5 Alarm Fire at Comex: Silver Will Soar Once Again

"The confirmed volume of silver at the Comex on Tuesday was 201,216 contracts which equates to just slightly more than 1,000,000,000 ounces of silver in one day. Now, for perspective, consider that the total annual production of silver on planet earth is 600,000,000 ounces. So Tuesday's volume was 166% of total annual world production."

reply to post by Iamonlyhuman


The Sh*t is about to hit the fan.

reply to post by Iamonlyhuman


So it looks like they cant withhold silver's real value anymore. Look out world, S|-|!ts gonna get interesting! And don't wait for silver to go back down, because you will still make a huge chunk even if you buy it at 30 an oz today. It is said that silver is actually worth more like a few hundred dollars an oz. and buy physical bullion at a NUMISMATIST (look it up in google if you don't know this term, very important), not a piece of paper that tells you you own silver.

Thanks for posting! S+F

Maybe I am being a bit thick but I don't see how buying up the silver as put forward to bring down JP Morgan is going to do anything other than create a scarcity which is going to push the price up and thus far from crashing them will make them millions on futures.

I have been wondering if the whole thing is in fact a scam by the said JP Morgan to achieve just exactly that and people have gone along with it because of the dis-info spread about.

Someone please explain where my thinking is flawed?

reply to post by PuterMan


There is a scarcity, and there is nothing untrue about the fact that the central banking system has overinflated its currencies for a long time, and has manipulated the market to devalue metals. Now that the free market has responded to these manipulations, we are seeing the brunt of it manifest itself via these bulk withdrawals of bullion. This was a long was in the making, no JP Morgan scam. This is very real, buy and hold on to physical metals, it is going to be a tough few decades for the world financial system.

Originally posted by Terces_Pot_Evoba
reply to post by PuterMan

 

There is a scarcity, and there is nothing untrue about the fact that the central banking system has overinflated its currencies for a long time, and has manipulated the market to devalue metals.

Thanks for the response. I was not saying anything was untrue - other than the premise that silver would fall if people started buying. No the opposite would happen, and that would create a bonus for them on the futures market. Am I right?

The only way they are going to lose is if the price crashes and they lose heavily on the futures, thus buying is they wrong thing (if you wanted to affect the futures). Selling is what will bring down the price. Scarcity is always going to push it up.

Originally posted by Iamonlyhuman
"The confirmed volume of silver at the Comex on Tuesday was 201,216 contracts which equates to just slightly more than 1,000,000,000 ounces of silver in one day.
...

So Tuesday's volume was 166% of total annual world production."

This doesn't mean that it's a huge scam (although I'm sure it probably is). Trading desks make several hundred trades a day, sometimes only holding the contracts for a few minutes before reselling. It can be the same 500 contracts traded back and forth all day long but the volume traded records would show 200K or more.

I got mine, do you have yours?



Silver porn at its best...lol

All I can say is this...
If SHTF, you can stash all the silver you want.
BUT:
You can't eat silver.

I'd much rather have food and ammo than a precious metal.
Sure, get some to have a valuable asset, but in the long run, it's only worth what we say it is.

I especially like the comment about Bank of America.
If it fails, the entire banking system might collapse...
Hmm...

This is great news. I always thought that silver was highly under valued and I bought 500 oz when it was at $25/oz. I missed the gold climb because I listened to a family member who said gold will not go beyond $1000. I said it would hit at least $1500 by the end of 2010 and likely be up around 2500 by summer 2011. This is when it was at about $800/oz. I am now buying about 50 oz of silver every month until it hits $50/oz which is the same amount I was putting in my savings account. Don't miss the boat folks..

Precious metals speculators beware. Yes, prices are skyrocketing, but you will be left holding the bag if you don't cash in and take your profit in time. It's human nature to swarm to what's popular, but by the time an investment is 'hot', the big money has already been made. When the big boys cash in, prices will plunge.
As evidence, look at what the Hunt brothers did back in the early 70's. They cornered the silver futures market, and drove the price of silver from less than $5 an ounce to over $50. Once they sold, the price of silver free-fell back down to $5
History is repeating itself, only the perpetrators have obscured themselves better than the Hunt brothers did.

Originally posted by havok
All I can say is this...
If SHTF, you can stash all the silver you want.
BUT:
You can't eat silver.

I'd much rather have food and ammo than a precious metal.
Sure, get some to have a valuable asset, but in the long run, it's only worth what we say it is.

