Silver Below $22

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254 Comments

philipat's picture

@Adman

I suggest that you sell everything if you believe Ag is going to $10. You can always buy back at $10. You might, however, like to take into account that the present production cost is around $25-28.

And actually yes I am BTFD but that's because of a disciplined approach to portfolio re-balancing. I have allocated an overweight of 20% in my financial portfolio to PM's. So, in view of the declines, I need to buy more to maintain the same target percentage. I'm using Fiat and selling High Yield Bonds for this purpose.

Of course nobody enjoys losing money on any investment but if properly diversified it is less of an issue (20% of 20% is 4% on the top line, which is covered by gains in other areas. I personally see those losses as losses on paper only and represent a store of value for the future.

tpbeta's picture

@Turd credibility gap

Eating something means swallowing it, not spitting it out when no-one is looking.  That's how my kids eat their vegetables. Do it properly you big phoney.

Byzantium's picture

@ Argent

Urban Roman wasn't talking to you or about you. You had assumed that he was, in error.

harlan07's picture

Depression

Only in the centrally planned cartel world can you have silver raided down < 22 while Facebook is at 26. Really? FB worth more than an oz of silver? WTH.

Getting hard to keep the faith. I know PMs will win the war, but this is getting really hard.

Argent's picture

It is all very well looking

It is all very well looking at things in terms of purely the Financial Markets but it is main street where none of the fundamentals have changed.There is not going to be the income to pay the debts in the future no matter how much cash is printed.Shares on the up but will the profits ever equal the share price,this is just another bubble created by QE to infinity,the longer it goes on and the further it goes the more it looks like the late 1920,s.All this will not be solved by the Financial Markets it will be destroyed and solved on Main Street where income is collapsing.

Argent's picture

Reply to Byzantium.

Well if that is the case I apologise.blush

ivars's picture

I wonder if this is now the

I wonder if this is now the right spot to buy silver. The support appeared in the area of 2008 highs.

Gold Dog's picture

Random thoughts from the den

- It is my belief that the center of the fiat world cannot hold and that the last refuge of many will be the U.S. Dollar. It would not surprise me one bit to see the DX above 100 as the end nears.

- As the center starts to fly apart there will be events that are beyond all of our collective imaginations.

- Predicting the end is a tricky business, it will only happen once in our lifetime, so one needs to be careful about timing. Yet it appears to be drawing closer.

- Being so very sick and tired of the endless bickering about who, exactly, is a troll and who isn't, I am very much in favor of "The Silver Creek Saloon" where these bar room brawls can be conducted far from those that don't wish to read pages of bullshit but also don't want to put people on Ignore. Lapping is the first and only for me.

- Who are you going to believe? Some poster or your lying eyes? I saw Turd eat the hat! Pretty hilarious my friend!!

- If we are using PM's for their correct purpose, insurance, we should be happy when the temperature goes down. The only true thing is the price. I personally do not ever wish to see $5,000.00 gold. That means we are screwed. I detest human suffering.

- I fear that things are going to get crazier, so put on your big boy pants and get ready. If you feel that you are overexposed to metal, reduce your position. Versa-visa is visa-versa visa versa. (I own a building that I bought at the top and is now worth millions less than I paid, tough shit!)

- Now, here is the smartest way to stack you will get this week. Go to the "Feed the Turd" button and send in your $200 for a dozen chances....do it now, it will give you something wonderful to look forward to.

Watch this site, it occurs to me, because someone dropped the C-bomb, that I forgot to put up one of the prizes!

Your friend,

Dog

S Roche's picture

@Boardwalk

Unfortunately Rob Kirby uses some already discredited "facts" to bolster his case. The case for precious metals does not need bolstering and this works against his analysis, which is quite emotional in any event, so he is not someone I would recommend.

Adrian Ash of Bullionvault who is quoted above, on the other hand, is someone I can recommend. When the usual suspects were recently writing about world-wide, and specifically London, silver shortages Adrian Ash was a lone voice saying these claims were nonsense...

