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eik, nice find.Thanks for sharing the info'.
Eric Sprotts' #2 attempt to change silver landscape...
(1) Filing to purchase $ 1.5 Billion in silver
(2) Requesting silver producers keep their money in silver rather than in cash at banks.
Is the U.S. headed back to a gold standard ?
From Martin Armstrong's latest editorial: "Government will NEVER return to a gold standard. That is simply off the table. Any confiscation of gold will not be to create a monetary system, but to simply grab wealth to fill the pockets of bankers."
Read Armstrong's chilling essay at: http://armstrongeconomics.com/martin_armstrong_writings/
In support of Armstrong's idea I'll add that Mike Maloney has said that in a true gold standard printing excess currency is forbidden.
A gold standard would neuter Big Banks' power.
S' pinky, the Morgue probably used some of the missing MF Global money to buy those MF Global LME shares : ).
Already there are editorials citing the big , mystery of where the estimated $ 1.2 billion went. It'll all get swept under the rug I figure when the appointed Inspector Clous6teau can't find it. Wondering where the next theft will occur ?
SilverSurfer, Thanks for the Clive Maud silver update. Apparently
Clive is a pretty good chart technician. He called both of the recent May & September big price-drop-manipulations accurately.
Maud seems to see deflation coming and he might be right in the very short.
However, I'm in Mike Maloney's camp where he's stated that deflation would rare its head enough to scare the Fed' into massive money printing which will provide rampant inflation.
One way or another I figure the same for Europe. So...in the *very short term* Maud could be correct in his chart analysis. I wouldn't bet against him : ).
Here's a link to another nice silver article including some of what we already know and some new information.......
http://www.financialsense.com/contributors/ron-hera/2011/11/22/keith-neumeyer-the-silver-market-lacks-integrity
On the surface Sprott's filing to purchase $ 1.5 billion
in silver could suggest he thinks the time when demand skyrockets is growing near - at least near enough to cause action now.
And buying up $ 1.5 billion might? speed up the time when physical silver price decouples from paper silver. Once this decoupling happens the possibility of acquiring this much silver at the current 'reasonable' price would be impossible.
Great find one4theroad. Eric Sprott's order shows basically the same thing James Turk is thinking -the fiat currency circus is near an unraveling point and a contagion effect could be close to beginning.
The MF Global outright theft could be signaling the ship is sinking and the Evil Empire has just stolen a life preserver from another
passenger.
White Cobra, all one can do is
calculate things that might take place within the EU. Your
ideas are as good as any.
The only true way out (as I see it :) is for the financially stronger countries to help/kick the PIIGS out , let them default then restructure(with their own currencies). (The German government has already shot down the idea of creating a huge ruling EU Central Bank that could issue long term EU bonds. Nor will the German government continue bailing the PIIGS out).
The only big risk with this plan might be the liability of U.S. Big Banks that have sold (too much) derivative insurance to parties negatively impacted by EU member defaults.
: ) Since finding a few extra coins and wanting to add to my too small stack I was trying to figure the extent of this immediate downturn in silver and left out the 'shinny object' trick - that of all the negative Italy news. It'll be interesting to see if Italy is the trip-wire causing an EU disaster. Just a guess they'll try to pour enough water/printed Euros on it to put the current fire out. Yep the Evil Empire has devised such a mixed bag of items it's hard to figure the very short term direction of precious metals. I'm like DTGoody enjoying the low prices as I buy as much silver as possible before it moves significantly higher.
Bottom line is I'm hoping for a bit more price weakness : )
The headline reads "Dow Tanks Amid Growing Fears of Euro Debt Crisis". The Euro's loss usually = the Dollar's gain which has previously spelled weak precious metals prices. Add to this stock holders selling some of their metal holdings to cover today's margin calls then add Stinky's offering that this week will probably involve a consolidation might account for this afternoon's $ 1.00 drop in silver.
On the other hand Europe's financial problems legitimately ought to strengthen gold/silver in the longer term (considering U.S. Big Bank's huge liabilities via credit default insurance sold to European banks). If the above assumptions are mostly correct once the consolidation ends and margin calls get flushed out of the system gold/silver could have a nice rally.
one4theroad, thanks for the full James Turk interview. I'd read
the condensed version on King World. Learned long ago Turk is usually right at calling turns in silver's price.
