Sunday, March 27, 2011

Overnight Sunday

After a late night last night with Princess Sweetness and Hendrick's gin (http://www.hendricksgin.com/),
The Turd is prepared to call it a weekend. I would be remiss, however, if I didn't give our Far Eastern Turdites some levels to watch overnight.

Predictably, the metals opened lower tonight. This has been the pattern of late. Blythe and the monkeys, hoping to beat the traffic on the L.I.E.,  cut out early on Friday, allowing the metals to rally on the Friday afternoon Globex. The monkeys report back to their desks on Sunday evening and immediately set out to claw back the gains. Tonight, both metals bottomed about where we'd like them to and have now moved back higher. I have lasts of 1427 and 37.23.
Conveniently, The Cartel has left us with some very clear levels to watch as we trade through Monday around the globe. First up are the Globex closing highs from Friday. I would be very surprised if I awaken tomorrow and find that we did not eclipse those levels overnight. Once those levels are behind us, we'll need to best the early morning (U.S.) highs from Friday, around 37.80 in silver and 1438 in gold. Closing above or near those levels would be a very nice and ambitious goal for tomorrow. Then, Tuesday, we can go tackle the highs from last Thursday around 38.15 and 1448.

That's it for tonight. Can't wait to start another crazy and wild week! TF

163 comments:

  1. Didn't I just - and with drivel, not profundity:


    March 27, 2011 7:29 PM
    Turd Ferguson said...
    new thread
    March 27, 2011 7:31 PM
    xtybacq said...
    Maybe this is more my style:

    http://www.trendytree.com/raz-christmas-decorations/raz-24-black-and-silver-striped-velvet-witch-hat-halloween-decoration-set-of-2.html

    Can I spur on a new thread by being frivolous or do I have to be profound to reach through the ether to Turd's brain?
    March 27, 2011 7:34 PM

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  2. Went to the Kansas VCU game today...Kansas didn't have a chance.

    Good luck this week to all PMers!

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  3. I went to my first coin show today. I kept my mouth should and just let the dealers talk to me. There were a couple dealers who told me to search google for "tf metals report" and "zero hedge". One guy was so nice he was explaining to everyone how to prepare yourself by purchasing silver and his wife was advising people to plant a garden, get solar chargers, water filters, etc. I went through the junk box at one dealer and picked out about $20 face of junk at below spot.

    I kindof watched people, there were so many people there that were asking advice how to buy silver and gold and how to protect their family against the falling dollar. Lots of minivans, dads with kids, and moms with teenagers. I was really incredibly surprised.

    And I think this is evidence of the "POSX" issue going mainstream - regular everyday minivan families are coming to the coin show and telling their kids to buy silver with their $10/week allowances and dad is buying a roll of pre-64 dimes and mom is buying a 1/4 oz gold eagle instead of that anniversary necklace.

    Seriously, this is going mainstream and fast. I think by the end of summer there will be a frantic scramble for physical.

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  4. Badu

    Curious what you thought of the prices of things at a coin show like this as opposed to your local shops or online.

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  5. Those are ambitious levels with options expiry tomorrow and CTFC rulings. I'm 80% sure we are getting position limits, as far as exemptions, no idea yet. Either way this is good, as moving forward, they will not be able to supply the paper like they used to, I hope.

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  6. Turd - nice of you to think of us FE brethren!! You truly have a global fanbase. Much appreciated!

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  7. Thanks for the info SGS! Will the announce be after close?

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  8. Yes, a grand thank you from down under and far east in Australia

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  9. Doesn't the EE have a few more March contracts to shake out? If so, I expect tomorrow to be rough and then it's off to the races. I expect to see $40 sometime this week.

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  10. One drink of wine, two drinks of gin...
    And I'm lost in the ozone again.

    I got my tin-foil cowboy hat on today and it is buzzing like a short circuit in a microwave oven.

    So far the signal has been premature but I'm betting on a big move in the metals by Friday.. So in the meantime I'll just spread out my coins and gaze at them rapturously. Oh, yes, my precious.

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  11. Restocked the silver ammo and ready to take out some more flying monkeys this week!

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  12. Eric #1

    Prices on bullion were about the same, most ASE $42 or $43, maples $41, found some libertads for $41. Overall prices were about the same with the exception of, several shops had 1/2 off boxes set up and/or junk silver about 5% below spot. I'm guess this was a loss leader as a way to get the families and kids interested or make some new long term clients. They also had 10 door prizes each was one 2011 ASE and they had a raffle too.

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  13. The coin shops in this area continue to have much higher premiums on gold and silver coins than one year ago.

    The silver 1 oz Amer Silver Eagles are in shortage. 1 oz US Gold buffalo coins are non-existant. 1 oz US gold American Eagles are also non-existant in inventory.

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  14. StrongSideJedi: I found the same thing at my local shop. He did manage to grab me 2 gold buffaloes and seemed genuinely surprised at how how they were to rustle up.

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  15. Turd,
    thanks for the update. It must be a bummer to do this with a hangover...

