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Okay - I Admit It Was My 16.5 Million Ounces
Okay, my conscience is getting the best.
I cannot take it any longer.
I was me who dumped the 16.5 million ounces. Yes, I agree it was really immature but I just wanted everyone to falsely accuse the Cartel.
Okay, I feel better now and promise not to do it again for at least 24 hours. :)
Like to See $34 / $1760 At Close Today
I would like to see silver above $34 if possible and gold above the $1760 level as well. For me, those would be decent closing prices seeing there is evident downside pressure at the moment.
Likely the Chinese Bought the 16.5 Millions Ounces
If anything, it is more likely the bought the 16.5 million ounces.
Boy will they be even more unhappy when they realize it was just paper. :)
Anyway, is a bit after 2:00 a.m. and my Excel web query is showing silver spot a bit above $34.00 at this time. I guess later today will be the story teller.
Clearly Cartel Raid on Silver (Gold as well?)
Yes, it seems crystal clear that another cartel raid has hit silver for sure.
As the article says, $16.5 million ounces of paper silver were dropped on the Asian market in a five minute period. Sorry, this is just too obvious a raid for those who may still believe the market reflects true supply and demand.
I am not sure, but it seems gold is being hit as well. Not sure if there is evidence for a Cartel raid or not here. Someone else may be able to better determine this.
Computerized Algorithms
Sounds to me like a beat down via computerized algorithms. Hard to beat the Cartel when they have so much paper power.
Just my opinion of course.
Eastern Airlines for Morgans
As I have posted before, I sometimes get bags full of jewelry related odds and ins from local Goodwills. A bag I purchased last week produced something quite interesting.
Along with 1.38 ozt of silver pieces, I found two Eastern Airlines pieces. The set of items is a stewardess hat pin and a stewardess wings pin. Both have the Balfour stamp, are marked 1/10 10K, and have porcelain faces with the blue airplane symbol in on a white background.
It turns out these are the 6th issue and are a bit on the rare side. One piece I saw listed for $295 just sold last night. The other piece, also listed at $295, is still visible at:
http://www.flyingtigerantiques.com/mm5/merchant.mvc?Screen=PROD&Store_Code=fta&Product_Code=airew60001&Category_Code=
I am hoping to turn around $500 to $525 on the Bay and then turn those funds into some Morgan silver dollars.
Just shows that sometimes old 1/10 10K pieces can be worth a lot of silver!
Hyperinflation Most Likely
I have to agree with a financial adviser I spoke to recently. He said he was accumulating gold but more silver than gold because he thought hyperinflation was just on the horizon.
This was just a few months ago, and I think QE3 is going to expedite the process.
Lucky Relative
Once they find the relative, boy are things going to be different.
I wonder how many people where checking their family tree once the story broke.
Things Shaping Up For Single Currency
I have voiced my thoughts on a single, global currency standard for some time now. Heck, the idea has even been submitted by a United Nations committee a few years back.
If the fuse is lit, and things get bad enough, many will lose faith in the current model of global currencies and government. They will look for hope and follow the party / person who can offer it to them.
The most obvious arguments are simple:
1.) The playing field for humanity will seem to be leveled to where all have an equal chance for hope. Nations becoming too powerful will be punished and those not doing well enough will be aided. - If you like I can refer you to a United Nations document that would shock you.
2.) A lot of crime will be thwarted. Think of how difficult it would be to sell cocaine, prostitute yourself, or pay off elected officials if everything was traceable directly back to you electronically. Remember, the anonymity of cash will no longer exist.
3.) International trade and business would be made much simpler.
Sounds good. Yet, in order for this to take places things will need to be so bad that most individuals will be willing to give up their liberties. Note I said most individuals, because a majority is enough to allow those dissenting to be placed in prison or the like.
Now, I will admit things are not quite there yet. This being said, I will also state I believe they are getting there much quicker than we would like.
Job creation is failing in the US and I do not feel it is going to get any better any time soon. Japan and China are on the edge of military conflict. Most of the Middle East is in an uproar over a film some nut job made, and Iraq would just love to blow Israel off the face of the earth.
Connect the dots here.
Peace Out,
White Cobra
I Am In A Similar Boat
Stinky Pinky,
I am still unemployed and some things have came up this week to draw my checking account below where I like for it to be. Thus, I will have to sell some of my scrap gold jewelry this weekend to bolster the funds.
Also, I may sell my four Italian Milano bracelets this weekend as well seeing how they will demand a decent premium.
