Silver

[AFWarrior83]

Anyone else buying silver now that it has dropped to $26 per oz? Seems like a favorable buy to me with our national debt and with the unknown regarding NKorea and Iran.

[snoblind]

I'll probably buy some more in the near future.

[OldPoop]

Yes, this has been a good pullback, wish I had enough money to participate.

[OldPoop]

A few people might like what this guy has to say.  He has some interesting graphs.

http://seekingalpha.com/article/1322981-is-silver-set-up-for-a-generational-trade?source=google_news

[OldPoop]

Mike Maloney has a positive outlook.

Excerpt from Austrailian seminar;

http://www.youtube.com/watch?feature=player_embedded&v=H8NNUIH__YA

[OldPoop]

Photos of silver mine collapse in Utah.   16% of silver mined in the U.S. is shut down, so look for the premium on Silver Eagles to jump, plus more stoppages of production at the U.S. Mint.

When you compare the scale of work and the amount of labor required to produce silver, compared to a few key strokes to produce digital fiat currency, is it any wonder why it's called a precious metal?  And gold is probably 15x more difficult than silver.

http://silverdoctors.com/10-of-us-annual-silver-supply-just-vaporized/#more-25002

[snoblind]

Photos of silver mine collapse in Utah.   16% of silver mined in the U.S. is shut down, so look for the premium on Silver Eagles to jump, plus more stoppages of production at the U.S. Mint.

When you compare the scale of work and the amount of labor required to produce silver, compared to a few key strokes to produce digital fiat currency, is it any wonder why it's called a precious metal?  And gold is probably 15x more difficult than silver.

http://silverdoctors.com/10-of-us-annual-silver-supply-just-vaporized/#more-25002

And yet down 11.4% today, apparently along with everything else.

[Cresthog]

Crazy Sell off today.

[OldPoop]

And yet down 11.4% today, apparently along with everything else.

This has been fantastic!  Better than Christmas. 
I've been selling off my TGP a little at a time as the price of PMs have been falling to buy GDXJ.  Closed TGP out today, still have a little digital colored paper left for tomorrow.  Hoping for more of the same.  Closed out another stock to buy SSL.  I love fire sales!   Hopefully the banksters will come through with another great day Tuesday!   They are officially my best buds.

[OldPoop]

Interview with Bill Haynes

Buyers are already outpacing sellers by a stunning 50 to 1 ratio.

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/4/13_Haynes_-_Were_On_The_Verge_Of_Major_Gold_%26_Silver_Shortages.html

[OldPoop]

Eric King:  "How much paper gold was sold to take this market down, and how much tonnage have the Chinese and others been taking out of the physical market?"

Maguire:  "Just since the cross (today) of $1,550 into the (London) fix and the breach of $1,500, we are now looking at in excess of 500 tons of paper gold that's been sold....


https://mail.google.com/mail/?hl=en&tab=wm#inbox/13dff481418b4a34

[OldPoop]

Why Did Silver & Gold Collapse? Mike Maloney and Chris Martenson

http://goldsilver.com/video/why-did-silver-and-gold-collapse-mike-maloney-and-chris-martenson/?utm_medium=email&utm_campaign=Gold++Silver+Weekly+-+4+-+16+-+2013&utm_content=Gold++Silver+Weekly+-+4+-+16+-+2013+CID_8e752602cd7d8362dc00fa23a3ff7680&utm_source=GoldSilver%20Email%20Marketing&utm_term=Watch%20Video

[OldPoop]

An article by Bill Holter that is worth reading.

While I agree with him that the Comex will have to close, someday, I will be shocked if it happens within a few weeks like he says.  But he does have an interesting theory of the mine cave-in being played up as an act of God, so they can have a good excuse to default, or at least a better excuse than default because of lying, cheating, double book entries, and theft.

http://blog.milesfranklin.com/force-majeure-was-the-end-game-all-along

The banksters are either getting bored or desperate, because they don't even try to hide their manipulations any more.  After the last out of nowhere 3 day crash (April Christmas gifts) in PMs (I love the banksters) can there be anyone left that still thinks manipulation is a tin foil hat idea?

[DOGALUM]

There were a number of people in Carroll, Madison, Johnson, and Washington counties (possibly more) that would buy and sell goods using silver coins.   They were not US Mint coins.....but were .999999 silver.

