Wednesday, April 27, 2011

Hours of Easy Listening

No, I'm not talking about my box set of the classic releases from The Captain & Tennille.

Instead, I'm talking about the interview I had with the good folks at The Webbot Forum last Friday. If you're sitting around tonight with nothing better to do, you may enjoy it. The interview has been edited into 15 minute segments. Here are all the links:

http://www.youtube.com/watch?v=AIDdQ_d1i_c
http://www.youtube.com/watch?v=plKhxq9XaCg
http://www.youtube.com/watch?v=MoYOo1c3XuU
http://www.youtube.com/watch?v=q1Q49BxVGAg
http://www.youtube.com/watch?v=eA3ChBQanzM
http://www.youtube.com/watch?v=cXxJN_Zrah8
http://www.youtube.com/watch?v=kKq-vNqY2-o
http://www.youtube.com/watch?v=fk6M0YJY2Ik

Oh, and because I know you're now humming "Muskrat Love", here's a link to it, too:
http://www.youtube.com/watch?v=xBYV_7a0FQs

The dollar continues to sink tonight and is currently on it lows. Crude, gold and silver continue to rally. Tomorrow will be very, very interesting. TF out.

237 comments:

  1. gotcha. hope my SLV May 50s work out well tomorrow!

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  2. "Hello Turd, welcome..." LOL how did you keep from laughing your ass off?

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  3. Cool enough for me. Thanks man.

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  4. OldNavy - re your question on the last thread. I think you did answer yourself correctly - the miners. Closed funds and physical will obviously march along with the price of silver, but anything more explosive would have to come from the miners.

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  5. EXK and AG had a nice day. Wish my juevos were there for me to buy them....

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  6. Copper now catching a bid too.

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  7. Spencer:

    Darn, I posted an answer to yr option's question & then our leader started a new thread.

    So in case you missed it earlier, please look up this link:
    http://tfmetalsreport.blogspot.com/2010/12/opening-options-account.html

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  8. I took that "dip" to $48 as an invitation to improve my silver position. So far it's worked out.

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  9. Titus - any dip in a storm.

    Eric#1 - I have been wondering about copper. Left in the dust, so to speak. It is about time it got moving.

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  10. Ferguson, have the odds of a possible Calvin(rip) changed since yesterday?

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  11. Has anyone seen these gold parties?
    They get ladies to sell their gold jewelry.
    I, for one, am going to start silver parties, and show people how to ride the bull market and where to go buy rather than dump what will keep you alive in the future.
    Sail on, silver girls!

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  12. Very tight trading range for silver in the last 2 hours. It's got to move hard one way or the other soon.

    Word verification: agrat! I'm an AG rat?

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  13. StanR, I think Max Keiser referred to that situation as either the leper with the most fingers, or the best-looking horse in the glue factory. I forget which, but it does sound like Mad Max no? Damn, we live in interesting times. I'm gonna listen to all those clips as I nod off, with dreams of silver sugar plums... ;-)

    Ol' Michael

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  14. enjoying the interviews, imagining Turd Michael J Ferguson Fox talking

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  15. Spencer,
    And after you have read Paulindoon's response, mine is about six posts later.

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  16. Evening Turds, great interview Turd, thank you for sharing it.

    Question for the board, I would like to buy some Crude calls, could someone please recommend a call symbol.

    Thank you

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  17. Here's a little quip from Jim Rickards twitter feed:

    "On a plane to Amsterdam now to meet w/ Dutch pensions on gold. Bernanke just made the sale for me. Maybe I should split my fee w/ Ben"

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  18. @Afrum from 2 posts ago

    "By the time AmeriCON'd opens their eyes from the deep sleep they're in?? We'll be communicating long distance by cans & strings"

    I was ROTFL for 5 minutes after reading that. In fact, im ROTFL again now! Priceless! you've got a real way with words. :)

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  19. F ..if you are still on here...
    Honestly (I should be embarrassed to admit this)..But I have not had any time to read the books that have been recommended here! (yet). BUT....many good recommendations have come through TF's blog and I'm sure others will chime in to give you some great recommendations. A very helpful online link for me came through OldNavy and was this one from Chris Rowe: http://c.tycoonresearch.com/s/K2PR

    The Chris Rowe stuff really helped me to learn the basics of options and after reading it all..I felt confident enough to start a DEMO account thru optionshouse. I traded for several weeks only on the demo account. I have heard others say that you should use the demo acct. for months to prove to yourself that you are ready to consistently trade with a winning strategy. I probably didn't wait as long as I should have before 'going live'.. but I was determined to be very careful, methodical, and disciplined. So far (knock on wood)..it's working out pretty well. I don't get too far ahead of myself in OTM calls (they seem scariest to me) ..plus, I'm too impatient and want to get results NOW. :] ...Take that for what it's worth as I will probably get my head handed to me one of these days but all I can do is my very best and keep on top of it all the best I can!

    I would also say to start with a very small amount of money on your first trades. I started with 1K dubbed my 'learning' money. I hope to increase it of course.. but if I lose it I will consider it part of the cost of an education.

    I hope all my rambling helps! ..Is it options that you are looking to start with.. or miners?..or both?? ...My miners.. that's a whole 'nuther kettle of fish! ...Was up $5K earlier in Feb....now only breaking even with my initial investment of last Fall. "/

    That may all change soon though. I remain hopeful (and stubborn!)...and holding my miner positions!

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  20. @Afrum
    Always enjoy reading your posts. Enjoying your prose. Plus we are on the exact same page.

    Keep it up.

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  21. POSX @ 73.03. Does 72.XX do anything to increase the panic? Or does it have to fall below the Record Low set in 2008?

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  22. Xty,
    You did start all of your preps way before me I'm sure. ..So, yes.. you've got a good head start and are (hopefully) at a point that the lagging miners aren't bringing you back to Square One like my miners are! ...I envy you smart folks who had your peepers wide open long before I was even starting to wiggle out of my slumber! "/

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  23. It's funny, I came in to the previous post with the intention of warning folks about the professional trollism of Mr. Brian O'Flanagan (read the preceding 10-15 posts on his blog and you will see what I mean) -- but by the time I read through the comments, new thread was up. AND Brian's already here in Turd's world.

    I did want to call attention to an OUTSTANDING piece (I think Turd may have mentioned it, other readers did for sure) by Avery Goodman -- Short Sellers Now Screaming About a Buy Side Silver Conspiracy. This could be the Turd's long lost brother, or his buddy Mr. Hyde. Worthwhile to read his comments to readers as well.

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  24. ..It couldn't be Mr. Hyde. He was dropped on his head as a baby and probably wouldn't be able to write that. Poor Mr. Hyde. At least he has a great friend in Turd.

    lol :D

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  25. I know this was mentioned before but I'll bring it up again. Great Panther silver price is still set at $47.50 (currently below spot).

    Shipping is $30 for up to 200oz (.15/oz) = SALE on aisle 5!!!

    I've bought from them before. No additional fees/duties/taxes for Canadians.

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  26. Turd,

    Great job on the interview. My main reaction is this:

    Thank you for sticking your neck out and refusing to hide. Thank you for being willing to stand up and speak the truth despite the very real risk of personal trouble and danger.

    It is quite courageous. Thank you.

    (What was that thing I read about "fortunes" and "sacred honor"?)

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  27. Hey Michael, What did the Leper say to the prostitute?






    Keep the tip.


    Mr1776 we are on the same wavelength, I was going to ask the exact same question. POSX at 73.03?! Holy Crap.

