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Silver and gold are off to the races today

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  • Coins101Coins101 Posts: 2,602 ✭✭✭
    Wow, Are we going to hit $38? $37.98 (ask) as I type. Kitco still shows a 20 cent spread. I think their software has a bug.
  • Coins101Coins101 Posts: 2,602 ✭✭✭
    $38.02 (ask) just after I posted above. Bouncing around.
  • mikliamiklia Posts: 1,295 ✭✭✭
    I did well last week with puts, will buy them all back if we get close to 40 again. This is a textbook dead cat bounce. The whole chart has been almost too perfect for a bubble, actually. If it holds, August is going to be a wonderful opportunity to pick up some more physical.
  • I brought some physical yesterday and some paper today.

    I am extremely bullish now. I hope it is not a dead cat bounce.

    The Euro should be very weak now but it is rather solid. It leads me to think that last week's dollar was a dead cat bounce.

    For the paper, I will cut loss at $35.5.

    For the physical, I will just add more in the coming months using dollar cost averaging regardless of the price.
    BST reference: wondercoin, cone10, fivecents, jmdm1194, goldman86
  • CaptHenwayCaptHenway Posts: 32,116 ✭✭✭✭✭
    Oil is strong today. This may drag all commodities up.
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • jmski52jmski52 Posts: 22,822 ✭✭✭✭✭
    Oil is strong today. This may drag all commodities up.

    One commodity expert on CNBC today was talking about the flooding that has already reduced crop estimates and possibly could erode them significantly in the next 2 weeks if rain continues. He also mentioned that there is nowhere else in the world that can make up for this shortfall, which could put more inflationary pressures on the table.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • pitbosspitboss Posts: 8,643 ✭✭✭

    It sure would help if they would stop wasting our corn supply to make gasoline and start drilling for the oil instead. What is more important food or gasoline?

    Silver is still making a slow and steady climb this morning!
  • cohodkcohodk Posts: 19,102 ✭✭✭✭✭


    << <i>It sure would help if they would stop wasting our corn supply to make gasoline and start drilling for the oil instead. What is more important food or gasoline? >>




    Yup, greatest folly in American history.


    Gasoline is now in backwardation. And just in time for the Holiday weekend.

    Silver going to make an attempt for the 50dma, which "probably" offers stiff resistance.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • Coins101Coins101 Posts: 2,602 ✭✭✭


    << <i>It sure would help if they would stop wasting our corn supply to make gasoline and start drilling for the oil instead. What is more important food or gasoline?

    Silver is still making a slow and steady climb this morning! >>



    Isn't that the truth? You want to hear something funny?

    It takes more energy to produce ethanol and what you get out of it. Related to this is we have a law on the books that require auto makers to produce vehicles that meet a certain ever rising fuel economy bench mark yet ethanol blended gas reduces mileage as it produces less energy. Finally, if your car is built before 2007, you are screwed as you will have to have the complete fuel system replaced because of the corrosive nature of ethanol. I have heard some auto repair shops locally will be charging around $4,000 to do the changeover.

    Finally, that $4.99 a pound steak is going to cost you $10 plus a pound.

    Maybe they should require all the corn producers in the ethanol group use blended gas in all their equipment to produce it.
  • Coins101Coins101 Posts: 2,602 ✭✭✭


    << <i>Yup, greatest folly in American history. >>



    That and wind machines.
  • Coins101Coins101 Posts: 2,602 ✭✭✭
    Ok, so Kitco is still showing a 20 cent spread between bid & ask. Anyone have a link that shows the REAL bid/ask price?
  • CaptHenwayCaptHenway Posts: 32,116 ✭✭✭✭✭


    << <i>Ok, so Kitco is still showing a 20 cent spread between bid & ask. Anyone have a link that shows the REAL bid/ask price? >>



    Define "REAL"
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • Coins101Coins101 Posts: 2,602 ✭✭✭
    real time - as in like streaming stock quotes (best) or current each time the page is refreshed (which is what I though Kitco was). Kitco states they are "live" quotes and doesn't qualify their numbers with a date and time like APMEX.

