Tuesday, March 15, 2011

Global Meltdown

Sadly, that term is taking on a whole, new meaning, isn't it?

Sorry for the delay in posting this morning. As you might imagine, I've been a little busy assessing the situation and determining what I wanted to say. As discussed yesterday, a close below 1405 and 34 would be cause for concern and I think we're going to get it. The situation in Japan is simply too uncertain for anyone, man or machine, to invest confidently and make rational decisions today.

At some point, logical people will get back to making logical trading decisions and, when they do, the PMs are going to be headed a lot higher. Why?

1) Do the events in Japan make the continuance of QE more or less likely?
2) Because of this event, is the global economy going to be growing or slowing?
3) Do the events in the Middle East make oil higher or lower priced?
4) Is the by-product of nuclear meltdown physical silver that Japan will be shipping directly to the Comex?

These things don't matter today as all we are seeing is mindless and panic selling and deleveraging. OK, I mean, really, can you blame anyone for selling today? We are truly dealing with an unprecedented series of events and all potential outcomes must be considered. However, the moment is coming when the investing world realizes that the precious metal "baby" has been thrown out with the paper asset "bathwater". That moment may have already come as we are already $15 off of the lows in gold and $0.60 off of the lows in silver. I don't think so, however. I fear that the Japanese "situation" is going to get worse before it gets better so I'm not buying the dip just yet.
So, here's what we need to do today:
1) Pray for the people of Japan. 
2) Hang in there.
3) Keep the faith.
4) Be patient.
5) Ignore the trolls. They're not worth the time and energy.

More later, that's for sure. TF

115 comments:

  1. On days like today. I wonder as a physical PM ounce counter? How many long PM paper chasers got stopped out/margin-ed out today? hehehehehehehehehehehehe!

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  2. Anyone think equity selloff will continue through the week? Including the miners? Just curious thoughts.

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  3. Wild day for sure Turd, I can only imagine the mood in Tokyo...

    repost from end of last:

    @Bobsmith

    Don't despair, this is only temporary. Japan and the BoJ are an integral part of the global syndicate, but will now they'll be forced to turn from a buyer of US funny money debt, to a seller. That is huge. Panic will lead to unintended consequences.

    I can only imagine the additional concessions that China will wrangle when we go hat in hand to beg them to take up Japan's slack.

    If they don't, the global crime syndicate could lose their grip in the maelstrom the world finds itself now that the No. 3 economy is crippled, and radioactive clouds head for the nation's capitol.

    Fukushima: Did you notice it says Fuk U? Hopefully to the global elite. They like to think they can take advantage of crisis, this one may pull the rug out from under them.

    GE: Time to pay boys! Anyone say Crewcut?

    TEPCO: will go down in infamy. Would NOT shock me to find they're actually Yakuza-owned. Criminal and clowns in charge of nuclear weapons.

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  4. The miners are way way undervalued as a result of this fiat fraud. The SLV and GLD ETF'S were created to divert funds that would be going into the miners and are a part of this crime. I cannot wait to see the EE busted and destroyed for this reason alone. Everything you see is manipulated by this criminal cabal, everything!

    The distortions in the market are so gross and ingrained that no one has any clue with respect to the proper valuations of anything. Even those of us who understand whats going on to a large extent, still have no real idea where things would be were this pervasive lie extinguished. Even worse we cannot imagine what the world could have been had it never existed in the first place.

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  5. Unfortunately, as Jim Rogers has already pointed out, "How is Japan going to need LESS commodities over the the next several years? Copper, oil, silver, building materials..."

    Add in everything else you said about our "global fundamentals".

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  6. TF and fellow PMers,

    This is the exactly the reasons Sinclair says NOT to trade on margin. Sell 1/3 into strength and buy back the 1/3 on weakness... Having said that I am trying to learn discipline. I liquidated quite a bit of my holdings over the last week based on a couple of things:

    1. Blythe adding to her short position
    2. The 'sure thing' hype of the message boards - which generally means people have margined into to the trade and will get burned if there is a sell-off
    3. The failure to hold $36
    4. The failure of gold to break above $1430 decisively

    My timing was fortunate in that no one could have anticipated the Japan earthquake, melt down, etc

    I am adding back a few positions today as the miners have been hit much harder than the metal (because of margin liquidation IMO). The panic selling has also allowed me to add to my short ZSL position which has been difficult to add to since it hasn't been available to short.

