Monday, March 28, 2011

Settlement

I don't know whether or not to be happy with today. I thought we'd trade higher overnight...we didn't. I feared we'd trade lower during the day...we didn't. The metals ended up mixed with silver slightly higher and gold modestly lower. Ho-hum. For an option expiration day (gold) and a settlement day (silver), I guess we should be pleased that the damage wasn't any worse.

In fact, today's CME notice showed us that, as of Friday, the Comex still had to settle 388 March contracts today. I guess they got it done. Perhaps this was part of the reason for the rebound in silver today as March contract holders got their JPM$ and rolled into May?
http://www.cmegroup.com/trading/metals/precious/silver_quotes_settlements_futures.html

So here are your charts for today. First, here's a 2-hour gold followed by a 1-hour gold. Note that we are rangebound but that, within the range, it looks more like it wants to go lower than higher. We need to push thru 1425 and above 1430 to make me short-term excited.
Here's a look at it's greazy twin brother, crude. Note that it also looks like it wants to keep heading lower. A move through 103.50 will take it toward 102.50 and, if that happens, you can bet your batooty that it'll drag gold down with it.
Silver continues to be our star performer. This serves to reinforce the idea that much of what we see regarding supply squeezes etc is, in fact, a real phenomenon. However, it too needs to get up and go a bit so that we can feel more comfortable in buying. A move tonight or tomorrow toward 37.50 would make Turd very happy. Rolling over here would drag us back toward today's lows and even 36.25. If that were to fail, we'd probably see a test of the major support at 35.75.
I wish I had more for you but time is short today so I have to sign off for now. I hope to have another post for you later this evening. TF

114 comments:

  1. Vincent - you said, "The CFTC will announce that they are going to announce an announcement..."

    That about sums it up LOL. Down south we call that "fixin' to start".

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  2. Show & Tell day at work. Everyone seems to admire the 1879-O Morgan Silver Dollar that I have been carrying around, yet not one person has asked, "how can I buy some of those?"

    Take this as nn indicator we are not (yet) in a Silver bubble.

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  3. Holy Crap!

    Was I king of the TEP again or was I so far behind the curve again that it's just pathetic?

    Anyway, post for you Yukon and any other Junior Miner fans out there at the tail end of the old post.

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  4. "I thought we'd trade higher overnight...we didn't. I feared we'd trade lower during the day...we didn't."

    Simply don't change opinions based on momentum.

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  5. @ Jesus

    Great Panther (GPL) was formerly on the Pink Sheets at GPRLF.PK. When Great Panther was promoted on to the AMEX, I was charged a 9.99 (some "accounting" fee) by e-trade and then owned GPL instead of GPRLF.PK.

    I would assume the same to occur with RVMID.PK

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  6. rolled into May??

    I'm seeing only 12 cash settlements over here...

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  7. dunt vorry .....they are getting an offer they can't refuse........

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  8. Great site to check on insider buying/selling for TSX and Venture listings:

    http://www.canadianinsider.com/

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  9. Interesting article on why silver prices are rising. They deny the JPMorgan manipulation but make some very good points:

    http://seekingalpha.com/article/260442-35-reasons-why-silver-prices-are-surging

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  10. i agree where was the beat down are they stalling. never bought today exk skw skv nothing but a few shares of beatdown ebix which i hope pops a lil tomorrow.

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  11. oh lordy Scott

    You need to dump eTrade. No one should put up with tha kind of abuse.

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  12. Hope turd lays off the gin tonight.lol

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  13. Btw, I'd like to take the opportunity to remind everyone again that the first time gold traded at the current level, 1420$, silver was at 29$.

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  14. @mamoth

    I wear necklaces with French and Swiss 20 Frank coins (several different French Frank styles) a Mexican 10 Peso gold coin (set with a diamond), a 50 Peso gold coin, and Credit Swiss 5, 2 1/2, and a Pamp 1 gram wafer and no one even says how lovely they are. I wear a lampwork glass necklace to bring down a YiJing hexigram (same odds as the yarrow stalk method) and it's the talk of the town. Go figure.


    Jai

    P.S. Hopefully soon now that I have my eBay sterling plates, I'll get my massive sterling necklace/bracelete and get some comments on it. I think people have just gotten accostomed to me being draped in gold and the glass bead and a sterling necklace instead will shake them up. We'll see.

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  15. looking at some of the miner charts they look like they have been correcting kind of a disconnect to silver action,maybe when the silver mining stock appear ripe for uptrend thats when silver price might make it's move up again. any thoughts on this view???

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  16. @scott

    eTrade can't even FIND SVRZF to give me a quote on it. Scottrade didn't charge me a dime when GPL switched to the AMEX.

    FWIW


    Jai

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  17. RE e*Trade

    Does anyone else know an online broker in the US that handles Canadian stocks? I use Etrade for that purpose as I am unaware of an alternative. I do not consider OTC/Pink Sheets much of an option. ldf

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  18. Turd, I think you are wrong about Silver settlements. According to this last Settlement day for silver is Wednesday:
    http://www.cmegroup.com/trading/metals/files/2011_expiration_calendar_metals.pdf

    So they have another 2 days to settle whatever of those 388 contracts are left after today. Someone correct me if I'm wrong.

