Friday, March 18, 2011

Looking Better, Looking Worse

Time limits me to only a brief post this morning but the charts tell you all you need to know, anyway. It seems that the global currency coordination has allowed some sanity to return to the PM pits. The mindless throwaway of gold and silver has ended for now so perhaps we can start rebuilding.

First up, gold. We discussed yesterday how 1405 was the first hurdle and 1420 was next. When 1405 was finally breached last evening, buy stops were triggered and, overnight, we reached all the way to 1424. We've since pulled back to 1418. Watch that 1420 level today. A close above there will set us up quite nicely as we head into next week.
Silver is at almost the same technical point. It first needs to clear and close above 35. From there, a close back above 36 would be enough to get me thinking that new highs are just around the corner.
Lastly, the USDX is not looking good at all. The old support near 76.50 has failed and its desperately trying to stay above 76. A close today, at this level, would imply that a test of the critical support of 75 is coming very soon.

OK, let's see what happens. I've got lasts of 1418 and 35.01 so its going to be fun to watch.
Have a great Friday! TF

213 comments:

  1. Turd,

    I was wondering how the new website is coming along? Any updates?

    ReplyDelete
  2. How can threatening to make higher highs be a dip?

    The dip was earlier this week.

    ReplyDelete
  3. I can't see you but I bet you feel worse.

    ReplyDelete
  4. AtleeDamus says....

    When the lamps burning with an inextinguishable fire...
    The East also the West will weaken...
    Silver will travel safely through 36 and gold through 1450...
    Drinking by force the waters poisoned by deception shall the Bernake Blythe Morgue be no more...

    Mr. Sinclair and I have been practicing our quatrains.

    ReplyDelete
  5. LOL @ Turd's late night and "brief" post today. Any correlation there buddy?!

    TGIF!!!!

    ReplyDelete
  6. Yes, but... amid latest news on Libya,

    1) they might knock it down severely today. Explanation ? "No war, so safe haven not needed. Drop gold"

    2) Hedge funds algorithms for electronic trading - remember that Brent and WTI have gone down several points in a matter of seconds on that news. That may put pressure on whole commodity complex

    If I were Blythe, I'd do that today, along with some players' real selloff. That's just perfect time to act.

    ReplyDelete
  7. If Turd's levels hold, I suspect that the EE might just take a break over the weekend and we have a gap up by Monday AM.

    Any thoughts on Tinka Resources TKRFF ? Chart looks good.

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  8. Turd,

    I'm all jacked up on coffee and feel like posting something rediculous. I think you should start marketing your own silver products...specifically a giant silver poo stamped with "THE TURD" and the saying beneath it "there's always a silver lining during shitty times"

    Whaddya say?

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  9. Have to keep a discussion going, 'cause Kid Dynamite is getting under my skin. In the previous thread, he claimed that PSLV didn't have a redemption mechanism. When about three people quoted the prospectus at him he said the important thing was a creation mechanism - and then deleted his previous post. I bring this up because he seems extremely angry that people buy Sprott despite the higher premium, and feels they should own SLV. His article about this has been linked to in the comments a few times and I feel he is disingenuous.

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  10. How exactly does a Libyan ceasefire work?

    Will the rebels stop attacking? Will the lunatic in charge start sharing teh Nation's wealth with the people, or keep hoarding it for himself?

    Will teh West decide they do not want Libya's oil after all.

    ReplyDelete
  11. @eric#1,

    Got into BPM @ $1.40. Thanks for the tout on this one. I think I'm gonna like it!

    I'm curious. Is what you're you're thinking of regarding GDXJ as simple as go long at the right price, or is your strategy more complicated than that?

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  12. I'm wondering how safe it is to be exposed to the market with a weekend coming and a nuclear crisis developing in Japan. The Fukushina crisis didn't get worse, but it didn't get any better either and they are running out of time. What is the impact of OPEX today?

    ReplyDelete
  13. (from last thread topic of PSLV)

    While we're discussing PSLV, what other funds are fully backed by physical metal? I know of:

    CEF, Central Canada Fund
    PHYS, Sprott's Gold Fund

    These all seem to be safe and reputable.

    ReplyDelete
  14. Justin- Yeah, I read "Time limits me to only a brief post" as code for "Where are the Advil? Is that damn coffee ready yet?".

    Even (if) hung over, TF is the man.

    ReplyDelete
  15. Mr. Turd,

    did you buy the dip yet? You said you were waiting for $33 or $32.50 on silver and $1375 or something on gold, it's never coming buddy! You weren't the only one waiting... is it safe to say we should just get in now before we hit new highs next weeek...

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  16. Silver price is up .80 and HL is up one penny. It's official: HL is to silver what EGO is to gold.

    MGN (the worst performer of the recent pullback) seems to getting a bid this morning.

    EXK ought to be crossing 9 bucks, but since the prime directive of the universe is to stomp down silver miners, EXK is struggling to keep above 8.70

    I am bullish on frustration. In two minutes this morning, the miners lost more than half their profits. This is an impossible market to stay sane in.

    HL now down a penny. Good grief.

    SK

    ReplyDelete
  17. xtybacq,
    I'm always skeptical of people who persistently bash what others do with their money and not for not doing as they themselves do. Has to be a motive in there somewhere.

    ReplyDelete
  18. Ignore Kid Dynamite. He was trolling on SGS's site and SGS called him on it. SGS even started a thread asking KD to explain his logic.

    http://silvergoldsilver.blogspot.com/2011/03/offering-kid-dynamite-chance-to-explain.html

    ReplyDelete
  19. @xtybacq - I had a typo in that post. I can't be sure that everyone reads all the comments, and I don't want someone to see that and not see the correction. I thank you for bringing it to my attention - i had no idea why you guys kept writing about the irrelevant redemption mechanism, and then I reread my post and saw what I wrote.

    See, since I am utterly AGAINST disinformation, I do not like to leave incorrect information posted.

    Regardless - I'm not changing my story - anyone who has any clue about the mechanics of PSLV knows that in order for the premium to be arbed you need a CREATION mechanism, which doesn't exist.

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  20. agophillic - I like it - a little shiny turd paperweight - or more acceptable perhaps, a miniature replica of his hat.

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  21. kid dynamite......is a shill......ignore him

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  22. letter/number man: you guys can ignore me all you want. I am the only person writing about silver ETFs accurately. this isn't opinion, it's fact. PSLV's premium positively is NOT a reflection of the price of silver, no matter how many people repeat it. it's still incorrect. Trading on incorrect theses is a recipe for disaster.

    SGS wrote a thread about a bunch of misunderstandings on SLV where I thoroughly debunked his errors. I encourage you to go back and look at it - the post before he posted on his website that anyone who doesn't believe SLV is a fraud is not welcome...

    ReplyDelete
  23. ok guys - good luck. I have stuff to do, and I thought this forum was smart enough to realize that just because someone doesn't write "FUCK BLYTHE!!! JP MORGUE!" doesn't mean they're a shill.

    I am a shill for the poor victims of misinformation and hype who are being conned into believing that PSLV is the answer to their worries.

    good luck making Sprott rich with PSLV - he's laughing all the way to the bank.