    Thanks for the insights on the ownership of weapons as well. I do have some firearms experience and have killed a few delicious creatures but have been putting off "biting the bullet" and acquiring one. I have been wanting to pick up a shotgun with some shot as a gang deterrent and some slugs for some deer hunting for a while now but the wife is completely against guns in the house. I guess I was trying to convince myself that I didn't really need one as that reality is really scary to think about. Hell, I may just have to procure one and store it at my buddy's house a couple of miles away that I can grab if the S really starts to HTF. Better safe than sorry is a good way to live.

    -Pura Vida

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  28. A great book on options is "Get rich with options" by Lee Lowell. My favorite chapter is on credit spreads which is a less risky-less reward method of using options. You are selling rather than buying options. So you sell May 11 60 Slv call to speculators (gamblers) who are greedy arent playing with probabilities. This is a income building method. Again, less reward but much less risk.

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  29. Ginger - as to miners, and I cheat by having some PHS.U and PHY.U in there, my account is up about 7% since about since Jan (?) when I took it over. Any other time, that would seem amazing. And I have other fingers in the pie, so to speak.

    Re - the leper with the most fingers, etc., - laughed out loud.

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  30. Alex - Thanks very much for the tip about Great Panther's price being stuck at $47.50. I just placed my first order with them, and look forward to getting some shiny stuff soon. Great deal! Especially since GPL accepts credit cards thru PayPal, with no additional fee.

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  31. I can't believe right now how strong the silver market is.

    Listening to the interview now.

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  32. I can't believe how flat silver is trading for the last 3 hours. What's going on?

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  33. Hey guys, is Great Panther's $45.70 "stuck" in USD or CAD?

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  34. kevin,
    That sounds like a great resource. Writing it down to add to what I need to read. :]

    Xty,
    I'd take 7% on the miners! "/ :] ..plus, you and Eric and others are accumulating some awesome gold & silver coins. ...I have yet to own a gold coin. ...in due time.. all in due time. ..maybe. The price isn't getting any easier to afford ...due to our lovely dollar which is wilting pretty fast!

    Good night all.. ...I'll have to watch the links TF provided in the a.m. ...I am so not a night person. ...sleepy....

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  35. POSX down the toilet. Dropped below 73.

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  36. So anyone who questions anything about any of the silver conspiracy posts is a troll? Then count me in with Brian Flanagan as a troll as well. I question everything - EVERYTHING.

    Some of you guys think you have it all figured out, but the truth is that the ones here with a clue are silently (or not so silently) moving out of silver into gold and the rest of you are going to be stuck trying to get whatever gold or FRN's (oh yes some of you will, I can promise you that) you can for your silver. If everyone is planning to move a majority or all of A into B else then what do you think happens to A and what to B? I think you know, but the truth is you're so blinded by the conspiracies and your own greed that you can't see it.

    Go read this post from Mish:

    http://globaleconomicanalysis.blogspot.com/2011/04/taking-silver-profits-swapping-silver.html

    You want to think you're smarter than Mish, that's fine. You think you got it all figured out that's fine as well. Think you can call the top of this silver market, be my guest. However, the smart money has been and is moving (slowly in some cases, quickly in others) from silver to gold regardless of what you think is happening.

    To my knowledge, neither Brian or K.D. or anyway has ever asked you to believe anything they said. Their only mistake was trying to bring a different viewpoint for consideration. Here's something to ponder upon that Mark Twain once said, "It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so."

    Yukon

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  37. POSX punctured 73...

    Thanks for the interview links Turd, great job!

    Late congrats to Doug and FOAGQ kiwi as well!

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  38. ...and the EUR/USD pair is pulling an Anaconda.

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  39. Fortinbras -

    Great Panther's 47.50 price is stuck in USD.

    Another point: if you have a credit card that gives cash back, and you use it to pay thru PayPal, take that into account. Suppose you buy 100oz, so the total is $4,780 (once you add the $30 shipping). A card like Discover that gives a 1% cash back bonus essentially knocks $47.80 off that price, which more than pays for shipping and makes your effective cost $47.32/oz.

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  40. Turdle - silver is moving now. 48.54

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  41. Yukon Cornelius,

    I think there is some wisdom there. Jim Rogers has stated the same thing.Rogers said that if the ratio keeps tracking in on gold so fast to sell some silver get into gold wait for the ratio to climb again then back into silver. Basically hedging off one another.

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  42. I can second the Great Panther recommendation. Good service, quick shipping. Exactly as advertised.

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  43. Back Seat...

    It got lost when you posted that before, but I posted that my plan tracks with what you posted and Rogers said.

    I added that it's a good deal because here in the US, swapping equal dollar amounts of metal is a "like kind exchange" under the 1031 rule and thus not a taxable event.

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  44. Ginger,XTY,
    You are way ahead of the game as are most of the people in this community , continue to accumulate miners trade options in separate accounts.
    The jr miner astro blast is coming soon enough, I spent 2 years underwater with no one to hold my hand. I almost lost my mind, my knowledge and faith dragged me thru. Now, with a place like the Watchtower, filled with so much knowledge, experience and aloha, I am truly revitalized. My life is so much easier now it's almost on autopilot, for that many mahalos to Turd and the community.
    Having no tv service for years I just watched the snl with Turd thru netflix, is there more
    than one? A hui hou malama pono kakou.

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  45. Turd,

    Thank you for sharing your insights with us, they are greatly appreciated. I agree that it is our duty to inform those around us to prepare for what is coming. When you know the truth combined with a high level of excitement, it's impossible to contain it within yourself. I know I can't as I have been explaining to those around me including my co-workers.

    I made a decision to sell all of my shares last Thursday. Sold Ag @ 23.74, SLW @ 43.56, and FVITF @ 6.30. Bought them back again earlier today shortly after the press release on the federal reserve site - where I rediscovered that F5 equals refresh. Your info weighed in a lot on my decision and has helped a ton.

    I am listening to your interview with a bottle of Shiner Bock. Life is good!

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  46. @Pura Vida
    I stand by www.budsgunshop.com for firearms.
    Free ship, no tax, good service. Usually best prices around, have used them 5 times or so.

    Firearms are a must. Personally I've taken 4 people to the range for the first time in their life and it really solves the gun mystery for them. They really enjoy and learn from it.

    I've aquired enough weapons and ammo for my immediate family. I've been taking a few of them shooting and even offered to loan them a weapon.

    Plus, ammo and gun prices keep rising. They maintain their value. It's a hedge against inflation. Also, a tool for barter/trade/sell later on if I need to. It's physical, always in demand and always has questionable availability(laws, supply, etc).

    I suggest showing her news stories of cases where people have saved their own lives because they had a firearm. Show her pictures and stories of Armed Neighboorhood watches during Katrina. "you loot we shoot". Just ideas, you were inclined to attempt to pursuade.

    The best thing a person can do is everything that they can for self preservation, protection, security--physical and financial.

    "Police have no duty to protect Individuals"
    It's been decided in US Supreme Court, over and over.
    http://www.firearmsandliberty.com/kasler-protection.html

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  47. Ginger, Thanks a ton for the info.

    I promise before I put one silver dime into an account Im going to have read at least 3-4 books minimum + experience useing the demo .
    Thanks for the help!:)

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  48. TYF & Fortinbras -

    I just ordered 100oz from GPL site too, too good of a price to pass up.

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  49. Hey Yukon,

    Eric #1 and I discussed starting to swap silver back to gold around a GSR of 30, and we're almost there. I don't know who Mish is, but I'll look into him more. I agree about the parabolic movement being inherently unstable, and silver has always moved faster up AND down than gold. So, there's food for a lot of thought there.

    Thanks for your honest analysis, opinions and hard work.