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  16. "how hard" I meant. Geez. Wish I could edit my posts instead of feeling like a dork after reading them and realizing an error. :-)

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  17. I also did find out, what the issue is with the 2011 eagles. I was told by two dealers that the mint has something like 9 primary dealers they distribute to (Tulving is one of them apparently, I was also told some others were Apmex, Monex, Kitco, Lear Capital, CMI, I don't remember the rest).

    Anyway the mint first raised the core dealer premium from $2.65 to $3.05 at the beginning of February. (Then each of the core dealers adds their own $1 - $1.50 before your coin guy gets them). Well anyway the mint as of March 1 apparently has completely shut down production of ASE because they are out of silver planchets or blanks whatever you call them. They shut down production because they are setting up for the ASE proofs and unccirculates for the web sales, and then after that they are minting the 5 oz America the Beautiful proofs and uncircs for the web sales, then after this they are going to mint more eagles in the July timeframe.

    So there will be no more bullion eagles rolling out of the mint until at least July.

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  18. Hey Turd et. al,
    I got my parents to visit your sight and I forward them Ed Steer's news letters as well. I finally got them to start putting some of their savings into physical. They are retirement age and everything they have is in RRSP's. My mom - surpise surprise - is the motivator behind the big buy this week. They are switiching a few grand every month or two into physical. My folks are old school baby boomers. Very conservative. If people like this start to buy in mass then look out... the mania will arrive sooner than later.

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  19. believe that there are additional dynamics at play with option expiry today. not expecting large gains Monday but Tues-Fri could be a ripper.

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  20. By Matt Taibbi
    February 16, 2011 9:00 AM ET

    Over drinks at a bar on a dreary, snowy night in Washington this past month, a former Senate investigator laughed as he polished off his beer.

    "Everything's fucked up, and nobody goes to jail," he said. "That's your whole story right there. Hell, you don't even have to write the rest of it. Just write that."

    I put down my notebook. "Just that?"

    "That's right," he said, signaling to the waitress for the check. "Everything's fucked up, and nobody goes to jail. You can end the piece right there."

    http://silverbullsilver.blogspot.com/

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  21. I'm expecting a drop today. I looked up the previous 3 expiry days, and all of them appear to have been raided quite aggressively. Due to how quickly it's been rebounding lately, I think it will be raided right before close.

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  22. @Kiyotei and @Badu-
    Thanks for the posting tonight.
    You just filled in a few holes for me tonight.
    I located a gentleman who states that his operation IS a wholesale operation with ability to handle delivery from various international mints. I appeared in person to investigate the business directly. I was pleasantly surprised by the quality of his staff, his operation, and his security.

    He appears to be the source supplying some of the coin shops in this area with their bullion.

    @Swampfox - I have been talking with many boomers about PM's. I am getting alot of feedback which is critical of my view based upon Dave Ramsey. Does anyone here know why Dave Ramsey believes that PM's are not a good call?

    Apparently Dave Ramsey has pushed the view that precious metals are for "idiots" and "people who are easily swayed."

    In fact, my view is quite the reverse. It appears to me that the people buying bullion are taking storage issues in their own hands and are exchanging on a free market. Unlike the paper PM holders who refuse storage and must exchange on a manipulated market.

    Tonight's auctions on Ebay are $38.00 per ounce silver for US SAE 2011 coins and show a $4.00 cost of shipping. So, that's $42.00 per ounce.

    I also note an Ebay auction for 2009 MS69 gold AE at $1800 ask

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  23. @Cheap

    How aggressive? Do you think it'll make it to 35?

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  24. Swampfox

    "old school baby boomers"...had to chuckle about that. I too am of the first crop, born in '46. We ARE much different that the boomers who came later...Much more like our parents who were depression kids. My dad just passed at 91 last month, but he and mom have been buying silver and gold for quite some time also. My kids save in silver also.

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  25. @Salud on a US Senate Investigator stating that the SNAFU is there.

    You have tonight on Fox News Channel two former GOP Presidential contenders talking about impeachment of President Obama with others openly discussing the possibility of impeachment resolution support on a bi-partisan basis. Ron Paul appropriately notes that if we impeached each President for being unconstitutional, we'd have no presidency.


    Meanwhile, we have outright revolt starting in Syria. This should be a positive thing for the MENA people. But, in this infowar globe, it is hard to discern who is doing what.

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  26. StrongSideJedi: I've noticed the same thing on eBay myself. Not the best value but most folks don't have any idea where to buy silver or even how much it should cost. Once the rest of the herd figures it out, it will get exciting.

    My good buddy had all the stuff he needs to prepare for the worst (guns, grub and tp) but didn't have a clue how to get silver. I simply mentioned it and he got all hot and bothered to own some. I gave him some training and he is off to the races. I think once people figure out how easy it is to buy/sell/trade, then we will see a serious uptick in demand.

    I still think people just think of gold/silver as an opportunity to trade in grandma's jewerly and candlesticks for extra cash, without realizing it IS cash.

    The only real money you will ever need.

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  27. Scroll down to see the graphs that people who mention comex option expiration refer to. Cyclical lows are usually in at comex expiration followed by a nice leg up....

    http://jessescrossroadscafe.blogspot.com/2011/03/gold-daily-and-silver-weekly-charts_25.html

    This time our cyclical low happens to have stalled making new highs... shows you how strong gold and silver market are (imo)

    In other news...
    Holy crap just watched the Glenn Beck interview about the Fed...

