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At MAX: JP Morgan will default on silver within two months LIVE UPDATES

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posted on May, 3 2011 @ 07:47 PM
reply to post by James1982

Don't do it. I'm really disappointed in you for already selling part of it before you came here to ask that question. They fleeced you. Physical silver is going to go way up this year, IMO. You didn't have anything else you could have sold? That was probably the one personal possession you had that is going to keep its value.

Some people are panicking because silver went down after going up really fast for a while. Boo hoo. Hold onto it and eventually, you will be so glad. Sell it now and cry later.

posted on May, 3 2011 @ 07:55 PM
I sold off I'd guess less than 3% of the flatware I own, so I'm not too worried. I'm not looking to get rid of all of it, but I would prefer to stock up on additional food, firearms, and ammunition. Those things are far more valuable to me than silver, and will most likely be worth their weight or more in silver if TSHTF. I'm currently unemployed and have nothing else really of value. I already downgraded my car, my current one is worth about $500 and I need to in order to find employment. My TV, computer, stereo, etc are all old and worthless.

I just don't want to get screwed. So anyone know where you can sell sterling for anywhere close to the melt value of the silver? It was definitely stupid to go to a pawn type place, but I was overdue on my insurance and had no other option.
edit on 3-5-2011 by James1982 because: (no reason given)

posted on May, 3 2011 @ 07:56 PM
reply to post by Skerrako

Just want to say i love your thread and your posts . I've been going out and buying silver from garage sells and flee markets types some good deals out there still!
S & F for your informative posts

posted on May, 3 2011 @ 08:16 PM
reply to post by James1982

I'm sorry I was so flippant, but I didn't know you were trying to buy real things with the money. I don't know who to sell that sort of thing to. I guess you could weigh it and sell it on ebay? lol

posted on May, 3 2011 @ 09:28 PM

Originally posted by AmethystSD
reply to post by James1982

I'm sorry I was so flippant, but I didn't know you were trying to buy real things with the money. I don't know who to sell that sort of thing to. I guess you could weigh it and sell it on ebay? lol

Oh no problem, I wasn't offended or anything heh. I'll admit it was probably stupid to sell silver without looking around first, but I still can't seem to find ANYONE that will buy sterling for anywhere near the value of its silver content. "Hey I'll sell you some silver.... 30 bucks an oz. The catch is it's shaped like a fork!" No takers yet lol....

posted on May, 4 2011 @ 01:21 PM
reply to post by James1982

I would say shop your silver around a little bit:

See what things fetch on Ebay, flea markets, official silver buyers ect.

You will find someone who is willing to pay the fair share for it!

If not, holding is definitely a better option that selling it undervalued.

If TSHTF someone will trade you for silver, BELIEVE me.

posted on May, 4 2011 @ 01:21 PM
Don't be disturbed by the drop in silver spot prices, the spot prices are starting not to matter.

Physical silver selling at around $45-46

That is the real spot price!!!!!

Even if JP Morgan does not announce they have no silver by June 3rd, there is no way the comex can deliver on all of their contracts from June and July.

If JP does not announce they have defaulted, it will mean the entire comex will default by august.

Either JP goes down,or the entire precious metals market.Talk about being in between a rock and a hard place!

edit on 4-5-2011 by Skerrako because: (no reason given)

posted on May, 5 2011 @ 12:42 AM
SLV a ponzi scheme

posted on May, 8 2011 @ 09:35 PM

HONG KONG (Commodity Online): The Hong Kong Mercantile Exchange (HKMEx) has received authorisation from the Securities and Futures Commission and will make its trading debut on May 18, 2011 with the 1-kilo gold futures contract offered in US dollars with physical delivery in Hong Kong.

The ATS authorisation grants HKMEx the right to offer market participants, through its member firms, the use of its state-of-the-art electronic platform to trade commodities. The Exchange will begin trading with at least 16 members including some of the world’s largest financial institutions as well as several well-established brokerages in Hong Kong.

Commity Online


Zero hedge

China to begin trading gold and other precious metals futures.

Direct gold line for China, which means silver will be being pulled up in it's wake.

Almost monday, we will see what it brings........

posted on May, 8 2011 @ 11:35 PM
reply to post by Skerrako

Thanks for keeping us updated!
more stars!

posted on May, 10 2011 @ 11:40 PM
Just got in from traveling, a few updates:

Want to know the true reasons behind silvers 30% crash? And why it's all bull?



Jim Rogers on the crash

This is a short and interesting tidbit:

No bubble pops and goes straight back up

And for anyone with an hour to spare:

posted on May, 11 2011 @ 09:21 PM
Alert to anyone reading this thread:

Due to How The CBOT, Comex And CFTC Coordinated To Break The Last Silver Price Surge, I need to revise the JP Morgan default date. Although it has been CONFIRMED by an insider at Citigroup that the COMEX is in a de facto default, it will be another two months until we see it.

They are hard pressed to meet all the may contracts, but through the silver smash and buying back from old customers it seems as if the will meet their obligations. The page now turns to the large number of contracts in July.


Why this date won't change: TPTB threw everything they had at the silver market last week. They are out of bullets, out of tactics and out of time. Many top Wall Street funds know this, and have been responding accordingly. Soon margin requirements will be at 100%, and physical silver will turn into the new spot price, not SLV.


