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Go Silver Go!

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posted on Apr, 28 2011 @ 06:17 PM
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20% of the COMEX silver has been taken out it one week.

I don't think this means the billionaire silver run is occurring, but it is quite a smoking gun




The reason then given was: "due to a reporting reclassification, 5,287,142 t oz was moved from Registered to Eligible." To our (lack of) surprise, a quick glance at today's silver holdings at the Comex confirms that the trend of reclassification is continuing unabated, and total "physical" silver across the entire Comex universe has now plunged by almost 20%, or from 41 million ounces to 33 million ounces, in the span of one week!


Article




posted on Apr, 28 2011 @ 11:15 PM
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Today is the day silver will skyrocket. I expect 51-53/oz to close. a good buyingday for physical.

Grab some popcorn and enjoy the ride!



posted on Apr, 29 2011 @ 11:15 AM
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My stock market friend has shorted silver for the 4th time today to even out his losses. I told him he should have just bought it at 38 instead of shorting it at 38. Now he keeps on shorting as it goes up to cover his losses. He tells me its gonna come crashing down. I hope he's right, but I'm not sure if he is. The dollar seems to keep going south. Maybe if the dollar showed any signs of a rebound, shorting might be a good idea short term.

I dont know its gotten pretty hilarious.



posted on Apr, 29 2011 @ 11:22 AM
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Originally posted by mayabong
My stock market friend has shorted silver for the 4th time today to even out his losses. I told him he should have just bought it at 38 instead of shorting it at 38. Now he keeps on shorting as it goes up to cover his losses. He tells me its gonna come crashing down. I hope he's right, but I'm not sure if he is. The dollar seems to keep going south. Maybe if the dollar showed any signs of a rebound, shorting might be a good idea short term.

I dont know its gotten pretty hilarious.


No rhyme or reason anymore. I'm so confused!

Too many factors coming into play these days and it seems that every time the Govt., Fed, Markets, Dollar etc just breathe, Silver hiccups.

I give up on predictions. Just gonna hold and either win or lose. Less stress this way.




posted on Apr, 29 2011 @ 11:29 AM
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reply to post by jude11
 


I hear ya, I'm long term too so these short hiccups don't bother me really. The last thing I would probably trade to make a quick buck would be silver. I'd probably go insane. So many factors involved.
edit on 29-4-2011 by mayabong because: (no reason given)



posted on Apr, 29 2011 @ 12:47 PM
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Interesting turn...

A seller that I have been using is now advertising on their site that they will BUY Bullion!

silvergoldbull.com...

Strange days indeed.



posted on Apr, 29 2011 @ 01:01 PM
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Yes, it seems like a few dealers are making an extra effort to track down more silver to sell. If you look at the Kitco silver forum, you'll see a lot of stackers reporting that their local silver sellers are jacking up the premiums on some items quite high (ie. +$10 US on an American Silver Eagle) and are making more prominent appeals for buying up silver.



posted on Apr, 29 2011 @ 05:18 PM
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Now this is really weard, dont know whats going on with silver??? gold up allmost 2% and silver down 1%.
Makes no sense. All metals up exept silver, just doesnt add up!



posted on Apr, 29 2011 @ 05:38 PM
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Originally posted by Kelmi
Now this is really weard, dont know whats going on with silver??? gold up allmost 2% and silver down 1%.
Makes no sense. All metals up exept silver, just doesnt add up!


Just noticed that as well.

As I mentioned, I give up trying to make sense of it. MayaBong said he's gonna just hang on and ride it out as well.

I ain't buying, selling, trading, predicting etc. Too many factors in play these days.



posted on Apr, 30 2011 @ 01:18 AM
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Keep in mind guys, Apmex buying silvereagles 3$ over spot, now that should tell us "DONT SELL"
edit on 30-4-2011 by Kelmi because: (no reason given)



posted on Apr, 30 2011 @ 01:29 AM
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Originally posted by Kelmi
Now this is really weard, dont know whats going on with silver??? gold up allmost 2% and silver down 1%.
Makes no sense. All metals up exept silver, just doesnt add up!



Not true. Based on 1 week relative performance, silver is still in the lead compared to other metals.




posted on Apr, 30 2011 @ 08:24 AM
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Originally posted by Kelmi
Keep in mind guys, Apmex buying silvereagles 3$ over spot, now that should tell us "DONT SELL"
edit on 30-4-2011 by Kelmi because: (no reason given)


This definitely a tell-tale sign.

If they're willing to buy 3 over, they know they can at least double it in coming days on a resale.



posted on Apr, 30 2011 @ 12:23 PM
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Like all volume dealers, APMEX hedges their inventory in the futures market. Without protective hedges, downside volatility/corrections could bankrupt them in a heartbeat. In other words, Silver could crater on Monday and it wouldn't affect their bottom line....they're protected. Additionally, it doesn't matter if Silver is trading at $20oz or $50oz, APMEX makes their money on the spread (premium charged above spot). The profit comes from turning over as much inventory as possible (volume), it doesn't matter what the spot price is.

