Tuesday, March 22, 2011

Oil Wrestling

It will probably come as no surprise to you but I have "oil wrestled" before. It was back in my youth, circa 1993. I grappled with a 105-lb, exotic dancer from L.A. Can't really recall if I won or lost, like that matters. I do recall being very greasy when it was over. Oil everywhere. Behind my ears. Between my toes. Everywhere.

But that's not the type of oil wrestling I mean to discuss. For this thread, I'm wrestling with oil. Crude oil, that is. Specifically, West Texas Intermediate. I mentioned yesterday that crude was looking better but that it needed to best the $104 level before I'd get interested/excited. Well, whaddayaknow? I have a high on the day of $104.54 and a last of $104 even. Upon further inspection, the level to watch was closer to $103.50, anyway, so it looks like crude is headed higher again.

I mention this for two reasons:
1) Its a trade in and of itself. A move from here to 106+ and then on to 110 is significant enough that there is decent money to be made.
2) Crude has been and continues to influence the PMs. Crude continuing to rally will provide the impetus for silver to finally break away from $36. It will help gold move past $1430, too.

So here are your charts. Both look quite bullish. I'd say there is a very high likelihood that crude will be retesting the highs of 3/7 by later this week. First, here's an hourly chart:
You can see the significance of $103.50 in greater detail on this 4-hour chart:
So, watch crude very closely overnight and tomorrow. Lets see if it can get rolling and drag the PMs with it. TF

223 comments:

  1. I still would like input on stocks for my IRA.
    Thanks all!

    ReplyDelete
  2. US Approaching Insolvency, Fix To Be 'Painful': Fisher

    http://www.cnbc.com/id/42209447

    This should be interesting to the PM markets

    ReplyDelete
  3. A greased Turd. That is so wrong, on so many levels.

    ReplyDelete
  4. PMs such laggers, pointless, no dips to buy no nothing

    ReplyDelete
  5. I've been spending some time looking how to get out of our IRAs in the least painful way and then move the funds out of the US$$. Paying a 10% penalty + income tax now may be chicken feed in the long run.

    Thoughts anyone?

    ReplyDelete
  6. quite a fist fight at 36.40

    I wonder if there are any real fights breaking out.

    ReplyDelete
  7. Looking at the Kitco chart for silver, I am wondering whether $36.40 will become the "new $36."

    -- Paul D. Bain

    ReplyDelete
  8. More and more of the news media are getting it:

    http://www.nationalreview.com/articles/262688/running-exits-jim-lacey

    ReplyDelete
  9. Hi Irene, I withdrew from my 401K last year. I bit the bullet (and it was a painful one) and took the early withdrawal penalty (10%) and the additional income tax hit. I just mailed my 2010 1040 tax return yesterday, which also was painful, but I am very glad to have placed all of the remaining funds from the 401K liquidation into PMs. I have already realized an overall 8% gain (4% for gold and 22% for silver) with my PM purchases and have no regrets. I hope this helps!

    ReplyDelete
  10. Irene,
    I feel the same way and have 20+ years until I can use the IRA.
    I know how the WW1 vets felt during the great depression and rose up as the bonus army in D.C.

    ReplyDelete
  11. coat rack
    EXK and NGD. Right here right now. Do your own due diligence.

    ReplyDelete
  12. Pining for the Fjords,

    Isn't that one of the side effect of Olestra?

    ReplyDelete
  13. Has silver just flat-lined at 36.38?

    ReplyDelete
  14. Turd

    Any comments on this article?
    http://seekingalpha.com/article/259549-will-jp-morgan-now-make-and-take-delivery-of-its-own-silver-shorts?source=feed

    ReplyDelete
  15. @ 3f8

    Thanks for the detailed post. It helps to know there are others doing this. I've been rolling it over in my mind for about a year now. Since I believe the US$ is going to crash, why wait until it's too late?

    ReplyDelete
  16. Irene,

    The simple answer is to listen to your heart and choose what gives you a good nights sleep.

    I can just tell you what I did and hopefully it will help. I decided upon an amount of physical gold and silver that at minimum I wanted. I then decided upon an amount of cash in hand I wanted.

    Once I met those two objectives then I do whatever I want with what is left. Mostly it involves funding my IRA to the full amount and investing high quality funds and mining stocks. In addition I have another account where I play with a smaller amount of money for leveraged futures and options plays to increase gains and hedge with.

    With those winnings I continue to add to my physical gold and silver as I desire and it's all gravy.

    In the end, it's all really up to you and what you're comfortable with. There's no one and only way of doing this.

    ReplyDelete
  17. Question Turd or other esteamed (sic) folks:

    I'm just a retail trader without an options account, but I want a position in oil over the next few months, say through the end of June. What's the best vehicle for me given that time horizon?

    ReplyDelete
  18. Should have specified: what is best vehicles amongst all stocks, etfs, mutual funds, etc? Thanks again.

    ReplyDelete
  19. @ Coatrackbox

    Check out Turd's past posts. If it's metal stocks you want info on, "Miner Update" might be a good place to start.

    ReplyDelete
  20. Atlee,

    What's your take on the EXK earnings? Street isn't exactly giving it much love today. I bought back in this morning at 9.45 and 9.51. I have to confess, I was expecting a pop this afternoon.

    For me, EXK is the flavor of the month. It's where all the bagholders in HL moved their money. Today ain't looking so hot (at least for now).

    If you've been following EXK for some time, what's you thoughts on the company going forward?

    Thanks,

    SK

    ReplyDelete
  21. Mr. J. - dunno what the pro's will say, but I picked up UCO a couple weeks back when Egypt started blowing up...

    ReplyDelete
  22. Thanks Atlee,

    NGD is a new one for me to check out.

    ReplyDelete
  23. Regarding IRA's. I closed 50% this year and bought physical. When taxes due next year I will close the other half, pay penalties taxes etc on the first half. The following year I will have two years appreciation on the first half and will cash in what I need for taxes etc.

    I just watched video series of corrupt IMF involvement in Argentina. Literally took private corporate debt and made it public taxpayer debt. Banks closed. No access to cash/savings. People starving with life savings locked in banks. Scared the hell outta me.

    ReplyDelete
  24. Check this out:

    http://seekingalpha.com/article/259549-will-jp-morgan-now-make-and-take-delivery-of-its-own-silver-shorts

    "On March 15, 2011, the Commodity Exchange (COMEX) and the New York Mercantile Exchange (NYMEX) advised the CFTC that they had approved J.P. Morgan's application to become a licensed vault facility, using a "self-certification" process."

    ReplyDelete
  25. Revett Earnings in 17 minutes...

    ReplyDelete
  26. Yukon,

    What are some of your picks?

    ReplyDelete
  27. SSK
    Earnings were in line with expectations and average price of silver of $19 and change. Classic buy rumor sell fact. Fast money says, "no surprise number already priced in, on to next play". I say this is a $30 stock one day. I say thanks for letting me buy more today at 9.48. I notice high correlation to move in daily silver price. When silve starts rocking, this stocks starts rolling. It is a very good comapny and numbers and finacials are as good as they get. Buy every dip and hold unless you think silver is goin back below $19. MHO. Hope it helps.