    All I can say is it is coming...

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  28. @kiyotei -
    I have briefed the more receptive ears also.
    The irony was that as I briefed some of them, they refused to go to the local coin store last year. Now, some prefer to stick with paper positions. Others seem to have the view that the government will not see an implosion of pension funds and social security.

    While I hope that the pension funds and social security do not implode, the reality is that I need to protect myself from that possibility. I used to assign a risk of 10% of that implosion. Now, my view is closer to that of 30% risk of federal government bond default in the next two years and a 50% risk in the next ten.

    My guess is that regardless of the risk of bond default, the gold and silver price will keep escalating so long as the monetary supply continues to rise.

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  29. @Raul

    I don't think $35 is even a remote possibility. The last 2 days have shaken out a lot of the weaker hands already, and the raids are having less and less effect. I think the lowest we could see is $36.25 and even that is quite the stretch.

    Thursday they threw everything they could at silver and it only dropped $1 and began climbing again. With the weaker hands washed out, I think the most we'll see is a $0.60 drop.

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  30. Thank you Cheap :)

    I'm kindo fo having a bit of trouble trying to figure this out.. I just got into this...

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  31. StrongSideJedi:
    And therein lies the rub... Why not factor in a potential risk of implosion?

    It isn't any different then preparing for an earthquake or other natural disaster.
    So you stash away some PM and nothing happens, like Y2K for example.
    What's the worst outcome? You have some shiny metal to fondle! ;-)

    My wife was worried that the value of PMs may crash (and that is always a possibility of course) but I convinced her that they would never be worth zero. So we take a 50% haircut... no big deal. In fact, I'd almost welcome that as it would surely be a sign that the economy is on the mend... BUT I really don't believe that and I think we are all in for some pain.

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  32. Good comments Badu.

    I'll be at the Baltimore Coin Show this coming week. It's about the biggest show on the planet every year. Several hundred dealers. Red Shirt Rob and I will be on bourse cherry picking. We'll be in disguise of course.

    I've heard that XF to MS64 Morgan silver dollars are being bought up by several large dealers because they expect prices to continue to rise. I'll report back here if I see that occurring.

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  33. old-swift-boat-vet:

    I prefer to distinguish myself as Generation Jones instead of Late Boomer.

    We are very different and we are facing VERY different futures.

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  34. Not much has been said about the CFTC meeting tomorrow. It is also futures options expiration, so I would think there would be an attempt to push prices as low as possible (as can be seen historically).

    The biggest thing will be to see how many option contracts there are at the close tomorrow.

    It looks like there will be a few parties standing firm for delivery, no matter what. This should keep prices nice and high.

    Good luck this week everyone.

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  35. Just found this off of kitco...

    Someone who used to sell 50$ playstation online cards is now selling 50,000 grams of 24k gold for 2.5million dollars.


    http://cgi.ebay.com/50000-grams-pure-gold-bars-24ct-/330547312836?pt=UK_Coins_Bullion_Bars_SM&hash=item4cf627b8c4

    Also, he is selling all kinds of ridiculous other stuff....

    http://shop.ebay.com/matthew3001/m.html?_nkw=&_armrs=1&_from=&_ipg=&_trksid=p3686

    Crazy scam artist, or as the Kitco thread suggested (jokingly?), Ghaddafi.

    https://www.kitcomm.com/showthread.php?p=1283542

    Scott

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  36. Also... Revett on main page of stockhouse today....

    The excerpt from the article where Revett is mentioned:

    http://www.stockhouse.com/Columnists/2011/Mar/25/West-Africa-mining-prospector-stocks-could-surge-n

    One of them on next week’s VIP roster is Revett Minerals (TSX: T.RVM, Stock Forum), a Montana silver and copper miner that hopes to list on AMEX in the USA in coming weeks. CEO John Shanahan will be there for the company. Hedge funds that marveled at Great Panther Silver’s AMEX catapult in February-March (TSX: T.GPR, Stock Forum) and (AMEX: GPL, Stock Forum) likely will be sizing up Revett. I own both shares and have seen both Revett’s and Great Panther’s properties.

    --

    $5.00 seems like a good support... see if it holds Monday, and I think she is off to the races... but that is just my opinion.

    If you haven't looked, you should check out the stock house message boards, mouserman provides some excellent information on why Revett is the most undervalued silver miner on the market in its class.

    -
    Scott

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  37. Scottj88: Thanks for the laugh. I gotta go scam on this one based on the Sacred LUCKY Stone Buddha and his feedback score that reflects only two sales and negative comments for those.

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  38. I forgot to post the link to the stockhouse message boards for Revett....

    http://www.stockhouse.com/Bullboards/SymbolList.aspx?s=rvm&t=list

    Good Night,

    @ Kiyotei, yes looks like a scam. Funny though :)

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  39. Don't forget the fact that the market most probably believed TEPCO and may well be surprised that now there is a meltdown. We could see some sell off here. I stay out of the metals today and will buy back after the death star close which should be the exact OpEx time, right?

