Thursday, April 28, 2011

A Losing Game

I must admit to being amazed. The utter desperation of The Cartel is palpable. They may still win this battle but it is increasingly clear that their empire is crumbling. They are losing and will lose.

The size of the raids to protect and defend 49.50 are enormous.
The backwardation to 2012 and beyond is growing.
Option premiums for July are extraordinarily high.
Bullion banks are quickly acting to protect themselves by reclassifying bullion so that it can't be used in the delivery process.

All of the signs of a coming signal failure are there. The market participants know what's at stake and are desperately trying to avoid it. However, their own actions betray them as it is quickly becoming "every thief for himself" and, as the saying goes, there is no honor amongst thieves.

All that said, I still don't expect this overnight or even next week. It might happen. I'm just saying that I don't expect it to happen, at least not yet. If I had to give you a timeline, it would look something like this: (Again, I'm attempting to predict the future here. Please don't do not expect me to be 100% accurate with everything I state below.)

1) First notice day for May silver is tomorrow. Expect intermittent raids through the evening, overnight and tomorrow as The Cartel tries to shrink the May OI as much as possible.
2) The POSX continues to decline next week. It will get desperately close to critical support between 70.81 and 72.17 on the cash number.
3) Though volatile, gold and silver rally through next Thursday. Gold breaks through 1550 and even approaches 1560. By Monday, with some Cartel pressure removed, silver finally begins a successful assault on 50 and reaches toward 52 by Thursday.
4) Just as all looks lost for the dollar and the PMs look ready to roll, the BLSBS report comes out next Friday with a better-than-expected (versus reduced expectations) number. Dollar shorts scramble to cover. The POSX gets a desperately needed bounce away from 72. Over the next 10 trading days, it even makes a run back toward 74.
5) In the face of a rising POSX, the metals trade in a downward consolidation from 5/7-5/21. Gold trades back down toward 1535. Silver reaches a selling climax all the way back down toward 47 or even 46.

IF all of this plays out even remotely close to what I've described, I believe we will be set up for the opportunity of a lifetime. From 5/24 until the end of June, silver will streak higher, peaking somewhere between 65 and 70. Gold will rocket higher, too, achieving my stated goal of $1600 before 6/10 and rolling on toward Santa's oft-stated goal of $1650 before the end of the month.

The key is to not get carried away and act in haste. Let the events of the next three weeks play out before you act. Be patient. Wait for your opportunity to strike. You will be rewarded.

Here are your charts for the day. First, here's a 5-minute gold. Very important to note the resilience and strength of the buying every time The Cartel beat it back. Very, very impressive. 1550 here we come. Maybe as soon as Monday.

Take a look at silver. On this hourly chart, you can clearly see the desperate and foolish attempts of The Cartel to keep it below 49.50.
And now, the pathetic POSX in three pictures. Recall that The Fed must choose between the long bond and the dollar. They can't prop up both. In light of yesterday's events, it is clear now that they have chosen the long bond. Though bounces will invariably come (next Friday?), the fate of the greenback has been sealed.

It's 4:20 EDT. Gold, the strong leader of the next 6 days, has effectively shrugged off today's raid and rests just $2.50 off of today's highs at $1536.30. Silver, the object of Cartel scorn, is still $1.17 off of it's highs at $48.39. For silver, the overnight and tomorrow will be wild with volatility. Trade if you must but beware. The Wicked Witch stalks the night like some sort of chain-smoking chupacabra. You have been warned.

TF out.

ps
The blog is now running every day between 90,000 and 100,000 pageviews. With that, the volume of emails I now receive is literally overwhelming. I try to read every one but it is no longer possible to respond to them all. Please do not be offended if I don't get back to you. Thanks for understanding.

327 comments:

  1. "chain-smoking chupacabra"

    You, Sir, are a genius.

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  2. CAN Greece influence EUR USD pair to bounce back POSX (EUR has lots of weight in the basket)? I don't really know how much time is left for them to default.

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  3. repost from end of last thread

    @uptofreedom

    thanks for trying, but that is not what i want.

    i want a graph of (silver spot price "multiplied by" USDX) vs time as well as charts for gold and SPY.
    for example today silver is 48 and USDX is .73. The relative price of silver is thus 35.04. On Jan 2nd silver was 30.7 and USDX was .79, for a relative price of 24.25.

    i realize a graph of silver price either way is still extremely bullish, but for me it would give me an intuitive perception of how bullish silver really was compared to stocks and gold corrected for what is pretty incredible dollar devaluation over the last 6 months.

    MHT

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  4. If ONLY I could talk the Mrs. into cashing out that g-damn 401k....sigh.

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  5. Some people just don't get it, beef. Show 'em all the charts and history books, and it still isn't enough. I hope it doesn't lead to resentment for you. At least when the 401k is decimated, you've got the "I told you so!" card to play for the rest of your investment lives.

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  6. MHT, maybe this is what you want...

    http://stockcharts.com/freecharts/gallery.html?$SILVER:$USD

    It's a silver:$ ratio chart.

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  7. The aftermarket precious metals Globex is strong. What does that portend for tonight ??
    Any thoughts. ?

    P.S. Thought it would sell down hard after the Dow close.

    wrong again ............

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  8. kiwi - I think that learning is lost if one switches strategies too often and it defaults to flying by the seat of your pants. Consider if you are trying to optimize a day, a week, or a month. Plus you have that annoying 3-day restriction.

    Regarding Turd's comments on gold. A shout out of thanks to whomever is maintaining the Physical Trust spreadsheet. I am going to use that to move my SBT (SVRZF) to CEF at a good time in the next couple of days.

    Canadians using TFSA's - The CRA isn't really settled on what happens when you withdraw and recontribute in the same year. Same with what happens if you withdraw more than $5000. Clarification will come eventually but for now there is a chance you may be challenged. Or the rules may change to tighten up.

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  9. Buy Silver Today - At A Discount by Jeff Nielson 25 April 2011

    "In this particular instance, the desperation of the bankers to push gold and silver lower is especially rabid. The bankers are absolutely determined to preserve the myth there are still 'seasons' in the precious metals sector (a topic I intend to explore in the near future) - and we are now (supposedly) entering the "off season".

    Seeing bullion prices surging higher at this time of year has them terrified, and has already resulted in the most massive shorting frenzy with the gold and silver miners since the Crash of '08. The shorting of the miners has been all the more frantic given that the bankers have clearly failed to control surging bullion prices. This has resulted in a radical disconnect in the prices of the miners versus the price of bullion, or (put another way) the miners are now as cheap as they have been in close to two years. Obviously both bullion and the miners are heading much, much higher in the future, so it remains to be seen whether these "shorts" can manage a profitable exit from the miners - or simply a reenactment of "Custer's Last Stand". But I digress."

    http://www.gold-eagle.com/editorials_08/nielson042511.html

    This is a must read for all Turdites.

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  10. Turd,

    What's your take on the junior miners?

    Seems to lag spot prices.

    Too much risk aversion, physical is safer, high oil prices?

    I'm not buying the hedgies are short miners/long physical.

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  11. Turd said ...

    "The Wicked Witch stalks the night like some sort of chain-smoking chupacabra."

    That's some funny shit!

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  12. It will be nerve-racking times!
    It's obvious, and for sure today if you take a market snapshot and look at the volatility that The Cartel is desperate.

    Will stay focused and buy the 5/6 - 5/21 dips.

    Turd; Maybe The Wicked Chupacabra is looking for a large Anaconda to chup... so watch out! ;-)

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  13. Seems like maybe that huge mother of all battles that we expected at $40, might now come at $50 instead.

    Eric#1

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  14. Thank you o great and powerfull Turd.

    Please tell when to convert the stash to land.

    www.thegraystonefarm.com

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  15. what will happen after the end of june, when QE2 is finished? any price targets for then? i guess for me it doesnt make any difference as i buy in euro and the euro will certainly come down when pm prices come down that time.

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  16. Happy-

    Good point about optimization, until now I've just been hitting a point where the short term gains were large enough that I felt I should book them, but now that I've built up a hefty profit (for me, anyway), I should take a longer viewpoint about getting in and out. At this point I figure I'll sit and hold until silver hits 52, dump before the correction, get back in after the correction and just let it ride up to the "Turd's Top" in mid-late June.

