The Topic is naked short selling of miners as stimulated by Harvey Organ tonight...
@ Ginger
There have to be more well qualified people on this blog, but I will take a stab (having recently learned about it in detail and being confused myself).
It is not shorting that we need to be afraid of, it is naked shorting. Essentially, the clearinghouse (who issues your "stock") allows naked shorting to occur through large hedge funds (isn't that convenient) and other large institutions.
I will steal a quote from the website I keep referring to: http://www.deepcapture.com/the-simple-literal-explanation/
"You and I enter a stock trade. You buy a share of stock from me. You hand over your money, and I hand over the share of stock. That is called, “settlement.”
It may surprise you to learn that there are loopholes in our nation’s regulations that permit some people, when it comes time to settle, to hand over nothing but an IOU. By using one of these loopholes, when the time comes for settlement I can take your money but say, “I’m not delivering you any stock. I’m just giving you an IOU for a share of stock that I will deliver later.”
There are reasons these loopholes came into existence. If someone made a mistake by signing the wrong line on a form, for example, or mistakenly sold more shares than he really had, one would not want the entire system to vapor-lock as the mistake was rectified. So the system has been designed so that the gears do not get hung up on minor mistakes. The general idea is that, if someone sells shares it turns out he cannot deliver, he can create these IOU’s and send them on as though they were real shares, giving himself time to clean up whatever error he is experiencing, and sending the real shares a couple days later.
There is no system in place to alert you to the fact that you sent me your money and received nothing but an IOU. The system treats these IOU’s just as though they were real shares. Your brokerage statement will say that you got shares, even though I never sent anything but an IOU. You can sell them, and that IOU will pass on through the system into someone else’s account."
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Failure to Deliver shares has something to do with naked shorting failure of delivery the share without ever owning the share (by the settlement date).
I will need much more information to truly understand this nonsense...
I look forward to learning this very unpleasant subject... as knowledge is the best way to invest in your future :) - Scott J
Seems the Turd got a bit perturbed today about the possibility of QE ending :) Hope silver holds up here and now and he is right. I think he is, today's action was a momentary lapse of reason to quote one of my favorite songs. In a month or two, not sure sure.
One thing I noticed about this blog is all the hype on the mining stocks being a great investment. IME, investing in mining stocks is like throwing your money out the window. Too many charlatans running the companies. If you want to invest in silver, buy the real thing.
I mentioned it before yesterday multiple times. We just saw a bearish action in the US equities market with the rising wedge that broke below a technical resistance. If tomorrow confirms, we'll be on a down trending market.
Free up cash and be ready to buy silver when people start getting margin'd in the equities positions with the upcoming drop.
Sorry to state it again for those that lurk 24/7, but its that important that readers understand whats going on.
I don't know if he's right or not, but I'm watching the $SPX and where it is trend wise and vs. 50 DMA... I'm not a TA guy, but I like to watch it.
I'll never abandon my physical metal (at least not anytime soon), but I'm getting close to liquidating anything "paper" other than the straight up fiat and I'm even looking at sinking a bunch of that into land rather quickly.
Everything is very strange right now, but I don't necessarily agree with his "war" aspect other than as a possible catalyst for the rest.
I also agree that QE cannot end, but that doesn't mean it can't "pause," take out $1T in "paper money" in VERY short order, and then resume.
"Many are calling me about the gold and silver shares. I think you should all be careful here as we are playing with crooks. The bankers are shorting gold and silver shares like crazy and they do not cover their shorts. They use the money received for their nefarious activities. When time comes to deliver the shorted stock certificate, they say sorry I do not have the certificate. They are then in default and go on a list called failure to deliver or FTD's. The list of FTD's is enormous!! and our regulators do nothing to correct this!! The owner of the clearing house in the states is the DTC and you guessed it..who owns this fraudulent vehicle? JPMorgan and fellow bankers."
$SPX is nothing but a "rising wedge" right now... that's why I'm watching how it reacts to hitting it's 50 DMA. If it breaks that and doesn't bounce back convincingly above, I'll go all cash (except for physical) and likely start naked shorting things like Russell2000.
Ginger, that Bralorne is one of mine. I wouldn't get too worked up about a penny here or there though. The thing hardly trades at all. Plus given the thin volume, you can get some pretty wacky looking differences between the last canadian trade for BPM vs the last US trade for BPMSF.
Hate to downplay one of my own pet projects, but...it's true.
I still love it though. I own a somewhat larger-than-what's-good-for-me sized position.
Scottj, Incredible. Just absolutely disturbing and incredibly maddening.
Does the manipulation ever end? I'm starting to think that we are playing a giant game of chess and check mate has already been declared by those who rig the rules. They are just letting us play out the game. Can we even win at this point?
Not sure what to think or do. I do have to say that you are a total asset to this blog. God bless you and your family. It's completely a gift to your family and to us here that you are the person that you are ..who cares so much for not only your own future but for those around you. ..Sorry.. don't mean to embarras you. I have a young son so I know how we want our children to grow up.. ..and you are there.
Thanks Scott. For All That You Contribute.
Starting to wonder if nfl is right.. ...are these mining stocks a really bad idea? I was trying to use them as a way to build my physical stash and thought that holding for the long term was a good idea to capitalize on gains.. ..but.. I dunno ... ?
Thanks for that info Eric! ..I think you were the reason I put Bralorne on my watchlist to begin with! ..It does look all the more appealing on a day like today.. but not enough dry powder right now anyway.. ..will continue to watch.. .and wait..
I'm with him (you?) on the idea, just not sure we need any kind of major war to make it happen... just need a catalyst.
Like I said, look at $SPX over the last year... up until this last month, it was "wedging up", now it's broken below the wedge... just waiting to see how it reacts to that. I agree that this is an "over the next few months" and not an "over the next few days" kind of thing.
I bailed on my oil and silver longs about an hour ago. Looks like that was a good move. I'll be looking for another entry point later on. Probably tomorrow morning.
@scottj88 wonderful explanation. This is the kind of knowledge sharing that makes me keep this page open ALWAYS. I learn more here than anywhere else. I'm curious about the ramifications of naked shorting. I guess we'd never find out if things never went completely out of control. So far they haven't. But there's a lot of worried people out there. Thanks for sharing. Like your blog too.
ALCON: You pussy's, get real, this is a volatile market... I said," in JAN11 DOW was going to 6666 by JUN11, devils #", not to be correct but to get your attention. Stop the trading and begin investing, liquidate all PM accts/NOW! BUY physical, end of conversation. Turd isn't your daddy or your B---h, this portal isn't your bank acct... Be smart, buy physical, store food read Turd. You are all like 1929 when shoe shine boys told Joe K to buy stock, he got out(with other knowledge; but still made $$$) Play your one cent stocks and brag if you want, but the future is grim... COL Turdite
The Article you presented was unbelievable in describing naked short selling, and specifically it's role in the 08 Bear sterns collapse. It looks like we found the definition of a "fail to deliver"
(From the article)
When a share of stock is sold but never delivered, it's called a "fail" or a "fail to deliver" — and there was no law or regulation in place that prevented it. It's exactly what it sounds like: a loophole legalizing the counterfeiting of stock. In place of real stock, the system could become infected with "fails" — phantom IOU shares — instead of real assets.
-- This article is full of such juicy information... it really is a must read.
Thank you very much for the link, I learned a lot...
@ Ginger
Flattered by the kind words, but I am no different than you or the next person. I know you may be quick to point out to suggest differently, but life is the product of your background (as your heritage defines your role/class in society). It is by pure chance that my background has enabled me to be in a position to be a person with such commitment to such a subject. I do not have the worries of responsibilities that many in the world do, as my 1 in 6 billion lotto chance of being my unique conscious (individual) on this planet have left me with some interesting decisions with my appetite for taking educated risks.
It is from this consciousness that I feel I owe it to the people who cannot speak for they do not have the platform. With the information that we speak about daily, it really is a much more tragic story for most others. I cannot help but see the faces of the desperate souls, within my family the most... that are trapped because of the economic tyranny that a few use to bluntly "take over the world." (What else is new in human history).
This isn't about profits, or being right...
I just can't take hearing people submit themselves to a life of tyranny out of fear. The pain I have put myself through understanding the dynamics of the world are not able to be switched off. Once you become aware, there is no going back....
There will be many more of my generation to follow... as I guarantee you the revolution is coming to the youth. Just wait and see how fast the youth wake up with the internet... and who do you think they are going to go tell???
... I have wandered again...
@ Turd's blog
The ability to follow the market from reading contributions by the grassroots effort is astounding. Cheers to you all, but we have work to do...
Let us do something revolutionary... This is not about one person ever... Let us see what a group of well educated and well intentioned people can lead to...
I dare you all to stretch your mind. - Scott J http://thehardrightedge.com
Love your enthusiasm and solid posts. Keep it up young man.
That said, many of us have been at this for over ten years or more (mid 90's for me). This isn't really "grassroots" at all. This is the masses slowly awakening to the disaster dead ahead. Mania phase in gold and silver is still ahead. Sad it has taken this long, but it is what it is.
Regarding naked shorting of mining stocks, a commenter to Harvey's post tonight recommended reading the 2007 interview with Dr. Peter Byrne, Chairman and CEO of Overstock.com.
For what it's worth (I haven't had time yet to read the interview), that commenter said he immediately sold all his shares after reading it.
Here's the article at Financial Sense, which includes a link in the first paragraph to the Byrne interview transcript:
@ ievi said "here is Soros saying flat out that the desire is the for "orderly decline of the dollar".
He's absolutely right. Love or hate him, Soros is an extremely smart guy who understands currencies and money probably better than anyone.
The Fed's job at this point is to bring the American people in for a less bumpy landing as their standard of living nosedives further. If it happens too fast they know what kind of unrest will result. However you have to wonder how much of this they can continue to control after a certain point. That's why we need to prepare, in case gets out of hand.
Scott, check out the documentary "stock shock" about sirius XM's story - have never heard of it or seen it but might be interesting.
The cmkm diamonds class action, if legitimate, is claiming $3.7T (yes, Trillion) from, amongst others, from the SEC for standing by & doing nothing as their share price was shorted beyond belief.
I agree with Lord Koos - this isn't anything close to a fair market. Hence, the never ending claims to buy physical & trade/invest in paper with what you're willing to lose in a worst case scenario. The beauty of physical is you eliminate the counter-party risk - you don't have to worry about things like naked short selling, stock certificates, manipulated markets, etc. You just sit & watch the show unfold.
There has been legislation adopted by the SEC to essentially eliminate naked short selling by hedge funds. In other words, if one has nakedly short sold, you better buy back some real shares to offset the naked position. My understanding is this is what many referred to regarding TRE - there's a large # of naked shorts & these players are having a heck of a tough time buying shares from shareholders (and hence the letter to SH's offering to buy shares at a premium). The problem for these naked short sellers is TRE shareholder's are quite loyal and are invested for the long term. It'll take quite the shakedown in the price of TRE, imo, to shake out weaker hands and perhaps that's what we're seeing these past few weeks.
The ultimately problem with the new legislation is that it's great on paper but if the trend is any indication, enforcement will be lax.
