2011 GOLD high $1,500.00, SILVER high $24.00

I saw an article yesterday (sorry, didn't save the link) indicating that only something like 2% of the world's oil actually goes through the Suez Canal. Not sure how to interpret that.

 

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IMO: "how to interpret that." Would be not to over react to other people over reacting to world events in the media spotlight who then cite reasons like this to explain volatility.

 

I think the smart money bought crude two years ago when it was $40.

 

Currently: At the US market open 2/2/11

Gold 1338.10
Silver: 28.39
Platinum: 1836
Palladium: 825

(Ask)

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Looks like the $600 small business 1099 has been repealed!! Yay!!

 

Yep. A collective sigh of relief.

 

Very huge as I was trying to figure out how many PM's I wanted to purchase before the 1099 took effect....now we are all basically free to purchase at any time...


Politics aside, let's all admit, if the GOP did not take over the House, this part of the healthcare bill would not have been repealed....

 

The 1099 provision was doomed regardless of the election results and both sides were racing to repeal it. Keep in mind that it was the Democrat controlled Senate that repealed it.

But expect it to come back in a few years in a new form.

 

Currently:
Gold: 1354.20
Silver: 28.79
Platinum: 1839.00
Palladium: 818.00
(Bid)

I like the "up" days!
And the repeal of 1099 provision..

 

Yes we have to give the Dem's credit too, from what I heard, many didn't like it and even the Pres. didn't feel it was a good bill.....

I'd have to guess that no one read the bill, which is why it was snuck in......so based on your comment, someone else will try to sneak it in again in another bill...

=(

 

That's the certainty of taxes...

 

Silver's chart looks incredibly bullish for a short-term run right now. I could see $35-$40 within 2-3 months.

 

I wasn't aware they had 24 month futures.

 

You just roll them into the next contract period -- or just buy oil stocks which generally move the same direction.

Edit:

Trading Months: Crude Oil Futures trade 30 consecutive months plus long-dated futures initially listed 36, 48, 60, 72, and 84 months prior to delivery. Additionally, trading can be executed at an average differential to the previous day’s settlement prices for periods of two to 30 consecutive months in a single transaction. These calendar strips are executed during open outcry trading hours. Options: 12 consecutive months, plus three long-dated options at 18, 24, and 36 months out on a June/December cycle.

 

Are you sure it's been repealed? From what I understand, repeal would require supermajorities in the House and Senate, plus the President's signature.

 

Senate approves 1099 repeal as amendment to FAA measure from thehill.com [2/2/11]

 

OK, that's the Senate.. What about the House and the President?

 

You can look up the House on that site as well, or Google News "1099 repeal" and read any number of stories on the topic, they're aplenty.

 

It looks like the House won't take up this matter until March, so I'm not ready to pop the cork just yet.

http://blogs.forbes.com/deanzerbe/2...peal-not-so-fast-and-not-the-whole-enchilada/

 

Looked into buying 10 and 100 oz silver bars today at 2 suppliers and none were available.One supplier was the Scotiabank,a major bullion dealer here in Canada.
Lots of Gold available but no silver bars.