Yes, I agree. I actually want to ask a question of ATS, in relation to this comment: why does everyone on here get hyped up about buying gold and silver? I thought we were the kind of people who thought "currency is a man-made conception, let's just get rid of it all"? By cashing on and saving up on silver and gold, aren't we just perpetuating the man-made conception that we need to have currency and be consumers in some way shape or form? The currency is just different; precious metals instead of green paper.

If the SHTF, silver won't do anything for us. Being able to barter with food and resources would be so much more valuable in a situation where dollars and cents have become worthless. Sure, there are plenty of people who want to wear their pretty jewelry and look nice, but there are exponentially more people who would trade for food and water so that their family can have nutrients. In fact, the people who originally were in control of this world were farm-owners (just check out Ancient Greece and Rome and see who the Aristocrats were - the wealthy land-owners who had farms.) They won because they had the food. So I just don't see the point of buying silver. It seems completely stupid to me.

theres a class action RICO prosecution going against JP Morgan from what i hear.

there will be more indictments on the COMEX Silver trades by others also.

so i see silver heading to $50 as a realistic value, but after the JPMorgan and others
are actually indicted & the trial develop, then wild & panic speculation will rear it head.

I am too gunn shy to buy silver dollars, either Canadian or American because with
the rush to possess coinage, its too pricey for my fixed income,
all i can do is watch, and purchase canned & dry goods to eat before they inflate
as fast as silver is right now..
every grocery trip i buy bulk stuff, i'm waiting to purchase coffee & sugar in bulk
(#10 cans or sacks of sugar for future trade items as i use neither)

Originally posted by spacekc929

Originally posted by havok
All I can say is this...
If SHTF, you can stash all the silver you want.
BUT:
You can't eat silver.

I'd much rather have food and ammo than a precious metal.
Sure, get some to have a valuable asset, but in the long run, it's only worth what we say it is.

Yes, I agree. I actually want to ask a question of ATS, in relation to this comment: why does everyone on here get hyped up about buying gold and silver? I thought we were the kind of people who thought "currency is a man-made conception, let's just get rid of it all"? By cashing on and saving up on silver and gold, aren't we just perpetuating the man-made conception that we need to have currency and be consumers in some way shape or form? The currency is just different; precious metals instead of green paper.

If the SHTF, silver won't do anything for us. Being able to barter with food and resources would be so much more valuable in a situation where dollars and cents have become worthless. Sure, there are plenty of people who want to wear their pretty jewelry and look nice, but there are exponentially more people who would trade for food and water so that their family can have nutrients. In fact, the people who originally were in control of this world were farm-owners (just check out Ancient Greece and Rome and see who the Aristocrats were - the wealthy land-owners who had farms.) They won because they had the food. So I just don't see the point of buying silver. It seems completely stupid to me.

I understand where you are coming from , but let's jump back to reality for just a moment. I have been hearing the same sentiment and comments since the 70's "when TSHTF I would rather have food and ammo" I am still waiting to see THSTF and it has been 40 years. If I wonder how valuable those canned foods and ammo that I would have bought in 1970 would be worth in todays market? I agree that it is wise to have an emergency supply of food and water incase of any disasters such as floods, long power outages etc, but it is still a wise decision to invest in hard physical precious metals as that has been the currency used for thousands of years not food and ammo.

So if TSHTF how do you suppose you are going to be able to use this as a barter item? I will trade you a dozen egges for a loaf of bread? I cannot see this happening. There has to be a simple currency and it will be gold and silver as it always has. I will give you 1 ounce of silver for those dozen eggs and then you can buy 10 loaves of bread with that silver coin.. It would be much too complicated to barter with diferent items such as food , ammo, water etc.
Realistically people should be able to hunt, fish, grow a garden etc to supply themslves with food. Sadly most of the knowledge and skill required to do any of these things has been lost over the years. We have all become too reliant on grocery stores, restaurants, fast food etc for our food supply. I have taken up hunting last year and I have not had to buy a single piece of meat from any grocery store and that in itself is a great feeling. The greenhouse/garden is my next project.

In the end it is up to the individual to decide what is best for them.

For anyone interested here is a good article on silver predictions written in 2007.

www.moneyweek.com...

The source of this information, Youtube user SGTbull07.

He puts out loads of videos like this, last month for instance it was total market collapse.

Originally posted by nepafogo
This is great news. I always thought that silver was highly under valued and I bought 500 oz when it was at $25/oz. I missed the gold climb because I listened to a family member who said gold will not go beyond $1000. I said it would hit at least $1500 by the end of 2010 and likely be up around 2500 by summer 2011. This is when it was at about $800/oz. I am now buying about 50 oz of silver every month until it hits $50/oz which is the same amount I was putting in my savings account. Don't miss the boat folks..

