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why do you think there is potential for profit in silver CMJ?

 

You won't like my answer but I am a Clif High fan.

I had lost interest in shares and investment back in 2008 or thereabouts.

And you may have seen my post on selling my bag of gold sovereigns back in early 2012 (not sure of year but likely to be 2012).

 

Last summer, my partner discovered £40+K sitting in an ISA which never got invested and asked me to deal with it. I didn't have a clue on what to buy. Then I heard Clif High talking of silver in one of his reports. That caught my attention and after a few more reports, I decided yup, I'm going into silver in a big way. Gold is good too but silver should gain more as I'm expecting the gold:silver ratio to move back to its historical 15:1. I'm not saying that it will reach there but it'll try. The current 70:1 is way overstretched.

 

Silver miners may do the best, then something like Sprott Physical as that'll go to a premium when everyone is piling in, followed by physical like with Goldmoney. There's always silver Britannias which aren't subject to CGT in the UK but it's disadvantaged by the VAT. But you could always pop a few coins in your pocket to sell abroad where there is no sales tax .......

 

[Obviously I don't go for the fancy stuff like options as those are beyond me though I'm sure there are others who dabble in those here]

 

Gold would be used by the sovereign states for settling international trades but silver is for the populace. Bitcoin may be coming in too as a fast and cheap means of transmitting 'money'.

 

When investing, look from far away to try to get a glimpse of the big picture. I think Richard Russell is right in a recent article I posted - the world is going back to gold backed currencies.

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Thu, 01/29/2015 - 12:49 | 5720810cnmcdee
picture-106637.jpg

The Rothchilds private library that documents the family history - was looking for candidates to work for them - on their actual website in public they had an example document - when I read it - it detailed how they were manipulating the price of physical silver higher in the 1830's by cutting off the supply of a refining compound..

You can't make this stuff up..

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Thanks for posting the Zero Perspective article but I do not understand how raising the margin on what appears to be a lot of different futures contracts is being done to "punish" gold/silver? The article ignores the fact that margin requirements were increased across the board for many commodities (at a time when regulators are clamping down on risky investing generally) and then asserts that this is done to "punish" one particular commodity. Very hard to take that website either seriously or comically.

 

Even if one makes the leap and assumes that the across the board increases in margin requirements for many commodities were targeted at silver, I don't understand how this "punishes" the restless metal? The higher margin requirements apply to both long and short positions and, therefore, affect bulls and bears equally. If anything, by making investing through the futures markets more expensive, the margin increases make taking delivery and/or investing in physical directly relatively more attractive compared to holding rolling positions in the futures market.

 

Higher costs may also have an impact on liquidity in the futures markets, but that could be either bullish or bearish depending on which way the market is heading at any given time.

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I agree, silver rose about 14% compared to gold which rose about 9% since the beginning of the year, margins are expected to rise as the price rises. Isn't it about time we stopped seeing conspiracy in absolutely everything..?

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I agree, silver rose about 14% compared to gold which rose about 9% since the beginning of the year, margins are expected to rise as the price rises. Isn't it about time we stopped seeing conspiracy in absolutely everything..?

 

 

sorry mate, but lolz.

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Conspiracy theories haven't been able to predict the price of gold for the last 3 years. I'm really pissed off with myself for not seeing the top in 2011 and I'm prepared to admit a lot of what I described as sinister shadows controlling the gold market, was actually a lack of knowledge and putting too much "faith" in others. I'm of the opinion that unless we work out where we all went wrong in 2011, we're likely to make the same mistake at the next peak.

 

Doesn't that worry you?

 

   

sorry mate, but lolz.

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Conspiracy theories haven't been able to predict the price of gold for the last 3 years. I'm really pissed off with myself for not seeing the top in 2011 and I'm prepared to admit a lot of what I described as sinister shadows controlling the gold market, was actually a lack of knowledge and putting too much "faith" in others. I'm of the opinion that unless we work out where we all went wrong in 2011, we're likely to make the same mistake at the next peak.

 

Doesn't that worry you?

 

 

I'ii come clean and tell you that I don't think I personally made a mistake with silver, but I did swap it for gold at $49.20 in 2011, which you might consider a mistake, but I do not.

My swap bought me three times more gold than I would have otherwise obtained, if I had just bought gold with the cash instead of silver first.

The trick there imo was to buy something which screamed good value (silver), and bail out when the profits were good enough (3x in as many years).

 

As to my "mistake" with gold, well .... gold is at it's 2011 highs in Yen and Euros. It's also at new highs in Rubles. If you're Greek, you dont regret buying in 2011.

