Silver over 21 today, Dollar Falling - Will the metal prices stick?

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metalsinvestor's picture
metalsinvestor
Status: Member (Offline)
Joined: Sep 14 2010
Posts: 14
Silver over 21 today, Dollar Falling - Will the metal prices stick?

Silver had been slammed yesterday had dropped to $20.63 - but made a huge rise after hours and now is $21.11.

Seems the suppression did not work, as I am starting to believe Jim Willie and his information, that there are those who are determined to break the comex and London exchange. 

 

The dollar index is dropping today - the Australian dollar is getting closer and closer to parity of the U.S. dollar - it is at 94.  That is amazing.

With gold at an all time high, it seems we may be on the verge of a continual rise of the metals, if people/institutions are actually demanding the physical, compared to taking a premium to their contracts to let them go. 

If the metals keep rising and people keep demanding the physical - then all kinds of things may start falling apart.

Also - the comex is suppose to have millions and millions of ounces of silver in their warehouse.  If that is the fact, then why did they just lease silver for 3 days in a row (Friday thru Tues) in the tune of over 3 million ounces of silver?  If they have the physical why are they paying to lease silver from customers?

I sure would not be leasing silver, you never know if you would actually get it back.

machinehead's picture
machinehead
Status: Diamond Member (Offline)
Joined: Mar 18 2008
Posts: 1077
Re: Silver over 21 today, Dollar Falling - Will the metal ...

I'm watching to see whether silver can break out past its 2008 high of $21.34 -- that would be big news. 

Earlier today it reached $21.15, within easy striking distance.

Economist Allen Sinai says Banzai Ben is gold's best friend. Take the mic and hit it, Allen!

Sept. 22 (Bloomberg) -- The Federal Reserve’s statement yesterday that inflation is below levels consistent with the central bank’s mandate for price stability means it’s time to buy gold, said Allen Sinai, chief global economist at Decision Economics Inc. in New York.

“That’s code for we don’t want to go the way of Japan so we’re going to print money,” Sinai said in a radio interview today on “Bloomberg Surveillance” withTom Keene. “You gotta buy gold when those two central banks are doing what they’re doing.”

Gold for December delivery was 1.6 percent higher at $1,294.2 an ounce at 8:11 a.m. on the Comex in New York, after touching an all-time high $1,296.50. Bullion for immediate- delivery rose 0.4 percent to $1,292.60 an ounce in London, after earlier today rising to a record $1,295.

The Fed’s Open Market Committee said yesterday it was “prepared to provide additional accommodation if needed” to support the recovery and boost inflation. Gold, which often moves counter to the dollar, has advanced 17 percent this year and is heading for its tenth consecutive annual gain.

Sinai said he forecasts a $1,500 price for gold. “Inflation adjusted it’s still cheap as odd as it sounds,” he said.

http://noir.bloomberg.com/apps/news?pid=20601068&sid=aCGvF2fdbN1A

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