Welcome to the real world. I assumed most knew about NSS as it has been around as long as the EE. I never understood why so many people put so much weight on websites, prospectuses and other paper lies.That's why I put little weight on why xyz went updownsideways.If you accumulate physical and quality jrs you will come out ahead at the end of this biggest bull market in history. Thomson, Sinclair, Armstrong have told us about this and how to protect oneself by getting physical certificates and other methods.Ecu, Tnz, and many others have been getting whacked for years I CONTINUE TO ACCUMULATE.Look how many are running for mommie at this manini correction,and now the nss scare. You expect to battle Blythe? Wait til $1500/$50, then the games begin!Blythe doesn't even know we are alive, her battles are with King James,Prince Eric, and Knight Andrew. We be stable boys not even grooms much less squires. Though our job is to shovel shit, feed and water the horses, it is none the less an important and vital job.With luck, COURAGE and persistence we may one day move up to assisting the true warriors with their armour.Til then accumulate, you will not survive the coming VOLATILITY by trading. I learned this from EIGHTY YEAR OLDS, you would do well to keep their counsel. Gotta hele sirens goin off, gotta get grampa to high ground at the goat farm. Tsunami may be headed to Maui about 3 am. Now I get to watch all the unprepared fill up gas,get ice etc. cause they did'nt learn from the last one 6 months ago. A hui hou malama pono live long and prospect
Jeez, Im soo tired of all wannabe so called gold/silver bugs that bail out as soon as EE rocks the boat. This game has been going on FOR AGES. A lot of us have been going through this crap countless of times - but we have maintained our positions and NOT SOLD OUT! And I mean BOTH physical and paper mining stocks. Why on earth would you sell a mining stock when you know they have the goods in the ground and the PM prices are high??
Just embarassing! Silver goes up vertically the last weeks after having an unbelievable run the last few months. Them comes a down day and the silver bugs are crying like little babies. Dont you have any decency? The guys with the paper silver can sell today and reel in some nice profit. The ones of you that have their silver coins at home - good luck! The tide has turned and silver will go down to $8. The sooner you sell the better.
Wow, silver really taking a pounding. Watched gold backing off 5$ and thought silver would maybe move down 20 cents or so, but no 70 cents down we go.
Still I'll go with Jim Sinclair, just look at the longer charts and look at how gold has been battling at 700, 1000 (ok that was an exception with the stock market crash and all and it took really long to clear the 1000$ level), then 1100, 1200.. we went a long time already just moving around 1400, and I think the most it will take is until summer and then we'll see another violent move up.. the longer it holds here, the more violent the up move.
I hope for your sake you havent bet the house on that 34 call.
Although the fundamentals are in place, the paper markets still determine price, if you are playing any form of paper, remember paper prices can go anywhere.
The worst human disaster maybe in our lifetimes is unfolding before our eyes and you're doing a happy dance because silver dropped 70 cents. Nah, nothing trollish about that behavior.
Qussl3: "Your comments are speculation, much like the Turd's."
At least one person here is admitting Turd is only speculating. One day you will be embarrassed to tell your friends you listen to a guy on the internet called "Turd". Your friends will say: "How could you be so stupid to follow a guy named Turd?" And as you know the answer you wont tell this story to anybody but instead hide bedind your internet nicknames.
Dividends could rise to as much as 50% of cash flow - Silver Wheaton
Silver Wheaton CEO, Peter Barnes, says silver prices, which are expected to continue rising over the next few years mean the company sees the possibility of paying out as much as half its cash flow each year in dividends Author: Julie Gordon (Reuters) http://www.mineweb.com/mineweb/view/mineweb/en/page32?oid=122634&sn=Detail&pid=92730
Rather than return with a credible theory on your call for $8 silver, you instead choose to resort to playground name calling and bluster?
Please regale us with your wonder theory on why global central banks are going to allow for a deflationary collapse?
Additionally, given the confluence of events these 2 weeks I expect volatility, but your call would require deflation on a scale unseen before, with Banana Ben admittedly looking to create inflation, sustained deflation although not impossible is very unlikely.
Yes! But I am still sticking to my call. You can sell or buy. I leave it up to you. Your choice. How much pain are you willing to take before you will concede that I am right? I just told you my opinion. You can do what you want.
Thanks to Japan Quake + Tsunami alerts in 20 countries, this is gonna be a sell EVERYTHING day. Even OIL is down significantly, despite scheduled Saudi day of rage. Of course, if a tsunami hits even just a few countries, one would think this would drive agriculturals and commodities up at some point... like, right after the panic sells are done.
I predict Managed Money at lower levels in this week's COT report and at even lower levels in the next one. Maybe even as low as the levels we saw around the 26,5$ mark for silver. That'd be a lot of bullish firepower and would be the kind of data (combined with the current sentiment towards gold and silver) that would warrant a violent move to the upside.
But let's see what happens, the COT reports were nothing but weird over the last weeks and yes, months.
I accept that, but am still curious on why you believe such a massive deflation is on the cards.
From an economic standpoint there are very few producers who can remain profitable at $8, and it is likely as prices deflate those that do not have cash flow problems will be metering out there reserves vicariously.
Too many macro and micro factors are present to justify $8, barring sustained deflation or paper collapse.
Piter: "shouldnt Pms rally during tsunami and rage day?"
Of course they should. Especially as oil refineries in Japan are taken out and wont produce for an extended period of time. Is oil going down or up today? Is silver going up or down today? At least one guy that has a brain on this blog and doesnt just type "BTFD".
@Turd and everyone: Do you think that the Japan EQ could bring down the price of crude oil due to reduced demand? I am thinking crude ends up going down at least in the short term.
Personally I am not concerned so much with the "paper" price of silver. I expect it to be monetized by necessity due to the global fiat collapse from the elites.
A whole lot of effort being put forth here. But I'm sure Hansi's just incessantly posting, in the middle of the night or the crack of dawn, out of a genuine concern for the investments of strangers on a blog he has no real regard for. He cares. He cares deeply. And he wants to save us all.
Looks like another EE inspired down day. I think I'm going to fill my physical orders today as I don't think a buck here or there is going to matter much when the dust settles.
Paper orders though, I'm still playing wait and see.
Every day silver gets cheaper and cheaper... Who needs this "worthless" metal these days ;) Thanks God, I used strategy of one guy on this blog who advised to open very small long positions down the pyramid :))))) Only thing I wanna know now, when there is the bottom for XAG, any ideas ?!
My 0.02 on naked shorting from the top of the thread.
It is my understanding that opening a MARGIN account requires you sign consent (as part of the margin agreement) to allow your shares to be loaned out at the discretion of your broker. Your broker makes money of this by loaning for shorting purposes, covering call options and similar things.
To avoid putting your shares in a position where they can be used by your broker for activities that are detrimental to your financial position you can open a CASH account instead. You'l have no leverage, but IMO that is a good thing. The other option is to take delivery of your shares, but that is expensive.
The most effective method to avoid these shenanigans is to not feed the ponzi when playing the paper game, but I'd never say that on this board cuz I know I'd get run outta town on a rail!
I'm waiting for $32-$33 (yeah, I think that's where it's headed today). Between the tsunami and the deflation subterfuge, they may actually have something in stock.
Hey, Apartment Guy...thanks for coming back on a down day (at a higher price) to show us how smart you are...and Hansi, fuck off deadshit.
Long short, long medium and long long. All physical. This whole rally is about the small guy, for once....calling the tune. I bought on the dip at $27ish and I have a mind to do it again if we get to $32.50...might not, no mind.
Don't comment, just go short, leveraged. They turn off your internet when you can't pay.
You want to troll with your bullshit on this site, yeah, I say fuck off.
Turd's sandpit and you are a deadshit.
Go short, leverage up hard and see how you go. If you want to post sensible arguments you will be read and responded to accordingly. You troll, you cop shit in return. We are scato-centric here.
Silver is still above $34. Seems many are watching this price tag. But the important price action will happen around $33.25. If silver breaks this line it will go into free fall. Might not happen today but maybe next week.
Don,t know where all this is going but my heart goes out to people who are suffering with the earthquake and tsunami.Keep your physical close,there are going to be huge financial ramifications to this lot,not even mentioning the current state of the financial system being on the abyss.
This is what I like the most. I am just retelling the story the market is telling us and I am getting insulting like crazy. But I can take it. I know how people are when the trade turns against them and they cannot make any sense of the market action. They blame each and everything but never themselves as grown up persons would do. I am just waiting till Turd wakes up and deletes all my comments. A turd is a turd. But what is a turd follower?
just think, all those cars ,cellphones, computers,buildings etc.(you get the point)in japan are gonna need replacing with production and the element of silver
There is a certain London trader with a track record spanning decades who some would say is at the centre of the silver market at the moment who runs an expensive subscription service...
Yes, at least this time he cant talk his followers he sold silver before it went down and bought cheaper on the dip. My guess he was all in as most of the people here and made a huge loss. But the Turd would never admit that.
You have about 1 bil oz of silver above ground, while the industry needs about 700 mil each year IIRC. And then you know that JP Morgan is about 100 mil oz short in the Comex and probably around 300 mil in SLV and that is only the tip of the iceberg.
All the while Bernanke is printing money like he is trying to outperform Weimar Germany and we got several countries dumping the dollar.
I mean, come on! How on earth can the price of silver go anywhere but UP, once the real physical market determines the price??
What you are looking at right now in the silver market is nothing but a bank run, just like the old days. The banks have lent out more gold/silver than they have. That is called fractional reserve banking. The only difference between then and now is that we used to call gold/silver money. So, one way or the other, the banks are going to be in between a rock and something very hard because of this bank run, this run on physical gold/silver, even though it still occurs mostly below the radar screen.
You are not re-telling price action you are making predictions based on bullshit. You are trolling. You have come from nowhere on a down day with exhortations of silver doom. You don't get it. OK, trade accordingly, with leverage. Go short. Die.
Nic: "...who runs an expensive subscription service..."
Silver was staying flat for decades. Do you think this guy made any money trading it? He made money by talking about it! The last months were a once in a lifetime opportunity. Now silver is going in reverse mode.
Would it ease your pain and childish bitterness if Turd did lose money on this downturn? There are probably other blogs more suited to you than this one.
@Larry: I am just alluding that Turd was not telling the truth. There are so many in-hindsight traders on the internet telling other people what to do. I dont care whether Turd makes money or not.
here in eastern europe physical silver coins are more expensive than yesterday, and local seller told me the price is going up no matter what, coz there is a deficit and people buy like there is no tomorrow
@Hansi: It was not nice knowing you Hansi, now run along to Kindergarten before Daddy finds out your were on his computer-and change your diaper too...
torpedo fish: "and people buy like there is no tomorrow"
It will stop soon. All these coin sellers are having a once in a lifetime business right now. But when people see that silver can drop like any other commodity and there is nothing unique about it they will stop buying immediately and silver will turn into free fall mode.
Unfortunately I see Hansi types too regularly on the trading blogs.
Spitefulness is their way, they always buy low sell high, predict the future, know when a dip is going to be a correction...and a plethora of other lies.