Foreign markets have opened with last week's EU bailout plan more
fully evaluated and found lacking. Consequently the Dollar has open up big with silver off $ 1. and gold off $30.
This reminds me of the pot calling the kettle black 0R your currency is uglier than mine : )
S p, thanks for posting that Nielson report on the
SPDR Gold Trust. I'm wondering what percent of its
investors read SPDR's terms of investment. Better yet,
how many haven't read it. After Nov. 11 investors could
legally loose everything to a scam Trust company.
S_S, I'd bet a triple
cheeseburger (with jalapenos) , fries and a milkshake the European Union's and United States' Big Banks are joined at the hip via our Big Bank's sale of default insurance/derivatives to certain EU banks. Some claim Geithner's recent trip to Europe where he advised them strongly to paper-over their liabilities was all about saving U.S. banks.
No doubt the EU will kick the can a bit further down the road this time but I suspect the German's will take their sweet time to negotiate some foreign assets as collateral before throwing their
money down the EU rate hole.
xjag, stacking IS taking care of your family.
For the majority of individuals their comfort zone tells them things will be OK and the current economic turbulence will blow over just as it always has. Then there are the 'stackers' who's logic has told them things ain't right. It takes guts to be a stacker and continually buy fiat currency death insurance.
The Evil Empire has had so many tools at their disposal to suppress precious metals prices - illegal concentrated short positions , ultra high speed computer trading , high margin rates , etc. etc. While the CFTC might put some teeth into a strict enforcement of Dodd-Frank it certainly won't stop the shenanigans. Presently the ultra high margin requirement on silver plus their computerized high speed trading is doing a right fine job at capping the price.
As I see it, the Pan Asian Exchange will eventually clear the way for a much less manipulated precious metals price structure. By then the Evil Empire will no doubt be mostly long on gold/silver.
When gold & silver will explode upward.
Martin Armstrong might be the best economist on the planet. In an interview with Jim Puplava Armstrong describes the groundwork for a (not so far in the future) time when he sees gold explode. This is a good interview that will give the listener a bird's-eye-view of what's happening economically and why & when he thinks the price of gold will explode upward. The interview is a bit lengthy but very good. Once at the web page just choose/click on one of the three listening modes.
http://www.financialsense.com/node/6688
Muammar Gaddhafi & Saddam Hussien - two guys
that wanted to sell oil for Dinar (rather than U.S. Dollars: ).
xjag,SilverSurfer & one4theroad , thanks for your discussion re. the CFTC's recent vote to limit concentrated short positions in commodities - especially in gold & silver. No doubt the Central Bankers and their financial 'friends' will be employing the best lawyers and lobbyists money can buy to modify in their favor the terms by which the CFTC will enforce Dodd-Frank.
As TF pointed out, JP Morgan Chase still has roughly 50% of its original short position to work off and might want extra time to: work off their shorts or/and continue their shorting. In this case the CFTC might drag their feet again while addressing the litigation. Who knows what will happen ?
Once the concentrated short positions thing is settled I'm hoping somewhere within the Dodd-Frank Act there's something with which high speed computerized algorithmic trading (HSAT) can be adequately monitored. According to one CFTC Board member the CFTC presently doesn't have a way to even monitor this type trading. HSAT is rapidly gaining more & more control over orderly and 'fair' pricing and could? pose a big problem in the future.
shermann, parents and friends can fill our lives with the best of things - love , support , companionship... I wish you peace and sweet memories.
S'Pinky, You mention an interesting question of how silver's price increase will be ushered in. Will it rise in increments brought about as each economic domino falls or will there need to be an accumulation of negative events which will stack up and jolt it significantly higher? In the shorter term periods I'm guessing a gathering of a few smaller type negatives will systematically unfold and kick the price higher.
In the long term picture due to the spin the news media puts on economic reporting along with the manner governments with the assistance of Central Banks kick the can/s down the road I'm guessing someday a huge crack (in fiat currency confidence) will
occur and we'll see unbelievably high prices.
