Posted on 03/02/2006 7:12:11 PM PST by Atlas Sneezed
The prospect of further rises in interest rates in the eurozone unnerved both equity and bond markets on Thursday.
...
The price of silver rose to a fresh 22-year high above $10 an ounce amid expectations that a silver exchange-traded fund would soon receive US regulatory approval.
Unfortunately..., in other breaking news..., a Big Mac is gonna go to at least $40..........
Don't know about that, but I called my coin dealer back again just 10 minutes ago and he clarified to me - that the SEC has already on and - passed the ETF measure!
He further made the clarification to me that the SEC is now "working out the details."
And since I know fully understand that this ETF measure has passed - - silver this morning and this afternoon - - did not go down, but instead it has continued up!
So, clueless here as to why silver is still meandering upwards??
See my above for this Important Clarification please!!
The price og gold closed at $636.00.
News here in N Nevada is that a new gold strike may have been located near Tonapah/Goldfield.
ExSes and djf (or any of you I've pinged), do either of you have any idea why silver is still going up - even after we all now know that the SEC has voted and passed the ETF?
Could the case be that these "details" that the ETF are discussing - might or might not require institutions to have 'in stock'/ hold - more actual silver (stock) - then was originally considered they hold? Or is silver still rising because there is indeed- a world shortage of silver? Or is the case that silver is and will continue to follow golds lead??
Anyone have a clue here. And what about the dollar and it's value and the U S stock market still rising. And also a barrel of oil went to $73 today? Does all this mean - silver, gold and the metals - will continue to climb?
Just clueless about all this today??
Asia now has gold up - $640.70 and silver - $14.70! (time now-2:39pm cst)
Pardon me not waiting for a reply as I know you might not have seen my above posts yet, but I got 'greedy' and just now purchased another 500 oz of silver and I confirmed at $14.65 and a dime. My cost for these Engelhard 100's = $14.75. So...that's that!
Silver gets "used up" in industrial applications. While you average product that uses silver might only use forty cents worth, that forty cents is absolutely indispensible.
So there is a deficit.
Also, I think ETF has to have something like 130M oz on hand to start trading.
Do some research on the history of silver and you will understand.
There is some speculation, and it is just that - the ETF is a "cover story" to fall back on when the comex shorts capitulate. In other words, the ETF ain't gonna happen.
The story goes, "they" are short about 340 million ounces of AG, while eligible stocks are at about 100 million ounces. So, instead of assigning blame where it belongs, (When the comex boys utterly default) "they" can point to the prospective ETF as the culprit. I've been reading Ted Butler on this since '97 or thereabouts. In any case, the shorts are getting squeezed by now, and have to cover or deliver. Woops.
CAUTION.
I am invested in gold and silver shares, but I expect a correction in a day or two. Not a major correction, but I wouldn't buy here. There should be a good opportunity to buy in a week or two. Corrections in a bull market are usually brief but sharp.
Just my opinion.
130 M oz - considerable amount.
Do some research on the history of silver and you will understand.
Yes, with some funds out now-I need to bring myself up to date. Thanks for your posts.
And thank you also Freedom for you info here. - Just checked Asia and silver is down now/ off N Y about 60 cents to $14.00 but gold on the other hand is up $3.60 from the N Y close.
There will be increasing volatility in gold and silver as the massive forces dependent upon suppressing their prices (as they have for many years) fight to retain the upper hand. The problem is that a growing number of people are taking physical possession of the metals (and many of those are among the billions in Asia!).
BTW, the Comex Exchange raised their silver margin requirements again. There was a time where they (as I vaguely remember) actually required more than 100% margin in order to squash speculators raising the price. Now, the international markets hold far more power and the Comex may have to admit it at some point! If you have done much reading on silver you will find that the Comex plays with "paper" which far exceeds the amount of physical silver available for sale EVERYWHERE!
Yup. COT report from last week shows commercials long 22,847 and short 94,633. net 72,000 give or take.
Thats three hundred sixty MILLION ounces!
http://www.cftc.gov/dea/futures/deacmxlf.htm
They shoulda got out when the gettin was good at six bucks an ounce, but nooooooooooo.........
;->
Well, if we knew what was going to happen we could all be very rich indeed. Silver is up quite a bit - But then, so are all the other commodities. The fundamentals sure haven't gotten any "better" for silver. There just isn't sufficient quantities of *deliverable* silver out there, no government stockpiles to feed the market. It may be that higher prices will shake out a lot of jewelry and scrap, but this takes a while. One stock I own that is a pure silver play is up almost 90 per cent in a couple months. It's tempting to take something off the table, but then, buy what? Google?
"Charts just don't ring true but I'm not going to doubt them, I know I'll triple my money at 12.00."
In how many years?
Crap, I just looked at my stuff and I found receipts for silver at 50.00 for a 10 oz. bar.
Silver took a bath yesterday and this morning / now at $12.53. However, I like the 12's and bought 2 more 100's.
Goes into the 11's, I'll get another 3! And sit on 'em!
Yes, so true, and I wouldn't have bought at the top yesterday afternoon. lol/ bttt
Yup.
This was just profit taking. I think we will see a major rebound in Asia tonight, but maybe not all the way back to 14.50
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