Just children in an adults world. Would be better just to laugh at them and not respond to them.
@AC_Doctor: As a doctor you certainly know that denial is a strong feeling. But dont worry. It will really get painful when denial turns into anger. Anger about Blythe, the market manipulation and all this nonsense.
And wait till Turd deletes Hansi and he claims he doesn't allow dissenting opinions - just my prediction.
But to defend Mr Ferguson - he always writes about what he thinks is going to happen, doesn't use hindsight except to learn, and is extremely informative.
"But to defend Mr Ferguson - he always writes about what he thinks is going to happen, doesn't use hindsight except to learn, and is extremely informative. "
"But to defend Mr Ferguson - he always writes about what he thinks is going to happen, doesn't use hindsight except to learn, and is extremely informative. "
Turd is also not God. I think predicting natural disasters is not within his powers
torpedo fish: "and people buy like there is no tomorrow"
Hanzi: "It will stop soon. All these coin sellers are having a once in a lifetime business right now."
@Hanzi: You're right this far. It will stop, but not because the price trashes. It will stop soon because there simply won't be any silver left to sell!
good point. It's 7:55am here & about 3:55pm in Saudi Arabia. Few hours ago, they just finished their Friday afternoon prayer. Their last prayer of the night is around 7pm-8pm so expect to see some news on ZH after lunch.
lamare: "It will stop soon because there simply won't be any silver left to sell!"
Could be but I doubt it. There have been always silver coins and there will be always silver coins to trade. To think there will be no more silver available is a bit bold.
I'd like to know why I have to be defended. Silver stopped right at 34...as I said it would yesterday. Did I get impatient and buy too soon? Yes. Unfortunately, it happens all the time. But I don't care...I bought May. I have time. Gold stopped at 1404...again, pretty close to where predicted. Regarding crude...Its down to $100, Big fucking deal. If shit continues to crumble in the ME, its going higher.
I hate trolls. Add something positive or leave. Keep it up and you will be deleted. Period. Dissenting opinion regarding trend is, of course, allowed. Baiting commenters into arguments that distract from the quality of the site is not allowed.
Latvia - most screwed up country in Europe. PIGS are allright in comparison with this place. A lot of free time for forex trading :)))(real unemployment number is like - 30%, official 14%) People cant afford to buy gold, but silver here is sold for around - 46$, crazy stuff man.
From memory, If oil continued up through a resistance level he identified ~105. He would buy more later dated calls at a higher price (110 I think). That level wasn't taken out, so he didn't put on that trade.
Make sure you know what was said, before you go saying someone was wrong (or right for that matter).
Either that, or start your own blog if you think your opinion is so important.
People. I know it is early and not too many people on the board yet, but let's not let it get hijacked. Just ignore the troll. Do not respond to his posts. He will most likely be gone in a couple of hours.
And before we all walk around with puss faces about the 'losses' from the heights of our recent gains in the metals, keep in mind how well we all are doing overall.
A smackdown in the metals keeps our heads from growing too big for our bodies to hold up. The gains are always due to our genius of course, and the 'losses,' well those must be due to bad advice from somewhere else, or some similarly irrelevant superstitious thing. We seek to explain the ups and downs where the explanation is so obvious: things go up and down, and never straight up. Is the primary trend broken? Not yet. Have the fundamentals changed? No, not at all.
To be strong you have to own your trades. I had to learn this lesson the hard way, and chances are you will too. The greatest curse is an early and easy success, and the euphoria of thinking we are greater than we really are.
This is why it is better not to be a trader, because you cannot afford the dues, and if you are successful, you will see the darker sides of human nature and face temptations that are almost overwhelming, especially in times of general apostasy.
Take your positions and hold them, without leverage, and with realistic expectations. And then go do the things that you are well suited to do, and address the needs of your family and your friends, and enjoy what you have, the gifts of life and God's tender mercies. And when you need the occasional wake up call, He will provide that to
Hey, I heard silver was going to go into freefall or some nonsense like this.
Well, Good news! The Bank of Badu is open! I will happily take that awful silver bullion off your hands, at $31, $30, $29, $28, $27, $26, $25, $24, $20, $15, $8, or below! Get out while you still can! Yup sell it all! I'm totally offering to buy all your physical, out of the pure kindness of my heart!
"Could be but I doubt it. There have been always silver coins and there will be always silver coins to trade. To think there will be no more silver available is a bit bold."
@Hansi: Of course there will always be some left, which will have a price. However, the fact of the matter is that the available above ground silver inventories have declined by an astonishing rate the past half century.
See for example: http://news.silverseek.com/TedButler/1208878782.php
"There is a lot less world silver inventory today than there was in 1980; billions of ounces less. In very broad terms, there were close to 4 billion ounces of available world silver inventories in 1980. Over the next 28 years, because of the silver deficit, roughly 3 billion ounces (a little over 100 million ounces annually) were removed from inventories and industrially consumed or put into a form that prevented it from coming back to the market, except at extraordinary high prices. In other words, 75% of world silver inventories were consumed over the past 28 years, leaving us with one billion ounces remaining."
I know most of us follow Silver and Gold, but I am looking to BTFD in Palladium , anyon else follow or trade it? Seems to have some big swings lately ?
Yeah, I'm FURIOUS with Turd... since his bottom around $26.50, silver is only up $8!
Why isn't it still up almost $10!!?!?! Why isn't it up $20 yet?!?!?!?
I am really, really mad with his crappy comments/advice. $8 is completely unacceptable. I'm going to listen to CNBC from now on.
People crack me up... get some perspective.
If you are playing PMs with paper (whether in lieu of or in addition to physical), everyone has said all along (ESPECIALLY Turd), that the volatility is going to be CRAZY over. So if you keep setting stops on paper at -2% or -$1, you are going to get tripped EVERY time and if you notice, the DEEP spikes downward are usually VERY short in duration... just enough to trigger the sells. I stopped doing it... for my paper, I've set what I'll call "catastrophic stops," but that's it. It would appear that with all the manipulation and volatility, hedging and stops and the like probably just end up wasting money unless you are beyond gifted at this or just plain lucky.
If you believe in the fundamentals and the overall trend, the rest is daily dithering.
Thursday weakness into Friday, good 10 day lows, huge elevator drop by Blythe this morning, I don't know maybe that was the Asian market. Time to begin scaling in for Turnaround Tuesday. No big price plops, just gradually buying what is now on sale and trying to do some pyramiding. My trading style is like Granny at the supermarket buying whatever is on deep discount. If the discounts get bigger hopefully they will not close the store. Patience is all. I am not good enough to time this but trading days during the week give me guideposts oddly enough. For sometime now I have seen many weak Thurs-Friday periods and many strong Monday-Tuesdays. Especially Tuesday. I do not know why this is.
Patience and strength to all. Trading in the metals is definitely like baby sitting and its also like having both eyes open at all times for the elevator drops in the preMarkets.
To this Hansi troll. Silver to $8 or any other such pull out of your ass number. The folks here are shrimps, we are not players of size, so even if all of us got sold it would not matter one iota. Gold and silver are going up for one reason and one reason only. Fiats are dying. There is no way in hell China, India, Russia, even our own central banks will be selling any gold ( or to lesser extent silver which they own less of ) to buy any fiat, for any length of time. All the in-between times are just reindeer games. Even in the worst deflation example, it wouldn't affect the giants and they will never flood the market with precious, accent on the term precious, metals. Shrimps may have to, but in a deflation the fiat they would then use to buy shit would go a long way. A troll is someone who suddenly appears during healthy corrections, never having been here before, and throws out multiple scare posts with no substance . Fuck off.
Powers that be say let the crash-cading begin! 34.04 on silver spot over night says the massive shark eating little fishes, needs more silver tipped harpoons! We'll have our days of rage and gaff this sucker on board yet!! Let the feasting upon it's raunchy carcass soon begin! This is why you hold ounces and not dollars!! Not one silver ounce came up missing over night! Been through this too many times and know the beast will die! My physical silver accumulation continues!!
Don't take the bait. Allot of folks here are catching falling knives. I think we still have a ways to go. The market had been shakey for the past few weeks, all it needed was a match to light the fuse, and I believe the PIMCO release was it. The big boys knew beforehand {like they always do} and went to cash and the 10 year, that is what has been driving the dollar strength. The great deflationary collapse COULD be just begining, no reason to wait until May to sell. The smart money always leaves early. Who would have thought oil would be under $100@brl with all that is going on in the middle east? That makes no sense at all to me, unless the collapse is being priced in, then it makes perfect sense. I'll buy more silver when I am convienced it has bottomed {and that will require ALLOT of conviencing}.
regarding RVM not subject to FTD due to naked shorting.
Revett is a Cu miner, not a PM miner, therefore isn't in the crosshairs of TPTB manipulating PM prices.
Revett has also hedged the production of both their primary product Cu, and their secondary product Ag. That puts them in the category of playing by TPTB rules therefore no need for them to get shorted to oblivion.
turd you knew the bottom and called it dead straight!! The upside gap at 35.50-60 will be filled!! I thought it was headed to do so yesterday!! Stopped right at 35.48! Fooled the best of us char-tests! They do test us and our patients regularly!!
as far as people talking about exiting the market completely. I don't think that's a bad idea - convert some to physical and keep some cash in case we see some good buying opportunities
Fortinbras - absolutely nailed it. I find it very odd that trolls show up and claim strange things like that we are crying for our mommies. And I see that our sage, afrum, has had his gap filled. (That didn't come out right.) I am waiting on two (small) silver purchases to be delivered, one from Great Panther that has me totally excited. Those ounces are way more important than the paper miners I am trading. And I am trading money that I have accepted I have already lost. That helps. But getting rich in the stock market has never been my expectation - it is way too manipulated by people with very deep pockets. I just try to remember that walking the dog on the beach is the same whether I got there in a Rolls or a Toyota.
you need to start selling the whiteout for the readers who cant take the ups and downs.
Last saturday I bought a 10 ounce englehard from my local for $365. I am goin there tomorrow and I will buy another , maybe two, I bet I get it for $365.. that is called stability in my book and that is why I invest in Physical Silver.
obsolete one - do you have a bottom price in mind where you would start to buy back in? Or is it a chart shape? What kind of convincing? Do you not believe that there is a collapse coming? Are you only talking about paper silver?
You have a cooler head than me, to avoid being drawn in.
I was hoping to find you and Dr. Jerome here in early AM. Figured you'd both moved on as the level of discourse at that time was lower than your level of tolerance.
Troll doesn't know how to read a chart. Silver just bounced off the bottom of the channel it's been trading in since it broke out in August. Macroeconomic fundamentals do not support wild claims of a collapse of the silver market. Nothing has changed.
And who's crying about a dip? My dollar cost average for physical silver is around $12. Even those who jumped in at the peak in early January are up 10% or more.
This is Turd's blog. He has made it clear that this blog isn't about free speech. If you don't subscribe to the core beliefs most of us share here, then this isn't the place for you.
Waste of my time even typing this. Fucking trolls with nothing better to do than yank our collective chain...
thanks for the kind words ... I think this is a great blog ... I wish something like this was around years ago when I was totally bloodying my forehead ...