    Good enough for you????????????????????
  • JamesMurrayJamesMurray Posts: 4,036
    Ultimately it goes up again , please forgive me if this has already been said , i havnt read all 16 pages of the thread. I have a very simple way of looking at PM's , i know the prices are manipulated but this time around something different is happening. In the past when PM's are on the up and the profiteers are all in it is manipulated back down , this caused panic selling in the past so the manipulaters bought it all back at reduced prices. This time around a lot of people are not selling , they are buying more which is confounding the manipulaters.
    What amazes me is i read about peoples lack of faith in the greenback dollar yet busted their tails to sell silver at near 50.
  • OPAOPA Posts: 17,119 ✭✭✭✭✭


    << <i>

    << <i>It sure would help if they would stop wasting our corn supply to make gasoline and start drilling for the oil instead. What is more important food or gasoline?

    Silver is still making a slow and steady climb this morning! >>



    Isn't that the truth? You want to hear something funny?

    It takes more energy to produce ethanol and what you get out of it. Related to this is we have a law on the books that require auto makers to produce vehicles that meet a certain ever rising fuel economy bench mark yet ethanol blended gas reduces mileage as it produces less energy. Finally, if your car is built before 2007, you are screwed as you will have to have the complete fuel system replaced because of the corrosive nature of ethanol. I have heard some auto repair shops locally will be charging around $4,000 to do the changeover.

    Finally, that $4.99 a pound steak is going to cost you $10 plus a pound.

    Maybe they should require all the corn producers in the ethanol group use blended gas in all their equipment to produce it. >>



    I believe you are confused with the above comments.

    You can use up to 15% ethanol in an unleaded fuel vehicle with no problems. The ethanol was recently added to fuel to increase octane. It will also help clean your fuel system.

    Methanol is what's bad for the engine.

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • pitbosspitboss Posts: 8,643 ✭✭✭

    The problem with the law is that people in the world are going hungry just so the politicians can make it seem like they are doing the world a favor by cutting emissions. What a crock!
  • Coins101Coins101 Posts: 2,602 ✭✭✭
    "I believe you are confused with the above comments.

    You can use up to 15% ethanol in an unleaded fuel vehicle with no problems. The ethanol was recently added to fuel to increase octane. It will also help clean your fuel system."



    Actually, OPA, you need to do some research.

    You can use ethanol in unleaded vehicles made after 2007 without any problems and they are now saying is SHOULDN'T cause any problems for vehicles made after 2001. The increased octane is not good for today’s low compression engines. Maybe you are too young to remember the days of 11:1 or 10.5:1 compression ratios and the requirement to use high octane gas. Sure, alcohol works great in a Funny car but not in your daily car.

    Here are few facts:

    Ethanol Retains Water
    "I just purchased a fuel additive made by Sta-Bil to disperse the water that ethanol causes," says Tom Moeller, a Highlands County man who was boating in Georgia last week.

    Why does Moeller's boat have water in the fuel tank?

    "Alcohol attracts water," said Bobby Willis of Central Florida Yamaha in Lake Placid. "It creates a water problem in your fuel."

    Now there's an irony. Ethanol attracts water, and watercraft like WaveRunners and boat motors are constantly in the water.

    Yamaha, says Willis, suggests installing a 10-micron filter. "It costs about $50. You can install it yourself. Just cut your fuel line and put it in the line."

    "Ten percent ethanol is tolerable for use by WaveRunners," Willis said. "It can get more drastic, especially if you're using E85."

    With the exception of BP, all major brand gas stations in Highlands County sell 10 percent ethanol. Only unbranded stations, like 7 Days, Hendricks Corner, An Foodstore and Mystik, sell gasoline without ethanol.

    Ethanol Dissolves Plastic
    "Ethanol can dissolve some solid materials," says a June 2006 Yamaha advisory to dealers. That includes varnish and rust on steel and corrosion on aluminum tanks. The result is contaminated fuel.

    "In some cases, ethanol has been known to dissolve components of the fuel system itself," said Willis.

    "Some fuel tanks and fuel lines are made of plastic, and ethanol is eating away at the plastic," said Jimmi Fredricks, service manager at Freedom Marine in Lake Placid. "It turns into a jelly, and when you get to the bottom of the fuel tank, it starts sucking it in."

    Larson Boats, which Fredricks sells, recommends using no ethanol at all.

    "Fiberglass is the worst. If you have a fiberglass tank, you need to replace the tank. Get it out of there," Fredricks says. Engineers, who have been dealing with the ethanol problem for two years, are now starting to retrofit fuel systems with plastic that can't be dissolved by alcohol.

