The Witch Tells All, at Last
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As I write this, silver is up another buck. You review the above and you have to say to yourself — “What if all this bullshit about JP Morgan is really true?”
I said to the Monsieur tonight that I had largely discounted all the rumours (sic), all the tall tales. But, my gosh, what the hell is going on here? Silver has all but broken free from it’s traditional dollar anchor.
What’s more, silver’s broken free of it’s golden companion. This is very interesting… but is it sustainable?
Truly, I know not, to be honest with you. I know that silver has been historically undervalued, most recently as a result of the great photograpy scam. If you follow the industry news, the effect from a switch to digital photography has been largely absorbed.
So is this the final breakout we’ve been anticipating for so long? I dunno. I’m leaning towards “no, not yet.”
But this is why we are holding on tight to the core. Prices are out of synch, and the dollar is near bounce levels. We’ll know soon enough whether we ought to shed anything.
Right now, it’s a day to hold your tickets and enjoy the show, no matter the direction. I continue to like everything I’ve already mentioned, and more.
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The Fly is God.
RGLD = ascending triangle. Could this thing finally break 55 and fly?
Wrong blog, moldering asshat.
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Scheize — the damn Oscars were last week!!!!!!!!!!!!!!!!!!!
Sold 1/2 EXK (EDR-T) Friday c$8,98.
Oh my God, rumours? Tall tales? Are you effing kidding me here? WTF???
But “Beware the JP Morgue”, that is good. I’m so happy you got elected to blog here. Someone smart and fun to read both.
BUT, aint no rumour or tall tales about it, it is true, what they are doing.
Comma goes inside quotation marks bitch. Winning!
Did you just call me a bitch because I made a typing error, asshole?
Grammatical error my love. Still winning!
I’ll call you a bitch for being such an asshole.
lighten up, Frances.
Team Sheen
every pullback has been a buy. what was I thinking?
also is it just me or does it feel some juniors are under performing. is there going to be a flight to quality with higher oil prices? maybe
got my eye on SVM, UXG, VGZ, CGR, SA – for monday
VGZ??
Oy!
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you know it. straight to $4.50
maybe not.
the company has no revenue and keeps diluting
About Face!
That was a quick turnaround.
It’s the backwardation feeding on itself. I give about 3% chance the JPM rumors are true. If true, this world is weirder than I thought. There’s not a shortage of real silver as far as I can tell to explain the backwardation. There’s been some strange market deviations for a couple years now. The Cushing crude price anomally relative to Brent is an example, though perhaps explainable.
Added AZK, PZG & NGD … more FVITF, EXK & MVG on next pullbeck.
Click here to enlarge.
Well, in a week full of surprises, why should the latest Bank Participation Report prove to be any different? The report itself came out late on Friday afternoon…and the first hint that there was something odd about it came in an e-mail from Ted where said there was a “big increase in the Bank Participation report of 6,000 net contracts short in silver by US banks from 19,000 to 25,000.”
Both Ted and I were expecting a decrease…and what we got instead was the exact opposite. I must admit that I don’t pretend to understand why, because all the signs pointed to a month-over-month decline…and I never got the opportunity to discuss it with Ted. He’s the real expert on this. I’ll certainly be talking to him about it this weekend, but for the moment I’ll just set that aside.
In the “Non U.S. Bank” category, the numbers were also a bit of a surprise, as the total silver short positions of the foreign banks rose as well. From the January to February, the net short positions of the roughly 10 foreign banks rose from 3,463 contracts, up to 4,804 contracts…an increase of 1,341 Comex contracts.
Along with the 6,255 rise in the short positions of the two or three U.S. banks…the world’s bullion banks increased their Comex short positions in silver by a total of 7,596 contracts from January to February.
In gold, the four U.S. banks decreased their Comex short position by 7,300 contracts in February…but the non-U.S. bullion banks went the other way. They increased their Comex short positions in gold by a whopping 16,879 contracts during the same period.
Frankly, I don’t know what to make of it, as the Bank Participation reports for the last several months had shown a steady decline in Comex short positions in both gold and silver by all banks…both domestic and foreign. This latest report blows that sequence totally out of the water…and I’ll certainly have more to say on this in my Tuesday column.
Before I get into the stories I have for you today, Nick has a couple of charts that are posted below. As he commented in an e-mail to me earlier this week…”Although the GLD ETF has declined from 1,320 tonnes to 1,220 tonnes, the global holdings across all the precious metals for all the ETFs shows that we are back to all-time highs. So what GLD has sold off in the U.S…has been taken up and surpassed on a global basis…and has been taken up by silver.
