Good morning.

"Every minute of the day the central banks of the world put out 2 million dollars in new currency. At the same time the world's mines produce 90 ounces of gold. The ratio is 22,000 to 1. As long as this process continues - gold will rise."

Paper is dead.  The charts are dead.  All we have left is to wait out the collapse of the entire system.  Not sure about you, but I got nothing but time.

http://www.financialsense.com/financial-sense-newshour/guest-expert/2011/10/19/eric-sprott/gold-and-silver-producers-will-be-new-growth-stocks-of-the-decade

Was it down everywhere or just locally? I'm wondering if it's my ISP.

I agree with the Turds charts, but we can be surprised again. The PMs can be punished with the panic option, what with all the positive news coming out of Europe.

I'm still a buyer, but I'm in no hurry.  My silver orders are taking longer to get filled. So lower prices on the precious, may just choke out availability.

Is there any indications that copper is telegraphing the price movement of platinum and paladium?

Oh and the consumer spending rise is just me buying more survival foods.

Turd F said,

"do not be surprised if silver gets pressed down all the way to the blue line on the weekly chart. This could drop silver as low as 24 or 25. Having price drop that far would present an extraordinarily compelling buying opportunity and it won't stay there very long, I can assure you of that."

I would not be surprised to see silver spike down to that area. What would surprise me would be if anyone would be awake to take advantage of it. I believe that a big dip could unleash a frenzy of buying. I don't think they would want to see the major PM dealers posting  SILVER  SOLD OUT  signs.

Just testing his new blog override button.

While waiting for the metals to decide which way they're going,  i've been harvesting in the garden.  The Big Yellow Hat grows a mean pumpkin!

This just in from RT; There's another video with pictures of the dead colonel, but I'm not posting anything with pics of a dead bloody corpse...

Gaddafi 'killed, died of wounds': Video of Sirte

I know some people make fun of him, I treat him as another data point and overall, I've made money following him (not always exactly, but it gives me good things to consider... just like this site).

He just released a paper yesterday about the coming "Great Debt Implosion" as it applies to Europe, the US and the world in general and it was pretty good stuff.  Nothing new for anyone here, but laid it out really well if you're looking for "mental reinforcement/fortitude" on what most of us think is coming.

I have ZERO basis for what I'm about to say other than just pure gut feeling, but I'm going to say it anyway because I'm guessing that there are a few people other than me that have anxiety right now.

We've all talked about "huge/massive volatility" but I don't think we know what that means yet.  We think we do, we talk about it, but it's like combat, until you've been on the "two way range," you don't get it, period.  At the same time, we all have stars in our eyes about where we think gold and silver will go price wise.  However, I think EVERYONE should plan on a big deflationary push before the inflationary rocket takes it all higher and when we do get that deflationary push, probably in starting in 2012, it's probably going to make most people, even here, shit their pants and vomit at the same time.  That said, this is what I'm personally mentally preparing for so that I don't shit the bed if it happens and get shaken out of some of my physical (and I'm 50% NET WORTH in physical... I consider that a HUGE bet on the future) and a quote the other day here helps... the quote was along the lines of "just like a real bull ride, the bull tries to shake the rider(s) and only a few hang on until the end."  That said, here is what I am prepared to see sometime in the next 12-24 months and this is COMPLETELY unscientific! ;)

In 2008, the financial collapse pushed silver down roughly 50% to $10ish and it then went to nearly $50 two years later.

If what's coming pushes it down 50% from when I started thinking this way, it would be pushed to about $19, but I think after that, it will probably go up more than 5X next time, but even at 5x, that's $100/oz.

I'm not saying that Ivar's charts are right or wrong, but his trend is probably about right, who knows what the timeline will be.

Bottom line though, I agree with Graham Summers that is DOES NOT MATTER what the EU does on Sunday, Greece WILL default next year and not only that, the entire European banking sector will likely go down sometime next year as well... it will be their 2008 and the EU's GDP is larger than ours and so are their debt ratios.  There will be a run to the USD first and yes, that will push EVERYTHING down HARD for awhile.

