver rather than Silver Eagles.

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  138. @ Pining
    If it takes out 36.17 this afternoon...it should be fever in the funk house!

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  139. Sorry, Jai! Dammit, I totally misread one of your posts. Unfortunate ratio corrected to 2:infinity...

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  140. The US dollar index is horrible no matter how you look at it. Every time frame is somehow worse than every other as though that was actually possible.

    Hello Leonard. I don't know why I am suddenly so verbose. This is not like me and I appreciate the encouraging words.

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  141. Cali Lawyer

    I'd be happy to toss out my 25 or so names if you really want. Not shy. Open to criticism. I'm sure Titus, atlee, ewc58, Justin, Yukon, Ginger, xtybacq, Marcel, etc. all have a different 25 and that's ok. It's all about doing your own DD and betting your own hard earned $$ anyway.

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  142. Eric 1
    Ya me too but I like to have a little extra to trade around the core. So what is the first question the carpet baggers ask as they move into take control of Japans industry? Got any silver.

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  143. Cali Lawyer and others-

    The topic of good miners comes up very regularly here, and has generated so much discussion and great picks that it is tough to summarize.

    I would be interested if, when the new website is up and running, we could come up with our own unofficial version of the HUI- call it the Turdi, or something! Take five or six of the really knowledgeable miner folks here (and I am talking to you, Original Eric!), make them get together to come up with a list of what they consider the 20 best unhedged smalls, 20 middling companies ready to make the nest step, and a list of top the best 10 big companies. Keep this list public, and updated with reader suggestions, filtered by the committee to keep out shills.

    I know for sure I would use the great knowledge on this forum to invest my fiat, and I am sure others would too- I am sure the Turdi would outperform the HUI any day...

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  144. Atlee

    I bought a bunch of call options on EXK. They are for next year @14.00 but they are super cheap or at least they were Friday.

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  145. California Lawyer,

    Just contact your 401K provider. It will vary from firm to firm, but for Fidelity and JPM/Chase, I started the process on there web sites. I think it's a great move, and you have much better control where your funds are being invested. I was tired of the big funds and their fees, and poor performance.

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  146. Pining

    I still prefer "Turd's Toothsome Tidbits"

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  147. Copper fox CUU.V also has an earnings report this week. Stock has been gaining last few days.

    Worth a check IMHO. A little diversity lol

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  148. I have touted about Revett Minerals a lot...
    They are releasing their earnings tomorrow (3/22) after market close, and have a conference call on Friday 11am EST to discuss matters. From what I can gather, there earnings are going to be at a record high for them as their Troy Mine is doing work.
    http://ca.finance.yahoo.com/news/Revett-Announces-2010-marketwire-821666138.html?x=0

    Remember, this company is suppose to be moving to the AMEX, although it keeps being delayed. With a market cap of 200million, I am expecting this stock to move quite well in the near term. It is approaching its 52 week high again... and is a good copper play as well...

    Any of those who are looking for a stock to investigate, I think Revett's time may be close... and maybe one day we will get news on Rock Creek...

    Anyways...
    I am invested in it (but sold some to take profits in panic last week, but still retain 75% of my holdings in it). DYODD.
    -
    Scott

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  149. Their** damn it...

    Word Verification:
    uphyper

    ...

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  150. @Mister

    NP Amigo,

    You read the post right but with the marriage laws changing as fast as silver is rising old assumptions no longer hold. Josh and I were married first in MA USA then in Mexico D.F.

    Cheers,

    Jai the Guy

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  151. @ California Lawyer,

    The broker that manages the 401k's at my work also offers a self-directed account, whereby you transfer money from your 401k into a new account that provides you access to ALL equities. I'm currently rolling 75% of my entire 401k into my self directed with some miners, few lotteries, etc. Hell, if we see another market crash, you'll be in position to quickly move out and what I intend on doing is purchasing either DOG or DXD to hedge a collapse. Might as well make money on the way down too :)

    I also have Scottrade account for, what I call, my fun-time trading. Some people hate scottrade's screens but I don't share those sentiments. Something like 7 bucks a trade is fine with me.

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  152. eric#1,

    Bralorne has hit a few rich holes. Some richer than FAU today. http://www.bralorne.com/s/BralorneMineHistory.asp

    As a shareholder, for BPM to realize full value will require holding 'til about the end of 2012, or Q1 2013, as they will be processing development muck for the first year. The real rich stuff should start getting processed in early 2013.

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  153. Plunge protection going to be working long into the night with the dollar this weak.

    With earnings season just starting, Nike has significant miss to downside. Higher input costs and unable to pass on to consumer. Dollar may get some strength in the next few weeks if earnings continue to miss. If it does not, let's hope silver sees some of those dollars that will be dumping stocks.

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  154. @ Pining

    Excellent idea on the Turdi index! I hope the new website (or playground) will be more community oriented to allow in-depth dicussions.

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  155. Cali Lawyer,
    Some suggestions to reduce risk and volatility:
    1) Don't buy just silver miners. Spread it out.
    2) Spread it out over many stocks. 10,20 or more.
    3) Don't be stingy on the slow moving large caps.

    I started my DD by using recommendations from Rob McEwen, Bob Chapman and David Morgan. I've seen lots of good suggestions on this site too.

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  156. Iran Orders Attacks on Saudi Interests Worldwide Furious over Bahrain, Iranian leaders are openly recruiting suicide bombers to strike at the kingdom. March 21, 2011

    http://pajamasmedia.com/blog/pjm-exclusive-iran-orders-attacks-on-saudi-interests-worldwide/?singlepage=true

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  157. wow. Thanks for the link djifky. Could it really be happening?.. I shudder to think about where we may be a few weeks from now.

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  158. Pining

    Oh, Lordy if you only knew how truly average I am in picking these things you'd know better than to hang on my list!

    Original, ERic the First, and only...

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  159. Persion Wimps!! Ordering attacks. Gee, can't do it on your own?

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  160. News that China imported 245 tons of silver in February may be related to the strong move today.
    http://www.wealthwire.com/news/headlines/909

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  161. Acquiring physical, I bought my first 100 oz silver bar thru APMEX, but I don't care for the premiums or the shipping costs, so I will echo those who patronize local coin shops. I'm in the Seattle area and I can highly recommend Northgate coins, they do not take your name or any info from you when you buy, but if they know you they will accept personal checks. They tend to have a varying stock of mostly rounds and 10 oz bars. There is another coin shop in Wedgewood where I was able to buy an old Englehardt 100 oz bar for just 45 cents over spot, a really good deal. I have also had luck buying 90% silver coins on ebay, although lately that has become more expensive. I haven't dealt with Northwest Mint as they are miles away from me but will definitely keep them in mind if there comes a time to sell.

    You other folks worried about your paper metal investments when the SHTF -- if you are worried then just BUY PHYSICAL. I personally wouldn't want to try to time a financial collapse -- these times are dicey enough for me to want to hoard physical & I sleep better at night. No paper, I'm out of the system.

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  162. BTW, APMEX also shares the same address as JPM, they are in the same building! So it's convenient for them to bank there. I'm out of big banks, I urge everyone to opt out and go with a credit union. Vote with your dollars, folks.

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