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Times they are a’changin’……the Silver fix is done mid August….CME Price limits must be going to begin about then…
HAS GARY READ……………..the article on SILVER FIXING TO END…..in AUG.14,2014, that was put out by zerohedge………..could he respond to his thinking on the matter. thanks……………………………………………………………………..j………..
COULD DOC ……….do the same……………thanks………
The Silver price at the LBMA is set as currencies are with a noon rate on a daily basisâ€¦so regardless of silver being $19.80 today at noon or $75 the noon rate fixing does not play into those that believe silver is manipulated.
IMO if gold and silver could be manipulated they would still be $250 and $4â€¦or wherever the BOE and BOC sold all their goldâ€¦.complete idiotsâ€¦and we are to hold these central wankers in high regardâ€¦.$%#@!!!!
What is more important is the limits the Crimex is setting up for trading gold and silver, limiting the daily swings for both….they obviously see a lot of volatility coming.
LIke we believe the LBMA…………
I don’t believe anything any longer J….but that’s just my opinion which means nothing…its what those follow/trade off that move the markets….. that matters
I, like wise do not believe anything, because most things are manipulated……..education, politics, and food. But, when you understand that , you are able to avoid, big pitfalls.
Know who you can trust, might be the biggest………….
Good point about the 1280 level Gary…no wait….a great point.
Agree with Gary not based on any cycles or timeframes…just the key chart levels that need to be overcome on a Closing basis, until then the channel trading continues.
Bullish to see a close above 250 HUI….$1331 Gold
Bearish to see a close below 215 HUI….$1262 Gold
Platinum still channel trading as gold and silver are:
Another well run Silver miner takes it on the chin….the 30% dive in silver vs Q1 of 2013 sends its earnings drastically lower….First Majestic
These guys better hope Silver heads a lot higher cause at $19.00 the margins are taking a big hit!
Dave Morgan……….indicated that the cost is $22-24 per………..so silver is undervalued ……….if , there is any indication of the cost and earnings results as indicated by First Majestic…….
….or, they are poorly ran, because they do not have a handle on COST…………….
It seems to me J that this is a weird approach the silver gurus are pushing, if production costs at $20 then that will create a floor for silver, really? How about silver falls to $15…just like any other business if the returns are negative, close up shop…the strong survive! Just because average production costs are at near todays levels it doesn’t mean silver can’t trade a lot lower.
Just like me, the silver miners have very little influence regarding the price of silver or any metal they mine as a by-product
Agree. Average costs of production don’t mean that much. Most of it is BS anyways. Current silver prices are several multiples of what they were just one short decade ago. Not even mines had THAT much inflation.
If mines close up, there is no silver and then no solar, no electronics, etc.
Please check at the cost of production, it goes up fast. They have to pay to employ geologists, pave the road, dig deeper and deeper, grade is cut in half in last 10 years. Inflation is quite big in the real sense. This is not CPI game, it is REAL.
Correct Lawrence, energy is a huge cost factor for the miners.
Governments around the world dumped over 10 billion once of silver to suppress the silver price since 1980. This supply was gone around 2003 and China continued it till 2008. If gold is dumped this way, the price will be under 100.
Silver is consumed. Electronics and solar need huge amount of it. In the last 3 decades, the inventive to hedge increased the production from 200 Million onces to 850 Million onces. The grade is going down 50% every 10 years since silver is rare and we are running over drive.Someday, the silver in your hand will become public property. Be careful.
j…… From all reports, including the recent financial statement First Majestic is well run and their target is cost cutting. IMO the problem they face is the increased royalties Mexico has put into place. It tears directly into their profits and cost of production. The increased royalties were put into place AFTER First Maj. installed miles of water pipe to villages in the area, built community centers and helped out the local population with jobs, food and other material goods. I guess this move was in response to all the help. Reminds me of the one sided relationship between Mexico and the U.S.
Gator speaking of Royalties….what will be the outlook towards these miners when “IF” gold and silver ever trade at the multiples the bulls forecast…the fastest way for a country like Mexico to benefit from much higher silver prices is either tax the snot out of the miners are just declare every oz produced belongs to the state.