    Thanks!

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  17. Strike as in to wait on a dip to go long?

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  18. Turd, if I may make a suggestion -- I wouldn't worry about trying to respond to emails (which are only going to grow in volume) but instead maybe respond to them in a more general way on the blog.

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  19. This was just tweeted by Zerohedge, can someone explain the significance of this to me?

    "JPM quadruples its eligible silver COMEX inventory from 30,844 oz to 141,436. Not one ounce is registered"

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  20. The UK is on another 4-day weekend. Royal Wedding + May Day which is an inspired combination. Will the London market closure have any effect?

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  21. Where's Dan Brown and Tom Hanks when you need them?! I would love to see Robert Langdon running out of the Comex, furiously deciphering futures/inventories while making a bee-line for a scruffy coin shop yelling "The ILLUMINATI are still here! Alright pops, gimme all the metal you have and don't skimp on the junk. If you see a witch followed by flying monkeys, I was never here."

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  22. OMIGOD!!!!

    I just googled chupacabra.

    I want one!!!

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  23. Great post --have printed it and posted it above my computer as a reminder

    On the point of the gold spreadsheet - can someone re-post the URL?

    Appreciate your enthusiasm ... Turd

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  24. http://en.wikipedia.org/wiki/Chupacabra

    Chain smoking chupacabra" too funny and I didn't even know what it was!

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  25. what's a good strike price for silver? i've got my finger on the trigger and it's itching to fire :))

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  26. Would you mind to talk some day about your expectations for the oil? I know that is not your field, but I would like to know your opinion.
    Thanks. Albert.

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  27. Great stuff, as usual, from the Turd.

    For you nOOb's to the PM market out there, I wrote a quick beginner's guide to investing in Physical bullion. Check it out by copy pasting:

    http://insiderobertsbrain.blogspot.com/2011/04/how-to-buy-gold-and-silver.html

    or, click my name above and go to my Blog.

    Leave me a comment letting me know if it helped, or if you have any other inputs that will help our newest physical market participants "dip their toes into the water"

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  28. @Testes
    I'm a bit of a contrarian myself. I for one don't think the SHTF scenario will ever play out. I don't think we need our stacks to barter for food. I'm not sure if these "raids" are really raids but it makes sense so why not.

    I do however think the dollar is hanging by a thread, but betting against the US is not a bet I am willing to take. I firmly believe before there is a collapse there WILL be a war. I think silver will go higher but i'm not calling for 100 or 500/oz. I will ride the silver bullet until it stops producing and then I will sleep soundly on a pile of gold.

    I make money with silver, I intend to preserve my wealth with gold. Whatever the new currency may be :)

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  29. @Testes
    Re your groupthink speech. Grow up. Your on a PM blog and we are bullish. Can't wait for the new site so I don't have to read that garbage.
    Folks do your own DD and make your own decisions. If you are lazy and want soembody else to think for you, then you deserve what you get. Freaking children parading as adults. You give them books and what do they do? They tear the pages out of them.

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  30. Margins going up again to $14,513 initial and $10,750 as of close of business on Friday, April 29.

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  31. @Tim

    Of course what we saw today were raids. No one is actually selling their silver in quantity now, especially after the recent pull back earlier this week. The move from here is higher, barring intermittent slams by BM and her flying monkey brigade. The raids are gifts to those who know better, allowing traders and investors cheaper extry points to maximize profits.

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  32. @atlee
    ok. i've grown up.

    last post,
    i honestly hope that those of you who are most in need do make money out of the "turd movement"

    MHT

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  33. lol wat?

    I thought Teste's post was a good one. Maybe the examples he gave were unnecessary but his point is quite valid.

    http://img805.imageshack.us/img805/7979/interestingman.png

    @ atlee

    "You are on a PM blog and we are bullish."

    Okie, glgl

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  34. @TexasGoldFinger,
    If you're going to post something about margin rate increases, please include a reference to your source of information.
    I can't find anything about margin increases.

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  35. Based on today's data:
    http://about.ag/data/csv/DailySilverData.htm

    There is now 33322807 oz of registered silver in all Comex vaults.

    Some significant portion of it is probably owned by people that have no intention to sell... IE If you bought a futures contract and took delivery of the receipt, but have not yet moved it out of the vault it could still be in the registered category. It could also be silver that you contemplated selling and had 2nd thoughts about and are still sitting on. IE the key thing I did not initially grasp is that registered silver in the vault does not belong to some dealer, it could belong to ANYBODY.
    So the amount of silver available for delivery necessarily has to be less than the registered amount.

    With today's registered inventory of 33322807 we have 6664 contracts of silver available.
    Assume we keep 1/2 of today's OI of 10K contracts and just 30% of the people holding the registered inventory don't choose to sell we are SOL.

    6664 *70% = 4665

    In the last two months the total of all silver
    deposited to the dealer is enough for just 54 contracts.








    So Today

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  36. Also see the note on silvergoldsilvers blog.
    If true (and his predictions seem to be mostly true.) its going to get really interesting.

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  37. Oh wow, it's true. A one-two punch margin increase. Crafty, crafty CME. They made the first increase small to lure in the bulls thinking the coast was clear for at least a few weeks only to come back a few days later and jack them up again.

    http://www.cmegroup.com/tools-information/lookups/advisories/clearing/files/Chadv11-153.pdf

    Suddenly today's price action makes sense. They managed to prevent a breach of $50 by shenanigans.

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  38. wow, Paul, kinda close to the edge

    listen, I know I don't have much to contribute, and I'm not a trader, just a buy and adjust in a dinky IRA slap full of juniors

    but I do appreciate and benefit from all the gathered spirits, avatars, and characters

    some of the trolls are cute, but one wonders about when their chain will get a tug

    but ya'll are alright by me

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  39. via Bullion Baron, the CME did this type of one two punch back in November.

    Date: November 10th, 2010
    Spot Price: $27.18
    Contract Value: $135,900 (5000 x $27.18)
    Margin Requirement: $8,775 (6.5% of full contract value)
    Resulting Leverage: 15:1

    Date: November 16th, 2010
    Spot Price: $25.40
    Contract Value: $127,000 (5000 x $25.40)
    Margin Requirement: $9,788 (7.7% of full contract value)
    Resulting Leverage: 13:1

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  40. I see the margin increases. Thanks.

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  41. A chupacabra is an unlucky animal (raccoon or coyote) with mange! Yep. Describes Blythe all right.

    Will buy some $46 silver from her 3rd week of May for sure.

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  42. @My.Harbl.Testes - Are you basically saying you want an inflation-adjusted silver chart? Lotsa google hits on that. How's this one? http://www.silverstockreport.com/2008/charts.html

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  43. What time does the us index open for trading? I use a forex platform and its dark right now.

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  44. Margin increase again eh?

    So what's this about. It might sound like it's about increasing responsibility and preventing manipulation of the market.

    Or it might sound like making manipulation easier. The big players have access to practially limitless money to front futures and the impact on them is just having to shift money here so a choice on investment is the impact. OTOH the smaller players will have less play money. When a raid comes who are the buyers? Will they still be able to buy (they certainly can't buy as much as they used to)?

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  45. Excuse me for asking a question that has probably been asked here a thousand times..But how does one learn to trade options EXACTLY like Turd does in silver and gold? Are PM options different than equity options at all in strategy? It would take awhile to learn but I'd like to understand how to get in and get out and cash out just like Mr. Turd. Learn which risks are worth taking and pushing...I'm a novice but I'd like to risk some coin...Many thanks...

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  46. We had a storm here. Knocked out power all day. I need to get myself a phone with satellite connection. Man if that was the fed speech I would of pull my hair out.

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  47. recommended read on resources: an essay by Jeremy Grantham, the Chief Investment Officer of GMO Capital (with over $106 billion in assets under management): http://www.theoildrum.com/node/7853

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  48. I wasnt going to sell any of my physical silver, but don't have any gold, so I thought of selling a 100 ounce Englehard and buying 3 gold eagles. The guy at the coin shop wasn't interested in my 100 oz bar, he said he had dozens of them and was selling them at spot. He had a lot of 10 oz bars for $1.50 over spot. He had the gold eagles for $80 over spot which I think is reasonable. But if I can't sell the bar....