There but for the grace of god goes the UK. The GBP 'profit' on gold has not yet been good enough for me to consider swapping out of it. I think there's a blow-off coming, some massive catastrophe as the Central Banks are forced to let go of an unsustainable position (somewhat like the SNB was forced to let go, but for reasons of poor fiscal management, ultimate erosion of the USD as reserve currency [reversing this little uptrend weve seen])

 

Now, as for manipulation - what we have seen over the last 2 years in gold, I believe *is* largely manipulation.

Something is brewing, and it involves China and Russia.

Indian authorities have clearly particpated in that manipulation (either wittingly or unwittingly), at the expense of their people.

Now, I don't know if we had the Fed, the BoE or the SNB doing it, the Obama-bankster meeting the day before gold was slaughtered seems like a clue to me.

Gold behaved for 2 years like 'the red headed step-child'. It got beat for anything and everything.

There has clearly been stress in the physical market - because I personally have seen arbitrage opportunities between futures and spot gold which made $1/Oz for not holding gold.

Stress in the physical market comes from entities demanding delivery.

Futures prices can be whacked on margin.

There is your manipulation! - physical delivery on the cheap.

 

In December 2014, something changed. Gold began to rise with the USD rising.

The futures whacking slowed and is now more occasional (perhaps that's healthy speculation).

India is now easing its tax and import/export regulations, so they are coming back to the market.

China is apparently guzzling gold at a rate of 200 tonnes / month through Shanghai Gold Exchange.

 

My view: let's see whare this takes us. I'm not selling/swapping out until at least 100 Oz buys an average UK house (if that exists!).

(I already own my home, but I'm use the average home as a measure of value to help me decide when to swap)

 

As to what to swap to? - my ideal would be a mix of bonds and equities; whichever seems good value.

BUT the distortions in both those markets are so extreme at the moment it will be fun to see how that plays out from the sidelines.

I aim to buy either bonds or equities when the blood is on the streets for those markets.

Gold will have its day. Silver too, likely.

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Conspiracy theories haven't been able to predict the price of gold for the last 3 years. I'm really pissed off with myself for not seeing the top in 2011 and I'm prepared to admit a lot of what I described as sinister shadows controlling the gold market, was actually a lack of knowledge and putting too much "faith" in others. I'm of the opinion that unless we work out where we all went wrong in 2011, we're likely to make the same mistake at the next peak.

 

Doesn't that worry you?

 

 

Good question. Especially for the amateurs like myself!

 

I also missed the top and wished that I had paid more attention to Dr. Bubbs warning at the time. I seem to remember that that peak came at 50% above the long term average. I was hoping for the same again and that would be my sell point. To far above the long term average should indicate a good profit point even if that isn't the top.

 

In May 2011 I extended the long term trend line till the end of 2014. I came up with the following figures:

 

 

Currency    Highest price     Long term average price     Increase (%)     Projected price 2014     Projected peak 2014
                                                                                                                 Jan 2014   Dec 2014     Jan 2014   Dec 2014
 
GBP              30.00                        13.57                           121                  26.79         31.00            59.20         68.51
USD              49.60                         22.64                          119                   37.88         43.41            82.85         95.06

 

Column explanation

 

* The Highest price is the highest price reached at the peak date of 25/04/2011;

* The Long term average price is the lower trend line price on the same day as the given highest price;

* The Increase is the % difference between the Highest price and the Long term average price;

* The Projected price 2014 is the projected long term average price based on the lower long term trend line;

* The Projected peak 2014 is the Projected price 2014 multiplied by the % Increase.

Obviously the dates were well off and although I haven't recalculated I am still hoping that the numbers are roughly right. I seem to remember that they coincided with various other 'experts' at the time.

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Thanks for the reply. Yes you can use the ratios to swap from one asset to another, but that doesn't guarantee you're getting the best price for either. What if when you sold your silver you stayed in cash and bought gold now, you'd be significantly better off than playing the gold:silver ratio. If you've been in precious metals for the last 3 years, you've suffered a significant loss of profits the same as the rest of us. If you look at the CCI since late 2011, the decline in commodities is unmistakable and yet to this day, I've barely seen it mentioned let alone discussed on any of the goldbug sites. It seems to me that gold-[bulls|bugs] refuse to accept gold can still act as a commodity, yet the last 3 years clearly prove this wrong.