    ReplyDelete
  24. Thanks for the warning all - I could feel myself getting sucked into one of those ludicrous arguments where every time you think you have resolved something the ground shifts - usually a string of seemingly innocent questions works, which I might try. I also wonder at motivation as the initial article was over the top. While I believe in swearing when you put an axe through your foot, I don't think it should be necessary in investment advice.

    ReplyDelete
  25. @SilverRunNW
    CEF
    Central Gold Trust (GTU)
    Silver Bullion Trust (SBT)

    All run by the same team. All governed by the laws of Canada. All holding physical to about 97%. Some or all are closed ended. The fund managers make their money by (in layman's terms) charging a %age for secure storage and paperwork.

    word verification: terst
    yeah, I'm feeling that, lol

    ReplyDelete
  26. word verification:

    oveldosi - what Turd would have said he had last night - "a little oveldosi occifer, honest."

    ReplyDelete
  27. coloredsky: No update yet.
    Justin: Yes it was a late night.
    Pablo: Too much going on to buy with confidence so I have not bought yet. Yesterday, I covered a May 39 call that I was short but that's it.

    ReplyDelete
  28. @SSK
    Right on with HL. I think they are in cahoots with the Morgue. When they turn red and the Mkt is up, it is time to get on the good foot and be alert.

    ReplyDelete
  29. Ghadafi has only agreed a ceasefire because he knows his whole anti-aircraft defence would be taken out,then his ground forces,the negotiations will start to buy him off and give him a safe haven soon.Stuff the fact that the markets don,t need a safe haven,currency wars and the other million and one problems cannot let the system last.Look at America,millions of IOU,s coming home to roost very soon to dissolve the dissolving $,Europe bankrupt,Japan on the verge of financial annihilation and whole area,s unuseable for decades.How long will a safe haven be affordable and available for purchase.Ask yourself these questions and see the logic in keeping the faith.

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  30. Hey - I typed the comment about swearing BEFORE the kid posted that, I swear. I only saw it after I posted. Swearing is cheating in arguing. It throws the other person off but has nothing to do with content. Ad hominem attacks, illogic, obfuscation and no manners. Done.

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  31. If ay of you are buying paper shares in a closed end fund, you are buying a derivative of the underlying assets in the fund. Period.

    If you think otherwise you're fooling yourself.

    Want physical, buy physical and hold it yourself. No counter party and no surprises that way.

    Want to play the casino? Play the casino, but know the rules and the odds before you do.

    ReplyDelete
  32. I have no idea about what you guys are referring to with the K.D. drama, seems like a lot of disagreement. Maybe we can agree to disagree?

    K.D., you seem to take a lot of criticism from what everyone is saying. If everyone obviously is not going to buy in to what you say, why bother continuing the attempt to persuade? You seem very opinionated, nothing wrong with that, but continuing the fight is not going to get you anywhere, just as they will not convince you to change your stance.

    Let's all just take a step back and hug it out!

    :)

    We all obviously have at least one thing in common: silver. In a couple of weeks/months, these petty bickerings over premiums will be irrelevant and long forgotten.

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  33. @HappyInTheWoods

    Thanks, exactly what I was looking for. I am a big holder in PSLV, but would also like a little diversification as I build positions.

    Folks, I wouldn't be so quick to run Kid Dynamite off this board. Just because you may disagree with him, or just dislike his "attitude", his research should not be dismissed outright without your own DD. I find his research beneficial.

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  34. Inflation?

    http://www.cnbc.com/id/42130406

    What inflation!

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  35. GoldmanSachs updated their short term target for Gold at 1480... might be the best sell signal there is... One question, what kind of impact can we expect on PM's due to OPEX?

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  36. I am now skeptical of the closed end funds. Why not add physical when the demand is there and eliminate the premium? It appears that everyone in SLV is anticipating the price going down as there is a discount and everyone buying Sprott is bullish creating a premium. Clearly this is not the case.

    Full dislosure - I own physical and daytrade paper.

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  37. Kid....go back to the shed....blythe is waiting for another spank down.....Premium is simple its preventing a large bullion raid from "those without"

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  38. Can't resist one more poke at the kid. I love his 'I had a typo in that post'. It wasn't a typo it was disinformation and it was deleted so it couldn't be quoted back at him. I wasn't much of a debater, but my two older brothers were. And my dad was a Utilitarian who believed in teaching his children symbolic logic. So I had to learn to hold my ground at an early age.

    word verification: codswool

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  39. MM...You are sooo... right! PSLV SLV I don't trust anyone with my silver.Guarded by Colt. Insured by Springfield.

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  40. @ Marcel. Yes physical is physical. Verify the assay yourself, audit it yourself, safeguard, store and transport it yourself, sell it yourself for the best price you can etc etc. There is still a casino because it can be lost, stolen or damaged or the holder may be rendered incapacitated.

    To me investment risk is a continuum. Next to holding the physical myself a closed trust is the least risk I see.

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  41. codswool?

    As in the paperhangers pulled the codswool over my eyes?

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  42. @J.E.

    I'm a big fan of physical, but I also have a self directed 401k, so funds like PSLV are a good investment vehicle to participate in the silver market. I'm not quite ready to dump the 401k and take the penalty hit, but I'm not far from pulling the trigger.

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  43. Happy - thanks. Why is everyone getting their knickers in a knot about this? Maybe Marcel you have an armory at your house and a large plot of land but I am not so lucky. So I will trust the Canadian Mint for the moment and pay to do so.

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  44. @ J.E. If the trust did as you say then they are engaging in market timing. That introduces substantial risk. There are funds out there that do that I am sure. The closed ends were created for folks who want to feel like they own physical but want the flexibility to trade it easily and do not want the storage risk.

    Disclosure I own everything from physical to day-traded leveraged ETF paper.

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  45. Things are moving UP nicely.
    1423 and 35.25

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  46. Rick,

    Right on! Ya gotta have the base metals, if your into the precious metals.

    Happy,

    I hear you on risk bro. BTW I think we're neighbors in the 902.

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  47. Kid is bang-on when it comes to PSLV. And I'll add I hold PSLV as well as a few other Sprott Funds.

    Yes, you can redeem PSLV units for physical silver. Two big things to point out
    1) "Unitholders whose units are redeemed for physical silver bullion will be entitled to receive a redemption price equal to 100% of the NAV of the redeemed units" Consider this statement further. If you paid NAV+Premium for your PSLV shares, you can only redeem for the NAV in physical silver. You will lose the premium.

    2) There is a minimum redemption schedule of a "London Good Delivery bar" which is roughly 1000 ounces or $350,000. This is roughly 24,500 shares of PSLV you would need to redeem (each shre consisting of NAV+Premium).

    No, there is no creation mechanism. You cannot deliver silver to the trust to lower the premium.

    There are no options traded on PSLV. Options traders cannot short it.

    Herd mentality (everyone selling or everyone buying the shares result in a greater decrease or increase in the premium when compared to other funds such as SLV)

    14 million units of PSLV are held by sprott management's hedge funds. The recent F-10 filing has advised the sec that those hedge funds may elect to sell those shares at any time.