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  50. Xty,
    yes, but gold has dropped, dragging silver down again. Seems that traders in Asia are unsure where to take these things after the massive volatility of the last week.

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  51. Regarding swapping silver for gold (or vice versa) as it applies to US tax law, I asked my accountants if it was a "taxable event" or did it qualify as a "like kind exchange" under the 1031 rule. Here is the answer I got with the link they refer to:

    http://www.spe1031.com/types-of-exchanges/precious-metals

    The above link provides detailed info saying that it is possible though it is advisable to use an inte4rmediary to make sure that nothing goes wrong.

    Not sure if you need more than this since it seems clear to me that it should qualify if it was held for investment and are being swapped, so long as they satisfy the 1031 rules (identify the assets being swapped expressly in a contract, identify within 45 days, close within 180 days (if a deferred exchange and then they need a qualified intermediary to hold the funds until all closes) etc. But if this is a same day swap then it should be OK as long as the contract identifies what is being swapped, the values for each are the same and that it occurs on the same day (not one day later).

    I’d still use an outfit like the one in the above link to help out since you don’t want to miss anything.

    But as far as being able to do tax free I conclude YES.

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  52. Fortinbras,

    Sorry about that. Watching the game and wasnt paying to much attention to keeping a coherent statement. Glad to know you could decipher my jibberish. I will be better before sending something half cocked.

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  53. Thanks Mr1776. Site bookmarked. The prices do look damn good!

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  54. I, too, just picked up a few 5-ounce bars thru Great Panther. Was able to use some of the PayPal funds you all have given me.
    Very easy to use. $47.50/ounce. Great deal. Thumbs up!

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  55. Does anybody on here read FOFOA? I have for a couple weeks. I wondered who is FOA, and then who is "Another". I found this link of all the posts by "Another" tonight in case anyone was wondering. It first gives a bit of an introduction as to who, what and why "Another" started posting back in 1997 on the world gold situation. It's seriously fascinating so far...I have not yet read every post, but have read enough so far that I knew I wanted to share it with anyone on Turd's site who might currently read FOFOA but hasn't found the beginning so to speak. Here's the link I found:

    http://www.usagold.com/goldtrail/archives/another1.html

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  56. I concur with Mr1776... Bud's is good. Never used them personally, but they've been helpful to me several times and I would recommend them.

    However, if you want something LEGAL but UNTRACKED, you need to buy from anoter private citizen either through a classified ad (like Craig's list) or at a gun show (from a private citizen, not a dealer like Bud's who happens to be selling at a gun show). No paperwork required from private citizen to private citizen.

    That said, if you know nothing and are just starting out, I too would suggest a reputable dealer like Bud's.

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  57. Yukon, I know your have read Brian. I started out from the perspective of doing exactly the same -- the fact that his opinion is contrary to what I thought/believed makes it MORE valuable. So I read his piece on the 'eligible' vs. 'registered'. Was not convincing, to the point of seeming deliberately cozening, obfuscating and condescending without offering new knowledge. OK, maybe I am not yet smart enough to get it; I should read more.

    What I found is in the link that follows, but the gist is: Brian appears to be a professional apologist for the Cartel and the status quo, as well as a panicmongering silver shill, pushing his gold-based book. And of course this is merely one opinion from a biased observer, but one who honestly tried to see the other side's point of view. BTW, I can certainly believe that his calls/analysis of gold is far more accurate/objective.

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  58. FOFA, if I recall is Friend OF Another.

    I've tried to read and comprehend but it's so deep and the way he constructs his thoughts is very difficult to follow for me. If he drew a picture, I might get it better, but I still keep reading and absorbing slowing. His breakdown on hyperinflation was great: you can tell Benocide hadn't read it (he must read Mad comic book).

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  59. and now here is the history of FOA's internet blog posts. Haven't read all yet, but will.

    http://www.usagold.com/goldtrail/archives/goldtrailone.html

    This is unbelievably fascinating stuff to me as a newbie to this historical and present culmination of the fiat monetary system along w/ the slow death of the FRN.

    What an incredible time we live in folks...

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  60. I just found this concerning Great Panther Silver.

    I have never used them, was looking at reviews for their Bullion.
    Can anyone validate this that have used them?
    Says they can change the price if the spot goes up fast.

    http://forums.silverseek.com/showthread.php?25675-Great-Panther-Silver

    Not trying to rain on an awesome silver price. $30 shipping is harsh, but $47.50 is nice.

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  61. Turd,

    On O&A where I trade, there is a correlation chart on XAG/USD. It looks like POSX bouncing doesn't always mean XAG decline.

    I think POSX will keep dropping until it touches 72, and here comes Calvin. :)

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  62. Mr1776 - Thanks for the recommendation on Bud's. I've been looking for a PPS-43, and the free shipping means his total price beats the others I've investigated.

    Regarding Great Panther's "stuck" price...my only concern is that they'll invoke this clause from their Terms and Conditions: "Market volatility or problems updating this website may result in inaccurate pricing resulting in a canceled transaction. We reserve the right to void a sale at our absolute discretion."

    Anyone heard of GPL voiding a sale for this reason?

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  63. I took a look at the GPL site (everybody loves a sale!) and in the terms and conditions it says they update the price daily.... so perhaps they don't track spot price realtime like Kitco.

    Man, the PMs do seem flat tonight.... don't know if that bolsters my "beat down on Thursday" theory, but I'm hoping for a big honkin dip to load up again...

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  64. Irene

    My little gold buying binge this week will largely be "paid for" with silver sales by the end of next week. So, in essence, I've already started to do some small scale silver-to-gold swapping at these GSR's of 31-32ish.

    Here's a little cut and paste of a post I made over at Yukon's blog yesterday, just in the spirit of full disclosure so that you know what's rattling around in my head right now.

    Eric#1 said...
    Yukon

    I think we are very much on the same page. Folks over at Turd Town are always jabbering about a GSR of 15:1 as if it is some kind of biblical gospel. I won't be waiting around for that. We saw under 31:1 a day or two ago, and my swaps started as a trickle. Nearly all my silver (except a few choice pieces along the lines of your Naked Silver posts) will be gone before we hit 20:1. Actually, I'm sure most of it will be gone by 25:1. It will be a flood. I'll be walking into the coin shops with boxes full of the stuff and taking home any kind of gold I can get my hands on. Anybody who's ever bothered to look at a long term chart of the GSR should see that when it turns, it turns on a dime. No way in hell I'm going to be sitting there at 20:1 with all my silver and watch it spike back to 40:1 in a heartbeat.
    April 26, 2011 10:13 AM

    So, there's what I'm thinking for right now. No intention to be saying different things on different blogs. With me, what you see is what you get. Good Luck To All.

    Eric

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  65. @kiwi

    Things will pick up once London comes online.

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  66. Mr. Turd...

    Just curious...is any of your expertise from reading all the historical stuff I'm reading tonight from "Another", "FOA", or "FOFOA"?

    This stuff is incredible...wish I had been reading/learning this stuff years ago. Am very glad I've found your site and all other sources of info like the Another stuff recently.

    So another question...if you have read all of their stuff, is your opinion it's all true, do you agree or disagree w/ anything? Just curious to get another expert opinion.

    Thanks as always!!!

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  67. From previous ended thread
    -------------------

    Ok. Wow. Just got outta bed and head is still spinning. I'm guessing the bulk of Asian traders are feeling the same thing after that action early morning and forgot to answer the alarm call to go to work. So a lot of them came late to the office, or now sleeping at their desks or scrambling to find some good double espresso.

