Go Silver Go!

Originally posted by Skerrako
reply to post by Dance4Life

 

The algobots couldn't hold $40. I was watching the volume all morning and the negative side is absolute insanity. Im glad we have a breakout here as well, silver is mirroring gold for now.

I think we are nearing the final burst. yesterday the manipulators threw 250,000,000 (about 10 billion dollars) in paper shorts, and the price dipped about, .50 and recovered within a few hours. The old tricks are no longer working.

Next is margin hikes, but the problem with that is the margins have only eased somewhat since the last takedown, so it will be less effective.

#Winning

I might be wrong but cant margin hikes no longer matter now the asian markets have its own exchange. wouldent they have to hike margins as well to make a difference?

reply to post by camaro68ss


Do you know anyone that doesn't trade through the CME?

I personally don't.

I don't even know how you would have access to that electronic market. AFAIK it isn't possible through Interactive Brokers and that would be the best chance you have.

Originally posted by camaro68ss

Originally posted by asdfghjkl09
reply to post by RRstl1000

 

- The safest way to get silver is to buy from a local dealer, with "cash on the barrel".  Get cash from your bank.  If you plan to spend more than $5000 at once, order your cash from the teller a week in advance.  If you withdraw more than $10,000, be prepared to help your bank fill out the CTR or "Cash Transaction Report" Federal form which asks for your social security number and occupation.  In the meantime, locate various coin dealers that publish price quotes on the internet.  For a start, see here:  find-your-local-coin-shop.com  


Source:
news.silverseek.com...

Kinda off topic but i love how you have to fillout paperwork to get your own money out of the bank.. Thats why im slowly pulling it out everyday

I've pulled out 5,000.00 at a time with no paperwork. What amounts are you referring to? I was under the impression that even if you do 9,999.00 ...no paperwork. It's that magical 10,000.00 mark that sets the flag.

Not anymore?

reply to post by jude11


Think its def. 10,000

Originally posted by camaro68ss

Originally posted by Skerrako
reply to post by Dance4Life

 

The algobots couldn't hold $40. I was watching the volume all morning and the negative side is absolute insanity. Im glad we have a breakout here as well, silver is mirroring gold for now.

I think we are nearing the final burst. yesterday the manipulators threw 250,000,000 (about 10 billion dollars) in paper shorts, and the price dipped about, .50 and recovered within a few hours. The old tricks are no longer working.

Next is margin hikes, but the problem with that is the margins have only eased somewhat since the last takedown, so it will be less effective.

#Winning

I might be wrong but cant margin hikes no longer matter now the asian markets have its own exchange. wouldent they have to hike margins as well to make a difference?

No, the CME still conducts the vast majority of transactions. dont quote me but probably over 80% of the world transactions. When they raised magins before you didnt see anyone flooding the singapore precious metals exchange, and they've been around for years. Maybe Chinese investors would move out of the CME, and smart U.S. and Euro investors as well but not many.

But who knows, a stampede is caused by a few spooked animals, and if everyone realizes they are being scammed out of their money by the CRIMEX and JP Morgue the move may get bigger and bigger.

Time will tell :/

reply to post by Skerrako


It's just not legal to trade that market as a US Citizen *I think*

There were also previous exemptions like this such as trading Kospi Options / Certain Chinese Futures Contrats / others I can't think of at this second

So in essence, if you live in the USA you will not be going anywhere else but the CME. Also, CME has the most liquidity. Do you really think big players want to get hooked for slippage 5-10x that of CME?

Silver is already far too thin of a market to be doing that.

I really do not see any competition for the CME. They are taking over everything.

reply to post by Dance4Life


In your opinion, what (if anything) could happen that would drive people away from the CME?

What do you think would become of it if rampant fraud was found going on in the COMEX ect?

Originally posted by Dance4Life
I don't even know how you would have access to that electronic market. AFAIK it isn't possible through Interactive Brokers and that would be the best chance you have.

Actually Interactive Brokers LLC (US division) is a brokering member of the Hong Kong Mercantile Exchange. Interactive Brokers Ltd (UK) is a clearing member. Trade on the HKMEx is open to international market participants including those in the US.