    I have been 'lucky' this time (at least I think so at this point...). The point of this post is to be nimble if you are trading, especially if you are trading on margin and heavily long silver/gold in those trades. I have been trading PMs since 2005 and have learned this lesson the hard way.

    JFC

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  7. I wonder whether it makes sense for folks holding physical to try to sidestep the dips that could be in store if this morning's activity is any indication. I realize that the long term trend is one thing, but seriously bad news could deliver a big hit in the meantime.

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  8. Bought me some crude, while everyone paying attention to Japan, all hell breaks loose in Bahrain...

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  9. Building a position in GPL and adding to PSLV.....will hold a heavy cash shot for the right time IF they really crash it. The "free marketeers" like Krudlow will soon cry for QE 3 instead of a strong dollar....watta putz

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  10. Ironic that the pumped MVR is the only green on my screen. Nice PM buying opportunities today! Loads have arrived at levels below jan. 25 low.
    For now I'm skipping uranium though!

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  11. Prepare for the PM fix raid...

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  12. This month is starting to look like January. Does this have something to do with this not being a delivery month for options. There seems to be a correlation here. My records show that every other month is when the EE strikes hardest. November, January, and now March seem to have more days where EE launches the more frequent and vicious attacks. Does that mean April will be a relatively positive month.. We shall see!

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  13. For those who are curious and still figuring out hte EE and its players, here is a nice pic of Blythe Masters that SGS posted on his blog:

    http://4.bp.blogspot.com/--ueMmR9nveA/TX9g87LrF9I/AAAAAAAAALs/-kpnbnc0kGk/s320/Blythe.jpg

    I am long in SLV today, but I don't dare hold it overnight...

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  14. global meltdown......hehehe....hedgies panic...just peeerfeeeect......this is how you make money in this game.....

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  15. Picked up more miners today. Still up (a little) since starting an account in February. Now that all of my account cash is spent, I’ll refrain from peeking until we are decidedly beyond $36. Still waiting to pull the trigger on more PM though.
    Steadfast my friends…Thank you!

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  16. Just thinking out loud - wouldn't it make sense for people to buy phs.u on the TSX instead of PSLV, so you are holding in Canadian dollars. Likewise Great Panther is also available on the TSX, etc. It might help protect you from the uncertainty of the US dollar. Still fiat, but a sturdy country with a lot less debt. Yes, there is the currency trade moment, so timing is key, but then you would have some holdings not in the US. I noticed the swing in silver wasn't as bad in Canadian - two dollars from the high on Friday to the worst this morning, and it was a three dollar swing in US. Don't really know what I am talking about, but it sure looks different in Canadian dollars.

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  17. Gold and silver buying volume is heavy now. Today's shakeout of weak hands is healthy and will make the next leg up that much stronger. I don't believe this dip is going to last long.

    The USD looks to be resuming its freefall already. No surprise there.

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  18. Silver fix is in $33.88, last seems to be $34.41

    It is, as bobsmith pointed out, a crime in progress.

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  19. Definitely praying for the Japanese citizens today.
    Having said that, gold and silver look to be bargains as they are now stabilizing and returning to "rational" levels. They were definitely a bargain earlier on.
    Sold my $40 and $35 June 11' SDS calls I bought last week first thing this morning.
    I'm not feeling real good about making a quick 40% given the circumstances in which that was possible.

    USO calls further out in time look like an opportunity right now. Unable to use my unsettled funds right now to reinforce the USO calls I bought last week at $100 crude to bring my cost average down is a bit of a bummer on a strategic level.
    In the grand scheme of things, trading to make a profit in light of whats going on in Japan just doesn't feel right at all today. I'm not calling it wrong, so please don't misunderstand.
    The heartless nature of what the bankster pigs do on a daily basis inspite of the pain imposed on the taxpayers or whomever makes the daily rape of "the system" seem all the more Godless and immoral IMHO.
    I'll take a digestable loss anyday vs. a soul foresaken greed driven scheme (i.e. Mortgage fraud etc.) that seems to be their MO all the time.
    Call me naive, but I'm sick to my stomach about Japan and the importance or urgency of the "market" today and playing it.

    Hang tough today and never sell into weakness or buy into strength.
    God bless Japan.

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  20. xty

    No matter what you own, a share is a share is a share. Doesn't matter where you bought it or what flavor of fiat you unloaded to buy it. You still own the same thing.