Wow, a couple of days of silver spot going down, and you're calling a drop to $8. Hilarious! Sure, we'll see down periods like this, it's normal. Nothing runs straight up forever. The uptrend in precious metals will change someday, just not any time soon.
I do know this one thing since I've accumulated silver!! No rat bastard bankster fraudsters has margin-ed or ever will stop me out!! hehehehehehehehehehe! Always ready for the next leg up!! All my 1 ounce silver eagles accumulated over the years only carry a 15-20 dollar profit each!! Oh beat me banksters; beat me!! I can hardly stand it!! hehehehehehehehe!!
i sold gpl last week. will gpl go back if silver goes up also anyone here have any JAG jaguar mining it might have hit rock bottom yesterday 4.5 anyone buy gpl yesterday?????
"I hate trolls. Add something positive or leave. Keep it up and you will be deleted. Period. Dissenting opinion regarding trend is, of course, allowed. Baiting commenters into arguments that distract from the quality of the site is not allowed."
I've left many forums or at least pretty much stopped posting because they have their fixed rules that actually favor the trolls. The way you describe is how it should be handled all along: all opinions are allowed as long as they are constructive, but clearly disruptive behavior should not be allowed.
It's how real life works: you can express any opionion, but if you start to behave like a little crybaby that just wants attention at any cost, any group of adult individuals will exclude you.
Likewise. I spent alot of $ at the school of hard knocks teaching myself the ins and outs. Still learning a bunch here and the tuition is much more reasonable.
Great buying off this discount Granny bottom right from the bell. Nice little bounce. Now maybe a little retrace the forming of a W in the miners into Monday buying, who knows? Was nice to see that on the second straight gap down in these that they traded immediately to fill their gaps in CDE and SLW. Perhaps the Market is telling me these were on sale and the selling was overdone. Lets see as we roll into weekend. Granny says Grains on sale and Oil on sale. She is busy pushing her shopping cart thru the aisle.
I posted this at the end of the other thread: http://imgur.com/vKvqs.jpg
ReplyDeleteSo whaddya say? Looks pretty similar so far. Hopefully we'll get the same result as two Fridays ago...
The Topic is naked short selling of miners as stimulated by Harvey Organ tonight...
ReplyDelete@ Ginger
There have to be more well qualified people on this blog, but I will take a stab (having recently learned about it in detail and being confused myself).
It is not shorting that we need to be afraid of, it is naked shorting. Essentially, the clearinghouse (who issues your "stock") allows naked shorting to occur through large hedge funds (isn't that convenient) and other large institutions.
I will steal a quote from the website I keep referring to:
http://www.deepcapture.com/the-simple-literal-explanation/
"You and I enter a stock trade. You buy a share of stock from me. You hand over your money, and I hand over the share of stock. That is called, “settlement.”
It may surprise you to learn that there are loopholes in our nation’s regulations that permit some people, when it comes time to settle, to hand over nothing but an IOU. By using one of these loopholes, when the time comes for settlement I can take your money but say, “I’m not delivering you any stock. I’m just giving you an IOU for a share of stock that I will deliver later.”
There are reasons these loopholes came into existence. If someone made a mistake by signing the wrong line on a form, for example, or mistakenly sold more shares than he really had, one would not want the entire system to vapor-lock as the mistake was rectified. So the system has been designed so that the gears do not get hung up on minor mistakes. The general idea is that, if someone sells shares it turns out he cannot deliver, he can create these IOU’s and send them on as though they were real shares, giving himself time to clean up whatever error he is experiencing, and sending the real shares a couple days later.
There is no system in place to alert you to the fact that you sent me your money and received nothing but an IOU. The system treats these IOU’s just as though they were real shares. Your brokerage statement will say that you got shares, even though I never sent anything but an IOU. You can sell them, and that IOU will pass on through the system into someone else’s account."
--
Failure to Deliver shares has something to do with naked shorting failure of delivery the share without ever owning the share (by the settlement date).
I will need much more information to truly understand this nonsense...
I look forward to learning this very unpleasant subject... as knowledge is the best way to invest in your future :)
-
Scott J
Seems the Turd got a bit perturbed today about the possibility of QE ending :) Hope silver holds up here and now and he is right. I think he is, today's action was a momentary lapse of reason to quote one of my favorite songs. In a month or two, not sure sure.
ReplyDeleteOne thing I noticed about this blog is all the hype on the mining stocks being a great investment. IME, investing in mining stocks is like throwing your money out the window. Too many charlatans running the companies. If you want to invest in silver, buy the real thing.
Happy trading.
I mentioned it before yesterday multiple times. We just saw a bearish action in the US equities market with the rising wedge that broke below a technical resistance. If tomorrow confirms, we'll be on a down trending market.
ReplyDeleteFree up cash and be ready to buy silver when people start getting margin'd in the equities positions with the upcoming drop.
Sorry to state it again for those that lurk 24/7, but its that important that readers understand whats going on.
@F...
ReplyDeleteI don't know if he's right or not, but I'm watching the $SPX and where it is trend wise and vs. 50 DMA... I'm not a TA guy, but I like to watch it.
I'll never abandon my physical metal (at least not anytime soon), but I'm getting close to liquidating anything "paper" other than the straight up fiat and I'm even looking at sinking a bunch of that into land rather quickly.
Everything is very strange right now, but I don't necessarily agree with his "war" aspect other than as a possible catalyst for the rest.
I also agree that QE cannot end, but that doesn't mean it can't "pause," take out $1T in "paper money" in VERY short order, and then resume.
"Many are calling me about the gold and silver shares. I think you should all be careful here as we are playing with crooks. The bankers are shorting gold and silver shares like crazy and they do not cover their shorts.
ReplyDeleteThey use the money received for their nefarious activities. When time comes to deliver the shorted stock certificate, they say sorry I do not have the certificate. They are then in default and go on a list called failure to deliver or FTD's. The list of FTD's is enormous!! and our regulators do nothing to correct this!!
The owner of the clearing house in the states is the DTC and you guessed it..who owns this fraudulent vehicle? JPMorgan and fellow bankers."
Harvey
http://harveyorgan.blogspot.com/
On naked shorting of stocks:
ReplyDeleteNaked Shorts
@F...
ReplyDelete$SPX is nothing but a "rising wedge" right now... that's why I'm watching how it reacts to hitting it's 50 DMA. If it breaks that and doesn't bounce back convincingly above, I'll go all cash (except for physical) and likely start naked shorting things like Russell2000.
Ginger, that Bralorne is one of mine. I wouldn't get too worked up about a penny here or there though. The thing hardly trades at all. Plus given the thin volume, you can get some pretty wacky looking differences between the last canadian trade for BPM vs the last US trade for BPMSF.
ReplyDeleteHate to downplay one of my own pet projects, but...it's true.
I still love it though. I own a somewhat larger-than-what's-good-for-me sized position.
From previous thread to Scottj:
ReplyDeleteScottj,
Incredible. Just absolutely disturbing and incredibly maddening.
Does the manipulation ever end? I'm starting to think that we are playing a giant game of chess and check mate has already been declared by those who rig the rules. They are just letting us play out the game. Can we even win at this point?
Not sure what to think or do. I do have to say that you are a total asset to this blog. God bless you and your family. It's completely a gift to your family and to us here that you are the person that you are ..who cares so much for not only your own future but for those around you. ..Sorry.. don't mean to embarras you. I have a young son so I know how we want our children to grow up.. ..and you are there.
Thanks Scott. For All That You Contribute.
Starting to wonder if nfl is right.. ...are these mining stocks a really bad idea? I was trying to use them as a way to build my physical stash and thought that holding for the long term was a good idea to capitalize on gains.. ..but.. I dunno ... ?
Night All.. ...*yawn*
Need more proof that QE will go on forever...here is Soros saying flat out that the desire is the for "orderly decline of the dollar".
ReplyDeletehttp://www.youtube.com/watch?v=pz8L6hyZngI
@Fortainbras
ReplyDeleteI dont know if hes accurate or not but I just thought I should put it out there in case anyone missed it.
Thanks for that info Eric! ..I think you were the reason I put Bralorne on my watchlist to begin with! ..It does look all the more appealing on a day like today.. but not enough dry powder right now anyway.. ..will continue to watch.. .and wait..
ReplyDelete@F...
ReplyDeleteI'm with him (you?) on the idea, just not sure we need any kind of major war to make it happen... just need a catalyst.
Like I said, look at $SPX over the last year... up until this last month, it was "wedging up", now it's broken below the wedge... just waiting to see how it reacts to that. I agree that this is an "over the next few months" and not an "over the next few days" kind of thing.
I bailed on my oil and silver longs about an hour ago. Looks like that was a good move. I'll be looking for another entry point later on. Probably tomorrow morning.
ReplyDelete@scottj88
ReplyDeletewonderful explanation. This is the kind of knowledge sharing that makes me keep this page open ALWAYS. I learn more here than anywhere else.
I'm curious about the ramifications of naked shorting. I guess we'd never find out if things never went completely out of control. So far they haven't. But there's a lot of worried people out there.
Thanks for sharing. Like your blog too.
ALCON:
ReplyDeleteYou pussy's, get real, this is a volatile market...
I said," in JAN11 DOW was going to 6666 by JUN11, devils #", not to be correct but to get your attention. Stop the trading and begin investing, liquidate all PM accts/NOW! BUY physical, end of conversation. Turd isn't your daddy or your B---h, this portal isn't your bank acct... Be smart, buy physical, store food read Turd. You are all like 1929 when shoe shine boys told Joe K to buy stock, he got out(with other knowledge; but still made $$$)
Play your one cent stocks and brag if you want, but the future is grim... COL Turdite
Sorry to post twice, but there is some bad MF hanging very tough at $35.10 in silver. What is the term? BOS?
ReplyDeleteWell, I dont think anybody could predict a war that far in advance,But I do belive a depression could very well be followed by a war.
ReplyDeleteI agree too the dollar will gradually deline , not crash hard .
Greetings all...
ReplyDeleteKing World News Broadcast interview with Jim Sinclair is up on Eric King's website.
http://www.kingworldnews.com/kingworldnews/Broadcast/Broadcast.html
@ Turdie
ReplyDeleteThe Article you presented was unbelievable in describing naked short selling, and specifically it's role in the 08 Bear sterns collapse. It looks like we found the definition of a "fail to deliver"
(From the article)
When a share of stock is sold but never delivered, it's called a "fail" or a "fail to deliver" — and there was no law or regulation in place that prevented it. It's exactly what it sounds like: a loophole legalizing the counterfeiting of stock. In place of real stock, the system could become infected with "fails" — phantom IOU shares — instead of real assets.
--
This article is full of such juicy information... it really is a must read.
Thank you very much for the link, I learned a lot...
@ Ginger
Flattered by the kind words, but I am no different than you or the next person. I know you may be quick to point out to suggest differently, but life is the product of your background (as your heritage defines your role/class in society). It is by pure chance that my background has enabled me to be in a position to be a person with such commitment to such a subject. I do not have the worries of responsibilities that many in the world do, as my 1 in 6 billion lotto chance of being my unique conscious (individual) on this planet have left me with some interesting decisions with my appetite for taking educated risks.