Just guessing & hoping : )
Interesting that his wife's illness seems to be the most honest of his information to shareholders.
Still in ....disappointed Dexter seems to be totally lacking the business wherewithal to grow the Company like he told prospective investors he would. In my opinion it's both shameful and immoral the way he outright attempted - sometimes successfully - to deceive investors.
milo3
FINALLY ! CFTC appears ready to vote for
limiting concentrated short positions in the futures market.
(Let's keep our fingers crossed). If passed, silver's arch
enemies JPMC/BCBs will most likely have their favorite toy
(gross naked shorting) taken away.
http://www.cnbc.com/id/44867599
Very recent economic & legal events seem to be providing a strong base for silver to launch a sustained upward move.
one4theroad, Thanks for Willie's article. Jim doesn't mind plowing into the statistics to prove his points :))
WhiteCobra, Exactly ! "Supply and demand are ghost"
The cards are so stacked against Joe Investor he/her can only guess where the Evil Empire is taking the price of whatever it gets in its sights.
Consider:
* Even the alleged checks-and-balances existing a short time ago are gone.
* It's clear Big Banking under the present Obama administration are exempted from indictment or prosecution from breaking present laws.
* When the Evil Empire figures what it wants - gold, silver, whatever - it then turns on giant computers loaded with ultra sophisticated state of the art high speed trading that can place thousands of programed trades per second with the ability to morph into different trading patterns when needed.
The system is broken and corrupt - given that the Wall Street posters haven't demanded much in specifics THIS (I think) is what's eating at them.
Toofuzzy, Re. the silver manipulators, it often seems they have such control of the price some might be wondering if silver
will ever be allowed to be priced based on a true supply-demand valuation. Not that it will happen but what if silver pricing remained in control of the Evil Empire for the next 2-3-4 years or longer ? A scary thought that seems to irritate one's senses of right and wrong.
SilverSurfer ~~> "Where will precious metals go if a Death Spiral Deflationary Depression comes down ?" I'm guessing and offer the following as possible ... as economies move toward 'depression' Bernanke will lead the charge as all the world's printing presses will be put into full bore action shucking out enough currency to reach the moon. During the ensuing hyperinflation phase silver prices ought to do much better than gold. (During this time some think the Gold/Silver Ratio could move from 50:1 to 1:1 or even better in silver's favor). AFTER hyperinflation runs its course and fails economies could sink into a depression mode then gold might be the place to be.
However, gold & silver might reach tops approximately at the same time. At this time Mike Malone says it'll be time to move one's wealth into another area.
SilverEagle, was sure
you were aware of the correlation of Copper and silver production.
Going forward in time I'm wondering how much this might help buoy the price of silver if there's a world-wide economic downturn lessening industrial usage of silver ? Probably too many variables to say but at least a plus for silver stackers.
SilverEagle, you're probably aware .. since much of silver's production is a by-product of copper mining should copper production fall due to lack of demand silver production will accordingly tighten. Not sure of this potential impact to silver's pricing.
(Another small? thing to consider in sliver stacking :)
tailstahl, nice to see John Embry supporting
the hypothesis offered in post # 14203. Ted Butler
suggested CFTC Chairman Gary Gensler has been working
with JP Morgan Chase et.al. - the big shorters - for some
time in an effort to end their concentrated short positions.
What's happening gives evidence that Gensler might be successful
and if true suggests illegal sustained concentrated short positions on silver could be a thing of the past.
one4theroad, it's likely concentrated shorting - huge concentrated naked shorting - has been the the most effective tool used to restrain silver's increase in price. Regarding this problem Theodore Butler has suggested that the CFTC's new chairman has been working behind the scene for quite some time very patiently negotiating an end to the big silver short concentration. The short covering numbers might ? show some success on his part.
Now , if the EU thing can settle down a bit it would mitigate the strengthening of the Dollar so it could resume its decline. lol
Word is...the EU will have to print its way out of its immediate
trouble. Then toss in a little (or a lot :) of good old U.S. Q E
as in QE 3 and silver might be off to the races.
Seems very possible all the above can happen.
