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As usual...gold & silver being moved counter to the U.S. Dollar.
Last 24 hrs. USD up .46 with silver down 2.16 and gold down 49.00.
Seems the bullion banks will use any technical tool to over manipulate precious metal down.
S_p, Maguire came right to the point re. the demise of the Chinese Pan Asian Gold Exchange (PAGE) and the building of a new Chinese silver exchange to open 'very soon' - I'm hoping by the end of summer.
While the bullion banks killed PAGE they effectively opened the door for a much better chance of us silver accumulators to realize unimaginable price gains in the next few years.
The silver arrow that will kill the COMEX
is described in today's King World audio interview with Andrew Maguire.
http://kingworldnews.com/kingworldnews/Broadcast/Entries/2012/3/2_Andrew_Maguire_files/Andrew%20Maguire%203%3A2%3A2012.mp3
White Cobra, LOL wish I had some good Lotto numbers to share.
As for predicting silver moves & prices I've learned I'm not very good. However, reading James Turk and drawing conclusions from his estimates usually gets me close to what's happening.
I'm eager to read Turk's next silver article re. the smack-down and whether his prediction of a fairly swift move to 60.- 65 area still stands.
one4theroad, today's action illustrates the power of the creation and illegal use of billions of dollars in (fake) paper silver. It's like JP Morgan Chase took silver bulls/buyers over their knee and gave them a whipping they won't forget reminding them who's boss.
Someday - don't know when - the light will turn on in everyone's brain that Dollars are trash and they'll make a dash to buy silver thus breaking paper silver's hold on low pricing. I'll just be accumulating more until then.
Generic, As usual, Bernanke seems to have all the answers. I've listened to his chat with Congress and the real problems - ongoing escalation of dollar printing, rapid increase of U.S. debt, the increasing flow (more like a dead run) of countries dropping the Peto Dollar in lieu of other currencies & gold, etc.
Unfortunately the focus of congressional questions delved into the 'mechanics' of details within the Fed's ongoing operations. This was a congressional/Federal Reserve snow job for news media consumption at best timed with a JP Morgan Chase, et al paper attack on yesterday's silver advance to 37 +. So far, it's worked like a charm with silver falling to 3.61 (10%)...update while I was writing 2.98 in a 90 minute period this morning.
wer123, the Evil Empire (EE)/cartel as Turd refers to JP Morgue , et al has usually picked prime technical areas to launch paper attacks against rising silver & gold prices. In today's case the news media will no doubt expand on the current price drop as 'profit taking'.
Already silver has retraced its gain from mid 35s. to 37.+. It'll be interesting to see if the price bounces back above 37. very soon. If so, the shorters might have a big problem.
Sp, good story illustrating there are people ready to steal from others. Rick's experience also serves as a reminder for those accumulating physical precious metals not to randomly talk about what they're doing.
Couldn't help notice the .86 drop in 13 minutes this AM. Wondering if
JP Morgan Chase et al is counter attacking the increase via a big paper push downward ?
WhiteCobra, estimating many here are watching/waiting while silver consolidates its increase to the $35.5 range.
joev2, It seems to me with the world watching him profess his Christian faith among personal friends he put a very unchristian shaft to his shareholder-partners.
Some might say he used his alleged Christian faith to scam other Christians.
'unless jumping a claim'....LOL love the humor inspro.
Sp, re. Canadian Moose Rounds.
APMEX 40.42 ea
Provident 38.98 ea
Westminster 38.90 ea
Gainesville (25-499) 38.38 ea
WhiteCobra, sterling & rolled half dollars sounds like fun.
Best wishes for you in your searches.
S'Surfer, estimating future short term and even intermediate term silver prices are like wild-a**-guesses. Estimating short and intermediate future silver prices is deviously difficult. However, the long term end price of silver will likely be multiples of its current price.
Western governments seem to have engineered strategies to hide the rapid demise of fiat currency & Keynesian Economics from the general public.
I won't go into the likely shenanigans of JP Morgan Chase's strategy to support the (fiat) U.S. dollar. Ted Butler has done a masterful job of this. Buy limiting silver's price from rising to its true value it has held at bay red flags alerting the public of the progress of radical devaluation of its currency.
Recently Gonzalo Lira suggested the U.S. Fed' and ECB along with U.S. & European BigBanks would smooth over (with trillions of Fed' sponsored U.S. dollars if necessary) all 'emergencies' so as not to produce overly scary situations causing runs on gold and silver prices - another technique to limit red flags.
In a recent interview Jim Sinclair stated "no default will be declared a default by the International Swaps and Derivatives Association so you have a guarantee QE will go to infinity at the cost of the U.S. currency market first and the bond market second. I put this epic event in 2015." Once again, another way of hiding the destruction of fiat currencies.
There is a concerted effort to keep the public asleep as long as possible.
WhiteCobra, this week expiry week - thanks. In Turd Furgeson's
last Thursday (Feb. 16) report - after analyzing numerous charts - he stated if silver fell to 31.50 he'd be buying with both hands.