IB Products & Exchange - Hong Kong Mercantile Exchange

President of the HKMEx is an American, Albert Helmig, a former NYMEX executive. COMEX is the metals division of NYMEX. NYMEX is a division of the CME.

Oh what a tangled web we mortals weave, when first we practice to deceive. - Sir Walter Scott

reply to post by OBE1


Can US clients trade this? Or are you in the USA?

I closed my account with IB a long while ago. Just a piker now with my lowly VA's.

On your menu can you take a screenshot of the liquidity? I am interested - that is if you can get the feed for free from your TWS.

thx

reply to post by Skerrako


COMEX is legit, IMO. Everyone is entitled to theirs.

Just like the CME they make money on transactions and NOT market direction.

Soon enough, IMO - probably less than 10 years there will be no more OTC Forex - at least for people residing in the USA.

Just straight up FX Futures with your old pal the CME Group. You can already see it happening with the new leverage requirements in FX market.

But in reality this is really better. OTC FX is a quasi-scam and no one can argue that.

reply to post by Dance4Life


Hey Dance. You'll find volume and OI at the exchange website (anemic compared to the 1000oz E-mini contract).

Wiki blurb:

Hong Kong Mercantile Exchange (Chinese: 香港商品交易所; abbreviated as HKMEx) is a new electronic commodities exchange established in Hong Kong for the trading of commodity futures, options and other financial derivatives. The exchange provides standardised, cleared, and exchange-traded products on a transparent pricing platform to the Asia-Pacific time zone. The purpose is to eliminate market liquidity risks associated with Asian market participants trading in faraway commodities exchanges such as New York and London.[1] The exchange serves commodities investors, consumers and producers for arbitrage and hedging purposes. It formally began trading on May 18, 2011.

All transactions on the exchange are cleared through LCH.Clearnet. The exchange positions itself as a trading forum located in Hong Kong - a jurisdiction entirely open to the free movement of capital and market participation by non-domiciled investors, while at the same time offering international market participants access to the booming mainland Chinese commodities market. This is accomplished through transparent price discovery of China-bound commodities. - More

GL

reply to post by OBE1


Interesting.

Still would like to see the real DOM flashed on a chart.

1,000 gram gold contracts sound interesting

If I ever download the TWS again from IB I will try to make a screenshot. I am interested to see how this cross arbitrage really goes down - or if even possible because of slippage and commissions.

Ironically, IB has the absolute worst API to program for, in addition they shut everything down 2x a day. Even your automated programs, so not very conducive to automatic trading for supposedly such a "great" service.

Oh, forgot to mention this as well.

There is a trading contest being put on by a futures broker.

Only $10.00 to sign up.

14 day competition starting August 1

You can trade up to 5 different contracts with a total of 5 lots on each simultaneously.

Start with $100,000 Sim Money

I have no affiliation to this site or anything - just thought it would be interesting to bring up if anyone is interested. Cheap fun anyway, winner gets $1,000 and bragging rights etc.


www.worldtradingcontest.com...

SILVER still remains under pressure as it struggles to get out of the kumo cloud of death.



Wednesday, July 27, 2011
7/28/2011 - SILVER FUTURES
THE VULCAN REPORT
Review of $1XAG/USD - SILVER Spot (XAG USD)
as of Wednesday, July 27, 2011


Today's Price Action


Change -0.6700 (-1.64%) prices closed lower than they opened. with weak Bids going into the close.


An engulfing bearish line occurred (where a black candle's real body completely contains the previous white candle's real body). The engulfing bearish pattern is bearish during an uptrend (which appears to be the case with $1XAG/USD - SILVER Spot). It then signifies that the momentum may be shifting from the bulls to the bears.


If the engulfing bearish pattern occurs during a downtrend, it may be a last engulfing bottom which indicates a bullish reversal. The test to see if this is the case is if the next candle closes above the bottom the current (black) candle's real body.