4 days before silver's latest plunge the CFTC
announced a delay (now until the middle of October)) requiring stringent reporting of concentrated short positions along with compliance of CFTC rules. Did the CFTC strike a deal sometime back in September with the short heavyweights ? In light of the linked article below the CFTC might have given JP Morgan Chase and Big Banking a grace period to exit their enormous short positions without a major hair cut.
http://www.financialsense.com/contributors/chris-mack/2011/10/03/silver-shorts-cover-nearly-half-their-position-in-one-week
The good part of the enormous short covering is IF it 'sticks' it'll help set the stage for a sustained silver bull market.
While technical charting
probably isn't very useful forecasting silver's moves
right now a nice 24 hour symmetrical triangle has
formed. Based on Elliott Wave rules silver ought to
break downward from its current price of 30.55.
lol now it'll turn up.
What's Really Going on..... in plain language.
The Turd offers his opinions.
http://www.tfmetalsreport.com/blog/2506/whats-really-going
Also:
* The Chinese Pan Asian Exchange is supposed to open in October
Many have said this exchange's format will put the COMEX
et.al. (JPM C) out of business by doing business in a way
less subject to fraud.
* Should the EU unravel (sooner than thought) via a Greek & others' default it could put enormous pressure on the U.S. Federal Reserve, big U.S. Banks and even the IMF. Articles are now out with the IMF chief saying it needs contributions from its members.
Hanglong, I'm thinking Obama inherited/won the driver's seat of a troubled economy and has tried - successfully at times i.e. 'Obama Care' - to integrate wholesale social reforms while essentially letting BIG BANKS guide many/most decisions related to the financial industry. This is like letting the fox take care of the chicken house.
And by putting his social agenda first before getting the economy on a correct path it has cost him credibility as President.
This situation has created a very dynamic playing field critical to protecting one's wealth such as investing in gold & silver which seems a proper topic in a Precious Metals Investor's forum.
I appreciate the moderators of this board allowing these discussions.
xjig, not to stray too far from this board's topic but its
been estimated that many whistle blowers offered our U.S. Justice
Dept. credible evidence with which to pursue indictments and Holder & crew ignored the information - just sat on it. Some of the whistle blowers' information is said to be so complete the Justice Dept. could have EASILY checked it out and gotten convictions. Their
case was 'saucered & blowed' , then handed to them and still they did nothing.
IMO this type unbridled abuse of laws could make gold & silver stackers very uneasy at times : ))
Hanglong, So the protesters want Obama to bite the hand that
feeds him millions in campaign money : )) No doubt Obama hates
Wall Street but needs its money to win reelection. He'll do the
'right' thing until Nov. 2012.
beer30', thanks for posting a link to the JP Morgan Chase class action law suit. The prima facie evidence against JP Morgue is staggering. I'm wondering if the CFTC postponed their next meeting until October - at least partly - to examine this case ?
It's interesting that this evidence against JP Morgue wasn't relayed whistle blower style to the do-nothing-U.S. Department of Justice and was filed as a class action suit in NY Fed' Court. Perhaps the filers of this suit are keenly aware that the U.S. Department of Justice still has issued 0 indictments against anyone re. the reported offenses related to the big bank bailouts.
The Free Nebula, I agree that silver&gold are consolidating previous gains. It seems that without central bank's downward pricing bias gold&silver's consolidation periods would be much abbreviated and both metals' value would currently be at much higher prices.
While Turk, Embry, Sprott etc are heads of gold/silver funds and probably a tad paranoid regarding the huge concentrated short positions of JP Morgan Chase and HSBC Ted Butler and Andrew Maguire have laid out convincing facts and testimony re. the manipulation.
It's good there are enough central banks to supply enough fingers to stick in their leaking precious metal's dike. I'm guessing someday
central banks won't be able to plug all the holes and the price of silver will move up exponentially.
Silver touched 39.310 considerably below its 40.01 50 day MA.
Looks as if Central Banks are desperately attacking all precious
metals and (for the time being) winning. Support might be near
38. (Where's Brother John ? lol)
Seems like they ramp up their assault during times most
favorable to gold&silver increasing in price so as to keep
a big run-up from happening. Guess we need to thank them for the extra time to accumulate more at lower prices : ))