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  19. Jai

    No, I'm a sucker for any Sovereigns and any French 20 Francs, Napoleons, Ceres, Lucky Angels, Roosters, etc, also any Swiss 20 Francs, Helvetia's and whatever the older ones were I can't remember right now and I'm not going to look it up, and any Italian 20 Lire as well.

    Oh, got some Danish 20 Kroners too. My wife is Danish. Oh yeah and some German 20 Marks too. I'm German. Some Double Eagles too, and $10 pieces too, but truth be told I like the 20 Pesos way better than the $10 anyway. That Aztec calendar and the eagle and the snake thing is way too cool.

    No 50 pesos yet. Actually my germanic mind can't get around the idea of having one or two coins that are different diameters etc. that won't fit in with the rest, etc. Is that crazy or what?

    You might have missed the post a couple days ago where I did some Peace and MOrgans for a Lucky ANgel. Todays deal was a multiple of that.

    My comment at the time was that I've become a home for wayward Sov's and Franc's. Just can't resist.

    By the way, did you get that Sterling plate yet? I'm dying to know what it looked like. Are you still going to make jewelry out of it or is it starting to call your name?

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  20. EE is waiting for off-hours trading and will then attempt to beat down the price of silver below 36 (tripping algos, sell-offs, etc. along the way). Lets hope the longs have the fortitude to at least keep bringing spot back to over 37. In either case, I don't see new highs or us closing over 38.00 until sometime in April. Maybe there'll be a fast breakout short after we enter April. For now, we'll be lucky if silver continues to trade sideways despite being under heavy assault by the Morgue.

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  21. I expect to get timed out by the internet police here at work any second,so if you ask me anything and I just don't seem to answer please don't take it personal.

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  22. Jai

    Oh yeah , Belgian 20 Francs are frickin awesome too.

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  23. tkemper,
    Yes I've been researching this and they do have Tue,Wed and Thur to deliver. This is complicated by the fact that the deliveries that everyone quotes are published 2 days early.

    So if you look at the daily report here:
    http://www.cmegroup.com/trading/energy/nymex-daily-reports.html

    Then on the 25th they sent down 34 notices to deliver on the 29th.


    So if the pattern matches then today's notices will be for delivery on the 30th and Tuesdays notices will be for delivery on the 31st. So we do have two more days of info (Today/Tonight and Tues) and three of actual deliveries.

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  24. The big shorts in the PM market seem to have unlimited ammunition at their disposal,
    which is frustrating to a lot of us.
    The early selloff oversea's was staggering.
    These big banks have players in every market beating prices down whenever possible and to their advantage.
    An impressive and seemingly endless amount of resources on their side makes them a tough giant to take down even by persisitent swarms of small buyers of conviction.
    I don't think this battle ends as soon as we think or may want it to. They have a printing press (or pretty close to it.)

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  25. that was an ugly close 4 the miners. Certain now we will see 35.85 to 36. Maybe lower. Need to stretch the elastic before we snap back above 38. MHO if we drop below 35.85, could get fugly like 33 to 34.

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  26. Gold and Silver were exceptionally strong today, given that today was option expiry day and we're in the rollover week. Remember Jan 26th ? Today they either don't have the power, or are already deserting the sinking ship. I just couldn't see those vicious 'vertical line' attacks. Could you?

    BTW I checked Nickel prices after Nickel LME default in 2006. They went up and were going up for next 6 months or so, before falling down to previous levels. So I didn't see any dreaded 'disconnect' between physical and paper price (the reasoning is if they can't deliver, you think that future you hold is worthless. So does everybody else, and you all sell the paper, so price drops to 0).

    BUY SILVER, CORNER THE RATS!

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  27. ScottJ,

    FWIW Revett is a hedged copper miner that produces hedged silver as a by product. RVM tracks the price of copper, not the price of silver. Owning this stock will not give you any leverage to a rising silver price.

    Revett diluted current shareholders to get out of an existing smelter royalty, then diluted them again to retire debt. Also, their recovery rate has been declining yoy for the past two years.

    If I was thinking about buying into a copper miner it would be an unhedged one with a stonger project pipeline, such as Taseko mines.

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  28. Yukon,

    I am interested in reading your thesis on RVM. Can you provide a link to your blog.

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  29. Jai

    I too hold ZERO in modern gold Eagles, Maples, Aussies, Brits, etc. ZERO Krands too.

    It's ALL old pre '33 stuff, as discussed above. I suppose there's a few Sov's and Swissies that are 30's or 40's, but you know what I mean. Kindred spirits on that one.

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  30. Bluzzay, Did you find charts of the nickel futures during the 2006 default? What story did they tell?

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  31. atlee,

    Thanks for that. the fact that this morning you said you were sitting on the sidelines for now spoke volumes to me.

    I'll be interested to see if your take on near term action pans out.

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  32. @eric#1

    One reason I brought up the other European coins is in all these years I've never purchased a sovereign. I'll have to remedy that oversight. Since we have no local coin store I get my gold at Gainsville except the Mexican coins (silver and gold) which I get here in Mexico. (and you are right about the 20 peso piece being really a treasure - but I'm a large man and the heft of a centenario really turns me on.)

