Monday, February 28, 2011

Silver ishares SLV calls and OI off the charts

looking bullish to me if you care about fiat spot pricing here you go. Call volume and OI was REdonkulus today.

Thank you for your contributions to keep this blog going, keep it coming!


  1. Max keiser had this post earlier today about ishares SLV exposing fraud.

  2. I already posted this video on saturday...look back a day or two ago...great vid.

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


  4. LOL... Check this out, JPM report it was named in more than 10,000 legal proceeding. They may have legal losses... LOL

    Yeah right ?! who can touch JPM ? They just want to find an excuse for "unexplained" fund missing.

  5. Harvey Organ reports that 21 million ounces of silver stand for delivery in March (that would be that 4250 contracts left over from Friday). The first 250 of which were delivered from CUSTOMER vaults not DEALER vaults. ...


  6. Do I get the distinct feeling that day traders have taken over Turd's blog? A LOT of the comment section contain nothing but comments about stocks and other paper scams.


  7. @6a1dbcdc-3c89-11e0-b484-000bcdcb8a73
    Not daytraders. They are discussing diversification in junior miners, petro-producers, and other related equiities. Rest assured, the turd's place is still all about stacking, even among those discussing tangent threads.


    The US MINT was nice enough to update the silver eagle sales before the end of the month. Here are the totals for 2011

    JAN = 6,422,000
    FEB = 3,240,000

    TOTAL = 9,662,000

    I was hoping to see at least 10 million for the first two months, but the US MINT must be suffering from the same problem that the Royal Canadian Mint is...and that is lack of silver supply and too high of demand.

    If the US MINT can supply at least 3-3.5 million silver eagles a month, we can see between 40-45 million total sales for 2011.


    The USGS has taken its time in updating its production figures. They just released the NOV 2010 numbers...and it was downright lousy.

    NOV 2009 = 104,000 kgs
    DEC 2009 = 104,000 kgs
    AUG 2010 = 104,000 kgs
    SEP 2010 = 102,000 kgs
    OCT 2010 = 115,000 kgs
    NOV 2010 = 89,900 kgs

    NOV's figres were 22% less than OCT 2010 and 13% less than NOV 2009. DEC 2010 has to come in at least 100,000 kgs to stay the same with last years total production of 39.8 million ounces.

    I had an email exchange with GFMS about the supposed 11 million ounce drop of silver production from PERU in 2010 as well as a bad Q4 2010 for Mexico as they declined in silver production that quarter.

    The GFMS analyst told me overall world silver production would be up in 2010 due to several other increases in other countries INCLUDING THE UNITED STATES....LOL

    I gather he did not get the USGS update for NOV silver production.

    The reason the USGS gave for the big decline in US silver production in NOV was:

    The average daily production rate in November was 3,000 kg. Several companies reported that they had encountered ore with silver grades that were lower than their usual grades.

    LOWER ORE GRADES....I see this over and over again.

    My guess for total 2010 US Silver production will be 1,250,000-1,260,000 Kgs. 2009 US silver production was 1,250,000 kgs. This will turn out to be 40 million ounces +/-. Not much more than 2009. 2011 production will probably be not much more or even less than 2010...not enough to cover the 40-45 million silver eagle sales.

  9. @6a1...

    Keep in mind there are essentially three metals to buy from: Gold, Silver, Platinum.

    There are hundreds of miners to choose from.

    Given that physical metal is essential, there are other smart plays that people can take advantage of to increase the amount of physical at their disposal.

    Even SGS advocates buying miner shares as a means to leverage and then liquidate into more metal. (I asked him about that when I first started posting on this forum).

    Anyway, don't think that because people want a great play (like Great Panther (it has earned me 50% returns in the past three weeks) that they are "day trading". Am I going to cash out of Great Panther now - or should I hold my hand and earn 100% and then cash out? Meanwhile if I had gone in 100% into physical I wouldn't have been able to make this leverage.

  10. SGS, is it possible for you to find out how many contracts JPM have shorted ? How many they still need to cover ?
    The game is not over yet but I want to know they bound to cover those as we are approaching another 30 year high. It can't go on forever. They need to cover.
    Even if they survive the March, I doubt they can do it for May...

  11. @6a1...

    One more point, I just checked and the value of my mining shares has increased by 15% since January 3rd when priced in silver ounces. I like to price my shares in either gold or silver, not dollars.

    Also, miners are not necessarily "paper scams" as in owning shares of Johnson & Johnson etc. The miners PRODUCE the metals and eventually they will be quite a catch when priced in the new world currency of gold/silver/platinum backed paper money. Sure they are likely to be taxed, but so will physical metals unless we go with actual PM coins - and even then you will only be allowed to buy and sell with government-minted coins - where you can trade in your bullion and be taxed for it.

  12. SGS,

    I appreciate the attached picture, but I imagine I can speak for many of your blog followers that this picture doesn't mean anything to me. It would be helpful to the sheep like myself to provide a little bit of an explanation when you post something like that. It would serve as a great education for people like myself.

    Just something to consider.

  13. coconut: last I checked they were adding shorts. Yup I said Added.

    waffen: Options in the call side mean people are betting that the price will go up by a certain date. The March and April contracts have heavy volume and OI, which means there is a ton of action, and heavy buy side volume usually indicates an increase of price. But, Blythe knows this, so expect the unexpected.