Estimating good entry points has been guesswork but later this year sub $32 purchases are likely to look great. This week might present us an excellent buying opportunity.
timmage, I concur. After the world's fiat currency circus folds its tent there could be a big backlash against the present currency system resulting in a strong desire for a gold backed currency system.
frequent-flyer, yep the CBO's projected budget deficit estimates are huge for the next few years. What's happening is Congress is increasing spending every year and tax revenues are dwindling. This two sided dynamic of increasing debt in order to stimulate economical growth is self defeating. At best it enables politicians to kick the can down the road for a period of time. It will not work in the long run because people will loose confidence in it !
The Fed' has publicly stated it wants to lower the dollar's value by 30% in the next few years. Simple math says the dollar will be less valuable by 30% when this happens.
SilverEagle, China loves the U.S.' precious metals suppression so much they contribute to the scheme in their own ways as they've accumulated massive amounts of gold & silver.
Apparently our Fed' isn't worried that China has moved from nowhere in gold ownership a decade ago to 4th or 5th in the world.
Everyone knows China wants to replace the dollar with their yuan/renminbi and the U.S. seems to be helping China's goal of
becoming # 1 in gold ownership, This greatly enhances China's chance of success in replacing our dollar as the world reserve currency.
(In the corner of my mind I keep thinking what does our Fed' know that the Chinese don't ?) Or is the Fed' selling us down the river for for some alleged greater ideal ?
Sp, Of all precious metals analysts the one that explains silver's ultimate future value the best is Mike Maloney. Ted Butler runs a close second but he often delves into small, short term technical details whereas Maloney usually focuses on the long term end results.
Maloney seems to have a great knack for stripping away all the irrelevant details and explaining the basics in simple terms. He reminds his audience that seemingly important!!! economic events is just 'noise' as silver travels toward its ultimate high value destination.
There's several ways to demoralize silver holders
and create selling.
The two most common ways seem to be shorting
paper silver's price down causing a rapid drop in
price.
The other is holding the paper price in an
extended narrow range thus slowly demoralizing
speculators who begin seeing mirages of greener(equity)
pastures. (This seems to be happening now).
Both (crooked) techniques allow more
time to accumulate silver at better
prices before the masses rush to buy.
SilverEagle, Yep I know the feeling of watching silver move lower after my purchase. Just bought some at $35.20 then watched it go to $34.84 the next day. lol I'm in for the long haul so it doesn't matter much.
Silver has had a nice run-up from $26 and the recent 3-4 day mini correctional pause just below $34 had a few evidently taking profits (along with JP Morgan Chase shorting a little Ted Butler stated).
The pause just below $34 is good from a technical view and sets the price up to hopefully break through expected resistance at $35-$36.
The most encouraging silver news of late is coming from James Turk.
For several weeks he's been talking about silver's flag formation as the basis of a strong upside breakout - says once $35 is broken it'll run to $65 area in 90 days or less.
I've a lot of respect for his ability and the courage to stick his neck way out on a call like this.
After every silver run-up the cartel
pitches in and helps the ensuing
price adjustment/correction : )
Sp, nice post full of info'. Been reading Moolman's articles
and his analysis are usually a tad different and interesting.
Life's full of what-ifs. What if the the world's
fiat currency systems fail ? What if they're replaced
with gold backing new currencies or gold being an important
part of a basket of assets ? What if the above happens and
it's discovered the United States has very little of the gold reserves it claims ?
(I've mentioned this before) Most importantly IF it's found the U.S. gold reserves are only a fraction of what has been claimed at a time the world transitions to some type of gold backed currency what will likely happen to the value of gold and silver held by individuals ?
A documentary type analysis program addressing U.S. gold reserves
will be aired on the History Channel H2 at 10 PM this Saturday. I'm
thinking this program will be quite different than the last one the
History Channel did.
SilverEagle, something I'm sure you know.
The lack of money can be an especially
heavy burden on newly married couples.
It sounds as if your future bride will
gladly be involved with you in prospecting
for gold. No doubt she'll learn (from you)
of a possible devastating economic
downturn somewhere in the future and want
to help prepare for it.
Working together with patience : )
on common goals to assure your future
financial, physical and emotional welfare
(in possible bad times) could be a great
opportunity to bring you closer together and
build a strong bond to last a lifetime.
My best wishes
SilverSufer, You're right on all your points. As an addendum to your ideas the phrase 'dumbing down of America' takes on an important meaning. That an overwhelming majority of adults in this country couldn't tell you what fiat money is a given. Some - very few - might have heard something? about the country being in debt but that's for congress and the president to handle and it'll never affect me much . To take this idea up a notch even the big majority of individual investors don't seem to understand the investment dangers ahead.
I'm wondering what catastrophe/s it'll take to change the investment bias from equities to physical precious metals ?
Yep, someday a light bulb will turn on in the investment community's brain and a paradigm shift to silver will occur. Then silver will rule for a period of time.