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  40. @ old-swift-boat-vet

    My folks are about the same age as you. I asked my mom tonight if she had spoken with her brothers and sisters about this at all and she said "no". She is very concerned that her peers and siblings will think she is nuts.

    There seems to be a lot of fear in the boomer generation that rocking the boat my cause it to tip. I keep telling her the boat has already gone down... do what you can to throw a few life jackets to those you love. If they write you off as either "dumb" or just plain wrong you don't have to repeat yourself. Just sleep well knowing that you did your best to keep the raft floating for them. I never preach but I'm always happy to enlighten those ready to listen.

    @ Et Al

    Just wondering if anyone here owns a business? If you do are you keeping any of your businesses cash in PM's? I need my business to be pretty liquid because I do a lot of buying with cash up front - was thinking of swapping some cash for PM's each month though. Less liquid but might make me sleep better. Tough part will be convincing my partners it is a wise thing to do.... any thoughts anyone would like to share on this?

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  41. Imo people are getting overly bullish. 45% in 2 months is a huge move. Now the coin shops are being flooded with weak hands waiting to get blown up. Where is the managed money in the cot reports? Hold your core positions, but imo, if you havent booked some profit yet, it is an excellent time to do so with trading positions if you are a trader. Buying at this level after this type of run goes against the strategy of buying the dips, as in actual corrections.

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  42. haha I saw a weird dream today, gold was up 67$ and silver was down :D

    I am not alright I think.

    Anyway, dip, will you come?

    edit: had to come back and post verification word: jewsuppe. What the hell? :D

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  43. Raid in progress. We'll see how support holds at the $36.80. I think she'll crack lower.

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  44. This is a fuckan joke. Hammer away Blythe.

    Japan looks finished. No problem there though.

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  45. yet it wont show a bottom...!

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  46. $36 must be REALLLY important.

    Harvey says the CFTC is going to make a decision on position limits today. We'll see.

    This "correction" is manufactured by the announcement of margin rate hikes by the CME. It just seems like utter desperation to me.

    Let's see what happens.

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  47. Good buying opportunity for everyone who missed the 34$ dip.

    Anyway, can we now finally conclude that it's not the Asian Market or the London Market or whatever, it doesn't matter? Prices are set by the cartel via COMEX and the electronic access market, the GLOBEX, which is open all day.

    Or what do you think is more likely that happened just now, that the Asians just dumped a couple dozen tons of silver into a market that is in backwardation across the board, or the EE threw in a couple thousand digital shorts?

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  48. "Raul V said...
    yet it wont show a bottom...!"

    It won't show a top or a bottom. Obvious tactic by the cartel to create uncertainty.

    They currently take HUGE efforts to contain the price of gold and silver, and are actually failing to do so with silver. At some point in the next 1-3 months we will break out from the huge 1400$ base in gold to 1650$, and silver will be at 50-60$ at that point.. maybe more.

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  49. Lets go ahead and toss a little civil unrest in England to the mix.

    http://www.dailymail.co.uk/news/article-1370053/TUC-anti-spending-cuts-protest-200-arrested-500k-march-cut.html

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  50. I'd like to see that :)

    70 bucks will make me very happy..

    Since I MUST BE liquid, whenever that time looks coming, I hope I can go with AGQ and grab an extra profit...

    :)

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  51. lollercoaster

    you've been waiting for that dip for a long time. How's it coming? What are you waiting for now?

    Pretty solid whacking and we are holding 36.70. Is it time for the dawn attack, or is it an Asian sunrise?

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  52. kiyotei - not sure how old you are. and I must have missed the comment that started this, but I really resent being lumped in with the boomers. They have cut an ugly swath that I am forced to follow and they are just retiring, with massive pensions that we are expected to work to pay = as we hit our 50s. And we are not going to pay if we can help it. They never had a thought for anyone but themselves, and are willing to sacrifice me and my children for their cocaine and jet-ski lifestyle. Un uh.

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  53. And to keep things in perspective, we opened up last night at 35.50 one week ago. A week before that it was 34.50ish. A dollar a week takes us well past $40 mid-April.

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  54. xtybacq, I hope to jump in this week, this is too small of a dip tho.

    Patience.

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  55. I was just wondering, as you seem to have been saying just that for weeks. So if 34 was too high to buy, I can sure see why 36 is too high! what is your target?

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  56. Strongsidejedi said:
    Apparently Dave Ramsey has pushed the view that precious metals are for "idiots" and "people who are easily swayed."
    -----------------------

    Do you know I seriously reckon that some people (like Dave Ramsey) are just soooooo paper oriented and dont even realise that physical is available or being bought by everyday folk! They probably work paper every day and just cant see the wood for the trees (pun intended)

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  57. @Turd

    A very bullish and rosey picture you painted there ... or so it seems from the 36.70 position silver is inhabiting as I write these words. Doesn't look like it has the legs to pull up much from here, so (sensing weakness) the Morgue is sure to continue hammering away soon. My guess is that EE will beat silver down until it goes below 36 (as I've been prognosticating for over a week). If panic and the algos set in, this will can easily happen. Then the EE will fight like hell to keep it below 36 until March ends (or to keep it close enough to 36 so that a last minute attack can make it dip below 36.