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  21. Michael - you say a mouthful. I am off to walk the dog and count my blessings, and hope for better things for the people of this planet.

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  22. Huge volume today in silver. The dips remain well bid. Probably some shorts that were short for a loong period of time already too were very happy for silver to sink below 34$, so they covered. Imo this would be very bullish and would begin to set us up for another upleg.

    .. which is fucking overdue, as I can't repeat often enough - the price right now of silver based on supply/demand, future production, global stockpiles etc should be in the hundreds. Not 100$ in a few years or so, a few hundreds at least RIGHT NOW.

    Also, as I've said, factor in the Fed meeting today. They really like to smash the PMs in front of those kind of meetings.

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  23. 'K beartrap for me.

    Quite possibly they skipped the plan B raid today, coz of the FOMC meeting beeing the main objective.

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  24. Even during the deep dark depths of Turd's Bottom in January, I was watching the chart for GDXJ. Turd's Bottom bounced beautifully off the Oct '10 lows. This morning we didn't even get there. Does that mean strength and giddy up? Or does it mean we need to go back and retest? I'm not smart enough to know, but for my miners that's the chart that I'm watching.

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  25. Yeah, I thought I might be showing my ignorance. Oh well, just feeling rather lucky to be living where I am today.

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  26. As previously posted, no one wants to see anything go down for these reasons. Reality sucks but if trading is what you do, trade you must. I did buy this dip this morning, heavy. Had to buy a lot of paper to cover the stuff that got trashed in the basement. Got in just under 34. Pray for the Japanese. They have no where to go.

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  27. A missive from Chuck (that I came across)

    This is something I sent out last night to my client list, but because of the overnight markets, I will send it out as written. Please understand that this is probably the beginning of something that might trade in a way we are not accustomed to. What has bothered me over the past 4 months is how ugly the technicals have been and yet the stock market has pushed higher without a thought or any real attempt to correct. This should mean that the decline will be swift and merciless.

    It is very likely that gold will now correct more than we expect or want, and silver which is in la-la land technically far more. I don't pretend to have a road map for this but I would take some serious steps here, particularly on any bounce. I am here on my usual basis, if you desire to have some help or suggestions. Thanks, and bunker down. Chuck


    Hi Chuck, (Wherever you are)

    Perhaps, but gold-physical gold, mind you-is being bought on dips-small dips mind you-and there isn't much silver to be had last I checked. That gold should be falling here is only a function of the fact that spot gold prices are, for now, a synthesis of paper proxies for gold and the real thing. So make sure that you buy the dip, because, as things stand now, the dollar looks to be further diluted in response to this latest black swan-and who knows what other coming to a theater near you, dropping copious amounts of guano from the sky, black swans. Today's tepid, orchestrated, dollar ramp, in other words, shouldn't fool(s gold) anyone.

    Now ponder the following:

    In the aftermath of recent horrible ongoing events, where all across the globe, plans to employ nuclear power are likely to be substantially curtailed, what sort of directional pressure on oil do you imagine that will ultimately have?

    That's right. Up. And that means that mining interests of all sorts are likely to see heir cost of doing business escalate substantially. This means that already existing above ground stocks of all sorts of already fabricated items, such as gold coins and bars, which already have a competitive advantage with global fiat, have yet another edge. The market, which is full of stupidity, especially at times like these, will shortly figure that out. Act accordingly and try not to worry.

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  28. Nicely done anyone who bought under $34 today

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  29. Had trouble sourcing 100oz Ag bars through Kitco online and through their local agent. They would not take the order!

    Ended up with 3 10oz gold bars for ~$8.00 over spot.

    My first Au purchase! Feels weird as I've been a true blue silver bug up to this point.

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  30. Go long KI, AG, and AU. New post on my blog that goes into more detail. Everything you're seeing are signs telling you what you should be doing. BUY PHYSICAL. Any trading with paper is just gravy and gravy (sadly) isn't a meal. Get your meal (physical) then get some gravy (paper).

    Yukon
    http://yukoncorneliusssilverandgold.blogspot.com

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  31. Thanks to all of the Turds who provided 401k rollover advice to me last week. My 401k cash rolled over this weekend. Lucky for me it was my one ski weekend of the year, so my roll over funds are sitting safely in cash.

    Bargain shopping time? Wait for another dip?

    ***all the while sending good vibes to everyone impacted by this horrible tragedy

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  32. Turd, can you supply a chart on the US$? It looks like to me that if $76.10 is breached who knows where it ends up?