 

My mistakes were believing gold would "only" act as a monetary asset since 200[7|8] and not having a full appreciation for money cycling in and out of asset classes depending where we were in the business cycle, I drew some wrong conclusions.

 

It's not that I don't believe there's manipulation, after all that's what the anonymous HFT bids and dark pools are, it's just I don't think long term market trends are surreptitiously manipulated, although in the short term everything is. I accept the impact of loose monetary policy, but this isn't manipulation, it's mismanagement. The London Gold Pool and gold leasing were open secrets and were clearly connected with the gold standard, so this was "different..." IMO.

 

I also don't believe in the hyper-inflation thesis anymore, so I "may" consider going to cash when gold peaks next. Clearly inflating the debt away isn't working and I am confident they won't try and push the string much harder, because they'll sacrifice the currency if they hyper-inflate. Having said that I reserve the right to change my mind as conditions change!

 

 

I'ii come clean and tell you that I don't think I personally made a mistake with silver, but I did swap it for gold at $49.20 in 2011, which you might consider a mistake, but I do not.

My swap bought me three times more gold than I would have otherwise obtained, if I had just bought gold with the cash instead of silver first.

The trick there imo was to buy something which screamed good value (silver), and bail out when the profits were good enough (3x in as many years).

 

As to my "mistake" with gold, well .... gold is at it's 2011 highs in Yen and Euros. It's also at new highs in Rubles. If you're Greek, you dont regret buying in 2011.

There but for the grace of god goes the UK. The GBP 'profit' on gold has not yet been good enough for me to consider swapping out of it. I think there's a blow-off coming, some massive catastrophe as the Central Banks are forced to let go of an unsustainable position (somewhat like the SNB was forced to let go, but for reasons of poor fiscal management, ultimate erosion of the USD as reserve currency [reversing this little uptrend weve seen])

 

Now, as for manipulation - what we have seen over the last 2 years in gold, I believe *is* largely manipulation.

Something is brewing, and it involves China and Russia.

Indian authorities have clearly particpated in that manipulation (either wittingly or unwittingly), at the expense of their people.

Now, I don't know if we had the Fed, the BoE or the SNB doing it, the Obama-bankster meeting the day before gold was slaughtered seems like a clue to me.

Gold behaved for 2 years like 'the red headed step-child'. It got beat for anything and everything.

There has clearly been stress in the physical market - because I personally have seen arbitrage opportunities between futures and spot gold which made $1/Oz for not holding gold.

Stress in the physical market comes from entities demanding delivery.

Futures prices can be whacked on margin.

There is your manipulation! - physical delivery on the cheap.

 

In December 2014, something changed. Gold began to rise with the USD rising.

The futures whacking slowed and is now more occasional (perhaps that's healthy speculation).

India is now easing its tax and import/export regulations, so they are coming back to the market.

China is apparently guzzling gold at a rate of 200 tonnes / month through Shanghai Gold Exchange.

 

My view: let's see whare this takes us. I'm not selling/swapping out until at least 100 Oz buys an average UK house (if that exists!).

(I already own my home, but I'm use the average home as a measure of value to help me decide when to swap)

 

As to what to swap to? - my ideal would be a mix of bonds and equities; whichever seems good value.

BUT the distortions in both those markets are so extreme at the moment it will be fun to see how that plays out from the sidelines.

I aim to buy either bonds or equities when the blood is on the streets for those markets.

Gold will have its day. Silver too, likely.

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Good to see this level of debate returning here once again....

Cheers! - feel free to chip in :-P

 

Thanks for the reply. Yes you can use the ratios to swap from one asset to another, but that doesn't guarantee you're getting the best price for either. What if when you sold your silver you stayed in cash and bought gold now,

 

​mm. not really, if i had waited in yen, euros or roubles. I do admit though it would have got me more gold to wait in GBP or USD (30% more?) but I had 'insurance' during that period. ok.

 

 

If you've been in precious metals for the last 3 years, you've suffered a significant loss of profits the same as the rest of us. If you look at the CCI since late 2011, the decline in commodities is unmistakable and yet to this day, I've barely seen it mentioned let alone discussed on any of the goldbug sites. It seems to me that gold-[bulls|bugs] refuse to accept gold can still act as a commodity, yet the last 3 years clearly prove this wrong.

 

My mistakes were believing gold would "only" act as a monetary asset since 200[7|8] and not having a full appreciation for money cycling in and out of asset classes depending where we were in the business cycle, I drew some wrong conclusions.