    The only alternative to this scenario would be if the longs come in seeing these lows as a brilliant buying opportunity, which I sure hope is the case. Even if they do though, I don't see it going above (or not much above) 37.12-32.

    I think it would be wise to remember that the Morgue can endlessly naked-short the market, so nothing is what it seems, and overcoming the EE's price manipulations even temporarily requires (as I've already said) 2-3-4-5x the effort that an unmanipulated market would require. We might be able to continue making some marginal, slow gains, but--in the end--the only thing that will overcome Blythe and her monkeys will be the sheer force of silver going parabolic, or the force generated by it building steam just before it goes parabolic (i.e. late second phase).

    Given their brazen actions last week and tonite, I'll venture one more guess: The CFTC this week will disappoint us, and the Morgue already knows this, so they are shooting us the bird.

    Anyway, if the price of silver ain't going up, it'll be a good time to buy the dips!

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  58. I like the congestion levels back at 36.15 and 34.25, so am looking for buys myself at roughly both those levels, will hold for 38+.

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  59. I was going to buy @ 34 area but my money was being wired to brokerage and it took 3 days

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  60. Marco- don't you hate it when that happens? Looks like there was a nice rally right after you wrote those words.

    Ah, the bearish bulls are out. I think Turd's reasoning looks pretty strong and am thinking we will see some exciting action today.

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  61. I guess Libya isn't the only war being waged right now.
    There appears to be a no buy zone descending over the metals.
    I think the FDIC noticed has caused a paralysis of fear and the world is scratching it's head.
    To make things worse, huge solar activity that make people nervous and frenetic energy to the mix.

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  62. Ferdinand, which FDIC notice do you mean? Or is it CFTC?

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  63. looks like today is massive takedown. And tomorrow big time buying.

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  64. On Jesse's road side cafe he told us that a FDIC notice came out extending protection to most accounts. Everyone is wondering why if things are improving. Sounds like behind the scenes the big boys are nervous.

    http://jessescrossroadscafe.blogspot.com/

    look on the march 26 posting

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  65. I'd view this as noise since the USD isn't moving. Can't be too long term, hours, days?

    In fact no large currency is showing any unusual weakness. The pound had the weekend riots so that is understandable.

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  66. how far down we going?

    anyone, anyone

    Buehler?

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  67. I wont be buying anyting before comex is closed today. Im prepared for massive orgasm from Blythe ..

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  68. jake the snake,

    jsus christ, noone knows

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  69. I could live with that. Good God, look what I live with now!

    Of course y'all know they love to pull the pins right after the jobs report numbers. Good or bad, they love to pull the pins.

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  70. Odd - the USD went up at 5:20, just when silver did. Since then the index is flatish, but the dollar is sinking against the yen.

    lollercoaster - I really am tired of your fear mongering. 36.50 - and you are answering jake the sudden bear's panic question with 'jesus christ no one knows' Have we gone mad? Still up a buck from last week - sheesch.

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  71. I personally won't be disappointed in silver until we break below $32, which I don't think we will. We're climbing a nicer larger slope of 32-42, ups/down, with support targets 32,34,36,37. All good places to buy/hold through April. IMO.

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  72. They seemed happy with the $36.20 level last time so I'm guessing they can cope with that.

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  73. So 1415 and 36.60 seem like great bargains for PM loading ... but we figure the real bashing hasn't begun yet, and the better dips to buy will come during Globex hours? Right? Blythe will hammer a bit at the open for sure, non?

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  74. As a long time Silver Bull, relax folks and enjoy the show. Weeding out the weak hands is standard in a bull market. If your holding strong sit back and enjoy. If your building up your portfolio with physical, well BTFD...Otherwise its all good.

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  75. With crude off just 70 cents, it does appear that we have an option expiry bash underway. Very disappointing but not much we can do except sit back and watch. I'll post in an hour or so with some levels to watch for where we might be able to find support.
    New acronym: WAFJ
    What
    A
    F-ing
    Joke

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  76. It seems pretty clear the CTFC either won't impose limits, or will exempt those who need it the most.

    And it's also pretty clear that those who need limits most have already been informed of their exemption.

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  77. Ferguson, will be an interesting update. :) I got some dry powder i'm looking to put to use. :D

    Appreciate what you do, keep it up.

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  78. Shill: it's okay to kinda poke at 'em, ain't it?

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  79. Don't the March contracts come off the board today? Besides the options expiry today, I figured BM was going to shake a few longs out as well.

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  80. Tony,
    I'm not sure if the limits will be imposed or not, but the obviously told them

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  81. Hang on folks...
    This means we are closer then we think. We are on the right side of this and their not going to hand us thier money with out a fight so bring it on. Physical is king and watch out for leverage.

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  82. Shill: it's okay to kinda poke at 'em, ain't it?

    ----------

    LOL! Of course :) otherwise it would be boring.

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  83. PSLV seems to be holding up in pre market, SLV down a buck

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  84. I think you are all looking at the wrong spot price. http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=250793654139&ssPageName=ADME:B:WNA:US:1123

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  85. understanding that, this could be one of those "pull all pins" operation. Today and tomorrow they prep the battlefield, day three pull all the pins not pulled on Monday and Tuesday. Day four create more pins from thin air.