"Mark my words, and mark them well"
-The Merovingian

posted on May, 18 2011 @ 11:11 PM
reply to post by AmethystSD

Sorry but just had to post

We fix the price of gold and silver to make them valuable or not. - J.P. Morgan, in a letter to his son.

posted on May, 18 2011 @ 11:36 PM
Since this is a goverment game i contend that the four major players in this game are the following goverment bodies
Their captitals are
1. Washington
2. Russia
3. China
4. Belgium

One has too go ,, it's a three player game.

"Dominique Strauss-Kahn has resigned as managing director of the International Monetary Fund (IMF) days after he was charged with the alleged sexual assault and attempted rape of a maid at a New York hotel"

E.U just folded,, ???
I.M.F and the other run by American Banks forget the name,,

my theory,, china buys more u.s dollars thus more chain around the dog,
Belgium pulls out of E.U
Russia getting ready too fight more fires if that peet bog catch's again,,,

Think of it as a high stakes poker game,, china's building chips/coin cash not ships,, opps sorry,,building ships on the american dime,, never thought i would see that wow,, wake up,,

my question
Will America heel ? (stay out of siria).

and no im not a commie,, i'm a realist. ohh and gold has gone up a 1.00+ Canadian/American, since the Contracts were offerd.

edit on 18-5-2011 by BobAthome because: (no reason given)

edit on 18-5-2011 by BobAthome because: (no reason given)

posted on May, 19 2011 @ 09:53 AM
reply to post by mkkkay

We fix the price of gold and silver to make them valuable or not. - J.P. Morgan, in a letter to his son.

incomplete statement, tghat only works when gold and silver in priced in dollars. Once the dollar's time is up no U.S. bank will be able to dictate anything. And that WILL happen within the next 12 months

posted on May, 20 2011 @ 06:33 PM
As zerohedge and other silver market watchers figured, large corporations have now stepped into the silver market with long contracts creating a much more stable base than the one of speculators before the 30% drop.

It's like knocking down a building to give it better steel and stone for the base. Now we can successfully build sky high.

And probably more important, now that speculative fervor is all the talk, the silver net long positioning by non-commercials, contrary to conventional wisdom, is not only at an all time high, nor was it recently, but instead in the last week plunged to a level last seen back in April 2009. Net silver exposure has dropped by almost 60% since its recent peak in February (40,937 contracts), and at this point it seems all speculators have left the party. The new base is now being rebuilt based on much firmer hands.

posted on May, 24 2011 @ 04:44 PM

After 5 days on low volume and 10 days of intense volatility, today the margins were dropped and large hands began swooping in after the consolidation.

The bulls are back. (actually were never gone.)

it's too soon to tell if this is just a small breakout or part of a bigger trend, but by friday we should know.


posted on Jun, 3 2011 @ 11:44 AM
Comex inventories fall to a record low of 29 million:

Registered COMEX silver inventories have fallen to multiyear lows at 29,631,268 ounces. In the last 5 days they fell from 32,132,903 ounces to Tuesday’s holdings of 29,631,268 ounces. As can be seen in the table below registered silver inventories fell every single day last week leading to a sharp fall of 8.4% in 5 days.

However, the scale of the drop in inventories since early 2008 is significant and the trend has accelerated in recent weeks.

Registered silver inventories are down a sharp 38.5% in just two weeks – from 41,044,280 to 29,631,268.

LINK< br />
Please read the entire article, there is lot of good information in there
edit on 3-6-2011 by Skerrako because: (no reason given)

posted on Jun, 7 2011 @ 10:13 PM
The only thing falling faster than the dollar index are the comex inventories, now at 28 million, all time lows.

I must reiterate again that the comex is in a defacto default for those in the know, and it will be seen by everyone by August fifth. Check out the silver fundamentals (supply and demand:


Total fabrication demand grew by 12.8 percent to a 10-year high of 878.8 Moz in 2010; this surge was led by the industrial demand category. Last year, silver’s use in industrial applications grew by 20.7 percent to 487.4 Moz, nearly recovering all the recession-induced losses in 2009, and is now seeing pronounced advances in 2011. Jewelry posted a gain of 5.1 percent, the first substantial rise since 2003, primarily due to strong GDP gains in emerging markets and the industrialized world’s improving economic picture. Photography fell by 6.6 Moz, realizing its smallest loss in nine years, as medical centers deferred conversion to digital systems. Silverware demand fell to 50.3 Moz from 58.2 Moz in 2009, essentially due to lower demand in India.


Silver mine production rose by 2.5 percent to 735.9 Moz in 2010 aided by new projects in Mexico and Argentina. Gains came from primary silver mines and as a by-product of lead/zinc mining activity, whereas silver volumes produced as a by-product of gold fell 4 percent last year. Mexico eclipsed Peru as the world’s largest silver producing country in 2010, and Peru is followed by China, Australia and Chile. Global primary silver supply recorded a 5 percent increase to account for 30 percent of total mine production in 2010.

LINK with graphs

posted on Jun, 7 2011 @ 11:31 PM
its getting close. if this goes so does everything else

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