Silver Going Ballistic Tonight

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Lemonyellowschwin's picture
Lemonyellowschwin
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Silver Going Ballistic Tonight

Well, I'll kick it off I guess . . . as of 10:03 PT, Silver's at $48.57 up nearly $2 from Friday. 

Silver

Man. . . .

Lemonyellowschwin's picture
Lemonyellowschwin
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Ahem. . . Silver!

Oh my goodness, I kid you not, in the 8 minutes since I posted that Silver's up to $49.31. 

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wags999
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I actually find this

I actually find this scarey.  Is this in part because China may be planning on cutting down on the amount of dollars it holds, by 2/3?  I've been hopeing for a pull back and a buying opportunity. Nothing goes straight up.....normally. 

Subprime JD's picture
Subprime JD
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Yeah, this is pretty

Yeah, this is pretty ridiculous. Im thinking of taking some profits tomorrow, buying back in when this parabolic blow off top takes a break. When I say "taking profits" I mean 1/3rd of my silver holdings.

Jager06's picture
Jager06
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Running

If this keeps up I am going to trade some for the note on my house, my business and some rental property. Then go slap a down on that 50 acre ranch I was drooling over....

When it hits $500 tomorrow morning that is...

Tongue out

gregroberts's picture
gregroberts
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Max Keiser initiates silver run on Alex Jones

Max Keiser initiates silver run on Alex Jones

The idea is to get everyone to buy a silver coin. This accomplishes many things, including targeting JP Morgan, the bank behind the fraudulent silver suppression which props up the fiat paper money system, which the elite use to control the world and extract its wealth. JP is trapped with a huge number of silver futures contracts that will lose billions if silver goes up. These are derivatives with no physical silver backing.

http://unhypnotize.com/economy-currency/33997-max-keiser-initiates-silver-run-alex-jones.html

SagerXX's picture
SagerXX
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Jager06 wrote: When it hits
Jager06 wrote:

When it hits $500 tomorrow morning that is...

I hear you bro.  That's about the price point at which I could erase all our debt.  But the inflation-adjusted all-time high (translated from the Hunts' stab at cornering the Ag market) runs out around US$120, I think.  

Stay frosty, gang...

Viva -- Sager

Jager06's picture
Jager06
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Inflation adjusted...

INflation adjusted hig....blah to all that.

How about when JPM has to cover? Or all that TARP, TALF and QE money finally finds a place to roost?

And I believe the rate of derivative creation was estimated at $1.5 Quadrillion for every $1 Trillion Bernanke prints up. Forgot where I read that....zerohedge I think.

I saw another 8th grade math estimate putting all US Dollars divided into gold at about $82,000 oz. Which we all know must be divided by 16 for the historical silver"gold ration of 16:1.

Making silver around $5,100 oz.

How about some Monday morning cheerleading?

Best Wishes,

Jager06

 

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darbikrash
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Turd Ferguson

Turd Ferguson knows how to call it:

Link

Here We Go

Keep an eye on things tonight and get ready for a very volatile week. Watching the PMs over the next few days will not be for the faint of heart.  TF


Wow, I've written some stuff over the past few months that has worked out pretty well. I'd say this close from last night's note ranks right up there.

After spiking almost to $50 overnight, silver has been clawed back to a low of $47.80 this morning. We've seen this countless times before since August. It just seems more dramatic because the price is now so high.
It looks like this:

Silver rallies off of a three-day or regular weekend (think back to President's Day as an example) and then plummets as soon as the prop desk monkeys hit their desks at 7:30 EDT. Like clockwork.
In fact, evidence of the coordinated attack is clear when you see that gold and silver were first hit at the exact same freaking moment, 7:35 EDT:

OK, so here's what you need to watch. Silver is going much higher but maybe not today. Again, pattern suggests that in the 2-4 day time period before first notice day, silver sells off as The Cartel attempts to "convince" weaker-handed longs to roll out of the current month. No reason not to think this won't happen again. In fact, as I type, I have no position in silver calls or futures. I'm waiting for this dip.