Mickey's picture

A lot of money changed hands last night

But mostly among the big boys.

Groaner's picture

We could have a real nice pop today..

We are so over sold now.. Taken to the woodshed and beaten too many times..

Bollocks's picture

Hungary Destroys All Monsanto GMO Corn Fields

Hungary Destroys All Monsanto GMO Corn Fields

Hungary has taken a bold stand against biotech giant Monsanto and genetic modification by destroying 1000 acres of maize found to have been grown with genetically modified seeds, according to Hungary deputy state secretary of the Ministry of Rural Development Lajos Bognar.

http://www.realfarmacy.com/hungary-destroys-all-monsanto-gmo-corn-fields/

Argent's picture

Reply to Gold Dog.

I feel the same,I think we are at the point of no return to the world as we knew it.The central banks are getting to the stage where if they own enough of most markets,directly or indirectly and control everything through fear of not complying or as the financial markets mindset is, going where the quick profits are no matter what the long term damage  then the entire system is moving faster and faster to destruction.The Central Bankers control and risk management skills are failing and getting more desperate.I really hope military diversion tactics are not used as the implosion takes place.

DayStar's picture

Where Would You Put Your Fiat?

Besides the fact that this takedown is using counterfeit silver manufactured out of nothing, the dollar that "measures" the value of silver will itself soon be worthless.  If you sell your physical at these low prices (actually you can get $4-7 over spot) you will have just exchanged something that will never go to worthlessness for something that historically always has.  You will have given up true value to thieves who are secretly amassing vast quantities of PMs for themselves and whose money actually is gold.  When the exchanges themselves can't get gold and when the spot price of gold is less than the cost to dig it out of the ground, you know you are facing price controls with the concomitant intentionally imposed shortages. If you sell your PMs and get fiat where will you put it?  Keep it in cash under the mattress?  ShadowStats says the real annual inflation rate is over 10%, so your money will rapidly erode even while it is under the mattress.  Would you buy bonds?  Really?  Buy bonds being printed by a bankrupt nation or a company or municipality trying to do business in a bankrupt nation in a currency that is being destroyed?  Buy stocks in a market being pumped daily with counterfeit dollars by the PPT while even WalMart is showing declining sales?  If you sell your PMs whose supply is being shut down by incredibly bogus pricing (remember the law of supply and demand?) and exchange it for fiat whose supply is limited by the digits that can be represented in a computer, then which one do you really think will go to zero first?

Be long and be strong, and don't worry about the premiums on PSLV.  Sprotts' funds can be naked shorted as well.  After all the game is to make silver and gold look like a fools game, but the fools game is to be fooled and part with physical.

DayStar

57Goldtop's picture

Adman and Basil

OK, you're right. No argument here. 

Wait, what was your point again? What useful question are you trying to answer?

Look, I'm not rejoicing at the collapse in price. But I'm not crying about it either.

So, please answer these questions or articulate better ones:

  1. "What is the best thing to do with my excess fiat today?"
  2. "If I sold PM's, where is the better investment, moving ahead from this point?"
57Goldtop's picture

Geez, DayStar

I think you've asked a question that's been floating around my mind.

Bobbejaan's picture

Gold Dog's Great RIFF-RAFFle Competion of 2013 (Reminder)

Quote:
Raffle the part eaten hat !
Submitted by Chicagau on May 20, 2013 - 2:48am.

$10 a pop, cash goes to a charity of TF`s choosing, i`ll take 5 tickets !

As a polite reminder .... Due to all the "price smackdown action" of last night, Gold Dog's Great RIFF-RAFFle Competion of 2013 in aid of DONATIONS TO TURD may have been overlooked/missed by some readers, but please note that it's still running until Wednesday, and there are some EXCELLENT PRIZES.

http://www.tfmetalsreport.com/comment/313154#comment-313154

.