    Whether they choose to do so remains to be seen but it certainly is a possibility. Sell 14 million shares, keep the premium, buy the physical.

    The question is are investors willing to pay a premium? Obviously they are. Likely because the investors dont ever plan on holding physical but want exposure to the market and this is one of the safest vehicles.

    My only worry is that when/if those funds start selling the 14m shares in a market where only 900k shares trade daily, the share price will correct to 5% premium.

    If that happens, get out quick as it starts to drop and get back in when premium is back 5%.

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  48. xty,

    60 acres and tractor that can dig a BIG hole. Lots of base metals too

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  49. Happy in the woods -

    Not sure I understand your timing risk comment. If I understand you correstly, when additional shares of this fund are purchased, for some reason they don't have anyone with a kitco account or any other way to access the spot market? Does not make a damn bit of sense to me.

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  50. Hi all, hi Turd
    I know that what I'm going to tell you is quite cynical, but... what about this Company?: Uranium Eenrgy Corp (UEC). We can see a deep one week ago when the problem at Fukushima came out, but i don't think that all over the world people think to stop and close the plants... so it could re-bounce up, isn't it?

    Thanks in advance, David (I beg your pardon for my English)

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  51. xty,

    So, there are 2 counter parties between you and your shiny? Sprott and the RCM?
    You know the RCM "lost" (as in couldn't account for it)$43MM worth of gold last year? They're also the ones that lost the dies to make the first generation dollar coins. At least they're consistent!

    Better hope you're not too far down the waiting list when the SHTF.

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  52. Uranium is probably dead money, at least until this Japan thing clears if it ever does.....

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  53. I'm not a paper trader, i've been buying and holding since my dad whooped my butt for buying a Baby Ruth at the local Sinclair with a few mercs (lol). I'm not sure exactly how to phrase my question... This is March 18th, contracts expire 3rd Friday of the month, so today, yes? Silver was under $31 this time last month. I was expecting some naked shorting and am a little shocked we're above $35. enlighten a newbie?

    ReplyDelete
  54. @ J.E. Best I can do is point you to

    Bullion Management Group

    They have a series of funds that probably do what you are asking. Read the prospectus and note the differences between, say BMGBullionFund and CEF.

    Disclosure I own BMG funds.

    @xtybacq thanks for your supportive interest in that other topic. I do think it got more clear. Also the "put it in a bank vault" vs. "put it under my own watch and gun" is primarily a difference due Canada/USA culture.

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  55. Stock wrote:
    ==================================
    There are no options traded on PSLV. Options traders cannot short it.
    ==================================

    Stock, my understanding is that a stock typically can be sold short even if there are no options available as to that stock. I am not, however, an expert on these matters. Does anyone have a different understanding of this matter?

    -- Paul D. Bain
    paulbain@pobox.com

    ReplyDelete
  56. I read both the SLV and PSLV prospectus cover to cover.I chose to put my $ in PSLV.

    The fact that PSLV has its physical bars audited by an independent third party made the difference.
    I have my concerns that the premium is too high and that I might get burned by up to 15%. Before turdworld I posted about these concerns on the Yahoo PSLV board.

    My concerns with SLV are as follows:
    If the events of the past four years have taught us anything its taught us that one must be aware of counter party risk. If we assume the SLV custodian is 100% honest and upright(I'm saying assume, I don't necessarily agree with this) Then they can still get burned. There are a number of stories of people purchasing fully allocated gold and silver from big banks then having a big problem getting their fully allocated bars. SLV may discover that the bank holding its silver sold the same silver to 10 other people. Assuming the large international banks are honest brokers just does not align with the facts and recent revelations.

    Lastly the millions of OZ of SLV that appear and disappear on a daily basis makes me think that the silver is being used for purposes other than the basic operation of SLV. Speculating as to what these schemes are would require that I put on my silver foil hat, and I'm trying to stick to the facts, not speculation.

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  57. SilverRun NW -

    Same boat with my IRA. Withdrew 25% a few weeks ago. With the currency scare this week withdrew another 25%. At this rate there may not be anyone to send the penalty to!

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  58. I'm going to jump in here. If you've read my blog you know I'm not a huge fan of PSLV for some of the reasons mentioned here and some others. Nothing trumps physical silver in your custody - nothing. PSLV is not a substitute for that. PSLV is good option for some retirement funds where you are unable to get real physical allocated in it.

    I think the thing that worries me the most about K.D. and this exchange is the rampant confirmation bias that can go on in here sometimes. Nothing is more important than hearing some other opinions and someone giving their opinion on something isn't trolling necessarily.

    I'm glad K.D. is here giving his opinion, and I hope we can all have differing opinions without ostracizing folks. I think a lot of this will get better when we get the new TF Site of Goodness with Forums and stuff.

    Yukon

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  59. Dave,
    I've been considering hopping into one or two of these Uranium miners, i.e. URRE, UEC and URZ. They are way off their norm's and understandably so. I am one of those that believe Uranium is taking a lot of heat right now, but I can't deny the fact that nuclear energy is here to stay. There are still plants out there in operation that will require the product and even though countries are currently halting projects, they will eventually start them back up. Not even a week from the disaster and those stocks are already on the move back up.

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  60. Don't follow me on this but I will hang it out there. I think today we run 36. I bought the close yesterday and I am buying right now. I don't usually buy when they are big green but I like the action and I think the Morgue is weakened due to Japan thing. If I am wrong I will bail quickly.

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  61. Just looked at some of those Uranium stocks. Most are up 5% today and URRE is showing up 13%. Nuclear energy didn't go away after Chernobyl, no reason to assume the people of Earth will abandon that energy source now.

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  62. China and India have lots o' reactors planned. Given the enormous size of their population, nuclear is probably the only reasonable solution. I'm hesitant here as I think the Japan thing may get a lot worse before it gets better, so I'll wait.

    I'm west coast and we had first reports of radiation detected on freight coming in from Japan yesterday.

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  63. Atlee said:

    "Right on with HL. I think they are in cahoots with the Morgue. When they turn red and the Mkt is up, it is time to get on the good foot and be alert."

    Heavens to mercatroid. This is why I generally stay away from blogs and discussion boards. I originally came here for intelligent input but some days...

    Listen - I own my own business - I'm not not a day trader - more of a buy and hold investor. I held Hecla for a while then dumped it when they got hammered with millions of dollars worth of litigation. Hecla is struggling because of this - I kind of feel bad for them - because someone decided they should be crucified on the alter of the environement. You have to watch what companies you own are doing - even in a bull market good companies can tank because of inside management issues or outside forces beyond the control of the company. You have to watch it almost daily or you can get hung. Just like Hecla did. That is the price of holding miners.

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  64. MM...40acrs and plenty of copper coated lead projectiles ready for delivery.There are much easier places to steal food or PMs.

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  65. I've traded URZ, URG and URRE in the past, but they have been very volatile (not unlike silver). I rode them for a short time for a 20% profit. I didn't get in early, so I was trading carefully and waiting for a pullback. Well, the pullback is here, but fear keeps me from jumping back in.

