Friday, April 15, 2011

SLV Chart, looks like correction coming

Lookin like Blythe will use this to retest $40 on this chart as its overbought on the TA end. I will wait this one out till Monday...remember we buy on days silver gets spanked by 3-4%! Not on days when its up. If you can follow this strategy you will be further ahead. Its hard stepping in on days like that, but this is what pros do. Dont be a sheep.

41 comments:

  1. Full silver backwardation as of 1:50p Eastern today:
    http://www.cmegroup.com/trading/metals/precious/silver_quotes_globex.html

    Rick Rule talks about persistent silver backwardation
    http://www.kingworldnews.com/kingworldnews/King_World_News.html

    So silver may still yet have legs...

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  2. So, is the new normal that PMs go up and PM stocks go down? Is this a reverse proportional thing?

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  3. SLV could stay in over bought territory until the MACD starts a bearish crossover, but yeah, it looks toppy.

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  4. Good reminder. Thanks. (Damn, kid! Look at all those green dots on that map!!!)

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  5. Any views
    On That $2 Million Bet Of $1,800 Gold By October

    http://www.zerohedge.com/article/2-million-bet-1800-gold-october

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  6. Back from Scotia Bank empty handed, the main vault for all of Scotia cannot manage to scrounge up two measly 100 oz bars.

    Wait until foreign governments all start nationalizing silver/gold mines.

    This is going to at least $500/oz

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  7. Is this why I have the feeling that this is an orderly revaluation of silver? Note that it's going up in general several cents to a few dollars per week. This from Ed Steers in Part II:

    SE

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  8. Part II:

    "Well, based on yesterday's price action, the silver shorts will get another margin call this morning...and at US$5,000/contract, it doesn't take long for this to add up to real money. As of the last Commitment of Traders report, there were 143,000 silver contracts held short. Now some of these are spreads, so they don't count...but even if you be generous and take out 53,000 contracts worth of spreads [long one month/short another]...you're still left with 90,000 contracts held naked short. Every time the silver price rises a dollar...the margin calls go out at $5,000/contract. So some of these shorts must be screaming in pain...because they have to cough up real cash to put in the longs' margin accounts."

    SE

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  9. Part III - in other words, I'm getting the feeling that although it appears that CFTC and SEC have not done anything, the shorts are getting their marching orders from SOMEWHERE to become less and less leveraged over the long run. It looks like they want the shorts to eventually buy their contracts in full by hiking margin calls in small amounts, periodically.

    Is that how it looks?

    SE

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  10. Follow up to that post.
    Contacted the main vault manager, they are moving 600,000 oz every two weeks. There are plenty of 1000 oz bars, but the refiners cannot keep up with the demand for smaller bars.

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  11. Interesting that 'Uncharted Thoughts' mentioned he couldn't get a 100oz bar from Scotia Bank. I have a friend who was at the main branch of Scotia Bank in Vancouver on Monday and they had 1 bar available. He was told at the time by the clerk that "I think this is the last 100oz bar that we have left in the entire country."

    I thought it was a bit of a bogus comment, but maybe not.

    Also interesting to note that my friend had also been at Vancouver Bullion Exchange on the Saturday and there was a line up of about 100 people to buy silver.

    I think we are starting to see demand move into the mainstream.

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  12. Its a true comment, he said they have lots of 1000 oz bars though, millions of oz's to be exact.

    He said the reason for the 100 oz bar shortage is they aren't used to small timers buying up this much silver.

    So there might be lots of silver, but the refiners just are not equipped to handle the demand for small bars.

    That is right from the vault manager, might be a load of shit, who knows, all I know is I walked out without ma goddamn silver!

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  13. I imagine that's quite true. The average working Joe can't cough up $4,200 for a larger bar, but can (for the moment) afford to buy a dozen 1oz rounds or a couple of 10oz bars.

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  14. I also wonder if the lawsuits are catching up. I recall a couple months ago a judge asked the Morgue to open it's books for the bench, JPM had 10 days to comply. Surely 2 months is adequate time to see the scandal!

    I don't know if you watched the video with Keiser and the Sachs banker. Keiser was his colourful self calling for a hanging, and the Sachs banker's eyes went pure black demonic stare! Choice - good entertainment!

    http://www.youtube.com/watch?v=ktmWeynsd-Y&feature=player_embedded

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  15. $42.94 - big shorting on monday.

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  16. I can't comment here as much as I would like to but just remember this:

    Things are not the way they appear to be.

    Some interesting posts coming up later on. I'm just busy right now.....developing....

    The News UNIT Blogspot

    Solve the Riddle: FO SHO BRO 65+

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  17. Has anyone been watching the stocks of GS and JPM? I find it very interesting that they are going down, yet the S&P is basically going up. HHHHHMMMM, I smell something stinky! Stock market downturn coming? The criminals stocks are going down, and they are always front runners. Any opinions?

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  18. Money is running for cover, with the USD in serious trouble and the market cliff is up ahead - Silver and Gold are real money and are safe!

