Precious Metal Market Watch

[Xicano]

Silver a couple of hours ago broke through $40oz.

I suspect we'll probably see a small dip below $40 after trading opens Friday morning in the U.S. due to silver manipulation on the U.S. market.

However, the manipulators are not able to contain the bulls. It will bounce right back to a higher high, continuing the trend of higher highs and higher lows because the bulls still have a long way to go handing the bears their butts in this market.




5 minute candle chart. Click image.








Daily candle chart. Click image

[pipoman]

1. I just posted a thread about my concerns and anexiety

about the market. Where will the price level out? I kept thinking of selling at $40. Now I am second guessing that...

[Poboy]

2. I'd hold at least for another year. I'm thinking we'll see $80 by Dec.

[Xicano]

4. I'm thinking between $500 to $1,000 oz.

Here's another link. This one is part 9 of ten of a DVD Mike Maloney produced and posted.

http://www.youtube.com/watch?v=vAAIwef3dOg


You can view parts 1 through 10 from his youtube channel.


http://www.youtube.com/user/whygoldandsilver#g/u

[pipoman]

5. The problem I see with that is the

cost of mining/production is quite a lot less than that and I believe there are some very large untapped sources...I will watch the vids later today though..

[Poboy]

8. Well, all in due time. I never give financial advice, so me saying I think it will

go to $80 by Dec. is my safe reply. In Dec, after having gotten to 80, I would then reassess. Give it time, but always reassess. I'm thinking this bull has got lots of room upward, but it will be very volatile.

[Xicano]

10. "$80 by December" I agree

I think its got a very good chance to see $80 by December.

Also, I think when we see the very possible pie in the sky numbers it will happen very rapidly. Like a rubber band snapping. How long it holds those numbers is something I don't have any opinion on yet.

[Xicano]

3. While I cannot tell someone else what to do with their holdings. However,

I wouldn't recommend selling because the it doesn't look good for the U.S. dollar at all. Also, silver is becoming more rare than gold. In fact at this time available above ground silver is more rare than gold and the reported U.S. stockpile of silver is "none". This is due to the fact of all the industrial use silver has, and this is basically only as a result of U.S. and Europe consumption. Now we're looking at most of the world wanting those products too and China's multi billion population is the biggest watch.

Going back to the monetary aspect. Silver has a long way to go before topping out in my opinion because of a few reasons other than the industrial side of it. First off JP Morgan and HSBC have been manipulating over the last few years by taking out large shorts on silver, but, its always been unsuccessful because of all the inflation the FED is printing. I suspect all the money JP Morgan is using to take out all these shorts is coming from the FED, but, that can't be proven unless there were a proper audit conducted at the FED which you know is not going to happen.

Secondly, JP Morgan has been paying its silver futures holders 80% premiums NOT to take delivery. Now this is important because why on earth would JPM pay 80% premiums for people not to take delivery? Simple, because it has to be because JPM is in COMEX default. I don't think JPM has the silver. I also don't think SLV has the silver either because if SLV had the silver JPM would get the necessary silver they need to deliver to the COMEX from SLV. So I don't think SLV has the silver either.

To back this suspicion up is this little, or not so little tid bit. JPM last month (a COMEX silver delivery month) applied for its vault to become a registered COMEX vault and got approved in only two days. So this is another clear indication that JPM doesn't have the silver because now all they have to do to meet their COMEX requirement on their silver delivery is deliver what they don't have to their own vault, thus, buying them time to either go on the open market and try to acquire it. Which I don't think can happen in the amounts they need. Or they can get the government to bomb a country (like perhaps Libya) to loot that country's precious metal stock pile. Well I wouldn't run it past them, not that I am saying that's the reason why we're in Libya.

Remembering that silver has a 10 to 1 ratio with gold, and, GATA. Actually here, I found a couple of links you may be interested in:


http://www.youtube.com/watch?v=Bru2tVghbqw

http://www.youtube.com/watch?v=-IiarVvZguY

[pipoman]

6. This is what I have been hearing

I am a bit concerned that there is a huge cache sitting in some .gov vault (other than the US) or even in a private sellers possession. What ever happened to the Hunt's silver anyway? I have searched and not found definitively where it went. Did the .gov seize it during the indictment?

[Xicano]

7. I forget the details of what happened to the Hunt's silver.

IF my memory serves me correctly I think it was seized and the government paid them something way below spot value. But I don't remember for sure.

[Xicano]

9. But my biggest reason is based on the rate of dollar inflation.

Right now we don't have enough tax revenue to service the interest on our debt. We are well over a trillion dollars short on that and its only getting worse. This is why IMO the FED is keeping interest rates at 0%. Because if they raised interest rates instead of all this QE, then, it would cost even more to service the debt and we'd be in instant default.

Guess what that would do to faith in the U.S. dollar. IMO we'd lose world's reserve currency status and it would be ugly for us. So that's why the FED says its going to keep printing money and stay buying the bonds - more and more QE.

So we're locked in to either skyrocketing interest rates and a depression, or, more and more and more QE until we hit hyper inflation. So either way I think the U.S. dollar is screwed.

This is why countries like China, Russia, India and others are buying up large amounts of precious metals. It is my opinion that this decade, and probably sooner than later, China and other countries are going to force us into a currency basket and a dollar re-evaluation. In other words a loss of the petro-dollar system and world's reserve currency status. But this is a major part of what's giving value to our dollar and when that artificial demand for U.S. dollars is gone, so is a lot of value on our dollar.

This is a big reason why in my opinion I wouldn't sell any silver holdings yet. But again, it is not my place to make someone else's financial decisions. They must weigh the facts for themselves and make the best decision they feel is correct for themselves.

[formercia]

11. I say Hold

I still have some granular Silver from when the Treasury bought back Silver Certificates with Silver. Back then, it was worth less than a Dollar an Troy Ounce. It's very tempting to sell at today's prices, but why should I sell a valuable asset that keeps increasing in value for fiat currency that keeps losing value. The only reason I would sell,was if I desperately needed to pay for goods and services, otherwise, it stays stashed away in a very safe place.

[Poboy]

12. $40.39 at the moment...

[pipoman]

13. $40.47 now....I think it will close above $40...doesn't seem

to be waivering much..

[Xicano]

15. Very nice indeed. Looks like no JPM shorts today.

Once it hits its all time high of $50. Well you know one of the important general rules of technical analysis where previous resistance becomes support. Uncharted territory from that point.

This year and next should be interesting, hang on.

[Elwood P Dowd]

14. I was forced to sell my 1990s silver eagles last week.

Needed the money to pay some unexpected bills. Sold 100 uncirculated and averaged about $37.00 each. That's more than 4 times what I paid for them back in the day.

[pipoman]

16. $40.93...+$1.29....holy cow!