Skip to comments.The Wynter Benton strategy to butt ahead of those in line for the Bernanke's "hot money"
Posted on 03/04/2011 9:48:56 AM PST by Milhous
Our group was detemined to stand for delivery going into Monday because we were not going to take a 30 percent premium on a price of $33.50. It was reported that Blythe offered 50 percent premium. That was not even close in our case. We got over 80 percent premium. That's right. Over $50 per contract on the condition that our group sell all our contracts. Our counterparty even threatened us with the ghost of Herstatt. They openly admitted that they could not deliver even 20 million ounces to us but that if we stood for delivery they would be sure that they make delivery to everyone else before they defaulted on us which would make us 'unsecured creditors'.
Cruel fate seems to eternally condemn the big paperboys and girls to fiat land. Apparently only little people can now actually take delivery.
Great post thanks for the ping I’ve read some of this bloggers things before and had actually asked a few people on site about him. I also read A Conspiracy With a Silver Lining. I don’t know about anyone else but I absolutely believe it is more then a conspiracy, it is what is happening. It’s not the first time either there were previous lawsuits that were settled with pay outs because of it.
What the hell is this about? Gold? Silver? Pot Roast?
This kind of price action in the silver market is reminiscent of the fortune-busting, roller-coaster ride enjoyed by the Hunt Brothers, Nelson Bunker and William Herbert, back in 1970s and early 1980s when they tried unsuccessfully to corner the market.It's a fatal mistake to conflate today's organic market with yesteryear's great men of history market.
There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose. - John Maynard Keynes, 1st Baron Keynes of Tilton
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.