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  19. "Contacted the main vault manager, they are moving 600,000 oz"

    What vault do you speak of?

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  20. What do people think about this article? I wonder why the Morgue got one of their mouth pieces to run it:

    JP Morgan profits rise to $5.6bn in first quarter

    Source: http://www.bbc.co.uk/news/business-13066347

    They call Dimon, "Banking's Michael Jordan".

    Strange.

    Silver, get physical!

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  21. Do you have this problem in Canada SGS?

    Don't complain USA comply with TSA

    This is getting out of hand....!

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  22. Yousif: Micheal Jordan eventually quite to play baseball.

    News Unit: TSA is to make people paranoid even more and obey the ZOG. Good luck. Canada is a joke. They dont need to scare us. They just tax us. We have lots of txes here-and my favorite on is the tax on tax. Yup. tax on tax. Try to figure that shit out.
    Its okay, like I said, it will eventually burn down in a big pile of fire and piss, and I hope most of the sheep get slaughtered. They dont learn.

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  23. HMMM let me think, I have lots of 1000oz bars and no 100oz and this bull run has been on for a year, I would be firing my production manager and getting someone to produce those 100oz to move! Doesn't make sense. The morgue isn't stupid, they just short with our tax money to create buying opportunities for the key clients. (and us of course)

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  24. iS IT TIME TO SEND JP A THANK YOU NOTE OR JUST A BIG fuck you please

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  25. It is difficult to time the top, maybe SGS will have an indicator after the volume data is crunched. If you don't want to buy sell just buy the dip and set a 10% trailing stop loss and let that baby run.

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  26. SGS, contact the vault manager of Toronto here:
    416-862-3863, claimed the Toronto vault of Scotia Mocatta was selling 600,000 oz of silver bi-weekly.

    Ask him yourself, seemed pretty friendly.

    Totally agree, the ZOG is milking Canada for all they can get. Go swing by Forest Hill synagogue and peep all the Ferrari's and Lambo's. That is there HQ in Canada FYI.

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  27. Regarding 1-100oz silver...

    TPTB don't want the Proles owning it.

    There never were "production shortages" or "delay with strike plates". If you are on the wrong team (even Sprott), you don't get metal.

    You want metal? You better sign here that you will lease it back to us.

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  28. http://cgi.ebay.com/100-Silver-2011-Canadian-Maple-Leaf-1-oz-Coins-/200598371366?_trksid=p4340.m263&_trkparms=algo%3DSIC%26its%3DI%252BC%26itu%3DUCI%252BIA%252BUA%252BFICS%252BUFI%26otn%3D10%26pmod%3D170628037062%26ps%3D63%26clkid%3D8488016954459417648

    Anyone know anything about this place to buy silver? They say they never run out???

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  29. Every time Blythe goes to work the physical supply just tightens some more as everyone buys more physical on sale. 90% Junk premiums are almost $2 over spot now.

    www.silverdoctors.com

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  30. I dont believe Scotia Bank is out of 100 oz bars. They are out of 1, 5 and 10 though (for now).

    https://www.scotiamocatta-estore.scotiabank.com/stores/scotiamocatta/catalog/catalog.aspx?nst=pprbihlm92sPEsG3SAczPxXStbR43vSOzQZJCMimV30%3d

    Also, the guy that said he saw 100 people lined up outside of Vancouver's Bullion Exchange... next time, take a picture. Otherwise I'm calling BS.

    I live near Vancouver, and have been other bullion stores recently. No line up yet folks. Long way to go before we reach that point. $125-$200 perhaps.

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  31. I was in Vancouver Bullion Exchange about a week ago buying some maples, I would say about 15 people infront of me. Seems like most were buying yankee money tho.

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  32. ITS GOING MAINSTREAM:

    CNBC - Dump SLV for Physical Silver!!

    http://www.youtube.com/watch?v=pt1wNi4SZ68&feature=youtu.be

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  33. Tightness, but not panic. Still a ways to go for that.

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  34. This comment has been removed by a blog administrator.

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  35. Wow, Please take a look at this SGS and tell me how fucking hilarious this is.

    http://www.bloomberg.com/news/2011-04-15/texas-university-endowment-holds-almost-1-billion-in-gold-bars.html

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  36. The CNBC video made me fall off my chair. Holy cow!

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  37. I can't find another copy of that CNBC video. Whoever made that took it in their living room via camera. That was good!

    It won't be long and more internet control is on the way. I just heard certain recent videos of Max Keiser are being blocked in the UK right now....developing...

    White House and FBI Begin Online Enforcement

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  38. There's a blogger commenting on Harvey's Blog to Harv's Saturday post. Suggesting we are all wrong assuming COMEX is now out of metal. Says we (conspiracy theorists) are in 'la-la land'

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  39. @ SGS 'lights out'
    Lol, class dude, class.

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  40. that blogger is Ofaggagon. he loves discrediting conspiracies with data from JP morgan and HSBC.

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