    Going forward, I'm thinking my silver buys will be 1 to 10oz pieces, as I think they will be easier to peddle in the future, especially if silver winds up where we think it will. And if the coin shop isn't buying, or paying well below spot, perhaps on Craigs list.

    What are any of your experiences with selling physical gold and silver? I'd love to race to the store on a dip, buy some, and turn around and sell them on Craigs list for a nice profit in the future, maybe spot + $1? If I had some powder...

    I was kind of surprised at this first expeerience. maybe it was just the timing.

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  49. This is excellent guidance for the next month. Buy the dips.

    The Fed is going to be forced to print another $2.5 trillion. Check it out here:

    http://lonerangersilver.wordpress.com/2011/04/28/fed-likely-to-print-2-5-trillion-next/

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  50. Some funky trading going on with Gold re the Bid/ask tics.

    Check it out ??

    http://www.sgxniftydowfutureslive.com/index_files/DOWFUTURES.htm

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  51. All tics going off at the bid and not the ask in Gold ?

    strange !

    http://www.sgxniftydowfutureslive.com/index_files/DOWFUTURES.htm

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  52. Seems like there are several other regulars who have disappeared as well. I wonder if they've fallen into the same Blogger Black Hole that I have. Lots of discussion about it over at Kliguy's blog as well, so I don't think it's just me. For now, I'm getting around it by using OpenID. Here's a page that helped me get going.


    http://openid.net/get-an-openid/

    Eric#1

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  53. Steve -- isn't the whole point of swapping silver for gold to avoid fiat altogether?

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  54. Eric#1...I had the same problem with blogger and I did what Fleve said and it worked. Turn off your browser,then go to blogger's site and sign in. That's what I did and it's all good now.

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  55. CD, IMO "swap" is just a euphemism because it usually involves selling and buying. The best way/value to swap is to sell silver to a private individual and buy gold from a private individual. Rarely would it be the same person, hence the FRN involvement. Even at a dealer there is no swap per se. They buy silver under spot and sell gold +premium. Sure you can work that out on paper to figure out the GSR but it will be a few points higher on that scale by going pure paperless.

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  56. WooooHoooo!!! I'm alive again!!!!!!!

    Now I'll see if I can get a picture to work. :)

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  57. zippity do dah, zippity yay, my o my what a wonderful day!!!

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  58. margins have been raised

    http://traderdannorcini.blogspot.com/2011/04/cmegroup-hiking-silver-margins-for.html

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  59. Turd & friends,

    earlier this week I mentioned a TMR hosted conf call featuring Mickey Fulp. It's scheduled for tomorrow at noon edt. Here's the call details for anyone interested in hearing it:
    ------------------------------------------

    Thank you for your interest in our 60-minute live discussion and Q & A with Mickey Fulp, the Mercenary Geologist, hosted by Technology Metals Research. We'll be covering a range of topics including terminology relating to mineral resources and reserves, geology field work and prospecting, the life cycle of projects and Mickey's philosophy on investing in the junior-mining sector.

    Here are the details for the call:

    Date: Friday April 29, 2011
    Time: 12:00 noon EDT ( GMT - 4 hours)
    Telephone number: +1-712-432-3066
    Conference code: 420587

    If you'd like to ask a question during the conference call, please press 5 and then * to "raise your hand". Alternatively, you can send a question via email to ghatch@techmetalsresearch.com before or during the call. Please make sure that your question is relevant to the topic of conversation at that time.

    We look forward to seeing you on the call!

    Best wishes
    Gareth
    --
    Technology Metals Research, LLC
    180 S. Western Ave #150
    Carpentersville, IL 60110

    ReplyDelete
  60. It was really weird because as soon as I posted that I was using OpenID, that stopped working too! I'm paranoid enough as it is. So then I really had to go and try Fleve's fix on Blogger. It was actually really easy.

    ReplyDelete
  61. Coin Shop Report.

    I have a slightly different twist on the coin shop experience over the last few days.

    Basically, I've been doing some smallish swaps of silver for gold. Sometimes it's right there at the shop, but sometimes it's roundabout. I buy some gold online, but still need to go to the coin shop to sell some silver to "pay for it".

    Twice in the past week, I've had coin shop guys hand me a check, but ask that I don't deposit it for a few days! In one instance, he said that he had just made a big order for silver via a wholesaler in order to replenish his inventory and was now a little short of cash. In the other case it was literally because people are now coming out of the woodwork looking to sell him some silver. He buys it, but his line of credit at the bank is temporarily stretched.

    So, two different shops, two different scenarios, but the same result. "Can you hold onto that check for a few days?"

    Interpret this as you wish.

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  62. This comment has been removed by the author.

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  63. Rick

    Uh, yeah. Only 5 posts since you gave me a nudge to get off the dime and fix the damn thing. Thanks.

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  64. Am I feeling a little gloom in here folks?

    http://www.youtube.com/watch?v=V8lT1o0sDwI
    April 28, 2011 7:29 PM

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  65. Eric, two thumbs up. But ya need a busty maiden for your bow. Just ask oldNavy...

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  66. OK, so just to summarize in case anyone out there is having the same problems I had, here's what to do.

    sign out of your gmail account
    shut down your browser
    Open up your browser again
    go to www.blogger.com
    sign in again
    maybe check over your profile,etc.
    you should be good to go :D

    ReplyDelete
  67. ewc58

    That pelican not doing it for ya?

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  68. CMEGroup hiking Silver margins for the second time in a week
    The CMEGroup announced that as of the close of trading this Friday, margin requirements are yet again going up in silver.

    For speculators, initial margin is increased to $14,513 per full sized silver contract, up from this week's earlier hike to $12,825.

    Maintenance margin is moving up to $10,750 from $9,500.

    Hedgers margin and maintenance is rising to $10,750 and $9,500 respectively.

    http://traderdannorcini.blogspot.com/2011/04/cmegroup-hiking-silver-margins-for.html

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  69. The Mercenary Geologist is great read/listen/watch material. I'd be on the call but I'm taking tomorrow off. Mickey knows his stuff I'd check it out and I'd check out his site as well. His last release was on Tungsten and was a great listen.

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  70. I had never really gone into the stuff at blogger.com before because I thought it looked like something I only needed if I was going to create my own blog, but that is not the case at all. Just sign in and go forward and pretty soon you realize it's pretty harmless in there. Learn something new every day!

    ReplyDelete
  71. James Turk's market commentary update.

    Trading Comments, 28 April 2011 (posted 11h45 CET):

    "Blast off ! For gold at least, but silver will follow soon by eventually hurdling above $50. But it’s time for gold to take the limelight.

    We managed to add to our gold position on the price drop on Tuesday. We also bought silver, but were stopped out – just barely. I aim to get back in on silver, by buying a dip or on a break-out. But I would like to make a more general point.

    It is impossible to accurately pick buy-spots in advance like those I have been recommending. Therefore, do not take my recommendations too literally. View them to be general areas for buying. Buying gold at $1492 this week was luck, not skill. The skill part only came in with the recommendation to buy the dip that I was expecting."

    There's a bit more at:
    http://www.fgmr.com/trading-current-positions.html

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  72. Like most of you I own physical PMs but I also have some money that I want to keep fairly liquid in silver ETFs. My question is how do we play the ETFs in a short squeeze? The physical metal they are suppose to own won't be there, but they will probably get a very nice settlement? How should I play this with money I don't want tied up long term in physical metal.

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  73. Wow Sprott sold PSLV? Don't shoot the messenger.

    http://kiddynamitesworld.com/sprott-begins-selling-pslv-shares/

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  74. @testes

    i get ur drift

    but this is like going into a strip club and telling everyone to stop looking at the chics

    why do u think all of us r here?

    we r by FAR in the minority in the real world; in fact, so small that i don't even mention gold or silver to anyone i know unless it is a very close friend or family...i like that this place reduces the noise & people are on the same page, when i see the red 1-min bars now i don't get shaken out...if every other post were a troll most of us would be alot poorer now

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  75. "Ohhh, I HATE parabolas, and silver's chart clearly shows one. They are rally killers, and on this drive the silver price will need every sinew and ounce of strength to burst through that historic brick wall at 5000c per ounce. If it does, it will run straight skyward.

