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Guest ValueCarl
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Guest ValueCarl

I am revising my $40 target to revisit $50 in order to draw the Hunt Brothers back in to a more than 30 year old high which once broke their BACKS! On the other hand, it might be better to head towards $100 per oz. in order to break the BACK of that DUBIOUS BANKER holding Jamie Dimon in its clutches.     

 

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At this point I am looking to sell some physical silver, but I don't know places around here that will give me anything close to spot. Silver and gold are no longer currencies, so it is pretty painful to convert them.

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At this point I am looking to sell some physical silver, but I don't know places around here that will give me anything close to spot. Silver and gold are no longer currencies, so it is pretty painful to convert them.

  During the Hunt Bros run up the line to sell  physical silver was three times longer than the line to buy. I would suggest selling it on EBAY if it is sterling or some other physical form. It appears to me that some group is trying to orchestrate a squeeze in silver the web is full of silver conspiracy stories.

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Guest ValueCarl

I LOVE IT when seemingly "SMART MONEY" turns BEARISH!

 

Call the HUNT BROTHERS, I want them to help CORNER the BASTIDS at the HOUSE that Morgan ONCE BUILT!  >:(

 

http://finance.yahoo.com/blogs/breakout/silver-smart-money-gets-bearish-20110415-080253-031.html;_ylt=Ai0fzvUIbVOlvK0Oyaign0y7YWsA;_ylu=X3oDMTE1ZThpOXRqBHBvcwM3BHNlYwN0b3BTdG9yaWVzBHNsawNzaWx2ZXJ0aGVzbWE-?sec=topStories&pos=4&asset=&ccode= 

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Guest ValueCarl

Silver looks to breakout even more with lawsuits against JP Morgan and HSBC

Examiner.com

November 7th, 2010 11:36 am ET

By Kenneth Schortgen Jr, Finance Examiner

Investigations and lawsuits against JP Morgan and HSBC could send silver prices skyrocketing as the uncovering of manipulation, and the advent of a short squeeze comes to the surface.

On Wednesday, Zerohedge reported on the RICO lawsuits filed against JP Morgan and HSBC for silver manipulation.

Today, in a separate lawsuit filed by Carl Loeb in the Southern District of New York, a new light on precious manipulation by the duo was shone, this time involving allegations of breach of the Racketeering Influenced and Corrupt Organizations (RICO) Act.  And with the CFTC itself admitting of ongoing manipulation in the silver market, it appears this issue is not going to go away quietly any time soon.  Per Steve Berman, co-counsel of plaintiff law firm Hagens Berman Sobol Shapiro: "The practice of naked short selling has long been a serious issue on Wall Street. What we know about the scope and intent of JP Morgan and HSBC's actions in this short-selling scheme dwarfs any other similar attempt to manipulate a commodities market."

As you can see by the silver chart to the left (slideshow), the silver markets made a huge rally because of this news, coupled with the Feds choice to monetize debt.

Jim Willie, writer of the popular Hat Trick Letter, also spoke out on these lawsuits and what their potential ramifications may be.

Several class action lawsuits against JPMorgan have begun, also encouraging, but unclear on substance. They crop up every couple weeks, the latest citing a RICO aspect. Let me know when the full force of the USGovt regulatory bodies order JPMorgan, Goldman Sachs, Citigroup, and Bank of America to liquidate even 10-20% of their short positions. Unless and until such action occurs, the CFTC chirping is just that, noise from the managerie of obedient pets who work on short leashes at the behest of bankers.

Jim's assessment is focussed on the lawsuits, but on the extent of the Fed's QE actions.

Clearly silver rises and falls with the commodities, and even makes swings with more volatility than other items. That testifies to a high silver BETA. Lately, the silver move has been powerful, much bigger than other commodity items since it is being recognized as a currency hedge, a safe haven asset, with the menace of lawsuits and investigations hanging overhead. In fact, Silver is a currency, if pure money can be classified as currency at all. Like gold, silver is a super-currency.

On top of these two factors aiding silver's rise, another one may be gaining in strength... buyers looking to force a short squeeze.  In a blog report by Jessie's Cafe Americain, a recent article is discussed on the massive purchases of physical silver by the hedgefund Sprott.

It is my understanding that the Sprott Trust 'books' the silver when it makes the deal to acquire it, but the actual silver will not be obtained and delivered to their vaults for some weeks as the market gathers the bullion together and ships it to them.

This was a very large purchase, and it will be interesting to see if we can determine where it is coming from as inventories draw down. Many analysts watch the reports from the Comex each day for example, and how the various levels of supply fluctuate. Then again, in this paper driven world of fractional reserve inventories at the LBMA and the unallocated accounts of certain holdings it may not show up at all, at least for now. The paper game is pervasive.

Our estimate based on the available data is that they purchased 6.5 million ounces of silver at an average price of 25.82 US dollars per ounce. This is a 1.2% premium over today's spot price of 25.51, and a much larger premium over yesterday's paper prices that went as low as 24.10 intraday.

It is interesting that even on very large purchases it appears there is a premium to be paid to acquire actual un-encumbered bullion versus fractional reserve paper claims. Handling charges? lol.

Some might consider the price that Sprott paid to be a 'leading indicator' of where silver will be going. I think when the paper Ponzi scheme actually collapses silver will be much higher than that. After all, "he who sells what isn't his'n must buy it back or go to prison." Unless, that is, they are running the game. Then they just pay a fine and admit no guilt.

There are just too many forces at work here to break the silver manipulation wide open, and for the banks and the Fed, their monetary straits are such that they have to focus their assets on other things, such as the housing CDO's and MBS's coming home to roost, rather than continue to pump money into holding down silver prices.

Look at the charts... something has broken in silver, and the rise over the past month or two is showing parabolic, and not a case of a gradual market climb.  The price of silver is still low enough now for the common man to get in at a good price, but as we've seen the past two trading days, silver is going up now in dollars per day, not cents.

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