They were different sizes and.....I suppose.....were based on the value of silver at the time they were made.   The coins had different values based on size stamped on them....just like a normal coin.   My brother got into it a little bit and ended up getting my dad and I into it as well.   I've never bought anything with them....but still have a couple thousand "dollars" worth of the coins based on their printed value. 

We were floating the Mulberry one day and stopped at the store there on Hwy 23.  We went in to buy some drinks or something....and my brothers tab was around $20.00.   He pulled out a $20 bill and a $20 silver coin.   He explained to the guy what the deal was and told him he would pay with either one the guy preferred.   The guy called another guy over and told him....and they decided to take the silver.   

I don't think that the plan ever took off. (creating an alternate form of currency among many different people)  But it was a neat deal and I have some silver because of it.

[OldPoop]

That is impressive purity.  Most silver bullion is only .999.
What was the weight of the silver rounds?  If you call them coins and they were not produced at the U.S. Mint you can get into trouble with the government.

[DOGALUM]

That is impressive purity.  Most silver bullion is only .999.
What was the weight of the silver rounds?  If you call them coins and they were not produced at the U.S. Mint you can get into trouble with the government.

Ok....they were probably .999.....I was just point out that they are silver instead of a mix.   Don't know the weight.  I will get some out this week and take some pictures.  And yes...they are rounds.  Sorry.   

I will bounce this convo off my brother.  I just gave him the money to buy some for me and have sat on them ever since.   

[OldPoop]

LOL, this guy has used mathematical formulas to prove that over the last 3 business days we have witnessed an event that typically only happens every billion or so years.

Wow, we are so lucky!

http://www.cboeoptionshub.com/2013/04/15/gold-and-the-eight-standard-deviation-move/

[Ash]

There were a number of people in Carroll, Madison, Johnson, and Washington counties (possibly more) that would buy and sell goods using silver coins.   They were not US Mint coins.....but were .999999 silver.

They were different sizes and.....I suppose.....were based on the value of silver at the time they were made.   The coins had different values based on size stamped on them....just like a normal coin.   My brother got into it a little bit and ended up getting my dad and I into it as well.   I've never bought anything with them....but still have a couple thousand "dollars" worth of the coins based on their printed value. 

We were floating the Mulberry one day and stopped at the store there on Hwy 23.  We went in to buy some drinks or something....and my brothers tab was around $20.00.   He pulled out a $20 bill and a $20 silver coin.   He explained to the guy what the deal was and told him he would pay with either one the guy preferred.   The guy called another guy over and told him....and they decided to take the silver.   

I don't think that the plan ever took off. (creating an alternate form of currency among many different people)  But it was a neat deal and I have some silver because of it.

Sounds like Liberty Dollars.

Read more here: http://en.wikipedia.org/wiki/Liberty_Dollar

I need to get out and buy some more silver at these prices.

[OldPoop]

Stewart Thomson has an interesting and entertaining take on the situation.

There are similarities to 2008 now.
4.There are bigger similarities, now, to the pre-launch period in 1979. That's when the banks made very similar statements to what they are making now, and they took gold down even harder than they have here, while buying all that was sold, for themselves, as they are now, and, like now, they dragged drug addicted idiots on gold analysis camera, to tell you gold was dead, like they dangle supreme imbecile Larry Kudlow now, to promise you... gold is dead.
5.Then, the banks took gold vertical. With most of the world's speculators short, and sounding exactly like bears and Kudlow sound now. So, what happens.....now?
6. Kudlow, a former coke addict, a real one, not a market one, is a closet socialist who grew up with a silver spoon in his mouth. He was an open market operations (market manipulation) errand boy for the Fed for years. He was fired from his brokerage analyst job, for failing to show up to work, because he was so strung out on real cocaine. That's who the bears' hero is. Look, it's a bird! No, it's a plane! No, it's a bag of cocaine named Larry Kudlow, who thinks he can fly!
7.Kudlow the imbecile stood on a podium right at the 2007 economy top, and literally screamed, "no recession, everything is fine!". That, while hardcore guys like Martin Armstrong and Mr. Macro gave the mkt a major thumbs down.
8.The market then began the biggest crash since 1929, while Kudlow snorted bags of cocaine and screamed that everything was wonderful, while Mr. Macro and Martin Armstrong screamed "sell everything now". Kudlow the drug addict is a complete scumbag. Worse, he's a certified market moron. What he knows about gold, is: zero.
9.The difference between 2008 and now, in the gold market, is that there's no fundamental reason for gold to be sold now, but it's being sold hard anyways, which is a situation much more like the late 1970s, when the chimps bought it all, while crashing it and telling everyone that gold is dead, while "accidentally" forgetting to say why.

