Awesome video. Get some popcorn and watch the whole thing:
"...the Silver price stands out as outperforming the Commodity price index Silver is more than an industrial metal, as it outperforms the Copper price look for profits from Gold positions to move into Silver positions "Gold & Silver: Full Spectrum Dominance..."
"...I doubt that Venezuela has enough bullion on deposit that its withdrawal from the mitts of the Anglo-americans would trigger a Herstatt effect, otherwise known as the infamous dominoes of settlement risk. But you never know.
I suspect strongly that this is a move by the BRIC's to 'persuade' the Anglo-Americans out of their stonewalling on the reconstitution of the SDR, and the replacement of the dollar-centric international payments regime with something more to their liking. And as a major oil exporter to the US, Venezuala may be in a position to help them make that point, if they can survive the retribution which will certainly follow.
The rhetoric is getting thicker, and it appears that Wells Fargo has warned that gold is a bubble and could correct quite hard. Thus they take the other side of that august Caesar of the markets, JP Morgan, which has also recently looked into its crystal ball and said that gold will rise to $2500 by year end.
So which of these book-talking bandits would you like to believe?
It must be options expiration on the Comex metals market next week, and yes, so it is. So first a run up with a follow on bear raid with more margin increases might be expected.
Or the rest of the world's central banks could continue to stand for delivery, and hang the Western banks with the rope which they had sold to them..."
"..The fun is about to start in the gold market as Venezuela has formally asked the Bank of England for its gold back that it deposited in England years ago. I will comment on this in the body of my commentary.
Let us head over to the gold and silver comex and see how our precious metals fared today. Gold finished the comex session at $1791.20 up $8.80 and this is a record close. The price of silver finally made it back above 40 dollars as it finished the session at $40.35. The long battle in the silver price suppression has made a huge bottom for silver. I pointed out to you this week that silver is trading differently and the slow grind is playing havoc to our bankers..."
"...It was another wild day at the silver vaults today. However again we witnessed no silver entering the dealer and no silver leaving the dealer as well.
The customer had the following deposits in silver:
1. 597,281 into Brinks
2. 1090 oz into Delaware
3. 1,611,201 oz into Scotia.
total deposit: a monstrous 2,209,572 oz.
The customer had the following withdrawals of silver:
1. 497,188 oz from Brinks
2. 1146 oz from Delaware
3. 763,607 oz from HSBC
4. 312,458 oz from Scotia.
total withdrawal: 1,574,399 oz
we also had the following adjustments:
1. 611,175 oz of silver left the customer to the dealer as a probable lease.
2. 21947 oz of silver was added to a Delaware customer as an accounting adjustment.
3. 9987 oz of silver was taken from the customer to the dealer as a probable lease. (at Scotia)
The registered silver is now at 28.565 million oz. The total silver inventories are now 105.9 million oz.
The huge activity of silver movements means something big is brewing..."
I will leave tonight at this; I sleep easy knowing full well nothing bothers my physical. I wake up the next morning knowing its still there. I wake up knowing that the spot price means nothing in this manipulated spot price world. I wake up knowing that it doesn't matter if that hedge fund blows up or if that bank goes under. I wake up knowing that my junior mining portfolio might go to zero, but I take the chance to make some extra fiat and turn it into phyzz asap. I wake up knowing that no matter what happens that day, no matter what happens that hour, no matter who nationalizes this or that, no matter if all currencies go to zero tomorrow, no matter if WW3 starts next week....I ....am.... ready...because I had the foresight to listen and take a chance that the world is about to change.
Eric Sprott is exchanging $30 million worth of his own gold ETF PHYS for silver at the current 45:1 ratio.
Stop whining that silver has not been following gold higher for the past 2 weeks, and use the relative weakness vs gold to add to your silver position professionally like Mr. Sprott.
The Sprott Foundation, named after Eric Sprott, announced that it is selling two million units of its Sprott Physical Gold Trust (PHY.U-T15.770.070.45%), worth about $30-million at Wednesday's price.
In its announcement, Sprott said that the proceeds would be reinvested in the silver sector, which isn’t surprising because Mr. Sprott has been touting the silver (SI-FT40.380.571.42%) story of late.
