Monday, February 28, 2011

Paging Blythe, ummm someone is here to pick up 21,000,000 oz of silver, paging Blythe

Just got in from the streets and off the phone, seems like the pre lims check out, but will not know the options expiry activity. This my friends is a massively large problem for the COMEX. London LBMA is confirmed dry, just got off the phone with a contact thats been in the biz since 74.

21,000,000 oz's. Im not sure you can just print that. Oh right, and the Canadian Mint is having trouble finding it too, right, Blythe good luck.

More to come later...MORTALLY WOUNDED and on LIFE SUPPORT.

Keep your heads up, the beast is BLEEDING OUT.
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34 comments:

  1. The News UNITFebruary 28, 2011 at 3:31 PM

    Part 5 with the bears soon?

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  2. gpamFebruary 28, 2011 at 3:32 PM

    Too dramatic, SGS! There's 43MM registered in the COMEX inventories, they tell me every day.. (they wouldn't be lying, would they?)

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  3. waffenFebruary 28, 2011 at 3:33 PM

    So, to understand what you are saying, 21 million ounces are standing for delivery and the comex has no physical?

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  4. silvergoldsilverFebruary 28, 2011 at 3:36 PM

    waffen: In short ...yup. They will be scrambling to get this out...the inventory reports in this month are going to be atrocious to read...it will be all bullshit anyway...my contact tells me on friday, he has never seen a transaction like the one he saw. EVER. Its all crap now...

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  5. gpamFebruary 28, 2011 at 3:40 PM

    I suppose it IS possible that what the COMEX reports every day as Registered Silver inventory has been leased, lent, sold twice or otherwise encumbered. At least SLV pretends that they have the bar serial numbers, and that the Custodian is not allowed to lend or lease or encumber them in any way (they are fully ALLOCATED).

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  6. Hyman RothFebruary 28, 2011 at 3:47 PM

    SGS...care to comment on the nature of the transaction your contact saw on Friday? Intriguing....

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  7. gpamFebruary 28, 2011 at 3:48 PM

    If this comes to pass, then we will know Wynter Benton's group was for real..

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  8. StrannickFebruary 28, 2011 at 3:48 PM

    I gotta a few Maples, and some sterling spoons they could melt down, but Im gonna need a hefty premium for em...

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  9. unkyFebruary 28, 2011 at 3:51 PM

    how much is this compared to previous month?

    and what about the 80000 contracts for may 2011?

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  10. silvergoldsilverFebruary 28, 2011 at 3:56 PM

    sass: This is going to pass it not up for negotiation. I'm not sure this is WB here...if it is, they are they only ones to stand? and stand without taking the comex down with them? I dont think so.

    Rougue: getting more details soon on this.

    unky: you dont have to worry about the May contracts, thats for Blythe to commit suicide over.

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  11. waffenFebruary 28, 2011 at 3:58 PM

    the RTS,

    I would imagine, the "Transaction" he is refering to would be a premium settlement to get them to not stand for delivery. I would imagine that would mean something like a 100%-200% type settlement..(of course this is my pure unprofesional guess based on the information gleened from forums like these). Basically a settlement of such ridiculous nature that it proves that the Comex doesnt have the physical to cover it. Keep in mind if only 4200 are standing for delivery and the Comex supposedly has the physical to deliver, then why would they pay such a high premium? The answer would be that they do not in fact have that physical.

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  12. Hyman RothFebruary 28, 2011 at 3:58 PM

    Thanks SGS...will stay tuned....thanks for all you do...

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  13. Hyman RothFebruary 28, 2011 at 3:59 PM

    Waffen...agreed...that is my thought on the nature of the "transaction"....details are always nice too....thanks for your help too Waffen...

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  14. UnknownFebruary 28, 2011 at 4:01 PM

    I voted for "I Love Blythe today" as I love seeing her suffer and finally fail!

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  15. StrannickFebruary 28, 2011 at 4:05 PM

    Blythe is the iron maiden, Maggie Thatcher's niece. She needs a new haircut, hopefully this silver settlement bill will supply her with one.

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  16. CrooijmasterFebruary 28, 2011 at 4:06 PM

    Love Blythe too. Who wouldn't? She makes silver so cheap to buy, and pricy when it's time to sell

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  17. gpamFebruary 28, 2011 at 4:06 PM

    I love Blythe because she kept the price of silver down so long I finally found it and have begun accumulating heavily. I found it hearing stuff like "the most undervalued investment of the century" etc. Thank you, Blythe Masters!