    Let's guess, how many times will we hear questions about the end of the gold bubble, or how many Fed Res Gov's will emerge from their shadows to shake a bony finger at the sinners, the accursed, the damned if you do not abandon this devil's idol, in further efforts to hold this mare to their bit.

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  86. People, I think this is the last day to voice an opinion on limits to the CFTC.

    It would be great if we reinforce our position that this nonsense stop and real markets resume. I'm sending a follow up and it might not be a bad idea to hit them with several hundred more. Telling them politely to be people of integrity and do the right thing.
    Just a thought, pressure never hurts in politics

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  87. 35 seems in the making in globex

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  88. Lets see if today's selling will reach a sort of capitulative end somewhere in the traditional 8:00-9:00 beatdown hour.

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  89. gold chart looks toppy and taking silver down

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  90. Mark, the CTFC doesn't care. That is painfully clear to any metals investor. Its goal is not necessarily to do the right thing. They could have, and should have, fixed this a couple of months ago, but instead they decided to have a period of "public opinion" (which will be ignored), effectively allowing the shenanigans to continue. Today they will probably make it official. Have no faith in your government.

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  91. Gold may have topped as per armstrongs letter lets just keep that in mind....
    On the other hand, gold also has seasonal strength for april and may so this may be one last drop till then...
    Best to sit on the sidelines and wait this one out with your speculative cash... but hold core positions.

    Also, take a look at gold in aussie dollars... its about to be in a bear market if it doesnt break out soon.. that is definitely not good!

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  92. Could a selloff ever go much below 36? Thoughts?

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  93. gold may drop to 1350-1360.. better to be buyer after the dip

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  94. Jake - who is 'them' that you like to poke? Ain't nice being a bully.

    Shill - yup, it doesn't look so bad yet. I'm liking Doc's 36.20. At 3:00 am the price dropped 40 cents really quickly. This latest beatdown, fro 36.80 to 36.45 as I type has taken almost three hours. I am thinking that there is a lot of buying and support looks pretty solid above 36. Probably shot down while I typed. But I am thinking we stay above that level and then up.

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  95. rahbii, thats for sure, but as always, it feels like a crapshoot to figure out where one should step in.

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  96. The bears are out in force this morning! Ozgur - hello.

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  97. I hope the miners don't get slaughtered today. But if they do, then I'm buying more. That's why I saved 1/3 cash for days like today.

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  98. This is way too easy...I am calling bluff on this take down..HOLD STRONG.

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  99. I still think they are comfortable in the $36.20 area...but if they are given a ladder down they will take it for sure. It seems the power they had to take the price down is not as strong as it once was. Also they need to save some pennies for when its $48.

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  100. Shill - I agree. This is not a spike down - lots of buying.

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  101. Im not bear.. I prefer to wait for better buying opportunity.. I trade futures, future market is no joke

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  102. Turd,
    What do you make of this?

    http://ftalphaville.ft.com/blog/2011/03/28/528886/some-curious-silver-forward-patterns/

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  103. Ozgur - I do not recognize you as a regular poster, and assumed from your comments that you were. What kind of lower target are you looking for? I didn't imply it was a joke, btw.

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  104. Hmm... Forward rates for silver in London appear to have dipped into negative (again)...

    The FT blogger claims ignorance -- TF, you have any thoughts on this?

    From last Thu:
    http://ftalphaville.ft.com/blog/2011/03/24/526361/oh-my-precious/

    From today:
    http://ftalphaville.ft.com/blog/2011/03/28/528886/some-curious-silver-forward-patterns/

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  105. Anybody just see Rick Santelli on CNBS? I love that guy!

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  106. silver is going down with gold..1350-1360 in gold and 34,5-35 looks probable

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  107. future market is no joke

    ----------

    With all due respect, futures are a joke. I see it on a daily basis. Big hedges make most of their money playing the manipulated futures markets and they do it well as one can clearly see.

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  108. RE: Generations

    I don't observe generations (as postulated by Strauss and Howe at least) as having anything to do with whether or not someone gets involved with PMs and or preparedness. I'm a 1956 cohort Boomer, my parents are 1929 and 1932 cohort Silents and my husband Josh, who is 25 years younger than I, is a 1981 Thirteenth.

    I am the only one in the whole group (including my personal friends, my parents friends and my husband's friends) who is a die hard PM enthusiast and still have my first full bag of circulated pre-1964 US silver that I bought in the 1970s as well as some nitrogen sealed 5 gallon containers of wheat and honey (neither of which I can now eat because of diabetes.) I've tried introducing both my parents and my husband to the joys of getting at least somewhat off the grid and having sound money but my dad put the Libertades in his safe and gave me a bunch of 20 gold coins his father, GI 1902 cohort, had given him. I have those and all the additional physical I've accumulated plus my paper silver IRAs in addition. Justin sold the libertades I gave him to buy a microphone.

    I knew this crisis was coming back in 1991 when I read "Generations" and it was confirmed for my by my prior intuition and later when I read "Fourth Turning."

    The one thing all generations in my family share in common is a deep, abiding, spirituality/religosity that really, ultimately, is a knowledge that, "There is no hole so deep that Jesus (Buddha, Mohammud, Guru Nanuk, et. al.) is not deeper still."