    Hopefully the caffeine kicks in enough for some pretty upside action after lunch. And there's STILL London to come, but I don't trust those guys. Sorry Brits! :P

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  68. I'd pretty much bet $10 with anyone who bought the GP @$47.50 that they will get an email to the effect of, "We apologize for the error, but at the time of your email at 10:39:42 pm on April 27, 2011, the spot price of silver was..." with an option either to still place your order or cancel it.

    There is NO way they haven't taken something like this into account.

    Where I notice it too is that Kitco's spot price ALWAYS lags APMEX's spot price by less than a minute. Not sure why, but I'll bet they would settle with the same spot price if you could make true simultaneous purchases.

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  69. @Irene

    Imo Mish is a must read ranked number 2 on my macro blog list.

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  70. In a lighter vein, here's a cut and paste of a post I made at Yukon's place this morning regarding FOFOA.

    Eric#1 said...
    Yukon

    Pretty good discussion here over the past day or so.

    I don't even read FOFOA, never have. Always find it way too long and cryptic and I lose interest. But everytime I hear someone else talking about FOFOA, summarizing it, etc, I think "Sounds like FOFOA agrees with Eric#1, so they must be pretty smart!!" LOL
    April 27, 2011 10:23 AM

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  71. I don't think I saw anyone take a stab at why the large movement of silver from Registered to Eligible could start the hurt.

    A couple of things I can think of:
    1) Could indicate lack of trust from large players that want to protect their silver by claiming it. This could spread like a run on a bank.
    2) If the Registered silver has been fractionalized at 100X then for every bar moved from Registered 100 fractionalized bars must be dealt with (covered). This puts a dent in trading agility immediately and means new silver has to be sourced quickly. Possibly the delay in reporting was to allow enough time to address that as it would have been an out of bounds situation.

    Feel free to add more. I'm listening to Turd's interview but might not make it back. It's late and my hockey team got knocked out of the playoffs.

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  72. When the Gold:Silver Ratio is 20:1. I will trade in 40 oz Silver for 2 oz Gold.

    I've seen the ratio go from 54 to 31 in a year.

    Silver is no way in hell going down. There is infinite upside to yet to be had. The list is too long to post.

    His article is pure bullshit. The dollar is dying, inflation is very high and we are only at the tip of the ice burg. To begin with.
    His TA is based upon when the Dollar still had life. Gime me a break. Doesn't this guy look at more than 1 fricking TA angle? How about agregating information to form a coherent sensible common sense analysis.
    Consider all things, not just that 'parabolic rises rarely end well'. We aren't in normal times TA doesn't hold as much water as it used to. Like I said yesterday, what is up is down, what's down is up. This mish I doubt have any survival or preps in place.
    He has his gold at Gold Money for free cause he is affiliated with them. If it ain't in your hands you don't own it.

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  73. I picked up 5 10oz bars myself....hope they do not cancel sale. I feel special I was thinking like the master Turd himself.

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  74. Does anyone know when the debt ceiling limit vote will happen? Just wondering how this might jive with Turd's pullback call for May 12-20. I'm wondering if the publicity surrounding the debt ceiling would drive PM prices higher. Any opinions?

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  75. You're obviously entitled to your own opinion on Brian, but by everything you've said you could easily paint someone like FOFOA, Mish, or myself with that same broad brush. I'm sure you've read FOFOA and what he has to say about silver would be considered blatantly heretical to most of the folks I've been reading and hearing from lately.

    As a community of precious metals aficionados we should be encouraging different viewpoints and discussing gold, platinum, silver, and other things more instead of the collective 'silver bull circle jerk' it's become.

    We need to maintain our perspective on things. We need people with other opinions to come in and share their thoughts with us. If we label folks as trolls or shills or whatever every time someone walks in with a different take on something this board will become stagnant and folks like myself will move on for more stimulating fare.

    I come here because this board has always been the best of all the precious metal boards where we can all discuss things openly and educate and enlighten each other. We need to work hard to keep it that way. Turd boots the asshats and the abortion talk - hell yes. Boot'em! But someone with a different opinion, take, or idea? I tell you that we NEED those people.

    Yukon

    ReplyDelete
  76. Eric#1...

    hey man...saw your last post. So you're thinking a little silver to gold swapping right now is good to do? I only have 1oz of gold...the gold Buff I bought a few weeks ago. But I have about 700oz of silver. Do you think it might be ok to do a silver swap to get me another ounce of gold right about now?

    Also...I've been thinking about it a lot for about 3 months. I'm seriously thinking of yanking out a loan from my 401k to buy phyzz.

    I can grab 9800 right now to do it at 4.5% interest paid back to myself at 85$ per paycheck, so 170/month back to my 401k.

    I see another 2008 coming, and I lost nearly 40% when that crash occured. I'm better now, but I'd rather grab what I'm allowed to out of that account now and buy more phyzz w/it. I moved the account into the least riskiest stable fund account, and will just wait things out.

    But anyway...I'd definitely like to acquire an ouce or two more of gold...so am wondering if with the 700oz's I have, do you think it wouldn't be a bad deal to trade enough in for like 2 more ounces of gold just to try and balance things out at this time?

    Or should I wait until the S to G ratio gets narrower?

    thanks!!!!

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  77. Dollar approaching its all time lows, which was I think 72,3? When the time comes it hits that, it either will be reversed one final time and move towards 80 (but probably not reach 80, I cannot see that happening during the current circumstances) and the PMs will be hit with one final correction before things set off, or everything will just set off.. USD index to 60 and gold to 2000 and silver to 100.. within months.. something along the lines of that.

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  78. Turdle GG - I agree - a lot to swallow. Hard to jump in at such a high, and gold is fading.

    ReplyDelete
  79. The US$ is continuing it's plunge after breaking support early today. Watch for oil to close above $115@brl by the end of the week. When it happens, it should run another $6-$8 before taking a much needed rest. Ease the pain at the pump, buy USO or PBR calls! HI HO SILVER, AWAY!!!!!

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  80. If at all a beatdown is gonna happen, the EE will prolly have dialled up their London colleagues to hit hard and hit early aiming for mid 47s at the opening bell.

    It is likely however that the counter response buying will be fast and furious.

    I know I will.

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  81. @Save America 1st

    Turd has stated in the past he does not read Fofoa, but that may have changed. I too went through the experience you are currently during mid 2010. There is an incredible amount of ground to cover, but just keep reading and direct your questions to the commenters at Fofoa after you have used the search function. They will be very accomodating if you use the search function or ask to be directed to beginners posts.

    I recommend starting with this post by Aristotle. Flow Addendum

    Then I suggest moving to Another but you appear to have read his thoughts already.

    Other great posts include Life on the Ant Farm,Focal Point Gold, and the 3 part hyperinflation series. However, I also recommend reading the entire archive as it is fantastic as well as FOA's gold trail.

    There are significant disagreements between gold standard believers and FOFOA, but Freegold is a unique perspective of the possible future and should be considered by all physical gold advocates imo.

    I should also mention Blondie's blog which is another excellent source for Freegold commentary. Flow of Value Blogspot

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  82. How do I do a like kind exchange with silver high, but gold at its seasonal lows? I don't want to swap and get screwed on the gold premium and then gold drops.

    ReplyDelete
  83. Yukon, I agree completely on the need for open minds, conflicting viewpoints. I am constantly learning here, even (or maybe especially) from those with differing opinions.
    I may yet change my mind about Brian, I am trying to read his other material. It was a perceived lack of honesty on his part that I was/am objecting to, and what makes it difficult to accept other material from him, even if it should be correct.

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  84. For people that don't like USO as a play, you might want to look at OIH which is the oil services equivalent.