    I've received three of the plates I ordered - the first one (the auction I won while signed on Turd's site) is very pretty but smeltable for my jewelry purposes, the next two are downright ugly (Franklin mint Norman Rockwall kitch) and the 4th has yet to arrive. I'm just sticking them in my drawer at work with some odds and ends sterling I gathered up around the house here and should have over 1000 grams total to make a massive necklace - bracelete combo.

    I'm so happy that you got your sovereigns!

    Jai

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  33. CNBS is running a story about silver being undervalued (relative to gold):

    http://www.cnbc.com/id/42310097

    Oh dear... this has me worried now :o)

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  34. Turd's 1 hour gold looks like a head and shoulders formation, I bet the ee are trying to paint the tape that way.

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  35. I don't like the recent action in silver either. I'm out of the Comex and I'm going to wait until I see some conviction. I think I'm going to take a few days off and go on vacation.

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  36. The entire equity market sold off into the close. I'd guess that is what dragged down the mining shares rather than a particular reflection on the price of silver.

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  37. Liverdiefree,

    Penntrader gets you access to Canadian exchanges but they're expensive. TD Ameritrade might too, but don't quote me on that.

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  38. @ Marcel

    Yes Revett is a copper play, but how does that discount the fact of 1.2million oz of silver production in 2011 at the Troy Mine? 25% of this is hedged @ 19.00 for 2011, so 900,000 oz is free to feel the rise in silver. The majority of silver miners are not "pure silver" plays, and I don't necessarily think that this is a bad thing. They hedged 50% of their 2011 copper production at 3.45.

    My understanding of the hedging was to cover operating costs, as to avoid the riskiness of "the market" as they got killed in 08. It may have tracked the price of copper in the past, but do you really think that it won't follow silver with its over 300million oz of silver in ground (90million oz @ troy mine and 230 mil@ rock creek).

    As far as diluting the shareholders to get out of smelter royalties, I am not familiar with this, and will be looking into what this means, which seems at first understanding negative. As far as diluting to retire debt, so did Great Panther just recently... companies do this as a way to raise money, and hopefully are able to re-invest it to be able to earn more profits in the future instead of relying on the bankers for money...

    Their market cap is under 200million$ with 36.07 million shares fully diluted, I don't find that out of line, but maybe that is me.

    I am confused why you refer to this solely based on its copper content. If you had a coin shop and had 10,000,000,000 copper oz coins (theoretical, i know they don't exist and this is not the unit of measurement) and 1,000,000 silver oz coins... you would be a copper dealer... but that doesn't mean you wouldn't profit off of silver... especially if silver moonshooted....


    Thank you for the response, will be looking into what you have to say, as I have stated before that I

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  39. Maercel

    You are welcome. I am usually wrong so don't worry be happy. My only remaining PM positions are 1800 EXK and 750 NGD. If I am wrong I will be back but I did not care for today's action. That and the equity mkt looks sick put how can that be with QE to infinity?

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  40. @Marcel

    Unfortunately, TD Ameritrade does not, despite the TD standing for Toronto Dominion. I have my main account there and opened up another at etrade to get access to the Canadian markets. They charge $19.99 a trade in that market and their setup is minimal but I've not located anything better. Do you know what Penntrader charges? I've not heard of them before. TIA

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  41. I hear a strange calling from a pig in the hills of the family ranch. He's saying something about the recent heavy rains bringing lots of roots and nuts, and then something else about bacon; but I can't quite make it out. I think I'm going to have to go investigate with my trusty 25-06.

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  42. Err... I suck at posting...

    To end my statement:

    I am just a student of this game, only take things I say to be true once you verify for yourself. Shame on anyone who acts differently :(

    And... I realized the part I wrote about the debt was a bit off... but the general point is there. Miners, especially low market cap miners, often dilute their shareholders to pay off debt. They also dilute to raise money for existing financing. See Great Panther lately.... does that make it any worse of a pick? Maybe in the short run, but not in the long run...
    -
    -
    I also agree about the possibility of a massive beatdown tomorrow before a big move up. I don't think we finish tomorrow down in spot price by much (if at all), but we may dip early in the day. Just my 2 cents.

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  43. Maybe this

    3) Oil and Gold (NYSE:GLD) got volatile. After Philadelphia Federal Reserve President Charles Plosser said the Fed should plan to raise rates to 2.5% over a year while reducing their balance sheet $1.45 trillion, a wave of gold (NYSE:GLD) bugs and silver (NYSE:SLV) lovers continued to take profits. Oil (NYSE:USO) also seemed to chop around as traders didn’t have a pure reason to push shares firmly one way or the other.

    Now that you’re in the know, time to hear what President Obama has to say about Libya tonight.

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  44. I wondered what was going on with SLW selling off into the close, the equity market selling off explains the selloff without any movement in silver, I thought maybe the big boys knew a beatdown was coming.

    I stayed out, and am waiting patiently. Still doesn't feel right to me, but I'm a novice.