16.Using futures charts, rather than ETF charts, it can be argued that the drifting rectangle is still intact, almost perfectly intact, and could become that huge h&s bull continuation pattern, featuring the most shocking price action seen yet.
17.In that scenario, gold could rally to $1650, from either here or from about $1250, and then decline to $1123, and then shoot to $2100. That action would fully cook every bear, every bull, except you and the chimps.
18.In the scenario of the h&s super-bull continuation pattern, gold would stage even more violent action, in terms of destroying both bears and bulls.
19.That would entail a rally from the $1200-$1300 area, to somewhere between $1800-$2100. From there, it would crash to about $1500, and then stage an "ultimate" rally, to $2800-$3500.


For anyone not familiar with ST, he is not predicting this will happen next.  It's just one scenario that could play out.  He says you cannot predict what the banksters will do next, all you can do is react to what they do.  His philosophy is basically very simple, when it's going down he buys some at various predetermined price points, and when it's going up he sells some at various predetermined price points.  He uses a computer program he calls a Pyramid Generator that he claims he copied off of the banksters, that tells him how much to buy or sell at those price points.

[OldPoop]

Sounds like Liberty Dollars.

Read more here: http://en.wikipedia.org/wiki/Liberty_Dollar

I need to get out and buy some more silver at these prices.

Interesting.  It's a good thing Dogalum has the actual silver and not a certificate because it lools like our loving and caring government is going to steal that silver from all those people.

I wonder if owning Liberty Silver Dollars is illegal? 
It it's not I would love to buy one from you Dogalum at a premium above the actual silver value, just for the historical significance.

[Flying Razorback]

SLW down below $23 today.

[OldPoop]

SLW down below $23 today.

My last buy was at $23.03.
My next buy was put in for $22.52, and it just filled while I was typing this.  Guess I need to go ahead and put in my next one for $22.03.  Trouble is I'm running out of stocks that are above water to sell.  I closed out my TGP and I'm down to half of my FNV left to sell, and sold almost half my NKA so far.  If I close those out then I will have to get into my LNG.  I really hate to sell LNG since I got into it at $16 but these prices are just too good and I will keep buying them until either they stop going down or I run completely out of money to buy them with.   If that happens you will probably be able to hear me crying all the way to where you live.

I've been buying more GDXJ than SLW, but overall I'm still much heavier in SLW.  I figure SLW will be a pretty safe (at least compared to other mining stocks) double from here whenever the banksters finally decide they have accumulated enough of people's wealth for this particular crash.   And GDXJ, while riskier, (some juniors could shut their doors if this goes on much longer) could be a 3 or 4 bagger.

I hope to be able to use this manufactured PM crash to double some of my natgas holdings.  Due to my limited income, this is about the only way I can do that.

[Flying Razorback]

My last buy was at $23.03.
My next buy was put in for $22.52, and it just filled while I was typing this.  Guess I need to go ahead and put in my next one for $22.03.  Trouble is I'm running out of stocks that are above water to sell.  I closed out my TGP and I'm down to half of my FNV left to sell, and sold almost half my NKA so far.  If I close those out then I will have to get into my LNG.  I really hate to sell LNG since I got into it at $16 but these prices are just too good and I will keep buying them until either they stop going down or I run completely out of money to buy them with.   If that happens you will probably be able to hear me crying all the way to where you live.

I've been buying more GDXJ than SLW, but overall I'm still much heavier in SLW.  I figure SLW will be a pretty safe (at least compared to other mining stocks) double from here whenever the banksters finally decide they have accumulated enough of people's wealth for this particular crash.   And GDXJ, while riskier, (some juniors could shut their doors if this goes on much longer) could be a 3 or 4 bagger.

I hope to be able to use this manufactured PM crash to double some of my natgas holdings.  Due to my limited income, this is about the only way I can do that.

I bought yesterday at $24.20 and wish I had held off a day.  I didn't know it would fall this low again since when I bought it at $19 3 years ago.

[OldPoop]

I bought yesterday at $24.20 and wish I had held off a day.  I didn't know it would fall this low again since when I bought it at $19 3 years ago.

Be happy with your good purchase at $24.  That is a fantastic price.  The last time it got below $25 it only took 6 months to get back above $40.  I had expected it to take less time than that, so I was a little surprised, but I don't see why this time should take any longer, but with the banksters I guess you never know.