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  33. xty
    Yeah, me too.

    Fellow travelers all. Good Luck everybody.

    Aside:

    I remember back in '08-'09, my wife would tell me, "Your wife still loves you, your kids still love you, your dogs still love you".

    Helps keep your head on straight. ;)

    Remember where your real priorities are.

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  34. Man! I should have stayed in bed! Lost my ass in GPL! Any thoughts for the next couple of days in the miners?

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  35. Marcel

    I hate to repeat this, as I get hate speech from fellow Turdites every time, but hey I've never been shy about that anyway and groupthink never made a good trade:

    Congratulations! And welcome aboard! Gold is Money. Silver is a Speculation. Period.
    Eric

    OK guys! Lay it on me! Whoo Hoo I'm a big boy I can take it. I still love you guys no matter what you say about me.

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  36. From Timmy
    "In response to a question, Treasury Secretary Geithner said Tuesday that he does not believe that there is a risk Japan will have to resort to selling some of their U.S. Treasury holdings to raise cash in order to respond to the damage caused by an earthquake and tsunami. "I do not," Geithner said in response to a question by Sen. Charles Schumer at a Senate Banking Committee hearing. "Japan is a very rich country and has a high savings rate and has the capacity to deal not just with the humanitarian challenge but also the reconstruction challenge they face ahead."

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  37. How high will the revaluation be for Iqaqi dinars after the goobermint is settled upon, and the sanctions are lifted. They have ten Trillion in oil in the ground, plenty of backing it up?

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  38. BREAKING

    Geithner: Japan won't need to sell U.S. Treasuries.

    So there you have it. The truth and nothing but the truth.

    Is it because they have a printing press made in Japan and can print faster than the US version made in China?

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  39. @Eric#1

    Agreed.

    Physical silver for me is just gold in transit.

    Waiting for the panic spike when stagflation is impossible to hide, then converting all silver to gold.

    Will be looking to sell most of my gold when real rates in the developing world are positive, may be a LONG time though, heh.

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  40. xtybacq, PHS.U is priced in US not CAD. It is fsckking annoying getting hit with exchange rates!

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  41. Precious metals and commodities are so bullish and strong. The retracement and flush of liquidity will be going into them. I would be weary to see silver go parabolic at $36 last week, but this has been a nice side way base and churn. This is a bullish sign believe it or not, HOWEVER, if continued selling persists, it may be better to reassess.

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  42. Eric: Physical gold and silver is money, paper and fiat are speculation. Period.

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  43. @xty,

    "Just thinking out loud - wouldn't it make sense for people to buy phs.u on the TSX instead of PSLV, so you are holding in Canadian dollars"

    Sprott's TSX Silver Trust does trade in USD as well... the metal sells in USDs so they set it up in USDs to avoid the exchange issues (I own shares so I can confirm it).

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  44. FCX only down .67%, guessing copper is up.

    Last time we had a selloff I wanted to lighten up on the next rally, and what did I do? I added more.

    Amazing

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  45. And Geitner has never lied or mislead the markets?

    Japan's saving rates are much lower currently than in the past. Happened to see it the other day... it was at 2.5% which is lower than the current US savings rate.

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  46. Just daytrading today. No point in guessing where this monster next moves, no point at all. Not buying for position yet, there could be another wave coming in at any time. Totally news driven now, am throwing the charts into the ash can until I see the news right itself.

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  47. Ditto, Qussl3. The damned silver just takes up too much space. =)

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  48. Margin call speculation:

    So how long until all the folks (hedgies and whatnot) who are selling PMs to cover margin calls complete their ignoble task?

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  49. Petey,

    Silver was grossly overbought and with world events unfolding as they are, massive liquidations of equities will force liquidations in PMs. Remember, the FED needs the market to drop in order to instill fear in the minds of the sheeple in order to get QE3 through so I expect the drop in equities to continue, forcing more liquidations of PMs.

    We'll get spikes in PMs from people jumping back in too early or short covering but I am letting this play out with a small short position I took yesterday when I saw silver not able to crack $36 in any meaningful way.

    I'm looking for $32 or as low as $30 to jump back in but it depends on how long it takes to get there. If we get there quickly, maybe I'll stay out until even $28 although I find that a difficult number to comprehend.

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  50. japan gonna need alot of bulldozers (CAT) and X,cenx,aks

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  51. Posting my first comment on the turd's blog. Bought a monster box @ $34. A lot of my stuff was bought at $5, so I'll be ok either way.