So kindly consider "Feeding Turd" soon ... and potentially win a great bonus/prize in return.

.

Quote:
GOLD DOG said :-

By way of introduction. It came to my attention a couple of weeks ago the our Fearless Leader, Turd, got socked right in the wallet last month by the attacks and subsequent events of rebuilding the site into a more secure place.

We ALL know how much we learn here and I certainly know that I love this place and it's people!

SO WE ARE HAVING A RAFFLE TO BENEFIT TFMR, so that Turd can continue his good work! (Takes a hell of a lot of spine to go from the old joint and build what he has.....let's all pitch in.)

RULES- Chances to win are $20, you get a dozen for $200. You can donate to the site using PayPal and Turd(?) will keep track of how many chances each citizen of Turdville has and put those in one hat. In another hat will be the prizes. Turd will pick a name and then pick the prize that person will receive. (I set it up this way so that we don't go for weeks while winners decide what they want out of the prize pile.) Turd also has to pick because I intend on winning everything and don't want it to look funny.

Donation MUST be received by Wednesday night at mid-night CST! I hope that Turd will have the drawing Thursday. (There is a mailing address near the "Feed the Turd" button for those that despise PayPal.)

Every Turdite that I contacted helped without pause, you will be able to spot a couple but the others know who they are! Thanks!

The Good Book says that anonymous charity is the charity that counts! SIDE NOTE- If any other Turdites want to throw something in the prize pile, feel free to go right ahead! (Either post on Main Street or contact me or Turd.)

People that are not Proud Mericans are responsible for their own VAT, Customs, and/or smuggling charges BS. Gold Dog, Turd and the other seven billion people on Earth accept no responsibility if your shipment gets you harassed. (We never even heard of you!)

Your contributions will keep us in business for a while. Once the PM's get where they should be, we should all just send in bags of stuff to Turd!

OK, without further ado, I present the works of our very own Ansel Adams....you may know him as Gold Dog.

Here is what will be awarded-

-The Santa and Turd signature hat, that recently sold at auction for $1,750! (Shown here enjoying itself this morning.)

This prize comes with the signature Turd shades for extra deluxe coolness!

-There will also be another Turd hat and glasses awarded. This one has plenty of room for autographs!

- This one is next because I already tipped my hand on it.

Of note- I just received this and it is dated 1998. On the obverse it sports a likeness of my friend Ed's Grandmother.(Sorry Bollocks!)

- For those of you that need a little pizzazz in your life.

Pining has agreed to work with TWO winners and design personalized avatars for use here and elswehere! (He is having some minor surgery next week, they are going to reattach his foot, so cut him some slack on the timeing.)

(Mr. Blues, this is where you pipe down a might!)

-Next up are seven Liberty Walker Half-dollars in A-1, Prime, Mint, BU condition....with just a small amount of wear!

- Next up is a very nice one...this image is representative of the actual prize.

A ten ounce SilverTowne bar!

- For you Riff Raff that need it, our own California Lawyer is donating one hour of bro-bono* work to the winner of this one. (Actual picture!)

* He said bono--eh, eh, eh!

- Next up is a collection of 100% uncirculated,(kind of),Bennie half-dollars.

-Here is a good one from a good friend. TWO free six month subscriptions to our own Jim Willie!!

-There will be two of this next item awarded....I can think of just the two! Your very own TFMR charting ruler!

Please stand on your head to get a better idea of the value of these unique items!

-Next up is a ten ounce Kitco silver bar. Slightly scratched because my daughter and I were playing ice cube games with it this morning.

- This next one is one of my favorites...it's for three months.

-Next one is for the farmers out there.

- And the pilots too! The other side says it's the 75th anniversary.

- Speaking of flying, if you are heading south you can win some Venezuelan toilet paper!

- This next one was worn by my daughter for years to be used to "get safe" if she had no money. It's 14kt and weighs 7 grams.