MARKET SENTIMENT

PulseScan Swing Vix


PulseScan: 36.72
Swing Vix: 36.87


The Market Pulse is positive since it is trading above its zero signal line.The PulseScan crossed below the Swing Vix creating a DOWN Trend Channel as of 0 period(s) ago. This means that negative momentum has entered the market. Expect sideways to lower prices within the next 3-5 days
A buy or sell signal is generated when the Swing Vix moves out of an overbought/oversold area.


*The last signal was a Over-Bought Sell 6 period(s) Ago.
The Swing Vix does not currently show any Failure Swings.The Swing Vix and price are not diverging.

*Since the last Swing Vix signal, $1XAG/USD - SILVER Spot's price has been unchanged, and has ranged from a high of 41.46 to a low of 40.11.


MOMENTUM


MARKET TREND - Currently the TREND is - Neutral within the Bearish KUMO Consolidation cloud(Possible Trend Reversal) with Upside Bullish Breakout risk. A close below 35.97 is needed to re-establish the downward trend. However a close above 41.06 will establish a new upward trend.


TREND STRENGTH - ,,,


TRENDLINE RETRACEMENT
The close is currently Above it's PulseWave Cycle TRENDLINE RETRACEMENT. - 33.66
The close is currently Above it's Long Term TRENDLINE RETRACEMENT. - 31.45


INTRADAY PRICE PROJECTIONS
RESISTANCE 41.53
SUPPORT 40.04


WEEKLY PULSE WAVE PRICE PROJECTIONS
PulseWave BreakOut RESISTANCE - 40.88
PulseWave BreakOut SUPPORT - 38.21


VOLATILITY
On 7/27/2011, $1XAG/USD - SILVER Spot closed
below the upper band by 22.6%.

jobless claims came in lower but last weeks numbers have been revised upward. the games continue in the govt numbers. im sure next week will be revised upward for this week. markets shaking off the news as it suspects next week we will get a correction basically saying "sike" we fooled you there are no jobs.

I found this article interesting.

Hedge funds and other money managers boosted their silver net-long position by 11 percent to 27,492 contracts, data from the U.S. Commodity Futures Trading Commission showed. The four weeks of gains was the longest string of increases since February.

Link

If you go back to the charts February is where we came right out of the last dip and up very much higher following. I have a strong feeling that contrary to most belief ( at least not on this website ) that the USD will continue to weaken and SLV will continue to move higher.

I played a small lottery ticket at the close Friday buying EUR/USD. I am also pretty sold on SLV right now and after some thinking I am willing to stick my foot back in the water and buy here. If my EUR/USD trade works out I am going to move that money into my options account and buy some higher OTM calls.

The consolidation here in EUR/USD is looking to make a large move. Personally, I believe that move is up and we could see 1.48 again soon. I also could be jumping the gun and we could go right back to 1.40 and I am a large loser.

I believe the things that work in my favor are silver staying in this new little uptrend it has and the US debt deal going through today. Which I believe it will and if you were paying attention Treasuries on Friday told you this.

So I guess I am going back on record here and defintely getting back on the SLV bandwagon. I would like the trade though 100x more if we could see $37.50/oz and see if it holds that trendline.

This week is going to be interesting, and it starts in 4 hours.

Euro

Silver

The silver/gold ratio is over 40:1 right now.

Time for silver catch-up

reply to post by Skerrako


Hope so, im "all in" for silver now. ...been waiting for the right moment to trade some of my silver for gold.

Copper looks like a good short term buy at the moment:




a cursory glance over these charts would suggest we're in the middle of another rise, with plenty of room for upward travel, before another dip.

On the other hand, rice, wheat, corn etc all look set to rise.

Well, that was gross.

Talk of DOW going to test 10,000 again. Probably could. Or we could get an unexpected payroll number tomorrow and today's losses will be forgotten about.

What was the deal with Silver though today? That was relentless selling right at about 10:30AM EST and it never let up for one second. Ridiculous really.

Then there was talk about raising margin requirements on Gold. I don't know about this though. If anyone has any more information on this I would love to hear.