No one knows when this "gift" will stop and the prices reverse, so don't worry yourself second guessing.  People that sit back and wait for "the bottom", more often than not are so scared to make a move that they end up with nothing at a good price.

[Huckleberry Pig]

I've actually been looking at investing some money lately ($5k) but have yet to find anything I'm comfortable with.  Would Gold or Silver be better to buy at this point?

[Old Tusk]

Anyone considering this is the start of deflation?

[fineswine]

I can't figure out where you are getting physical metal for near spot.  The bullion banks I've visited either have none available or steep premiums.

[HOGLIGULA]

Anyone considering this is the start of deflation?

It looks very possible considering certain Baby Boomer factors and this unlikely run up in the markets thus far, but then again who really knows

[snoblind]

I can't figure out where you are getting physical metal for near spot.  The bullion banks I've visited either have none available or steep premiums.

Are you talking about Old Poop and Flying?  They are buying Silver Wheaton not silver.

[Ash]

I can't figure out where you are getting physical metal for near spot.  The bullion banks I've visited either have none available or steep premiums.

Supposedly part of the reason for the silver drop is conversion out of paper silver and into physical product. I agree I hit up the regular places and the premium over spot for physical silver seems to have skyrocketed.

[Ash]

Are you talking about Old Poop and Flying?  They are buying Silver Wheaton not silver.

Really? Man for a store of value I would only trust physical assets. I thought that was what OP was at least using it as.

[fineswine]

Really? Man for a store of value I would only trust physical assets. I thought that was what OP was at least using it as.

That's what I had always thought also (they held physical).  There is a significant separation between paper and physical.

[HawgWild]

That's what I had always thought also (they held physical).  There is a significant separation between paper and physical.

What is that separation $ on silver bullion? Last time I checked it was $1 more than spot for buying and $1 lesss for selling.

[OldPoop]

Really? Man for a store of value I would only trust physical assets. I thought that was what OP was at least using it as.

I agree 100%.   
But that's also the problem, it is only a store of value or protection of purchasing power over time.   It doesn't increase in purchasing power.

But since I don't think or at least I hope we are not at the end yet, I'm still risking 3/4 of my retirement savings in stock, waiting for the prices to go up enough so I can reduce that to 1/2 stock and 1/2 physical for safety.  But as long as natgas is in the toilet I will try to keep accumulating it and holding on to it, if it pays a dividend, through whatever happens.

A rich person can just buy physical and have enough to protect his standard of living.  A poor person has to finagle ways to increase his savings, otherwise the little amount of purchasing power he protects will not take him very far.

[OldPoop]

This is a excerpt from ST this morning on the situation.

14.In summary, the bank econ mighty men suggest buying gold in this general area. They don't see much change to mine supply, even if price drops to $1100-$1200. What they do see, in this area, and if it goes lower, is substantial central bank buying to make up for the missing investor ETF buying, and more than make up for it.
15.Because the chimps got the bulk of the physical gold that was sold on this hit, and handed the price chasers their comex short contracts to baghold, the buying by central banks now should be very price-supportive, but:
16.I beg you to put down the analysis of my pet amoeba, who promises you that "finally, now, super-now, super-finally, it's 1970s parabola time". Wrong, wrong, and wrong.
17.Gold is going to make its way to the $3000 area, but not as fast as the morons who got this hit all wrong, think it will. And, hits like the $1577-$1320 drop are going to become even bigger.  They are not going to become that much more frequent, yet.
18.The gold market is now a million times stronger than it was 2 weeks ago. Now that chimp-controlled entities have chopped the supply of gold massively, and moved, at least temporarily, to a net long position on the comex, something some of you believed would happen, but not how it would happen, you should be supremely confident in buying gold stock. I am. I told you that the chimps would ravage the idiots who sold their stocks to buy bullion for "growth with safety", and they just did. The rise over $1800 is going to do things for gold stocks that you can't even imagine yet.

[fineswine]

What is that separation $ on silver bullion? Last time I checked it was $1 more than spot for buying and $1 lesss for selling.

The best I could find was around $1.69 over spot for a 100 oz. bar (plus shipping).  I don't have or want anything that large.
I prefer 1-10 oz. bullion (easier to store/liquidate).  The cheapest SAE are around $27-$28 plus shipping.  FEEBAY generic rounds
are going to run you $32-$34 each and a SAE is $35-$38.  Those are not asking prices; that's what they are selling for.