I don't believe there is much of gold's monetary value priced in yet at all; in fact if you believe there is any monetary value in gold (or likely to be in the future), then it looks like an incredible bargain. I believe it is behaving as a commodity with a very high stock-to-flow, and not much is for sale (i.e. Russia could theoretically buy the entire US gold stock with it's $350Bn of reserves, but it's not for sale)

 

It's not that I don't believe there's manipulation, after all that's what the anonymous HFT bids and dark pools are, it's just I don't think long term market trends are surreptitiously manipulated, although in the short term everything is. I accept the impact of loose monetary policy, but this isn't manipulation, it's mismanagement. The London Gold Pool and gold leasing were open secrets and were clearly connected with the gold standard, so this was "different..." IMO.

 

I am ambivolent, but i would tend toward believing there is some manipulation since the widespread use of Gold futures took root. Much of the money 'in gold' really resides in no such asset, just something which pays out the difference in gold's commodity value over time (during times of monetary normality). The insurance value of these paper assets is essentially zero to me, so I view them as absorbing what would otherwise be money destined for the real asset. Anothe reason to think that the price of gold could go up if money were to actually buy gold instead of paper going forward. Have we reached 'peak paper gold'?

 


I also don't believe in the hyper-inflation thesis anymore, so I "may" consider going to cash when gold peaks next. Clearly inflating the debt away isn't working and I am confident they won't try and push the string much harder, because they'll sacrifice the currency if they hyper-inflate. Having said that I reserve the right to change my mind as conditions change!

hmm.. again, to me the fact is that we haven't seen much price inflation yet; though the money has been created and not lent (see M2 Money Velocity at multi-decade lows, and monetary base quintupled since 2008).

This money needs to be removed from the system before it heats up. That would entail the Fed / BoE etc. selling bonds into a rising-rate environment, or maybe holding them to maturity if they can get away with it for that long.

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just one later thought - we are now transitioning into a truly negative interest rate environment, and i mean nominally negative, not just negative 'real' IR's.

 

Today I read that, for the first time ever recorded, some corporate bonds (Nestle) hit a negative yield! This negative nominal rate at some point will trigger the pass-the-parcel money bomb! In this negative-gravity world, it pays to be a borrower. Pass-the-parcel, because if you are a retail bank caught with an overnight surplus deposit at the Central Bank, you are charged for it. So there is an incentive to make sure you don't get stuck with the money overnight.

 

In Denmark I read that there now exists a real retail mortgage which pays you to borrow. Think about that; that in itself should get the money velocity going!

 

I think the CB's should be very worried about these developments. I think they are terrified! And that is why I believe they (the CB's) are talking about raising rates. They know however that this is a last resort and if they do raise rates, it will be by a tiny amount to act as a warning.

 

Any significant rate rises will make the national debts and in particular the national deficits absolutely unmanageable. The printing will have to restart to cover the interest payments.

 

I think i've had too much wine. My brain's jumping around too much!

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just one later thought - we are now transitioning into a truly negative interest rate environment, and i mean nominally negative, not just negative 'real' IR's.

 

Today I read that, for the first time ever recorded, some corporate bonds (Nestle) hit a negative yield! This negative nominal rate at some point will trigger the pass-the-parcel money bomb! In this negative-gravity world, it pays to be a borrower. Pass-the-parcel, because if you are a retail bank caught with an overnight surplus deposit at the Central Bank, you are charged for it. So there is an incentive to make sure you don't get stuck with the money overnight.

 

In Denmark I read that there now exists a real retail mortgage which pays you to borrow. Think about that; that in itself should get the money velocity going!

 

I think the CB's should be very worried about these developments. I think they are terrified! And that is why I believe they (the CB's) are talking about raising rates. They know however that this is a last resort and if they do raise rates, it will be by a tiny amount to act as a warning.

 

Any significant rate rises will make the national debts and in particular the national deficits absolutely unmanageable. The printing will have to restart to cover the interest payments.

 

I think i've had too much wine. My brain's jumping around too much!

 

so holding cash a bad idea?

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so holding cash a bad idea?

 

hmm.. difficult one! - In general, I think so.

Obviously, by all means, keep a year or so's worth of ready cash on hand. But as for amounts of the order you might spend in a 4-5 year timeframe, personally, I would rather buy a cheap asset. Some BDI? Some Oil leaps? Maybe.

 

I am attracted to PM's still, because they are now cheaper, the fundamentals are, to me, quite good and they are "out of the system". We all know governments and the authorities means-test almost everything, and that will get worse as they get more desperate. Just my random thoughts!