    The prices on some of the uranium stocks look great now (relatively), but is now really the time to invest? Wish I new. With fear at its' highest, this just may be the perfect time to jump back in.

    Time for a gut check. Though from a price standpoint, the entry prices look good, if the overall market crashes, these will go as well.

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  66. @swampfox
    OK HL is a great company and you made the right decision. Is that what you want to hear? Doesn't matter that JP Morgue is their investment banker and they have hedged future production at lower prices.
    I only want to make you happy. Tell me what you want to hear.

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  67. Looks like maybe the ceasefire may have been a lie. Gaddafi...lie...say it isn't so!

    Government attack on Misrata kills 25

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  68. atlee - I have been sticking my nose out all week - at one point it was me and afrum against the trolls (hi me, hammi, obsoleteman) - and calling for $36 by the end of the week. I am wrong about lots of things so think I get to brag a little bit about keeping up the bullish side.

    Marcel - easy with your tone. We live in very different circumstances and you do not know all my constraints. We do own physical and we also own PSLV. Money that I can simply loose is in an idiotic iTrade account and pretty much all on tiny miners. It is like a pile of lottery tickets but you don't know when they will call the numbers. You are well placed it would appear to guard a considerable amount of wealth on your property, but I am not.

    And yes, that is what I was thinking - sounds like a Newfoundland statement - 'I had the cod's wool pulled from my eyes when I found Turd's site."

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  69. Gaddafi cease fire = more rumors to support USD.

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  70. I haven't done exhaustive research on Hecla, but the 1.3 Billion judgment from the EPA is huge, of which I think Hecla is 31% liable. Asarco is probably the largest company liable for polluting the Coeur d'alene river. I've read that Hecla has set aside 65m so far for the judgment, so they still have a huge overhang here.

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  71. Justin, no way a noble respected Leader like Gadaffi would lie.

    Could never happen.

    What motivation would he have to lie??

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  72. Paul Breed wrote:

    "Assuming the large international banks are honest brokers just does not align with the facts and recent revelations."

    Whatever Wall St is selling, I'm not buying.

    Wall St totally owns the white house, congress, cftc, sec, occ, fasb, local courts (fraudclosure). Not one executive from the land of IBGYBG has gone to jail.

    May they bleed from every orifice when the day comes that gold and silver trade fairly.

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  73. Paul Breed Thanks for the post on PSLV - it is so odd that someone would be on the attack about other people's investment choices. I didn't go cover to cover so am delighted you did and came to that conclusion. Obviously it is more expensive than buying physical (but really not by a lot - there is always a premium at the dealer too) but it is audited and the bars are registered. I am not too worried about Sprott profiting by selling shares and the premium going down - the price of convenience. And trading physical is a difficult task and there is another premium taken and I am not ready yet to bail entirely from the system and have all my wealth stacked in the basement. I want to be able to buy and sell easily and hope to make some profits before the whole thing falls apart.

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  74. A global indirect audit of bullion banks is on the horizon as currencies continue to weaken and customers demand the physical. As ghosts are let out of the closet the pace will accelerate. Everyone here is way ahead on the preparedness curve.

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  75. I have never owned a stock like MNVWF; a relentless move upwards every day on around 10,000 shares per day. I don't own too much, and I'm glad because you are pretty much locked in with such few shares traded. Still, way up after just a few weeks

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  76. Hi Atlee,

    I think you are partly correct. There is without a doubt a business relationship to one extent or another but that being said the Morgue is huge - they are banker to a lot of companies and not all of them are part of some vast conspiracy to control the masses with Fiat (although some of them might be). As Freud said - sometimes a cigar is just a cigar. I don't see conspiracies under every rock although I'm sure some of them are real the problem is in the proof - thus I worry about one thing and one thing only - return on my investment. Hecla made a lot of people good money until this environmental lawsuit popped up. Up until recently - in terms of return - they were a good company to hold. So says my bank account. But that was yesterday and this is today. Now other companies are making me money.

    Are the two companies in "cahoots"? Good lord. Unless you are on the inside how can you prove it? I know I can't. ( alot of miners over the past 30 years have hedged - nowadays a stupid thing to do but not a crime) I can speculate - I can guess but proof? That's a different matter. My iunvesting philosophy is really simple - make me money or I move on. Hecla did that then it didn't. I moved on. I hope they recover from this recent blow. If they can then I might be a buyer again somewhere down the road.

    That's all. And BTW - i reread my opening statement - it was a little crass - sorry about that. I wasn't trying to attack you but it sure came out that way.

    Swampy.

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  77. Michael - If I understand your question - 'they' (and don't jump on me for implying there is only the EE) have been trying to keep silver down but I think world events might have gotten the better of them. Mad currency fluctuations, etc., have taken the pressure off the metals maybe as 'they' are now trying to keep the dollar up and the yen down. And the demand is just there for silver and gold - they have held their ground for a week at around 34 and 1400 - just would not retreat. And yes, today is options expiry I believe.

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  78. @xtybacq

    How do you decide when to close out your hoped for profits and in what form do you warehouse them? Fiat? Tis a conundrum with no particularly good answer if you do not have private storage ability. Even then, in the states anyway, the threat of confiscation hangs heavy, maybe heavier for gold than silver but it's there for both as "our" government is very likely to try and steal everything not nailed down and covered with poison.

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  79. Here's another BAKKEN Field penny stock tip for the crowd .12 Cents:
    GX GUARDIAN EXPLORATION INC

    ReplyDelete
  80. @ Swampy

    No problem friend. I too hope I didn't offend. I am not a deep thinker but I admit I am a swing trader who does occasionally day trade. My long term observation is that when HL goes down and everybody else is way up, we have a smackdown. Additionally the short position in Hecla is big.

    ReplyDelete
  81. Marcel Martel

    No, not too complicated on the GDXJ thing. It's just that I tend to use it as an indicator for the smallish miners as a group, much like the Turd watches the HUI. Seemed to me that this week the GDXJ revisited an area that was support in January around Turd's Bottom, and also some chart wiggles around the same area back in Oct/Nov. That's about as sophisticated as I get as a chartist. "chart wiggles" LOL

    In terms of implementation, if I get a signal one way or another from the GDXJ, then my trades might involve SLW, or several favorite miners as a group. This week, Wednesday, I bought a chunk of CEF instead. Working out fine so far.

    Good luck on the BPM! I'm hoping they fire up that mill any day now. Only at a 11000 oz per year rate, but when there are only 23 million shares out that's still nice. If things go according to plan, I feel like I'm buying 3 dollar bills for a buck and a half. Let's hope.

    ReplyDelete
  82. Atlee said:

    "My long term observation is that when HL goes down and everybody else is way up, we have a smackdown. Additionally the short position in Hecla is big."

    And I admit I am not much of a trader (I know my own business very well and am used to setting the stanbard for how it is conducted - but rely on input from others coupled with my own common sense in this area of finance) But the above is the type of insight I come here for. And it is why I sold HL.

    Cheers.

    cheers.