The dollar amount in silver has taken up the slack from dollar amount that gold dropped. So the overall of the story is that the silver ETFs are going wild with demand…and more than compensating for the sell-off in GLD”
So who do you think the banks are in the bank participation report?
Anyway, I am seriously pissed off at being called a bitch for trying to contribute. At least have the balls to use your normal user name. I can’t understand why you wouldn’t want any differing opinions, though.
Relax. I think he was just “doing” Charlie Sheen.
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Maybe Jake can sell you the poster’s IP address… for the right price.
It’s okay. I was being kind of obnoxious myself.
I am technically high on Charlie Sheen
Chanci, thanks for posting the above information, is that the Harvey Organ blogspot? Anyway, focus on the positive and not what these low-class trolls post as they contribute nothing to us making money. We all know the people who like to pick on others are bullies with serious self-esteem issues. Don’t give them the negative attention they so crave.
It’s from Ed Steer’s Gold & Silver Daily sponsored by Casey’s Research. He tells every morning what went on in the Comex the day before. It’s free and very interesting to get if you like the PM market. I think you can probably google it, if you want it.
Thank you for your kind words, they mean a lot.
Thanks for the Ed Steers link. Bookmarked.
I am beginning to think the plan behind silver is to drive up the price as quickly as possible to keep Joe Sixpack in the dark that he was supposed to buy silver to protect his wealth. Better to have only a few get rish than to have the masses participate in wealth preservation.
UN Agenda 21 literally demands it, so why not?
sold my weak dollar plays this morning…getting to frothy if you ask me. I am too worried that we will see a typical “flight to safety” at some point here…
time to bet the farm
This just hit the wires:
EXK gets listed on the NYSE March 14, 2011. Goodbye AMEX, Hello big time.
Wow!
Yay, thank you for that news!
Sorry, here is the link.
http://www.digitaljournal.com/pr/239470
That is awesome news, thanks.
Silver getting the ole 8:30 am Smackerooni right now.
Wouldn’t have it any other way.
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http://www.gotgoldreport.com/2011/03/ggr-excerpt-the-silver-plan-.html
If I were a betting man I’d take a short on Silver right here but with rumors and realities of the middle east there will probably be a better entry.
The fact is…if Silver goes it any faster it will loop back over on itself and go back in time on the charts.
Holding my core unless we print $37 without a pullback. Good Luck to you all (especially those holding the junior miners).
Agreud, gravity will have to take it’s toll here at some point, but let’s have fun until it does.
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Jake,
Spot on with the NGD earnings. I’m glad I held on, will also add on dips as it looks like it’s going higher. Do you have a price target where you would trim your position?
Not really, but if you’re looking for a jump off point, $11.40 is the all-time high, and there’ll likely be some selling there.
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CFSG into the close!!
http://henryfoolspicks.wordpress.com/2011/03/07/fire/
Henry, should I be concerned about the state of your blog’s backdrop?
Watching too much Dexter, are we?
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Ugh. Enough with the JP Morgue already.
If you believe these rumors, JP Morgan is 1000% underwater on their silver shorts. You think they wouldn’t have covered by now? That would make them the very dumb money.
You think JP Morgan didn’t get the memo when every major miner started dehedging in 2001?
The truth is that JP Morgan is going to make money in the coming PM bubble — lots of it. An amusing line I read recently is that Wall Street is Lucy to America’s Charlie Brown: always setting up the football only to take it away at the last minute, leaving Charlie sprawled on the ground. The football is the series of bubbles — tech, energy, real estate — that has led to a huge transfer of wealth from the many to the few.
The PM bubble will be no different. At the top we will hear all sorts of silly JP Morgue rumors.
In fact, I would go so far as to posit an alternate conspiracy theory: that JP Morgan itself started the JP Morgue rumors, in order to lure the internet rubes into the last great long con of our era.
Yes, the cartoon was for entertainment purposes only. It was amusing, after all.
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Sorry, that wasn’t intended as a bust on your post or the cartoon.
I’ve just heard the JP Morgan thing so often I’m thinking of making a handout brochure debunking it.
I may even have to resort to making a video with those little cartoon bears.
You should. Those things are endlesslessly entertaining, if merely from the prurient humor realized by watching the little robots curse like sailors.
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Good news for EXK!
http://finance.yahoo.com/news/Endeavour-Silver-Announces-iw-301068548.html?x=0&.v=1
Ding yourself for double posting, and read the thread next time first…
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I didn’t notice that there was any link!
J.P.Mogans’s position on silver!
http://news.silverseek.com/SilverSeek/1299509764.php
That’s quite interesting. Wouldn’t it be great if us small plebs could force JPM into a short squeeze?.