    Yet -- O, absolve me, Silver Bugs! -- I had rather capture my silver profits now by swapping silver for gold and miss part of that move, than see the reaction take them all away. Swapping for gold, I will at least get to swap back for MORE silver when the ratio rises. Not swapping, I will only get to cherish the warm, fuzzy memory of reading all those Internet gurus who convinced me the silver price will reach $100 by next Friday.

    The SILVER PRICE has a threatening double top, reached Monday and today, at 4982c and 4950c. The silver price must clear 5000c immediately and not fall below 4725c, or succumb to the Kryptonite of fifty bucks. This situation is as full of tension as your cheeks when you suck on to a firehose. Here it shall not remain, but must advance or fall back." ~ Franklin Sanders

    http://silver-and-gold-prices.goldprice.org/

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  76. Turd has mentioned, and it's been very obvious to me every Saturday morning my time (Fri night in the US), that silver rises steadily on the GLOBEX and spot markets and closes at its highs for the day (and usually for the week).

    Take a look at the lovely green candles (12 out of 13) on a weekly silver chart.

    Now, here's my speculative part: if you were the guy in China who had to report to their boss every Saturday how the silver position is doing, wouldn't it indeed be nice to have the buying power to ramp it into the close each Friday? You could imagine them just laughing about the various shenanigans that go on during the week, which are irrelevant to them.

    We know they are huge buyers and we know decisions/reviews usually happen on weekends in Beijing. It also works well with the various reports from King World News's "source out of London".

    Looking at the weekly chart, I would therefore hope/expect that we close near $50 this week. Let's see.

    ReplyDelete
  77. until I just saw Eric's I could read but not post. Just as well. Altho I did have a bit of fun writing a bit inspired by Turd's youtube thread.

    In the meantime, the Cartel hits just keep on coming. Raids increasing. Fed idiocy. CME double-whammy. Since we're in metals here, at least we have the CFTC to watch out for criminal behavior and protect us. No?

    CFTC - Covering For The Cartel

    ReplyDelete
  78. Larry

    That's awesome. I had a feeling I wasn't the only one with problems.

    ReplyDelete
  79. Hey. Has anyone else noticed that the Kitco silver chart looks like an EKG today? :-)

    ReplyDelete
  80. Swampfox,
    Yes. I thought the same exact thing.

    ReplyDelete
  81. Turd, good interview on the youtube thread. Enjoyed the links/vids... you're callin' it man.

    Now I have a BONE TO PICK (and an EE revelation to boot).

    There I was, lisnin’ to the good interviews and all, minding my own business, AND THEN... you went and did it. YOU CROSSED THE LINE. You linked that, uh, song. AGAIN!!!

    Why did I even open it and listen to the beginning? Was this a double payback for my simple threat of linking it months ago? That’s double payback whammy stuff!!! Are you sadistic? Am I masochistic? Glutton for song punishment? Oh, the humanity!

    Wellalrightythen, mister… if you want to play that way. Watch your back. Payback is a, um, Blythe. There must be a song that will buckle ol’ Turd’s knees and make him cry uncle. Hmm…

    But then it hit me! It’s all coming clear. There was a silver lining in that C&T video. Muskrat Love was a Cartel plant! Yep. Forget all the other conspiracies theories: western elites, Fed shenanigans, Marxist takeovers, JPM, Blythe, COMEX manipulation, Dollar destruction, oil wars and everything else. They were and are merely small parts of the Muskrat Love Global Market Domination Initiative (MLGMDI).

    That very devious cute song was the catalyst for the mess we’re in today.
    He’s a crazy conspiracy dude you might say. How could a goofy song cause all that, you might ask.

    Well, it was right there… out in the open. Tennille herself gave us the ultimate clue in the beginning of the video you linked. Yepper. We now know that Henry Kissinger attended the White House Capt & Tennille performance. We now know he sat just four feet away from Muskrat Love live… and he was being cleverly, soothingly injected with cryptic, subliminal Cartel messages through his auditory canals.

    Kissinger answered the muskrat’s siren call and promptly went to work like an evil zombie planning a new world order. Must be some kinda transmutation thingy. I can’t explain it all…

    Maybe the song transforms people kinda like Invasion of The Body Snatchers or something. As a key part of his dubious plan he convinced Nixon to drop the gold standard. Maybe he tricked Dick by piping Muskrat Love into the Oval Office. Dunno, ‘cause the tapes were destroyed afterwards. Hey… another discovery! It was not about Watergate at all! Muskrat was the background music playing while Nixon was in the meetings with G. Gordon Liddy!!! Why do you think Liddy sells gold today? See? It all fits. The dots have been connected.

    Anyhoo, here we are today! This mess was all started that very evening with what everyone in the White House thought was an irritating yet innocent little love song. Must’ve been coded by the Cartel. Or maybe it was Russian or Chinese agents or the Western Elites or something working with the Cartel. But whomever was responsible, now we know what it led to. The final piece of the EE puzzle has been revealed at long last. Muskrat Love began the fall of the American Empire and caused chaos in the Mideast. Oh, the horrors!

    That brings us to today. Turd, I will blame you if that tune gets stuck and rattles around in my head (he says as "muskrat, muskrat, candle light..." begins its torturous, hypnotic effect).

    Feeling tired. Must have antidote…

    ReplyDelete
  82. I want some of what Larry's having.

    ReplyDelete
  83. Sorry to hog space. Just had to get out. Feel better now. And it's all about me feeling better. :)

    ReplyDelete
  84. well, at least I know my posts are showing

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  85. Wormwood

    You could try DBS which is an etf that trades silver futures. In other words, they make no claims of having physical and... even Karl Denniger admits he trades pm futures.

    ReplyDelete
  86. OK, before it gets crowded in here and I return to my usual, silently readin', learnin' and laughin' Fly on the wall mode:

    To show Turd that I hold no muskrat grudges and can rise above paybacks and double paybacks (maybe), I will now deliver a video presentation that will expose many of the Cartel lies, the new world order and the chaotic zoo that sheeple and zombies sleep through… (and a perfect Muskrat Love antidote). ☺

    http://www.youtube.com/watch?v=kGSbadw0sD8

    Long Live The Fly!

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  87. More top callers --

    Silver price excessive: UBS

    He thinks the current price bubble could last long enough to push silver to US$55, but sees the metal falling toward US$34 over the next 12 months.

    http://business.financialpost.com/2011/04/28/silver-price-excessive-ubs/

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  88. we are not within a nuclear detonation of the top

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  89. @ Geoff

    lemetropolcafe did one of the best articles I ever saw about no gold or silver in etf's back in 2/10/09 titled 10 reasons to avoid etf's by Dave Kranzler
    http://www.financialfoghorn.com/2009/02/26/top-ten-reasons-not-to-own-the-gold-etf-gld/

    You might find that this article sheds a little light on ETF's and whether they have gold or not

    http://www.thestreet.com/story/10856739/2/the-truth-about-gold-and-silver-etfs.html

    many of the most respected gold bugs like Harvey Organ contend there is no gold in the etf's and he says one way to tell is the volume. When it takes Eric Sprott months to procure gold and silver, how can these etf's procure the volume they do without moving price in a day

    I'm sure you can find something of this in Harvey's posts

    http://harveyorgan.blogspot.com/2010/12/silver-and-gold-advanceall-commodities.html

    also James Turk and many others contend theres no gold- can't remember where the other articles are

    blessings

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  90. Turd,

    I just listened to your interview and found myself hearing you repeat my thoughts in almost entirety, but with such a refined and well-spoken description.

    Given that you know all of these things about the precious metals market and how it is really run(and for why), does this not make you ponder if this is really the cat out of the bag for a much bigger event in the course of humanity? We are apart of history and people 1000 years down the road will surely be pointing to this point in time and say this is when it all changed (Kind of like the Tunsia Man Immolating himself type of thing).

    I am under the impression that there has been a battle of the kings of the world vs the serfs of the world for at least the past 3000 years. I feel we are quickly trending to the inflection point where the common man will overthrow this royalty (now its secret and gains its power through financial means, silently controlling its population). How Ironic that we have some stupid wedding being broadcast-ed right in front our face right now. No more proof of society wishing life were a fairytale and thus giving up their life for brief entertainment.

