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SilverEagle, I stand corrected too ... thought Helicopter Ben was going to come with some sort of sneaky, disguised printing. However, he came with trumpets blowing and an abbreviated QE that he'll expand into a wild-ass full blown version of printing 'as needed' later on.
Once again, the big banks are hooked up to the big Fed' titty while middle & lower class citizens will get lower real wages, lower
income from retirement accounts, higher taxes and Obama Care/less medical care.
Something tells me I'm going to need 10 X the PM its taken me several years to accumulate : (
Major resistance levels ahead :
35.50...shouldn't be too difficult to hurdle as buy volume wasn't heavy in this area last Oct.-Nov. leading up to 34.5.
37.50...a bit more difficult as buy volume was more elevated in Feb. as price approached 37.5
44.00... possibly most difficult of the three resistance areas shown here as buy volume preceding 44. was fairly high.
After 44.00 there are no major areas of resistance until very near 50.00.
* General thought is that buyers getting in just prior to correctional tops could have been trapped and are tempted to sell as the price regains the price they paid which would create selling pressure and cause more time for buying to eat through these price areas.
* Obviously significant events - anticipated & unanticipated - can impact the direction of price at any point in time thus affecting action at resistance points.
White Cobra, I agree. The overwhelming majority of individuals aren't savvy investors interested in 'far off' things like our corrupt government running up a 16 trillion debt followed by QE that's robbed them of their currency's value, corruption of Big banking and abandonment of much of our Constitution & Bill of Rights.
Though most are aware stuff cost more than they can afford or/and that things cost much more than they did in the past they don't seem interested in why or what to do about it. Little do they know the legs supporting a once great way of life have been removed.
Anyway, I'm reading that the Fed' will likely come with some disguised version of an open ended QE today. We'll see in a few hours. IF this happens I'm assuming those investing in physical silver&gold will recognize the implications of it and be spurred on to accumulate more.
'What do you suppose 16 billion dollars weighs ?'
Sounds like a trick question lol but I'll bite. I'm guessing
it weighs very little since most or all of it is computerized currency.
I'm guessing silver & gold are taking a pit stop in their current
price ranges (33.2 & 1730) and will move up very soon.
According to Jim Rogers the U.S. never stopped its printing - has been printing lots of currency per its balance sheet. Rogers goes on "LOOK AT THEIR BALANCE SHEET. CURRENCY ISN'T BEING CREATED OUT OF THIN AIR - ITS (constantly) BEING PRINTED". Why should Bernanke announce printing & take the heat when they can print without the announcement ? Most folks will never know.
About this week's Fed statement I'm wondering if Obama & Bernanke might think by not announcing a QE printing festival it'll cause voters to think the economy is better than it is ?
Silver spiked past 34. on German High Court ruling & was followed by profit taking to 32.50 where volume buying came in. Back to 33.04 now.
SilverEagle, "Germany's highest court rejected call to block Europe's permanent rescue fund, removing another uncertainty from Europe's efforts to solve its debt crisis"
This is great news for precious metal stackers as it allows Germany
to continue funding EU debt - aka more l-o-n-g term 'credible' : ) can kicking down the road.
One down, one to go as we await for word from Mr. Bernanke later this week. Yep, it's HI-HO Silver.
This week Germany's High Court and U.S. Fed. head
are scheduled to likely speak about things affecting
precious metals prices. Silver&gold are treading
water while waiting on these bodies to speak.
Re. the number of Dinar the U.S. Treasury & Federal Reserve has, probably one of this board's assistant moderators D T Goody would know for sure.
I bought a few Dinar and read the gossip blogs for a while and it seems to me the U.S. Treasury&Fed' didn't have double digit trillions.
White Cobra,
Didn't mean to post about PM investing. Was just commenting in post 18477 on the jungle of short term drivers involved in making day to day pricing of gold&silver.
In post 18464 I gave two big reasons - currency printing & foreign abandonment of the dollar used for international trade settlement - as good reasons for U.S. citizens to invest in gold&silver.
Simple observation: Drivers of gold&silver pricing are
several - central banks, swap dealers, hedge funds, individual speculators & more. Each has their own game plan and jockeys for best position. It's a jungle of ongoing short selling, selling, buying with one group seemingly guiding the price for an indefinite short time. I'm guessing this is what's happening which makes day to day price forecasting near impossible.
However, as more and more players grow fearful of impending currency devaluation the most powerful factor contributing to gold&silver pricing will be accumulation which will drive prices up.
Ron Paul: "How Long Will the Dollar Remain the World's Reserve Currency ?" http://www.321gold.com Scroll down a bit to Sept. 5 articles.
The erosion of the Dollar as the World's International Currency may sound like something far off and vaguely influential in the lives of U.S. citizens. However, it's happening right now at an alarming pace and
could (more quickly than believed) become instrumental in the demise of the value of money we use to live on.
Stinky pinky, your estimate that silver will lead gold up is dead-on right so far. Silver is sailing through resistance and gold seems to be in quite a battle to break resistance at 1,700.