- Next on the hit parade is a trio- Galt, Slave Queen and Freedom Girl. I tried kissing her, she doesn't come to life! :-(

- Last, but not least is a whole tube of GS Buffalos.

To paraphrase the "Chicago Way" enter early, enter often!

Everybody can skip a movie to help out!

Your friend,

Dog

.

 

babaganoush2307's picture

Knew this was coming...

Incredible buying opportunity as always!  And yes, Turd is a man of his word wink

silver66's picture

Fyi- GoldenJackass

is still down. Got my e-mail notification last night but did not log in and print out. Oh well, he's a smart guy and will have it back up soon I am sure.

For those golfers who are Turdittes, 72 holes in 2 days, sunny, warm. what a way to spend the 1st long weekend of the year. A game that can be mastered but never conquered.

Silver66

ag1969's picture

57 Goldtop.... Exactly

My Uncle died and left me a little money.  It was probated over a month ago.  I am still waiting for a check.  For the last month, I have found myself anxious, wondering whether or not I will receive my Uncle's gift before a total collapse.  Over that same time frame, I have not had the least bit of worry over my real money. 

I for one consider the Turd to be a good human, and I am glad he did not swallow that hat foam.  WTF is wrong with you people?  Bitching like children that he did not swallow poison.  I could care less about $22 or whether or not Turd swallows.  He is a loving husband and Father and you effing idiots flaming him should be ashamed of yourselves.

This place has become a joke.  Totally troll infested and ruining it for the people who come here for the intended purpose of the blog.

WTF?

Mr. Fix's picture

Good post DayStar, I completely agree.

As far as management of perceptions is concerned, the powers that be have accomplished their task.

They have created the perception that gold and silver are a losing trade, while the Fiat currency that they can print to infinity is the only real money.

We have reached the point where everything most people believe about economics is false, and the truth has been completely buried to the vast majority of people.

Stackers are now surviving on little more than pure faith, and the belief that everything the mainstream media reports is false.

These are truly amazing times that we live in, because it is my contention that the “end game” is being played out in a manner that will destroy the life savings of everyone that believes the MOPE.

It has been my long-time assertion that the economic collapse will keep accelerating, the paper price of the only thing of real value will keep dropping, as the only asset class that can retain its value will disappear.

I will go so far as to say that the "illusion of supply” is short term, and is being staged with gold and silver that was stolen in the process of   looting the world's supply.

How long can this last? Not very long at all, and our resolved will continue to be tested, as there is no fundamental reason why the “spot price” can't be hammered into oblivion.

In the end, there will be no miners, there will be no markets, there will only be what you hold in your physical possession.

All I can suggest, is don't be too shortsighted, make sure your food supply, water, ammunition, and everything else you need to  survive long-term is already secure.

The economic collapse that is being  engineered for us by the powers that be will result in the death of billions of humans.

To avoid being a casualty of what is on the near-term horizon, it is vitally important to be prepared,

and to do it now. 

The collapse will not be a long-term phenomenon, it will happen in the dead of night, and by the time most people realize what has happened, it will be too late to do anything about it. 

So don't patiently wait for more warning signs, we have already had plenty.

There is an inevitable outcome, it will be unfolding in the very near future, and your best plan is to  except what is inevitable, and plan accordingly. 

Happy Monday, and have a nice day. 

Basil's picture

@57

"So, please answer these questions or articulate better ones:

  1. "What is the best thing to do with my excess fiat today?"
  2. "If I sold PM's, where is the better investment, moving ahead from this point?"

Obviously I couldn't possibly answer either of those questions without a crystal ball. However, my own personal view is that it would  be sensible to have a holding in precious metals, and that some time around now would be a good entry point for a long term hold, given the recent beat-down.