Silver is at a major inflection point. I closed half yesterday to take some profits off the table and perhaps buy back some lower OR put some into Gold. However in the current environment, resistance levels and technicals mean LESS than SUPPLY/DEMAND and fundies. It is STILL more dangerous being OUT of the market as it could RUN AWAY at anytime.
Chavez could really put a spanner in the works for the BB's. If other countries follow Chavez, there is going to be PANIC. Gold could absolutely RUN AWAY...taking Silver with it.
Watch the trendline from the 9 August Lows. If price breaks it, then we go down again. How far is anybody's guess. You know the drill. BTFD and HOPE FOR BLOOD. I will be buying back IF we move back down.
Looks ready to blow...If it breaks above the resistance line
im very hesitant about buying in at these levels, which maybe is an indicator that i SHOULD buy at this level. But i know we've been here before and got slaughtered so ill wait :)
"...It will be up to Europe tonight to see where we go tomorrow. If more rumors of banks being insolvent, this will get bad for longs (especially the fucktwits who bought the 'bottom' last week).
Those thinking that silver wont be tested with a swift, quick, and painless pillage are mistaken. Received a text today about an 11:00 am raid tomorrow. Keep your eyes open and shit in order and especially the Friday before Comex expiry is usually a doosy...."
Some time ago I saw a multi-decade silver chart and the recent price action has completed, I think, a cup and handle pattern. If someone could pull up a multi-decade chart and post it here with some TA, it would be really appreciated.
I am not sure what it might mean but I believe it might signal a huge spike in prices after it crosses US$ 50/oz.
(This is a repost from the main comments page of Turd's last post but I thought it might be useful here since Hi Ho is so good with charts and would also remain on view longer!)
Added some Silver here as Stochs oversold and at support.
... you can't handle my charts!! Check out the 14 month cycle that silver seems to be repeating from 2008, even the months match up almost exactly. Creepy shit.
How are those for bearish charts? Better yet, how do those charts compare to this one that I'm sure most of you have seen posted in random places in Turdville?
Hopefully this time around the pattern doesn't hold, but who the hell knows at this point.
Here's two more charts I made for the hell of it last night to see what else is looking 2008-ish:
Hmmm, touch down after the final wave at $9, then run to $50 (550%) which would correlate to a drop to $18 now and then a subsequent move to exactly $100 in the next 3 years. I'm on board with that. Do I rent a U-Haul to take to the coin shop or should I just walk in and buy the entire business from them?
The markets feel as shaky as they have been all summer: the DAX flash crash, the BAC nonsense this AM, the PMs in-you-face manipulation, the desertion of equity investors, the now palpable sense of tomorrow's BB futility, etc.
The wheels are coming off, brothers. I'm sitting on mountains of cash, waiting.
Your charts are really creepy.They send shivers up my spine.Of course if it did drop that far and I had a wad of cash to throw at it.Then happy days.But a fall that big would knock the shit out of even the most silver bull.Now I am not saying it is different this time.That is always a mistake that comes back to bite a person on the arse.But 2008 was much more of a shock situation.Over the last 3 years.Nearly on a week by week basis.The reality of the debt etc,is more and more apparent globally.So the shock might be more muted.If there was an insolvent anything.Silver and gold held up well during the downturn in the last couple of weeks.I was wonder if the opposite might have a bigger influence.That a upturn in the world economy [though hard to imagine at the moment] probably led by asia.With china getting its inflation under control.I am not sure where the upturn would come from.Silver longs in Asia start to sell out increasing supply. Does the awareness of the global debt make it different than 2008 [Dam it,did i just say it is different this time.].I didn't mean to.In 2008 I didn't even know about gold or silver.I knew nothing about the markets. I didn't even know what money was.I would like to think I have a better handle on things now.But everyday the markets throw something new at me and my ignorance is exposed again.Thank you Justin for your charts,thank you all for charts and thoughts.
Physical would completely vanish at $20. Too many big players now know the following... Because of its hundreds of utilities in industry, and because too much of the earth is in a modernizing phase, even a depression in established economies will not slow global demand. Those big players also know fiat ponzinomics will eventually fail... there will be an enlightenment and gold/silver will back a world reserve currency. At the very least Silver will achieve Platinum level pricing because of scarcity by 2030. 90% of the earth's mineable resources will be depleted by 2050.