It is from this consciousness that I feel I owe it to the people who cannot speak for they do not have the platform. With the information that we speak about daily, it really is a much more tragic story for most others. I cannot help but see the faces of the desperate souls, within my family the most... that are trapped because of the economic tyranny that a few use to bluntly "take over the world." (What else is new in human history).
This isn't about profits, or being right...
I just can't take hearing people submit themselves to a life of tyranny out of fear. The pain I have put myself through understanding the dynamics of the world are not able to be switched off. Once you become aware, there is no going back....
There will be many more of my generation to follow... as I guarantee you the revolution is coming to the youth. Just wait and see how fast the youth wake up with the internet... and who do you think they are going to go tell???
...
I have wandered again...
@ Turd's blog
The ability to follow the market from reading contributions by the grassroots effort is astounding. Cheers to you all, but we have work to do...
Let us do something revolutionary...
This is not about one person ever...
Let us see what a group of well educated and well intentioned people can lead to...
I dare you all to stretch your mind.
-
Scott J
http://thehardrightedge.com
Hey Scott,
ReplyDeleteLove your enthusiasm and solid posts. Keep it up young man.
That said, many of us have been at this for over ten years or more (mid 90's for me). This isn't really "grassroots" at all. This is the masses slowly awakening to the disaster dead ahead. Mania phase in gold and silver is still ahead. Sad it has taken this long, but it is what it is.
Best wishes and good luck,
Bay of Pigs
@fortinbras
ReplyDeleteIMO you have the right idea. I'd be all over the RUT again when this thing melts down. But not yet...
Good geo-political-financial analysis of Middle East/North Africa events by Gonzalo
ReplyDeleteRegarding naked shorting of mining stocks, a commenter to Harvey's post tonight recommended reading the 2007 interview with Dr. Peter Byrne, Chairman and CEO of Overstock.com.
ReplyDeleteFor what it's worth (I haven't had time yet to read the interview), that commenter said he immediately sold all his shares after reading it.
Here's the article at Financial Sense, which includes a link in the first paragraph to the Byrne interview transcript:
Crime of the Century:
The Truth About Naked Short Selling in Juniors
Quit playing with paper people... this is not your Dad's stock market, it's not a real market at all.
ReplyDelete@ ievi said "here is Soros saying flat out that the desire is the for "orderly decline of the dollar".
ReplyDeleteHe's absolutely right. Love or hate him, Soros is an extremely smart guy who understands currencies and money probably better than anyone.
The Fed's job at this point is to bring the American people in for a less bumpy landing as their standard of living nosedives further. If it happens too fast they know what kind of unrest will result. However you have to wonder how much of this they can continue to control after a certain point. That's why we need to prepare, in case gets out of hand.
This comment has been removed by the author.
ReplyDeletepossible black swan guys
ReplyDelete8.9 quake hits off coast of Japan. Tsunamis coming in and fox is showing images of a burning refinery.
Maybe I'm wrong but I see deeper correction for gold and silver on charts.
ReplyDeleteTsunami Warning up. Sirens have gone off here in Hawaii. Going to be a very long night...
ReplyDeleteBay of Pigs
@ scott,
ReplyDeletethat's my understanding of naked shorting. Quick example: shares outstanding is 1M but shares sold short are >1M. Nuts but I believe it's happened.
http://satwavespro.com/2010/07/26/naked-short-settlement-could-bring-major-market-reform/
Scott, check out the documentary "stock shock" about sirius XM's story - have never heard of it or seen it but might be interesting.
The cmkm diamonds class action, if legitimate, is claiming $3.7T (yes, Trillion) from, amongst others, from the SEC for standing by & doing nothing as their share price was shorted beyond belief.
I agree with Lord Koos - this isn't anything close to a fair market. Hence, the never ending claims to buy physical & trade/invest in paper with what you're willing to lose in a worst case scenario. The beauty of physical is you eliminate the counter-party risk - you don't have to worry about things like naked short selling, stock certificates, manipulated markets, etc. You just sit & watch the show unfold.
There has been legislation adopted by the SEC to essentially eliminate naked short selling by hedge funds. In other words, if one has nakedly short sold, you better buy back some real shares to offset the naked position. My understanding is this is what many referred to regarding TRE - there's a large # of naked shorts & these players are having a heck of a tough time buying shares from shareholders (and hence the letter to SH's offering to buy shares at a premium). The problem for these naked short sellers is TRE shareholder's are quite loyal and are invested for the long term. It'll take quite the shakedown in the price of TRE, imo, to shake out weaker hands and perhaps that's what we're seeing these past few weeks.
The ultimately problem with the new legislation is that it's great on paper but if the trend is any indication, enforcement will be lax.
Welcome to the real world. I assumed most knew about NSS as it has been around as long as the EE. I never understood why so many people put so much weight on websites, prospectuses and other paper lies.That's why I put little weight on why xyz went updownsideways.If you accumulate physical and quality jrs you will come out ahead at the end of this biggest bull market in history. Thomson, Sinclair, Armstrong have told us about this and how to protect oneself by getting physical certificates and other methods.Ecu, Tnz, and many others have been getting whacked for years I CONTINUE TO ACCUMULATE.Look how many are running for mommie at this manini correction,and now the nss scare. You expect to battle Blythe? Wait til $1500/$50, then the games begin!Blythe doesn't even know we are alive, her battles are with King James,Prince Eric, and Knight Andrew. We be stable boys not even grooms much less squires. Though our job is to shovel shit, feed and water the horses, it is none the less an important and vital job.With luck, COURAGE and persistence we may one day move up to assisting the true warriors with their armour.Til then accumulate, you will not survive the coming VOLATILITY by trading. I learned this from EIGHTY YEAR OLDS, you would do well to keep their counsel. Gotta hele sirens goin off, gotta get grampa to high ground at the goat farm. Tsunami may be headed to Maui about 3 am. Now I get to watch all the unprepared fill up gas,get ice etc. cause they did'nt learn from the last one 6 months ago.
ReplyDeleteA hui hou malama pono
live long and prospect
"StrongSideJedi said...
ReplyDeleteGreetings all...
King World News Broadcast interview with Jim Sinclair is up on Eric King's website.
http://www.kingworldnews.com/kingworldnews/Broadcast/Broadcast.html"
Yes, this is a must listen.
Jeez, Im soo tired of all wannabe so called gold/silver bugs that bail out as soon as EE rocks the boat. This game has been going on FOR AGES. A lot of us have been going through this crap countless of times - but we have maintained our positions and NOT SOLD OUT! And I mean BOTH physical and paper mining stocks. Why on earth would you sell a mining stock when you know they have the goods in the ground and the PM prices are high??
ReplyDelete248, 48? am i the only one who has no clue what the turd is talking about?
ReplyDeleteThe number of the comments in the previous thread.
ReplyDeleteWARNING: 8.9 EARTHQAKE HIT JAPAN ON FRIDAY, 20 COUNTRIES ON TSUNAMI ALERT!.
ReplyDeletehttp://www.cnn.com/
Check your weather stations people! Stay safe out there.
Just embarassing! Silver goes up vertically the last weeks after having an unbelievable run the last few months. Them comes a down day and the silver bugs are crying like little babies. Dont you have any decency? The guys with the paper silver can sell today and reel in some nice profit. The ones of you that have their silver coins at home - good luck! The tide has turned and silver will go down to $8. The sooner you sell the better.
ReplyDelete@Hansi
ReplyDelete$8 is far far away down, even if silver reaches $25 the physical will be cleaned from the market.
@George - 248 posts is 48 posts too many in the previous thread. After 200 posts, Blogspot requires you to click a link to see the remaining 48 posts.
ReplyDeleteI stick to my call. I have seen this before and it will happen again. This time with silver.
ReplyDeletePMs getting killed. The whole world just turned upside down. To quote Henry Hill, this is the bad time
ReplyDelete@Hansi
ReplyDeleteA correction, yes.
A crash maybe.
But even a crash it wont be $8.
If we see $8, it likely indicates an almost total economic collapse that would make 2008 look like a party.
Wow, silver really taking a pounding. Watched gold backing off 5$ and thought silver would maybe move down 20 cents or so, but no 70 cents down we go.
ReplyDeleteStill I'll go with Jim Sinclair, just look at the longer charts and look at how gold has been battling at 700, 1000 (ok that was an exception with the stock market crash and all and it took really long to clear the 1000$ level), then 1100, 1200.. we went a long time already just moving around 1400, and I think the most it will take is until summer and then we'll see another violent move up.. the longer it holds here, the more violent the up move.
I think silver will never go under 34$ again.
This comment has been removed by the author.
ReplyDelete@Markus: "I think silver will never go under 34$ again."
ReplyDeleteYou are a funny fucker! LOL!
I will remind you. Maybe even today!
Always BTFD!!!!!! Remember?
ReplyDelete$34.43 and maybe lower. The Turd is going to poop his pants when he gets up in the morning.
ReplyDeleteswattsup: "The Turd is going to poop his pants when he gets up in the morning."
ReplyDeleteYes, and he will delete all my comments because he cannot stand the truth!
@Markus
ReplyDeleteI hope for your sake you havent bet the house on that 34 call.
Although the fundamentals are in place, the paper markets still determine price, if you are playing any form of paper, remember paper prices can go anywhere.
Just look at the flash crash.
"Hansi said...
ReplyDelete@Markus: "I think silver will never go under 34$ again."
You are a funny fucker! LOL!
I will remind you. Maybe even today!"
No problem. I will remind you of your 8$ prediction when silver goes over 80 ;).
i BTFD
ReplyDeleteThe worst human disaster maybe in our lifetimes is unfolding before our eyes and you're doing a happy dance because silver dropped 70 cents. Nah, nothing trollish about that behavior.
ReplyDelete@Hansi
ReplyDeleteYour comments are speculation, much like the Turd's.
$8 is a bold call, and in all likelihood one you would have to eat.
The only scenario I can see for $8 silver is a complete banking failure of the eurozone and US.
Judging from past behavior, its far more likely the establishment chooses to print to infinity rather than have the system deflate catastrophically.
This comment has been removed by the author.
ReplyDeleteSLV to test 31 (ST) and then 27 (IT)
ReplyDeletehttp://www.screencast.com/users/brinkley/folders/Jing/media/5944dd39-f97b-425d-b81f-a1f75b727584
http://tfmetalsreport.blogspot.com/2011/02/off-mat.html?showComment=1298624094995#c8831302202917768851
ReplyDeletehttp://tfmetalsreport.blogspot.com/2011/02/off-mat.html?showComment=1298630223268#c2300998768987741608
http://tfmetalsreport.blogspot.com/2011/03/its-happy-tuesday.html?showComment=1299006616029#c6845739196826925793
http://tfmetalsreport.blogspot.com/2011/03/stormy-monday.html?showComment=1299507941754#c8455170853303135620
'nuff said. Short squeeze my ass.
Markus: "No problem. I will remind you of your 8$ prediction when silver goes over 80 ;)."
ReplyDeleteWont happen! :-)
Silver will correct deeper I think.