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  45. Atlee imo there is a trend here. Go back and look at all the dips into OE of metals and then note the action following. We are setting up for a bounce I think, I won't call the bottom, thats for the geniuses but I think the setup is in now that the racketeering is done for a few weeks

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  46. What I don't understand is everyone ofthese Fed Presidents has something different to spew out with their forked tongues, but every asshole always votes the same in the end. How totally outrageous is this?

    AC

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  47. I had a couple of bids in on SLW (42.90) which got filled late in the day, and AUY (12.21) that was filled early in the AM. I really felt odd to be out of SLW (and worse, had been in much lower but sold, grrrr!. I have a lower core of AUY, so that's a needed trading position. I'm leery of adding more to EGO as a trading position as I'm in the hole with it and it doesn't seem to get out of its own way and GG is still not down enough to add a trading position, I think!

    If things go down tomorrow, I will see how SLW is doing. As well as GDXJ, KCR, and CEF or GTU (depending on the NAV tonight.)

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  48. Jai
    Forgot to say the French Napoleon III's are great too, both kinds though I like the laureate heads the best.

    Most certainly you need to get some Sov's. I think it was a testosterone thing back in the day the Brits wanted a bigger coin than the Krauts or the Frenchies, etc. Just hold a Sov in your hand once you'll know what I mean. It's just got that much more heft to it.

    I love the early Victoria's, especially the shield backs. I'll pay up for those. Next fav is the Victoria old heads and the King George's . The 1918 India Marks are a special case of Kings. The only time they minted in India. WWI problems. The Victoria Jubilees and the King Edwards are fugly, but hey gold is gold if price is right.

    I really aught to get a couple of 50 pesos. Why not?

    http://www.thegoldcoinstore.com/WorldGold/British_Gold_Sovereigns_India_Mint.php

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  49. @DarkPurpleHaze

    I will never forget "Ken" the bankers comments from a few weeks back regarding the reason the big banks have so much power:

    "We have an endless line of credit" he says.

    This is both the bankers strength and their Achiles heal. The more money that is printed (uploaded) and transfered into their accounts the longer they can manipulate markets. Funny enough - the more money they print the more they devalue it and the higher the price of commodities rise.

    It's like a self fullfilling prophecy (spelling?).

    Right now - it is all about time and the inevitable. Of course the fed could quit printing money and raise interest rates tomorrow and governments around the world could abondon their wars and their people might agree to a reasonable level of austerity.

    Or I could grow wings and fly :-)

    Cheers.

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  50. @rthaler71

    I think you are right. Ultimately it all goes the way we have been aiming. We just have a potential pause here. It is all perception right or wrong. Ultimately, the fundamentals win and that is reason we are all invested in the PMs. Especially physical. This paper trading is something else.

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  51. Interesting take on today's PM action from Jesse and Denver Dave:

    http://jessescrossroadscafe.blogspot.com/

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  52. How Silver is Mined by Endeavor Silver Corp:
    (Found of SLX Stockhouse)

    Part 1:
    http://www.youtube.com/watch?v=7kPWU-knyCk

    Part 2:
    http://www.youtube.com/watch?v=yGGUgC7V-vs

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  53. Thanks Nigel,
    I just read the story.
    http://www.cnbc.com/id/42310097

    It is currently their lead story (unless their site tracks my IP address and posts leads that I might read)

    I hate to admit to reading the mainstream news, especially when I criticize the media in my academic work, but one must know how the enemy thinks. This is the third mainstream silver article in about a week. the days of 30-something silver may be near an end.

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  54. Re Brokers inquiries above

    I am not American, nor do I live in the States. I have an account with TD Ameritrade and I was told that you can trade Canadian stocks if you phone a broker and ask for the foreign desk. So you CAN buy Canadian stocks via TD Ameritrade, you just have to phone in.

    I recently opened brokerage account in Singapore. You can trade Canadian, US, UK, Hong Kong and Singapore stocks. However, I know that Americans don't like to open foreign accounts, so you might consider Global Resource Investments (Rick Rule's company). I am considering opening an account with them. They charge higher fees than discount brokers (I believe $60 a trade) but they come very highly recommended.

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  55. The U.S. futures regulator said on Monday it has canceled its latest rule-making meeting scheduled on March 30.

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  56. The weakness is because I finally bought paper silver. :-/

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  57. CFTC punts.

    http://www.zerohedge.com/article/barclays-says-cftc-should-delay-limits-decision-indefinitely

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  58. @Dr. Jerome - I also read the MSM to find out what propaganda is being disseminated to the masses. I too, am getting a bit concerned about them discussing silver at length lately. Even though the fundamentals for silver are strong, I can't help but wonder if the EE plans a massive take-down of PM in the days/weeks to come? I have lots of dry powder to BTFD, in case they do that.

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  59. CFTC punts

    Bastards. So the other part of the hype was Gensler was fleeing the country. Did that happen? right. No surprises from these criminals.

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  60. Anyone else think the daily COMEX reports are all
    really late today?

    Waiting for OI/deliveries to be posted.

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  61. ETrade has a global trading platform. $19.99 a trade. It's worked out pretty good for me.