    ReplyDelete
  28. @ Yukon C (Love your avatar, BTW)

    Yes, my heart is fearing the worst. I've worked with many what-used-to-be-called Masters of the Universe. This generation's equivalent are even worse and stupider - because it really takes stupidity to totally rape and kill the goose that laid the golden egg. /rant off

    On a less emotional note, I'm just looking at the overall pix and wondering what the feds might do to try to prop up the US$ once the SHTF starts.

    Looking back at how TARP was originally enacted, what really stood out were the forces against keeping a cool head. There were probably many reasons for that, but, I think a similar fiscal meltdown would bring out the same reaction regardless if it's the Ds or Rs in charge.

    So, what's left to be pillaged is the question. IRAs are an obvious one because they're just sitting ducks. Renewed confiscatory inheritance taxes are another. So, I'm looking at cashing out of the IRA situation as well as dealing the inheritance in advance. Just my $0.02.

    ReplyDelete
  29. There are certain analysts expecting Revett to come in at 1.02 EPS which I think is high. I'd be looking for something around 0.83. That said, if we get some really massive earnings this thing is going to pop upon expectation the last of the hedges will be cleared out this year.

    Yukon

    ReplyDelete
  30. I'm with Atlee.
    EXK is Turd's baby. I see it going to 20.

    ReplyDelete
  31. Sooo, I just emailed the Nobel Peace Prize Committee.

    Email content

    Email address for anyone else that cares to drop them a line:

    comments@nobelprize.org

    ReplyDelete
  32. Coatrack,

    I honestly hate giving picks because A. No one does DD on them and B. I did DD on them and hate the idea of some lazy turdnugget making money off of my diligence. If you want to see how I invest then you can check out my blog. I cover most of my favorites there and give a general idea of what I'm up to.

    Please for the love of god though. Do your dd or invest with Sprott, Hathaway or Eveillard.

    Yukon

    ReplyDelete
  33. @ Irene

    You should look into an IRA that holds bullion, there are a few out there. Shop around, because some of them charge a lot of fees for every little thing... on the other hand the fees are probably better than the penalty you'd pay for cashing in your IRA early.

    I'll be able to take out my own IRA accounts in exactly one months time, I'm happy to say... I'm just praying the markets will not crash too far before I can get the funds out, which I plan to invest in physical PMs.

    ReplyDelete
  34. Irene,

    You sound like you have got it figured out. Don't see why you need help you're way ahead of where most folks are. It's just a matter of making your goals and then doing it. Again, no one has a magic formula. Make your goals for your security and peace of mind and then do it.

    I can tell you this. Nothing beats having gold, silver and cash in your hands along with extra food, water, defense, etc. At that point, you find yourself investing for the fun of it and to see how much you can make, not because you HAVE to.

    Yukon

    ReplyDelete
  35. I'll offer an Oil pick..PDO.

    Enjoy

    Bill

    ReplyDelete
  36. Hi All,

    Just came back from TD Canada trust and inquired about my silver certificate. They told me that it would no tbe a problem to get the silver since they have it in stock in 1000 ounce bars. All i would have to do is pay for the rental of the armoured truck, the insurance along with it, and the remainder of my storage fees. I already have the majority of my gold in physical format and some silver as insurance.

    Im believe I will leave this one alone and cash it in when i am ready to buy my property.

    Im mentioning this because I am sometimes skeptical about the supply issues that sprott and harvey mention. I find it ludacris that PSLV has a 21 percent premium according to harverys blog and think that that is robbery.
    I personally do not trust Sprott and believe that he too is a business man like the rest of them. Anyways, thats my two cents FWIW

    ReplyDelete
  37. Atlee,

    Wow, you just got the big Turd's steaming endorsement. James Turk was all over EXK way back when it was a penny stock. It's the new go-to stock.

    Personally, I'm still loaded to the gills with SLW. You just have to love the business model. SLW gets all the metal with none of the risk. No EPA settlements; no acquisitions; no hedging; no exposure to rising oil; no political uncertainty; no dilution; and most importantly, no inclusion in the HUI. Every dollar rise in the POS is pure profit to SLW. It's a thing of beauty. Oh, and did I mention the nice new dividend?

    CDE ain't too shabby either with its direct sales to China. Gotta love that model too.

    SK

    Positions: SLW, CDE, HL (Slowing unwinding), GPL, EXK, and MGN for silver. NG, GG, AUY, ABX for gold.

    ReplyDelete
  38. coatracks,

    I have slept well with the majority of IRA in CEF. No worries over earnings reports or environmentals.

    And, its been the best performer of them all.

    FWIW

    ReplyDelete
  39. Physical metal will decide the future of JP Morgan, not a bunch of lawyers with parlor tricks.

    ReplyDelete
  40. Ive posted this three time and the magic bug makes it go away.... argh....

    I think most option pricing analysis programs are either to simple focusing on a single option or way too complex. In the mid 1980's I built a simple options program that was really easy to use and allowed you to set up positions with short/long/put call etc...

    Very much like an interactive options text book diagram.
    I've recreated part of this with excel.
    I've uploaded it at

    www.rasdoc.com/options

    You will need to turn on macros for it to work.
    The attached readme shows how it works.
    Presently its set up for futures, not stocks, but if the real interest rate is zero and the stock has no dividend then it works for stocks as well. (I can add these featurs if its useful)

    My Email is in the read me let me know if its useful. If people find it useful I'll do a bit more work on it, its a way to offer some value to turd town.

    ReplyDelete
  41. This comment has been removed by the author.

    ReplyDelete
  42. lamare said...

    http://seekingalpha.com/article/259549-will-jp-morgan-now-make-and-take-delivery-of-its-own-silver-shorts

    "On March 15, 2011, the Commodity Exchange (COMEX) and the New York Mercantile Exchange (NYMEX) advised the CFTC that they had approved J.P. Morgan's application to become a licensed vault facility, using a "self-certification" process."

    -------------

    Wow, does this stink to high heaven, or what. Well, we always knew that the rules could be changed at anytime to suit our overlords... still it's shocking when it is so blatant. It also happened at the most convenient time, just before delivery, and just before another announcement about position limits.

    ReplyDelete
  43. lord koos,

    I'm three months behind you re: IRA withdrawal.

    My hope is the system holds up that long....

    ReplyDelete
  44. Is gold stagnant because investors believe QE2 will be the last QE and therefore expect interest rates to rise?

    ReplyDelete
  45. It looks like the euro may take a hit tomorrow because of the Portuguese austerity vote (see article on ZH). This would cause the dollar to rise, which is is already doing. However gold / silver and oil can all rise as well in the face of a rising dollar and falling euro.

    ReplyDelete
  46. Turd

    ahh...a baby turd. Now what could be cuter. Congratulations, I didn't know you were expecting.

    ReplyDelete
  47. From the article:

    "If a short seller must deliver a commodity, and the commodity is not readily available, there is no better way to buy extra time than to be able to deliver into its own vault. Most of the metal will never leave the vault, and most delivered metal that will leave the vault won't leave right away. Indeed, paperwork tasks of transferring title can consume a few days. Thus, a late delivery may not be noticed if it is to the short seller's own vault if the vault operation staff chooses to remain silent."

