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Today gold closed down $15.20 at 837.90 and silver closed down .14 at $10.82. For the week gold is up $15.90 and silver is up .58.
Today gold closed up $9.90 at $867.40 and silver closed up .15 at $11.36. So far this week gold is up $45.40 and silver is up $1.12.
Hi Kevin:
I just got back from the oncologist and he said that he could be wrong but I have from 3 to 6 weeks. If I take the chemo treatments I could make it up to 8 months. He told me that the chemo is much better than it was five years ago. The hair is not lost most patients do not get sick. I said that I would try it but if I get sick there will be no more chemo. I would rather have six months of quality life than 8 months of sickness.
Everyone have a great evening and I will be checking in from time to time.
I think that you may be right Kevin. These are different times than the country has ever witnessed before so it is much harder to tell. I noticed that the discount rates have dropped considerably over the last few days. I see that silver just hit the $11.00 mark.
I have an oncology appointment today in about three hours. That is when I find out if there is anything that they can do. I will let you know what happens.
I am a terrible one to ask. I do not short stocks or precious metals. I could have made a fortune over the years but I just do not believe in it.
I said several months ago that CITI Bank and J P Morgan Chase would also be among the institutions to go under. Now we only need to wait for the J P Morgan Chase bailout. I don't see how the government can let these two banks go bankrupt. The only thing that is keeping J P Morgan Chase going is their very large cash flow. I do not play the shorting game but for those of you that do I hope that you took advantage of this banking debacle.
The one that I recall the most was Lehman Brothers. A friend in Olympia had thousands of dollars in Lehman stock when I told her about their condition. She pulled eveything out one week before the over the cliff drop. Lehman was trading at over $66.00 and is now on the pink sheets at .04. All of the nations largest banks had similar drops in share price.
Today gold closed up $10.20 at $816.30 and silver closed down .01 at $10.26. Compared with 11-7-08 gold is up $82.40 and silver is up .29. The gold/silver ratio is now 79.56. The silver lease rates are hovering just above and below the 2% area. This will continue to put pressure on the paper players.
I would like to thank all of you for your thoughts, prayers and concerns. It is wonderful to have friends like you that I will probably never have the opportunity to meet. We are like two ships that pass in the night. We are aware of each other and the love, respect and caring continue. My very best to you and your families.
Hi Kevin. I got back about five days ago and went into the hospital the next day. I have been home only for a few minutes. A lot of crazy things happened on the trip. A full sized bald eagle flew into our windshield while I was doing 70 miles per hour. It hit on Ruth's side and really smashed the glass. I was able to make it to the Riviera in Las Vegas and had someone come to the casino and fix the windshield on the spot.
I had to withdraw from the competition. I pressed 266 pounds during my warm up without any trouble but could not do 263 on my first attempt due to a torn muscle in my right shoulder. I thought that I had it well enough to compete but I was wrong.
After returning home I found that I had two messages and two letters from my doctor's office. The final message said that my liver was in very bad shape. I had given some blood just before leaving on the trip for my annual checkup. When I went to the hospital they said that it was my gall bladder and the pain was from two gall stones that had been found. After I had an MRI and a CAT scan the real problem was discovered. I have pancreatic cancer and it has gone into one of the crushed vertebra that I have. I have an appointment on December 2nd and then I will find out what kind and how bad it is.
Today gold closed up $3.40 at $733.90 and silver closed down .02 at $9.97. For the week gold is up $10.20 and silver is up .09.
Today gold closed down $6.40 at$730.50 and silver closed down .26 at $9.99. So far this week gold is up $6.80 and silver is up .11. It's a good thing that patience is a virtue because that is what it will take for a while but it is obvious that if the world economy picks up the precious will be off to another bull run.
Today gold closed down $24.20 at $736.90 and silver closed up .08 at $10.25. Sp fat this week gold is up $13.20 and silver is up .39.
Kevin, I was careless. I wish that the weight had slipped off. I got a little too far forward with my right hand so the weight came down and forward. Ended up nearly in my lap. lol!
Today gold closed up $39.10 at $761.10 and silver closed up .38 at $10.17. For the two days gold is up $37.40 and silver is up .31.
Thanks Kevin. I injured my shoulder again about three weeks ago so I have been icing it every day. I benched 295 pounds and when I tried 305 I got careless and let the weight get out too far on the right side. I pulled the muscles on my right rib cage and also my right shoulder. The ribs are fine now but still having some trouble with my shoulder.
Kevin, I'm getting ready to leave for Las Vegas on Saturday. I will be gone for about two weeks. In the past there is usually a spurt in the market but it has always quickly settled down. Gold and silver should do extremely well in the foreseeable future. Silver production is down a lot and that will only make the availability more scarce. GG hit a low of $13.84 and anything from there to $20.00 is a steal.
If anyone on here is in Las Vegas on the 12th of November drop in to the Riviera. The meet will last for seven days but I go on stage at 10.30am on the 12th.