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  62. "atlee said...
    that was an ugly close 4 the miners. Certain now we will see 35.85 to 36. Maybe lower. Need to stretch the elastic before we snap back above 38. MHO if we drop below 35.85, could get fugly like 33 to 34."

    You guys never fail to crack me up :). Anyway, that would be the best buying opportunity since the 26,50 bottom then.

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  63. An interesting play today by the conman from the Fed saying they may be pulling back on QEII. I hate these low-life,bastard Leninists probably more than anyone. This announcement on the heels of other Fed related comments last week, all succeed in creating fear in the PMs. Nonetheless if you are trading you have to listen to the corrupt Popes and hack cardinals and other degenerates as they influence perception and regardless of fundamentals, perception is everything in the trading game. They may want to slow the descent of the dollar and attempt to body slam commodities. In the end they are trapped and in any just society would face their own Mussolini once the plebs discover by how much they have been stolen from. But for now their defecations must be monitored. They are all criminals in price manipulation so they must be respected.

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  64. There will be QE3 and there will not be an interest rate rise...But they'll use the threats as if they are facts, which they are not. But the lemmings will buy it.

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  65. The story on silver being undervalued vs. gold could be cover to allow the silver price to rise while still surpressing gold (easier to do) and still be able to say the dollar is still strong relative to gold and that the change relative to silver is just an inconsequential market anomaly correcting itself. Someone must be really tired of losing money on shorting silver.

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  66. Methinks maybe there is something going on behind the scenes with CFTC-FED...(maybe China, too?).

    Then again, it may be just as simple as JPM and HSBC are too privileged and powerful to mess with from the CFTC's point of view...

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  67. According to http://standfordelivery.com/stand.php we have (as of writing) 3 hours to go...

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  68. Interesting comment from Santa today ....

    "My Dear Friends,

    The paper gold market is not the gold market. As in the 1970s, cash will rule the ultimate price. Gold’s involvement in a new virtual world currency will sustain 80% of that high price.
    In the 1970s paper gold was a short term game and influence on price. Today paper gold has been just that.
    Greg’s article posted today has reviewed what you must realize by now. Pay no attention to the games the gold banks are playing. That is for their short term benefit.
    Gold will trade at $1650 before it goes much higher.
    Regards,
    Jim"

    I've always found Santa astute and precedent but evasive in what he says. Read into what you want but I read a paper sell off shortly. Hold physical, do not use margin and BTFD!

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  69. As long as I was chatting up British Sovereigns today I thought I would add a little historical perspective. A Sovereign melts down into 0.2354 troy ounces of fine gold, and sells retail for around $350, give or take.

    BUT, one Sovereign back in the day was ONE BRITISH POUND! What's a British pound today? About a buck and a half!

    So next time you are moping around your kitchen with righteous indignation about how your dollar has been debased since 1913 by the criminal federal reserve, just put yourself into the shoes of our British friends(and I'm not talking out of my ass since I actually DO have some British friends), and see how it feels to have your $350 go to a buck fifty under the tender mercies of the Bank of England over the same time period.

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  70. If I were a Brit, and I knew that my Grandpappy traded in his gold pounds for paper pounds I think I'd be suicidal.

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  71. Industrial use of Silver will rise by an estimated 36% in the next 4 years:

    http://www.kitco.com/reports/KitcoNews20110328AS_silver.html

    Add to that an increase in physical investment and you have the recipe for a nice profit!

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  72. @Liverdiefree Interactive Brokers

    @WineGuy Santa a great source but mixed track record as to specific calls. I don't read from this that the price will fall. Physical leading paper means to me a combination of rising margins (lessening attractiveness of paper),preference of physical over paper to eliminate counterparty risk, preference for paper participants to stand for delivery.

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  73. I comment this morning that we should hammer them with more emails. I don't think it would change anything but it ups the pressures.

    There should be a steady email campaign weekly to the CFTC, your Senator/congressperson and the WH. It may not change but it puts them all on notice.

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  74. Not sure if anyone has posted this article, good for silver

    http://www.kitco.com/reports/KitcoNews20110328AS_silver.html

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  75. Ferd,

    With due respect, there are 310 million people in this country...3000 letters were useless, as 30k or 300k or 3 mil would have been

    Buying silver is the only (nonviolent) way

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  76. Just went back over the days posts. Easy to see that I speak with a lot more passion about gold coins than about any mining stock.

    There's a lesson for me in there somewhere. Hmmmmmm..........

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  77. I wonder if the issues in Japan, with widespread factory closures in electronics plants, will affect the silver industrial usage significantly, and thus price....? Might just cause the dip a few of us are looking for to back up the truck, and fill up.

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  78. Here's the link give your opinion, it may not change,but it can't hurt

    http://comments.cftc.gov/PublicComments/ReleasesWithComments.aspx

    While your at it, here's the WH

    http://www.whitehouse.gov/contact

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  79. turd if you like hendrix gin you might also like a gin called brokers, it won a few awards last year, i think its my personal fav right after white label bombay. ( http://www.brokersgin.com/home.htm )

    Getting ready for wshtf, I've been making my own whiskey, run and vodka (no gin yet) thinking I could use it to barter with. What do you all turdites think? After tshtf, a bottle of fine bourbon might trade for an oz round? Whiskey will get you through times of no silver better than silver will get you through times of no whiskey right? not trying to be off topic but interested in opinions.