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  85. ObsoleteMan,

    Correct me if I am wrong, isnt Petrobas PBR the company George Soros bought through his hedge fund? Just trying to remember where I heard of PBR?

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  86. JoeKa-

    That makes sense, I agree that it won't stay down for long, but I don't think TPTB have given up suppressing PMs whenever they get a chance.

    Off to bed for me, going to be another exciting day tomorrow!

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  87. I wasn't planning to buy more physical but that GPL sale couldn't be denied. Thanks for re-posting that Alex! Fingers crossed it goes thru.

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  88. Night Kiwi and congrats on the wager win!
    See you later buddy. :)

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  89. Hi Eric

    I really appreciate your post as I was already giving serious consideration to the same. As we discussed, I think between now and mid-May I'll do some serious swapping. Silver has always had a volatile personality and that has hardly changed. I'm not out to maximize "profits", I'm out to guard what wealth we have. And I ain't a rich person! Right now, everything in our life that's important to us seems so ephemeral, so fragile. It just concentrates the mind on what is important.

    Now, as for your latest buying sprees, well, I'm guilty of the same too, so I had a good laugh. Shhh.... Just don't go telling my husband. ;)

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  90. Ian (Save_Am)

    Well, I pretty much laid it out for you how I feel about it with that post about swapping. I know I risk incurring the wrath of the silverbugs around here, but HELL YES, go ahead and swap for an ounce or two right now. And everytime you see the GSR dropping down like 29...27...25, you should be thinking about doing another ounce or two or three every time. I DON'T KNOW where the GSR will bottom out. Nobody does.

    Ultimately though, YOU are the one who needs to decide where you want to be at the endgame. What kind of gold/silver balance do YOU want to be in at a GSR of 25? How about 20? How about 15? Only YOU can answer that. I can't tell you what is going to be right for YOU. As for me, I don't know how I can make it any plainer than that post above.

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  91. RLP...

    wow, thanks man! Will definitely read. The FOFOA post that really got me and made me track down everything else regarding Another and FOA was this post not long ago on FOFOA:

    http://fofoa.blogspot.com/2011/03/reference-point-revolution.html

    But then today on ZH I read this post by a dude named Rick Ackerman:

    http://www.zerohedge.com/article/finally-hyperinflation-argument-persuades

    He cited FOFOA's post that after nearly 40 years pursuaded him to see that what will happen here will be hyperinflation rather than deflation.

    I just gotta say that at 39 I wish I had been reading everyting I'm finding 15 years ago. But I'm very glad that ZH led me to Turd's site and everybody on here. I wasn't ever a sheep for sure...I was always stocking up food, guns and ammo. But thanks to ZH and then Turd's site I finally caught onto Au/Ag in January/February and working hard to build a nice stockpile.

    Thanks to ZH, Turd (especially), and extra especially to all of you who contribute on this forum that help peeps like me out. Eric#1 for sure! I have always appreciated the knowledge, support, confidence, and wise advice!

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  92. Who was it that said earlier he could now send his two daughters to private school?

    Just wanted to tell him that I smiled and felt good reading that.

    All the best to your families.

    Goodnight and see you on the other side!

    ReplyDelete
  93. Fuck gold, Ben Bernanke just told us everything was gravy today. I'm converting my silver into $USD's, BTFD cuz that dollar is SCREAMING blue light special baby!!!!

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  94. Robert Leroy Parker

    And just who, exactly, is your #1 read? ;)

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  95. Yes, Soros has bought into it, but his investment is cump-change compared to the $ the chinese are pouring into it. It should be back up to $40 by the end of May expiry.

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  96. Rough night in Georgia tonight. Just got kids out of closet due to tornado. Good luck to anyone else in the southeast. These are some serious storms.

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  97. Obsolete,

    Thanks. I knew that sounded familiar. Thanks for confirming.

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  98. Eric#1...

    awesome dude! I had been thinking about this for a while, but the shiny market had me kinda sitting on the sidelines the last couple weeks and made me indecisive.

    Last week instead I focused on acquiring some 90% silver, and did very well! Got some great deals on Morgans, pre 64 dimes, halves, quarters, etc...about 500 hundo worth. I figured it was time to get some of the older fractional stuff to balance myself out.

    So then...as I was asking and as you were saying...so maybe swapping out about 3g's worth of silver for a couple more oz's of gold might not be a bad idear right?

    I've been wanting to do so. I slacked off this week unfortunately. I had 2000 Bernankies to let loose on silver, but I think I didn't quite read the signs correctly and didn't know whether silver was going to go up or down in the last 2 days, so I stayed on the sidelines. I wanted to buy 40oz's yesterday around 45 at GVille Coins, but I was thinking Benny Macks CON-ference today was going to drive silver down like a clown credit or 2 further and then I'd buy. But instead it caused a 3 Benny Buck jump up to 48, so I missed out on a chance. Oh well...all in all I don't care...price doesn't matter at this point...it's about trading toilet paper for real money no matter what, right? lol

    Maybe I'll wait until next week....isn't another slight bottom coming? I'll keep an eye out...probably trading tomorrow won't be any different than waiting for a small bottom to show up next week, right?

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  99. Thoughts are with you tonight T Lane, we'll be getting that system here in VA tomorrow. Wild and crazy spring so far weather-wise, hopefully it's not a lead-up to an over-active hurricane season.

    ReplyDelete
  100. http://www.marketwatch.com/story/2008-crash-deja-vu-well-relive-it-and-soon-2011-04-26?link=home_carousel


    SAN LUIS OBISPO, Calif. (MarketWatch) — Warning, the stars are aligning, again. Much faster. We’re repeating the run-up to the 2008 meltdown, leading up to the next election.

    Another crash is coming soon because we’re back playing the same speculative games as we did for years prior to the 2008 crash. When we collapse, it will be because America’s leaders never learn the lessons of history. Never. In a BusinessWeek editorial, Peter Coy and Rouben Farzad described the bubbles:

    “It’s as if 2008 never happened. Once again the worlds investors are pumping up bubbles that will probably explode in their faces. After the popping of a real estate bubble led to the first global recession since the 1930s, world markets are frothing like shaken Champagne.

    Nassim Taleb said this about Bernanke when Obama reappointed him in 2009, “he doesn’t even know, he doesn’t understand how things work”

    Nassim Taleb is a bestselling author, and has been a professor at several universities, currently at Polytechnic Institute of New York University and Oxford University. He has also been a hedge fund manager and Wall Street trader, and is cu...rrently a scientific adviser at Universa Investments.

    He criticized the risk management methods used by the finance industry and warned about financial crises, subsequently making a fortune out of the financial crisis of 2007–2010. He advocates what he calls a "black swan robust" society, meaning a society that can withstand difficult-to-predict events. He favors "stochastic tinkering" as a method of scientific discovery, by which he means experimentation and fact-collecting instead of top-down directed research.

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  101. Two hours of wisdom from the Turd; thanks so much for that link sir. Well done!

    I sent it on to friends who are at least curious and have even bought some physical. One step at a time.

    Man, you're bringing some light into this dark time. Many thanks.

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  102. Cookie, Ian, and anybody else considering when and if to swap:

    I think it's helpful to see that GSR as the "price" of gold in ounces of silver. Your silver hoard is your money. The GSR is the spot price of gold. A year ago, gold was priced at around 63. It's now been cut in half to 32ish. Gold is getting cheaper all the time! Maybe it will go cheaper yet, but aren't you just dying to bottom fish a little bit? A nibble here, a nibble there? Just to sort of start a position? Sure, you can make a bigger buy if it gets cheaper still, but holy cow how can you not want a little piece at half price?