    How handy, and just in the nick of time for the EE.

    ReplyDelete
  48. This goes hand-in-hand with the news of Blackrock unloading Treasuries:

    Buffet Not Buying Stocks

    Some of the largest holders of debt unloading it and someone like Buffet not liking the market. Yeah, I've got a warm-fuzzy about this. Definitely making sure I keep my limit downs at safe levels.

    ReplyDelete
  49. @ILUVPMS. Thanks. Good to know TD is prepared to deliver. Granted it would be expensive and 1000 oz bars are hardly convenient. So much for the rumour mill!

    ReplyDelete
  50. @ Yukon C

    Thanks. I posted in part because my husband always asks, "So, what's the other side to this story? How much have you looked into that?" Which is fair enough because I'm talking about closing out his IRA too.

    I'm laughing because Justin just posted about his letter re the Nobel Peace Prize and Obama, but Paul Krugman received the Nobel Prize in Economics in 2008! So, it's little ol' me up against a brain-washed Nobel prize winner who couldn't see the forest for the trees if his life depended on it, but the guy carries a lot of influence.

    You have to be very clear in your mind about this situation because when discussing it with others (most non-believers in pms), you are out of their normalcy, they just can't imagine it. For example, many people whom I've spoken to feel that investing in gold and silver as I have is "putting all their eggs in one basket." When I try to explain that this time is different, that the rules of the game are going to change, they just stare at me. They just cannot fathom the US$ no longer being reserve currency and everything that that ensues.

    And, of course, they think I'm crazy. lol! ;)

    ReplyDelete
  51. I got burned last time silver was up here, so I took some profits at the end of the day and switched it over into Gold. Hopefully still catch alot of the upside but soften the downside since it hasn't been moving nearly as much as silver. Probably switch back on Thursday end of the day.

    For paper trading I have a few of the miners (mainly SLW) but primarily trade the mini futures YG and YI (usually just 1-3 contracts at a time, using them for the ease of getting in and obviously following price exactly more so than trying to margin up).

    ReplyDelete
  52. @SSK
    Although I am extremely flattered, it was not me Turd was endorsing. It was EXK. But I am always grateful when I find myself on the same side as Turd.

    ReplyDelete
  53. @ Happyinthewoods

    Ya, i dont believe in this physical shortage crap that sprott mentions or harvey... price dictates everything and thats basic economics 101... I do know one thing.. when the majority of iditos line up trying to buy it believe that its the end of the world thats when ill be selling my certificates....
    Sprott in my opinion is just a business man who wants to make money.. .Granted it did take a month or so for him to get 12million ounces but thats because it was such a large order IMO...

    ReplyDelete
  54. Paul D. Bain wrote:
    ==================================
    Looking at the Kitco chart for silver, I am wondering whether $36.40 will become the "new $36."

    March 22, 2011 12:18 PM
    ==================================

    Yep. According to the Kitco chart, the silver price has been hugging $36.40 for well over an hour now. That ain't no coincidence.

    QUESTION: If $36.40 is now the line that the EE will attempt to hold, what does that imply for the behavior of silver's price over, say, the next 30 days? In particular, I want to know the likely price behavior in early April. Will the price experience another "Turd's bottom" in early April? Or will the likely, looming quasi-default of Comex render that unlikely?

    -- Paul D. Bain
    paulbain@pobox.com

    ReplyDelete
  55. Well expiration's is coming up again on Monday 28th--As we all know that's when the cartel will usually launch their attacks on gold/silver.The thing is sometimes they do it before the actual date ,other times the day of expirations ( 28th ) or lately after expirations day. Who in the hell knows what they have planned this time, but 90% of the time they will succeed in knocking down the price.Also gold/silver have had a nice run the last 4 days or so ,its more likely a raid will be carried out
    What is your take and game plan for this week?

    ReplyDelete
  56. Hey Paul

    I'd like to know the likely winning lottery numbers next week. Just sayin.

    ReplyDelete
  57. NC Representative, Glen Bradley, on Fox Business right now talking about legislation to allow NC taxpayers to pay taxes using Silver & Gold. Wow.

    We are moving more and more main stream, metal heads. "] ....long way to go but I have a feeling we will get there.

    ReplyDelete
  58. @ Ginger

    Yeah, it's calling prepping the battlefield. ;)

    ReplyDelete
  59. Atlee
    (I know you were aiming at another Paul)
    The Megamillions main numbers:

    The average value of the first 5 numbers will be between 3 and 54,

    All of them will be positive real integers in the interval of 1 to 56

    None of the numbers will be irrational or imaginary.

    What more information do you need?

    ReplyDelete
  60. ILUVPMS,

    No offence meant, but you really have this upside down. TD is part of the EE and is controlled by the elite. They are up to their eyeballs in derivatives and MBSs about to implode in the brewing Canadian Real Estate crash.

    Sprott is one of the good guys (straight as an arrow), and does not control, promote, or benefit from the premium on the Ag Trust... it is a market driven price based on trust (in the Sprott model).

    ReplyDelete
  61. My god, why would anyone ever pay for their taxes with silver and gold? Save the fiat for the government and the real wealth for yourself.

    Yukon

    ReplyDelete
  62. @Robert - like pavlov's dog, who/whatever is protecting 36 has taught us 4 other times this month that whenever Silver reaches past that level the price subsequently drops.

    Maybe 5th time's a charm, but to play it safe but my buy stops are set at $36.60... just like Turd's chart says :D

    ReplyDelete
  63. AS I said...it's a hedgerow defense. When 36.40 goes they will move back to 36.80 or something.

    Once the longs figure out the game, they will learn to bunch and time their purchases to knock the rows down faster.

    ReplyDelete
  64. Been in FR since 3,50 level and holding. Also lucky to buy SLW in 5 range. Gotta love them + physical holdings. Just added TK (silvergoldsilvers' top pick) and EVG.TO - but I just hate the volatility in the juniors. Big money to be made if you stay calm though.

    I quoute the famous Jesse Livermore:

    "Throughout all my years of investing I've found that the big money was never made in the buying or the selling. The big money was made in the waiting."

    Cheers

    ReplyDelete
  65. @Jack - I googled 'hedgerow defence'.. very interesting... this really is like a battle! Thanks for that insight it all makes sense now :D

    ReplyDelete
  66. Being ALLOWED to pay taxes in gold & silver? A polite way of confiscating our shiny stuff, imo.

    ReplyDelete
  67. Personally, I hope people can benefit from my advice. Yukon, why would you say nobody every does DD? You can't know that. And why so crusty about someone profiting from your research? I thought that was a large part of why we were here, to benefit from each other's knowledge. Sheesh.

    ReplyDelete
  68. @Paul Breed
    Thats funny. I was just having an adult beverage and was being flippant with Paul Bain. I apologize.
    Paul D Bain.

    @J

    If you are going to quote Jesse Livermore you should know that in the end he committed sucide by eating a bullet because he lost his money in a bad trade.

    ReplyDelete
  69. xty,

    It's obvious that I was exaggerating somewhat to make a point otherwise my statement would logically mean that I never do dd either. The simple fact is that the majority of folks don't do dd. That shouldn't occasion any great gasps of astonishment and frankly it's always been this way. It's what keeps the subscriber based newsletters up and going.