I think the basic point I'm trying to make here is that there is far too much hopelessly optimistic mis-information on this board, which does far more harm than good.  An example of this comes from as recently as last night, regarding the closure of the HK exchange. A number of Turdites immediately interpreted this event as hugely bullish, suggesting that HK had "run out of metal"  ?!?  These are the very same posters who regard nearly every event as "hugely bullish" !!  This sort of attitude is to the detriment of us all, and really doesn't help any of us reach balanced conclusions regarding our PM investments.

wouldyoubelieve...'s picture

damn

gold up on the open and silver recovering, guess no bargains at the lcs today crying

Gold Dog's picture

Fix

You crack me up!

I will have a nice Monday!

YF,

D

tmosley's picture

To all of the ASSHOLES

To all of the ASSHOLES telling Turd to swallow the poison foam:

EAT SHIT AND DIE.

That foam isn't just kinda toxic.  I would be afraid for my life if I swallowed one bite.  He chewed on several.  Hope the deadly, deadly toxic catalyst in the foam didn't come out.

@Jan: The differences between the 80's and today are: 1. Interest rates can't rise (meaning that when a run on the dollar starts, it can't be stopped without defaulting on the debt, and even that is majorly dollar negative), 2. There were multiple billions of ounces of silver in official stockpiles in those days, all of which, save perhaps for a relatively tiny Chinese one have been depleted, and 3. The current demand from silver is coming from a much wider base than in 1980. In those days, it was the Hunt Brothers and a few other billionaire oligarchs who were trying to get out of the dollar.  Today it's pretty much every country around the world, plus there is the industrial need, and the fact that most people prefer to buy silver over gold for whatever reason (I'm not going to speculate, but they do buy a lot more silver than gold.  

There are many more reasons, of course.  Those are just what I thought of off the top of my head.

I love how people continue to let the paper manipulators tell them how much they are worth.  Being an oligarch will be easy, looks like.

murphy's picture

Agreed

Can't agree more with Daystar and 57 above. I posted this a couple of days ago. Just like the saying, "don't do what the bankers tell you to do, rather do as they do". Same thing with regards to the mega-rich. Do as they do. They are taking their fiat and turning it into real assets that can't be printed away.

How much gold does a guy buy today who has just paid $58,000,000 for a painting? Just askin'?

Christie’s Contemporary Art by murphy

1 day 22 hours ago

Christie’s Contemporary Art Auction Sets Record at $495 Million

Do you think any of those partaking of the buying of fine art might be buying gold at the present day price? Or are they waiting for gold to drop to $1000?

Jackson Pollock’s drip painting “No. 19, 1948” sold to an anonymous bidder for $58.3 million with fees on Wednesday night at Christie’s. It was last auctioned in May 1993 for $2.4 million.

Even the pros were reeling. “It shows how broad the market is — as in deep pockets,” said the dealer Larry Gagosian.

A salesroom overflowing with high-profile collectors — including the Los Angeles financier Eli Broad; the Barnes & Noble founder Leonard Riggio; the vice chairman of Blackstone Group, J. Tomlison Hill; and the chairman of J. Crew, Millard Drexler — watched with rapt attention as work after work fetched higher and higher prices.

http://www.nytimes.com/2013/05/16/arts/design/christies-art-auction-sets...

On another note- Didn't have any time to read TFMR this week. Looks like I didn't miss much, especially yesterday!

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opticsguy's picture

@foam

My greyhound liked to eat foam things as a puppy. He even ate a Scotchbrite sponge. We found pieces of them in the yard the next day. Turbo the greyhound is still around at 13 years old.

Gold Dog's picture

Thanks..

...for the shout-out Bobbie!

YF,

D

murphy's picture

@Gold Dog

Just wanted to say +100 thanks for your wonderful attitude and generosity, both literally and spiritually, that you give to this fine establishment in cyberspace.

edit: FEED THE RIFF-RAFF

WOOF WOOF!

57Goldtop's picture

Ssssssssssssso

Keep doing what we're doing, but disregard positively biased research and analysis?

OK, got it. I'll try to be even more skeptical, negative, and untrusting. Hey shit... can anyone actually prove that Turd didn't swallow? 

Now about those questions?

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