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  52. What do you guys think of investing in AUCO (ETFS Gold miners etf london listed) versus GDX?

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  53. "I remember back in '08-'09, my wife would tell me, "Your wife still loves you, your kids still love you, your dogs still love you".

    Eric, I heard something similar from my wife in '08. Which helped. PM beliefs were tested that year and am so glad I held on.

    Otherwise, if I'd sold our physical and pm stocks at the bottom my wife would've left me for a silver miner, my kids would've gone with her and the dog would've run off with a Collie. Today I'd be living in a cardboard box down by the river writing country songs.

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  54. But Turd, guys like you never seem to quit saying how rosy the picture will eventually get. And then years of that shit! Plus you never really acknowledge the power of those in control. They will get what they want just like they always have. Guys like you have been waiting a hundred years for your turn and it never materializes to the degree you predict (not even close). Sure gold has gone up a grand in the last ten years - so what? that's peanuts loud-mout

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  55. Old Chinese Saying:
    "He who tries to catch falling knife ends up with bloody hands."

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  56. I'm 85% silver and 15% gold and I'm NOT selling my gold to buy more silver, which is what ppl are saying to do right now.

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  57. I've held some April puts on SPY for a while now. Might actually have to make a decision on this one.

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  58. Recent events have really given new meaning to the phrase "prepare accordingly".

    I think it is a healthy exercise right now to imagine one's self/family if they were in Japan right now, and how they would respond.

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  59. Stay in cash, plaster. Check back with us in a year, and again another year after that. We're not in it to bring down the elite, because that won't happen. But an unbacked paper currency *always* returns to its intrinsic value - zero. We're preparing for the inevitable. Are you?

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  60. All,

    Please be very careful to either give time for things to bottom, or at least to buy dips in a few tranches in case declines go further. I predict there will be plenty more panic before this week is done. There is no bottom in sight yet.

    To say things are dicey is an understatement. Shoes we don't know exist yet will be dropping all week. CAUTION.

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  61. verification: hinswggl

    That's hilarious.

    And for this post: bledied

    This word verification is clearly a rigged game...

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  62. "Dr. Jerome said...
    For those who are curious and still figuring out hte EE and its players, here is a nice pic of Blythe Masters that SGS posted on his blog"

    She was looking quite ok when she was younger. She might be the one of the smartest individuals in the investment world, she might also be one of the most deceiptful and evil ones.. but all that said and done, she's still a woman, and in bed my "long position" would easily triumph and make her ask for more ;).

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  63. Please pray for my wife's family in Japan and for my friends there.

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  64. Congrats on your buy Michael.

    That shows you something about where peoples heads are at who have been in this for a while. Someone who bought in @ $5 and is still acquiring at $34. Good stuff!

    Decided today was time to add new positions seeing as how the sell off wasn't nearly as bad as I thought it was going to be. Could change course again this week, but I'm taking my chances now.

    Finally bit the bullet on Tinka. Now debating Oremex with it's crazy sale today since it's been sitting on the watch list bench for a while now. Tempted to get Rye Patch but holding off until it beats it's .48 resistance level it's had a hard time with over the weeks.

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  65. You got it Turdle GG. A a prayer in Jesus' Holy Name is on it's way.

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  66. You can see Blythe's handiwork at 11:34 EST. She's definitely hanging around today looking to accelerate selloffs. She can't scare me out. She did however present another nice buying opportunity this morning. Thanks a lot bitch.

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  67. Marcel Martel,

    10 ounce gold bars feel REALLY GOOD in your hands. You will be surprised how small they are - but they *seem to feel* even heavier than a 10 ounce silver bar. Lovely gold bars.

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  68. @ Turdle GG

    I have been and will continue my friend ...

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  69. So much for that USD flight to safety.

    The early birds probably have a heads up on the incoming tsunami of fiat coming from banana ben.

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  70. @Markus: Blythe would laugh at your "short" and destroy your market position before you could bring your self-professed long into play...

    confirmation word: plain (the system is sentient...)

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  71. Surprised to see silver holding up so well relative to gold.

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  72. What were Iraqi dinars worth in the seventies? Before the OIL war {Operation Iraqi Liberation}. We've Liberated some of that oil now, but only a fraction compared to what remains. Value is based on underlying commodity value of wealth held in ground of recoverable depisits of liquid money.