ReplyDeletehttp://tfmetalsreport.blogspot.com/2011/02/one-more-monday-update.html?showComment=1298417865954#c5533615432076451772
ReplyDeleteDo I care about silver price dropping? mmmmmmm
ReplyDeletehttp://take-away-pizza.blogspot.com/
BTFD
Qussl3: "Your comments are speculation, much like the Turd's."
ReplyDeleteAt least one person here is admitting Turd is only speculating. One day you will be embarrassed to tell your friends you listen to a guy on the internet called "Turd". Your friends will say: "How could you be so stupid to follow a guy named Turd?" And as you know the answer you wont tell this story to anybody but instead hide bedind your internet nicknames.
Long term greedy.
ReplyDeleteDividends could rise to as much as 50% of cash flow - Silver Wheaton
Silver Wheaton CEO, Peter Barnes, says silver prices, which are expected to continue rising over the next few years mean the company sees the possibility of paying out as much as half its cash flow each year in dividends
Author: Julie Gordon (Reuters)
http://www.mineweb.com/mineweb/view/mineweb/en/page32?oid=122634&sn=Detail&pid=92730
@Hansi
ReplyDeleteRather presumptuous arent you?
Rather than return with a credible theory on your call for $8 silver, you instead choose to resort to playground name calling and bluster?
Please regale us with your wonder theory on why global central banks are going to allow for a deflationary collapse?
Additionally, given the confluence of events these 2 weeks I expect volatility, but your call would require deflation on a scale unseen before, with Banana Ben admittedly looking to create inflation, sustained deflation although not impossible is very unlikely.
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ReplyDeleteQussl3: "Rather presumptuous arent you?"
ReplyDeleteYes! But I am still sticking to my call. You can sell or buy. I leave it up to you. Your choice. How much pain are you willing to take before you will concede that I am right? I just told you my opinion. You can do what you want.
shouldnt Pms rally during tsunami and rage day?
ReplyDeleteThanks to Japan Quake + Tsunami alerts in 20 countries, this is gonna be a sell EVERYTHING day. Even OIL is down significantly, despite scheduled Saudi day of rage. Of course, if a tsunami hits even just a few countries, one would think this would drive agriculturals and commodities up at some point... like, right after the panic sells are done.
ReplyDeleteI predict Managed Money at lower levels in this week's COT report and at even lower levels in the next one. Maybe even as low as the levels we saw around the 26,5$ mark for silver. That'd be a lot of bullish firepower and would be the kind of data (combined with the current sentiment towards gold and silver) that would warrant a violent move to the upside.
ReplyDeleteBut let's see what happens, the COT reports were nothing but weird over the last weeks and yes, months.
@Hansi
ReplyDeleteI accept that, but am still curious on why you believe such a massive deflation is on the cards.
From an economic standpoint there are very few producers who can remain profitable at $8, and it is likely as prices deflate those that do not have cash flow problems will be metering out there reserves vicariously.
Too many macro and micro factors are present to justify $8, barring sustained deflation or paper collapse.
I'm curious to know what you see that i dont.
Thanks in advance.
Piter: "shouldnt Pms rally during tsunami and rage day?"
ReplyDeleteOf course they should. Especially as oil refineries in Japan are taken out and wont produce for an extended period of time. Is oil going down or up today? Is silver going up or down today? At least one guy that has a brain on this blog and doesnt just type "BTFD".
@Qussl3: It is called trading!
ReplyDelete@Turd and everyone: Do you think that the Japan EQ could bring down the price of crude oil due to reduced demand? I am thinking crude ends up going down at least in the short term.
ReplyDeleteNot sure about 8$ but the 200 day moving average is at around 25$ so that's a reasonable target.
ReplyDeletePersonally I am not concerned so much with the "paper" price of silver. I expect it to be monetized by necessity due to the global fiat collapse from the elites.
ReplyDeleteA whole lot of effort being put forth here. But I'm sure Hansi's just incessantly posting, in the middle of the night or the crack of dawn, out of a genuine concern for the investments of strangers on a blog he has no real regard for. He cares. He cares deeply. And he wants to save us all.
ReplyDeleteWhat a guy.
If you're on margin, that's too bad. Otherwise the trend in your friend and the trend is much higher.
ReplyDeleteSpecs, and traders are going to cash until this quake news settles....
"He cares. He cares deeply. And he wants to save us all."
ReplyDeleteNo, I dont care at all about you and I dont want to save you.
So less supply and same demand makes the oil price fall.
ReplyDeleteEh??
Looks like another EE inspired down day. I think I'm going to fill my physical orders today as I don't think a buck here or there is going to matter much when the dust settles.
ReplyDeletePaper orders though, I'm still playing wait and see.
looks like a black swan day.. everything is going down.
ReplyDeleteGartman is going cash! yay!
ReplyDeleteit's all going down
ReplyDeleteflee! flee I say!
flee while you still can!
okay, I feel better now.
I know you don't, Hans. You want to scare people.
ReplyDeleteIt takes skill to do that. Skill you don't have.
"You want to scare people. "
ReplyDeleteI dont have to do that. The chart will do it for me! And you are already scared shitless!
CL just broke under $100. Nice "buying opportunity" on Monday: http://tfmetalsreport.blogspot.com/2011/03/monday-wrap.html
ReplyDeleteEvery day silver gets cheaper and cheaper...
ReplyDeleteWho needs this "worthless" metal these days ;)
Thanks God, I used strategy of one guy on this blog who advised to open very small long positions down the pyramid
:)))))
Only thing I wanna know now, when there is the bottom for XAG, any ideas ?!
Of course I am, Hans. I've never seen red on a chart before. I'm going to go hide under the bed now.
ReplyDeleteMy 0.02 on naked shorting from the top of the thread.
ReplyDeleteIt is my understanding that opening a MARGIN account requires you sign consent (as part of the margin agreement) to allow your shares to be loaned out at the discretion of your broker. Your broker makes money of this by loaning for shorting purposes, covering call options and similar things.
To avoid putting your shares in a position where they can be used by your broker for activities that are detrimental to your financial position you can open a CASH account instead. You'l have no leverage, but IMO that is a good thing. The other option is to take delivery of your shares, but that is expensive.
The most effective method to avoid these shenanigans is to not feed the ponzi when playing the paper game, but I'd never say that on this board cuz I know I'd get run outta town on a rail!
I'm looking at the silver chart right now. Downtrend just started guys!
ReplyDelete"I'm going to go hide under the bed now."
ReplyDeleteNo need. Just play with your little silver coins. It can be so relieving.
All I know is a wanna give a sincere kick in the nuts to the guy who said he bought zsl at close yesterday. Congradulations.
ReplyDeleteWould you hold crude oil longs?
ReplyDeleteAnother buying opportunity coming. Hope we'll see 30 silver.
ReplyDeleteOil is going down to $60.
ReplyDeleteIt started two hours ago, when the Pacific ocean wiped out the largest producer of consumer electronics on the planet.
ReplyDeleteShit happens. Welcome to the world.
"flee! flee I say!
ReplyDeleteflee while you still can!"
WTF?
Who's in charge here?
YOU or the bull?
Just keep on riding, don't let the bull scare you off. He's the one sweating, he's the one running out of steam!
Don't worry. Check your fundamentals and keep on buying physical!
I'm waiting for $32-$33 (yeah, I think that's where it's headed today). Between the tsunami and the deflation subterfuge, they may actually have something in stock.
ReplyDeleteHey, Apartment Guy...thanks for coming back on a down day (at a higher price) to show us how smart you are...and Hansi, fuck off deadshit.
ReplyDeleteLong short, long medium and long long. All physical. This whole rally is about the small guy, for once....calling the tune. I bought on the dip at $27ish and I have a mind to do it again if we get to $32.50...might not, no mind.
Don't comment, just go short, leveraged. They turn off your internet when you can't pay.
If you don't get it, don't play.
lamare: was that a sense of humor fail? do we need a snark tag?
ReplyDeleteNic: "..and Hansi, fuck off deadshit."
ReplyDeleteThat is very insulting. I didnt do anything to you.
This comment has been removed by the author.
ReplyDeleteNice to be in physical metals ONLY. Aggressive investors are stuck until the NY open as traders run to cash. Day of Rage indeed....
ReplyDeleteBtw, the Rage starts after evening prayers...8am ET.
Hey Hansi,
ReplyDeleteI think you're the one who's playing with their little silver coin right now. If that's what they call it these days.
Get a rag to clean yourself up, your mother doesn't want stains on the furniture in her basement.
Hansi,
ReplyDeleteYou want to troll with your bullshit on this site, yeah, I say fuck off.
Turd's sandpit and you are a deadshit.
Go short, leverage up hard and see how you go. If you want to post sensible arguments you will be read and responded to accordingly. You troll, you cop shit in return. We are scato-centric here.
Silver is still above $34. Seems many are watching this price tag. But the important price action will happen around $33.25. If silver breaks this line it will go into free fall. Might not happen today but maybe next week.
ReplyDeleteDon,t know where all this is going but my heart goes out to people who are suffering with the earthquake and tsunami.Keep your physical close,there are going to be huge financial ramifications to this lot,not even mentioning the current state of the financial system being on the abyss.
ReplyDeleteThis is what I like the most. I am just retelling the story the market is telling us and I am getting insulting like crazy. But I can take it. I know how people are when the trade turns against them and they cannot make any sense of the market action. They blame each and everything but never themselves as grown up persons would do. I am just waiting till Turd wakes up and deletes all my comments. A turd is a turd. But what is a turd follower?
ReplyDeletejust think, all those cars ,cellphones, computers,buildings etc.(you get the point)in japan are gonna need replacing with production and the element of silver
ReplyDeleteThis comment has been removed by the author.
ReplyDelete@Vedast
ReplyDeleteFWIW - Turd is holding $105 WTI April calls.
Heads up Hansi,
ReplyDeleteThere is a certain London trader with a track record spanning decades who some would say is at the centre of the silver market at the moment who runs an expensive subscription service...
His view is next week is up.
"Turd is holding $105 WTI April calls."
ReplyDeleteYes, at least this time he cant talk his followers he sold silver before it went down and bought cheaper on the dip. My guess he was all in as most of the people here and made a huge loss. But the Turd would never admit that.
Japan holding special meeting monday with announcement due the same day.
ReplyDeleteWonder what they will come up with this time.
Almost zero rates, tried QE before, kitchen sink next?
@jake the snake : What's a snark tag??
ReplyDeleteBut really, look at the fundamentals.
You have about 1 bil oz of silver above ground, while the industry needs about 700 mil each year IIRC. And then you know that JP Morgan is about 100 mil oz short in the Comex and probably around 300 mil in SLV and that is only the tip of the iceberg.
All the while Bernanke is printing money like he is trying to outperform Weimar Germany and we got several countries dumping the dollar.
I mean, come on! How on earth can the price of silver go anywhere but UP, once the real physical market determines the price??
What you are looking at right now in the silver market is nothing but a bank run, just like the old days. The banks have lent out more gold/silver than they have. That is called fractional reserve banking. The only difference between then and now is that we used to call gold/silver money. So, one way or the other, the banks are going to be in between a rock and something very hard because of this bank run, this run on physical gold/silver, even though it still occurs mostly below the radar screen.
