SILVER

[frizzers]

Az, how can he have opened the front door?

 

Is this the countryside where you leave everything open?

 

BTW I met Vince Thurkettle the other day. Have you heard of him? A treasure hunter.

 

Finally, in this mish mash of a post, Mish on silver - http://globaleconomicanalysis.blogspot.com...end+Analysis%29

[romans holiday]

I thought Steven Hochberg on FSN was a good listen on silver today. I agree with his point that silver has spiked up to a trend-line and should retrace a fair bit.

 

 

[G0ldfinger]

Finally, in this mish mash of a post, Mish on silver - http://globaleconomicanalysis.blogspot.com...end+Analysis%29

There is no evidence to support the theory that JPM will be forced to cover silver futures no matter how high the price of silver goes.

 

JPM did not have to cover shorts at $7, at $10, at $15, at $25, or at $30. JPM has been short silver futures for something like forever. If JPM has not been forced to cover yet, perhaps the reasonable conclusion is no price would force JPM to cover shorts.

They have unlimited credit at the Fed, so why would they ever have to cover? It would just be another black hole on a beyond repair balance sheet.

[Icarus]

There is no evidence to support the theory that JPM will be forced to cover silver futures no matter how high the price of silver goes.

 

People are asking for the silver so shorts must be covered. You might be suprised to learn that one of the functions of the comex is the exchange of commodities. Strange as it may seem comex contracts are not just gambling tokens.

 

People who own contracts allowing them to buy silver at, say, 15 dollars per ounce might just be tempted to buy silver for 15 dollars per ounce. Radical stuff, I know.

[G0ldfinger]

People are asking for the silver so shorts must be covered. You might be suprised to learn that one of the functions of the comex is the exchange of commodities. Strange as it may seem comex contracts are not just gambling tokens.

 

People who own contracts allowing them to buy silver at, say, 15 dollars per ounce might just be tempted to buy silver for 15 dollars per ounce. Radical stuff, I know.

Sure. Only, if people generally took delivery, we wouldn't have this discussion anyway. Don't get me wrong, I don't own any silver futures, only the physical commodity. But if you play the paper-shufflers' games, they might just screw you.

[azazel]

Az, how can he have opened the front door?

 

Is this the countryside where you leave everything open?

 

BTW I met Vince Thurkettle the other day. Have you heard of him? A treasure hunter.

 

Finally, in this mish mash of a post, Mish on silver - http://globaleconomicanalysis.blogspot.com...end+Analysis%29

 

We just left the door unlocked on that occassion. Do you lock all the doors on your house when you are in? I remmeber you telling us about being burgled. At least the wife locked the bathroom door! I recon he has stolen another parcel with a small amount of silver in it. Im going to confront him about it and say that unless my post turns up, I will be going to the post office and the newspaper to report the intrussion.

 

No, I have not heard of this Vince chap. I will look him up on google later.

[warpig]

It's almost as if that didn't happen...

[Errol]

http://www.silverkeiser.net/

[electroweak]

In case you thought the CFTC were going to roll over and admit any silver manipulation.... (courtesy of HPC, for the record)

[jerpy]

My postman signs stuff for me to save me the hassel of going down the post office to get it later.

 

Had a similar arrangement as i do live in the country, had to stop though as my postie got nosey and asked what was inside the parcels. The easy quick answer was computer discs and he didn't blink at this, but taking no more chances. Now vary my delivery/collection methods of G/S including alternating delivery address through family.

[G0ldfinger]

In case you thought the CFTC were going to roll over and admit any silver manipulation.... (courtesy of HPC, for the record)

There is some background to it here: http://www.neuralnetwriter.cylo42.com/node/3721

 

It really makes you wonder what is the truth.

[electroweak]

There is some background to it here: http://www.neuralnetwriter.cylo42.com/node/3721

 

It really makes you wonder what is the truth.

Easier if you know the figures....

[bart Chilton, Dec 8th 2010]

http://www.cftc.gov/PressRoom/SpeechesTest...chilton-35.html

We saw very large concentrations of trader positions in 2008. That has continued. Since then, we saw one trader hold more than 20 percent of the crude oil market. Even earlier this year, one trader held over 40 percent of the silver market.

[Pixel8r]

Easier if you know the figures....

[bart Chilton, Dec 8th 2010]

http://www.cftc.gov/PressRoom/SpeechesTest...chilton-35.html

The actual figures are so hidden it seems no one can get to them. Here's a new article from Rob Kirby;

 

Something's Wrong in the Silver Pit: But It's Much Bigger than J.P. Morgan

 

By: Rob Kirby

 

Conclusions:

 

• * The BIS tells us that total global outstanding “other precious metals” derivatives are 127 billion.

 

* General market wisdom [gleaned from OCC Commercial Bank data] suggest that J.P. Morgan and HSBC are the two dominant players in silver [other precious metals]

 

* Yet, the U.S. OCC tells us that J.P. Morgan and HSBC combined – make up 13.577 billion of the 127 billion BIS total [roughly 10 %].

 

* The U.S. OCC tells us that Morgan Stanley and B of A and Goldman have an additional combined 70 TRILLION in derivatives – at the Bank Holding Company level – but they give us NO HINT as to what portion of these totals consist of precious metals activity. We are left to assume that this is because the OCC is only mandated to regulate Commercial Banks – while Bank Holding Companies fall under the purview of the Federal Reserve.