    ReplyDelete
  83. Liverdiefree - yes a conundrum indeed. Right now (so everyone get ready to tell me where I have gone wrong - but please do it without sarcasm) we have physical metal, paper metal, a few dividend stocks covering food, money, energy and telephones, and cash. Some cash at home and some still in institutions. Then we have the lottery account with the mini miners and a few odds and ends. We are able to own phys.u in our RRSP's (like a 401K). I am slowly pulling cash out, and it is in Canadian dollars, which is beginning to bother me. My goal is to survive in the city (we live in Ottawa, Canada's capitol city) for 2 more years so our youngest can finish high school. Then we bail - on a boat and on a tiny cottage we hope - but I did not want my end of the worldism to destroy my children's lives. So we are torn but are slowly moving to a situation where we will I hope mostly own physical. Thinks are looking crazy now, though, and I have been waiting to sell out the stocks - big tax hit on the retirement stuff though but we are fixing that by not working - then we can pull it as income and not get whacked. Hoping to barter work maybe - but also trying to trade for income.

    ReplyDelete
  84. Swampfox, you have a point about HL. But you're awfully smug about. From eight years of ownership, I can only conclude that HL sits on someone's kill list. HL performs like no other miner I have owned (and I have owned a lot over the last decade. Just look at the short interest over the last ten years. Mindboggling. Several years back, the shorts got so sloppy, they forgot to clear some of their dirty work and exposed thousands of shares of uncleared, naked shorts. They didn't even bother to wipe clean their slimy trail.
    The thing is, HL has everything going for it: location, mines, future growth, base metal credits, and of course the lowest (negative) cost per ounce of silver in the world. And yet, it's the most highly shorted miner that I know of. Why?
    Management has a very mixed history. Their settlement of the Venezuala property took real diplomacy and negotiation (compare their end result with KRY). Yet, the Green's Creek acquisition, though long term positive, nearly bankrupted the company in the fall of '08. We're talking a staggering share price swoon from 12 to one dollar. The preferred shares from Green's Creek to this day plague the company share price. While growth is strong from Green's Creek, it has not proven to be the Fort Knox of silver like some thought. Instead, Lucky Friday holds the real key to HL's growth. Management's real blunder was the EPA settlement. I mean, CDE got right with the EPA back in the 80's. Not HL. They waited and waited until the most liberal administration since Jimmy Carter took over. Great time to cut a deal. Apparently, the folks in Idaho believed Joe the Plumber would put John McCain in the Oval Office. Then, HL, a company with 124 plus years of announcing quarterly results, delays reporting earnings because why? Because they wanted to give the disastrous EPA settlement more media coverage? I mean, let's run up the red flag and carve the letters EPA in every shareholders forehead. Rather than announce the best earnings in the company's history, they delay results like a Chinese penny stock. Really, you have to wonder who's side management is on: the average shareholder or the 40 million holders of short HL. Let's face it: JPM as the company's banker has to at least give you pause.

    I am liquidating HL into strength. Every uptick is followed violently by a take down. This morning, I have another order in to sell 4,000 shares at 8.45. It's close.

    Bottom line: HL acts unlike any other miner I've owned. You cannot underestimate the short's ability to wipe out your profits in a matter of days. And it never changes.

    SSK

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  85. Oh and we thought we had the perfect hiding place and then someone wrote a novel about it - The Golden Keel.

    ReplyDelete
  86. Turd,

    Can you give an update on the miners? I saw EXK rocketed back to 9+. I would like to know your thoughts...

    ReplyDelete
  87. Thanks for the GX play, EA

    I followed your MVW call from day one but didnt buy. I pounced on 6000 shares of Guardian today at .135 just for fun. Selling half at .28 and letting the rest ride

    ReplyDelete
  88. Corn up 45c expanded limits. Earthquake sellers
    caught short.

    ReplyDelete
  89. Is gx available in US or Canada exchange only?

    ReplyDelete
  90. Eric #1 - look our for those '3 dollar bills' you are getting for a buck and a half - they might not be real!

    ReplyDelete
  91. Stock Said:
    2) There is a minimum redemption schedule of a "London Good Delivery bar" which is roughly 1000 ounces or $350,000. This is roughly 24,500 shares of PSLV you would need to redeem (each shre consisting of NAV+Premium).

    @Stock...ummm 1000 ounces is ~$35,000.
    Math is an important skill in investing.....just sayin' ;)

    ReplyDelete
  92. Very interesting Friday- and notwithstanding possible shennanigans for the next 1.5 hours, this will turn into FrYday after the 1:30 close. Options expired, platform in place. Just my 2 cents, but I think the lid comes off at 1:30 ETS and we rocket to the close.

    Good trading, and best of luck!

    ReplyDelete
  93. Pat,

    http://finance.yahoo.com/q?s=GUEXF.PK&ql=0

    I'm showing that is the pinksheet one. Very low volume compared to Canada exchange. I'm going to look into this some more.

    ReplyDelete
  94. http://consumerist.com/2011/03/man-tries-to-buy-99-taco-bell-taco-with-1428-gold-coin-fails.html

    ReplyDelete
  95. Back to PSLV - there is no way that I know of to buy physical silver without paying some sort of premium. Whether it is a buck or two on a one ounce coin, or just a buck and half over spot on a website. Since the comex can just give you paper, they don't sell silver at spot either - and there are costs associated with trying to take delivery. So for the average person, silver always costs spot + premium.

    ReplyDelete
  96. ssk

    hecla

    look at coeur the whore. imho, hecla is caught up in margin calls for some witless hedge fund, or being used in these infernal ratio trades for one of these machines.

    watch the last hour today, need to cross 8.40, but i agree its criminal activity,

    ReplyDelete
  97. Pining - it does seem quiet right now. Is 1:30 when the options will have actually expired? And where is afrum? I feel he should be here about now.

    ReplyDelete
  98. @pining

    "Just my 2 cents, but I think the lid comes off at 1:30 ETS and we rocket to the close"

    Amen brother!

    ReplyDelete
  99. Hi SSK.

    Sorry for being smug. I'll definitely reign it in. For what it's worth I've lost money on worse companies. Some days I'm shocked I'm up at all. I have been lucky with companies like HL. I bought a small position in an upswing and liquidated it as soon as I read the word "litigation". I promise to behave from here on in. This is a great quality site for people like me (neophites) as it offers up piles of great info. I'm just not a big fan of conspiracy theories. I like facts - they are a lot more helpful in the long run as they make it easier for folks like me to exercise our own judgement. I won't say there is not colusion between the two companies - only that how we talk about them and their relationships should be backed up by demonstrable facts like your post. Then the rest of us newbies can simply make up our minds for ourselves.

    Am I making any sense???

    ReplyDelete
  100. SSK,

    Thanks for sharing that info on Hecla. Very good info!

    ReplyDelete
  101. For those who like to buy the dip, see what Rob McEwen has done with UXG and MNEAF over the last couple years. Now note that Lexam, his baby as well, has been put on a huge sale lately. Time to dumpster dive?

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  102. xty

    You are so right! LOL But I think that anytime we take a chance on these little miners, we run the risk of buying phony goods. Gains can be here today and gone tomorrow.