    If a dinar revalued to match, how many percent increase? 10, 20, 200, 300? A one cent danr worsth = 3.00 "dollars"? WTH can that be right.

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  73. Just curious if anyone here is trading the gold or silver e-minis to profit off the raids?

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  74. ROTFL! Crimex has only delivered 602 contracts of silver=3,010,000 ounces! 1231 contracts standing resolute for delivery=6,155,000 ounces! 12 March delivery business days left and no cash premium payoffs being accepted by resolute longs!! Wonder how many shots we hear in crimex empty bullion vaults the end of this month!! Vermin lying about deliverable 1000 ounce bricks will have'em chitting each others brains out coast to roast! hehehehehehehehehehehe! Then they take the price down 2 bucks and the buyers swarm the physical markets!! bankster fraudsters not very smart in allocating what real monetary stores of value in silver were left the last 2 years!! Left the price too low, for too long and should've taken it up sooner to stave off the physical buyers/specs!! Now the rat bastard millipedes have numerous shoes dropping and too many feet to cover!! A certain sealed doom with the physical silver shortage! Naturally! Silver takes it's place at much higher prices to obtain physically! Honest money, resuming its throne; regardless of dishonest fraudsters reaming their fellow man financially!! Too bad! I'm so sad!! LOLOLOL!

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  75. Turdle,

    May Jesus shephard them to safety under His Protection. That is my prayer.

    Glad we're on the same team my Brother. Hang in there.

    Ed

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  76. @Justin,

    I see you outed our resident pump 'n dumper yesterday. Thank you, good work and good riddance!!

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  77. I had a low bid in to increase one of my silver positions, but it didn't dip as low as I was expecting. So I'll continue to hold and watch the little red numbers.

    I started investing at the beginning of the month, and have so far invested 75% of my savings. It's been a rough 2 weeks but I'm not on margin and don't lose money unless I sell. I figure worse case, 20 years from now everything I own should be up. Everything in the middle is just something to talk about.

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  78. Larry

    LOL buddy, LO frickin L!

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  79. MM & Justin,

    Ironically, MVW is one of only 3 greens on my board all day. There's the bathwater, and then there's the baby.

    So far, I've kept the latter :-)

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  80. Hello Matt. Yes I do that. Short and long

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  81. http://video.foxbusiness.com/v/4585864

    Above is a Fox piece on silver manipulation. I get a kick out of the discussion of this possibly just being part of "Free Market Activity".

    This made me think of "Ken" the bankers comments from the other day regarding an "unlimited line of credit".

    This is the point the mainstream media misses. There is no free market when the Fed grants banks access to unlimited supplies of cash to do with as they please. Free markets were dead in world a long time ago. If there were free markets - position limits would be irrelevant. We need position limits only because markets are not free - the playing field is not level.

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  82. justmy02! tiny tim sheitners lips moving again! He's lying!! Need all the paper ponzi fiat tbond holders we can sell to the greater fool rank'n file citizen! It insures the risk is spread to the little guy!! Japan knows the game and will dump it's near trillion in US tbonds without blinking!! Watch! You'll know it's happening when the USD can't catch a bid under 72!

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  83. If JPM & BM are in trouble at $36 silver as has been reported I have a hard time believing that they would be happy with the move down to $34 .. silver can get back up over $36 in a day from these levels ... still being patient

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  84. Turdle

    Praying for your family and friends and everyone in Japan.

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  85. @miked - cool, don't hear too much talk about that here. I had previously been long a ton of miners but took profits and sold. I'm looking at trading the market we are given and the levels rather than the miners as a proxy.

    There are times when the EE is just too predictable (last night) and I want to stop being upset at it and start using them to my advantage. Watching this market long enough it does seem tradable with stops in place of course.

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  86. Afrum:

    Japan won't have to sell our bonds to help pay to rebuild from their doomsday.

    What, you don't believe Geithner? You one of them there Al-Kyedee or sumpin'?

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  87. @ messianicdruid

    We've got 3 million of those Iraqi dinars. Planning to retire on them, lol. ;)

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  88. Harvey stated last night that cash settlements have slowed down. The longs are resolute for delivery. Does a price smash help encourage cash settlement? Maybe the longs will settle with cash and roll to a future month at a lower price.. I hope they stay resolute.