Anyway, I think everyone should mentally prepare for silver at or below $25 at some point so that you are "ready" for it and expect it.  If it doesn't happen, it's all gravy.

Just my two bits.

British Humor (Re Quantitative Easing)

Hey what's this with Google Chrome, it states this page has a virus sat'n on it, message:

Awesome pic.

Instant smile

EURUSD falling like a rock.  USDX up, everything else selling off.  The trade is still on and G&S are getting hit worse than the general market.  Bonds are not rallying hard here, but bounding aroun the 139 level.    Not sure where capital is moving at this point, but it's moving out of stocks.  But, the risk-off trade is on... WTIC $85, DrC $3.09.... HUI will flirt with 485 again.

Now, watch closely for a headfake as tomorrow is OE.  Widening volatility to pump up premiums to sell.  I'll be surprised if this results in major net moves as they are trying to move things near to the Option Pain numbers for tomorrow.

Ta,

I couldn't agree with Turd's assessment more.  I can see silver sitting around here for a while.  As I've stated recently, the only thing that is going to move gold and silver higher at this point is EXPLICIT money printing by the Bernank.  If we have a Lehman type event or even something akin to it over in Europe ( I think the stock market would tank, but unlike Lehman, the powers that be around the world would jump on the situation much faster, thus stopping the freefall before it becomes a total disaster) then silver and gold will get pulled down with the market.  I think it is wrongheaded to think that silver and gold would be safe havens.  The dollar would strengthen and that alone would kind of retard the upward price movement of gold and silver.  Marc Faber is long the dollar.  The guy is more spot on than just about anybody.  Faber's being long the dollar is corroborated by many chartists who feel the dollar will strengthen in the intermediate term.  This makes sense if there is some type of Lehman event over in Europe.  But beyond that, those that think the dollar is doomed next year are simply wrong.  All the PIIGS countries have to go down first (dollar positive) then the UK and then the collapse will get around to us.  Also we have the reserve courrency which gives us a get out of jail free card for the time being.  Look, we all got a little spoiled watching silver fly from 18 to 50 in short order.  We all thought the shorts were losing control.  They were not.  How come silver isn't up $10 just on the news of the position limits??  No, until further notice this will play out a bit.  This whole thing is a SLOW train wreck.  Remember how KWN kept reporting the imminent demise of the dollar.  Well, it's rallying now.  I love KWN but I'm getting tired of their endless parade of guests who see no immediate downside risk to silver.  I think Turd's assessment is spot on.  I no longer think we have a very good chance of going to $21 notwithstanding a total disaster.  But I think we retest the 26 before we hit 40.  I hope silver stays low for awhile so I can stack more.  And I think it will until the focus returns to the US's problems and Bernanke has to EXPLICITLY print more money.   I sincerely hope everyone here has a great day and a better weekend.

It was down for me at least 15 minutes...maybe more, but I got tired of the page down message and did other things.

Admin may want to disable it for now.

http://www.webmastertalkforums.com/website-server-administration/77801-s...

Many w/ stars in thier eyes for sure.

It's one thing as you mention, to speak about volatility, It will be different expierencing it first hand. Ever been Sea sick?  Lash down any loose items on deck. 

the Big One. Best pic in ages.

not the pic this time.

Google Chrome warned me malware was present here.  Something along the lines of "SVSpellchecker".

RE: Charts:

Earlier this year, essentially ALL the charts were proclaiming silver going north of $100 by the end of the year - that is, until silver crashed.

Now all the charts are showing silver twiddling its thumbs for the rest of the year, and if you believe Ivars, won't bust $100 until 2014!, that is, of course, until silver breaks out and starts running again.  Last I heard, BrotherJohn is STILL predicting $100 by the end of the year.

My point being that here lately, particularly with silver, charts have not been very useful.  Silver is going to do whatever it does whenever it does and I doubt anybody's chart is going to be very accurate at all in predicting when that will be or to what extent.

Just noticed my status changed recently from Sourdough to Tycoon.  With these markets, not feeling much like any kind of Tycoon lately.  Still feeling like a pretty crusty Sourdough  :(