As tired as I am of waiting for this to happen, when it does I'll wish it happened later so I could have accumulated more. lol
Silver ($33.75) currently approaching resistance @ $34 again.
Sp, thanks. I'm headed over to look at it.
Sp, out of penny stocks and into (quality) mining stocks sounds like a good plan. Several - Turk, Rule etc. - are suggesting purchase of quality junior and mid level mining cos. that are top buyout candidates. (Wish I had the extra bucks to subscribe to
their services to find out which companies they like : )
Seems even the well managed big ones ought to have exceptionally
good stock price appreciation when gold&silver reach higher prices.
one4the road, been following the derivative liabilities story before Treasury Secretary Geithner went to Europe a few months ago telling/begging : ) the EU to print baby print !!! euros and was told to stick the idea in a dark place. (Germany knew printing had to be done but Merkel was playing to her voters). No doubt Geithner (former Pres' of NY Fed' Reserve) was sent by U.S. Big Banks which had spent the derivative insurance premiums from default insurance sold to EU banks on rank and file bank executive bonuses. And I thought the Big Bank shenanigans were pretty sorted until recently Bank of America got their derivative liabilities transferred to U.S. taxpayers and shortly after that thousands of MF Global clients had their account assets stolen. It's gone from sorted to shamefully corrupted.
In recent weeks either by Presidential Order or by congressional approval U.S. citizens have lost their Constitutional rights of: *protection from the military assuming permanent policing duties over civilians and * right of Habeas corpus. Also President Obama was given the power of life and death without any oversight of U.S. citizens deemed 'terrorist'. (After signing the act Obama said he would NEVER use that authority. Yeh..Yeh.. and subsequent Presidents ??
Add these items to the remodeling of closed military installations into 'secure' FEMA camps - don't laugh, look it up - suitable of detaining (without trial indefinitely) persons of interest.
It appears our government might be preparing for a period of extreme social unrest caused by extended server economic stress.
one4theroad, thanks for the link to a very important interview for those wanting to understand the basics of gold/silver - even equities - investing and the (likely) coming collapse of our 5 major Big Banks.
S_p, thanks for correcting me re. the Eastern group's effort to curb concentrated shorting of gold (instead of silver).
About the negative effect on the dollar's value of countries leaving it as their choice of reserve currency several analysts have said it will quickly help devalue the dollar. The trend is accelerating with the following dropping or are about to drop the dollar: Russia, China, India, Japan, South Korea, Sudan, Venezuela, with Saudi Arabia said to be moving quickly to the switch. The bottom line of a rapid dollar devaluation will be a rapid increase of the value of gold & silver.
A few years ago I went with a couple of California friends to the mountains east of San Francisco to pan gold for a day and got a couple of (tiny:) flakes. Several of you on this board have taken finding gold to a new level. Thanks for posting the descriptions of your equipment, techniques and results. Hoping to hear some great success stories from you later.
Stinky pinky, Among several things in Jim Willie's January 20 article he tells about a (powerful) Eastern team who's goal is to limit the cartel's silver price suppression via shorting.
http://www.gold-eagle.com/editorials_12/willie012612.html
Stinky pinky, much thanks for citing Harvey Organ's recap of Ted Butler's thoughts. Butler is an excellent silver analyst - not always right but usually very insightful.
I don't trust J P Morgan Chase to gracefully fade away.
" If euros,renminbi,rubles, or for that matter gold, were generally accepted for oil (in lieu of the dollar)the U.S. dollar would become irrelevant , quickly rendering the currency almost worthless.
http://www.financialsense.com/contributors/marin-katusa/petrodollar-iran-gold-what-you-need-to-know
This is happening fast due to the U.S.' & Europe's sanctions on Iranian oil as countries currently buying oil from Iran are negotiating barter agreements i.e. India. No doubt there will be others.
Mix the above scenario with the Obama administration's goal to kill the dollar and it could soon send gold and silver prices into the stratosphere.
Always a pleasure listening to Mike Maloney describe economic principles. In the latest GoldSilver.com interview (which has aired several times) he states that gold & silver do periodic accounting
of the money supply and catch up in value. He goes on to suggest after after gold accounting of the current money supply gold's price might be $15k or $20k.
Something to consider..... IF the U.S. has essentially sold most of its gold reserves or even a big chunk (and we assume it has zero silver reserves) the accounting Maloney speaks of could increase gold's & silver's value exponentially beyond his current $15k-$20k gold estimate!
Comments pro or con welcomed.
Yes, I'm amazed at Rickard's understanding of the myriad of economic factors and how changes within these factors produces
different impacts on things.
Example: Seems if the Euro strengthens it lessens the chances of an
all out U.S. Q3 (which to some degree might slow Dollar printing .. a little).
In the link Matt_Chart posted (post #16272) of the U Tube interview with Jim Rickards Currency Wars Rickards also mentioned the U.S.planned to cheapen the Dollar.
It seems no secret that the Dollar's value will probably continue to be shredded for at least the remainder of Obama's tenure. This is one of several factors strongly supporting higher precious metal prices - especially gold & silver.