    The point of folks research should be to set someone on the path - to put our recommendations on the dd pile to be gone through. However, if we're all being honest here we know that's not happening. People are literally coming onto the boards flat out saying, "I'm going to buy PM's what do I buy?" or "What stocks do I put in my IRA?"

    I'm also seeing some obvious pumpers coming on here hoping to generate that TF Money Flow into some absolutely ridiculous plays. If someone makes a good post asking questions with a desire to learn to grow and to fish so to speak I'm more than willing to help. If someone is just expecting someone to make their investment decisions for them then that's fine too. That's called a fund manager and there's any number of very well ran precious metals funds for them to engage with.

    Yukon

    ReplyDelete
  70. Really atlee,

    I hear him quoted all the time, but didn't know that. Thanks

    ReplyDelete
  71. atlee: didn't know that - but I still like the quote though

    edit: meant SVM (not SLW) :)

    ReplyDelete
  72. DD is great for investing, but trading seems more instinctual.

    ReplyDelete
  73. He shot himself in the cloak room of a hotel in NY. His money was gomne except for about 5 million in untouchable trusts.

    ReplyDelete
  74. Yukon - I just don't like those blanket statements, but sorry for coming on strong.

    Silver and gold always just oscillate between 5:15 and 6:00, and it makes a cool pattern on the chart. But I have never seen the range so tiny.

    And look what gold just did. Impossible.

    ReplyDelete
  75. xty,

    Apology not required, but it's appreciated nonetheless. :)

    We all know that the USD affects everything, and oil will always be tied to gold, but what's going on with Portugal will really help dictate the short term here. I'll probably talk about that more later.

    Yukon

    ReplyDelete
  76. Turd..Louise Yamada was on CNBC tonight..very bullish on oils,grains and metals...talked about silver and grains moving away from a "30 year base". Curious to see what your take or comments would be on chart spanning enough time to reveal this base.

    ReplyDelete
  77. sonofabitch. Gainesville is out of Phillharmonics. That lower premium was sexy. Was going to be my first Phillys along with the new Fiji. You damned Turdites! *shakes fist

    ReplyDelete
  78. If you are serious about doing your own due diligence, and are honestly just looking for some names to research, there are some perfectly good lists you can come up with in seconds. Try googling:

    GDX holdings
    GDXJ holdings
    GLDX holdings
    SIL holdings

    That should give you more than enough to keep you busy for a while. Go down the lists, do your own homework, and figure out which ones you like and which ones you don't.

    ReplyDelete
  79. That flatline on the Ag chart is just plain spooky.

    ReplyDelete
  80. "SSK said...
    My goodness. Lot of unsolicited investment advice today."

    You were the one bitching that you lost 8k$ on a 20 cent drop in silver. This sounds like some kind of kamikaze investment style to me.

    The really rich guys don't play with high leverage. There is a reason behind this. Maybe you think you are smarter than Rogers, Sprott, Faber, Lassonde etc. If that is so, please continue with your current investment strategy, and for gods sake NEVER take well meant advice.

    ReplyDelete
  81. There's a concept I've been toying with, I call it the proximity theory. A long the lines of last month video on Justin's blog about plasma dynamics.
    The world has moved to mechanization and in the process the intangible of human intent/essence is lost.
    It can show up physically like handling a hand made guitar or violin or gun or whatever, but it also shows up in things like TF's chart reading. I can look all day and see the signals but it doesn't talk to me the way it talks to him. Whether it's practice or intent I'm not sure and it probably involves both.

    a little deep for a Tuesday afternoon sorry just came out

    ReplyDelete
  82. "Nigel said...
    This article about JPM is troubling:

    http://seekingalpha.com/article/259549-will-jp-morgan-now-make-and-take-delivery-of-its-own-silver-shorts?source=feed

    I am not an expert by any means, however, it looks like JPM is taking the PM fraud and ponzi scheme one step further. And... they are being allowed (again) to sidestep all of the rules.

    I hate JPM and the EE."


    Do you honestly think they'll leave the Sprott Fund or the Central Fund of Canada, Bullion Vault, Goldmoney etc untouched? Those guys don't have their own vaults, just as all the others they store their stuff in the bullion banks' vaults, and whether in NY, London or Zürich, or even Hong Kong, when the right time comes it will be confiscated. And I don't think I need to mention that this will happen to GLD and SLV even sooner.. actually it already happened since as their customer you're an unsecured creditor and you own squat.

    Paper is paper, accept that it's only for trading, and you don't own gold and silver unless it's sitting right there in your own home (or some place you buried it ;)).

    ReplyDelete
  83. Prize Fighter,

    I have some Phillharmonic's but they don't really sing (no pun intended) to me, but bullion is bullion so you'll hear no quarrel from me. I got some 2011 Fiji's in the other day and it's quite an interesting coin. I plan on covering Britannia's on this Saturday's NSS, but I might toss up a picture tonight of the Fiji just for you. Maybe I'll call it Tuesday night foreplay or something. Haha.

    Yukon

    ReplyDelete
  84. EVERYONE please watch the Youtube Video that Glenn Becks "The Blaze" just broke today. It is the left's economic terrorism playbook to bring the financial system to its knees.

    Sort of PM related.

    http://www.youtube.com/watch?v=RvlvejSxBVQ&feature=player_embedded

    NB, about to get snowed in.

    ReplyDelete
  85. Wow. A minute ago there was a $3+ bid/ask spread in gold. I've never seen that before. Oil yes, gold no.

    So, anybody who follows gold in detail know if this is normal?

    ReplyDelete
  86. Eric #1 agreed on the AG chart...
    Volume all died at the same time...

    looking at yesterday it was similar.
    So probably just moving to park of the world not trading much.

    ReplyDelete
  87. The whole point of extending the "Great Ponzi" is to gather as much tangible wealth[especially PMs]as they can before we revolt. Anyone like Sprott or Turk will sooner or later be a target.

    ReplyDelete
  88. Ferdinand. In a previous life I managed a group of forecasters. The team was supposed to follow fairly rigid mathematical methods and integrate intelligence as it became available.

    Indeed to get consistent results (say, accurate to wtihin +/- 15%) this worked best.

    However the BEST results came from forecasters that used a LOT of manual overrides. Call it "art" instead of science.

    Trouble is there weren't many of those talented types around compared to the number that thought they were, or compared to the number we needed to get great (+/- 5%) forecasting.

    So for the most part using art was discouraged since the artists spent more time per item forecast and the non-artists were downright hazardous if left to work that way.

    With that I'd say that we may not have lost the intangible, but we'd have to teach it then pay for it if we want more of it because the demand is greater than supply. Probably works for the violin or guitar analogy too.

    Oh and then there's the 10,000 hrs thing which I suspect Turd has going for him by now. Google Macolm Gladwell for that.

    ReplyDelete
  89. I hate to harp on this but in my humble opinion it's all about the Dollar, everything else is noise. Did everyone see the action in the good ole US FRN today? Talk about manipulation! It sure look like this puppy wants to go down and go down rapidly. When the EE is ready to pull the plug on the FRN then us gold / silver bugs will have our day. All else is just noise.

