Nice move. Seen this before. I guess the $US blew through its MA, and we got smoked off ours...if anyone did not pick up phyzz last week, $30-35 would be a great start again.
Off to talk to more insurance adjusters...so much fun.
I have just purchased AMZN puts July 190 strike. Starting to hedge for a broad market sell off soon...hope Im wrong.
Tempting to grab more phyzz
ReplyDeletehow low do we go??
Can somebody explain why a raise in margin on crude affects another commodity like silver? I can understand people get out of crude... but silver?
ReplyDeleteSGS, I have asked you this a couple of times with no response; during your Bears #4(?) you stated that buying slv eagles might not be a wise move as they are technically GOV prop. In the event of a confiscation, you could be screwed. Please elaborate on that. Thanks!
ReplyDeleteloaded up dxd.
ReplyDeleteEagles are legal US tender and therefore are not yours ( technically ). But people trust them for exchange, hence the premium. Kitco/Silver Keisers etc.. rounds are safer, lower premium, but alot of dealers will not even buy them back as its harder for them to sell them right now. I would personally go with rounds or 1oz bars of .9999 ( electronics companies prefer .9999 for industrial use ) Kitco sell these out very fast typically!
ReplyDeleteAnyway, if the government confiscates your Ag eagles, the country will be so f'ed up, that it will be the least of your worries!
go boy: If the government knows you have phyzz you are an idiot. There should be no trail of your phyzz purchases and if there is, go burry it somewhere on a farm.
ReplyDeleteSo buy with stealth...no trails, you will be fine.
I doubt the event of confiscation this time round...WWI was different.
what our sell off hedge favorites in this market? also, can you buy options contracts on SPXU?
ReplyDeletethats it, i m in at 35.18
ReplyDeletei just admire sgs. a fellow canuck. a brilliant man, wit some mouth.
ReplyDeletelet them have their 30s for a while, they will soon meet area 51, then it cooks.
we have them, let them dick. area 51.
this thing ever prints 51, and it is so gone, the board will shiver in fear. terror, through 60, and 70.
ReplyDeletearea 51.
I need to extricate myself from my PM stocks, oh the pain!
ReplyDeleteToyota puts! Honda next?
let them have their fun. 35 dollars for an ounce of beautiful silver. this is not tough.
ReplyDeletea piece of paper.
is there something difficult about this.
51 is now an atomic bomb. its 62 the same day.
ReplyDeletearea 51
we have bills to pay, i respect the realitry of that, thats fine, but not your money for goodness sake.
ReplyDeleteYou americans get the jesus out of that us dollar. its worthless. worthless. get gone.
silver at 37. thats money.
SGS - good call on the AMZN puts. I'm right there behind you. although I may play like a pussy and do some 195 and 200 strike as well. after these last two fucking weeks my propensity to speculate has been reduced.
ReplyDeleteTHANK GOD FOR FREE MARKETS
ReplyDeleteToday's trading gives another THUMBS UP THE AZZ for Technical Analysis. The USA has a much higher trade deficit and the dollar rallies. Silver had to be sold down making the good PAVLOV TECHNICAL ANALYSIS DOGS realize the 50ma is now resistance. The opposite is true for the US Dollar.
From 3 am this morning in Asian trading silver hit $39.50 and in the US Markets it hit a low of about $35.00. That's only a 11.5% move in 10 hours. Glad the CME GROUP has volatility under control. RBOB gasoline moved 8% today...and West Texas Crude down over $6 clams.
This smells like the US GOVT was all over this one especially when zero hedge announced the Nymex doubled the daily trading limits for heating oil and gasoline. How nice of those wonderful folks there at the CME Group to allow prices to fall DOUBLE on the way down, but never the same courtesy is given on the way up. FOCKSLOBS.
Enough of Paper Manipulation....let's get back to some good fundamentals.
First....I posted a few days ago that the REGISTERED Catagory of silver on the Comex was 86 million ounces, well...it fell another 200,000 ounces, transfered to eligible.
Yesterday a whopping 700,000 was taken off the Customer catagory and today another net 325,000 for a grand total of 1+ million.
This of course is highly DEPRESSIONARY for the PAPER PRICE of silver as you noticed in the markets today.
Asians are buying the DIPS and American main Stream media is proclaiming the Popping of the Gold and Silver Bubble. Americans today are lost in BREAD and CIRCUS to realize soon they will be walking dead.
thanks for the answer(s) guys, good insight!