    We pays our money and we takes our chances, just like the arcade games at the county fair.

    ReplyDelete
  103. What do people mean when they say "FRYday" anyway? I've seen it used both as up and down days.

    ReplyDelete
  104. Does anyone know why the USDX on Netdania is about 1/2 hour behind?

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  105. Jimmy Have you not read Afrum's comments? He is an old day trader with, shall I say, and eccentric way of expressing himself, frequently describing bankers as 'rat bastard vermin' for example. And I believe FRYday has to do with burning witches and seeing Blythe Masters' plans go up in smoke as the price of silver and gold skyrockets after options expire. Something like that.

    Eric - yes, my mining stocks are simply lottery tickets. But unlike the lottery, they might pay out someday and don't expire, unless our problems become ten times worse, and then who cares.

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  106. xty- Yes, OEX deadline is NYMEX close at 1:30, and we have Quadruple witching this week, making it more unusual.

    Jimmy- As far as I know, on this blog the term was coined by our resident mad prophet of the Watchtower 'afrum', to describe the fact that Friday has been very positive for PM's of late (frying Blythe's plans and in contrast to consistently manipulated and down Wed and Thurs). Afrum is the only poster I have seen who can work a phrase like "scum vermin rat bastard bankster fraudsters burning in a pile of paper fiat" into a post on the effects of options expiration on silver spot, so he has a unique way with language. Fryday is one example.

    ReplyDelete
  107. xtybacq and fjords, thank you. I've very much noticed his language and excessive use of exclamation marks. ;) Fryday caused a bit of confusion tho', thanks for clearing that up you two! :)

    ReplyDelete
  108. Seems the Dollar (DX) is dropping below support. (Jun11 DX 75.925)

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  109. And atlee- Big props to you for calling your AGQ buy price at 179 or below on this board at the very start of the week. Outstanding call. I was not so quick on the draw but got in around 183, so I am very happy- adult bev. in honor of Turd and the Turdinistas coming tonight!

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  110. Has anyone read the Comex default comment that is on yahoo?

    I got linked there from a comment by a guy named Pete

    http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_J/threadview?m=te&bn=10073&tid=389248&mid=389248&tof=2&frt=2#389248

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  111. I use this for monitoring the USDX http://www.marketwatch.com/investing/index/dxy/charts

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  112. And it must be said - Afrum knows a lot - he has been consistently right and he sure knows when things are going to happen in terms of how the market operates and when POMO is coming, etc. And he was stolid right through the last week too.

    ReplyDelete
  113. My DXY site:

    http://www.goldseek.com/quotes/charts/usdollar/usdollarindex1hour.php

    ReplyDelete
  114. Here is the original post

    http://silvergoldsilver.blogspot.com/2011/03/tinka-fill-eat-my-shit-fuck-wad.html#comments

    Not sure what to think it is several days old

    ReplyDelete
  115. Ferdinand - this came up a number of times - called foul by someone because the person is anonymous, and called foul by me because how could someone not know that the comex is fully entitled to settle in cash. It is clearly stated - they can settle in cash, and no need for big premiums. There is no legal case to be made as far as I can see. And would you invest that much money without reading the disclaimers? Seems very fishy.

    ReplyDelete
  116. @pining

    Thanks. Luck. I think the low was 174.50.

    ReplyDelete
  117. Where is the mega volatility "we were all expecting."

    Something seems changed...

    -
    @Atlee and others
    I agree with your run-up theory. Next week could be very interesting in a big way for gold and silver... time will tell.

    ReplyDelete
  118. Thanks for those links - will check them now. Merci.

    word verification: wintr

    ReplyDelete
  119. Thanks xtybacq,
    First I saw of it.

    ReplyDelete
  120. Honestly, I will go away soon. But is this an assault before 1:30? Just touched under 35.

    ReplyDelete
  121. Frustrated that gold hasn't gotten thru 1420 given the $ weakness.

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  122. @ Turd
    I think we will, Today.

    ReplyDelete
  123. @Scottj88

    "Duh!"
    What has changed is Fed just did a massive currency intervention when the dollar dropped like a rock the other day and the yen was in demand.

    google g7 fed intervention

    - "The Jeepster"

    ReplyDelete
  124. J. E.

    The price quoted in the Great Panther store is the price of all their silver products by the oz. It is not the spot price like you are used to. It is now up to $37.35 so sale over.

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  125. I'm putting on my oven mitts in case the pot boils over at 1:31 EST... who else thinks we might see a break up after expiry?

    We're also getting dangerously close to my self-imposed "get out of all fiat" marker at USDX 74.99

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  126. xtybacq,

    Not attacking, just sayin'

    One of your constraints is you didn't read the prospectus, yet you try to rake Kid Dynamite over the coals for what he has to say about PSLV.

    You're the one who resurrected the whole topic on today's thread when it should have died long ago.

    nuff said

    My apologies to all of you who have just witnessed my poor behavior. . . Especially our host.

    ReplyDelete
  127. Hey, one other question to everyone here: With so many japanese electronics companies to have their factory operations severely scaled back, do you think it will effect industrial use of silver?

    "Silver bugs" usually cite Ag's "dual role" as both Precious and Industrial metal. I feel like what is happening now in silver is bigger than the industry side of things, and this shouldn't affect us much. Any thoughts?

    - "The Jeepster"

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  128. xty -

    I buy my 90% silver coins for spot from my local long time silver guy. I'm sure I'm one of only a few who get a small discount from there. He will round the FRN price down a couple of dollars and round the 90% amount up a tad. (as long as his wife isn't around...that's why I never buy on sundays! )

    A tad bit of local coin shop info....he is starting to charge at the rate of 723 oz/$1000 face on 1964 Kennedy halves versus the 715 oz rate.
    He has large shipments of silver expected yesterday and today, so I'll find out how all goes over the weekend and report back next week.

    Swifty

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  129. Turd,

    Is it possible to sweet talk you into a post, in layman terms, on this whole carry trade thing? I am trying like hell to wrap my mind around all the moving parts, but I still come up short of the whole equation.

    http://www.zerohedge.com/article/day-yen-carry-trade-died#comment-1063907

    I got some of the basics (I think), but the reasons behind the price movements and implications still elude me. I would think then yen would go down down down with all the intervention to prop their markets? If folks are saying the yen carry is over, then that means that rates are going up in japan with 200% debt-to-gdp?

    Just confused looking for some clarity ... no worries if you are too busy. Crazy times!

    Cooter

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  130. When exactly is options expiration? Is there still a big benefit to drive down PM prices to lower stock prices?

    ReplyDelete
  131. Good to see u r up off the mat Turd... water, lots of water... hope you had a great night... you deserve it!

    Re. PSLV... Sprott does not profit from the premium, it simply reflects the market's value of the stock. However, if you chose to take delivery you give up the premium (not sure where it goes, but with the minimum required for delivery, I don't see it happening often, if at all).

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  132. Titus,

    I've never understood when exactly the options expire. As in, at what time precisely can they no longer frack with my shares.

    SSK

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  133. @SilverRunNW

    SVRZF (Silver)
    GTU (Gold)

    DYODD but they are as safe as Sprott IMO.