OK, last time I feed the troll.
ReplyDeleteYou are not re-telling price action you are making predictions based on bullshit. You are trolling. You have come from nowhere on a down day with exhortations of silver doom. You don't get it. OK, trade accordingly, with leverage. Go short. Die.
Nic: "...who runs an expensive subscription service..."
ReplyDeleteSilver was staying flat for decades. Do you think this guy made any money trading it? He made money by talking about it! The last months were a once in a lifetime opportunity. Now silver is going in reverse mode.
QE starts again on monday 6.5-8.5 billion www.newyorkfed.com
ReplyDelete"You have come from nowhere on a down day with exhortations of silver doom."
ReplyDeleteThis is not true. I was buying on a down day when silver was around $32. Please check my postings.
www.newyorkfed.org (org) sorry sure you knew that
ReplyDeleteThanks, Marcel Martel.
ReplyDeleteI'm also holding my long position, I'm just saying that when it was at $105 it wasn't a good buying opportunity as Turd said.
I have commented in other posts saying how Turd was right, so I think it's fair to also comment when he's wrong.
Nobody's right everytime, and nobody needs to be right everytime to win in the long run (as long as you aren't too leveraged).
Just check here about two weeks ago when I was bullish:
ReplyDeletehttp://tfmetalsreport.blogspot.com/2011/02/this-day-and-age.html
@Hansi
ReplyDeleteI dislike groupthink as much as the next guy.
But its time to back up your assertions with a hypothesis.
Otherwise stop flooding, it hard enough to filter through the rahrah without having a shit stirrer cooking up a shitstorm.
@ Hansi
ReplyDeleteWould it ease your pain and childish bitterness if Turd did lose money on this downturn? There are probably other blogs more suited to you than this one.
@Larry: I am just alluding that Turd was not telling the truth. There are so many in-hindsight traders on the internet telling other people what to do. I dont care whether Turd makes money or not.
ReplyDelete"But its time to back up your assertions with a hypothesis."
ReplyDeleteI did already. I told you it is called trading.
here in eastern europe physical silver coins are more expensive than yesterday, and local seller told me the price is going up no matter what, coz there is a deficit and people buy like there is no tomorrow
ReplyDelete@Hansi: It was not nice knowing you Hansi, now run along to Kindergarten before Daddy finds out your were on his computer-and change your diaper too...
ReplyDeleteAC_Doctor
torpedo fish: "and people buy like there is no tomorrow"
ReplyDeleteIt will stop soon. All these coin sellers are having a once in a lifetime business right now. But when people see that silver can drop like any other commodity and there is nothing unique about it they will stop buying immediately and silver will turn into free fall mode.
Wow I go to bed and silver tanks but so do the comments. Kill troll with axe - it is all about attention. Just a bully looking for a playground.
ReplyDeleteScott - we learned the hard way about naked shorting in the tech sector. Ouch - and naive people - we wrote to the SEC about it. That really helped.
Unfortunately I see Hansi types too regularly on the trading blogs.
ReplyDeleteSpitefulness is their way, they always buy low sell high, predict the future, know when a dip is going to be a correction...and a plethora of other lies.
Just children in an adults world. Would be better just to laugh at them and not respond to them.
@AC_Doctor: As a doctor you certainly know that denial is a strong feeling. But dont worry. It will really get painful when denial turns into anger. Anger about Blythe, the market manipulation and all this nonsense.
ReplyDeleteAnd wait till Turd deletes Hansi and he claims he doesn't allow dissenting opinions - just my prediction.
ReplyDeleteBut to defend Mr Ferguson - he always writes about what he thinks is going to happen, doesn't use hindsight except to learn, and is extremely informative.
SilverPaine. Nomen est omen.
ReplyDeleteSilver and CL recovering (again barely over $100).
ReplyDelete"But to defend Mr Ferguson - he always writes about what he thinks is going to happen, doesn't use hindsight except to learn, and is extremely informative. "
ReplyDeleteand fesses up when he pulls a boner
$8?
ReplyDeleteI got a gig for you in the Catskills
"But to defend Mr Ferguson - he always writes about what he thinks is going to happen, doesn't use hindsight except to learn, and is extremely informative. "
ReplyDeleteTurd is also not God. I think predicting natural disasters is not within his powers
Gold has already made up most of the tsunami drop, and i would expect its spastic little brother, silver, to catch up soon. He's always overshooting.
ReplyDelete@torpedofish ...
ReplyDeletewhere from the eastern europe are you ?
The earth is having it's own day of rage. Prayers for Japan and all those affected by this tragic event.
ReplyDelete"I think predicting natural disasters is not within his powers"
ReplyDeleteShoudnt tsunamis play into silvers hands?
torpedo fish: "and people buy like there is no tomorrow"
ReplyDeleteHanzi: "It will stop soon. All these coin sellers are having a once in a lifetime business right now."
@Hanzi: You're right this far. It will stop, but not because the price trashes. It will stop soon because there simply won't be any silver left to sell!
watcher,
ReplyDeletegood point. It's 7:55am here & about 3:55pm in Saudi Arabia. Few hours ago, they just finished their Friday afternoon prayer. Their last prayer of the night is around 7pm-8pm so expect to see some news on ZH after lunch.
lamare: "It will stop soon because there simply won't be any silver left to sell!"
ReplyDeleteCould be but I doubt it. There have been always silver coins and there will be always silver coins to trade. To think there will be no more silver available is a bit bold.
Gold changing vs. silver changing in last 3 days...
ReplyDeletehttp://stooq.com/q/?s=xauusd&d=20110311&c=3d&t=l&a=lg&b=0&r=xagusd
If it's not a manipulation so what is?
I'd like to know why I have to be defended.
ReplyDeleteSilver stopped right at 34...as I said it would yesterday. Did I get impatient and buy too soon? Yes. Unfortunately, it happens all the time. But I don't care...I bought May. I have time.
Gold stopped at 1404...again, pretty close to where predicted.
Regarding crude...Its down to $100, Big fucking deal. If shit continues to crumble in the ME, its going higher.
I hate trolls. Add something positive or leave. Keep it up and you will be deleted. Period. Dissenting opinion regarding trend is, of course, allowed. Baiting commenters into arguments that distract from the quality of the site is not allowed.
Watch this bitch spike up right before the NYMEX open @7:25 CST. Gold hardly got touched percentage wise compared to silver.
ReplyDeleteAC_Doctor
@Marvin
ReplyDeleteLatvia - most screwed up country in Europe. PIGS are allright in comparison with this place. A lot of free time for forex trading :)))(real unemployment number is like - 30%, official 14%)
People cant afford to buy gold, but silver here is sold for around - 46$, crazy stuff man.
Turd. "Add something positive or leave."
ReplyDeleteBTFD. Positive enough?
@ Arkadiusz said...
ReplyDeleteGold changing vs. silver changing in last 3 days...
Thanks for the great chart! My point exactly. Let the chart tell the scam...
AC_Doctor
Eagle and Maples unavailable in a South East Asian city.
ReplyDeleteNot unavailable for order or pre order, UNAVAILABLE, ie the broker cannot obtain stocks.
For perspective, the premiums here are in excess of 20% over spot not inc taxes.
@Vedast,
ReplyDeleteRead again what he said regarding oil at 105.
From memory, If oil continued up through a resistance level he identified ~105. He would buy more later dated calls at a higher price (110 I think). That level wasn't taken out, so he didn't put on that trade.
Make sure you know what was said, before you go saying someone was wrong (or right for that matter).
Either that, or start your own blog if you think your opinion is so important.
People. I know it is early and not too many people on the board yet, but let's not let it get hijacked. Just ignore the troll. Do not respond to his posts. He will most likely be gone in a couple of hours.
ReplyDeleteFrom Jesse....
ReplyDeleteAnd before we all walk around with puss faces about the 'losses' from the heights of our recent gains in the metals, keep in mind how well we all are doing overall.
A smackdown in the metals keeps our heads from growing too big for our bodies to hold up. The gains are always due to our genius of course, and the 'losses,' well those must be due to bad advice from somewhere else, or some similarly irrelevant superstitious thing. We seek to explain the ups and downs where the explanation is so obvious: things go up and down, and never straight up. Is the primary trend broken? Not yet. Have the fundamentals changed? No, not at all.
To be strong you have to own your trades. I had to learn this lesson the hard way, and chances are you will too. The greatest curse is an early and easy success, and the euphoria of thinking we are greater than we really are.
This is why it is better not to be a trader, because you cannot afford the dues, and if you are successful, you will see the darker sides of human nature and face temptations that are almost overwhelming, especially in times of general apostasy.
Take your positions and hold them, without leverage, and with realistic expectations. And then go do the things that you are well suited to do, and address the needs of your family and your friends, and enjoy what you have, the gifts of life and God's tender mercies. And when you need the occasional wake up call, He will provide that to
Hey, I heard silver was going to go into freefall or some nonsense like this.
ReplyDeleteWell, Good news! The Bank of Badu is open! I will happily take that awful silver bullion off your hands, at $31, $30, $29, $28, $27, $26, $25, $24, $20, $15, $8, or below! Get out while you still can! Yup sell it all! I'm totally offering to buy all your physical, out of the pure kindness of my heart!
The Japanese earthquake may be viewed as QE3 in disguise $$
ReplyDelete"Could be but I doubt it. There have been always silver coins and there will be always silver coins to trade. To think there will be no more silver available is a bit bold."
ReplyDelete@Hansi: Of course there will always be some left, which will have a price. However, the fact of the matter is that the available above ground silver inventories have declined by an astonishing rate the past half century.
See for example: http://news.silverseek.com/TedButler/1208878782.php
"There is a lot less world silver inventory today than there was in 1980; billions of ounces less. In very broad terms, there were close to 4 billion ounces of available world silver inventories in 1980. Over the next 28 years, because of the silver deficit, roughly 3 billion ounces (a little over 100 million ounces annually) were removed from inventories and industrially consumed or put into a form that prevented it from coming back to the market, except at extraordinary high prices. In other words, 75% of world silver inventories were consumed over the past 28 years, leaving us with one billion ounces remaining."
I know most of us follow Silver and Gold, but I am looking to BTFD in Palladium , anyon else follow or trade it? Seems to have some big swings lately ?
ReplyDeleteYeah, I'm FURIOUS with Turd... since his bottom around $26.50, silver is only up $8!
ReplyDeleteWhy isn't it still up almost $10!!?!?! Why isn't it up $20 yet?!?!?!?
I am really, really mad with his crappy comments/advice. $8 is completely unacceptable. I'm going to listen to CNBC from now on.
People crack me up... get some perspective.
If you are playing PMs with paper (whether in lieu of or in addition to physical), everyone has said all along (ESPECIALLY Turd), that the volatility is going to be CRAZY over. So if you keep setting stops on paper at -2% or -$1, you are going to get tripped EVERY time and if you notice, the DEEP spikes downward are usually VERY short in duration... just enough to trigger the sells. I stopped doing it... for my paper, I've set what I'll call "catastrophic stops," but that's it. It would appear that with all the manipulation and volatility, hedging and stops and the like probably just end up wasting money unless you are beyond gifted at this or just plain lucky.