ReplyDeletebought a 1 kilo Kookaburra "coin" today...very very nice :)
ReplyDeleteim just so fucking tired of this shit. bought some bigger sized puts today thinking i bought the bottom of the dip. wound up being late, but not out of the short party! didnt matter though im still long on some quality mining picks and guess what. Doesnt matter if they have a billion fucking ounces in the ground or announce new drill results with excellent specs... Everythings being massively sold. Perhaps there is no logic because theres very few humans actually behind the trading. So here i am creeping dangerously close to the 'break even panic close out' all long positions level and going to just start shorting this retarded blasphemous excuse of a market all the way down this summer. stocks, commodities, whatever.
ReplyDeleteA part of me is morbidly curious how PM's will react to the news that the US debt limit will be breached within 3 business days, but another part of me thinks that it really doesnt matter, and that all of the margin'd up cumslicks across the board are going to eat a big plate of dung!
Kitco has hardly any silver product and the price just keeps getting lower. The laws of economics have disintegrated into oblivion!
ReplyDeleteI had shopped at gainesvile, quality silver bullions, First majestic before.
ReplyDeleteGainesville was my favorite until they raised the preminum from 1 to 2 bucks. Right now, the preminum is >10% of spot price. It doesn't sit well with me.
First majestic advertise 40.50 today. I am guessnig they had not factored in today's drop price. Will see tomorrow's price. Even though I had shopped with First majestic before, I heard bad things about it. I heard their shipping was less than what ordered. And they employ Northwestern mint, that has a very bad reputation in BBB.org. i wish I can find a way to check the purity of their coins.
APMEX seems expensive. So is Kitco. Anyone else has good, cheap and reputable seller ?
TIA
just curious...how in the fuk does the dollar rally....as the USG is about to breach its debt ceiling on monday???? (per Zerohedge)...
ReplyDeleteThis rally cannot last....
Higher lows in silver/gold...could be at a turning point next week
I was buying through Provident Metals, but their prices are getting higher over spot.. They used to be lower than http://www.blanchardonline.com/ But now their cheaper
ReplyDeleteThis place will wavie shipping if you are a Vet and have good prices and not too high.
ReplyDeletehttp://www.libertycpm.com/silver/
Second that on liberty coin. very easy to deal with and decent prices.
ReplyDeleteWell, at least someone is doing something right...
ReplyDeletehttp://www.huffingtonpost.com/2011/05/11/raj-rajaratnam-guilty-insider-trading_n_860508.html?icid=maing-grid7|main5|dl2|sec3_lnk1|62350
premiums have risen whilest prices drop for possibly a couple of reasons...they bought it higher, and there is less phyzz(tm)
ReplyDeletei noticed the price spread between bid and ask has risen since last week from about .05 to now .20
ReplyDelete(first time post, short time listener)
ReplyDeleteI'm in! FINALLY!! Bought 260 oz. of phyzz today at $35.12 (half US 10oz bars, the other half Eagles). This my first PM purchase and it feels great!
Hey SRSrocco: go to the post before this called "Full Tilt..." and look at the post at 9:11 am. Still love my technical analysis...which gave me the confidence for that call. Just because you can't do it doesn't mean it can't still be helpful.
ReplyDeleteThanks for all the information everyone, I appreciate it.
ReplyDeleteSRSrocco: around 9:11 am July silver futures were around 38.11, currently at 35.485
ReplyDelete"Kitco has hardly any silver product and the price just keeps getting lower. The laws of economics have disintegrated into oblivion!"
ReplyDeleteWait a minute, isnt this what the bears said would happen!?
Who the FUCK is buying (1) the U.S. Dollar (2) U.S. Bonds, notes and bills? Damn, I am in the twilight zone!!
ReplyDelete@SGS the disparity between physical and paper price has been growing steadily.
ReplyDeletePremiums are going up like crazy. Getting your hands on physical is all that counts.
I'd like to welcome the new members of the silver investors club.
Short term fellas. The traditional "safe haven" is in reality a pillow pants monster like no other. Even the twilight zone dwellers know this. Yes, they should be here with us, but they'll bounce back into risks before you can sing your silver to sleep. Meanwhile, fire up the BBQ's, it should be a fun summer!
ReplyDeleteThe_Color: "pillow pants monster like no other"..LOL!
ReplyDeleteThanks Yousif! The waters fiiiiiine.. .
ReplyDeleteOOPS!! Forgot to say: "ONE yearly high in May" my bad
ReplyDelete