    The entire Straus/Howe theory, I am in agreement, but I do not, I reiterate, see it in play with whether a person from a given generation will be involved with PMs or not.

    Just my two pesos.

    FWIW IMO HTH

    Jai

    PS Looks like my account is going to be doing some major arterial bleeding today LOL

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  109. Is WAFJ a new Myers Briggs Type? I'm and INFJ just so I can claim that now before my type gets VitaMixed on me.

    Jai

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  110. whole financial system is a joke, if you dont want to involve, buy psychical and sit on it

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  111. correct me if I'm wrong, but I read somewhere (Jesse's or Harvey's place) that you could trade expiring contracts all day today and even as far as into tomorrow for settlement

    so If they want it under 36.00 then by all means necessary they will have it there

    Of course, I could be wrong.

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  112. looks like this whole half hour they have turned off their 'raid machines' lets hope the raid's over

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  113. http://seekingalpha.com/article/260168-gold-and-silver-options-expiry-march-28-2011-expect-volatility

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  114. This comment has been removed by the author.

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  115. in reguards to jpm silver shorts wouldnt a prudent investor realise that they are profiting on the option exp short then jpm go long and profit on short blast up the selling longs to help drop price. basically jpm has silver on a yoyo and profits on both sides of the trade and not in such dire straights as people think but due to silver being a hot trade lately i think this will play into thier hands all the better. whats the low price today and since its expected trend to resume tomorrow buy near end of day today??????

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  116. 9am, she's back, question is what's her target number for 9:30?

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  117. whole financial system is a joke, if you dont want to involve, buy psychical and sit on it

    --------

    Agree, this is why I like to order the sample platter when I go out for Dinner, that way there I get a little bit of everything. :)

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  118. Good morning. I see Blythe is doing her thing. Bring it on BM. Your time is short, so do your best... make it hurt.

    Blog oddities: Friday night, after seeing CA Lawyer's post I jotted down some thoughts and tried to post them. Instantly I got a "Bad Request" screen. Returning to the site from time to time all weekend, I saw no comment box. Not really a problem since I enjoy reading the Turd and you guys more than throwing my stuff out there... but being stubborn, I kept checking.

    Last night a comment box finally appeared. Thinking it was just an i-net thing on my end, I posted a short few words about the comment box issue. It posted fine. So I figured I'd copy/paste the original comments I tried to post before the site went haywire.

    Same thing happened. "Bad Request" screen, then no comment box. Could it be because I had too many negative things to say about the EE? Fallen from Google grace? Key words JPM, Fed, CIA and such being manipulated and blocked? National security issue? So many questions.

    So, I've just decided to win back favor of TPTB and say, there is no market manipulation, JPM would never do anything illegal, the CIA has nothing to do with stirring up Mideast unrest, The Fed is doing a brilliant job under the capable hands of Bernanke and there is no, EE, no Cartel and Blythe is a girl scout.

    It's all just been a technical glitch. There are no i-net monitors and to think so is just being paranoid. We're just in a recession, our economy and everything is going to improve soon and the Dollar is the ultimate safe haven.

    There. I've said it. We'll see if this posts...

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  119. Looks like PSLV even with the premium is acting like physical not down much in premarket anyway 17.06

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  120. Shucks, if I coulda I woulda faded you on this one, Turd. Had you posted it Friday mid-day, cash would be my major holding. Gonna be a butt-fugly week for the pms and the old PF...despite your optimistic ramblings here.

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  121. PSLV knows we'll have 37+ at open, from there..?

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  122. Wow they sure are taking Gold to the woodshed today. Which is ok because I'll just pick some up from the woodshed and take it home :)

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  123. is 36.4 a new bottom or just anther level to go under?

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  124. Interesting factoid: The gold/silver ratio is intact from Friday's close even after the over night beatdown...it's 38.55. Do you think this has any significance as far as gold and silver getting back on the same path?

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  125. Larry

    You are freaking me out!

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  126. ragedmaximus: I don't see 36.4 as a level, the level is 36.2, EE just didn't take it down that far (yet).

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  127. Larry- Hilarious! Well done, sir. The only thing missing is a 1984-style "And we have always been at war with EastAsia". Down the memory hole, indeed.

    I am in cash, waiting for 36 spot silver / 207.50 AGQ before I buy in this morning, but will keep my finger on the sell trigger if we then break down below 35.70 / 204. Tight stops and discipline. Good trading, friends!

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  128. Here it comes.. let's see what the opening day will bring us

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  129. Whoops...

    Opening BELL, not day LOL

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  130. Take a look at the DXY folks...now you can understand why we were raided. Its all a game. I bought some on the dip...

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  131. Jai - Fourth Turning is a must read for anyone interested in generational cycles and trends. Great book.

    Eric - It's all in good fun. Prolly a tech glitch. Hopefully. Maybe. Think? :)

    Xty - My oh my... you really have it in for Boomers, don't ya? ;)

    Pining - thought about tightening stops last week and even considered selling all stocks to buy the bottom, whatever and whenever that is. My guru chart/cycles guy says gold should make a new high after a correction today/tomorrow. Thursday is reversal day. Silver more unclear but should follow. But his timing is about physical, not stocks. He sold everything before the big drop in January. He's been amazingly accurate with time and price for years, but we shall see.