The question is.. are you taking delivery on it? I sure hope you are!

Originally posted by nepafogo
I understand where you are coming from , but let's jump back to reality for just a moment. I have been hearing the same sentiment and comments since the 70's "when TSHTF I would rather have food and ammo" I am still waiting to see THSTF and it has been 40 years. If I wonder how valuable those canned foods and ammo that I would have bought in 1970 would be worth in todays market? I agree that it is wise to have an emergency supply of food and water incase of any disasters such as floods, long power outages etc, but it is still a wise decision to invest in hard physical precious metals as that has been the currency used for thousands of years not food and ammo.

In the 1970's the American public was just getting used to being without the gold standard.
Today's currency is backed on the good faith and credit of the US gov't.
Not gold or silver to 'back it up'.
I have a feeling that reality is different today.
There is a downward spiral that is collapsing the current monetary system as we speak.
It was planned before the 1970's.

So if TSHTF how do you suppose you are going to be able to use this as a barter item? I will trade you a dozen egges for a loaf of bread? I cannot see this happening. There has to be a simple currency and it will be gold and silver as it always has. I will give you 1 ounce of silver for those dozen eggs and then you can buy 10 loaves of bread with that silver coin.. It would be much too complicated to barter with diferent items such as food , ammo, water etc.
Realistically people should be able to hunt, fish, grow a garden etc to supply themslves with food. Sadly most of the knowledge and skill required to do any of these things has been lost over the years. We have all become too reliant on grocery stores, restaurants, fast food etc for our food supply. I have taken up hunting last year and I have not had to buy a single piece of meat from any grocery store and that in itself is a great feeling. The greenhouse/garden is my next project.
In the end it is up to the individual to decide what is best for them.

Well, in all due respect, if the monetary system would collapse, people would panic without money.
There would be a different value for an ounce of silver than a standard value.
SO it might be worth a loaf of bread here and 1 egg somewhere else.

I think that bartering without 'currency' will be a last resort, because there will be gold and silver floating still.
But, either way, I'd rather have a stash of food and ammo.

Just like how the market delegates the value of gold today.
If there is no market value, how do you know what it's worth? (rhetorical)

I think I'd prefer to stock up on canned goods if the S is really gonna HTF.
I'll eat it with my granny's silver she left me.

I often wonder why folks prepping for armageddon don't study the performance of precious metals in the context of real life SHTF events. From Weimar, to Eastern Europe, to Zimbabwe & Argentina, history is littered with examples...precious metals not only rocket in value, but they ultimately become the currency of choice.

In recent Argentina, the chances for survival actually increased in urban environments...neighbors provide security. If you were holed-up on an isolated farm/ranch you were a target. Gangs roaming the rural districts would lay siege to a farm/ranch, kill the inhabitants, take up residence, exhaust all supplies...then move on to the next one and repeat. I'm a staunch proponent of gun ownership, but everyone has to sleep sometime...a fact not lost on determined criminals in rural Argentina. Similar situation occured in Weimar. Farmers/ranchers refused to bring their products to town in exchange for a rapidly deteriorating reichsmark (they did accept Gold/Silver). Hungry townsfolk raided their granaries, fields, and livestock.

Recommended reading...When Money Dies: The Nightmare of the Weimar Hyper-Inflation

Obviously no one thing is gonna save anyone.
It would be wise to have some precious metal for barter and trade, but it is also prudent not to stock up on large quantities of something that you cannot eat .
The balance of preparadness demands equal emphasis on the nessessities of life at least.
Here is a little list of other commodities that would have inflated values after such collapse.
Medical supplies, ie antibiotics,analgesics,etc.
Booze and the means to make it.
Alchohol will be a very common pain killer and also can be used medicinally ,for disinfectant....besides the regular uses....
Tobacco, and tobacco seeds.....A good friend made it through the war growing up in germany,by planting tobacco seeds and harvesting the crop for barter.He claims he supported the family trading for food.
All kinds of food seeds would be a good bank account too, being highly valuable afterwards.(many 1000%)
The means of preserving and canning foods....either in family amounts or larger quantities.
The means of producung electricity from wind, water or sunlight.
There are probably far more things that would be in short supply due to scarcity or finances so think along those lines.
What could we not possibly get along without?and see about stocking it up or the means to produce it.......