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  80. Saul; Please explain your comment about 3 hours to go. As I go to your link I see 18 hours to go.

    Help[ me interpret what you're saying.

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  81. Email sent today:
    Subject: The CFTC is a joke. But thanks for suppressing silver enough so little people can buy more.

    To: ggensler@cftc.gov, bchilton@cftc.gov, mdunn@cftc.gov, somalia@cftc.gov, jsommers@cftc.gov, jriley@cftc.gov, dberkovitz@cftc.gov, hhardman@cftc.gov, rshilts@cftc.gov, vmcgonagle@cftc.gov, pcela@cftc.gov, ssherrod@cftc.gov

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  82. I know Stefan, but a little guy in a loin cloth defeated the British Empire and a Black Baptist preacher ushered in civil rights, all non violently. We're doing are part buying metals, how much time and energy does it take to type 2-6 lines? Constant pressure, unrelenting pressure, just like BTFD

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  83. Denver Dave's article:

    http://truthingold.blogspot.com/2011/03/comex-goes-extend-and-pretend-on-jp.html

    "...Operating a gold and silver vault will now enable JPM to exploit the fact that most metals players who take delivery of their metal typically let it remain at Comex vaults for safekeeping. Again no big deal, because it is convenient and saves delivery fees, as long as the owners of the metal hold the vault operators accountable. In other words, if more players stand for delivery than JPM has available to actually physically deliver, JPM can just notify the owner that delivery has been made to its vault without ever having to make the actual delivery unless the owner asks for delivery into a private depository off the Comex. It has long been suspected that all of the current vault operators, especially HSBC and Scotia, engage in this "fractional" bullion banking scheme, but now that JPM has entered the vault storage game, there is no doubt in my mind that the Comex is running low on deliverable metal..."

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  84. Just curious. Has anyone here ever dealt with Suissegoldcorp AKA golddealer.ca http://www.golddealer.ca/index.cfm
    and had any communication or delivery problems. If so please elaborate.

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  85. @ Eric

    Some people claim that Gordon Brown sold off nearly 400 tons of England's gold at about $300/oz. to save the Rothschilds and AIG.

    http://www.goldnewswire.net/did-gordon-brown-sell-uks-gold-to-keep-aig-and-rothschild-solvent-more-disclosures-on-how-the-ny-fed-manipulates-gold-prices

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  86. Rob Kirby has some fresh analysis of COT reports and BIS statements.

    http://news.silverseek.com/SilverSeek/1301340431.php

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  87. @Easy Money : Time to go to delivery discrepancy, shown on the web site, is probably a time zone issue. I am in Sydney, Australia GMT +10. I'm guessing you are not. So, the countdown clock may not be internationally accurate. No huge deal, I wasn't expecting it to be to the second anyway.

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  88. SilverBlev said: "Getting ready for wshtf, I've been making my own whiskey, rum and vodka (no gin yet) thinking I could use it to barter with."

    Thanks for that last post SilverBlev. Reminded me to add to my "to do" list.

    3) Learn how to make whiskey
    4) Invest in Copper (large pot, tubing)
    5) Invest in Taseko Mines (TGB) before another
    copper run.
    6) Find local supplier of non-GMO grains

    This list is going to get very long!

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  89. Irene

    Oh, yes indeed. I think that all of that is very true.

    On the other hand, it's pretty clear that the major damage to the pound since the days when sovereigns were money was done long before Gordon Brown came along.

    Very very interesting article though. If you read through it today, they were talking about gold, but it sounds a lot like whats going on in silver as we speak.

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  90. SilverBlev

    I think you are on to something there!

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  91. Eric#1...

    You mentioned my monex deal. Did you miss my post a few weeks back on that?

    When silver dropped to 32 one day and gold was at around 1400 I called monex up and sold my gold bar (10oz).

    I then used the profits and had them ship to me 100 ASE's. Then I used the $1200 that was left over and locked in a 100oz silver bar at 32/oz that is still sitting there and now worth 3700 Bernankies.

    Question: I was thinking on letting that bar ride to the hopeful $40/oz and then use it to probably get at least 2oz of gold coins. Then use what $$$ is left to lock in another 100oz silver bar at that $40/oz rate and let it ride.

    What do you think of that plan man? It worked well to get me 100 free ASE's which was sweet!

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  92. ScottJ said,

    I am confused why you refer to this solely based on its copper content. If you had a coin shop and had 10,000,000,000 copper oz coins (theoretical, i know they don't exist and this is not the unit of measurement) and 1,000,000 silver oz coins... you would be a copper dealer
    =================================

    Exactly! They are a copper miner, not a silver miner. Yet they hedge 50% of their primary product! Don't they have any confidence in the copper market?