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  132. PSLV getting HAMMERED. Down more than it should. Premium leaking?

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  133. POSX on the way down. Thanks Goldman!

    http://www.zerohedge.com/article/goldman-q1-gdp-imminent-downgrade-warning-gets-louder-significant-downside-risk-our-q1-gdp-e

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  134. @ piing
    My orders are at 201.50 AGQ. If that doesnt hold then 177 to 182. Could happen been getting $2 to $5 pull back on new high. 38.17 is the 7th new high since breakout of 18 last fall. Good luck buddy.

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  135. Anybody else a buyer this morning?
    I am feeling like this could be the bottom... but then again, they might take it down to 36.20...

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  136. Just bought some little positions in some miners.

    Bigger money for trading still waiting.

    Still need to get to the coin shop and do that swap I was talking about.

    Ta Ta For Now......

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  137. I have the suspicion that if they have not lost the ability to control the silver market then they are very close to losing control. They no longer have the ability to execute raids like they did even 2 months ago. Each dip is met with an immediate rebound. Gold on the other hand seems to be quite firmly in their grasp so perhaps that is where the real control game is now.

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  138. Still holding XAG from 1:30 Friday, probably not looking to buy more before 1:30 today.

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  139. @Larry

    "Generations" is an equally vital book of theirs to read (the rest are not so great.)

    I think xyt IS a boomer; at least she only has 18 months to for a penalty free IRA withdrawal.

    Cheers.

    Jai

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  140. The dip this am was good. Wondering if 10am EST will be a mini-peak again and slide down for 10:30. Sitting on the sidelines for the most part today as I have to use some fiat for a car purchase and can't be playing :(

    Word verification: dedendr
    No way, I'm going back for a new word!

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  141. What they want and what they need are two different things. They want $12 silver...What they need is $36.20. Any thing under $35 they know will just bring the buyers in. They have been here before and know how it works. psychological numbers is the name of this game.

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  142. @Larry - Try using a different browser. I've never had a problem posting with Firefox.

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  143. Larry- Great comments, and I feel the same about our prospects today and tomorrow- I really think another significant drop is in the cards. If I miss out and we blast higher, then fine. I'll reassess again later.

    Would you feel comfortable giving out your chart guys website? If not, no harm. Just looking for information.

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  144. atlee- Back at you partner! And as always, I appreciate your sharing the levels you are watching- VERY useful information. Have a plan, stick to it, and let's trade the shit out of this thing.

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  145. maybe it's true what they say

    running out of ammo and all that

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  146. Dollar getting smashed.
    Good morning everyone

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  147. I'm not sure how achieving $36.20 would be of any benefit to the EE today. I would presume they need to achieve $35.99 so options expire out of the money.

    If they can't hammer it below $35.99 during their raids today, $36.20 would just make for a very appealing entry for longs today so I don't see that happening (or if it does, I'd think they would drive it into the $35's)

    Thoughts?

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  148. back towards 37 already..

    Has Blythe been hit by a bus?

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  149. Blythe was hit by a dollar (bus) crash.

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  150. I'm admittedly a metals permabull, but I don't see this dip lasting long. Recent buying volume has been strong, including this morning. Shorts are playing with fire. Any trader worth his salt *knows* the PM bull is raging, and that the fundamentals greatly limit the downside risk.

    Keep waiting for that dip, lollercoaster. Your posts are a running joke.

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  151. My philosophy is...if the EE could stop this thing, they would have stopped silver at $20.00.
    They can slow it down but they can't change the long term trend.

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  152. OIL is down about a dollar today, isn't anyone else paying attention to the correlation with the gold and silver prices? I've been watching this for some time now (since 2008). It appears that oil is the greatest control factor in gold and silver prices. Yet I have yet to see any comments here regarding the subject.

    Since 1970, the dollar has been backed by OIL. The petrodollar is the biggest control factor, not JPM manipulation, blah, blah, blah. People should be clear on what exactly they believe is causing this "dip" today.

    Didn't anyone pay attention to the crash of 2008-2009 and the correlation between gols/silver, oil, the dow and the dollar?

    Good article about this subject:
    Google:
    "A history of rigged fraudulent oil prices and what it can teach us about gold and silver (undergroundinvestor)"

    Would it be at all possible to get an intelligent discussion going about this topic??

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  153. Marco G's article predicting today's volatility

    Terry wrote:
    ==================================
    http://seekingalpha.com/article/260168-gold-and-silver-options-expiry-march-28-2011-expect-volatility

    March 28, 2011 6:01 AM
    ==================================

    Terry, thanks for pointing out Marco G's warning regarding today's volatility. I pointed out Marco's article, too, but on Friday afternoon, hours before the stock market closed. On Friday afternoon, at least two persons posted comments hereon stating that they had heeded Marco G's advice and were preparing for today's volatility.

    BTW, Marco G's articles on silver miners are also excellent. I recommend those articles to all.

    -- Paul D. Bain
    paulbain@pobox.com

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