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  103. Justin, your post was probably in jest... but I was talking to a "financial advisor" today at Scotiabank who told me that record numbers of Canadians are opening US dollar savings accounts where they're stashing USD's in hopes that they will bounce back in value. I was blown away. I think most of us here are on the other side of that bet.

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  104. Now let's turn that discussion upside down on it's head. Think about Silver as priced in Gold. That thing has doubled in a year. If it were anything else, any stock, etc, and it had doubled, are you telling me you wouldn't be thinking about at least taking a little bit off the table? That would be a Silver-to-Gold swap.

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  105. @Save America 1st

    I just got fucked by blogger...ugh, retype here we go.

    The debate with Ackerman was a thing of beauty. FOFOA's initial response was one of the best breakdowns of the current macroeconomic situation that I have ever read.

    Link

    It is great to keep up with his recent work as well as the archives. He is a great analyst although lengthy at times as Eric pointed out. His most recent piece is 25 pages in length and explains in detail why he believes hyperinflation to be inevitable. This is the piece that converted Ackerman, not the link above.

    I find it interesting how so many PM traders eventually arrive at FOFOA like I did. However, it is important to not rule out other possibilities as no one can predict the future to a certainty.

    For example, I recently read a Milton Friedman paper in which he concluded it was a mistake for the USA to abandon the bimetallism standard in 1873. At the time the silver gold ratio was 16:1 and was being arbed on the black market, but Friedman concludes that the standard would have reverted to stability if it were not abandoned. This indicates to me that there is a possibility that the silverites could rise up and reinstate silver into an official role within the monetary system again. However, I do not think it to be likely, and I currently believe gold to be the true endgame. Best to be prepared for many outcomes imo.

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  106. Eric#1...

    yeah man...I hear ya. If I had been in on silver back last summer then I'd definitely see a bigger advantage to turning over some of my silver for gold.

    Since I only got into silver at the 26.50 area and above I've just not been sure when or where to try and swap out for some gold w/ silver.

    The 1oz gold Buffalo I traded Benny Bucks for a couple weeks ago was just a straight up fiat/gold trade. No silver involved.

    I'm not sure if I should trade some silver in for gold (just another ounce or two), just so like I said, to "balance" things a little bit more.

    My 1 little gold Buffalo might be lonely. Remember, I live just right down the road from Gainseville Coins...and they have some gold Philoharmonics for only 54 above spot.

    I could scratch up 2 of those I think for clown cash! :) lol

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  107. Great interview, Turd -- thanks for sharing. It's a refreshing pleasure to hear the voice behind the wisdom.

    Off topic, and I may have mentioned this before -- there is a community PM barter initiative unfurling its wings in Northern Colorado that is worth checking out. Obviously, anyone who lives there should, but they also have a model that could potentially be emulated elsewhere: Northern Colorado Community Barter

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  108. I could be wrong, but I seriously doubt we will see a market crash so soon {2011}. When it does happen, it will not be a stock market implosion, it will be a treasury/bond market implosion. They will not be able to keep the ten year down forever, even though it sure looks that way from here. Once it spreads to the shorter dated maturities, it's game over.

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  109. Ian

    In your particular situation, where you are buying silver as recently as last week, I'd hate to see you turn right around and swap that for gold right now. Hate to just eat that premium immediately like that. Sounds like you've got money you are regularly putting into metals, and that 9800 loan from your 401(k). Use that 9800 to just buy all gold with. That will balance you out quite a bit right there, and only pay a premium on that gold once instead of twice, which is basically the result if you buy silver one week and swap it for gold the next week.

    If you do that, buy gold with the 9800, then I wouldn't sweat doing any more swaps until that GSR gets closer to 27, 25,or whatever you decide.

    ReplyDelete
  110. Wow, gold at 1,533. POSX went through 73 without stopping. Silver hanging back, not getting too excited, yet. US equity futures up. Do we finally get the breakout in HUI index?

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  111. Save America 1st,

    You must live in my old neck of the woods if you live near GV Coins. I used to live off of Bayshore near Hyde park. Miss the weather

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  112. Gold just erupted as the POSX crumped... odd that silver did not go up.

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  113. Silver coiling nicely for a possible run to 50 when Sydney market closes in 8 minutes.

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  114. Gold/Silver should be 16:1; (Sprott says silver will overcorrect probably to 12:1 or so) I am 75% silver: 25% gold. I am planning to trade 33% of my silver into gold when it hits 18:1.

    Which means when gold is $1800 and silver is $100, I do the deed. I will be patient.

    On a side note: waiting until Mid-May (two week period of Turd's Turgidity) to make further purchases.

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  115. Jack, why do you think Aust market is holding back silver here?

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  116. SnaggleTooth,
    I was definitely being sarcastic. I won't consider swapping silver for gold until this GSR starts to slow down or reverse. It's looking like we are going to get closer to the 15:1 historic ratio and I will wait until then before making the swap to gold. With the fundamentals being in silver's favor, 15:1 might be too conservative at this point. Just a waiting game for now, but either metal definitely is more favorable to $USD at this point. Kinda curious as to why Canadians see hope in the Dollar right now, that is news to me.

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  117. @Jack,
    What drives it to $50 and what time will it hit $50? C'mon, impress us with your call.

    ReplyDelete
  118. Ian

    One last thing. As I've been discussing on the blog lately, there's just something awesome about holding some gold right in your hand, skin on skin so to speak. No holder or mylar or anything between you and your gold. Seriously, it's a powerfully satisfying feeling. Not recommended with your fresh-from-the-mint Eagles or Buffs. But I heartily recommend that your next two ounces of gold be a couple of old pre-1933 St. Gaudens $20 Gold Pieces. Double Eagles. Get the cheapest ones you can find. G'ville has them in VF (Very Fine) condition. "Very Fine" is code for "Nuthin Special". I guarantee you, you can take them out, hold them, jingle them around in your hand to your hearts content and you won't harm their value one little bit.

    For all your other ounces of gold, yes get the new stuff and store it away safely somewhere. But a couple of hefty, jingle worthy coins kept in an empty Crown Royal bag is a wonderful thing.

    http://www.gainesvillecoins.com/products/154657/CommonDateStGaudens20Raw.aspx?id=154657

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  119. Just a pattern I've noticed. My guess would be the Fed has buddies in Sydney short selling into rallies as needed.

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  120. Eric#1,

    I have a different way of approaching physical. I don't touch it or even unpack it after it's delivered.

    I just take a quick peek to see that all the bars are there, then seal it all up again quickly.

    I do this precisely because I DO NOT want to fall in love with the feel or the jingle, etc.

    I want to maintain cold objectivity so that I can easily make the decision to get rid of it when I need to.

    Just another perspective. Not disagreeing with your approach.

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  121. Finished listening. Epic interview Turd. Both enlightening and hilarious. That laughter when you mentioned the cow was pure evil :).

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  122. Eric#1...

    ah ha...so use that for just gold, ay? Hmm...good point.

    That's pretty much what I've been contemplating for a very long time.

    I'm thinking about taking out the 401k (I call it a 101K cuz it's just a joke anyway, lol), and giving half of it to my brother.

    He's been in a bad way, but he knows what "we" know, and so he's been really bummed out lately that he can't get in on this. At the same time it seriously bumms me out!

    I was thinking of taking out the 401k loan and giving him half so that he could catch up in a way.

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  123. Jack,
    wish you were right, but looks like those guys might still be on their ANZAC day holiday, given the price drop just now

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  124. Providentmetals.com has a better price than Gainesville on the Gold Eagles. Just sayin.