    I feel that the precious metals market will be the story that brings out the truth in all other areas of life. Gold will bring truth to the world in a very spiritual way for all people on this planet. The currency we use and live on is the root of our problems, and we need to ridden it.

    You should really look into the political parts :)
    Ron Paul knows this...
    Or at least I think....
    After all, I do my research just like you and anything could be. The internet only gives paths to finding the truth, it is up to each one of us to decipher our own truth.

    Glad to have this point of view spreading around so much. You too will be known in history, the days are young. Prepare yourself, this is going to be one heck of a battle.

    Scott

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  91. If COMEX defaults, what happens to spot price? and SLV/PSLV ETF?

    ...I'm not smart enough to reassure myself on my hypothesis - so asking out loud :-)

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  92. Scott:

    yes, one heckuva battle

    will they use dragons?

    definitely

    I like what you post.

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  93. Hi all... CEF got hit today though Ag and Au were up. NAV was -2.1% at close (http://www.centralfund.com/Nav%20Form.htm) and I know it was positive and higher at the open (can't remember exactly what, seems like +4-some %). Short interest is miniscule (http://shortsqueeze.com/?symbol=cef&submit=Short+Quote%99) Any ideas on what's up with its NAV?

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  94. Royal Wedding, I wonder if that young lady has any idea what she's signing up for. And ESPN has the NFL draft! Where do those "students" get the money to buy all those diamonds?

    ReplyDelete
  95. Look at google trends: "silver bubble"

    http://screwtapefiles.blogspot.com/

    Wow, the MSM bullshit has saturated the sheeple enough to impact google trends. amazing.

    ReplyDelete
  96. cbeleo,

    I've asked the same question (about spot price) here four times. The answer is that nobody knows.

    ReplyDelete
  97. Interestingly enough. Google Trends: 'Buy Silver' vs 'Sell Silver'

    Twice as much for 'Buy Silver'

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  98. Nobody knows, COMEX hasn't ever defaulted before.

    ReplyDelete
  99. Perth Mint all out of 10oz, 20oz and 100oz silver bars. Only 1kg bars are available.

    First time I've seen such a variety of bars out of stock.

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  100. HAVEFAITH,
    Just catching up on posts.. ..From the end of the last thread, the link you gave on brasschecktv is a wealth of info! I am in the Food Section right now and this stuff is INTERESTING!.. ..'Avoiding The Health Apocalypse' is what I have playing in the background right now. ..Sugar!...A Drug!!...Who Knew!!! .....Explains alot about my cheesecake photo and my addiction to sweets! :D

    If anyone missed it..here is the site that HAVEFAITH referenced:

    http://www.brasschecktv.com/index.php?call=category&id=11

    There are so many videos on this site I will be occupied forever. Lots of good stuff to be learned.... thank you.... amazing stuff...

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  101. I'll tell you what happens to spot price if Comex defaults.

    Free Market bitchez!

    What a concept.

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  102. Fellow Turdites, I think we managed to contribute to crashing GPL's online store:
    The Great Panther store is temporarily unavailable. We will be reopening soon.

    ReplyDelete
  103. Cbeleo,

    I believe you'd find a perusal through the commodity exchange rulebooks enlightening. The NYMEX Rulebook Chapter 7B is as about as clear as it gets.

    ReplyDelete
  104. TRE owners:

    anyone have a view on today's action? It blasted up through the 50, 100 and 200dma on huge volume.

    Santa buying again?

    ReplyDelete
  105. After hearing all the talk about silver call options on here... i wanted to figure out how to do it myself.

    Anyone have any advice for me? i'm a super noob when it comes to this stuff

    ReplyDelete
  106. Ok, I bit my tongue for along time on this but have to say it now, why are people talking about swapping silver for gold? Are you oblivious to the fundamentals here? Every single f'n day we watch the s/g ratio go down and for some reason people still fantasize about making this swap. Don't you realize silver is already more rare than gold?(read Ted Butler) What is this fascination with GOLD? Gold is not even en effective hedge against inflation! (read Martin Armstrong) Silver will in short order be much much more valuable than gold, by orders of magnitude. Gold is going down in value in relation to silver every day and yet people keep coming back to this primitive fantasy of 'sleeping on a pile of gold'.

    If you read some history, silver has been more valuable then gold before, for various reasons, but this time it will be a permanent change as Silver slowly goes extinct. (read usgs)

    Compared to silver gold is USELESS! Even in the context of gold as money, think about this; if gold were really an effective hedge against inflation then why isnt it 5kUSD an ounce? Every year more and more gold enters the market, they dig it up by the TONNE while silver supplies shrink and shrink year after year. Have you heard any news about a gold shortage?! No way! The world is full of gold! Gold is symbolic of the darkest, worst parts of the human subconscious, a testament to fear and greed and STUPIDITY. Gold prices are easily controlled by the banking cartel because they have vast amounts of it, billions of ounces sit in vaults waiting to obey the command of the big banks, golds true master. Huge amounts of gold could be dumped on the markets at any time by the banks just to crash the price and they know this.

    Notice when Turd talks about gold it is only as it relates to the price of silver? Has Turd ever once mentioned buying a single gold coin? NO! Because Turd has done his homework, he knows the fundamentals! Gold is the fat, ugly mother in law of our fair metal that talks like she's better than everyone because she 'used to be hot'. We are here to talk about silver, this is a silver blog! Get over yourselves with your fantasies of gold hoarding you cave people! rant over.

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  107. @ Ginger

    Your welcome. Brasscheck split into 3 last year. www.realecontv.com for financial/commodities etc etc and forbiddenknowledgetv.com for all the wonderful technologies and inventions deliberately hidden from us that would solve pretty much all our problems - free energy and clean up the environment

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  108. SilverBleve. Good points.

    I'm with you. I'll swap 40 Silver for 2 Gold.

    20:1 GSR Bitchez.

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  109. Back Seat Driver, I had to look it up. Found out "free market" is actually a conspiracy.

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  110. Hi, A. I've been following CEF and my only guess is that buyers were reacting to the 4% premium listed yesterday on the CEF site. It wasn't really true because the metal price fix yesterday was before the huge climb late in the day, but CEF computes the NAV at fix divided by closing price. Now the listed NAV premium is -2.1 (ie, a discount). Perhaps tomorrow will be different?

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  111. SilverBleve,

    please don't confuse multiple postings from a limited number of Turdites as being representative of the broader Turdite population, who I believe are as enamored of silver as you (and me).

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  112. CEF uses the London fix for silver and the London PM fix for gold. What time are those? You can look it up, but it's a long time before the comex close, I'm sure of that. This introduces all kinds of weird variations in the published premium or discount to NAV. Especially these days with a lot disorderly volatility.

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  113. I think there's room for both silver bugs and gold bugs on this blog. We aught to be able to get along in reasonable harmony. We're all on the same team.

    I don't remember Turd ever expressing a firm opinion in favor of one or the other.

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  114. Wow SilverBleve ..You make me feel much better about only being able to afford silver! :D

    ...Not that I am offended by gold mind you. I'd like to procure a couple'a coins myself. :] Your point is made though. I've read elsewhere that silver will outperform gold by multiples of percentages in time. ..Maybe the best strategy is a mix of both with heavy emphasis on silver for above stated reasons.

    Faith,
    I hear you on the technologies that are in essence kept from us. ...This may be a silly example but has anyone ever stopped to wonder why our grandparents' refrigerators seemed to last forever back in the 40s and 50s? ....My husband's grandmother used their refrigerator for a couple of decades and it still was working fine when they upgraded. With all of the advances in technologies do we not think a refrigerator could last longer than a mere decade nowadays? ..That is about the life span of one and it's all about making them not last so that we the people will have no choice but to line the pockets of the corporations/bankers with our purchases/debt/credit.

    Something to think about. I have no doubt that this theory equally applies across the board with all tech and we are basically being played for the benefit of the elite in so many ways.

    Ok, I've depressed myself now. ......Need more sugar. :D

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  115. Great Panther store still off line...!
    How many people jumped on that last night?