    ReplyDelete
  90. Somebody posted a looonnnnnggg video last night by Stansberry & Assoc. For all you out there that don't have the time to view it, here's my recap.

    !. The US is going to collapse.
    2. There are 4 investment assets you don't have to report to the U.S. gov.
    3. Buy gold and silver.
    4. There's a way to make money in a risky stock market called "The 100% Secret."
    5. You need to get into the #1 performing asset just like Bill Gates and every other rich person out there.

    Turns out, after a bit of investigating, his #1 asset is some poorly performing geo-thermal stock recommended by Doug Casey called RAM Power (TSX:RPG).

    I never found out what his super secret was nor the 4 assets you don't have to declare, because it's just not worth any more of my time.

    Oh yes, and this is all a build up to subscribing to his newsletter service.

    For most of us here, almost everything he has to say is old hat. As to his salesmanship, I'll give him an "obvious." 'Nuff said.

    ReplyDelete
  91. Irene:

    "super secret" is farmland. And yes those videos are just blatant sales attempts.

    ReplyDelete
  92. Revett Earnings & Operational Report out...

    http://www.marketwire.com/press-release/Revett-Minerals-Reports-on-2010-Financial-and-Operating-Results-TSX-RVM-1415938.htm

    Highlights for year ending December 31, 2010 include;

    -- Net cash (1) provided from operations before capital expenditures was
    $12.2 million, resulting in net income for the year of $4.4 million, or earnings of $0.16 per share.


    -- Completed debt restructuring program, eliminating remaining debt through the repayment of principal and conversion of debt to common stock.


    -- Completed a consolidation of the Company's common shares in preparation for a listing in the U.S. The Company now has 33.5 million shares issued and outstanding and 36.6 million fully diluted.


    -- Record mill throughput at the Troy Mine averaging 3,807 tons per day compared to 3,735 tons per day average for 2009.


    -- Troy Mine reserves increased by 15.4% and resources expanded by 7.5%, with continuing exploration efforts focusing on expanding resources in the I Beds and exploring other areas in and around the mine in 2011.

    --
    Total revenue for 2010 was $47.0 million compared to $33.0 million during 2009. Net income for the year was $4.4 million or $0.16 per share, a significant improvement compared to a net loss of $4.9 million or $0.23 per share for 2009
    --

    More information within the link at the top.
    -
    Happy hunting

    (Notice the "preparation for the US Listing" part... they are referring to this delayed thing....)

    http://seekingalpha.com/article/246368-revett-minerals-seeks-amex-listing-multiple-catalysts-should-revalue-shares-high

    --
    Happy hunting,

    I am excited to see what happens in the future with this company.
    -
    Scot

    ReplyDelete
  93. @Markus. Y2K disappointed greatly. I don't believe vaults in Canada will be confiscated unless the contents belong to interests (eg citizens) of a government that is confiscating on home soil. As discussed before each person decides where to take the risk because there is no no-risk situation.

    ReplyDelete
  94. @HappyInTheWoods

    I appreciate the insight, I'll look him up

    ReplyDelete
  95. Yukon, I am a sucker for silver. I have to have at least one of each. Now I see the 2011 Pandas are gone as well. C'mon man!

    ReplyDelete
  96. @ Marcus

    Farmland is the super secret? Well, I live in the city. We grow sprouts. ;)

    ReplyDelete
  97. Northern Border

    I couldn't believe my ears today as Glenn Beck defended the Banks and the 17 Trillion they stole.
    Granted SEIU is a pit of commie snakes. Why did Beck take JP Morgans side and make a big deal of poor JPM getting attacked in May. Hmmm could this be a reason to bail out JPM come May?

    Also note Qaddafi has been labeled a "Gold Bug" on the Drudge Report, sounds like gold vilification.

    ReplyDelete
  98. This comment has been removed by the author.

    ReplyDelete
  99. Ferdinand

    bah. I am a poor typist so deleted last post.

    Malcolm Gladwell, Outliers

    ReplyDelete
  100. Yukon ... you said

    "My god, why would anyone ever pay for their taxes with silver and gold? Save the fiat for the government and the real wealth for yourself."

    I imagine you are referring to the N.C. story. He wants local govt. to accept silver & gold as payment for taxes to bring confidence to the business sector to accept S & G as payment for consumer goods. I agree with your statement as I would just give them fiat also but with local govt. acceptance comes confidence from the local population over time.

    The Chinese govt. has done this with their citizens about a year ago and the populous has responded.

    ReplyDelete
  101. Happy...That is so true. You picks your poison and you takes your chances. I wouldn't want to be looking for my PMs in the tsunami damage. Every storage method has it's dangers.

    ReplyDelete
  102. What is the opinion of the Market moving down based on a over sold dollar? The last few sessions Miners have followed the trend down. I am waiting patiently for the disconnect.

    In the mean time I BFTD.

    ReplyDelete
  103. HappyInTheWoods

    Do you Recommend, Outliers more than Tipping Point?

    Thanks in advance

    ReplyDelete
  104. Irene, Paul, etc - about the gold chart. It is weird today. Everyday from 5:15 to 6:00 gold and silver don't seem to trade anywhere. They both settle down and oscillate between two close prices. I always figured it was some time when all markets were closed and there was some sort of settling going on. But today gold changed price during that time - it suddenly had much bigger ranges as you noticed Irene. And look at it now - a gap up during afterhours low volume trading.

    ReplyDelete
  105. coatrackbox...GB works for bankster controlled FOX News. His whole agenda is meant to deflect blame from cabal to hapless liberal progressives. Establishment Neo-cons are there party base.

    ReplyDelete
  106. Being a self admitted newbie and having a rudimentary understanding of naked shorts, can someone please explain how JPM after receiving a Comex certified vault, provides cover for their short and the effect on silver OI for March in any?

    ReplyDelete
  107. @ Rick

    If you look at political contributions, you'll see that the cabal ARE hapless liberal progressives. ;)

    ReplyDelete
  108. Just to address this ongoing issue.... Between 5:15 and 6 Eastern Time, all world PM markets are closed.
    Hence flatline. Hence widened bid ask spreads.

    ReplyDelete
  109. you can check out which PM markets are open at:
    http://www.kitco.com/charts/livesilver.html

    ReplyDelete
  110. Thanks for the info, My... ;)

    ReplyDelete
  111. I just read the responses to the silver/gold for taxes NC story.. ..I didn't really take the story the way some of you did.. ..interesting perspectives though.. .I was more thinking about it along the lines of silver and gold being RECOGNIZED as real money.. ..Not that I would pay my taxes with silver and/or gold if I still had my fiat to pay with! ...Of course, get rid of that first.. .but I'm hoping this story just brings more light to the 'silver and gold ARE realy money' issue.