    I'm not affiliated, I use both sites. I am always looking for best prices.

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  125. Turdle GG

    Oh, I understand. The part that pains me about doing some serious upcoming swaps is trying to decide which silver to part with. It's like trying to decide which of your children to sell. So I can completely understand your approach.

    And I'm not saying all your precious should be out and about being handled and fondled all the time. Probably 98% of your stash should be packed away, stored away, safe and secure. But I don't think there's anything wrong with some jingleworthy 2% to be handy anytime you want it. I truly believe it adds a dimension of enjoyment to this whole thing that a lot of people miss out on.

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  126. Eric #1 and Save America - just like any dollar cost averaging, it makes sense to me to have some of both, and the different weights suit different plans and levels of investment. But trading can have hidden costs, so as Eric says, if you are purchasing physical on a monthly basis or as you can afford, why not keep an eye out for some particular gold you like or just a good dip. I think trying to time anything exactly is a recipe for disaster, but I also think people don't need to get their knickers in a knot just because some people think the future will be different from others - none of us knows when or what is going to happen for sure - d'uh. I felt I had been getting silver-heavy - it has been a heady rise - and when you price it as Eric shows, silver to gold, it seems only sensible to have a balance of the two.

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  127. Eric#1,

    OK. I take your point about the enjoyment aspect. Perhaps I will get myself a few jingle-worthy coins to have on my desk near my computer...
    I'll consider them to be a little exception to my rule :)

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  128. I'm not familiar with swapping gold and silver at all. All I know is that as of yesterday, my guy at CMI said that the gold advantage is about done. A couple of weeks ago, his boss Bill Haynes had said it was toss up as to whether to buy gold or silver. But, generally, Haynes favors silver, as does my guy.

    I've bought several times over the last two years and at about 61% silver and 40% gold. I'm holding back a little of my last powder for gold. I was going to do a 50-50 split, but was urged to stick more with silver.
    I can just about make decisions to buy, I'm not sure if I could handle swapping! Hopefully, I can learn more so I can decide what to do...I thought I would just hold...

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  129. Eric, Turdle GG - I don't think gold is 'just another commodity'. It has been a currency or holder of wealth throughout the past 2000+ years. It is worn, and used for symbolic representations of power. Silver too, but to a lesser degree. A golden crown was the ultimate proof of power, through wealth.

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  130. @Irene

    My number one read in my macro section (I have many menus, i.e. macro, gold, msm, technical, link blogs, foreign, etc) is Zerohedge.

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  131. Well, I think we've beaten this whole swapping and jingling thing to death for tonight. I'm going to get some sacktime and be ready for another epic day tomorrow! Here's hoping you Asian shift guys can mind the store for a while and hopefully we will come back strong and kick some ass again in the morning. :D

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  132. Xty,
    Good points. I will go with Eric's idea of a few nice coins to jingle and fondle, but will hold off on the crown (at least in public view)...

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  133. I think we're in for a wild ride tonight and tomorrow. Buckle up and have your dry powder and air-sickness bag handy.

    Oops! Here we go!

    ReplyDelete
  134. Meant to say that I have 60% silver to 40% gold in terms of the fiat money I designated for PMs...so I took a certain total of $ and spent 60%of that on silver vs 40% to gold.

    ReplyDelete
  135. www.sgtreport.com

    SgtBull has posted a new interview with Harvey Organ.
    http://www.youtube.com/watch?v=fJPbwnW1z6Y&feature=player_embedded

    Very good info. Gettin er done

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  136. That was a Dec 18 Interview. Here is the link to the full article. Harvey still tells it how it is.

    http://sgtreport.com/2011/04/defcon-3-as-gold-silver-blast-off/

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  137. Insight

    OK, you sucked me back in for one more comment. You say you've been buying for a couple years at 60:40, silver to gold. That's fine. But where does it all stand today if you value everything in dollars at current value? It's got to be getting pretty heavy in favor of silver. 70:30? 80:20? Is that where you want it? It's food for thought, is all I'm saying.

    Nite all....

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  138. Can someone help me out on this? I'm new to following the ETFs and wondering if there's a connection between the 5 million tons of silver that left the SLV vaults today and the 5 million tons that was reclassified in the Canada vault last week. Seems to me that if Comex has just 40 million tons total this is a bit too coincidental.

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  139. Looks like some new support forming around 47.80? What do we think, boys and girls?

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  140. @Sitting BullStones

    Thank you for this info. A while back it was fairly clear that sprott obtained the gold for his latest offering for PHYS from the gld fund.

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  141. @Sitting Bullstone

    Of course you mean 5 million oz yes? And which canadian fund are you referring to?

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  142. Harry,
    I would not call that a support level. First real support (which Trader Dan call "light") would be around $45.

    You can see his chart here:
    http://traderdannorcini.blogspot.com/2011/04/fomc-gives-precious-metals-bulls.html

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  143. @ Robert Leroy Parker

    I wasn't following ETF's back when Sprott started his fund so can't speak to that.

    I'm trying to figure out why SLV would sell 3% of its physical holdings in one day and what do they do with the proceeds? The fund is supposed to track the price of silver. Didn't their CEO come out a couple days ago with a statement claiming there's no truth to the rumors their balance sheet isn't backed by registered silver?

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  144. @ Robert Leroy Parker

    Didn't see your subsequent post.

    Yeah, the reduction in SLV today was 200 tonnes which is about 5MM oz.

    Canadian vault is Comex depository Scotia Mocatta referred to by Turd.

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  145. @Sitting Bullstones

    The way the slv and gld funds are set up allows for large baskets of shares to be redeemed for physical metal. The shares are destroyed when the owner takes possession of the metal. This is perhaps the last best vehicle for billionaires to obtain large amounts of metal without shaking the market.

    Which Canadian fund were you referring to?

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  146. @Sitting Bullstones,

    With regards to the comex vault I would not suspect the slv redemptions have any connection to the reclassification of the comex metal if that is what you are referring to.

    I previously thought you were referring to one of the CEFs that are based in Canada.

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  147. @robert leroy parker

    OK, thanks for the responses. I can envision a situation where SLV doesn't have the silver to honor a redemption request so one of the Comex vaults ends up reclassifying the same amount. I dunno, I've held physical for awhile but new to the trading game because of some worthless fiat locked up in a 401K. Perhaps its just co-incidental but sophisticated shell games do make me wonder.

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  148. I think you guys are reading too much into these small price movements since Sydney and Asia trade day.

    The Asians probably are still hesitant to get in because of the huge knockdown previously after Asia had run-up the price close to $50.

    I'd think they'd like to see London and NY pull the slack a little more before they commit again. Down here they're not averse to paying higher prices. The Chinese showing up with $2,3,4 Bn CASH to buy physical is testament to that.

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  149. Hey Harry,

    EndlessMountain has some technical analysis which includes something very interesting about that $47.75 level. I think you'll find this interesting.

    http://www.youtube.com/watch?v=70BTvVUjce8&feature=feedu

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  150. A comment on ZH:

    http://www.zerohedge.com/article/silver-10-one-day-drop-followed-764-one-day-retracement#comment-1214769

    "Owning physical silver is like having a life preserver tightly strapped to your chest while sitting in the lifeboat, being lowered into the water.

    Owning silver shares is like being on a lifeboat "list"."

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  151. THE Fib retracement of 0.382 intraday comes to 48.24 ; looks like silver has to move beyond this resistance for more upside.

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  152. It's been coiling and coiling the whole day gathering potential energy.

    Very interesting to see what comes out of all this.