    The premiums are LOTS lower and now might be a good time to dump PSIL and buy SVRZF

    HTH IMO YMMV


    Jai

    ReplyDelete
  134. "mario said...
    Is it BTFD yet?

    Wendy said...
    It already happened bro..."


    Haha so true. Love it. The panickers missed yet another buying opportunity.

    ReplyDelete
  135. the snake loaded up on minera andes today after a long chat with their inv rel person

    the spin out is what attracted me

    ReplyDelete
  136. SSK,

    I know when Comex silver and gold options expire. (It is not today. But when it is, the time is 1:25pm EST for Comex SI and GC.).

    But with this "triple witching hour", I'm not sure of the exact timing of stock options and futures options related to stocks.

    I think someone earlier posted "1:30pm".

    ReplyDelete
  137. @Markus -- AU was beat down $2.5 overnight 3/14 - 3/15 when it became apparent that Fukushima was a lot more serious than originally admitted. Are we POSITIVE everything will stay OK over the weekend, if #3 reactor melts and/or storage pools light on fire?

    Going to coin shop in a minute to get more physical, but NOT jumping into paper just yet.

    ReplyDelete
  138. I can't wait for the new website and forums to be online. Serious discussions around SLV and PSLV and what they are good for and/or not good for are best done in a forum format. I've been in a good email conversation with K.D. most of the morning and I know that we agree far more than we disagree on things.

    Keep in mind that some of the things we talk about on here are impossible to relay through a comment system and summaries. It's like when I mentioned yesterday how impossible it is to summarize anything Martin Armstrong says.

    I do hope we can continue to listen to and respect different ideas in this blog. There's a lot of forums I don't visit much anymore because of the out of control group think prevalent in them.

    Yukon

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  139. @JAI

    Thanks for the info. I'm not looking at dumping my PSLV. My initials checks, like SVRZF and GTU, show these funds not being as "liquid" as PSLV, and I am looking for a silver only vehicle. I do like the CEF fund, though.

    I own both gold and silver, btw.

    ReplyDelete
  140. As the FRN continues it's slide down the slippery slope to oblivion silver and gold act like they have cement blocks on top of them. I guess war and nuclear meltdown don't mean what they used to.

    ReplyDelete
  141. EURO up to 1,4170.
    With EURO that high it feels much better to buy silver .
    Buying 2 monster boxes now.

    ReplyDelete
  142. CRIMEX closed for 35 min and no movement, up or down. What the hell.

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  143. I think it's unfair to call Kid Dynamite a troll. Apparently, some of y'all are Sprott groupies, and that's fine. But take off your blinders and use some parsimony. Sprott created PSLV, and now it trades at a 20% premium to NAV. He recently filed paperwork which gives him the ability to sell off his PSLV. To me, this clearly shows his intention to capture as much of that premium as he can, in order to put his money to work elsewhere. I don't see this as any moral issue; it's good business. The upshot of this - the premium is probably going to disappear, during which time PSLV will underperform its underlying asset. That is bad for PSLV holders.

    I do think Sprott is one of the good guys. That doesn't mean that PSLV is a good value at this point in time. Kid Dynamite has been trying to clear up this widespread misconception that the PSLV premium means that it "has the goods", while SLV does not. That's a huge logical jump, and it could prove costly. Whether or not you come to the same conclusion, Kid Dynamite does not deserve your scorn for pointing this out.

    ReplyDelete
  144. Obama making announcement on libya shortly.

    Talking heads sure make it sound like they're going to go in regardless of the "cease fire."

    ReplyDelete
  145. Starting to see a bit of volume on the Globex gold/silver.

    ReplyDelete
  146. I'll tell you what Turd. Win or lose, I'm having fun. Glad to see signs of life in GPL. Needs to get it self off the mat!

    ReplyDelete
  147. One more time folks.....PSLV is essentially a closed end fund.....if they did not have the premium then NOTHING would stop the Morgues henchman from raiding and taking delivery of the bullion....its is an absolute safeguard to protect the bullion

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  148. Oops! Spoke to soon! Dang it...

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  149. If they do succeed in selling this off on the close,which I do not believe they will, I recomend you strongly consider buying a little of your favorite mining stock on the close. Just mho.

    ReplyDelete
  150. to Mister....premium will not disappear...it may fluctuate in this area for awhile but ultimately it will need to grow to protect the bullion delivery and volatility....so DO NOT expect premium to leave.....He could increase the premium with PHYS if he were only looking at self profit.....gl

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  151. Whoa, a run on GX-Vancouver exchange. I hope you guys are getting/got in.

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  152. Wow what a poop storm over Kid Dynamite. I did not call him a troll. I just caught him in a dissimulation and then he tried to hide what had happened, and I dislike his foul language which seems unnecessary. And Marcel, so what if I didn't read the whole prospectus cover to cover, that doesn't mean I don't understand what is being discussed. I am not a Sprott groupie - that is just name calling - I happen to like his product and you don't. And also, no one tried to kick him off the site, and I hardly dragged him over the coals - he went off in a huff.

    I share the Turd's frustration - nothing seems to have happened, either good or bad this afternoon (knock on wood).

    ReplyDelete
  153. EA,

    Maybe I'm reading things wrong but GX balance sheet doesn't look that good. Am I missing something? Thanks.

    ReplyDelete
  154. Anyone else looking at the Dollor index and also the USD/JPY and thinking....this aint working?

    Im looking at a break out up to 1500 Gold 38 Silver in very short order.

    Gadaffi is playing for time, the guy is capable of anything, Bahrain will snap back in the Saudis face and that'll be a game changer.

    Im looking to accelerate my fiat by going long the metals, but have re bought into my favorite UK silver mining stock on the dip, now up 20% from bottom which was a very nice buy in.

    Off to my island home next month to stock up on food, water and cooking gas for when the inevitable happens.

    Looking forward to the new SDR, should be able to pay the mortgage off in quick time and buy a boat too! ;-)

    ReplyDelete
  155. KD is fine by me for wanting to debunk some myths. On the other hand he should be open to correction himself. I'd say the point he is making is good, the "facts" supporting that point had some errors. Remove those and it's back to being a credible view.

    I think I'm done trading for the day. Sold the funds I bought yesterday and still stuck with some that I bought when spot was 36 (was that only Monday?) as day-trading can be like that. Don't see a play worth risking a weekend on.

    Have a good weekend all and here's to a quiet recovery of the nuclear distress in Japan.

    ReplyDelete
  156. If we sellof on the close, I add more exk and ngd mkt on close. If we stay here around 35, I had a great day and I do nothing. If we run to 36 and stop, then I have to lighten up a bit on AGQ. If we go through 36 and close above it, I do nothing. I am still hoping for the later. GLTA

    ReplyDelete
  157. I saw this over at SGS... Has anyone seen this and care to comment?