    Hedging silver in this raging bull mkt is a mistake IMO. Why buy a copper miner if mgt thinks the price of copper will average less than $3.55/ pound next year? The hedges ensure mediocre performance and guarantee to be a drag on share price if copper >$3.50 and silver >$19.00. Also, hedges can be increased or extended at will.

    more to follow

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  93. Scott,
    Regarding share structure. The company has a history of diluting shareholders. Rock Creek may have great resources, but how much will trickle down to your shares if you keep getting diluted?

    The company has spent a lot of effort on financial engineering, they need to spend more time running a mine. Energy hedges and supply contracts to control costs. Engineering work and process upgrades to improve their recovery rates for both Cu and Ag.

    If I'm looking for leverage to the rising price of silver, I think I'm more likely to find it elsewhere. The share price when plotted against spot copper (or silver for that matter) proves this.

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  94. Hmmmm...I seem to have experienced one of those mystery post deletions just now that I see so many people write about on here. I wrote a somewhat lengthy post about a Zero Hedge article I just picked up. I posted it and saw it show up on the forum. Then it disappeared. So in short, basically it has to do w/ the Bernank possibly ending QE2 early in April, and I wanted to get a strategy discussion going with everyone on here on what you all think and what your opinions are on how to handle it accordingly with our mining stocks. I won't sell my physical at all though, no way. Hope we can talk about this on here tonight! Thanks!


    "Blood in The Streets" As QE2 Could End in April?

    ReplyDelete
  95. @SilverBlev, hard liquor will be an excellent barter item, and the shelf life is extremely long (better unopened) for Vodka, Rum, Whiskey, & Scotch due to the high alcohol content. Store in a cool place, away from the light, keep in one stable place (don't keep moving them around). I've started to stock up and it's still a screaming good deal IMO (for instance, a 5th of Bacardi Superior is only $14.95 ~ yeah there's better rum out there, but after TSHTF who's gonna care?)

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  96. @deaddog
    golderdealer.com aka cni. I've dealt with them. they are Ok. I used them several times. If you pay by check they hold it for 2 weeks and you might have to call them to remind them to ship your order-I had to anyway. otherwise everything was cool. If it's on their website they have it unless it says out of stock.

    @liverdiefree:
    IB Interactive brokers-hands down the best. $1 commish on 100 shares. you can trade options, forex and commodities and all international exchanges on the web from one account.

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  97. Save_Am
    Oh yes I remember that now. Good plan.

    I think I know you a little bit by now. I'm telling you man, once you get a little gold in the palm of your hand, and get a little gold fever going I bet you turn into a gold buying beast! Those guys over at Gville will be begging for mercy!

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  98. re:CFTC's cancelled meeting, over at SGS's blog my thoughts are echoed... WTF? What March 30th meeting? I thought the decision on position limits would be announced today. Seriously, TPTB are scared OUT OF THEIR FUCKING MINDS. Anyone hoping for a big dip in the POS anytime soon will be extremely disappointed.

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  99. Andrew - "hard liquor will be an excellent barter item"


    After TSHTF, these items may very well be selling or bartering at a higher premium than gold. Best save this until the beans are gone. For medicinal purposes of course. And don't forget stocking up on plenty of Kahlua with the Vodka. Rooskies are a staple in any civilized world.

    Just ask the Big Lebowski.

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  100. consolidation in silver underway.. another bounce from 36.80 to 37.4, then market makers will hit it strong down to 35ish... would be buyer @35

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  101. Larry- Given your above post, you may like this one: In preparing for the end of the Keynsian experiment I built a coop and am raising 13 little chicks who will theoretically become a flock of laying hens. Now at the 5 week mark, we find that one is actually a male. So what do we name our one guy, surrounded by 12 ladies? Jackie Treehorn, naturally. If we have one more surprize, he'll be Karl Hungus.

    Keep the PMs, but the white russians are a great idea, too.

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  102. Pining - That is funny... Treehorn the egg layer... so to speak. You read my book! My wife and I are seriously considering building and stocking a chicken coop. So, will the male become a rooster or a fried dinner?

    Also enjoyed the beehive discussion the other day. Am considfering that too, for the honey and the pollination of our veggie garden.

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  103. cool. Yeah I don't need electricity to make booze, just a fire. I've been using my own homegrown corn too, its actually really easy and cheap. The hard part is waiting for it to age in the oak barrels I have. Vodka is the easiest, just run it through the still till all the flavors gone and then charcoal filter. You could also mix it 50/50 with regular gasoline and put it right into your car if you had to, something brazil did nationwide in the 70's.

    Chickens are a great source of free food! Pining for fjords: you can expect about a dozen eggs a day in the summer! even with eggs being relatively cheap right now at the store, thats a gift that keeps on giving, just eating a three egg omelette for breakfast each day instead of buying stuff will cut your monthly food bill by 1/3! Plus you can always grill up some chicken if you have too. Downside: once you taste fresh free range non hormone eggs its hard to go back! 12 laying hens and a 50lb bag of flour should feed a family of three for 6 months. Just sayin.

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  104. The decision by the CFTC regarding postponing the positions limit vote is a very big deal.They aren't giving up easily even if illegal or unethical.