 

 

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Conspiracy theories haven't been able to predict the price of gold for the last 3 years. I'm really pissed off with myself for not seeing the top in 2011 and I'm prepared to admit a lot of what I described as sinister shadows controlling the gold market, was actually a lack of knowledge and putting too much "faith" in others. I'm of the opinion that unless we work out where we all went wrong in 2011, we're likely to make the same mistake at the next peak.

 

Doesn't that worry you?

 

3 years is nothing. The situation is worse than before. Just some string pulling going on. Zero rates and money forced into houses and stocks. I dont think 2011 was 'the' top, just 'a' top. But I was forced to cash out some and buy a house which has since gone up in 'value' as gold has crashed. I was lucky. But that could easily be reversed. So I am not smiling. Maybe Ian Gordon needs some re-reading or maybe Precher was right and it is a case of cash now then gold later after it all crashes. Or maybe just keep on with the physical, chip chipping away. Same with the dollar. Same with silver. Just rack and stack 'em all up. Has debt peaked yet? No it is getting worse. Same old same old. I'm just glad we haven't had any aliens show up.

Looks like Japan is slowly going tits up. But slowly is the operative word. 3 years is nothing...

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It's not that I don't believe there's manipulation, after all that's what the anonymous HFT bids and dark pools are, it's just I don't think long term market trends are surreptitiously manipulated, although in the short term everything is. I accept the impact of loose monetary policy, but this isn't manipulation, it's mismanagement. The London Gold Pool and gold leasing were open secrets and were clearly connected with the gold standard, so this was "different..." IMO.

 

I also don't believe in the hyper-inflation thesis anymore, so I "may" consider going to cash when gold peaks next. Clearly inflating the debt away isn't working and I am confident they won't try and push the string much harder, because they'll sacrifice the currency if they hyper-inflate. Having said that I reserve the right to change my mind as conditions change!

 

 

GATA have well documented the longterm manipulation in gold that went on through the 80's & 90's, culminating in Brown's bottom.

 

There was a central bank gold price suppression scheme in operation for 2 decades, the useless asset gold was leased to bullion banks for a lease rate. This accomplished two things, it got them some return on their useless none yielding asset and it also meant that gold was sold into the market which kept the gold price down and made their fiat currencies look better. This extra supply made up the shortfall in mined supply for 2 decades.

 

Things have started to unravel over the last decade and central banks are now net buyers.

 

Do you deny that this actually happened or that it isn't manipulative?

 

Re your second point in not believing in the hyperinflation case anymore. They have no choice but to hyper inflate the currency, it is not about reducing the debt it is about continuing the game. If they stop monetising the debt the game stops. Central banks are currently monetising more debt than is issued.

 

HyperInflation does not necessarily mean rising prices immediately, hyperinflation is the exponential rise in the quantity of money. The rising prices will follow at some point, but the currency is already being hyper inflated.

 

20150124_hyper.jpg

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Silver shares may be at/near an important low

 

SIL / Global X Silver Miners ETF ... update

 

SIL-5yr_zpsr5jbbj8f.gif

 

However, if it breaks this possible support, you may soon see it lower.

I have seen possible "bottoms" before that were broken, so I want to be careful

 

SIL versus SLV. AGQ ... update

SIL-vsSLVetc_zps0qglmabh.gif

 

For Timing?

The SLV to SIL Ratio - is the Low put in, when it spikes to the Top?

 

SLV-toSIL_zpsezaihc4d.png

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Controlling the price of gold was part of the plan, it wasn't a conspiracy, it was an open secret.

 

Yes at some point the game stops, it doesn't go on for a generation or even another decade, the system will collapse under it's own weight. They know they can't fix it, the best they can do is stall for time. Hyperinflating the currency would cause more problems than it solves, they won't do it.

 

 

Do you deny that this actually happened or that it isn't manipulative?

 

Re your second point in not believing in the hyperinflation case anymore. They have no choice but to hyper inflate the currency, it is not about reducing the debt it is about continuing the game. If they stop monetising the debt the game stops. Central banks are currently monetising more debt than is issued.

 

HyperInflation does not necessarily mean rising prices immediately, hyperinflation is the exponential rise in the quantity of money. The rising prices will follow at some point, but the currency is already being hyper inflated.

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SILVER SHARES have underperformed Silver recently

 

And are arguably a bargain - but who has the confidence to buy them?