Do not feel bad, you are not the only one having to sell.
Silver or Gold Stinky Pinky
Which metal did you sell 60 ounces of today?
Qe3 Reality
Glad that I was wrong on the theory of more status quo.
I just checked spot prices with my Kitco app and saw the explosion in prices. Without having to read the headlines, I knew what had taken place.
Only Investors I Think
At this point, I do not think the average voter can even tell you what QE is or why it is good or bad for America.
I think the only people who it would really make any difference to are investors, traders, or economists.
Bernanke's Call Likely More of Same
With things shaping up as they are, it would look like Bernanke would call for some from of QE at this point.
His previous statements, and recent numbers, would make it look as if it is the most logical choice.
Yet, this is an election year and his wagon is hitched to Obama. Personally, it would seem more likely for him to reassert his previous statement that QE will be done when necessary. If he can accomplish what he wants without actually executing QE, why would he not do so?
Legally The Feds Have It
Yes, without proper documentation I do see the Feds winning this in court.
I guess this will lead any future parties finding such coins to simply melt the things down and take what profit they can get. Of course, this is must my opinion and I am not calling for anyone to openly break the law.
Gold Bracelets Today
Found a really nice find today. For $5 cash, I purchased some tins.
In one tin, there were three bracelets. All have 10K markings on them as well as maker's marks. Also, two are solid while the third has some stones which are likely CZ but may be diamonds. I will need to have them tested.
The two solid bracelets are 19 g putting their spot value at $436.72 (spot being $1735.30).
The one with stones is 9.2 g but the stones will effect the value. Spot price for this solid would be $246.43. If the stones are diamonds, I will likely get that or better. If the are cz, the price will likely be around $150 to $160 based on other E-Bay bids.
One thing does seem to concern me. When I acid tested the solid pieces, both 10K and 14K left the scraping very clear with the 18k destroying the scrape. Could it be that they are stamped 10K but may actually be 14K? Or, might they be fake.
With both the karat mark, and maker's mark, present I do not think them to be fake. They did pass the 10K and 14K tests and they are solid through and through with absolutely zero magnetism (using earth magnet).
Odd Way of Seeing PM Investment :)
Investing in PMs is seen by many as a way of hedging against the impending inflation. After all, you do not print zillions of dollar bills without eventually decreasing their value.
Yet, one key reason many think gold and silver will keep their value is due to their commercial demand and rarity.
Now, in this economy things seem to be getting worse and worse with less and less money in the pockets of the middle class. If the middle class do not have money to drive demand, then industry has less need for gold and silver.
With less need for silver and gold, a key fundamental reason for their value seems to be weakened.
If such a case does take place, the question seems to be if the lessened value of PMs will still be a better investment than fiat currency.
Personally, for the shorter term, I still think PMs will be a better move than fiat currency. Yet, I also feel that stocking up on key essentials while they are still somewhat affordable is a good idea as well.
Peace Out,
White Cobra
Steam Engine Gaining Steam
Well, I read an article last night on Seekingalpha.com which pretty much said that yesterday's rally was not justified. It also said that a decent jobs report today would solidify the unlikely Q3 action so many are looking to take place.
Well, as we now know, the jobs report was less than expected and the rally has just taken on a new head of steam.
Maybe tomorrow is a good time for me to finally put some gold up. I will see.
Peace Out,
White Cobra
Back In The $1690 Range
Gold has taken a step down this afternoon to the $1690 range.
If it hits the $1730 to $1750 range, I would start looking for cartel action to bring the prices down a bit. Also, if silver sees a strong $33.00 to $33.50 I would expect the same.
1/2 oz Version Around $60.00 US
Nice looking coin, but they price right now is a bit too high for my liking. I do believe I will be able to get them much lower if I wait just a bit.
Seeing how I have 1/2 oz Year of the Dragons, I may add a few full oz. here soon.
Should Have Held Mine
That makes me think I should have held a few I had a bit earlier on.
Right now, I like the Canadian wildlife series and some Perth mint stuff the most.
Why Next Month?
Are you thinking easing by the EU will be a key factor in earlier Q3 than many are expecting?
Many think Q3 will not happen until after the election unless things get much worse before then.
Yep - Door Kept Open
Glad to see the door is not only left open - it seems to be encouraged. My concerns the PMs might go the reverse direction
are now squashed, and I am glad to see this.