If I had to guess, the dip will come on the back of a margin increase from the goons at the CME. It won't/can't be a puny little increase, either, as the market will simply shrug it off if it is. No, it will likely be more substantial this time. In fact, you've already got Disinformation Agents like this shill practically begging for one:
http://www.businessinsider.com/rein-in-rampant-speculation-or-face-the-black-silver-swan-2011-4?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheMoneyGame+%28The+Money+Game%29
All in the name of the greater good. "Please, CME. Save us from an overall market collapse by reining in silver."

So, stay nimble. There are a lot of fresh, new longs in the silver market. They are not grizzled veterans like you and I. IF The EE/CME can get the ball started downward, the weak hands will panic and silver will drop very quickly. I will be waiting for them and I will gladly buy their silver from them at the levels below:

I would first expect support at the point of the gap UP on last nights open, around 46.60. I would give my right arm for a chance to buy some silver at 45.50. (Do you recall that The Wicked Witch gave you that level back on Saturday?

) It will take a lot of courage to step up and hit the bid there as every douchebag topcaller in the world will already be proclaiming that the "silver bubble has popped".
Regardless, IF I can get a dip to buy, silver should then rally back to and maybe even through $50 by later next week.

So, stay nimble. This might be an event better watched from the sidelines for the next few days as its certainly going to be wild. Much more later. TF

 


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earthwise
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Cautionary opinions on silver

 

Seeing the massive rise in silver since I first plunked down some FRN's to buy gold makes it very tempting to join the party and now buy silver too.  A splash of cold water gives me pause:

http://www.321gold.com/editorials/moriarty/moriarty042511.html

http://www.321gold.com/editorials/taylor_m/taylor_m_042511.html

Jager06's picture
Jager06
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Earth

I would recommend looking at all the available data before you count silver out. Including some of the conspiracy theories, as they seem to have been incredibly prescient. Including the "Wynter Benton" persona whose writings can be reviewed here...

http://screwtapefiles.blogspot.com/

"The Bears" while foul mouthed and obnoxious also seem to have had an unusual amount of insight:

http://www.youtube.com/user/MrSilvergoldsilver#p/u

And of course Turd Ferguson, chart guru to the man on the street:

http://www.tfmetalsreport.blogspot.com/

While they are a strange diverse group, together they have been correct more than they have been fould mouthed and offensive.

EDIT- And when the Fed stops printing, The BRICS stop selling dollars and Obama balances the budget, silver will slow down. Note the 9% CME margin increase barely registering on todays action.

http://www.zerohedge.com/article/cme-hikes-silver-initial-and-maintenanc...

 

Best Wishes,

Jager06

SagerXX's picture
SagerXX
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Did Apmex sell PMs that they didn't have?

Check this:  www.zerohedge.com/article/apmex-starts-reverse-inquiry-seeks-buy-any-quantity-silver-clients-3-over-spot

Can anybody come up with a reasonable explanation for why Apmex would be willing to buy PMs at spot + from private citizens -- that doesn't involve Apmex have sold PMs they don't actually have in stock?

Alternate explanation:  Apmex has a very strong reason to believe that PMs are going to continue to run up and so buying from Joe Silverpack at spot+ is a good investment since Apmex knows the price will soon be spot+++.

It's a strange ol' world we're living in...

Viva -- Sager

nb:  have tried 2 times to make ZH link dynamic.  It ain't taking...sorry.

rhare's picture
rhare
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Apmex coin purchases - nothing special
SagerXX wrote:

Check this:  www.zerohedge.com/article/apmex-starts-reverse-inquiry-seeks-buy-any-quantity-silver-clients-3-over-spot

Can anybody come up with a reasonable explanation for why Apmex would be willing to buy PMs at spot + from private citizens -- that doesn't involve Apmex have sold PMs they don't actually have in stock?

I doubt this is anything special. It just means they have enough demand to buy them from you at 38 and sell them to someone else at a higher price.  If you check out Tulving they actually buy 2010 & 2011 eagles at 40 and 42 over spot.   They buy silver eagles at +2.75.   Not much different from Apmex.

idoctor's picture
idoctor
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plato1965's picture
plato1965
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Eagle specific premium

 

 I think it's simply that supply and demand for Eagles is out of whack,

 If the US mint won't produce enough to meet demand... the market will have to clear at a premium.. where incoming = outgoing.