    Scottj,
    Holding firm to my Rivett!! :]

    Northern Border,
    We had a Glenn Beck / JP Morgan conversation going this a.m. on Turd's blog. All varying opinions here. I disagree with those here that think GB is part of the problem or that he has a sinister agenda. I believe he is much more 'like us' than most here seem to believe. To me he just seems to be a man who has a media job and doesn't like what is happening to this country. I do believe there are a few good media people. I think GB is one of them. ....I can't explain however why he is backing up the banks..EXCEPT that if there is a group who intends to bring down JP Morgan and crash the market and cause economic chaos to the end of the destruction of our country.. ..well, why WOULDN'T he speak out against it? ..It's not exactly in line with the views of those who want JP Morgan brought down for the silver manipulation issue. ..Granted, GB should look in to that angle as well and not white wash JP Morgan.. but in this case.. so far as this story that he is reporting on......he is dead on.

    ReplyDelete
  112. My Harbi - exactly. But tonight gold changed price during that time - at least it changed the range in which it oscillates. It was different tonight.

    ReplyDelete
  113. When you guys are doing some good ol' fashion DD on some stocks or what-have-you, is there something that you initially look for right off the bat that either confirms further DD or throw it in the garbage? Reason I ask is the fact I could spend hours upon hours reading through balance sheets, corporate powerpoints, etc. If there was a simple metric that I could utilize if something is worth further consideration I'm all ears. Thanks.

    ReplyDelete
  114. what is a good Vehicle for trading a run in oil?

    ReplyDelete
  115. J.E. ,

    I know you posted a few hours ago, but would you mind posting a link to that IMF video about Argentina? I would like to learn more about it.

    Thanks!

    ss

    ReplyDelete
  116. Ferdinand - Outliers for the deep thoughts you were having. Then Blink which will challenge how you think about instinct (and may help you tune into charts even), then Tipping Point.

    ReplyDelete
  117. I know we are all sick of doing this but, The CFTC needs to be put on notice over this JPM vault issue.
    That way there is several thousand letters objecting to this and asking them investigate it. It won't fix it, but it lays the ground rules if/when the law suits get filed.

    ReplyDelete
  118. AGAIN I have to wade in this time on Porter Stansberry. He is a FRAUD. Read this HERE..

    Don't forget I research everything..that needs to be researched... and I have an army of individuals helping too.

    ReplyDelete
  119. AE do you have a blog or site?

    ReplyDelete
  120. @ EA

    Well, I didn't know he was an actual fraud, but I did figure out he was a con. ;)

    ReplyDelete
  121. k proctor

    I buy and hold the oil sands. SU, CNQ, CVE, COSWF. But today oil was up and they were mostly down, so go figure...

    ReplyDelete
  122. colored sky

    generally I like to see a happy looking chart or it's pretty much crossed off the list right away. It doesn't have to be going to the sky or anything, but at least tracking along with GDXJ for the last 6 months or so. Can't be lagging too far. Bottom fishing just not my style.

    From there I'll be making a note of market cap, production, near term production growth for sure on the way, blue sky, management, cash position, ummmmm, I don't know, it kind of keeps going as long as I'm still happy with what I'm seeing. For really little ones you better make note of the fully diluted shares out, not just the issued.

    ReplyDelete
  123. k proctor said...

    what is a good Vehicle for trading a run in oil?


    Prius, I'd assume. Or another Hybrid

    ReplyDelete
  124. I put up a Naked Silver Quickie post on my blog for Prize Fighter and anyone else wanting to check out a Fiji. Enjoy!

    Yukon

    ReplyDelete
  125. Yukon, got any of these? I want one!

    http://www.coininvestdirect.com/en/silver_coins/libertad_2010_1kg_silver_bu_stempelglanz.html

    ReplyDelete
  126. @ Ginger

    Sorry, I didnt realize that conversation was in the AM here in Turd world. I was out hustling the streets as usual and I missed the conversation.

    Very interesting times we are living in.

    NB

    ReplyDelete
  127. Silver almost flatlining for last 5 hours. $36.40 is the new $36.00.

    ReplyDelete
  128. Hey e736e,

    Oh man do I love Libertad's! The coin is so underrated and it deserves your love damnit! :) It was the very first naked silver post I made and you can find it here:

    http://yukoncorneliusssilverandgold.blogspot.com/2011/03/saturday-silver-spectacular.html

    Yukon

    ReplyDelete
  129. Look at the USD/YEN. Off a cliff.

    ReplyDelete
  130. Northern Border said:
    "Very interesting times we are living in."

    Absolutely. ...And I wasn't saying don't have a continued dialogue on the JP Morgan/GB thing.. many here weren't around this a.m. and probably didn't see/hear it ..Just giving you a heads-up about it. :]

    ReplyDelete
  131. This comment has been removed by the author.

    ReplyDelete
  132. Next time hit reload before posting. xtybacq, you beat me to it!

    ReplyDelete
  133. everyone is talking dollar but we bought dollars(fed) the other day and sold yen. 1st currency intervention in 10 years but i have not heard hardly heard a peep from anyone talking much about it. Business as usual in the ponzi world.

    ReplyDelete
  134. Cookie Monster and Old Swift boat Veteran,
    Took my trip to Portland today, Paul and Son at the Coin Cottage treated me very well. They indeed are familiar with you both and Turd's blog. Took about 100 oz. 2011 silver eagles and took their 4 gold eagles on sale for spot plus $35. We'll see how I fare in 5 years, college tuition for my two girls. Bought some slugs for my Mossberg while in town too.
    Thanks for the recommendation!

    ReplyDelete
  135. Hey Yukon. Does buying a silver mine because the company has the same name as the manufacturer of your boat at a price that matches your birth year count as DD?

    ReplyDelete
  136. Johnboatcat,

    Haha, not quite what I would call dd, but there's a special kind of mad genius that went into picking your miner that way. I dig that.

    Yukon

    ReplyDelete
  137. That's what I told my wife when she asked me why I had bought some EXK in after hours. Thought that was better than saying a Turd told me to do it!

    ReplyDelete
  138. This is almost a dammed confession,Its pretty laughable.


    ""Until now, JP Morgan did not have a NYMEX/COMEX vault license. They had to send silver, for example, to HSBC, Brinks, Scotia Mocatta and/or the Delaware Depository in order to "deliver" it on COMEX. Those vaults have been NYMEX/COMEX licensed for a very long time. But now J.P. Morgan has its own vault license, and the manner in which it seems to have obtained it, is troubling. The bank can now, potentially, deliver short obligations to itself. Yes, you read that correctly. The bank itself, if it still holds short silver positions, and/or the hedge funds/related financial institutions who may have taken over the positions, can now deliver the alleged metal to J.P. Morgan's own vault.""

    http://seekingalpha.com/article/259549-will-jp-morgan-now-make-and-take-delivery-of-its-own-silver-shorts

    ReplyDelete
  139. And you thought that couldnt print silver!

    MUUUAAAAAAAAA HAAAA HAAA HAAA!!!

    ReplyDelete
  140. F That's not funny, that's sick.

    No. I. Didn't.

    Looking back it's sooo obvious.

    ReplyDelete
  141. Any of you guys have an explanation for the big move in Impact Silver today? Big volume too. I see no news at all on it.

    ReplyDelete
  142. Large backfire potential with JPMorgan "delivering" on its silver shorts to its own
    vault. If a large portion of that obligation
    is "delivered" to the JPMorgan vault, there will
    be a mad rush to get "it" out of there by the
    contract longs given the obvious scam the Morgue
    is attempting to set up. It just reeks of the sophmoric desperation like "My Dog Ate My Homework".

