Straight from my Harvey's Post, ENJOY:
"Gold closed in London (12 noon est) at $1408.50 a rise of $20.30. Silver exploded northbound with a rise
of $1.70 to finish at London closing price of $34.00 flat. There was a sense of panic on the shorts to cover as there were only buyers present and no sellers. It is getting closer and closer to a systemic commercial failure. The comex was closed today so all the fun with begin starting late tonight. I will be giving you open interests on the silver contracts and how many will be standing. Wednesday night the official March contract goes off the board. Also all option-holders with in the money silver that wish to take delivery of metal must exercise his option and then wait for a delivery of a March future contract and then stand for delivery. The March contract continues to trade as the stragglers must decide whether to roll their contracts or stand for delivery. On the 28th of February at precisely 1:30 pm, we get to see how many open interest will eventually stand. We also see the total number of notices filed to be sent down for servicing. Deliveries may begin on March 1.2011 and continue throughout the month. If we have greater number of oz than exist anywhere then a commercial failure is upon us. In that scenario, expect cash settlements and a run on the banks and the comex to fail. There has never been a failure in silver and gold. The closest we have been to a silver default was the Hunt brothers in 1980 but the bankers were bailed out by the Government. The USA had 2 billion oz of above ground silver then. Today they have none!!
the next 2 weeks are going to be mind blowing.
ReplyDeleteAnyone venture a guess as to how much Blythe and Morgue are down with $35 silver? Has to be over 100 billion.
ReplyDeleteI think Blythe is back. When Sydney opened for trading, it popped like $0.25 then it went down $0.40 within about 10 minutes.
ReplyDeleteI just wrote that on the previous article, LOL, get your helmets on, get out of the foxholes, bayonets fixed...
ReplyDeleteTechnically a pull back is in order but guys this is serious breakout territory
ReplyDeleteThis is freaking awesome... Who's betting that Blythe will be up a little early tomorrow creating havoc? I think the Chinese said screw it and are going to dump the Comex. Epic dude, just epic.
ReplyDeleteIt's funny - silver is my favorite investment, but I actually don't like seeing it take off like this - to me it means trouble ahead - perhaps serious.
ReplyDeleteI agree zepster, it's got that queasy feeling in my stomach. System Failure will not be pretty. I feel badly for anyone unprepared, which is about 99% of the people.
ReplyDeleteSGS
ReplyDeleteYou should just purge all the negative shit, after all its YOUR blog YOU make the rules. Who gives a fuck if I am anti Israel? Anti Zionist, Anti Iranian....WHAT THE FUCK EVER
Last time I checked this was America and we could say whatever we wanted. But maybe the BLOG police will start patrolling and issuing tickets (don't laugh, its coming)
Anyone know a safe place to live in the U.S.A. where you can have some good neighbors?
ReplyDeleteMy thoughts on speculating the possible price of silver in the future:
ReplyDeleteI’ve read so many articles that include speculations on how high silver can go; from $100, $500, $,1000 etc. But I’ve come to the conclusion that guessing the high is a futile and meaningless exercise. It simply doesn’t matter, when you try to measure a commodity in dollars. This is because when the general public believes that all fiat currency has no value (and that’s where we’re heading) then the price of silver in dollars becomes irrelevant because the value of the dollar will be worthless. I believe the question one should ask themselves is at what ratio of silver to (x) commodity, or DOW, or median price of a home in your area, or whatever, should you reduce your position in silver, or gold for that matter. And by reducing your position, I don’t mean “selling”. Because you won’t be selling it, you’ll be using it to BUY something.
Does anyone have any thoughts on my assessment?
What I'd like someone to explain is why the dollar is going straight up now and silver and gold are not going down? Is this a disconnect now?
ReplyDeleteAnd I'm under the impression that a general stock market crash/correction would result in a flight into the US Dollar. Is this accurate?
I would like some opinions on this. Thanks....
@slam - you can say what you wish on your own blog - may you waste your own time and money instead of ours
ReplyDeleteFear is their weapon. Hold the line then attack!
ReplyDeleteJoseph...... You are a putz, that was my point. Several individuals were saying that SGS can NOT talk about israel on his own blog. Please go back to sending your donations to Obama and Pelosi FYI Dummy not sure how I was wasting this "boards" money LOL you are a putz, Perhaps you should change your name to joeputz
ReplyDeleteSilver Swan...If gold is monie then I would sell my Ag when I can get 1oz. Au for 10-20oz Ag.
ReplyDeleteI went to a coin show in Northern New Jersey on Sunday 2/20. I was able to get 90% US Silver just below melt value. The Sheep are still Asleep.
ReplyDeleteWhy is it that every other prediction I read is, we are either at the tip of the iceberg or 10 to 30 years away. http://charleshughsmith.blogspot.com/2011/02/beyond-false-dawn-global-crisis-2020.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+google/RzFQ+(oftwominds)&utm_content=Google+Reader
ReplyDeletebecause there are only 2 kinds of people in this world. Those who own physical and those who don't.
ReplyDeleteThey are just spiking that US Dollar up! Who's doing this? Overseas traders?
ReplyDeleteWould kind of like to see silver hold 33.00 here and if it doesn't we may break below 30.00 again. What a drag!
I'm about as pissed off as I can be here at the entire market and I'm getting ready to completely liquidate my stock market holdings and go entirely raw physical at just the right pullback.
Herein lies the problem: Rumors of the FED raising interest rates and the market crashing doesn't sound good for gold and silver to hold above $1400 and $30 strong which is where it needs to be on the chart.
The damn manipulators are going to keep this sinking ship afloat for some time yet it seems. The don't want the sheep to get ahead in life. They want everyone to be a slave!
They break 33.00 here and we have to wait a while again. I'm going to try and clean clock on the US stock market this week and get out in time. I hope it works.
Wish there were more people actively keeping an eye on this that are in the know. But I don't know who they really are.
@SGS
ReplyDeleteWhen I am able to purchase a median price home in the U.S. with 200 - 300 oz with silver, I believe it will then be overvalued. That is when I plan on transferring some of my silver to another "real" asset that is under valued at the time.
Any thoughts?
Watchman,
ReplyDeleteGo here to start looking for good neighbors....
http://joelskousen.com/strategic.html
Good luck...
Thanks Anon for the link there. I guess I'm doing the right things already and even some of my favorite places are there. Just have to look a little harder these days.
ReplyDeleteAs for silver: It looks like this spike is over now and they will take it down like a ton of bricks. It has that sinking feeling to it now. I'd rather see it build but if it drops beneath 33 here it will likely hit 30 easily. If they crash the market now then they will take everything down a bit but consider it a buy opportunity.
I wouldn't entertain shorting this market though unless you are already good at it. I'm just going to buy the dips.
It's going to get volatile!
I'm just wondering if I should secure a monster box of Eagles right here or just by an equivalent amount of bars should it go lower. I like those RCM bars.
ReplyDeleteI just don't want to load up on bullion above $35 which is eventually coming after what looks like a shake out here that's also imminent.
My price target this year is just a guess but I wouldn't be surprised to see $65.00 sometime after September.