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  116. Eric,
    You're my favorite goldbug. Gold makes you so happy. You need your gold. Never give up your gold. You wouldn't be the same person. :]

    ReplyDelete
  117. In the last few weeks, I have read more about silver/gold than I have in 25 years of investing. I have also realized just how much distracting "disinformation" is out there in the public financial press. I guess I never realized how many lies are being published these days to mislead investors or speculators.

    Has it always been so? or has the Cartel's ever-growing animosity towards PM speculators just gotten more obvious as it sinks into its own poisonous, swampy lies?

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  118. The Great Panther thing is remarkable. I immediately got an email last night saying the sale had gone thru. But haven't heard anything from them all day today, either confirming a ship date or telling me they won't honor the "stuck" price. Kind of holding my breath, honestly.

    Has anyone else who ordered last night heard anything from GPL?

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  119. @CD Wow, did we really take down Great Panther's web store last night? haha

    What are the chances that Turd's blog just sent so many orders their way last night due to the sale price that we cleared them out of retail inventory temporarilly?

    100k pageviews is significant.

    May want to pick up some GP shares. :)

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  120. Not to worry, Ging. :D

    Hey, we were going to save all the rest of the wheatgrass and other health stuff for the weekend, right? That whole discussion kind of got cut off at the knees by the Bernanke thing yesterday.

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  121. @ferret @ fleve
    Welcome to a grain weather market. Corn trading down through 7.35 support. I got stopped out earlier today, will stand aside awhile expecting more end of month liquidation, margin call selling. Will look to buy a dip to 7.02 to 7.00 and sell a rally to 7.55 or so.

    All this subject to the next weather forecast.

    American farmer will get these crops planted although later than desired.

    Probably the blowoff to new highs is later this summer.

    Thanks to all on the PM tips. I've got my IRA positioned in PM's now as my core holdings, got my trading account positioned in PM miners.

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  122. With regards to GPL online silver:
    I'm pretty sure ordering online is a binding contract. If silver went up or down $10, both parties are bound by the online price at the time.

    ReplyDelete
  123. Eric,
    Yes... Chin Music has some great stuff to share with us along with your wheatgrass ideas. He recognized that with all of the action and trying to keep the blog focus on the events at hand that we'd probably be better off discussing these issues over a less harried weekend thread.

    So.. I can't wait! I'm around most all weekend... busily avoiding all the work I possibly can :D ...so, I'll be looking forward to what you guys have for us on the yummy wheatgrass & silver colloids front. :D :|

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  124. just started reading the turd blog from day 1. pretty amazing.

    first insight - not a good idea usually to trade front/near month options or futures

    ReplyDelete
  125. @TYF

    GP's website isnt sophisticated enough to send email confirmations etc. I learned that first time around. I wouldn't worry though, call them tomorrow and inquire about the status of your order. There's also an account access feature that allows you to pull up your existing/completed orders but it's tricky to find.

    I did order last night (got no confirmation etc) but I was able to open my account info and see the order confirmed (along with my previous orders).

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  126. Alex - I think that's exactly what we Turdites did to GPL's web store. Pretty powerful example of information going viral.

    And the thought did cross my mind today that hopefully this massive influx of sales revenue will help boost the underwater GPL shares I've been sitting on.

    Titus - GPL's "Terms and Conditions" customers must agree to give the company a way to weasel out of a sale if the posted price was too far off from the actual spot price.

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  127. Ginger-

    Modern product design (or, "why does it fail right after the warrantee ends") is actually something I know about. In the good old days, materials science was not as advanced, so they'd design in a "safety factor", make the metal thicker or the motor higher powered than it might need to be. Now everything is designed with the thinnest metal, the smallest motor, and the cheapest parts, as long as it does the job (for a while). It's not really planned obsolescence, it's just that the engineers are told to design it for a 5 year lifespan, and that's what they do, as cheaply as possible.

    It's the Wallmart effect... we have a whole lot more stuff in our lives than our parents did, but it's all kind of cheap and wears out fast. You can still find long lasting high quality stuff in this world, but you'd be shocked by the prices.

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  128. Ginger,

    Kind of like Adolphe Chailet who invented a much better light bulb than Edison. It is currently still burning after 110 years. But he did not have the power structure support that Edison had to muscle him out of the way. Or the 1908 Ford Model T had a fuel economy of 25 miles per gallon. Yet over 100 years later, the EPA average mileage for all cars is under 23 mpg.My point..I understand your point

    ReplyDelete
  129. Seems like as good a time as any to put up a big ass gold coin for a picture! LOL

    Now I'll probably be like Ginger, Xty, and JoeKa, changing pictures with every change in the weather

    ReplyDelete
  130. SilverBleve,
    Can you talk in more detail on why you believe silver is rarer than gold? That's a pretty bold statement that deserves a follow-up.

    Martin Armstrong essay's on gold and inflation are as you say, but without full context. He states that gold is a hedge against the loss of confidence in the government. However, gold has shown that it is in fact a hedge against inflation along with pretty much everything else. The simple fact is that every real asset is a hedge against inflation. A short example would be seen in this post:

    http://seekingalpha.com/article/265576-a-longer-term-view-of-inflation-industrial-metals-vs-gold?source=feed

    You said:
    "Compared to silver gold is USELESS!"

    Which is exactly why it is the premiere monetary metal. It is this "uselessness" which in fact makes it so useful.

    You said:
    "Gold is symbolic of the darkest, worst parts of the human subconscious, a testament to fear and greed and STUPIDITY. Gold prices are easily controlled by the banking cartel because they have vast amounts of it, billions of ounces sit in vaults waiting to obey the command of the big banks, golds true master."

    You have it all wrong. Gold. Real gold. Physical gold, along with physical silver and anything else real is the "Light" in this duality. It's paper that's evil. Specifically paper leveraged by extreme amounts of debt/credit. On one side you have the shadow - the illusion of wealth: credit/debt and paper. On the other side you have the light - that which is real and cannot be added to nor taken away from: it simply is.

    This could be a good conversation let's keep it going.

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  131. Before I drop to the ground in cardiac arrest, does anyone else see EXK trading at 9.21? That's what TDAmeritrade's streamer shows.

    Yahoo shows 11.80.

    Please tell me TDAmeritrade is having a mind fart.

    ReplyDelete
  132. HAVEFAITH, thanks for your reply. I looked at the links, and they don't seem at all convincing. As I understand, ETFs don't decide to issue shares, and they don't buy the underlying shares/commodities to issue them. Somebody comes to an authorized participant (or whatever they call them) with gold, silver, or collection of shares depending on the ETF, and says they want to exchange them for ETF shares. SLV doesn't have to buy any silver to issue new shares, somebody came to them with silver and said give us shares in exchange for it. That is how ETFs are supposed to work and why their price stays close to the underlying commodity (if it gets out of whack the other way they can redeem shares, too).

    In the links I read some paranoia and a misunderstanding of ETF operation. Look, I'm really not trying to be argumentative. If there is a real problem I really want to know. One link said Sinclair thought GLD only held derivatives. Could be, but no evidence was given. SLV says (in the latest -- much reviled on ZH defense -- they have the silver and it is unemcumbered. Is there any evidence this is a lie?

    This is a separate point from possible encumberances due to shorting which would be applicable to any shortable stock sold on the exchanges.

    Please, if you think I misstated, misrepresented, or misunderstood anything I said up above, say so! I, and likely others, have a whole lot riding on this. I'm not arguing for points....

    And thanks everyone for treating this as the very serious question that it is, not as some trolling behavior.

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  133. google finance shows EXK at 11.80 after hours, 7:56 PM EDT

    ReplyDelete
  134. Ginger,

    I promise you that you are able to afford both silver and gold with equal ease and effect with your FRN's.

    Here's a link for you to look over.

    http://fofoa.blogspot.com/2011/03/more-freegold-fodder.html

    I know it's a long read. Just search for "affordable" and have a read. I'm not trying to talk anyone out of silver. I'm simply trying to talk people into gold - meaning both!

    ReplyDelete
  135. SSK - Google is also showing EXK at $11.80 in afterhours trading.

    ReplyDelete
  136. I logged into my TDAmeritrade account. They show EXK at 9.21 bid, 9.29 ask. No news. I'm betting someone put a market order into thin afterhours trade and hit a stink bid.