    ReplyDelete
  143. Anyone out there trade XAU/JPY (or XAG/JPY) in addition to or as an alternative to XAU/USD (XAG/USD)?

    I'm long both XAU/JPY and XAU/USD, in order to have some diversification.

    My thought is to increase my XAU/JPY and potentially decrease my XAU/USD for this reason:
    the co-ordinated intervention to weaken the JPY means it won't be allowed to strenghten vs. USD (and other currencies).

    So, XAU/JPY seems preferable to XAU/USD, because USD might rally against other currencies (and gold), given that the world's central banks have not decided to cap any rise of the USD.

    What I really need to come to grips with is whether/how the joint efforts to weaken the JPY will continue. Maybe it's better to wait for the market to force the issue (i.e. bid the JPY higher), then pull the trigger on XAU/JPY in anticipation of an intervention to weaken the JPY again.

    ReplyDelete
  144. For those that asked for updates on my trades. On Tuesday I bought a few SLV calls a number of months out for a break beyond $40. I also bought some May 35 puts on SLV in case of another challenge to the downside.

    _IF_ we get some downside action in the US equities, I'll probably start (or fully) exit my proshares ultrashort positions (QID and SDS). If silver continues its upward climb and markets don't move by much, then I'll keep holding those positions.

    Regardless, I'm holding some PSLV and even at a NEW HIGH ALL TIME NAV PREMIUM OF 22.36%, I'm NOT SELLING A DIME OF IT. Silver is about to go nuts, but I practice what I preach and I still hedge my bets.

    Good luck to all.

    ReplyDelete
  145. local coin shop report today:

    eagles.....................................10
    maples......................................0
    1oz bars....................................0
    5 oz bars...................................0
    10oz bars...................................0
    100 oz bars.................................0

    The owner told me he was cleaned out on Friday .

    another shipment due on Friday and he said he expects to be cleaned out again.

    His orders are limited to xx# of eagles per week.


    Canadian scotia mocatta bank is out of most bars except kilos

    https://www.scotiamocatta-estore.scotiabank.com/stores/scotiamocatta/catalog/catalog.aspx?nst=pprbihlm92sPEsG3SAczPxXStbR43vSOzQZJCMimV30%3d

    ReplyDelete
  146. For anyone considering a foray into futures trading, Turd said he used lind-waldock, and now I have an account there too, but I wanted to say they have a really cool free service that lets you practice without putting any real money in, called simultrade, and its really great for learning the ropes without risking real cash. I started with 50k 4 weeks ago, and now its 185k just doing silver and gold and BTFD's. I lost 20k on corn along the way but its great because its all totally for fun and risk free. I now have my 'real' account open but just with 10k.

    Thought others might like the simulated trading too so I wanted to share, and thank the Turd.

    ReplyDelete
  147. @SilverBlev - what instruments are you using for silver and gold?

    ReplyDelete
  148. I am just looking at the candles in the USD/JPY. 80.85 is the hard line. Wonder how long it will hold and will it cause a sell off in commodities when breached.

    ReplyDelete
  149. Soccer Dad

    Great!!! Paul is a pretty straight shooter, so I'm glad you got to know him a bit. He will do his best to be the most competitive.

    ReplyDelete
  150. I bet I know who bought that dip!
    Bet the monkeys hate their salary job these days.
    This is a long one from Jim Rickards (courtesy SGS),but all of our friends should be watching it.
    http://outerdnn.outer.jhuapl.edu/rethinking/VideoArchives/MrJamesGRickardsPresentationVideo.aspx

    ReplyDelete
  151. Scisco,
    looks like JPY is not being allowed to strengthen through 80.50 (i.e. not allowed to fall below 80.50). That's why I asked the question about going long gold in JPY terms. If JPY is not allowed to strengthen, one of the risks of holding gold in JPY terms is eliminated.

    ReplyDelete
  152. Speaking of the USD?JPY - down goes silver up goes usd vs jpy - I mean right now.

    Dan - absolutely infuriating.

    ReplyDelete
  153. Johnboatcat - yes, especially given your internet name.

    Re - printing your own silver - ARGHHH. Unbelievable - but if people want to invest in JPM Silver, what can you do. Why don't they just buy the Comex?

    ReplyDelete
  154. @xty I saw a headline on http://e.nikkei.com/e/fr/marketlive.aspx that could explain...

    "BOJ Miyao: To Do Utmost To Stabilize Financial Markets"

    ReplyDelete
  155. look at the 1 hour chart of USDJPY - very tight trading range for 4 days since the day after the intervention

    ReplyDelete
  156. This comment has been removed by the author.

    ReplyDelete
  157. new day, new headline... I'm sure they're injecting as I type...

    ReplyDelete
  158. It is amazing to see this community continue... each day that passes creates new dynamics.

    I agree with Dan...

    "Here we go again..."

    ReplyDelete
  159. Turdle GC, as ZH loves to say, it works until it doesn't. Interventions never last, the carry trade will begin to unwind again (I find it hard to believe it has already). Funds will find a way to exploit the interference until it becomes too costly to maintain. All I know is this, way too many K>0 swans out there for a green horn like me. I got my stash of physical and limited PM paper exposure. Saving my powder till the dike breaks. Will reassess the field and then dive in. Much rather loose profits right now than take massive loses. Plus it give me time to figure out how to do DD on miners :P

    ReplyDelete
  160. SilverBlev,

    Once you go live, get ready for the electric chair of up and downs! LOL! Trading futures is more than stocks on steroids; more like stocks on steroids, crack and acid all at the same time. (At least for me).

    ReplyDelete
  161. They cannot allow (nor can the rest of the world) allow the collapse of an entire economy while having a nuclear meltdown at the very same time.
    ALL JOKING ASIDE obviously

    ReplyDelete
  162. Dan - as long as the BOJ is going to do its utmost, I am sure everything is under control.

    ReplyDelete
  163. Want to hear a what a statesman sounds like?

    Ron Paul on Libya
    http://www.youtube.com/watch?v=qOJXFnyEGsI

    ReplyDelete
  164. Why am I reminded of the BOJ when I watch the first part of this clip http://www.myspace.com/video/just-for-laughs/ron-white-hurricanes-death-penalty/11236830

    ReplyDelete
  165. xty - until it isn't... I'm confident how the game ends, the timeline is what's fuzzy.

    ReplyDelete
  166. Yup. And I am too greedy to bail now and we have one more kid in high school. And two in university. So we are stuck in the city for 2 more years and are also paying some hefty (for Canadians) tuition so still burning fiat like nobody's business.

    ReplyDelete
  167. Livermore killed himself because he suffered from clinical depression all his life as did Jeese Jr. and Jesse III ( 3 suicides see a pattern?).He had $5m in untouchable trusts AND cash.The roller coaster of rags to riches was part of his life as it is with many successful people. Sinclair talks about this on KWN last Sept. as his dad was Livermore's partner. See Edgewater Hotel 1923 to see how 7 other titans ende up including Charles Schwab.

    ReplyDelete
  168. mcp went nuts 3-22-2011 up 16% anyone think a short squeeze in play today 3-23-2011?? or was it yesterday. I picked up 100 near close and now futures are down slightly,just my luck buy high sell low

    ReplyDelete
  169. Did you guys read this one??