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  89. Great silver article:

    http://www.thestreet.com/story/11041135/1/disinformation-and-silver-confiscation-opinion.html

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  90. Marcel,
    I wasn't trying to pick a fight with him or run him out of here. He did share good info and had some decent stock recommendations, I even recommended his blog for news updates to someone else after that drama yesterday even though I personally quit following it for obvious reasons. I just couldn't stay quiet once he claimed to have insider info that he couldn't divulge after pumping the stock for days on end. I still appreciate his recommendation on MVW, I just didn't quite get why he got so upset because I sold instead of holding. Nobody asked him to sell and he never elaborated on his insider info and even went so far as to deleting his posts once someone asked if what he was doing was legal.

    That one is still on my radar but I won't consider it again until it gets above $2.30 and convincingly stays above that. I sold right around there yesterday before it dropped to $2.00. Today it spiked to $2.30 again and did the same plunge back down to $2.00 just as it did yesterday.

    Long-term holders, it may very well be a great one to have. I'm short-term because I'm better at it and it works for my investment needs. To each their own, but you have to respect other peoples decisions when it's their money they are playing with.

    Oil prices are dropping and Saudi rage never took off like everyone thought so I am shying away from oil picks unless things take a turn.

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  91. Strike my theory... Spot price was close to 32 at the beginning of the month.. For the smash to encourage cash settlement, I think we would need to be down below 32.

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  92. Any thoughts on how the markets will react to the FOMC meeting today?

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  93. Yesterday gave us a heads up for sure. I forget who exactly made thet point. Thanks just wish I bought back in first thing this morning I would of made money intstead of losing. Smashed through both stops last night and only bought tiny at 33.90 sold for profit but still down for day.

    Sold my apple shorts. Thankfully its already coming back. TPTB must make market look strong

    Lesson learned is tighter stops on suspicous nights/days.

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  94. With Japan swallowing up all of the news, it is important to also keep an eye on the ME. Iraq is quickly deterorating. The other day, a major oil pipeline was blown up, and yesterday many soldiers were wounded and killed in an attack. Won't be long now before al Sadr makes his long anticipated grab for the rest of Iraq.

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  95. Words of wisdom Turd. Once this is resolved we'll get a fantastic opportunity. Let the 30-year be your guide. Once we hit 124 I'm loading up the truck, but not moving to beverly (hills that is, swimming pools, movie stars..)

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  96. jpig, bm, benron, & tiny tim sheitner's fiat paper ponzi heads are on fire with all bankster fraudsters impish whelps, caught in the burning inferno they themselves created!! I watch! The fire of molten, white hot vaporizing silver, pouring over them has no personal emotional reaction!! Justice served without mercy. As also; reaping what was sown callously, without conscience; reprobates among their fellow man!! Resigned to their chosen fate!!

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  97. Thats right baby blythe...

    Paint that comex close for me nice and good.
    Enjoy it while you can.
    -
    Scott

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  98. Justin,

    I read the entire exchange. I repeat, good work on what you said to him and when you said it.

    Good riddance to him because of his behavior. . . esp. his saying. . . this is how it's been my whole life, I try to help people and they shit on me. What a loser!

    ewc,

    glad you got green on your screen. Not trying to say anything about your decision to buy MVW, or your decision to continue to hold it. Hope it (and all your trades) make a bundle for you

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  99. @Irene, what did you pay for them. # three bucks a peice soon and you'll do okay!!

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  100. atlee- You out there? AGQ went below your 179.50 mark, did you buy or are you waiting for the other shoe to drop?

    It's about time for a reprisal of your Sunday post about "prepare for huge swings, silver is the deep end of the pool, keep powder dry, fear is the other guys problem"... awesome post and from the vantage point of a couple of crazy days, very prescient.

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  101. This market appears ready to go down another leg.... shitty...
    Hopefully PMs can hold up but it appears that panic selling will be here for a while even with our POMO days... miners are getting thrown out the window as usual,

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  102. eric#1,

    Thanks for your kind words regarding my Au purchase. The Turd herd wasn't too hard on you for calling Au money and Ag a speculation. ;-)

    Does anybody know why Kitco would show Ag 100 oz bars in stock, but "available for US shipping only"? Their local dealer wouldn't take the order either. Said 24 hr hold on that product.

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  103. Just a thought, but could it be the Japanese are selling some of their gold reserves for YEN?

