Thursday Morning Update

407
Thu, Sep 1, 2011 - 10:21am

While the site is actually up and running, I thought I'd take a few minutes to create a quick update. It seems that the site is going down with greater frequency these days. However, "with a firm reliance on the protection of Divine Providence", we go forward.

I never did get filled on any new trading positions yesterday. I was hoping to buy some October gold calls but I never quite got the dip I was looking for. I'm going to give it another try today. Since The Cartel usually tries to raid the PMs on the day before the BLSBS report, I like my chances. As you can see on the chart below, a dip toward 1800-1805 looks to be a pretty good buying opportunity.

Silver looks to have stout support just north of 41, in the vicinity of 41.25.

The Turd has a long day ahead so I may not be able to update again until later this afternoon.

Have a great day! TF

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turd [at] tfmetalsreport [dot] com ()

  407 Comments

JimbioGrigeo
Sep 1, 2011 - 1:35pm

What does that mean? longs

What does that mean? longs got no margin but the shorts are able to? Elaborate please. :)

Shill
Sep 1, 2011 - 1:36pm
agauinvest
Sep 1, 2011 - 1:36pm

JPM

Really rooting for wb now; wish if JPM blew up (figuratively), I wouldn't have to make my car payment.

Sanchez
Sep 1, 2011 - 1:39pm

Just received an email from

Just received an email from the U.S. mint. Silver American eagles will be selling for $60.45 for uncirculated coins. It will be processed in 3 weeks and pricing could change.

Dear United States Mint Customer,
The United States Mint will be processing your subscription order for the 2011 American Eagle Silver Uncirculated Coin in approximately 3 weeks. Our records indicate you have the following subscription(s):

1 American Eagle Silver Uncirculated(s)

*

*

*

NOTE: As a result of the increase in the cost of silver, the 2011 American Eagle Silver Uncirculated Coin is priced at $60.45.

There are no household order limits for the 2011 American Eagle Silver Uncirculated Coin. Due to the high volatility in the market price of silver, this price may be subject to change. We will notify you of a price change before processing your credit card. You may cancel your order at any time prior to processing. We encourage you to keep your subscription accounts updated. Should you need to update your billing and shipping information, please sign in at:

GrigeoJimbio
Sep 1, 2011 - 1:41pm

SVM

I read that as meaning Interactive Brokers just changed the game for the SVM longs - no more margin for longs, but the shorts still get to short SVM on margin.

Combined with the optionsExpress announcement, it looks to me like the shorts are in a precarious position in SVM, and TPTB are coming to their assistance.

Jake
Sep 1, 2011 - 1:42pm
rock collector
Sep 1, 2011 - 1:42pm

Options discussion today is excellent!

Under Home » Forums » Futures/Options Brokers there is a "beginner/novice" option forum simply called Option Strategies.

TF Metals would definitely benefit from the addition of an "intermediate/advanced" option forum.

The in-depth submissions from today would be a great beginning!
Such a forum would be a very useful reference for all.

Admittedly, some discussions get struck up spontaneously in the daily blog and without forethought.
That's where DPH's suggestion of copy and paste would come in.

The posts of The Vet and Tom L (and others) recount valuable experiences and insight. Thanks!

Elijah Craig 18
Sep 1, 2011 - 1:42pm

Taking Delivery of Physical PMs from PAGE

Apologies for reposting this, but I was really curious to hear many of your thoughts on this from the end of Turd's last post...

Concerning PAGE:

This is an excellent development and many thanks to Turd for the links. There was a lot of sketchy information on the internet and it's great to hear that the exchange will be open to foreign buyers in Q1 2012. Also expected (yet still nice to hear confirmed) that silver will also be traded.

I was disappointed that James Turk never discussed in either interview how foreign buyers would be able to take delivery of physical PMs. I have no doubt that a competing exchange will be nothing but bullish for spot prices, but I'm curious how we in the West can take advantage of this new market.

As I see it we will need to complete the following (very simplified) steps:

  1. Open account with authorized broker
  2. Deposit fiat with broker and exhange for RMB (all transactions are in RMB according to the interviews)
  3. Buy, sell, lease or swap contract
  4. Exhange profits in RMB back into fiat of choice, or keep RMB on deposit in Chinese bank, or take delivery.

It's this last step that gives me the most trouble. If I take delivery, will they ship it to me? Who will be willing to insure my delivery at a resonable price? If I travel to China and take delivery in person, is it difficult to bring it back into the U.S.A. without a great deal of hassle and expense (I seriously doubt it)?

It seems the easiest course of action would be to simply keep your money on account in RMB. However, I want to take possesion of physical metals. So will I be forced to exchange any profits I make in RMB back into dollars and then buy physical metal in the U.S. with my profits? I would love to hear everyone's thoughts on this matter.

Otherwise, PAGE is going to be great for world gold prices if your a bull.

Eric Original
Sep 1, 2011 - 1:43pm

selling puts

Don't freak out about having to make sure you have money to buy that stock if you get exercised. Your brokerage account should be making damn sure of that for you. You won't have a choice. Your buying power will be reduced to reflect the money that is set aside.

At least it is in mine, though my account is a Roth IRA. Maybe it's different for regular accounts? Dunno.

DefiniteMaybe
Sep 1, 2011 - 1:46pm

Options Trading

Thanks Tom L and BSD. Like Murphy and DPH suggested, I am copying your posts and pasting them to my Options Trading document. Very good information here.

As for myself, I am exercising some risk management by reducing my position in my Sep GLD 165 Puts/ 190 Calls as they are losing money in this meandering market. I'll keep a small position just to see if my strangle strategy plays out over the next couple weeks. I should add to my Oct SLV 45 Calls on weakness as I expect a high probability of silver reaching $48 by mid October, if not sooner. But that is hard to do right now as I have been seeing red for the last week. LOL

Thanks again,

DM

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