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Originally posted by eLPresidente
Who thinks it is going down a little more before going past 50!?
May 6, 2011
But if we see a rally up to $46-$47 which would be very typical of a countertrend rally, look out below. That's when you will see a real silver crash. - Full Text
May 9, 2011
James Turk - Silver Will Hit New Highs in a Matter of Weeks
So what is ahead for this current correction? Repeats of 2004 and 2006, or another 2008? My guess is none of the above. It took several months after these three previous corrections before silver climbed above the high price that preceded the correction. This time I expect silver will take only several weeks before exceeding $49.78, the 31-year high reached on April 25th. The reason? - More & Chart
Tuesday, May 10, 2011
Silver shedding open interest
Based on the reported open interest and volume numbers by the exchange, silver's rally yesterday was sparked by fresh shorts who sold the bottom last Thursday and Friday and are now having those sky high margins hit them for a change. Perhaps they have now learned that what is good for the goose is also good for the gander.
The market has had a nice pop off the low down near $33 but has yet to regain its footing above the 40 and 50 day moving averages. Until it does, its technical posture, while greatly improved, still remains bearish on the daily chart. You will note on the chart that unlike gold, which has retraced half of its recent losses, silver has not yet been able to recapture the 38.2% retracement level of its recent leg lower. - Text Including Charts
Originally posted by OBE1
A couple of potential, immediate-term headwinds - looks like the dollar is gunning for a minimum 75 handle off the current rally....
SILVER CONFERENCE CALL
This interview speaks for itself...
Call Leaked - Biggest Names Discuss Silver
Kitco Gold Index
Did gold really go down 4.20?
No. It actually went up 1.25 in real terms, but US Dollar strength makes it appear to have gone the other way.
IMPORTANTue to a major power outage, Kitco`s offices are currently close. We are currently working on the issue and anticipate resolution shortly. We apologize for the inconvenience. - Link
posted on Jun 07, 11 01:33PM
A jeweller told me today that:
Kitco was raided today by the RCMP, Revenue Quebec and Revenue Canada.
They are allegedly being accused of promoting or abetting fraud. They are closed today as the canadian Govt has seized all their computers.
Rumour has it, that they owe also $150,000,000.00 canadian in un-paid taxes... - Link
ax probe in gold sector
Revenue quebec investigating; Police conduct searches and seizures at 70 locations in Montreal area.
Claiming widespread tax fraud in the gold refining and trading sector, Revenue Quebec and police investigators this week conducted searches and seizures at 70 locations in and around Montreal Island and as far as St. Bernard de Lacolle.
One of the targeted sites was the downtown Montreal location of Kitco, a major buyer and seller of gold.
A note on the floor of its ninth-floor office on Cathcart St. on Thursday said that "operational constraints" had forced the service counter to close this week.
Kitco's alleged connection to the scheme stunned many.
The Montreal company has a high international profile in the precious metals sector. - Full Text
Kitco Charged With Massive Tax Fraud Scheme, Business Viability In Question
Life for the precious metals dealer, and home of the often times infamous Jon Nadler, Kitco just got very ugly.
Instead of trafficking in invoiceless gold, perhaps Kitco should have just pulled a Goldman, opened a prop desk, and bought the stuff. Hopefully they learn from this mistake. - More