Errol

Not weighed down, just not interested. Been buying since gold at £210 an ounce. Will carry on buying as gold is going much, much higher. Not interested in monthly even yearly moves particularly. Looking 5-10yrs ahead.

And So It Continues: Another 92 Thousand Ounces In Physical Silver Withdrawn From Comex Despite Historic Paper Collapse At this rate, tomorrow, for the first time, we will see a 32 handle in Comex registered silver ounces, where apparently despite the massive drubbing in paper silver, demand for physical inexplicably persists http://www.zerohedge.com/article/and-so-it-continues-another-92-thousand-ounces-physical-silver-withdrawn-comex-despite-histo

Indeed. It does seem to be setting up quite nicely. Just in time for QE3, QE4 etc etc.

"Buyers of physical silver appear to be swooping in as paper traders are scared out of the market. The U.S. Mint reports sales of 701,900 Silver Eagles so far in May -- during a period silver has tumbled more than 20%. At this pace, sales could reach 4.2 million by month’s end. In the Eagle program’s 25-year history, that figure’s been exceeded only twice -- last November and last January.

Gold today is no longer related to the normal economic cycle of supply and demand, jewelry, Indian wedding seasons, rain in the Middle East. All those things are passé, forget about them. Gold is driven today by one overriding and I am afraid, at least in my opinion, an irresistible and irreversible trend. A fundamental, global and growing insecurity… A fundamental, global and growing lack of confidence of the world in everything they were brought up to believe. Institutions, insurance companies, banks, issuers of mortgages, ratings agencies, equities, sovereign debt, Federal Reserve Banks. Portugal and Iceland. Greece and Spain. Currencies. What is left? What is left? - Peter Munk, Chairman of Barrick Gold

Jesses' theory on Silver action - http://jessescrossroadscafe.blogspot.com/2011/05/interesting-theory-on-silver-for.html

CME Hikes Silver Margins By 17%: 4th Hike In 8 Trading Days They are getting really desperate now ... As Max Keiser says: “The total silver open interest shocked the living daylights out of bankers today. The total OI rose by 1340 contracts. The bankers were hoping to see huge number of silver leaves fall from the tree. They were shocked as there was no liquidation whatsoever.” http://maxkeiser.com/

Yes, I noticed this as well. Physical silver is still in short supply and at high prices.

You think you've seen volatility ... think again: I believe that before the bull mkt is over, silver will move $20 in one day. Stewart Thomson - http://www.321gold.com/editorials/thomson_s/thomson_s_050311.html

Banksters Covered 26 Million Silver Oz Short Position The CFTC released it’s commitment of traders report for the last Monday’s Silver Smack Down. And it shows the big guys used the raid to cover -5,209 short contracts (each contract is 5,000 oz. of silver) which is a little more than 26 million ounces of short silver. I wonder how much they covered with a much larger raid last night? This is a huge development. As soon as these guys either cover their shorts or they fail to deliver the physical metal it will be game over. (Remember we have less than 38 million ounces in the registered inventory of the CRIMEX. World wide silver production is 735 million ounces and the banks are still short 258 million ounces or 51,644 contracts. They have a long way to go.) The big question is, if we are in a blow off, parabolic, unsustainable top, why are the banksters covering their shorts? http://dont-tread-on.me/banksters-covered-26-million-oz-short-position-last-monday/

So Much For The Sprott Silver Scare: "Every Dollar From PSLV Sales Was Reinvested In Silver Equities" http://www.zerohedge.com/article/so-much-sprott-silver-scare-every-dollar-pslv-sales-was-reinvested-silver-equities

Is a healthy correction due? Hopefully! I don't like paying nigh on £1000 for an ounce of gold.

Exchange raising the margins again. Hilarious activity. Carry on buying physical. Anyone playing paper silver here or trading on margin needs their head examined.

Gold storming back.

SLA takes out $46. Major assault planned for $47 later today. The world now understands the silver ‘SLA put.’ Sell all you want, we’re buying SIZE!!!! http://maxkeiser.com/2011/05/02/sla-takes-out-46-major-assault-planned-for-47-later-today-the-world-now-understands-the-silver-sla-put-sell-all-you-want-were-buying-size/

The battle for silver is not the old Hunt Brothers high of $50. The real battle for Silver is to decisively break above the price of JP Morgan’s stock price. JPM has used its own stock to collateralize naked shorts against Silver so if the price breaks above JPM’s stock price, it’s an Enron type collapse for JPM’s stock (and US dollar). I’ve said this for more than a year now – so the current struggle to break free of the JPM stock price was anticipated. This level will fall and then the $50 level will be taken out quite quickly as we march toward $500 and the collapse of the US dollar. - Max Keiser http://maxkeiser.com/

As Keiser says, I think the Comex is fighting a losing battle. The cash buyers have the upper hand. Keep on buying physical.

Richard Russell - China on Massive Gold Accumulation Program http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/4/30_Richard_Russell_-_China_on_Massive_Gold_Accumulation_Program.html

I presume all this discussion about tops etc is only about A top not THE top? Silver is going to $500 an ounce eventually. Sure we will get drops etc on the way, but there's nothing to worry about. The ride has only just begun (think gold ten years ago).

Think about that when gold is $10000+ (I'm not joking).

I wonder whether all these people gibbering about selling hold physical?

Net Asset Value of Certain Precious Metal Trusts and Funds - Predictable Expiration Action http://jessescrossroadscafe.blogspot.com/2011/04/net-asset-value-of-certain-precious.html

Apmex Starts Reverse Inquiry: Seeks To Buy "Any Quantity" Of Silver From Clients At $3 Over Spot http://www.zerohedge.com/article/apmex-starts-reverse-inquiry-seeks-buy-any-quantity-silver-clients-3-over-spot

London Source - Asian Buyers Will Take Silver Over $100 http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/4/25_London_Source_-_Asian_Buyers_Will_Take_Silver_Over_$100.html

Apmex Out Of Silver Eagles Until May 13 - http://www.zerohedge.com/article/apmex-out-silver-eagles-until-may-13