    "Until now, JP Morgan did not have a NYMEX/COMEX vault license. They had to send silver, for example, to HSBC, Brinks, Scotia Mocatta and/or the Delaware Depository in order to "deliver" it on COMEX. Those vaults have been NYMEX/COMEX licensed for a very long time. But now J.P. Morgan has its own vault license, and the manner in which it seems to have obtained it, is troubling. The bank can now, potentially, deliver short obligations to itself. Yes, you read that correctly. The bank itself, if it still holds short silver positions, and/or the hedge funds/related financial institutions who may have taken over the positions, can now deliver the alleged metal to J.P. Morgan's own vault."
    http://seekingalpha.com/article/259549-will-jp-morgan-now-make-and-take-delivery-of-its-own-silver-shorts?source=feed=

    ReplyDelete
  170. I guess jpm figures "IF YOU CAN'T BEAT EM CHEAT EM"

    ReplyDelete
  171. Yup.... damn Blythe... why arent we in the witch-hunting era?
    It would have been easier to just burn her for being a witch than to fight her for cheating LOL

    ReplyDelete
  172. Wow... lovely indices:
    Right now Turd's POSX is @ 75.5 and falling
    Oil @ 105.3 and climbing
    Silver @ 36.4 going sideways

    ReplyDelete
  173. Turdle brings up good point about JPY.
    I was thinking xag/eur with portugal problems. USD might finally get a little pressure off it with the current issues.

    Then agian it is just a poo. Everyone knows it

    ReplyDelete
  174. How is it possible to buy short contracts?
    This is a serious question. I'm fairly new to this and just wondering.

    ReplyDelete
  175. wow crazy leg up past Turd's buying level of $36.60.. I hope the shorts fall down and cover their butts!

    ReplyDelete
  176. I really think 36 might be behind us. Lets go silver.

    They would need a serious beatdown to take that out now. Just can't see it happenning.

    ReplyDelete
  177. Joe - this is a good primer on short selling: http://en.wikipedia.org/wiki/Short_%28finance%29

    the strategy works in a soft/down market or if you have infinite cash to throw short paper into said market to keep down the price (see: JPM)

    ReplyDelete
  178. All the monkeys will be hungover from Blythe's b day party. Kiss 36 goodbye our present to you Ms. Masters

    ReplyDelete
  179. What a great morning! Woke up expecting to see a serious overnight beatdown, but it does look like oil pulled the PMs along for a ride...woohoo! (said in a very sleepy voice).

    It must have been that 105 pound dancer Turd wrestled with, it charmed oil up to $105. Now tell us about her 110 pound sister....

    ReplyDelete
  180. well - GOOD MORNING, TURDISTAN!

    That is a pretty picture. I see the EUR/USD has been falling ever since. Weird that it looks this time almost like silver got the intervention at 6:30. And gold, while nicely up, has a much more gradual climb. For a one minute chart. I think my sense of time has shrunk. (Shrank? shrunken, shranken?)

    ReplyDelete
  181. The one time I'm waiting to add there will be no EE attack. Frigin stop never ever agian. Im in for long term and leaving XAG alone. Will only add additional margin as we increase. Is this a solid plan?

    ReplyDelete
  182. averagejoe - I keep away from those things - but lots of people will answer your question shortly. (a terrible pun, sorry)

    But yes, I think 36 might finally be behind us. I feel like we should have a graduation party.

    and Kiwi - absilutely - every morning has been like Groundhog Day - I wake up, silver is around 36.0001. And then I make coffee and it is at 35.9999

    ReplyDelete
  183. Its approaching 8:00, we'll probably give back that little spike any minute now...head back to 36.40 and 1430. Lets watch and see.

    ReplyDelete
  184. Looks like the monkey's were just let out of their cage.

    some suspicious looking red on the charts

    ReplyDelete
  185. averagejoe I think you speak for us all:

    "Frigin stop never ever agian."

    Too angry to type, it is so frustrating I have wanted to scream,

    ReplyDelete
  186. I miss typed my word verification (tough for a dyslexic) and second time got: joyons

    I have got my joy ons this morning, fo' shoo.

    ReplyDelete
  187. Oh good grief, here I tease averagejoe for typos, and I come up with miss typed. Sounds like a character in a bad sitcom. Come in here, Miss Typed, there is a problem with your dictation.

    Is the morning hammer coming?

    ReplyDelete
  188. The USD index just shot up on the one minute chart. Could be bad. It seems to have been climbing against the euro since around 6 am.

    Good morning, Mr. Turd. I really hope we don't drop.

    ReplyDelete
  189. A great morning to blow the short's stops and cause some margin covering panic. Poor Tokyo, this disaster is only getting worse. Poor planet earth, we're trashing it to all hell.

    ReplyDelete
  190. Thing that upsets me is that we have WWIII and Fukushima now and Gold is still at 1430 area. What is it going to take for it to move to 1800 this year? Why so much hesitation? The dollar is wiping its rear on the carpet. What will it take? It will not be until a real breakout in Gold that the hedgies unwind all their cute short plays on the miners and get with the program. Then the real fireworks begin but what will it take, does Obama have to get pregnant or something or declare that he is in fact from Kenya?

    ReplyDelete
  191. B - I posted this before, but I can't help but think of those movies we watched when I was a young teenager with giant prehistoric insects and godzilla trashing imaginary asian cities. But we didn't cause the earthquake. We did pile up the uranium though.

    And I always imagine all the farmers' fields turned to housing developments around me turning back into ghost towns, and maybe burning and nobody trying to put them out, just fields and fields of them.

    Actually it does turn out the modern house fires are much harder and more dangerous to put out because of all the glues used in the laminated products.

    ReplyDelete
  192. So let me get this straight.....

    In certain areas of Japan you can't drink the cows milk due to radiation.

    The tap waters radiation is too high to be safe for the infant to drink.

    So the mother drinks the water with high radiation levels which is too high for the infant.....then produces healthy mothers milk??????????

    ReplyDelete
  193. rthaler71, I agree that we're seeing WWIII now. The war has already begun, its just in the ramp up stages. Right now, the primary conflict is between the people of the earth and the people who rule. As anyone who has studied war knows, the conflicts often evolve and change from their initial triggering event(s). Not sure how this one will evolve, but once two major world powers are in disagreement over .... say food exports, oil, or currency manipulation.... I think its fair to say that we need to start looking for safe, obscure, neutral or undervalued countries to hide out in till it ends. I'll see a couple of you fellas in Nicaragua.

    ReplyDelete
  194. been lurking for a while, time to say "hi" all (except trolls - ya'll can bugger off!)

    re: fields to housing..soon enough we'll stack 5-7 people in a home again, actually enjoy having three generations under one roof and value the knowledge of our elders, and those empty houses will turn back into fields. so it's all good.

    ReplyDelete
  195. Never liked english period. Always good in math, well good for a person who didn't try all that much.

    So its okay if you tease me. :)

    I really enjoy finding a crowd that see's the world for what it is.

    I work at a nuke plant. So I have some smart people around me there. But really they're all clueless on real issues.

    ReplyDelete