By David Morgan Printer Friendly Version
Oct 31 2008 10:05AM
www.silver-investor.com
This headline should grab anyone’s attention, especially those interested in the silver market. Before going forward, let me explain that fully 70% of silver is produced as a result of mining other metals, mostly base metals. Copper mining, for example, is responsible for 28% of the silver mined in 2007. Lead/Zinc mining yielded 32% of the silver mined in 2007. Finally, gold mining brought about 10% of the silver mined, again in 2007. All data is from GFMS World Silver Survey 2008, page 31.
The point is, with the current low prices for all of the base metals, many companies that produce them are slowing, closing, or stopping projects. The result is obvious: the overall production of silver from base metal and even gold mining is going to be reduced because of current economic conditions. Will this bring down silver production by the 70% mentioned in my “yellow journalism” headline? Of course not, but my headline builds awareness that a slowdown in global mining activity is not necessarily going to flood the market with silver; quite the contrary, slowing mining activity slows the amount of silver produced.
As far as primary silver producers are concerned, some will be unprofitable at these levels, and all will be looking to find as much high-grade ore as possible, to stay as close to profitable as can be expected. Some marginal projects will be shelved and some projects may be forced to close if prices remain in the doldrums.
The overall mining equities have been completely devastated, as all of us in this sector know, and the prices of these stocks have dropped to levels that few can believe. The earnings of these companies will of course be falling as well, due to the fall in their respective products.
As of the week ending October 24, 2008, the year-to-date results are as follows:
Copper
-44%
Zinc
-54%
Lead
-55%
Silver
-37%
Gold
-12%
XAU
-59%
HUI
-59%
Across the board, both the metals and mining shares have been blasted. The base metals fare worse than both silver and gold, and the basket of precious metals stocks (as per the XAU and HUI) are doing worse than any metal cited. Again, we find silver at this point in time being not as precious as gold, but more precious than its base metal cousins.
There is some encouragement, as the past few days in the metals markets have shown some strength as interest rates were cut on the U.S. dollar. The gold/silver ratio has backed off from being over 85 recently to 77. Perhaps the worst is over, perhaps not.
I could not help looking further into the GFMS Survey since pulling it off the shelf for this week’s article, and found the following.
For those who are historically inclined, the GFMS World Silver Survey 2008, page 58, discusses the main uses of silver. Under the classification of coins we find,
“Historically, silver was more widely used in coinage than gold, being in greater supply and of less value, thus being practical for everyday payments. Most nations were on a silver standard until the late 19th century with silver coin forming the main circulating currency. But after the gold rushes, the silver standard increasingly gave way to gold. Silver was gradually phased out of regular coinage . . . .”
Yes, silver coinage stopped in 1965, the U.S. closed the gold window in 1971, and here we are today looking at a financial system that has certainly lost its way.
Today gold closed down $1.70 at $722.00 and silver closed down .07 at $9.79.
Today gold closed down $12.00 at $723.70 and silver closed up .13 at $9.86. For the week gold is down $10.60 and silver is up .49.
Today gold closed down $19.60 at $735.70 and silver closed down .16 at $9.73. So far this week gold is up $1.40 and silver is up .37.
Today gold closed up $11.50 at $755.30 and silver closed up .70 at $9.89. So far this week gold is up $21.00 and silver is up .52.
Thank you Langlui. Gold and silver are having a fairly good day. One look at the silver lease forward rates tells me that the paper players better clear some of their contracts. Their time is running out.
Thanks Boomer! :)
Today gold closed up $15.20 at $743.80 and silver closed up .14 at $9.19. For the two days gold is up $9.50 and silver is down .18.
LOL! Thank you very much Tsafi. I will be traveling throughout the western United states with a few days in Las Vegas when your birthday takes place so I will wish you the very best now. I hope that you have a long and prosperous life.
"Dubai runs out of gold on Diwali rush".
Today gold closed down $5.70 at $728.60 and silver closed down .32 at $9.05.
Today gold closed up $13.20 at $734.30 and silver closed down .29 at $9.37. For the week gold is down $48.60 and silver is up .02.
The US dollar gained nearly eight cents against the euro.
It doesn't mean much yet. Not until they get to at least one percent. If they do not drop that far the paper players will still be under pressure.
Kevin, I actually believe Buffet. I just believe that he is a little early.
Today gold closed down $7.10 at $721.10 and silver closed up .17 at $9.66. So far this week gold is down $61.80 and silver is up .31.
I agree. It's hard to tell what is going to happen. I plan to
wait until after the election. GG set a new 52 week low today. I can't see this going on much longer. GG closed today at $15.39 but the way things have been going it could go a little lower. It's hard to believe that the company has dropped over 70% in the past 52 weeks. It shows just how badly oversold some of the companies are.
Dow closed down 514.45.
I'm with you Tsafi. I don't get it either.
I believe that you and Kevin are both right. Many people do not realize how weak the US dollar is.
The dow is currently down 656 points.
How long can the dollar keep gaining strength?
Friday closing prices:
7-11-08---euro $1.5945
8-08-08---euro $1.5012
9-12-08---euro $1.4232
10-10-08--euro $1.3417
currently-euro $1.2853
October 28th....:)
Thanks, Kevin. We will be driving to Las Vegas and then tour the western US for a few days starting on the 9th of November. We can definitely use the map.
Tsafi, I have several children older than you. But I'm not old...lol