Last month, March, the US Mint announced a sudden halt in the production of Silver Eagles, the most in demand Silver investment product. To fill the supply void, APMEX offers to buy Eagles from the public @ $3 above spot, as opposed to the $2 dollars above spot they pay to the US Mint as an "authorized purchaser". Remember, APMEX needs to churn inventory. It's also possible that prior to the halt announcement, they sold forward (oversold), and need to round up x-ounces of Eagles pronto to meet pre-existing sales agreements.

In the first minute of this video, bullion director Ed Patchen explains the APMEX hedging strategy in detail.




posted on Apr, 30 2011 @ 12:32 PM
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Originally posted by jude11

Originally posted by Kelmi
Now this is really weard, dont know whats going on with silver??? gold up allmost 2% and silver down 1%.
Makes no sense. All metals up exept silver, just doesnt add up!


Just noticed that as well.

As I mentioned, I give up trying to make sense of it. MayaBong said he's gonna just hang on and ride it out as well.

I ain't buying, selling, trading, predicting etc. Too many factors in play these days.


Here is the reason that Silver went south while Gold increased:
It's Getting Plain Silly: MF Global Hikes Silver Margin To 175% Of CME, Or Over 10% Of Contract

edit on 30-4-2011 by sirric because: (no reason given)



posted on Apr, 30 2011 @ 01:05 PM
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Originally posted by jude11
Interesting turn...

A seller that I have been using is now advertising on their site that they will BUY Bullion!

silvergoldbull.com...

Strange days indeed.


APMEX has always bought bullion from the public jude, just like all dealers, Kitco, Tulving, Monex, Gainsville etc. The secondary market is an important component of dealer supply. Just go to the AMPEX website on any given day and check their buy prices. When you ultimately sell your bullion, who do you plan to sell it to ? A dealer ? The local coin shop ? eBay auctions ? Your uncle ? Good idea to have an exit strategy worked-out ahead of time so you can move as quickly as Silver will.

Downside Targets For Silver



posted on Apr, 30 2011 @ 02:59 PM
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Originally posted by OBE1

Originally posted by jude11
Interesting turn...

A seller that I have been using is now advertising on their site that they will BUY Bullion!

silvergoldbull.com...

Strange days indeed.


APMEX has always bought bullion from the public jude, just like all dealers, Kitco, Tulving, Monex, Gainsville etc. The secondary market is an important component of dealer supply. Just go to the AMPEX website on any given day and check their buy prices. When you ultimately sell your bullion, who do you plan to sell it to ? A dealer ? The local coin shop ? eBay auctions ? Your uncle ? Good idea to have an exit strategy worked-out ahead of time so you can move as quickly as Silver will.

Downside Targets For Silver




What I find interesting is the little dealer I use has never done this. At least not with a banner on the site.

I am also of the mind that not many holding physical will be able to move as quickly as needed. On this I agree also.

I think this coming week is going to be a tell as to what people should be doing with their physical tho. It'll be an interesting ride.



posted on Apr, 30 2011 @ 04:11 PM
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Hi jude. If you scroll to the bottom of your dealers homepage you'll find his We Buy Bullion link...it's what dealers do, buy & sell. I notice he's currently paying $23,122 for a Monster Box of Eagles (500oz). The dealer I use is paying $25,125 for the same product. He also reimburses the shipping charges which can be substantial when UPS-ing bulky Silver. Buying, or selling...it pays to shop around.

I've already posted that I'm not selling an ounce of my physical holdings. I'm just not a buyer at these price levels. Held through the corrections 2004, 2006, that horrendous drubbing in 2008, and I don't expect anything near those magnitudes in the near term. Longer term, we go higher...much higher imo.

Not trying to come-off as a know-it all here, just that there's a boatload of misinformation floating around the interwebs, and I like to see newer investors avoid a few of the more common pitfalls when possible.

GL



posted on Apr, 30 2011 @ 04:59 PM
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reply to post by OBE1
 


I'm the same OBE1. I won't be selling any physical as I didn't buy for short term gains.

I'm in for the long haul as well.

Truly appreciate your input and many on this thread will also take your advice to heart.

At least I hope so.

No, you don't come off as a know it all IMO. Actually, I wouldn't bother with our back and forth if I thought that.

In this game, as with anything, it's a wise move to weigh in on all opinions, theories, advice etc. A foolish man thinks he knows it all and I ain't that man!


Thanks.



posted on Apr, 30 2011 @ 05:07 PM
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Here is why the run up in silver is not a bubble. It has been manipulated down for decades however the jig is up and they cannot keep it down anymore.




posted on Apr, 30 2011 @ 05:30 PM
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reply to post by hawkiye
 


Interesting video but considering that the Global Population in 1980 was 4.5 Billion and not 2.5 as the vid states, I wonder how that would skew the GDP numbers? I've tried to search and nothing.

Thoughts?



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