    A gold/silver bug (like myself) could look at it and say a CFTC vote will happen soon and JPM and others will get what they got coming and be forced to cover multi-Billion$ in losses and hopefully suffer from their greed etc. We talk about bringing them down and the other TBTF's starting to go bust because of some leveraged oversized gambles gone bad etc. I hope for these things also, to a point. Global financial chaos isn't real appealing to me.

    We also need to consider a very negative contrarian view of our own views just because it's helpful for planning/investing.
    If we think this PM/commodities/equity markets manipulation has been going on for a very, very long time (10-20yrs. or more?) it seems conceivable and likely that it goes on for quite some time hereafter. The TBTF's and TPTB are in charge of all the financial laws of the land and neither seems really concerned about undoing their money machine and prosecuting each other. We all know it is so obvious how manipulated the PM and financial markets are to some degree. The Fed. QE policies makes it obvious regarding the equites market(up almost every day for months???)
    So you have to ask yourself, what is it going to take to get the U.S. Atty. General involved? All of the allegations have been out there for years/decades, yet no one "ever" does anything except disregard or make new rules that keep the whole thing going. The AG might never get involved much less the CFTC or SEC etc.

    I guess what I'm getting at is we have to consider the very real possibility this whole scam will continue far into the future no matter what we hope for and what seems close at hand.
    TPTB and TBTF's have several huge advantages...access to unlimited amounts of money, ability to make/change rules or laws, a greedy and relentless disposition to fleece and screw people,and they know exactly what the real PM market situation is and how,when and where they will make their moves before anyone else. Thats formidable shit!

    Keep buying when you can, stay strong and hopeful but this CFTC/PM situation isn't going to end soon or be a pretty situation when that time gets closer. I can see them really raising margins big next time around.
    They arent going to just cave in.

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  105. For a preview of how the position limits will be scuttled, read the World Gold Council's submission to the CFTC:

    http://www.zerohedge.com/article/cftc-position-limit-response-period-over-here-are-select-opinions-pimco-world-gold-council-a

    Epic yawn. SSDD.

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  106. @Wayne Edwards
    @Wandee

    Thank you both for the pointer to Interactive Brokers. At first glance they seem to be a much better choice than etrade. Now it's a matter of gritting my teeth and going through all the brain damage to transfer my account with numerous holdings.

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  107. Dont forget you have to feed the chickens also - unless they free range. The wife picked up a 50# bag each of hen scratch and laying mash today for a total of 24.50. The price has risen a dollar each of the last 3 months. It only went up 50 cents this month. We bought 6 chicks last week to go with our 11 hens. A cat got 4 of them - I got the cat when it came back for the other 2.

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  108. @Andrew take your bacardi and pour it through a brita filter 3 times, taste gets better, and much less hangover because the carbon in the brita takes out alot of the fusel and methal alcohols that make bad taste/headaches. Works on cheap vodka too. after that, you can use the preserving/antibacterial properties of the alcohol to preserve food, you can pickle anything in alcohol you can do with vinegar, and it lasts virtually forever! Try this, cut up some fresh fruit like peaches, put them into a mason/pickling jar, add a tsp of sugar and fill it up to the brim with your bacardi. It will pretty much never go bad, and the taste gets better with age. Peaches pickled in vodka will last longer than a can of peaches on the shelf for sure. This is how lemonciello is made, I like to use kiwis for the high vitamin C.

    Silver at 36.94! what the hey.. This MUST be the bottom. time to btfd?

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  109. DarkPurpleHaze is correct. Anyone believing that a commission of this terminally corrupt banana republic is going to shut down the bullion banks, who probably are cooperating with the demon-fed, is off course by more than a few degrees. Ted Butler got conned by Gensler right after he was appointed but is slowly realizing that although still reluctant to just admit he was taken in.

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  110. Pining and SilverBlev - Chickens and eggs... you had me at hello. Now, I just have to find a source for designing and building or buying the coop. I can build the fenced area and feed'em, and I have the space on our lot... but need the basics. If you have a good 101 guide, lemme know. I'm inclined to buy the coop and have it delivered. Just lazy that way.

    Brad - Yep, the feed will cost more... much more as inflation rises. Free range is a great way to go and they'll also be a bug pest control, but we do have a few cats. Ours would probably just watch in awe, but we also have Bald Eagles, Red Tailed Hawks, Marsh Hawks, Raccoons and other predators that would love a chicken dinner, so free range is probably out as an option. Then, we could always go redneck and create an entire chicken aviary on the road side to protect the lil' feathered egg layers.

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  111. responding to various...

    Chickens: Look into waterglass solution to preserve eggs. Feed costs less if you give them your table scraps.

    Big "yes" on CNI (golddealer.com) as reliable source for the last 20 years. They sell only what they have in stock and ship same day as wire transfer. Usually highest bid and lowest ask for parrticular item.

    On gravity type water filters, the big stainless steel versions of Berkey and Aquarain are virtually indistinguishable so let price decide for you. Both companies use the same size filter elements (attached to holes in bottom of upper chamber) so those too are interchangeable. Tip: if you need drinking/cooking water for only 3 or 4 people, you can use the plastic plugs for 2 of the 4 holes and save two filter elements for later.

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