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  153. Dear Turd,

    So I finally listened to the TMRN interview and I have to say regardless of the accuracy of your Gold, Silver projections, pattern recognition expertise etc. I perceive much deeper issues.

    Your true nature and deep seated passion, observation for what is now happening and what is yet to come, is revealed quite explicitly and honestly.

    I thank you for giving me deep insights. You are truly one of the smartest people I know. I say this not to inflate your ego or pride but so that others like me will take the time to understand what you've been saying looking beyond chart patterns and price projections.

    I believe I now do. Thank you.

    -JoeKa-

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  154. I concur JoeKa.

    We (the World) are heading into a conflagration unlike the World has ever experienced.

    The shadowy cartel or 'Grey Men' Banksters pulling the strings are moving us into their end game for control of the people.

    Most of the enlightened individuals on this blog will fare better than the vast masses, but it will be demanding none the less.

    I feel it is gonna get very real soon, this year and next, and not spanning decades as most of the establishment tout.

    Lets hope that silver really does find the chink in their crooked armour and we all play a small part in their demise?

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  155. turd fergasons voice sounds alot like charlie sheen lol "WINNING"!!!!!!!!!!!

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  156. No its not Charlie Sheen.
    It sounds REAALLY familiar, but its not Charlie Sheen.
    I'm wracking my brain to figure the fit! :P

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  157. ...and do we have LIFTOFF?? Hopefully!

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  158. $48.63

    There is movement at the station.

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  159. @ragedmaximus: actually staying within the Sheen gene, I personally think Turd sounds closer to his more 'grounded' brother Emilio Estevez.

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  160. TF: thank you for being so generous with your time and expertise. You are making a huge difference to many people's lives.

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  161. Joeka is right, Emilio Estevez

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  162. Morning all!

    So what's the plan for today? .... ;-)

    To my bird brain, with gold flat and the markets futures looking down, I'm thinking that my miners (after a great day yesterday) are headed down. And I still think that silver 4$ up yesterday will cause some sort of reverse reaction down today, whether manipulation or just simple profit taking.

    But I'd be happy to be wrong.... :-)

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  163. Lot of resistance toward $49, and a very good morning to you all.

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  164. I like it. The Turd as a "Young Gun".

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  165. From Trader Dan
    Wednesday, April 27, 2011
    Marx comments on Bernanke's QE policies
    Karl Marx 1867
    "Owners of capital will stimulate the working class to buy more and more of expensive goods, houses and technology, pushing them to take more and more expensive credits, until their debt becomes unbearable. The unpaid debt will lead to bankruptcy of banks, which will have to be nationalized, and the State will have to take the road which will eventually lead to communism. (Das Kapital, 1867)

    Erie isn't it?

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  166. AM London fix in: $48.70
    Now trading: $48.50

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  167. So much talk on the GSR? If and when the GSR gets to 16-1 or overshoots to 10-1 as Sprott suggests IMHO there will be no more physical gold available. Best to start slowly transferring now.

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  168. Just woke up and Great Panther has not yet updated today's pricing (Still $37.50). Just loaded up on 10oz bars @ 7:30am.

    @Mr1776 Every bullion dealer has that clause. I doubt they will go to the trouble of cancelling all orders received, repaying the purchaser over such a small discrepancy- too much work; too little gain. They have already incurred paypal charges alone of 2%+ so it wouldn't make business sense to invalidate orders unless tere was a significant development.

    Last time I ordered from GPL it was in a similar situation, price had increased rapidly during the day and GPL had not reset their daily pricing although I admit GPL was not below spot when I ordered. At any rate, they fulfilled the order.

    @Fortinbras, I'll take that $10 bet. I'll let you know when the silver arrives. :)

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  169. Alex-

    I just checked the GPL site, you meant 47.50.... if it was 37.50 I would have cleaned them out... ;-)

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  170. if it was 37.50 I would have cleaned them out... ;-)

    -----------

    As would I :)

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  171. @kiwi: me too, but unfortunately there's a 200oz limit and they don't ship internationally. :(

    I only wish I could find some kind soul who does not mind being proxy to re-ship the silver to me.

    But then again, humans being humans are all fallible to temptation.

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  172. JoeKa-

    I'd imagine there are re-shipping services, with a P.O. box in California.... but that adds to the price.... if you don't mind saying, what part of the world are you in?

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  173. POSX improving a little, mainly due to EUR/USD down.

    The Bank of International Settlements were selling above 1.4850.

    US GDP and jobless claims out at 8:30.

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  174. @kiwi: I'm based in Singapore...and believe it or not the variety of sources here for procuring Physical are pathetic. It actually costs less to buy online with currency conversion, with shipping and tax than it is to buy from legit sources here.

    I do have a re-shippping service with a P.O. Box in OR, Portland but they WILL NOT ship Bullion.

    Sad but true. :(

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  175. $47.50 sorry for the typo and the panic it instilled. lol

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  176. Speaking of EURUSD pls note the following trade alerts:

    1. FX Options - EURUSD: Front end volatility have dropped after the FOMC meeting and press conference. Rest of the curve has moved a touch higher. Front end Risk Reversals are moving closer to par, but still favoring USD calls.


    2. one buyer of 12 mo usd chf at the money straddle in 400 million dollars (normal market amount 50 million notional for reference) - Long straddle

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  177. @Alex: the only panic it induced was to the GPL site administrator who possibly saw traffic spike by 1000% after your post! LOL

    Lurkers rejoice! Alex was just playin with ya!

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  178. JoeKa-

    That's really odd, I always read that Asia is awash in bullion stores.

    Just have Great Panther label the box "Cat Food".... ;-)

    Off to my day job! ( Well, watching the ticker is my real job, but they pay me to sit at a desk and look busy... ;-)

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  179. @kiwi: Asia is a HUGE ASS region. It just so happens I live on the smallest pimple. :P

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  180. Is that a mini raid or did Blythe get the GDP figure in advance? Or both?

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  181. once again oanda showing a $0.15 bid/ask spread, should be $0.024

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  182. Today added 28 ounces of silver.

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  183. oanda spread on xag back to normal.

    WTF is going on with this spread? anyone else see it?

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  184. Risk in on, place your bets.

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  185. bought sivr yesterday silver up but ask is crap anyways it's premarket the wild wild west

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  186. Good Morning. GPL sales is in for a surprise this morning. Hundreds of ounces over-night from this site - love it.

    And didn't gold just have a nice spike. I think we will have an up day, miners too, as afrum and TF both calling for a strong end to the week, and people not wanting to miss the boat.

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  187. I'm going to be cautious at the open, something smells fishy. The price in AGQ v spot and futures not right. Spot seems to be dragging along the 48 level. That was a big move yesterday that needs time for ingestion.

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  188. Well a profitable two days to trade gold and silver. Any thoughts on the high point in silver today guys?

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  189. My second physical purchase this AM via GPL. Thanks to all for that tip.

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  190. JoeKa - I will reship your silver! Forget for a moment that I am actually a stranger on the internet, and focus on my lovely, trustable, on-line persona....

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  191. thanks a lot for the interview turd, good to hear you lay stuff out in an interview format.

    i'm burning it all to a couple of audio discs for my dad to listen to in the car to and from work, as i do with max keiser's weekly show and various KWN pieces :)

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  192. A massive bull flag has formed. A move above 48.75 will take us to the highs and beyond...

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  193. so will we have a mid day dip? i need to buy back in

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  194. @Xty: are you serious?? Dun yank my chains babes. Lol

    @dd: I see that too. Let's hope it pans out.

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  195. NEWS

    BNN(canadian news) reported that people are stealing catalytic convertors for the palladium

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