Silver

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ewilkerson's picture
ewilkerson
Status: Gold Member (Offline)
Joined: Jul 18 2010
Posts: 390
Silver

What's up with silver?  It's having a great run.

SagerXX's picture
SagerXX
Status: Diamond Member (Offline)
Joined: Feb 11 2009
Posts: 2236
Silver?

I think it's a fiendish combination of QE, Portugal's government collapsing (with Ireland on deck), Libya/Syria/Bahrain/Yemen unrest (pressuring oil prices, pressuring economies that rely on it), bombs in Gaza & Jerusalem, US near debt ceiling w/no fix (not even a fakey Bi-Partisan "solution), record plunge in new housing starts, and neutron beams out of the Fukushima reactors + enough radiation in Tokyo's water supply that babies aren't supposed to drink it (but oh yes, it's "safe" for everybody else!)....

And that's just the last 48 hours...Laughing

Viva anyway -- Sager

dps's picture
dps
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Joined: Jun 27 2008
Posts: 442
Nice summary, Sager!  ...

Nice summary, Sager!  ... dons

SteveW's picture
SteveW
Status: Gold Member (Offline)
Joined: Jan 21 2010
Posts: 490
ewilkerson wrote: What's up
ewilkerson wrote:

What's up with silver?  It's having a great run.

Some say there's a shortage of silver, as evidenced by over 40% of COMEX March silver still awaiting delivery wth only 6 working days left. However now that JP Morgan has their own vault they may well be able to deliver their short contracts into their own vault and all will be well. Surprised 

http://seekingalpha.com/article/259549-will-jpmorgan-now-make-and-take-delivery-of-its-own-silver-shorts

NZSailor's picture
NZSailor
Status: Bronze Member (Offline)
Joined: Oct 4 2008
Posts: 61
Silver?

Oh come on Sager... you are so out of touch. 

Why don't you list the really important issues like if Charlie Sheen is going to get back on television again! Laughing

The world is truly crazy!

Chip

idoctor's picture
idoctor
Status: Diamond Member (Offline)
Joined: Oct 4 2008
Posts: 1731
http://seekingalpha.com/artic

http://seekingalpha.com/article/259549-will-jpmorgan-now-make-and-take-delivery-of-its-own-silver-shorts?source=email_the_daily_dispatch

There is nothing inherently wrong and certainly nothing "illegal" about J.P. Morgan Chase (JPM) gaining a vault license for storing and taking delivery of gold/silver/platinum/palladium from the futures markets known as NYMEX/COMEX. However, the speed, timing and manner in which the exchanges just granted it troubles us.

The process of being approved as a licensed vault or weigh-master/assayer for the NYMEX/COMEX futures exchange usually involves a careful security inspection of the vaults, a full report of that inspection, and a completely transparent package submitted to the U.S. Commodity Futures Exchange Commission (CFTC) for approval. This process will ordinarily consume considerably more than 45 days. Apparently, such correct and careful practices apply only to banks and independent storage facilities that are not J.P. Morgan Chase.

Some vault operators are more equal than others. JPM appears immune from processes that everyone else must suffer through. On March 15, 2011, the Commodity Exchange (COMEX) and the New York Mercantile Exchange (NYMEX) advised the CFTC that they had approved J.P. Morgan's application to become a licensed vault facility, using a "self-certification" process. The newly licensed vault, located at 1 Chase Manhattan Plaza, NY, NY, is ready to roll as both “weighmaster” and depository, for delivery of gold, silver, platinum and palladium contracts, as of March 17, 2011, two days later.

As a smaller player, the NYSE-Liffe exchange uses COMEX licensed depositories for delivery and storage of its metals. The new JPM vault, therefore, will also qualify to accept delivery of metal coming from the maturity of NYSE-Liffe gold and silver futures contracts, including the smaller 1,000 ounce silver contract.

Departures from usual practices, and special treatment in favor of some over others are events that lawyers describe as having "the appearance of impropriety", if nothing more. J.P. Morgan is a huge player in the London precious metals market, especially in derivatives. It has always been a very important player at NYMEX/COMEX, especially if you include its Bear Stearns division. The bank is heavily involved in infamous "unallocated storage" schemes in London. A more complete description of London-style storage can be found in my previous article.

JPM is one of six big bank owners of the London Precious Metals Clearing Limited (LPMCL) which clears, “delivers” and sets standards for “storing” precious metals allegedly “sold” at the London Bullion Market Association (LBMA) and the London Platinum and Palladium Market (LPPM). Unallocated storage is the norm at LPMCL member banks, including J.P. Morgan Chase.

Allocated storage, however, is the norm for precious metals vaults licensed by NYMEX and COMEX. The two futures exchanges have approved a small group of vault operators, who provide allocated storage to clearing members and their customers. This has given greater legitimacy to the NY exchange traded precious metals venue than the LBMA now has. It is true that NYMEX/COMEX warehouse supplies are wholly insufficient to cover the number of short contracts the exchange allows its clearing members to write. However, at least the numbers are transparent and published. That is more than can be said for the storage facilities that participate in the secretive LPMCL in London.

See the rest of article with the link....

ewilkerson's picture
ewilkerson
Status: Gold Member (Offline)
Joined: Jul 18 2010
Posts: 390
Gosh and I thought all my

Gosh and I thought all my purchases were driving it up....LOL

h2oBoy's picture
h2oBoy
Status: Bronze Member (Offline)
Joined: Jun 18 2009
Posts: 52
Silver?

From "terd" at Along the Watch Tower. He follows silver very closely and posts several times a day. A good sight to get the technical view.

One quick note about silver...it appears to have taken on a life of its own. It is moving independent of gold and crude and this is very, very interesting. I'll discuss this in greater detail in the next post.

http://tfmetalsreport.blogspot.com/

MarkP's picture
MarkP
Status: Member (Offline)
Joined: Dec 13 2008
Posts: 16
courtesy of Jesse's Cafe

courtesy of Jesse's Cafe Americain

SPAM_backlashforblow's picture
SPAM_backlashforblow
Status: Member (Offline)
Joined: Aug 16 2011
Posts: 1
 Well said, Clappppppp

 Well said, Clappppppp

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