Silversurfer, inflation is a two edged sword. For too many years it's made living too easy. I reckon we'll be seeing the other side of inflation soon.
Papering over normal weakness in our economy rather than letting the market process the needed correction/s has led most individuals into a reality barren world of believing many erroneous things i.e. our government/politicians will take good care of us, some businesses really are too big to fail, we can pull ourselves up by our bootstraps and actually pay the $ 16 trillion debt off by government spending less and taxing more.
I fear for most U.S. citizens (including myself) who are going to be challenged with very difficult obstacles resulting from the coming inflation.
My last post addressed QE/money printing until certain economic goals are reached. IF this tactic is employed by our central bank no one knows how much will be printed.
As a result of printing dollars until specific economic targets are met other countries will have more incentive to flee the use of dollars in their international trading.
These two factors - money printing & foreign abandonment of the dollar as trading currency between countries - could easily feed on each other to speed inflation/devaluation of the dollar to warp speed.
Future Dollar printing and price of silver&gold
Here's an interesting article citing what Jim Sinclair & others claim is coming QE to infinity. http://www.businessinsider.com/michael-woodford-endorses-ngdp-targeting-2012-9
If Nominal Growth Domestic Product targeting (NGDP) is employed by the Fed' when will the goals be reached and how much erosion in the dollar's purchasing power will have been done ?
Physical silver&gold holders ought to realize sizable profits on a somewhat limited NGDP and possible *astronomical* gains if an extended NGDP happens.
jt6455, my dream-come-true is for Romney to win the Presidency and appoint Ron Paul as Federal Reserve Chairman : ))) Why not ?!
Fox News will expose Obama's radical past this Sunday at 9:00 PM Eastern according to Snopes.Com. http://www.snopes.com/politics/obama/foxnews.asp
The article mentions this has been rumored before and didn't take place. Guess I'll be tuned in to see if it happens this time.
kairos, Trader Joe's and Eden's - great info'.
I'd forgotten the chemical name (bpa) and was going to have to
repeat my due diligence on it.
I really appreciate your help
eet2, Thanks. I've bookmarked and will make notes.
jt6455, as a newbie about to buy food that stores from 2 to 20 years I'm first going to get a basic education re. how long various foods can be stored, taste good & maintain acceptable nutritional value. Because of my small (nearly) fixed income I'm guessing I'll need to do some storage preparation myself in addition to buying prepackaged.
One article I recently read was about the type of inside lining of most food cans. The 'usual' inside can coating seems to dissolve in a few short years and the cumulative effects of it in the food are thought? not to be particularly good for one's health over an extended time. While there's not much data on its effects I'll look for the safer lining.
I'll keep you apprised of that I find.
jt6455, mucho thanks for the go food.com suggestion. I'll give it a through study.
Bertsllc, Emergency Essentials. I'll be studying the site. Thanks.
hotrod34racer, sounds good. Wish I could get a lead on who you buy from.
alpinefrost... was hoping to get feedback from a few who have done business with companies selling long term food storage items. I've bookmarked The Ready Store and will study their food items & points system program.
Thanks for your feedback.
Been considering long term food storage and after looking have found there's a jungle of things to consider. Help from anyone experienced in this area will be greatly appreciated.
Off Topic: I'm sure some of us have been keeping track of Bix Weir and his strange view of how the U.S. will return to a sane financial system - that the fiat currency insanity of the last few years is actually a covert strategy to eventually put the economy on a rock solid foundation (by sinking it).
In a Road to Roota post made yesterday Weir stated the present economic system will totally crash & burn - checking accounts, savings accounts, 401Ks, money market accounts, etc will disappear with one huge electronic crash within the next two months !.
I'm not making-fun of Weir - his estimate seems like a very long shot though. He might? wind up being right but I'm guessing his timeline needs to be extended farther out.
tallstahl, Martin Armstrong is always an interesting technical read who seems to be better predicting long term trends and turning points.
He has missed several short term calls though. I'm going to cut him some slack and say that his computer calculated predictions/calls have been skewed primarily because of the out-and-out unbridled manipulation.
This trend of him calling long term long term trends and turning points but often missing short term ones goes hand-in-hand with manipulative powers hardly ever determining the outcome of any given long term move.
dentguy, in the short term China's economic future appears to be hooked to how well it's international customer base does. While amassing a substantial manufacturing and customer base aka Walmart (LOL) the government was busy building debt via some not so smart enterprises - metropolitan size cities in which no one lives and ultra high speed rail systems (full of problems) just to keep its native population employed and placated.
There's no doubt China's European & U.S. customers won't be able to
import as much as during the last decade and the lack of buying has already bitten them in the rear. China's big fear is that high unemployment will foster discord and possibly rebellion among parts of its masses. However, the military generals actually ruling are probably smart enough and forceful enough to successfully walk the economic tightrope via increasing the currency supply - mentioned in your linked article - and use of covert & overt military force.
Jim Rogers admits China has its short term problems but he always follows up by saying it'll get through them and be the next economic center of the World.