    According to an April 9 story carried on the Dow Jones newswires, a federal class action lawsuit filed in a Los Angeles has charged ExxonMobil, Chevron, BP, Shell and other oil companies with manufacturing and selling ethanol blended gasoline that damages marine fuel tanks, engines and other components.

    "The oil companies know this fuel is corrosive, but they're keeping consumers in the dark to pump up their profits," said Brian Kabateck, lead attorney on the case. "The cost to the consumer is thousands of dollars in repairs."

    The suit seeks to represent owners of boats with fiberglass tanks who fueled their tanks with ethanol blended gasoline from a California retailer.

    Ethanol Dissolves Gum
    At the Shell convenience store on Main Street and CR 17 in Avon Park, owner Mohammed Shamim said filters on the pumps must be changed several times a week.

    "They're always clogging up," said Shamim.

    Ask any painter: alcohol is a good paint stripper. It breaks off old varnish, gums, and resin deposited by years of gasoline sitting around in tanks. Then it turns into sticky goo, plugs filters, sticks up carburetors and fuel injectors, and causes everything from mild drops in performance to complete engine shutdown, says Matthew A. Cohen, writing for teamrsm.com.

    "The ethanol found in those states' gasoline supply can cause thousands of dollars in damage to the boats," Cohen says. "Ethanol eventually pulls gums, resins and debris out of the tanks and into the engine."

    Ethanol Gets Poor Gas Mileage
    Another downside: ethanol is more expensive than gasoline. Since alcohol produces less energy than petroleum gasoline when burned, gas mileage is reduced by 10 to 30 percent, according to Consumer Reports, October 2006.

    "To see how E85 ethanol stacks up against gasoline, Consumer Reports put one of its test vehicles, a 2007 Chevrolet Tahoe Flexible-Fuel Vehicle, through an array of fuel economy, acceleration, and emissions tests," said a Consumer Reports article. "Overall fuel economy on the Tahoe dropped from an already low 14 mpg overall to 10. In highway driving, gas mileage decreased from 21 to 15 mpg; in city driving, it dropped from 9 mpg to 7."

    When Consumer Reports calculated the Tahoe's driving range, it decreased to about 300 miles on a full tank of E85 compared with about 440 miles on gasoline. So, motorists using E85 have to fill up more often.

    Joe Rutigliano of Joe's Service Center in Avon Park has seen increased complaints about "check engine" lights. Most involve the car's sensors not being able to measure oxygen correctly, which he says has to do with how rapidly ethanol burns.

    The sensor works with a computer that controls the ratio of air to gasoline that's inside the engine. What might be happening, Rutigliano said, is that unburned gasoline is being emitted from the engine because of the sensor malfunction.

    "If you start dumping unburned gas, you're talking about damaging the catalytic converter," he said. That's at least a $150 repair job. On some cars, it's $1,100.

    This is especially true for cars built in 2003 or earlier, he said.

    One customer brought in a Toyota Prius that was averaging 51 mpg. Now it's down to 40 mpg. Rutigliano is convinced it's the ethanol.

    But Kelly Payne, who owns a tree care service in Sebring, believes his older car fleet can handle it just fine. He owns a 2005 Sea Pro, a 2006 pickup truck, and operates 1980s and 1990s trucks, all using unleaded gasoline. None had a noticeable drop in fuel efficiency or problems he thought were caused by ethanol.

    Good And Bad News
    This is from Forbes magazine: "Ethanol, once heralded as the homegrown Nicorette gum of America's oil addiction, is getting a second look from lawmakers ..."

    Distilling ethanol is an energy-intensive process that often uses water, electricity generated from coal, another source of greenhouse emissions.

    Which leads to an old joke about a farmer who buys land. After the closing, when it's way too late to back out, the seller says to the farmer: "Oh. By the way. You'll need water."

    It takes three gallons of water to make one gallon of ethanol, according to domesticfuel.com. That's interesting news in drought-stricken Florida, where manufacturers are popping up to make ethanol.

    Here's a true story, repeated in February 2007 by Tampa newspapers: Florida's first ethanol plant, U.S. EnviroFuels LCC, will need 390,000 gallons of fresh water every day to run its ethanol plant at Tampa's port. That's enough for nearly 1,500 homes, which are under once-a-day watering restrictions.

    ONLINE: A History Of Ethanol

    Is Your Vehicle E85 Compatible?
    Check the 8th digit in the Vehicle Identification Number.