 

SLV versus SIL (Silver shs etf) ... 4-years :

SLV-vsSIL_zpssrzodyd3.gif

 

Starting Point : 4 yrs ago : 4/29/11 : Vl. Now : - % Chg. (fr. 4/29/11)

====
SLV : Silver etf- : $43.00 : $46.88 : $15.56 : - 66.8 %
AGQ: Bull 2X ---- : 305.12 : 358.96 : $39.64 : - 89.0 %
SIL -: GlobalX silv: $28.73 : $28.41 : $08.72 : - 69.3 %
Ratio SLV-to-SIL : r1.497 : r1.650 : r1.784 : + 8.15 %
SLW: S.Wheaton : $42.87 : $40.62 : $19.46 : - 52.1 %
ssri-: SilverStand : $33.97 : $34.74 : $05.36 : - 84.6 %
Paas PanAm Silv. : $36.53 : $36.12 : $09.29 : - 74.3 %
AG- : 1st Majestic : $22.73 : $20.98 : $05.09 : - 75.7 %
gpr.v Gt. Panther : c$3.86 : c$3.33 : c$ 0.68 : - 79.6 %
====

 

top10_holdings.jpg

 

% NET
ASSETS NAME IDENTIFIER MARKET PRICE ($) SHS. HELD MARKET VALUE ($)
14.15 SILVER WHEATON CORP. 828336107 19.46 1,245,956.00 24,246,303.76
11.55 INDUSTRIAS PENOLES - 2,448,200 17.34 1,141,572.00 19,791,704.01
7.39 HECLA MINING CO. ------- 422704106 3.16 4,006,731.00 12,661,269.96
6.76 COEUR D'ALENE MINES- 192108504 5.78 2,002,984.00 11,577,247.52
6.18 POLYMETAL INTL. W/I------ B6T5S47-- 8.39 1,262,848.00 10,597,088.10
5.49 AURICO GOLD INC.-------- 05155C105 3.49 2,695,813.00 9,408,387.37
5.39 SILVER STANDARD RES.- 82823L106 5.36 1,722,124.00 9,230,584.64
5.02 PAN AMERICAN SILVER--- 697900108 9.29 925,296.00 8,595,999.84
4.72 FRESNILLO PLC------------ B2QPKJ1- 10.90 742,739.00 8,093,537.59
4.25 PRIMERO MINING CORP. B4Z8FV2--- 3.39 2,148,411.00 7,280,066.74
====

> http://www.globalxfunds.com/SIL

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http://thewealthwatchman.com/why-is-this-bank-stockpiling-silver-like-theres-no-tomorrow/

 

Why is this Bank Stockpiling Silver Like There’s No Tomorrow?

 

EXCERPT:

 

Here’s a breakdown of the Comex’s most recent silver deliveries to JP Morgan:

 

April 7th: 1,110,000 ounces

April 8th: 1,280,000 ounces

April 9th: 893,037 ounces

April 10th: 1,200,224 ounces

April 14th: 1,073,000 ounces

April 15th: 1,191,275 ounces

April 16th: 1,183,777.295 ounces

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Wham ! Gold down $22-25 ! : Silver down $0.55-65

 

t24_au_en_usoz_6.gif : t24_ag_en_usoz_2.gif

 

Why?

Gold Prices Lower In Wake Of FOMC Statement, U.S. Jobless Claims - Kitco News, Apr 30 2015 8:30AM

 

Gold prices are sharply lower in early U.S. trading Thursday, in the wake of a bearishly construed FOMC statement. Losses were extended following an upbeat U.S. jobless claims report this morning. Fresh chart-based selling has also surfaced, including sell stop orders being triggered when technical support levels were breached in gold and silver markets. June Comex gold was last down $24.50 at $1,186.00 an ounce. May Comex silver was last down $0.75 at $15.92 an ounce.

Gold saw strong selling pressure develop after the weekly U.S. jobless claims report showed a decline to 262,000 in the latest reporting week—a 15-year low. The U.S. dollar index saw a rebound on the jobs data.

 

GBS / Gold etf traded in London ... update

GBS_zpsyl1qahk3.gif

 

Support near GBS-$113, or about 113 x 10.4 = $1175/80

 

Silver - How to play it?

I think it may be smart to use SLV Jan.$12 Calls ... update : Last: $3.63

ab_zpsuqi21qxw.gif

 

Here are the maths:

SLV ($15.30) - $12 Call = $3.30 intrinsic, against latest quote : $3.55-3.70 (mid: $3.63 : IV: $3.30 / TV: $0.33)

 

And also : Gold-$1,180 / R-73.75 = $16.00 x 95.6% = $15.30 SLV

 

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