Silver getting crushed today

It was me I dumped everything I had!!! a whole 1 and 1/2 ounces. Ha Ha

 

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If my intention is too maximize profit I certainly would not dump such a large volume on the market at one time, but sell small lots a bit at a time.

 

To whom were you responding. It seems unlikely that you were responding to the previous post. If it was to the one before that (mine) you must have missed that I was suggesting a dump of paper shorts.

 

And why would someone dump paper shorts? Especially so many at one time.

 

To make money, of course. They have been doing it for years. JPM is the primary culprit.

 

To make money, of course. They have been doing it for years. JPM has been the primary culprit but there are other big banks do it also. It is all totally illegal as they are naked shorts, but the CFTC turns a blind eye.

(Oops, sorry. meant to hit edit.)

 

My understanding is that currently ( although it may be changed soon by reducing regulations and restrictions for banks and monetary concerns) short selling is not specifically illegal in the US as some foreign countries, but it is a transitory state ( such as your obligation if you buy something with a credit card ( using their money) and the time you have to repay it. For stock transactions it is generally 3 business days. This time period falls on the brokers to be sure the stock is delivered and payment is received or paid ( depending on put or call ) to complete the transfer.

After 2008, regulations were tightened to prevent float from affecting prices and availability of stock ( or commodity), as the fragility of major banks could cause greater collapse than had occurred. This tightening of regulations did not make the major houses happy, as it limited how much could be called incidental. They claimed then as now, the tightened money is bad for the growth of major industries and property developments. They wish the regulations be reduced or removed; then you will see "interesting " results. Anyway if "naked shorts" were used, they are not illegal until after Tuesday , by when they have to be replaced. And they probably will be as so many sold quickly when the price dived , that plenty of money was made by a transitory short. Unfortunately, the SEC has so few regulators and the financial climate may weaken to allow such to "fail" ( transaction not being completed) , that the financial firms might increase activities. For individual stock, options, futures investors, the money has to be there in some form before the trade can be made. But if you are doing massive trades, it does take some time to move shares/ cash.

if you are a hoarder or stacker, nothing was affected except possibly an ego or 2 who thought it was the "Beginning!!". If you bought or sold you would probably be affected. I would hope regulations would be tightened, but remember the average person in the US never makes 'naked shorts'. IMO.

 

You are describing the shorting of stocks, which is controlled by the SEC. Shorting of silver and gold futures is controlled by the CFTC and has different rules. At any one time there is a large number of contracts for PMs which, if all called, would amount to a very large multiple of all the PMs available. A significant percentage of the contracts are shorts and, as there is not enough to cover, they are naked. The only reason they are not called is that they are made by speculators who have no interesting on owning physical metal. If it were not for the big players like APMEX and others, who sell at a price relative to spot, then the price for paper and physical PMs would have diverges long ago.

 

So lets see if this Naval strike group does anything to PM's Have to wait till they open the market I guess.

 

Just to be clear you guys about Naked PMs.

I've never seen Lady Liberty naked, or even wearing shorts on a coin. I don't know where you guys get your coins, but not from the same place I get mine!!
LMAO

 

Naked shorts are about as far from coins as you can get. The bear about as much relevance to physical PMs as the stock market does to chicken stock.

 

I like puppies.

 

But a coin won't mess the carpet.

 

$17.98 as I type. Let's see how it goes this week!

 

let's see how it goes then ....

 

So coinflation says a 40% half is 2.65 and provident has them on sale this week for $2.70 not bad And 90% are worth 6.49 and they want $6.75 . I do not know what the percent is I will let Bman or someone tell me!

 

40% sometimes trades under melt. Why? Because melting them creates something you have to refine further. It's basically not good for much.

 

As Kurt said, 40% is not good for much. I can get rid of it at a discount (91% of melt) from a dealer and that is really good. Provident Metals has a buy back at 93% but then there is shipping. Some can do better on EBay or Craigslist but after shipping and all the hassle It's not worth it. So, buying it slightly above spot from Provident right now would not be wise in my opinion because It will almost always have a discounted buy back. Their 90% at $.60 over spot is not bad though.

 

Off to the races!

 

Racing in rabbit holes can be dangerous. Better to proceed cautiously.