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Apparently, crack U.S. Special Forces stumbled on JP Morgan’s “lost tonnes” of silver bars whilst cashing in our un-paid receivable with now soundly-dead Osama Bin Hydin’. This seems the only plausible explanation of the coincident 10% drop in the price of silver last night right as the news of Osama’s involuntary cranial ventilation was breaking.
Kudo’s to President Barack, by the way, who appears to have begun smoking some of that Bushitlerian war-monger crack and can’t seem to get enough of the rock. In other stunning news, the vicious San Franciscite anti-war harridans of Code Pink have summarily renamed themselves “Code Ah, It’s Okay,” while long respected gold star mother media queen Cindy Sheehan has unveiled a new website in honor of her President’s recent actions called “If-It’s-Brown-Shoot-It-Down.com.”
Whether or not PETA President Ingrid Newkirk’s newly sponsored Western Kentucky Squirrel Hunt/Democrat Fund Raiser and the Sierra Club’s latest bumper sticker “Yellowstone is for Coal Mining” are further evidence of a sea change in liberal sentiment has yet to be determined.
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Despite silver’s no Chinaman low volume sell-off last night, it appears there’s little changed in the direction of the dollar. What’s more, it looks like gold isn’t even taking the temporary detour that earl, the CRB and silver took last night upon news of Osama’s fatal lobotomy.
Now I’ve told you about silver being waaaay over it’s 200-day EMA, and that’s why we were switching our focus to gold for now. This sell-off, however, may give you an opportunity to play a couple of broken silver miners. You know I like SLW and EXK the best (both of whom look to be off at least 5% in pre-market), but I also think AG is “catchable” here, (I still have low bids in on that one) and even AGQ may be a play, if an extremely short term one. Only mess with that last if you are determined to watch it, because it should be swinging big here this week. Right now it’s down over 10% in the pre-market, which is too much.
On the golds, I continue to like AAU, RGLD and XG. Also, watch IVN, which has call sellers betting against it, but which could short squozen at any time.
On another note, it’s Derby Week, so I will be trying to talk a little bit about the ponies for the fans. Do recognize, however, that this is one of my busiest weeks, so let’s keep the comment section hopping and I’ll try to reply from the Crack wherever I may be.
Best to you all, and Happy Osama is Deceased Day!
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Prepare for the road to serfdom … paved with gold compliments of the Clam … LOL!
OMG, that was great!
Those guys (the creators of that vid) are going to revolutionize the teaching of economics.
Just brilliant.
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Jake if you saw what i did and what happened to me in Silver futures last night, you would have been appalled.
I swear i have learned my lesson this time. I was lucky enough to get a first hand experience of just how quickly one can loose money in a volatile market like silver futures when overleveraged. I was just scalping, in and out, in and out, and WHOOOOSH. Happened so fast i literally sat there like a deer in the headlights. Lucky i say because i did manage to recoup everything by catching the bottom and breaking every trading rule known to man.
Thats the last time for me!
Why do you play with fire? This is an astounding bull market, and yet you are determined to immolate yourself with leverage.
Don’t be so damned greedy! If you want leverage, get a small option position (that you can afford to let go to zero) or buy some AGQ. Do not use margin!
And stay away from the butane.
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it is just an infrequent lapse of judgement….i get a swift reminder like this and i’ll be all good for a few months. Luckily i squeaked out without any damage this time.
done with silver futures, again.
I think your buy on SLW at 38 got triggered Jake.
I believe you are correuct!
Now, to check my EXK and AG purchases…
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BTW — got SLW @ 38.10, and EXK at $10.29 aaaaannnnd… (wait for it…)
$9.92!!
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I sold my newly purchased TBT on the open to raise money for some cheap silver miners. Plus, I was unsure what was going to happen with the dollar, given the happy state of everyone now that the evil one is dead.
Amazing trading range on silver between last night and this morning.
Lots o’ covering going on.
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Also, margin requirements were changed for the 3rd time in a week.
stole more EXK and SLW today, yum… AG as well…
ANV – Bot some on Friday on strength. Is this an add? Or just a hold and see what happens? Completely missed those epic Silver purchases! At least I wasn’t short Silver in any capacity.
Read this Alpha hack job… including the comments.
Could be the reason…
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Sigh.. thanks Jake. Another “hack” writes a piece and alludes to a short position shortly. Will put a stop on this and be elsewhere.
Wow. 18 year old has that much power from a post.
that article is amateurish…has no idea how small and mid cap miners are valued….its not about the P/E…its about ounces in the ground..silver and gold ounces in mining friendly Nevada are very valuable…and comparing it to FCX a copper miner is absurd…keep up the great work Jake
I especially like how they are the small guy next to ABX and NEM in Nevada.
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Closed out.. I recall BORN wasn’t all that bad but once hit piece took BORN out to the tune of 10% and even after.. very rocky. Killed RINO (although it appears that was justified?). Anyway, no interest. Your silver calls are epic Jake. Nice catches this morning!
