Posted on 09/03/2009 5:00:36 PM PDT by mamelukesabre
Silver is going bonkers!
follows gold
Probably China,
They’ve been going through patterns of stocking up of commodities.
I can think of one major reason... the bullion banks have a huge, huge short position in silver and gold. And September promises to be extremely ugly for them...
http://www.bloomberg.com/markets/commodities/cfutures.html
back down tomorrow. I am getting gold and silver etfs on the dips.
The Chinese government has told Chinese companies they do not have to honor derivatives and commodity futures contracts made with Western financial institutions.
http://www.reuters.com/article/rbssBanks/idUSSP47327420090831
BEIJING — A report that Chinese state-owned companies will be allowed to walk away from loss-making commodity derivative trades provoked anger and dismay among investment bankers on Monday as they feared it may set a damaging precedent.
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JP Morgan has huge derivative shorts in the silver market. Chinese warnings they won’t pay off any losses is causing them to cover their short positions.
My bet is $30/oz silver by Christmas.
I think we should stock pile silver dimes for the panic currency, as gold is already too expensive. Hard times are a’comin.
barbra ann
Silver and gold both. We’ve had two big days in a row. The HUI goldbug index went over 400 today.
http://stockcharts.com/h-sc/ui?s=$hui&p=D&yr=0&mn=4&dy=0&id=p24903662436
Useful page re: silver values and coin content values in silver:
http://www.coinflation.com/silver_coin_values.html
Common US silver coins are the best bet for holding silver. Already denominated, their value is easily established and can be combined in various denomination to mtrade for scarce items when the SHTF.
ammo and canned goods...
silver coins, canned goods, ammo—the trader’s trifecta when the SHTF.
Something major is going to happen in a week or two.
Let me know when it nears $50 AGAIN, like it did in 1980.
I’ve got some $14 “Hunt brothers” silver to sell.
We'll see... if Gold closes over $1000... it might run up for a while... on the other hand... the Chinese companies might walk away from their losing short positions in gold and silver... so who knows what is going to happen?
If the chicoms walk away, what will that do to prices?
I wonder how things would be different if the US issued a roughly nickel-sized coin made of 90% silver and called it a dollar.
A silver dime is worth a dollar. I think.
Maybe we should issue a $5 coin made of silver and see if that doesn't shore up the value of the dollar.
Or we could simply elect a government that wasn't running the presses at the mint 24/7 and spending us into penury.
did you factor into your figures that silver dimes are NOT sterling silver? They are somewhere around 90% silver, I believe.
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