 Maybe there'll be a permanent "eagle premium"... I think Mike Maloney mentioned something along those lines.

 

 

 

Jager06's picture
Jager06
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The Dip

Here is the chance to buy the dip...$45.50 sez Turd Ferguson!

nickbert's picture
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Jager06 wrote: Here is the
Jager06 wrote:

Here is the chance to buy the dip...$45.50 sez Turd Ferguson!

I can't explain why, but for some reason I want to hold back and see what happens in the next several days.

I guess it helps that I have some exposure (though less than I could have) to silver already.  Maybe otherwise I wouldn't feel so detatched Smile

- Nickbert

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I can't explain why, but for

I can't explain why, but for some reason I want to hold back and see what happens in the next several days.

Maybe to see what Heli-Ben is going to do with interest rates?

"A fairy tale comes true this week. After years of speculation, finally we will witness a long-awaited ceremony that leaves little room for mistakes: Not the Royal Wedding, but Federal Reserve Chairman Ben Bernanke holding a news conference Wednesday.

For the first time since the central bank was founded in 1913, the head of the Fed will hold a news conference just hours after making a decision on interest rates. For years, Fed operations have been cloaked in secrecy.

It never publicly announced its interest rate decisions until 1994. And even then, the Fed didn't feel the need to regularly explain its actions until 1999, when it began releasing a statement hours after considering interest rate changes."

From The Detroit News: http://detnews.com/article/20110425/BIZ01/104250325/Ben-Bernanke-news-conference-a-dream-come-true#ixzz1KdUEkFit

Jager06's picture
Jager06
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No meaningful change...

I am going to bet that whatever money tightening he announces will be reversed by the end of summer.

Deflationary pressures resume short term, shadow banking takes a massive hit, resulting in Benny returning to QE by another name. Maybe before June, but by end of summer at the latest.

In the meantime I will be using the dip in the metals to load up some more.

Who would have thought that silver at $45 oz would be considered a bargain?

On a side note, a local concrete contractor called me last night to ask where he could buy precious metals, and that call was quickly followed by another local plumbing company owner calling to ask the same thing.

Imagine what happens when soccer moms are talking about the price of the precious metals in the stands while watching the kiddies play?

In the meantime nothing has changed. The US debt is still out of control, with 3 wars and a paprlyzed Congress. China and Japan's sales of their $FX will more than compensate for any short term liquidity tightening the Fed might try. Last I heard, China and Japan will be divesting themselves of close to $3 trillion. Thats more liquidity than Bennie has injected in the last 6 months. The dollar is down below 74 at 73.92, next stop 72? Then? Silver to $100? Gold to $1800?

No change in monetary excesses regardless of the Fed's announcements due to China and Japan. That is a buy for the metals at any price.

Best Wishes,

Jager06

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osb272646
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not meaningful change

Yah.  I sold yesterday after the shoe shine boy told me he just bought some PM's.

Seriously though, over the weekend I had two inquiries about PM's from people who pooh-pooh that stuff as too close to the black helicopters.

My immediate thought was of the shoe shine boy. 

 

 

 

Nate's picture
Nate
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Two individuals I have

Two individuals I have contact with sold most of their silver.  The "smart money" sold at $42.  The "dumb money" sold at $47.  I'm sitting tight for now.  The WSJ had an article about PIMCO vs Blackrock's approach to the end of QE2.  Fireworks dead ahead.

gregroberts's picture
gregroberts
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The Fed left its benchmark

The Fed left its benchmark interest rate in a range of zero to 0.25 percent, where it’s been since December 2008, and retained a pledge in place since March 2009 to keep it “exceptionally low” for an “extended period.” The central bank will keep reinvesting proceeds of maturing mortgage debt purchased in the first round of large-scale asset purchases that lasted from December 2008 to March 2010.

http://www.bloomberg.com/news/2011-04-27/fed-says-pace-of-u-s-recovery-is-moderate-bond-buying-will-end-in-june.html

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