Potentially important near term announcements:
(1) German Court set to rule on the constitutionality of ESM aka use of German taxpayers' money to support the EU on September 12.
(2) Many think U.S. Fed' likely to announce more QE/currency printing at their September 12/13 meeting.
(3) In a present King World Blog article Michael Pinto says it's likely the ECB will announce it's own version of a massive EU QE
on September 6.
Stinky pinky, It takes courage to have stuck your neck out saying the silver market is in a sustained up trend. Kudos to ya. I've been waiting for the free market to become concerned/scared enough to overwhelm the manipulative cartel. And while I like charts and technical chart reading I'm not very convinced - yet : ) - that charts can give sure enough signs to say if the current upward trend will prevail. Anyway, I hope it can.
White Cobra, 2.2 troy ozs for $9.36. Great ! I applaud your efforts and success. Unemployed but still able to accumulated reminds me of the saying Necessity is the mother of invention.
A friend who runs a computer sales & repair store and also buys 'junk' silver and gold told me about a local fellow who is able to get a few half dollar rolls at our tiny local BOA branch. Not too long ago he stumbled onto TWO rolls of 90% halves ! Now I'm not the jealous type - what someone earns/gets is there's. That's that. However, when I heard someone stumbled onto that much silver I turned a bit green from head to toe. LOL
White Cobra, after a 20 yr. hiatus I remarried 10 years ago. Since my wife is from a foreign country I've accompanied her to buy groceries
(at her request). In 10 yrs. our grocery bill for virtually the same items has climbed about 50% !
As you've pointed out, along with the drought & the Mississippi drying up/reducing navigation and economical delivery of food products 'experts' are predicting a jump in grocery items. I read where corn & corn byproducts (corn syrup etc) goes into over 1000
products and the drought is hitting corn very hard. I'm wondering if ethanol is THE major corn byproduct ? Grrr I expect someday politicians supporting expansion of ethanol for fuel will feel the heat from hungry voters. Only then will sanity possibly return to the sad, sordid ethanol story.
I'm with you - concerned and trying to figure how to blunt the coming increases in food. And more dollar printing will surely exaggerate the coming increases in food AND gasoline/diesel prices so it's good that we've accumulated some silver if (which if needed could likely be used to help in these areas).
DD xprt, Good point - there are different reasons for buying silver. I bought 90% silver halves as a hedge against some sort of economic upheaval about 5 years ago. As dollars began being printed at warp speed I started accumulating silver in earnest. For me silver is economic *insurance* for my family.
DD xprt, thanks. I can run days on just one compliment. As a very small physical silver accumulator I enjoy watching what seems like a deviously complex economic story rapidly evolving before my eyes. Yep, on a day-to-day basis there are so many players jockeying for position it's mind boggling and nothing is sure.
The following is speculation.....
Not trying to pat myself on the back (because I'm in silver by near accident) but only the smartest investors sense something is rotten in Denmark re. the future valve of 'paper' and have moved into gold & silver and other key assets.
As things become economically worse the next level of individuals/investors will realize their paper assets are buying less & less and will look for protection. Eventually this realization will work its way through every economic level and as it does the potential buyers of physical silver will become enormous.
All that's left to create mini buying runs and eventually a near rabid mass silver buying frenzy is fear - the more fear, the more
buyers will pursue silver the poor man's gold.
A nice thing about this forum is we all get to guess about various ideas re. precious metals.
Due to politicians economies are are in a state of turmoil - black is white & white is black. Your guess is as good as anyone's. Hopefully the USA's huge resources will eventually translate into our future prosperity.
Thanks SilverEagle. September 12/13 might? be a significant couple of days regarding economic decisions here and abroad. Just wanted to mention the possibility.
White Cobra, Oh how the pot boils. LOL Was reading that if elected Romney would cancel future QE moves by the Fed. and that he would not appoint Bernanke to a third term. Well...this obviously creates a situation that causes Bernanke to want Obama reelected AND speed up initiating the next QE.
While this doesn't guarantee QE3 it certainly seems to support something like it very soon.
Stinky pinky, if I'm not mistaken the German court is presently scheduled to rule on the constitutionality of the European Stability Mechanism (ESM) (aka support of the EU with German currency) on September 12. (A new lawsuit against the ESM has been filed and might? change the Sept. 12 date but as of now the date hasn't been altered).
September 12/13 is also the scheduled date the Federal Reserve has an important meeting where several analysts think the next big policy statement could be announced - QE or not.
Who knows ? September 12/13 might be a very exciting time : )
Buying coming into gold&silver.About 45 mins. ago gold had settled at 1636 .. now at 1652. Silver had retreated to 29.53 & now at 29.85.
Stinky pinky. hope silver does lead the way. The playing field seems a bit more level than 16 mos. ago. Silver took a much larger hit than gold and has more ground to make up alright.
However, being a much smaller market than gold it's still more easily manipulated downward. And as for as the CFTC is concerned, by its past record it can't be considered as a factor involved in helping silver find a fair market value. So...(just my opinion) we're about to find out if free market forces are stronger than the Evil Empire. : ))