    ReplyDelete
  137. Kiwi,
    That we have 'come so far' and yet things are not as well made when they should be better made with all of the advancements is ..well, just insanity. ..Ok, your explanation makes total sense. ...When I stop to think about it.. ..in my dress store.. I sell vintage dresses as well as the more modern stuff. The vintage clothing I LOVE.... it is far superior in fabric, details, and workmanship than the (mostly) cheaply made clothing of today. So, I get what you are saying. They *could* still make clothing with the same attention to qualtiy and detail.. they just choose not to which I guess has everything to do with the bottom line/profits for the manufacturers.

    This is all backwards though imo. We as a society are supposedly 'progressing'. But we don't do things nearly so well as our parents and their parents did. And..I guess the argument could be made that the flip side is that it's done to keep things more affordable ...BUT....that leads us right back full circle to the whole fiat money issue and that we could in all liklihood still have the great qualtiy COMBINED with low-enough prices but for the 'Great Keynes Experiment' and a doing-away with the gold standard.

    And I don't pretend to know or understand all that there is to know about this.. ...just seems common sense to me that if you build your house on paper money and credit and debt.... you're inviting inflation and that means that all that is produced will eventually be more poorly made just to keep the prices down.

    Controlling what we have access to...technology and otherwise...is part of the effort to control the people.

    That's my guess. I've rambled.
    :|

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  138. I'm smiling, but I'll stick by what I said last night....

    ... I think all of you that bought from Great Panther at $47.50 are going to get a very apologetic sounding email saying that you can either place your order at a spot price of "X" that corresponds to the time stamp of your order, or that you can cancel your order.

    Just sayin'.

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  139. No doubt many of you saw this article on MineWeb.com, but I share the link because the point of the article is an important thing to remind ourselves periodically. It applies, of course, to silver as well as gold.

    Part of the reason the price charts of both look so "steep" is that they are measured in USD, which is falling, falling, falling. The article is a good reality check.

    http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=125844&sn=Detail&pid=102055

    ReplyDelete
  140. Sprott: “Expect The Gold To Silver Ratio To Hit Single Digits”

    http://sgtreport.com/2011/04/sprott-%E2%80%9Cexpect-the-gold-to-silver-ratio-to-hit-single-digits%E2%80%9D/


    I read an awesome article about Gold vs. Silver Availability/Consumption/Underground/AboveGround, I can't find it though :(

    ReplyDelete
  141. Drowning in a sea of federal-eze-speak and daily political double-talk, I try to remember:

    "Where is the knowledge in all this information ?
    Where is the wisdom in all this knowledge ?"

    And TF gets my "No-Bull Piece Prize Award" for putting the best daily forecasts into the fewest words.

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  142. Geoff,

    As you've seen there's a lot of disagreement about ETF's specifically about the bullion ETF's. I'd encourage you to check out the posts from Kid Dynamite on this for a different perspective:

    http://kiddynamitesworld.com/an-etf-lesson-part-i/

    The choice is ultimately yours and it's a very divisive issue sadly.

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  143. Same here as far as a GPL store order..

    I received a "Great Panther Silver Bullion Store Receipt" email but no info as far as a shipping date.

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  144. Back Seat Driver,
    Yes.. that is my point.:] ...Kiwi does lend a great perspective and made me think of it in a way I hadn't. Bigger, heavier, more solid materials were a way to ensure quality..whereas we don't necessarily need all of that now because we have the science down better. Still... ......I think there is a conspiracy. :D

    Yukon,
    Thank you!.. I have read various things on FOFOA's blog.. ..but not that in particular. I will bookmark it and go back to it as I'm fading fast over here.

    Eric,
    I have no idea what you mean.

    :D

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  145. SSk -

    Fidelity has 11.71 for EXK.....

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  146. Sam

    "No-Bull Piece Prize" LOL

    I love it!!

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  147. Mr1776..maybe this great Jason Hommel article was the one.

    http://silverbearcafe.com/private/silverbull2.html

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  148. For shits and giggles, I put in an extended PM hours order for EXK at the 9.29 ask price. Didn't go through. Got this message: "Illegal order duration error".

    Worth a shot.

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  149. Mr1776...

    Mike Maloney has written a LOT about that and I think there is a whole chapter in his book.

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  150. How 'bout this one Eric? Maybe this will be my final one. ....This is my little baby girl. She is so fun and very smart as she knows how to wipe her feet after coming in out of the rain and she can give you a kiss on command. Right now I am working on teaching her how to bury silver in the yard. :D

    By the way.. it's so good to see you have an avatar!! ...A very cool one at that. :] ...And glad you got the photo/computer issues resolved!

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  151. This comment has been removed by the author.

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  152. @ Fortinbras

    I have to disagree.

    1) They didn't try to revalue my order at the $34 spike although it was a similar situation

    2)It would cost GP $250 to cancel a 200oz order as they would still be on the hook for merchant fees related to the order. Why would a business risk losing a $9500 order just to make an additional $200 profit when the potential impact is losing the order and still having to pay the $250?

    I don't buy it... Would be a remarkably bad business decision. One that would make me short GP (wink wink, nudge nudge)

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  153. Alex... I'm with you... except you should have shorted GPL 45 days ago! ;)

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  154. If GPL is digging the stuff out of the ground at a couple of bucks an ounce, why would they care if they are a couple of dollars off on a handful of orders? They are still making... What? $30? $40 per ounce? At least they are supposedly not hedged to some quote from last year when silver was selling at $15/oz.

    Take the gift. Enjoy. They might be selling for $45 in a couple of weeks if there is a major correction. We'll see. The volatility going forward is going to be pretty spectacular. Hold tight.

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  155. This comment has been removed by the author.

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  156. Ginger-

    I get you- I have a collection of old wooden handled tools which I expect to outlive me, while the new tools I have seem to bend or break daily.

    I think part of western societies need for a massive flood of cheap consumer goods was to support our drive for "individualization"... as a society, we decided that every adult should have their own dwelling (no living with the folks until you saved enough money, no living with the kids when you get old)... hence the need for gobs of cheap appliances to fill them up. We decided everybody should have a car, a laptop, a cell phone, and enough health care to live til you are 105... it's tremendously liberating to have all this stuff without having to share, but it's a fantasy, and every society that has done what we've done has to pay the bill.

    And (to bring it back to the PMs) gold and silver just sit there, silently scolding us for our profligate ways.

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  157. If you're looking for something to help you keep your perspective and realize that some of these silver posts you're reading on other sites are just contrived, overblown works meant to garner webpage clicks then look here:

    http://www.metalaugmentor.com/eforum/?p=6750

    You owe it to yourself to read that. If you don't then you're just a sheep of a different flock, but still a sheep.

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  158. For the record: FOA owns silver. Not earth shattering, just wanted to make note of it. Taken from the link posted by Yukon this is a very small part of a reply FOA made to a question.

    http://fofoa.blogspot.com/2011/03/more-freegold-fodder.html

    "I say all of this as the proud owner of some silver! Just as Aristotle (and yourself at other times) pointed out, in a complete "currency: breakdown, silver will be needed and used. Yet, in this modern day and age, ironically, inflated fiat currencies will most likely continue to be used for most purchases. I bet CMAX could add some light on this as he is in an "inflating country"!"

    I need to read me some more FOA. Been a while.

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  159. Can someone tell me what POSX is? :)

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  160. For a little Off Topic, make you think video.

    Very good points.

    Michael Tsarion: Mind Control
    http://www.youtube.com/watch?v=xJiAR-hxYck&feature=related

    To help you not get sucked into the mind control that is the MSM, dis-info, mis-info, make you poor serfs, new world order....etc

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  161. Fortinbras - Very true. Who would have thought?... :)

    Come to think of it I should have shorted the moment I got my first order of silver from GP and the package arrived with flyers advertising NW territorial mint. Kind of like ordering whoppers at Burger King and receiving flyers for McDonalds with the meal. lol

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  162. @Silverbleve

    You said:

    "If you read some history, silver has been more valuable then gold before, for various reasons"

    Source?

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  163. @ Yukon

    That article suggested that the COMEX will never run out of silver. It said it with such certainty as the COMEX registered warehouse reserves are declining. Who is to say it can NEVER run out of silver? Is this demand just going to go away?