    Go to www.e85fuel.com/information/vin.php

    In Fords with certain engines, for instance, if the eighth digit of the VIN shows a "V" on a Ford Crown Victoria, an F-150 or Ranger pickup truck, a Lincoln Town Car, a Mazda B3000 pickup or a Mercury Grand Marquis, the car can be fueled with 15 percent ethanol.

    ETHANOL DOS AND DON'TS
    • Replace pre-1985 fiberglass tanks.
    • Replace fuel lines, o-rings and gaskets that aren't built for ethanol.
    • Inspect hose clamps and metal fittings in the fuel system for corrosion.
    • Refill the fuel tank often to reduce airspace in the tank, which reduces water condensation.
    • Install a fuel line water separator to eliminate water that collects in the tank.
    • Use fuel additives to stop fuel from aging and oxidizing.
    • Use de-emulsifying or hydrophobic additives to prevent water from homogenizing with fuel.
    Never use a fuel additive that emulsifies water.
    Never buy fuel that isn't clear and bright.
    Do not use E10 contaminated with water without a combustion-enhancing additive.
    Do not leave a near-empty fuel tank sitting for long periods of time


  • Coins101Coins101 Posts: 2,602 ✭✭✭
    Is you car E85 Friendly - EthanolRetailer.com

    Go here and see for yourself - straight from the people cramming this down your throat.

    Because my SuperDuty is older than a 2011, it is not. I really doubt my Suzuki DRZ400 is either. Same for my chainsaw and my Yamaha outboard. This is going to have a major effect on everyone while they hide their head in the sand.
  • OPAOPA Posts: 17,119 ✭✭✭✭✭


    << <i>Maybe you are too young to remember the days of 11:1 or 10.5:1 compression ratios and the requirement to use high octane gas. >>



    Thanks for the compliment...Actually, I'm old enough to remember "lead" added to the gas to increase the octane. I drove a 2000 Ford Taurus & used 10% ethanol mixed gasoline for years up to the time I traded it in w/o ever having a problem. BTW, I can't find any major brands that don't use the 10% mixture.
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • Coins101Coins101 Posts: 2,602 ✭✭✭
    So, your in the 30 cent or less a gallon club like me! image

    Actually, there weren't much issue with the 10% other than shelf life was about a month unless you use a sta-bil or similar product but going to 15% is what is going to cause the problems. The higher the content, the more it is a solvent and breakdown plastic, rubber, fiberglass and other items. Combine that with the absorption of water (you do understand it absorbs water), it causes corrosio.
  • OPAOPA Posts: 17,119 ✭✭✭✭✭


    << <i>So, your in the 30 cent or less a gallon club like me! image

    Actually, there weren't much issue with the 10% other than shelf life was about a month unless you use a sta-bil or similar product but going to 15% is what is going to cause the problems. The higher the content, the more it is a solvent and breakdown plastic, rubber, fiberglass and other items. Combine that with the absorption of water (you do understand it absorbs water), it causes corrosio. >>



    Yup..Some of us whipersnappers are still kicking around. 30cent gas, along with a burger, pot. chips & a coke for 50 cents. image
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • Coins101Coins101 Posts: 2,602 ✭✭✭
    Yup, them were the day. And to think we use to spend silver rather than horde it!! image
  • fishcookerfishcooker Posts: 3,446 ✭✭
    Yeah that stuff is hell for boats.
  • pitbosspitboss Posts: 8,643 ✭✭✭
    Have we hit the bottom yet?
  • fivecentsfivecents Posts: 11,207 ✭✭✭✭✭
    Watching all the up and down on Kitco live market quotes is making me sea sick.imageimage
  • pitbosspitboss Posts: 8,643 ✭✭✭
    They have medication you can take that helps that or if you take a few days off from looking at those charts they will return to normal.
  • jmski52jmski52 Posts: 22,822 ✭✭✭✭✭
    They have medication you can take that helps that or if you take a few days off from looking at those charts they will return to normal.

    image

    Pitboss, that's actually some of the best advice I've seen for being heavy in silver.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • mkman123mkman123 Posts: 6,849 ✭✭✭✭
    Fivecents the medication is called drammamine, you can get it at your local Longs Drugs, etc imageimage
    Successful Buying and Selling transactions with:

    Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
  • pitbosspitboss Posts: 8,643 ✭✭✭


    << <i>Fivecents the medication is called drammamine, you can get it at your local Longs Drugs, etc imageimage >>



    That's why I said medication, I didn't know how to spell it.
  • 57loaded57loaded Posts: 4,967 ✭✭✭