    Someone is standing for delivery of 3 contracts, and is getting the cold shoulder from the COMEX. Legitimate or not?

    http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_J/threadview?m=te&bn=10073&tid=389248&mid=389248&tof=2&frt=2#389248

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  158. I own my tradeable silver in the form of PSLV. I have gained an extra 20%, but that doesn't mean I'm selling. Chart good and who knows what is going on in the physical at the Comex. So whether he is selling to take profits(20% isn't much for silver) or he is selling to purchase more silver for the trust, who cares. Read the chart. Besides I would rather hold PSLV with a 20% prem, then SLV with what I suppose is a lot of paper(don't know for sure). Just don't see how you move millions of ounces over night in and out, never mind the cost

    ReplyDelete
  159. @xty - Geez, why are you taking my post as being all about you? You didn't use ad hominem, but he was accused of trolling and shilling by others. I don't have a horse in the race, but it sure seemed unfair the way many folks responded to him. What he wrote on his blog was well-reasoned and well-argued.

    ReplyDelete
  160. Spencer, xty already set us straight on that, probably bull

    ReplyDelete
  161. @spencer - That thread was pointed out several times today. I agree with what xty said; the supposed contract holder didn't understand that delivery of the physical silver is not required by the Comex, which makes the post suspect.

    ReplyDelete
  162. Seems like silver is stuck just over 35 until US markets/etf's close. May be a sell off into close as everyone lightens up on risk over the weekend.

    I enjoyed the back and forth with KD. You do have to wonder why Sprotts premium would be higher than others.

    I don't understand what is so difficult about an open ended fund, disassociated with questionable banks that tracks the price of physical spot trades. No options, no paper leverage, no selling without physical etc. It just sounds to easy that I can't believe there is not a source for this.

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  163. C'mon! How about a dose of FUBM? Gimme some!

    ReplyDelete
  164. Thank you Mark, Mister, ety, I apologize for the repost. Trying to follow the RSS feed at work is tough these days…Just too many comments! Thanks for the great discussion everyone.

    ReplyDelete
  165. @atlee

    Do you have a targeted price point for nibbling on EXK?

    Much obliged to everyone in this bowl...including KD!

    ReplyDelete
  166. It sure looks like someone has lots of bids in just above $35 on silver. Some heavier volume over the last 35 minutes or so. Still, the metals are relatively muted with regard to tumbling Bucky. If Bucky doesn't get a grip, we have to expect some fireworks next week... don't we?

    ReplyDelete
  167. Mister,
    Yea. I was about to say the same. Volume has been a consistent 50 contracts per minute. But the volume is picking up a bit, and it looks like we're going to take off here like atlee and others were saying.

    ReplyDelete
  168. The anonymous nature of silver is a double edged sword. For example, in todays world it would be relatively easy to give every piece of silver on the planet a bar code. No audits necessary. Everyone would know where every piece was and who owned it. But as a buyer of physical I would be skeptical of public knowledge of what I owned. Thus the bullion banks can play their games regarding physical.

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  169. Mister - hey no beef with you at all - it was Marcel who got under my skin and directly addressed me - said I raked KD over the coals and hadn't done my research - and said he wasn't attacking, then did, then tried the last word trick of 'nuff said'. I did think that it was he who talked about groupies, not you - and I still say that is an unfair arguing technique as it makes your opponent seem less logical and more emotional (not that I don't love groupies). I will leave it be, but KD takes a very antagonistic tone and must expect some disagreement.

    I see the USDX is coming up, while the USD/JPY is down (sudden spike as I type of course). Would love to see even a little strength into the close!

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  170. How are others playing the weekend - do we gap up or down on Monday?

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  171. @MisesFan

    When I can not buy the dip, like today, but I like what the mkt is showing me, it has been my practice to buy moc (market on the close). I wish I could give you better price points and if it were a down day I could. Hope this helps you.

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  172. New COT report again a whole buncha bull crap.

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  173. @misesfan

    One more caveat is that when I use moc, it is a day when the mkt is selling off into the close. If we are making new highs or are at the highs, I do nothing.

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  174. JesusfreakinCO - I was just thinking the same thing and looking at the gold chart I would say gap up - silver somehow still seems a little stuck. My money, such as it is, is in the market, so I am biased towards up. But my incessant cry of $36 by the end of the week is looking highly unlikely although I see a surge of volume on the chart.

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  175. @atlee

    Thanks for the feedback. Absolutely helps.

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  176. CO,
    I'm selling half of my position just before the Globex close. With MENA and Japan, no one can know what Monday brings.

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  177. I'm keeping my positions through the weekend. I'm putting my money where my mouth is - metals take off big Monday and Tuesday.

    That netdania volume feed must be screwball. There's no way that kinda volume doesn't move the price.

    @xty - We're cool. I appreciate your posts. There's usually too much testosterone in these metals forums. Wish my significant other had the interest and knowledge that you do.

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  178. All
    Thanks - nice up day and I have pulled about half of the trading off the table. I agree with Titus - hard to know what Monday will bring - more overall market liquidation could bring a couple days worth of selling. Pays to leave some powder dry in this market...

    JFC

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  179. Mister - thanks for that. And as to the volume - I have often wondered if there was something really unreliable about it and I totally agree: how could that not move the price? Well I am all in, too. Hope we are cheering on Monday morning and that Mr Turd can help guide us through this swamp.

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  180. "That netdania volume feed must be screwball. There's no way that kinda volume doesn't move the price."

    I would say this is huge buying being countered by huge short selling from the usual suspects. Like two trains crashing into each other, it happens with a lot of force, but the result doesn't necessarly have to be that the thing moves into either direction.

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  181. What I'm seeing in the daily silver chart now looks like a classic pattern of what was $35 resistance level now becoming $35 support level as of 8am-10am EST today.

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  182. I unloaded some of my pure moose pasture type lottery tickets. They been doing nothing but drifting down down down. I don't have the stomach for those. Much prefer something with production, impending production, or at least some obvious ounces in the ground. Each of us has to stick with the style we are comfortable with.

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  183. What's up now? A little price burst. That is very reassuring.

    Kid you not, word verification on our witching day: potion

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  184. Cliff notes version of Harvey O

    https://www.kitcomm.com/showthread.php?t=77264&page=4
    Looks like they have been consitantly posting
    every day ... seems to be a tiny bit quicker than Harvey.

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  185. DXY continues down the slippery slope. It's getting pretty scary.

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  186. Wow - 45 minutes left right? I begin to believe the unbelievable 36 is back in sight - 35.27 and up she seems to go!

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  187. @Markus - That's what I wanted to believe, but the volume during that period of time on the Globex dwarfed that of the Comex, without much volatility. Bizarre.

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  188. Justin, I'm scoopin U companies. Buy what is out of favor and what everyone hates. China is building 25 plants never mind India and everyone else.There is not enough U. They will talk the talk but they will not stop building they cannot. I don't believe in nukes, it's stupid - way too much LONG TERM downside, but I don't run the world, just playin the cards I've been dealt. U and natgas are like ag in '98, get in at or near the bottom.The u's dropped on monday and most rebounded for kachingo traders. I'm scoopin small kine, waiting for market lows in april june.
    A hui hou.

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  189. DXY at 75.55 --- dying and rolling over

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  190. DXY pickin' up soeed down that slippery slope 75.55

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