Silver is up $2.00 +5.5% today, can you hear the moans from the Shorts being squeezed? It's a beautiful sound. :devil:
i think the pop was from the fed saying QE 3 was back on the table ... when QE 2 started silver shot up from $18 to $50 i have to say i am impressed with silver's strength (i have 1,600 ounces of the white metal in SDB's at my bank so I glad to see the pop). a precious metals investment newsletter I subscribe to has been saying for months and gold and silver were going down this summer (silver down to the $27 range) -- looks like he's going to be wrong. that's one prediction I am glad isnt coming true!
What the FED is Actually saying is that w/o an adjustment to the Debt Limit, the FED is prepared to step up and buy whatever part of the $500 Bln the Treasury can not sell to third parties in August. If the Fed doesn't do that we are looking at Global Financial Collapse next month.
Yeah, it's fantastic. The price of oil is up. So are grains, meats, etc. This should really help everyone.
Don't forget that this Friday is the expiry of July options, and always causes moves, sometimes up and sometimes down. Jim
yes, you're right. i think my choice of words were bad ... sorry ... honestly i think the current situation sucks -- it's what they call a hot mess. so i am trying to protect myself from rapid dollar devaluation and inflation by owning gold and silver.
This is all making me feel good about buying at the $34-$36 range. Anticipation of QE3 probably has a lot to do with it, not to mention IMF head Christine Lagarde's recent comments that nothing is being taken for granted with Greece and the Euro taking a big hit. I read somewhere yesterday that the Pan Asian Gold Exchange coming online soon is going to need 100 million oz of physical silver, and isn't going to allow naked shorts so that could really accelerate the supply shortage. This may cause people to transfer out of the Comex and wouldn't bode well for the paper silver market on Wall Street, but spot prices should get a nice boost. I hate to admit this but I will be a happy camper if China is in charge of the silver game, because then JPM's shorts and the Comex margin hikes won't have nearly the amount of impact. No wonder Jamie Dimon is on his way out and over to the Fed.
Because you think China financial markets has LESS chance of manipulation than US markets? Sorry Inflexion, but I think you need to read about Chinese equity markets before you think they are "straighter" than ours. I have thought China would grow well for 20 years now, but have never taken the extreme risk of investing in thier shark infested, politically connected, nest of financial markets. Over there it really is who you know that matters.
Like I said previously, QE3 is on the table so I am buying silver ASAP. I can't believe I missed my trip to the coin store last Saturday!
To be perfectly honest, I don't see how our market could be any more manipulated than it is. So a roll of the dice doesn't sound so bad to me. I'm not saying you're wrong. If anything it would most likely just be a changing of the guard, and more of the same, but yeah I would rather have China in control than the Rothschilds. [edit] To be clear, I am referring strictly to the Pan Asian Gold Exchange vs. the Comex, not Chinese markets on the whole. I am only taking this stance because they are committed to requiring that the metal actually exists, as in the spirit of PSLV, and contrary to SLV. If that wasn't (or turns out not to be) the case then I would run from something like this. [/edit]
Remember several months ago, when the bullion sellers were all going on about how China wanted their citizens to get Precious metals, and that even the Bank of China was going to accept it into deposits for them?? This was suppose to drive PM to the moon as Gold and Silver would go into the Chinese citizens accounts and thus reduce supply. http://www.bochk.com/web/common/mul...nvestment&level_2=precious_metals&fldr_id=251 Look at the URL above, especially bullet 3 "All sale and purchase transactions will be recorded in a passbook and settled through the Settlement Account. Also, there will not be any physical delivery of precious metals and there is no need to worry about problems associated with delivery or custody." That was the B of C great idea. Have citizens pay for the gold that stays in the bank for the banks use, as the depositors can never get it back as physical. And the PR part about never worrying about problems with delivery or custody as there is none. Wonder how much of that the bank sells ( shorts)? GLD and SLV are trusts and have specific regs they must follow, and as I have said before, they are written in favor of the banks who are principals, and yes they can short ( but not naked ), and they do limit physical delivery except for the principles redeeming a "basket" of shares, but it is in the trust papers, and anyone who buys/sells such should be familiar with the terms. Maybe they will get you gold for your money, and when redeemed, you won't get gold, but maybe US Treasury notes Wouldn't that be a funny Chinese revenge.
I understand that the PAGE ( Pan Asia Gold Exchange) in cooperation with the ABC (Agricultural Bank of China) is expected to deliver the physical metal. I recall reading the the minimum purchase is 10 oz bars of Gold.
http://pagold.org/List.asp?C-2-18.html Here is the regulations for PAGE. Article 11 is the one on physical transactions. If you read all of them, you will notice that ( similar to the CME ), they have margin accounts as well as physical delivery account ( So they do have paper accounts), similar to CME, you have to pay the full price for the gold before they will deliver it , or ( and this part is a little hazy to me) have it bought back). The delivery from PAGE is to a destination site of their choosing. GLD and CME have physical delivery sites within the US. Any way, you can read their articles and decide. I would rather deal with the devil I know than one that can unilaterally close a commodity. Look what they did to the Rare Earth trading if you don't believe that. Good Luck.
Thanks for that link Jim. I didn't read all of it (nothing about silver in my quick search.. :/ curious what their specific holdings will be) but I did notice that they are implementing position limits in Article 18. At the end of the day I'll take physical over either market 100% of the time. I found this article interviewing Andrew Maguire talking about how PAGE could impact supply and demand fundamentals. http://kingworldnews.com/kingworldn...-_This_Will_Destroy_Gold_&_Silver_Shorts.html