Now to see if I can find some more sterling this afternoon. I know of a bank that sometimes has CWR half dollars in their vault. As I recall, I once got around a $100 and turned anything pre-1971 back in. I was new and did not realize that 1965-1970s were 40% silver.
Midwest Refineries?
Stinky Pinky,
How did your experience with Midwest Refineries go?
I would like to know seeing that I have been considering them as my primary smelting company for the pieces I do not sell on E-Bay.
Bernanke Tomorrow - Lower PMs?
Most are saying Bernanke will not announce any new actions tomorrow but that he will stay with the current "intercede as necessary" scenario.
I think this is correct. I do not expect anything positive from him tomorrow.
If such is the case, PMs could see a bit of a dip when combined with current profit taking. Another possibility is that market participants could see an upcoming future "easing" which will now have to be on a bigger and grander scale and thus PMs could see an increase in the shorter time span.
Good Point There About Takedown
Yes, that is something one should definitely remember. It was in Sept. of last year that the major takedown took place.
Also, options expiry dates are always a player on the prices. Always watching these, and the known Open Interests, is still important when looking at price actions.
Thus, as I said, I will likely sell off some of my gold this week while prices are in a decent position.
Mixed Reports On Citibank
SilverEagle,
If I recall correctly, Citibank is not ordering for some customers in some parts of the country. This being said, it would not hurt at all to ask them.
One thing you need to remember though is that some banks may be willing to order only if they know you are not going to return them to the same bank. A lot of banks do not have large areas for returned coins - especially Credit Unions. This being said, I would think Citibank would not have a space problem, but they may not want to deal with returned halves.
Just be nice and do not say you are "searching for silver." Tell them you are a coin collector who looks for error coins as well as a person who collects silver. For some reason, I have heard that does make a difference with some banks.
Let me know how things go. Also, I know ao a really good sight you would enjoy if you are even thinking about doing this.
Peace Out,
White Cobra
Halves Come in $500 Lots
Halves come in boxes of $500 each. So, $1000 each week was only two boxes of halves.
I dumped the searched halves at my CU because I had banked with them for almost 20 years, and they would not do a simple thing like help order some halves.
From what others around the country have said, BOA isn't the best bank to deal with in halves.
I Agree Above 925
I take the same view myself. As long as it passes the 925 marker, I can call it sterling.
Done Thousands of Dollars in Halves
Milo3,
For about six months one of my two banks ordered me around $1000 in halves each week. I went through thousands and thousands of halves searching for silver, proofs, doubled dies, and other errors.
I never hit the mother load that your friend did, but I did have a few good boxes with decent silver. I think my best was one box containing 14 silver coins and a good number of proofs.
I have sold most all the silver I found, but I still have around 200 proofs (proofs include NIFCs). I also have a 1972 No-FG error half I do not plan on parting with.
Finally, the second bank said they could no longer order them. I am not sure why I was given the runaround. Earlier, the head teller told me it did not cost them any more to order the halves than to not order the halves. Also, I picked up the halves that bank two and deposited the halves at bank one (my local credit union).
Now, I am in the process of finding another bank that will order me halves. There are a lot of chains, with a lot of branches, in my area and I have a feeling at least one will help me out.
*** NIFCs are normally regarded as any half dollar issued after 2002. They were not mean for general circulation and were made for collectors.
I Use Standard JSP Testing Kit
I use a standard testing kit, and the instructions say if the solution turns dark red it is sterling silver. If the solution does not turn red, it is not sterling.
I have tested it on many pieces and it holds true. I wish there were a more indicative way to tell exact purity short of the ray guns that costs into the thousands of dollars.
Until recently, I have not really used the gold solutions. Now that I have been blessed to acquire some 10K, 12K, 14K, and 18K pieces I am getting to use them as well. Personally, I use a strong light source to check the results when using gold and a white piece of tissue paper to check when testing silver.
Yes - I EBay As Well
Stinky Pinky,
I also sell on E-Bay. I have bought and sold for years but only in a casual manner. The 13% fee is a bit high in my opinion, but you do get a lot for the amount paid.
I am likely to place some of my gold up this week while things are on a somewhat high point as far as pricing. Also figured into this timing is the season of the year. I think more people have more money to spend in the summer months than in the winter and thus now is a better time to sell.
Kitco is saying that most major sources see gold up this coming week.
I will probably set my opening bid just a bit below spot price and see how things go.
Peace Out,
White Cobra
On That Note - 2.2 Troy Ounces Today For $9.36
Today was able to find around 2.2 total troy ounces of silver jewelry today at a cost of $9.36.