But hey I’m getting waaaay ahead of myself, lol
Ha Ha…no man…..you are waaaay ahead of the pack on this one!
ooooh yah, and I’ve learned the hard way owing Dead Money Investments, being ahead of the pack only works if the momentum crowd show up….at some point!
They just need more fear, jj. Don’t worry….it’s coming.
Gold at $4,000 – $5,000 and silver at anything close to $75 – $100 will result in massive punitive taxes or outright nationalization of mining operations.
I don’t see why this is so hard for folks to figure out. We can play the miners for a few more years but when this bull starts to really run investors had better stay nimble be ready to hit the sell button on the mining equities because greedy broke nations will unleash the tax hounds.
The tax and nationalization man cometh.
Concerntrate on the metal and forget the mines. They will give you heart bleed.
At this price very few mines make money. The average cost of the primary silver mine is around $24 and cost is going up in double digits. It is great they keep producing at shareholder’s loss. I buy silver not mines. I couldn’t care less if all of the silver mines die out in the next few years.
ditto on the physical………….
Pretium PVG – Triangle break out $10, Then $14.
Weekly chart action of PVG
Wait? How Long?
Silver supply is down and demand hit record in 2013. It is now again in deficit. Someone has secretly supplied the difference.
There is no kown above ground large stock pile for silver, unlike gold. The price may keep going up a little by little in a volatile way not unlike it has been for last few decades. You may wait quite long time before you get in at the top though.
the paper silver market is about to come up short………..if paper silver is levered
100 to 1…..99 people are not going to get their silver.
I think the banks see it coming………..FIXING IS GOING BYE BYE……..AUG.14
The “boyz” are going to keep it between 1285 and 1320. Goes lower starts buying. Goes above 1320 dont want people think it is going to rise. Dont have gold to back up any of these prices!
They can put limits on metals but they can’t put limits on the miners. Nice that they put limits on the metals now that they have bottomed…. Bastards.
Anyone in here like 27th as a turn date for miners/equities? options expiry I believe is on that date coupled with us long weekend and we could see the final blood bath.. Of course sell off can go way into june/july. Just some thought.
glenfidish, the key driver could be the US$ index, its not closed above its 200dma in 9 months…its pushing that zone this am
jj how about 10 year treasury yield falling like a knife same way id did 2008 bottom
I’m with Norcini on this one, its a puzzle that needs more than 1 day to try a figure out why the action is out of sync
I suspect someone knows that stock markets are about to correct and so its get out of Dodge time. At least until the correction is over.
Bird are you short miners? long? or waiting to get in on the cheaper? Miners that is.. Ive got an an eye on a few miners that are inching towards there 52 week lows.. Million dollar question is does it break the 52 week lows or test and up we go? Bird, jj or gary anyone your thoughts are welcomed.
I was telling J the Long this today:
On May 15, 2014 at 8:19 am,
original jj says:
Well I was telling glenfidish on Wed that I was looking to short the miners into this strength which I didâ€¦..so Iâ€™m short looking for a 200 HUI sometime in Juneâ€¦.how and why we get there â€śifâ€ť it happens I may hold that shortâ€¦.if the HUI can close above 230 Iâ€™ll cut my lossesâ€¦â€¦.
OMG!!!! Original jj is really Matthew. NOBODY else I have ever know quotes himself. Good trick buddy. You sure fooled me.
Lol, ya right!….Matthew who?
Copynpaste baby, saves the finger work!
I’m using DUST the 3X short the miners ETF bought 4200sh @ $23.57….HUI hits 200 in June I’m out est $41.00 level
GOLD just popped on the TIC report
THERE is a good tie in piece…..at usawatchdog………from Dr. Craig P. Roberts, concerning “Belgium”
Can you understand PCR? My head just swims as soon as I start reading one of his pieces. I really have no idea what the guy is talking about but he sure is bitter about everything.
On April 7, Gary published and article in which he presented a case where we should see “a final blowoff bubble phase” and for gold : “looks like it is setting up for a final bear market capitulation phase” that could take it down ” to the next support zone at the 2008 high a little above $1000″. On May 4 he flip flops with ” I think the final bubble phase in stocks is now off the table” and for gold “No bubble phase in stocks = no capitulation phase in gold” and claims that the ongoing “Ukraine event was a game changer”. Really? The Ukraine crisis has been ongoing for months so why is it now a “game changer”?