    << <i>Fivecents the medication is called drammamine, you can get it at your local Longs Drugs, etc imageimage >>



    it can make you drowsy..look for non-drowsy formula...if that's what you wantimage

    i thought all Long's went to CVS?...at least here in CA
  • Coins101Coins101 Posts: 2,602 ✭✭✭
    Wow, you can tell it is a SLOW day in Silverville!! image
  • mkman123mkman123 Posts: 6,849 ✭✭✭✭
    57loaded, in Hawaii, the signs stillsay Longs Drugs but I know what you mean, when I was living in CA, they were being called CVS
    Successful Buying and Selling transactions with:

    Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
  • fivecentsfivecents Posts: 11,207 ✭✭✭✭✭
    Fivecents prefers the patch behind the ear Dramamine puts me to sleep.image
  • pitbosspitboss Posts: 8,643 ✭✭✭

    I it time for a smackdown again?
  • vibr0nicvibr0nic Posts: 614 ✭✭✭
    If I say no, then yes. If I say yes, then no.

    I say no.
    I like large size currency and silver dollars.
  • Coins101Coins101 Posts: 2,602 ✭✭✭


    << <i>If I say no, then yes. If I say yes, then no.

    I say no. >>



    Based upon that logic, I will have to say YES!
  • BaleyBaley Posts: 22,660 ✭✭✭✭✭
    $28-38, boys. Get used to it!

    Liberty: Parent of Science & Industry

  • InYHWHWeTrustInYHWHWeTrust Posts: 1,448 ✭✭✭
    That overnight action is just dumbfounding... and this time it looks like it kept on going daytime as well... wonder what happens overnight tonight...?

    I smell pump and dump/then short on the way down. If you're in the know with those charts, or paid subscriptions, or inside info, or just "luck", one can play those $1 and $2 moves both ways, on the way to the insane asylum image

    It's more fun watching than riding, that's for sure.

    Do your best to avoid circular arguments, as it will help you reason better, because better reasoning is often a result of avoiding circular arguments.
  • Coins101Coins101 Posts: 2,602 ✭✭✭


    << <i>$28-38, boys. Get used to it! >>



    Are you sure it's not $29-39 or $30-40, or . . . ? How about $20 - $50?
  • Perhaps it has a bit to do with this...


    Linkenstein
  • DoubleEagle59DoubleEagle59 Posts: 8,307 ✭✭✭✭✭


    << <i>$28-38, boys. Get used to it! >>



    Nothing wrong with that.

    We forget last Fall, it was $18.
    "Gold is money, and nothing else" (JP Morgan, 1912)

    "“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)

    "I only golf on days that end in 'Y'" (DE59)
  • OPAOPA Posts: 17,119 ✭✭✭✭✭


    << <i>

    << <i>$28-38, boys. Get used to it! >>



    Are you sure it's not $29-39 or $30-40, or . . . ? How about $20 - $50? >>



    All of the aboveimage
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • mhammermanmhammerman Posts: 3,769 ✭✭✭
    "...but will it continue?"

    Did something change?
  • pitbosspitboss Posts: 8,643 ✭✭✭
    Still climbing today.
  • pitbosspitboss Posts: 8,643 ✭✭✭
    New York brings it down during the day and the far east brings it back up at night.
  • Coins101Coins101 Posts: 2,602 ✭✭✭
    Hum, I wonder if we will get over $38 tonight?

    Well, will it hold?
  • fiveNdimefiveNdime Posts: 1,088 ✭✭
    $38.30
    we will see what tommorow brings...


    will it break and hold >$40 in June?
    BST transactions: guitarwes; glmmcowan; coiny; nibanny; messydesk
  • Coins101Coins101 Posts: 2,602 ✭✭✭
    If anything, it is taking a couple baby steps but trips and slides one. Then takes a couple more baby step, then trips. It's going north but at a very slow pace.
  • KonaheadKonahead Posts: 1,476 ✭✭✭


    << <i>If anything, it is taking a couple baby steps but trips and slids one. Then takes a couple more baby step, then trip. It's going north but at a very slow pace. >>



    slow and steady wins the race. Patience grasshopper!
    PEACE! This is the first day of the rest of your life.

    Fred, Las Vegas, NV
  • pitbosspitboss Posts: 8,643 ✭✭✭

    It's gradually working it's way up to the $40 mark. I like it slow and steady.
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