 

* Unless J.P. Morgan and HSBC are LYING to regulators as to the extent of their silver market activity – there are other MASSIVE players in the silver price suppression game. Who ever these ‘players’ are – metaphorically, they MUST BE BLEEDING FROM EVERY ORIFICE with silver’s parabolic run up in price over the past few months.

 

* Most likely among American entities are MORGAN STANLEY, B of A and Goldman Sachs – since together they are operating a 70 Trillion derivative “BLACK BOX” about which we know LITTLE to NOTHING as it pertains to precious metals.

 

* Any way you slice it – precious metals data reporting on the part of American regulators is atrocious. Simple MATHEMATICS tells us a gold / silver ratio at 48:1 is EXTREMELY contrived and REEKS of manipulation on the part of the Federal Reserve and the Banks they are charged with regulating.

 

 

[nobla]

Had a similar arrangement as i do live in the country, had to stop though as my postie got nosey and asked what was inside the parcels. The easy quick answer was computer discs and he didn't blink at this, but taking no more chances. Now vary my delivery/collection methods of G/S including alternating delivery address through family.

 

 

I get all mine delivered to my work address

[electroweak]

Ready... ready...

[azazel]

I get all mine delivered to my work address

It really bugs the hell out of me that I can no longer buy silver on ebay as the postman will steal it or I have to pay recorded delivery and monitor the parcels state of delivery. I would have to do a sting or investigation type work to catch him out. One of the parcels he stole was signed for and the record shows it was signed for. Fortunately, the losses are not too bad at about £50.

[frizzers]

Well, at least you found out now. And it only cost £50 or so

 

BTW if you bought with a credit card and never had delivery then you shouldn't have to pay

[frizzers]

Why not get some old junk coins - pennies or something - paint them silver and send them to yourself so he nicks them.

 

Then he'll get at least very embarrassed if he tries to sell them.

[Kilham]

It really bugs the hell out of me that I can no longer buy silver on ebay as the postman will steal it or I have to pay recorded delivery and monitor the parcels state of delivery. I would have to do a sting or investigation type work to catch him out. One of the parcels he stole was signed for and the record shows it was signed for. Fortunately, the losses are not too bad at about £50.

 

Your main concern should be the possibility that somebody with criminal tendencies knows you have a quantity of physical silver and probably gold.

[TW11]

What do you reckon to this then, guys? JP Morgan admits defeat

[G0ldfinger]

How have different investments fared since 2004?

 

http://gold.approximity.com/since1999/Infl...on_GBP_LOG.html

 

http://gold.approximity.com/since1999/Infl...on_GBP_LOG.html

SILVER - a success story!

[warpig]

JPMorgan cuts back on US silver futures

 

JPMorgan has quietly reduced a large position in the US silver futures market which had been at the centre of a controversy about its impact on global prices for the precious metal.

 

The decision by JPMorgan was an attempt to deflect public criticism of the bank’s dealings in silver, a person familiar with the matter said. The person added that the bank’s position in silver would from now on be “materially smaller” than in the past.

[electroweak]

JPMorgan cuts back on US silver futures

Said entirely to reduce the price of silver (to help them close their shorts), just like the previous two increases in margins from the COMEX..

[Pixel8r]

There is no way that JPM have actually cleared their shorts, I suspect all they have actually done is shift future shorts to OTC derivatives. Why is there no way? Because the price hasn't moved to $100+, if they had really closed a short which was 40% of the futures market the price would have gone a lot higher.

 

This is just a smoke screen to try and get the CFTC of their back. At least they have now admitted that they have a very large silver short.

 

 

[Pixel8r]

Keep in mind that ther's also a "third way" here; maintain your core position in gold/ silver, and over and above this trade the volatility between silver and the US dollar. Why bother? Because you will be able to increase the value of your dollar "hedge" to match the increasing value of your core bullion position.

 

This makes sense for two reasons:

 

1] You think the dollar is the second or third best form of liquidity [as in Exter's triangle].

 

2] You entertain the possibility of being completely deluded [or the market being completely and utterly manipulated]... and then the dollar position is a pure and outright hedge.

 

PS "out at 17.90" only relates to my smaller trading/ hedging position. Sound-bites.... devoid of context... and all that.

That said, still looking for sub 17.90. It would take some structural crisis I reckon... something coming out of Europe next year perhaps... like Germany leaving the Euro. Going heavily into the double leveraged silver ETF [AGQ] could serve nicely to rebalance my cash "portfolio" as silver maybe then went to 50 over the next couple of years.

Why not keep it even simpler and just trade the volatility in silver via swapping between the metals. Leave fiat out of the equation as we are in a fiat currency crisis, you are just adding another level of risk.

 

You say that the dollar is the second or third best form of liquidity [as in Exter's triangle], which means that it is below the precious metals. With a service like goldmoney you can easily swap between metals and grow the amount of your physical metal. Silver doesn't appear on Exter's pyramid but I think it should be included with gold in the bottom. Silver has actually been used as money for more time than gold through history.

 

Gold is the money of kings, Silver is the money of gentlemen & Federal reserve notes are the money of slaves.

 

Swapping silver for dollars at $17.90 was the wrong move, it would be bigger of you to actually admit it rather than keep defending your dollar "hedge".