Those were just those crazy GTC orders from several days back… sometimes you get lucky…
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It is easy to get discouraged watching the weak hands in the PPT and 12631 buy and sell gold and silver with abandon. I’m not much of a day trader as it appears many if not most on this site are. Which is astounding when the best traders of the bunch like Fly and Jake seem to hold the “idea” during up and down moves until they are satisfied with the return. I feel confident in the demise of the fiat despite the strength in governments, banks, media, brokerages, etc. saying all will be fine. I may not make thousands of dollars today in the metals but I’m in no hurry to give up on the idea. I bought more AG today. I doubt I’ll be unhappy with the purchase later this year or next…
Snatched up some AG @ 19.55
I’ve got a buy order at $19 but i may have to lower that!
Doh!
$18.88
I’m even lower than that.
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Jeebus, and I thought I was getting it at a primo price. I didn’t see the last half of the day go in the tank. This job thing got in the way. Luckily it was only a starter position. But still…
Me too!
Added @18.90. Lots of panic out there. My portfolio has been hit today. It’s funny, a week ago I was desperate for prices of AG and SLW to be where they are today and now it PAINS me to add a few shares as they tumble. Now the talk is how silver is done. Finished. Bull market corrections are the most painful. I think this is what Jake was hoping for a couple of weeks ago. Go back and read his posts. Nothing has changed as far as I know except some caveman is dead in the Middle East.
questions for bernanke during press confderence
3) Mr. Chairman, last month a federal jury in North Carolina convicted a man named Bernard von NotHaus of counterfeiting U.S. coins. His medallions, which he called “Liberty Dollars,” were made of silver. When he sold them he was getting about $20 for a medallion containing an ounce of silver, and now the coin is worth nearly twice that amount in U.S. dollars.
Yet the dollars you issued back when Mr. von NotHaus was in business have plunged in value to but a fraction of the silver or gold they were worth when you issued them. Mr. von NotHaus may be going to jail for years, and yet here you are. I don’t mean to suggest in any way that you broke any law, but how do you feel about this situation?
Holding out for $17.20 on AG
Yes but you watch Celebrity Apprentice.
Even though I despise Trump, Odd no?
Not odd at all. Works quite well with my general thesis of you.
Who are you, Keynes?
Stop badgering my leftist tenants. Who will I have left to argue with if you chase him off?
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Haha … you want my thesis of you Brother Gint?
Yes but I decided to add some AG at the 50% fib retracement level ($18.61) just in case …
I finally figured out that was Red Auerbach (sp?) on your avatar… For a long while I thought it was John Houseman!
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They both “earned it.”
AAU gettin slammed, what’s your target?
threw in a GTC stink bid at 3.50, haha.
My target is a small glass of water.
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Some OEW regarding Silver for those that are interested:
http://caldaro.wordpress.com/2011/05/02/silver-bull-market/
Tony expects silver to to bottom shortly (> See bottom of comments page) then make a new high (1st target = $52-54 and the 2nd is $63-67) for Major Wave3 which will be followed by a sharp correction in Major Wave4 to potentially $26 before it’s final Major Wave5 to a prematurely fib calculated range of $82-84 or $128-131.
Regarding todays’ action:
> “Silver may have completed Minute three and in Minute four now. Initial support $43.50 SLV again, then $39.00.”
I have SLV low of day at $42.47 (20 dma) and bouncing to close at $42.76 … next support is $39 for SLV if it doesn’t hold here.
Interesting thesis… EW on silver in which liquidity flows and margins are constantly changing? Good luck lol.
If you had any reading comprehension you would have made note of the following:
“Silver, like many commodities, sometimes overlaps waves in impulsing bull markets. This is a characteristic of a regular 24 hour futures market. This is also one of the reasons it is difficult to count clean stock market impulse waves using the futures contracts.”
Guilty, I stopped reading and just tried looking at his count and stopped there. lol.
Not a big fan of EW, personally. To each his own.
thank you by the way, still enjoyed the read.
He is probably not far off.
We are not done here, people.
Gird your loins!
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this is true were not done.this trick of futs bs is just that,bs.i must say jake,that this move has got the looks of some sort of desperation on the part of the huge shorts like the morgue and friends.who the hell in their right mind could think that silver took a hit last night because of bin-ding dong……not. the masses are buying silver hand over fist, and guess what, i think for once they are scared,and will now resort to all kinds of fuckery till the jp morgue is fully on the other side of that trade. not they, or any other bank that can still get free money from the fed window, and then turn around and bogart the supply from said free coin……….gird your loins…….buy the shit hand over fist, and dont let it out of your hands. screw the banksters doin it this way seems so much better than the voting booth, fuck that, this better.
Feels more like an IT drop than a daily. That mid June top target is going to be much higher than 50 if we drop to the 30s. I am liking the 25 dma for more buying on AGQ.