To say that the silver market is set up and has the real potential of exploding in price is an understatement. In fact, it’s hard for me to conceive of a single real bearish factor. And it’s not just that there are many bullish factors present in silver as much as it is the extreme condition of all those bullish factors. That physical supplies are as tight as they are, at the same time the market structure is set up so well, at such depressed prices is a wonder to me. I never thought such conditions could exist at the same time.
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Started a position today. May go lower but near $11 is a good entry price! Bought some GLD too!! The printing press will be hard at work printing $$$!!
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$1.00 over spot!!!Nice...You buying locally or online Retiredat???Just paid $3.00 for rounds, even with the premium my dealer had to order them for me...
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Looks like another good day to surf silver...yeah, yeah, Silver Surfer puns aside.
Made about 16% last month on this one riding the upswings. It closed at 10.23 on friday and opened this morning at 9.27. Back in today hoping to make another 12% or so by the end of next week (sell order at 10.27).
Let's see if I finally found a good surfboard.
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My local dealer still wants $4.50 for Eagles and $3.50 over spot for bars and rounds...Was able to pick up a couple hundred online today at a $1.49...Hate not being able to take delivery immediately but I hate paying a crazy premium even more...
Anybody else trying to buy physical locally???Curious as to what your dealers markups are...
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Closing in on $16.00 nice...Been a little while since I checked spot prices...Nice owning something you don't have to babysit tick by tick...
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On December 11th, 2009 NIA declared silver the best investment for the next decade. In our December 11th article, we said that it wasn't a coincidence that the very day Bear Stearns failed was the same day silver reached its multi-decade high of over $21 per ounce. We went on to say, "The reason why we believe the Federal Reserve was so eager to orchestrate a bailout of Bear Stearns, is because Bear Stearns was on the verge of being forced to cover their silver short position."
JP Morgan took over the concentrated short position in silver from Bear Stearns and gained complete control over the paper price of silver. Within weeks, JP Morgan was able to manipulate the price of silver down to below $9 per ounce. NIA believes they were able to drive the price of silver down through "naked short selling", selling paper silver that is unbacked by physical silver.
On February 5th, we witnessed another sharp decline in silver prices, which NIA described on February 7th as being "just a temporary wash out, before a huge surge in silver prices later in 2010". Since then, silver prices have rebounded by 18%. The temporary wash out that occurred on February 5th was predicted by independent metals trader Andrew Maguire, who came out this week exposing the fraud that is taking place in the paper silver market.
On February 3rd, Andrew Maguire wrote Eliud Ramirez, a senior investigator for the CFTC's Enforcement Division, giving him the "heads up" for a "manipulative event" signaled for February 5th. He warned the CFTC that JP Morgan was about to manipulate down the price of silver after the release of non-farm payroll data on February 5th. Andrew said that the takedown would happen regardless of if employment was better or worse than expected and the price of silver would be flushed to below $15 per ounce. During the next couple of days, silver was crushed from $16.17 per ounce down to a low of $14.62 per ounce.
Despite all of the evidence given by Andrew Maguire to the CFTC of gold and silver manipulation, Andrew wasn't allowed to speak at last week's CFTC hearing on limiting gold and silver positions held by banks like JP Morgan. Bill Murphy of the Gold Anti-Trust Action Committee (GATA) was allowed to speak (within a five-minute time constraint) and present some of Andrew Maguire's evidence, but right when his presentation began there was a technical failure of the live television broadcast, which was mysteriously fixed as soon as he was done speaking. Bill Murphy was scheduled for several mainstream media television interviews after the CFTC hearings, but they were all abruptly cancelled at once.
A couple of days after the CFTC meeting, Andrew Maguire and his wife were involved in a bizarre hit-and-run car accident in London where a second car coming out of a side street struck their vehicle, which resulted in a police chase using helicopters and patrol cars before the suspect was nabbed. Andrew and his wife were released from the hospital with minor injuries. (NIA does not believe in conspiracy theories but when you consider that this is a potential multi-trillion dollar fraud that could bring down the world's financial system, it really makes you think.)
The silver market provides a window into what is happening in the gold market. Because the silver market is very small and its short position is so concentrated, its price is easier to manipulate than gold, but the same manipulation is taking place in gold on a much larger but less noticeable scale. In our opinion, the CFTC is under pressure not to do anything about the manipulation because the lower gold and silver prices are, the stronger the U.S. dollar appears to be. If we saw an explosion to the upside in gold and silver prices, it would result in a complete loss of confidence in the U.S. dollar.
NIA believes the precious metals markets are currently being artificially suppressed by paper gold and silver that doesn't physically exist. At last week's CFTC hearings, Jeffrey Christian of the CPM Group admitted that banks have leveraged their physical bullion by 100 to 1. This means for every 100 ounces of paper gold/silver that trade, there could be as little as 1 ounce of physical gold/silver in the vaults backing it. However, Mr. Christian sees no problem with this because he says "it has been persistently that way for decades" and there are "any number of mechanisms allowing for cash settlements".
What Mr. Christian fails to realize is, most investors around the world holding paper gold/silver believe they own physical gold/silver. There will come a time when these investors don't want cash settlements in U.S. dollars, but they will want the physical precious metals themselves. When investors around the globe eventually call for physical delivery of their precious metals, NIA believes it will result in the biggest short squeeze in the history of all commodities.
The physical silver market is now more tight than ever before. In the first quarter of 2010, the U.S. mint sold 9,023,500 American Silver Eagles, the most since the coin debuted in 1986 and up from 8,299,000 sold in the fourth quarter of 2009. All U.S. silver mines combined are currently producing only 40 million ounces of silver annually. This means the U.S. needs to use almost all of its silver production just to keep up with the demand for American Silver Eagle coins.
Silver closed this week at a 10-week high of $17.89 per ounce and a major short squeeze to the upside could be imminent. With the spotlight now on JP Morgan, NIA believes they will be less likely to naked short silver at these levels and manipulate the price down like in February. With the mainstream media blackout, it is important for NIA members to work harder than ever to spread the word and help expose what could be the largest fraud in the history of the world.
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I just started buying up physical bullion. 10 and 100 oz. bars. Silvertown, Johnson Mathey, and Pan Am. I think we see a major push as the disconnect between silver and gold is way to high. I think gold at $1500 and silver at $50+ within a couple of years.
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quote:Originally posted by invester: I just started buying up physical bullion. 10 and 100 oz. bars. Silvertown, Johnson Mathey, and Pan Am. I think we see a major push as the disconnect between silver and gold is way to high. I think gold at $1500 and silver at $50+ within a couple of years.
are you getting physical delivery? there's been alot incidents where delivery has been very slow...
-------------------- Don't envy the happiness of those who live in a fool's paradise.
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I'm going to ask a stupid question but I have never dealt with physical bullion. how do you buy it and order it, and do you have them deliver it to your house? what is a reputable company to go with?
-------------------- It is better to be humbled than ruined
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From personal sellers, not the companies themselves, thus immediate delivery. I see silver moving quickly from here. We should blow past the 1980's $50 mark within a couple of years. It has a monetary value, but it also has a huge industrial purpose like Palladium. Only 20 or so pure silver mines in existence. Its not even close to replacement per year. It's a definite retirement metal.
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