One bracelet just looked silver but I found not marking. When I acid tested it, it turned out to be some of the darkest red I have experienced. I am thinking it was probably made by an independent artisan and is likely higher than 92.5 percent silver.
If only every day could be that good.
** The 2.2 is pure amount. It was a bit over 2.4 and I adjusted for the 7.5 percent difference between pure silver and sterling. **
Thus I Have My Sterling
Milo3,
I have also accumulated silver and have kept it for some time now.
I have also been blessed to obtain a bit of gold as well now. I will likely sell some of my gold either this weekend or this upcoming week. I am still unemployed and would like a bit more in the bank to help accumulate some grocery reserves before food becomes so much higher in the coming months.
The drought, and the possibly of closing down the Mississippi river, are not good signs. I would rather have some decent food reserves and silver still in pocket.
Peace Out,
White Cobra
Interesting Milo3
Yes, that would make sense now that you mention it.
I am also wondering what happens if Obama is elected but the Senate is overtaken by Independents or Republicans. Then, you will have pressure for a more accountable Fed from people like Ron Paul.
You can see the little bubbles starting to form on the inside of the pot. Now to see what happens as the full boil takes place.
Different Take On The Article?
Are you basing your selling advise on the theory that Bernanke will just continue the current line when he speaks two weeks from now?
Personally, I can see that as a likely possibility. Yet, I am concerned that too much anticipation will be building and that no official announcement might actually drop the PM prices.
As the article stated, in fairly decent detail, there are just a lot of real reasons that Q4 will not likely be official before the elections are over.
I Would Be Selling PMs - Nice Article Here
Hello All,
If you are a person who is more of a trader, and not a long-term investor, I would personally think now is a good time to sell gold and silver. That is, if you have gotten it at a good price and profit can be made.
Here is an article from Seekingalpha.com which I tend to agree with for the most part. In short, I think high expectations of Q4 are going to be doused in about two weeks and PM prices are likely to fall after this.
http://seekingalpha.com/article/823511-knee-jerk-fed-reaction-doesn-t-add-up?source=email_macro_view&ifp=0
Midwest Refineries - Stinky Pinky
No, I have not personally used Midwest Refineries. Yet, from most of the research I have done, they seem to be the favorites for non-commercial customers.
I have researched them, and I have e-mailed them as well. If I recall correctly, you do get 90% of the actual silver value. Yet, I do believe there is a 10 ozt minimum before this happens. If you send in less than 10 ozt, they buy it straight out using a percentage basis.
After reading, and receiving e-mail from the refinery, I figured a scaled payout was around 83 to 85% of the total weight. For 10 ozt or more, I was told the normal lost is 3 to 5 percent so I figure around 85 to 87% of the starting amount.
I know the 3 to 5 percent loss sounds like a ripoff, but it turns out this is the case. It seems this amount is lost no matter who does it or how it is done; it is part of the smelting process.
Just a note that the person you may speak with can be quite frank and seem a bit rude at times. This being said, the e-mails are fine.
Hope this helps. I plan on selling my better pieces on E*Bay and sending the remainder to Midwest Refineries.
Before you send, let me know if you have any silver jewelry. I may be interested.
You Would Still Be In System
I think moving money to these stocks / ETFs is still leaving your money in the market via a clearing house.
MF Global, along with the joke of a decision from the 7th District Federal Court, would have me a bit hesitant to do so.
I think I am going to obtain the written decision and ask my cousin, a Federal lawyer, what his take on it is.
My small IRA is in a small, local CU in a simple IRA share format. I do not plan on putting it into anything else for some time being.
Peace Out,
White Cobra
401K Withdrawal Much More Than 10%
Make sure you do full research on withdrawing your 401K.
You will get hit with a 10% early withdrawal penalty as you have already stated. Then tag on around another 25 to 30% loss in taxes.
Overall, the loss is around 30 to 40 percent of the amount in your 401k. Now, if I recall you are in the great state of Texas. If so, you will not have the huge hit of state income tax like we have in NC.
Personally, I live just around 35 to 45 miles from the Tennessee line. If I had extra money at this point, I would change my official residence to TN. I would then move my IRA to a TN bank and wait the needed amount of time before withdrawing it from them. For me, it would equate into thousands more dollars in my pocket.
If the Lord would grant me the land in TN. If would have to be Him seeing how I am still unemployed. This being said, I did have a good interview this week with a company I think I could like.
Peace Out,
White Cobra