    Sure it can keep kicking the can down the road, but to say "Comex will never run out of silver" is down right choosing to be ignorant.

    And Kid Dynamite? :\ Oh well, it is good to read all of this stuff to make sure that you are not full of shit. Reading the contradictory arguments and being able to see your own truth is the challenge. Don't be shy to read opposing viewpoints, but don't let them scare you out of the fundamentals of the comex issues going on right now.

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  164. Silverbleve,

    Pretty strong words in your little rant:) Is this rare silver you speak of just evaporating into thin air? Ever heard of recycling? As the price of silver continues to rise it will be recycled.

    As Yukon pointed out about gold, "Which is exactly why it is the premiere monetary metal. It is this "uselessness" which in fact makes it so useful".

    Just like silver's usefulness which makes it valuable as a commodity. One that is valuable enough that it will not be thrown away now that it's priced where it is.

    I'd encourage you to zip over to Yukon's blog and check out the discussion we had on Tuesday.

    DDT

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  165. SelfishMan

    It's a turdism. Piece of Shit X, as a play on words against the USDX. U.S. Dollar Index.

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  166. Geoff, Eric, re CEF, thanks, that makes some sense, expect larger random variations in NAV with the wild daily swings in the metals. Still weird, though, as it wasn't just the NAV; second half of the day its chart just seemed to take a dive compared to GLD or SLV. After I bought some of course. :-)

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  167. Ok. :D The numbers kinda looked familiar. in the 70s and dropping lol

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  168. How & Why The Elite Destroyed 3 Tons of Silver Last Week
    "each Tomahawk has more than a monster box (500 oz.) of silver inside of each missile."

    http://sgtreport.com/2011/03/how-and-why-the-elite-destroyed-3-tons-of-silver-last-week/

    Cell phones, computers:
    Nearly one billion cell phones are produced each year.

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  169. A

    I owned GTU for a while, sister fund to CEF. Same issues. I just made up a quick little spreadsheet for myself where I plug in the stock price and gold price at any point in time and get the NAV myself, and much less crazy that way. Tells you what's really going on better.

    I haven't set one up for CEF yet, which I own right now. Probably should do that....

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  170. @ Geoff

    We can agree to disagree about whats in the ETF"s. If you want to own shares in a company that are not redeemable into gold or silver unless you are an authorized dealer, which happens to have a huge position (like 50,000 ounces), which isn't audited for its processses, that has little liability, that has subcustodians of subcustodians that are just shell companies of major bullion banks, the same two bullion banks who just happen to have the largest short positions on the COMEX, that don't through clever wording actually have to own gold, just products that track it be my quest. If all hell breaks loose you will be an unsecured creditor wondering who the heck you should sue. I find it interesting how you use words to presuppose and set up an argument ie. don't seem all that convincing and redirect to meaningless points. Obviously we disagree which is fine with me but I suggest you reread the articles I sent.

    How can an etf purchase one months world production supply in a day without effecting the market? Just like we see Comex the poor cousin of the LBMA trade a years worth of silver or gold production in a day to manipulate the markets we see the same thing with the etfs. Nothing but derivative products IMHO.

    No disrespect intended

    Blessings

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  171. I thought for a moment that William Jennings Bryan re-entered the matrix to post on this blog. Put me in the gold-is-money-and-silver-is-a-commodity camp. I agree that silver is a store of value, but the fact is that for the industrial world to exist, we must consume silver. If we were to find an application for gold which used it in similar quantities, it would cease to be money.

    Ginger,

    Do you have an Etsy store or an actual retail store?

    Word verification: ableounz

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  172. @ Geoff

    IMHO own shares in mining companies or physical and trade very carefully what you can afford to lose. Gold and silver are money and will be the lifeblood of the recovery when we ever get there.

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  173. Still not sure what all the hate for Kid Dynamite is about, unless it was for his ability to accurately forecast that Sprott was going sell shares of his own fund and pocket the premium in accordance basic common sense. I got out of PSLV right before KD wrote about it, for the same reason (although admittedly my reasoning was less sophisticated).

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  174. I posted earlier that gold nanoparticles will be used to deliver cancer drugs that kill cancer cells while leaving healthy cells untouched.

    We're at the beginning of an entire new frontier with nanotechnology where gold will probably be an invaluable boon to mankind.

    Who knows what the future holds? ;)

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  175. Imagine the strain on physical supply and increase in price if everyone traded their gold for silver at once. Yukon I am a fan on your site for long time and am a fan, especially of the weekend nudities! Silver is more rare than gold because of the long term industrial demand related deficit. It was an old Ted Butler article:
    http://news.silverseek.com/TedButler/1160149628.php
    Most of the above ground gold in the world is in the hands of bankers and governments. Most of the worlds silver through years of industrial use have put silver in the hands of every day people in the form of all our consumer products, and for the most part we've thrown it all away. But now the physical holdings of the everyday person is coming close to eclipsing the reserves of tptb.

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  176. Irene,

    Good point, but the cool thing about nano-particles is that they are really, really tiny. I don't foresee that particle application affecting the gold supply. You're absolutely right that a technological innovation could turn gold into a commodity, rendering our accumulations of it as a store of value moot, since its "price" (measured in whatever) would then float against supply and demand.

    If anybody wants to read an interesting take on how The Singularity (the inflection point of the parabolic curve of total knowledge) affects society and economics, I recommend Accelerando by Charles Stross. He posits that eventually the only thing which can store value is the memory of a unique experience, which "people" eventually turn to hoarding. He released it as a free ebook, you can get it here: http://www.manybooks.net/titles/strosscother05accelerando-txt.html.

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  177. Yes, Xaritas, agreed. But I was responding to the charge of "USELESS". (Not that I think that gold can't be both a store of value, etc. as well as have other, more mundane, applications.)

    Actually, what I was voting for was more tolerance and understanding, which is always in short supply. (And yes, I'm guilty too!) ;)

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  178. Eric #1

    Eric, I luv your avatar, you Viking you!

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  179. Great, you Turdites bankrupted one of our favorite miners! Congrats to everyone that hopped on that Great Panther deal while the window was open, looking forward to seeing whether or not they honor your orders. :)

    I know we aren't supposed to get political here or whatever, but have any of you been following the Obama birth certificate drama since the White House released the .pdf file? I'm a photo editor and after seeing some of these videos I had to download the file myself to take a look, some rookie forgot to merge the layers before uploading the file, it's a fake birth certificate!!!

    Karl Denningers video on it is here.

    A cut-to-the-chase video showing the multiple layers is here.

    I've never been a birther and have thought they were looney ever since they first started popping up, but now they have firm ground to stand on. Kinda makes me wonder why the White House uploaded a forgery for the world to see if Obama has a real birth certificate. Things that make you go, hmmm....

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  180. Xaritas I agree completely. Kid Dynamite had a logical viewpoint on PSLV (which I agreed with) and which we know know to be true. It is what it is. PSLV is still a great ETF but it was quite obvious what any fund manager with half a brain would do.

    For the record, I see this as a good thing. Sprott's hedge funds will now have funds to reinvest. If I were Eric right now I'd be preparing a new physical silver offering to which these hedge funds will then buy in along with new investor capital (wash-rinse-repeat). You can bank that I'll be buying into that offering.

    Guess what happens next? 20 million + more physical silver taken off the market. Talk of shortages. Prices rise whether you own pslv, slv,AG or whatever...

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  181. Canadians using TFSA's - The CRA isn't really settled on what happens when you withdraw and recontribute in the same year. Same with what happens if you withdraw more than $5000. Clarification will come eventually but for now there is a chance you may be challenged. Or the rules may change to tighten up.

    HITW,

    You cannot withdraw and recontribute in the same year. Full stop. CRA will 100% nail you on this. Your ability to recontribute any withdrawn amount starts on Jan 1st of the following year. It is possible to withdraw say in late december and then recontribute the withdrawn about in a couple of weeks when Jan 1st rolls around. There is no debate or question within the CRA about this rule as far as I have read.

    As far as a tightening of the rules, it would be a historical shift, not saying it can't happen, but the RRSP program has been off limits as far as tax policy goes.

    As far as withdrawl limits I have not seen any literature from CRA that states this, it would defeat the purpose of the program as far as I'm concerned.

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