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  18. StrannickFebruary 28, 2011 at 4:10 PM

    I think TF or anyone else fluent in XTranormal movie making, should make a cage match wrestling extravaganza between Wynter Benton and Blythe Masters.
    'This corner, short 21 million ounces of silver, in the brown shorts Blythe Masters! and in this corner, in the silver body suit, weighing in with a hefty 4250 March silver Comex contracts, Wynter Benton!

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  19. UnknownFebruary 28, 2011 at 4:13 PM

    "The hog is in the tunnel and there is no where to hide." Hunter Thompson.

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  20. PeteFebruary 28, 2011 at 4:15 PM

    Can't the bums at the CFTC change the rules to limit the # of contracts that longs can amass?

    Put nothing past these reprobates.

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  21. AnonymousFebruary 28, 2011 at 4:19 PM

    So, to understand what you are saying, 21 million ounces are standing for delivery and the comex has no physical?

    Keep in mind that a lot of this 21 M Oz likely will settle for cash during the month of March. The requirement is that all March long contract holders must show they have the cash to take delivery. You can bet that they are getting offers for generous premiums for cash settlement. The question is, how high will the premiums be this time? Wynter said their group would take delivery if the spot was under about $37, so we will know soon enough if Wynter is for real or full of $h!t. If there are huge cash settlements during March, and silver is under $37, then Wynter's group is discredited.

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  22. MarkFebruary 28, 2011 at 4:19 PM

    SGS, are you saying one person is standing for 21M or is it some of the thousands of OI are standing for 21M?

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  23. silvergoldsilverFebruary 28, 2011 at 4:19 PM

    Pete : Yes, eventually they will ban all silver contract trading. Then you will see the price discovery of physical 'street' silver

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  24. caramelFebruary 28, 2011 at 4:27 PM

    SGS, appreciate the insight.

    Friday 25th - March OI = 4250 = 21.25M. That's the 21M # you refer to above.

    Options expiry activity - could you provide an explanation for readers what this about & its impact on the March OI #'s?

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  25. StrannickFebruary 28, 2011 at 4:32 PM

    Im opening a restaurant called the 'Comex Silver Cafeteria'. I'll be serving pictures on plates of many delectible dishes. Gary Gensler and Jeffrey Christian as the waiters, assuring you the photos have all the taste and nutrition of what they represent.

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  26. AnonymousFebruary 28, 2011 at 4:38 PM

    Don't underestimate Blythe. What do you want to want to bet she's got a whole bunch of chinese sweatshops working overtime pumping out silver coated molybdenum bars just in time for delivery!

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  27. AimBotMacroFebruary 28, 2011 at 5:05 PM

    SGS, how does the upcoming CFTC position "limits" (i.e. not really "limiting") play into this if they ban all silver contracts?

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  28. Don PontiousFebruary 28, 2011 at 5:21 PM

    @Strannick -Excellent illustration of the difference between PHYSICAL and paper silver. Possession is 9/10ths of the law ppl...

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  29. AnonymousFebruary 28, 2011 at 5:32 PM

    A couple of JPM articles out from Goldseek.com Daily Edition. DISCUSS!

    http://www.bloomberg.com/news/2011-02-28/jpmorgan-is-said-to-pick-stewart-to-run-proprietary-trading-ahead-of-curbs.html

    http://news.goldseek.com/JohnBrowne/1298914970.php

    SE

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  30. silvergoldsilverFebruary 28, 2011 at 6:09 PM

    AimBot: The last desperate attempt will be to block all silver trading, or make it impossible to trade it. this is not something coming this year, just to make sure we are on the same page...
    CFTC is useless, they are here to help JPM, dont worry about them anymore.

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  31. UnknownFebruary 28, 2011 at 9:49 PM

    As in silver trading, you mean trading shares..not the physical right? If they made PMs illegal to trade in physical form then there would be a revolution overnight

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  32. UnknownFebruary 28, 2011 at 9:50 PM

    contracts*

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  33. bozMarch 1, 2011 at 6:01 PM

    If you won a printing press and are licensed to turn out bills, you settle in "cash" and you care little how much it takes - after all, it is all those who own dollars who will pay, not the man who turns the press handle.

    This will happen in the name of "honest settlement" before they sacrifice the market. For if they do that, it is goodbye Wall Street

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  34. JuliaMarch 25, 2011 at 4:24 PM

    SGS- I hold large physical holdings of the metals. However, I also have call options and long futures on silver. I would love for you to lay out how you see the COMEX drama playing out. How could the COMEX change the rules? What would that look like and dangers for a complete price collapse to long futures holders? Thanks in advance!

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