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  104. Did anyone notice in Santa's interview on King World that Jesse Livermore would have been short the angel at 1444? He also said he would have been covering at the round number 1400. The date of the interview was 3/11. I remember him calling a drop and recovery of 50 bucks to the day back when gold was in the 4 or 5 hundred range. That is when I got serious about listening to his thoughts. I believe it when he says Harry Schultz wants to be waked up when gold is 2400. Wonder what silver will be then?

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  105. Mideast markets down; Bahrain declares emergency...

    One would think oil would be rising along with PM's.

    Trader Dan had an interesting perspective on the sell off today.

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  106. @Pining for the Fjords

    Thanks for reading my post! Made that trade for 10pts this morning. Thinking bottom around 33 to 33.50. Put AGQ at around 166.50. If I can get that I will own that back to 36 or more. Hope you and everyone else is having an awesome day. When is Turd going to speak again? I think he is right about being cautious. Great opportunity though this week. GLTA

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  107. Ever notice on this Blog and all others, that most are bullish up until the week of and previous to expiry. They say Gold and Silver metals and stocks are overbought and at silly prices and the chart tells me so ? Then right after expiry they change their tune. Thats what is going on right now all over the net. Quadruple Witching is this friday and they will use this crisis to drive the PM's into the ground. This Japan crisis could not have come at a better time for the "PM traders" and "Blythe". So expect more heavy down pressure and more verbal smack "PM's were overbought anyway" and "the chart tells me so" bullshit on the metals until this Friday's witching is complete.

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  108. Excuse the length here but it's one of those anti-establishment days for me.
    The U.S. stock market at large (after this Japan news cylce) will continue to defy gravity and sound business logic. There will be corrections here and there only to provide opportunities for the selected few who can profit the most from inside info. that we will never be privy to.
    The only reason all the so-called fundementals/technicals "appear" to have made the equity market buyable for the last 2 years is because most of the important accounting rules were changed within the last 2 years. It's pretty easy to claim clean, profitable ledgers when the rules changed in mid-stream in the name of financial stability. They simply changed the rules to fit the situation.
    It took a historical natural catastrophe to drive the markets down but they seem to want to bounce back in the U.S. inspite of it.
    Thats not normal!
    Can anyone imagine the "real" dollar figure the U.S. Fed has been injecting into the global sysytem recently (and forever)that we don't know about???
    They are willing to tell us about billions and even a few trillion here and there that they will allow to become public knowledge. The real numbers have to be staggering that will never show up on their balance sheets. Ever!
    I'll say what everyone here knows...this disaster is the perfect excuse for the Fed to contiue QE into the forseeable future. They won't announce it today but it will happen like it's no big deal at some point sooner then later. Human nature is to want the stock market to rise no matter what, and they know the populace will not complain as long as 401k plans or portfolios etc. stay stable or increase. Period.
    Down deep I think the Fed's plan is for the U.S. to default on itself once they have controlled enough of our own debt. How that might work out is unknown to me. I can't think like a arrogant bankster pig who has controlled the markets forever.
    But I suspect the Fed. think's they are smarter then the real situation. And from what I've observed during this recession/depression is that the ability to reason clearly in any type of historical catastrophe (natural or financial disaster) is compromised. Ego and/or fear suppress logic everytime.
    I think the Chinese are loathe to let us default on ourselves and are buying treasuries abroad in a attempt to foil our plan.
    The dollar is in a spasm the past 2 weeks or so and is trading and ranging like it's about to nose dive below $76 like it was last week except for a inexplicable turnaround based on who knows what? IMHO I think the Chinese and the Saudi's have increased their purchases recently albeit for vastly different reasons. The former to stymie us whenever possible, the latter to satisfy us in a bid to gaurentee our military protection and silence on their (and Bahrains) domestic issue and the mostly unreported brutality. Check youtube and you'll see what is actually going on.

    Pimco's Bill Gross definitely knows or feels something regarding the Fed's plan. I think he's simply holding out for better rates somewhere for short term maturities once rates increase. It's wayyyyy overdue. I'm long TBT for that reason.
    Can you imagine how satisfied Gross must feel having made that sell move a month ago and being totally cash ready?
    Wow!

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  109. plastercaster said... "Sure gold has gone up a grand in the last ten years - so what? that's peanuts..."

    Really? It's peanuts when gold beats the stock market in a ten year period?

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  110. QE III,QE IV,QE V lining up, Japan selling US Treasuries and buying Yen, Nikkei 225 stock futures up bigtime, US Dollar going to asswipe levels again-and precious metals will be the real safe haven. Loading up the boat...

    AC_Doctor

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