[OldPoop]

Supposedly part of the reason for the silver drop is conversion out of paper silver and into physical product. I agree I hit up the regular places and the premium over spot for physical silver seems to have skyrocketed.

I was still a Zombie in 2008, so I cannot speak from personal experience, but I've read in multiple sources that the PMs crashed to really good prices that year, but you couldn't find any with less than a 50% premium, or more.

The banksters can dump huge amounts of paper silver/gold contracts during the night to trigger sell stops and start the avalanche down, but that doesn't mean the physical supply is suddenly also over abundant.  In the old days, before we started living in this manipulated fantasy world of today, prices came down because the product/commodity was over abundant, and they went up when there was a shortage.  There is too much paper available, so the prices come down, however the physical doesn't change by a single ounce.  But more bargain hunters are shopping, so you actually end up with a shortage of real silver, and the premiums go up.

I doubt that we have even 2% of the population fighting over the silver and gold available now, but at most 3%.   Just imagine what it will be like when the Zombies start waking up and 10% or 20% of the population is fighting over the same amount of physical.  You will really see some premiums then, if you can find any for sale!

[OldPoop]

Comment from ST this morning. 

A boatload of monster banks issued gold stock buy signals for you yesterday. They know their clients aren't buying, and the banks themselves have already bought alongside you, as you vomited, and you bought. They just bought with a lot more size than you did. They'll issue more buy signals as price goes higher, and hand their stock to their price-chasing clients then, making you richer.

[HognotinMemphis]

While everything else is way up, silver has had its ass kicked since Jan 1. Down over 20%. Glad I got new clients who were in it out of it back during first week of 2013.

[Ash]

While everything else is way up, silver has had its ass kicked since Jan 1. Down over 20%. Glad I got new clients who were in it out of it back during first week of 2013.

I think silver and gold has been in a bit of a bubble. I like buying silver on the way down mostly because I think silver eagles look nice. I would buy gold eagles but I'm broke as a joke.

[DOGALUM]

Sounds like Liberty Dollars.

Read more here: http://en.wikipedia.org/wiki/Liberty_Dollar

I need to get out and buy some more silver at these prices.

They are indeed liberty dollars.

And on the record........we don't have any of them anymore.   We dumped them all as soon as the conviction came through.  :0


Best way to look at them is to google image them.   We HAD only silver. 

[OldPoop]

While everything else is way up, silver has had its ass kicked since Jan 1. Down over 20%. Glad I got new clients who were in it out of it back during first week of 2013.

This should be interesting.
Are you going to chase price at some point on the way back up (if yes, where?), or are you going to tell them to stay out of it?

[HognotinMemphis]

This should be interesting.
Are you going to chase price at some point on the way back up (if yes, where?), or are you going to tell them to stay out of it?

No precious metals for my clients at any time at any price.

[OldPoop]

No precious metals for my clients at any time at any price.

Buy a bullet proof vest while they are still cheap and legal for civilians.

[HOGLIGULA]

No precious metals for my clients at any time at any price.

Okay, but i must ask why?

[Lanny]

No precious metals for my clients at any time at any price.

You are correct about your main portfolio however I am buying into the silver market with coin collecting and silver eagles, pandas and maple's.  We'll see what happens.

[HognotinMemphis]

You are correct about your main portfolio however I am buying into the silver market with coin collecting and silver eagles, pandas and maple's.  We'll see what happens.

Nothing wrong with that. I spent a small amount a couple of years ago on gold coins. About $10K. It is fun and they are beautiful to look at and maybe I'll make a little profit on them eventually. Bought a bunch of Indian and Liberty $2.50 gold coins. Very small...size of a dime. But very handsome coins.

[Lanny]

Nothing wrong with that. I spent a small amount a couple of years ago on gold coins. About $10K. It is fun and they are beautiful to look at and maybe I'll make a little profit on them eventually. Bought a bunch of Indian and Liberty $2.50 gold coins. Very small...size of a dime. But very handsome coins.

same here, dropped 20 k on coins

[pheine78]

No precious metals for my clients at any time at any price.

Total agreement!  Love it!

[pheine78]

Okay, but i must ask why?

Because they are expensive!  As Lanny said, he bought some silver because the price fell dramatically--yes, if that happens then we should buy a little.  However, metals are very expensive compared to 10-15 years ago.  Very expensive.