Silver--- reaching for $8 again!!
tincup
Posts: 5,047 ✭✭✭✭✭
I see on the charts today..... silver sure is getting close to that magic $8.00 per ounce mark. What do ya think??? Will it close above that mark this week? And if it does.... where next, and how high??
Gold is still strong also.... but does not seem to be having the percentage gains that silver has been doing.
Gold is still strong also.... but does not seem to be having the percentage gains that silver has been doing.
----- kj
0
Comments
San Diego, CA
<< <i>
Gold is still strong also.... but does not seem to be having the percentage gains that silver has been doing. >>
Silver has always been more volatile than gold.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>I heard that Refco, the clearing house for most commodities trades, which may file for bankruptcy this week, was short more silver than there is in existence. This may get interesting. >>
How does something like that happen? Were they selling stockpiles that didn't exist?
<< <i>
<< <i>I heard that Refco, the clearing house for most commodities trades, which may file for bankruptcy this week, was short more silver than there is in existence. This may get interesting. >>
How does something like that happen? Were they selling stockpiles that didn't exist? >>
With offshore trading companies they can naked short anything. This is what I heard, I may be wrong, my father told me, he is an investment banker, but other than that I don't have any other source on the positions.
News link.
Beats working.
h**p://www.refco.com/ps/ps.deriv.metal.asp
Refco Subsidiary Freezes Customer Accounts for 15 Days Because of Lack of Liquidity
The frozen accounts are held by Refco Capital Markets Ltd., an unregulated offshore broker for stocks, bonds and currencies that former CEO Phillip Bennett, 57, allegedly used to help hide up to $545 million in bad debts. The Justice Department on Wednesday charged Bennett with allegedly causing Refco to file fraudulent statements to securities regulators because of his activities. He is free on a $50 million bond."
RIGHT now the real problem (may be) might be two-fold:
ONE, REFCO (like Enron who really was a precious metals broker for the big BOYZ) is going belly-up and Freddie and Fannie are right behind;
TWO, CHINA now says they must did into the marketplace a buy silver (like the USA who blew their 4 BILLION ounces to the Silver Users Group at a discount) , and these just MIGHT do to SILVER what the Natural gas supplies did the Natural Gas. If you didn't follow NG it went from $4 last year to $15 recently. And, 80% of the GAS rigs are in shut-down mode with damages and a REAL cold winter facing us. That's a NO BUENO for the consumer.
Silver and Natural Gas are two wild cards - one's already a joker in a four card run same suit straight- and PERHAPS one's on the way. PLEASE DYODD.
Couple of GREEN MONSTER boxes of Silver Eagles wouldn't hurt, though.
Must buy it back or go to pris'n.
Old short squeeze poem.
Joe.
<< <i>He who sells what isn't his'n
Must buy it back or go to pris'n.
Joe. >>
I hear ya... been there, done that.
Egads!
<< <i>It goes up and it goes down. >>
Oye!
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Basically yes. They trade paper contracts for silver and gold that they do not have. This is how Goldman Sachs for one has helped to rig the gold market for the FED/Treasury for years. It takes very little cash to force the market down buy selling a flurry of paper contracts. The little guys get scared and bail out. Recently however, the newer players to the game aren't flinching. Gold has rebounded on every attempt to knock it under $460. The jig is up when buyers start demanding physical possession. If that ever happened the game would be over instantly. These games only prolong the final outcome, they do not change it.
roadrunner
TorinoCobra71
<< <i>Didn't Warren Buff invest alot of money into silver? If he did, I wonder if he is going to sell now if he hasn't sold it yet. >>
It's been estimated that he has in the neighborhood of eighty million ounces. He has always
been bullish and a long term investor so it's highly improbable that he's thinking of selling. His
cost basis is probably around $6.25 per ounce.
<< <i>Didn't Warren Buff invest alot of money into silver? If he did, I wonder if he is going to sell now if he hasn't sold it yet. >>
Buffet also took physical delivery, not paper. I'd say he is sitting pretty right about now.
Same with Gates.
This promises to be a very interesting ride, though it's happening sooner than I thought it would.
Perhaps it's time to stop flipping it and just hold for a bit to see what develops.
John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
Groucho Marx
Some trust the government and their spin but other trust the billionaire businessmen that have a proven track record over any government propaganda put out to keep the public from a panic. I don’t know who’s right but I’m siding with those that worked hard to make their money, the government has everything to lose in this game and will hide the truth if they can IMO.
The real money taking the real stuff and no paper.
I’m with you a lot of these central bank gold sales are central_bank-to-central_bank IMO although it’s not report or can be tracked to my knowledge. It’s put out for public consumption. Russia is in on the action too; a lot of the reported sales never hit the consumer market.
Most of the countries buying have seen their money debased to almost worthless and that’s something that hasn’t hit the dollar so many people in America don’t believe that the dollar could ever be in trouble. . I’d look into the 90% junk coin silver market they don’t have the premiums the Eagles carry.
This is not true, at least as it regards US gold holdings of around 260 million ounces. While a few isolated individuals make this claim with respect to the US, virtually no one with expertise in US economics or government, regardless of where they fall on the political spectrum, would entertain this rather odd view.
Those classic coins have numismatic value to support the slightly higher prices.
And gold seems to be doing the same........
Gold $477.00
(+9.00)
11-16 12:36 PM PST
SM1 calls me a troublemaker....
--------------------------------------------
Sunday August 19, 2007 9:17AM
A mentor awarded " YOU SUCK!!"
<< <i> At the same time the dollar is rallying. Hmmm.... Precious metals finally disconnected from dollar moves? >>
That is odd. Recently, whenever the dollar rallies, silver drops. Let's see what happens this time.