If you believe in the fundamentals and the overall trend, the rest is daily dithering.
Thursday weakness into Friday, good 10 day lows, huge elevator drop by Blythe this morning, I don't know maybe that was the Asian market. Time to begin scaling in for Turnaround Tuesday. No big price plops, just gradually buying what is now on sale and trying to do some pyramiding. My trading style is like Granny at the supermarket buying whatever is on deep discount. If the discounts get bigger hopefully they will not close the store. Patience is all. I am not good enough to time this but trading days during the week give me guideposts oddly enough. For sometime now I have seen many weak Thurs-Friday periods and many strong Monday-Tuesdays. Especially Tuesday. I do not know why this is.
ReplyDeletePatience and strength to all. Trading in the metals is definitely like baby sitting and its also like having both eyes open at all times for the elevator drops in the preMarkets.
The Japanese stock market (NIKKEI) went down because of the tsunami,
ReplyDeleteWere going to bounce back. gold is moving up again,Don't freak.
To this Hansi troll. Silver to $8 or any other such pull out of your ass number. The folks here are shrimps, we are not players of size, so even if all of us got sold it would not matter one iota.
ReplyDeleteGold and silver are going up for one reason and one reason only. Fiats are dying. There is no way in hell China, India, Russia, even our own central banks will be selling any gold ( or to lesser extent silver which they own less of ) to buy any fiat, for any length of time. All the in-between times are just reindeer games. Even in the worst deflation example, it wouldn't affect the giants and they will never flood the market with precious, accent on the term precious, metals. Shrimps may have to, but in a deflation the fiat they would then use to buy shit would go a long way.
A troll is someone who suddenly appears during healthy corrections, never having been here before, and throws out multiple scare posts with no substance .
Fuck off.
Powers that be say let the crash-cading begin! 34.04 on silver spot over night says the massive shark eating little fishes, needs more silver tipped harpoons! We'll have our days of rage and gaff this sucker on board yet!! Let the feasting upon it's raunchy carcass soon begin! This is why you hold ounces and not dollars!! Not one silver ounce came up missing over night! Been through this too many times and know the beast will die! My physical silver accumulation continues!!
ReplyDeleteAfrum, you get our James Joyce stream of consciousness writing award. Although I don't recall him being a big exclamation point user.
ReplyDeleteDon't take the bait. Allot of folks here are catching falling knives. I think we still have a ways to go. The market had been shakey for the past few weeks, all it needed was a match to light the fuse, and I believe the PIMCO release was it. The big boys knew beforehand {like they always do} and went to cash and the 10 year, that is what has been driving the dollar strength. The great deflationary collapse COULD be just begining, no reason to wait until May to sell. The smart money always leaves early. Who would have thought oil would be under $100@brl with all that is going on in the middle east? That makes no sense at all to me, unless the collapse is being priced in, then it makes perfect sense. I'll buy more silver when I am convienced it has bottomed {and that will require ALLOT of conviencing}.
ReplyDelete@scott
ReplyDeletefrom prior thread.
regarding RVM not subject to FTD due to naked shorting.
Revett is a Cu miner, not a PM miner, therefore isn't in the crosshairs of TPTB manipulating PM prices.
Revett has also hedged the production of both their primary product Cu, and their secondary product Ag. That puts them in the category of playing by TPTB rules therefore no need for them to get shorted to oblivion.
@torpedo : ok - so far east ;)
ReplyDeleteI am from germany - thats why i asked
Oil is very interesting today...as Nuclear plants are down the oil demand in Japan will increase --> Oil plunges...
the yields for gov bonds declineing all around the world today - except ireland.
Crazy world...
what a crazy world
turd you knew the bottom and called it dead straight!! The upside gap at 35.50-60 will be filled!! I thought it was headed to do so yesterday!! Stopped right at 35.48! Fooled the best of us char-tests! They do test us and our patients regularly!!
ReplyDeleteI have yet to see Turd miss by much.
ReplyDeleteHansi = Hammy = Ken(the bankster)
ReplyDeletebrothers or the same dude? but who really cares ... turn on ignore switch my friends
so surprised that oil is still this low.
ReplyDeleteas far as people talking about exiting the market completely. I don't think that's a bad idea - convert some to physical and keep some cash in case we see some good buying opportunities
Silver has gone up 50 cents while oil keeps at the same level, this is quite weird.
ReplyDeleteFortinbras - absolutely nailed it. I find it very odd that trolls show up and claim strange things like that we are crying for our mommies. And I see that our sage, afrum, has had his gap filled. (That didn't come out right.)
ReplyDeleteI am waiting on two (small) silver purchases to be delivered, one from Great Panther that has me totally excited. Those ounces are way more important than the paper miners I am trading. And I am trading money that I have accepted I have already lost. That helps. But getting rich in the stock market has never been my expectation - it is way too manipulated by people with very deep pockets. I just try to remember that walking the dog on the beach is the same whether I got there in a Rolls or a Toyota.
Turd:
ReplyDeleteyou need to start selling the whiteout for the readers who cant take the ups and downs.
Last saturday I bought a 10 ounce englehard from my local for $365. I am goin there tomorrow and I will buy another , maybe two, I bet I get it for $365.. that is called stability in my book and that is why I invest in Physical Silver.
Now if I want Volatility I invest in miners
This comment has been removed by the author.
ReplyDeleteobsolete one - do you have a bottom price in mind where you would start to buy back in? Or is it a chart shape? What kind of convincing? Do you not believe that there is a collapse coming? Are you only talking about paper silver?
ReplyDeleteChin,
ReplyDeleteYou have a cooler head than me, to avoid being drawn in.
I was hoping to find you and Dr. Jerome here in early AM. Figured you'd both moved on as the level of discourse at that time was lower than your level of tolerance.
Good to see you back.
The troll left on the big bounce. So you're on the sidelines with lots of cash, where do you park it as a safe haven? Well punk, where?
ReplyDeleteTroll doesn't know how to read a chart. Silver just bounced off the bottom of the channel it's been trading in since it broke out in August. Macroeconomic fundamentals do not support wild claims of a collapse of the silver market. Nothing has changed.
ReplyDeleteAnd who's crying about a dip? My dollar cost average for physical silver is around $12. Even those who jumped in at the peak in early January are up 10% or more.
This is Turd's blog. He has made it clear that this blog isn't about free speech. If you don't subscribe to the core beliefs most of us share here, then this isn't the place for you.
Waste of my time even typing this. Fucking trolls with nothing better to do than yank our collective chain...
Maybe this is out of line, but I really find some language offensive. Iluvpms - couldn't you have expressed that better?
ReplyDeleteafrum had his gap filled and Turd's bottom was a good entry point. WTF?
ReplyDeleteThought this was a PM blog!
@ Marcel
ReplyDeletethanks for the kind words ... I think this is a great blog ... I wish something like this was around years ago when I was totally bloodying my forehead ...
xty;
ReplyDeleteyou're absolutely right! my apologies... Ill temper the language next time...
CHIN = WINNING
ReplyDeleteFrom ZH:
ReplyDeletehttp://www.zerohedge.com/article/will-japanese-
earthquake-be-straw-breaks-europes-back
This ties in perfectly with the BOJ meeting on monday.
Next round of QE will be from Japan.
After the initial repatriation frenzy, as long as Europe doesnt blow, short the yen.
Guten Tag, Hansi
ReplyDeleteHow's the weather in the Dusseldorf area?
Wow, a couple of days of silver spot going down, and you're calling a drop to $8. Hilarious! Sure, we'll see down periods like this, it's normal. Nothing runs straight up forever. The uptrend in precious metals will change someday, just not any time soon.
Have a brat and a beer and chill!
I do know this one thing since I've accumulated silver!! No rat bastard bankster fraudsters has margin-ed or ever will stop me out!! hehehehehehehehehehe! Always ready for the next leg up!! All my 1 ounce silver eagles accumulated over the years only carry a 15-20 dollar profit each!! Oh beat me banksters; beat me!! I can hardly stand it!! hehehehehehehehe!!
ReplyDeletePeople calling $8 Silver I call them dumb ASS with no clue what they are talking about!!!
ReplyDeleteGreat article out by Doug Cassey ...
ReplyDeletehttp://www.financialsense.com/contributors/doug-casey/save-invest-speculate-trade-or-gamble
i sold gpl last week. will gpl go back if silver goes up also anyone here have any JAG jaguar mining it might have hit rock bottom yesterday 4.5 anyone buy gpl yesterday?????
ReplyDelete"I hate trolls. Add something positive or leave. Keep it up and you will be deleted. Period. Dissenting opinion regarding trend is, of course, allowed. Baiting commenters into arguments that distract from the quality of the site is not allowed."
ReplyDeleteI've left many forums or at least pretty much stopped posting because they have their fixed rules that actually favor the trolls. The way you describe is how it should be handled all along: all opinions are allowed as long as they are constructive, but clearly disruptive behavior should not be allowed.
It's how real life works: you can express any opionion, but if you start to behave like a little crybaby that just wants attention at any cost, any group of adult individuals will exclude you.
@Chin,
ReplyDeleteLikewise. I spent alot of $ at the school of hard knocks teaching myself the ins and outs. Still learning a bunch here and the tuition is much more reasonable.
With Japan's nuke plants down and the Day of Rage will traders sell the news or buy more oil?
ReplyDelete@ raged
ReplyDeleteI bought a 1st tranche in GPL at the close ...
have a lower bid in now for a larger buy ... monitoring as we go though
floyds friday special
ReplyDelete2010 United States Mint Proof set = $57 (retail)(I just bought 10)
(based on sliver @ $34.56)
5 silver quarters = 31.25(.9042 oz)
1 half dollar = $12.50(.3617 oz)
1 dime = $2.50 (.0723 oz)
=
46.25 (1.33 oz)
there is also the 4 pres dollars and 1 sacagawea dollar = $5
so if you spend those 5 golden dollars the set would cost $52
also a shiny proof penny and nickle left (ebay)(dollar each)
$50 divided by 1.33 oz worth of silver = $37.59 /oz
its a cheaper premium than apmex, you can pay with a cc and no matter how many sets you buy the shipping is the same.
have a good weekend
Chin: re GPL
ReplyDeleteI'm in too and averaged down yesterday at $4.10 from where I went in at $4.75.
Where will you dip in again?
Haven't read the thread yet. Slept in.
ReplyDeleteI think today's TF headline is not about the economy, commodities etc.
It's about movin' on up.
We're at 200 as I write this!
Great buying off this discount Granny bottom right from the bell. Nice little bounce. Now maybe a little retrace the forming of a W in the miners into Monday buying, who knows? Was nice to see that on the second straight gap down in these that they traded immediately to fill their gaps in CDE and SLW. Perhaps the Market is telling me these were on sale and the selling was overdone. Lets see as we roll into weekend. Granny says Grains on sale and Oil on sale. She is busy pushing her shopping cart thru the aisle.
ReplyDelete