HPCsoYESTERDAY

Gold does not do "climb at a steady pace" it's a frisky animal.

If gold is a frisky animal, this is silver

monday we will have a pullback

you can try either at 823 with stop at 818 or 793 with stop of 788

p.s.

as always DYODD

I disagree Ker - whilst you were well on the money where silver was concerned, I think since the AIG bail-out you can throw ta out of the window*. Personally, I think we will see gold jump out of the traps on Monday.

but who knows eh?!

* for a while anyway

http://biz.yahoo.com/ap/080918/wall_street.html?.v=44

err bump people - pog down, this news in, and if i'm not mistaken isn't this just an incy-wincy bit inflationary

http://biz.yahoo.com/ap/080918/wall_street.html?.v=44

Stocks surge on report of entity for bad debt

Thursday September 18, 3:17 pm ET

By Tim Paradis, AP Business Writer

Wall Street soars on report that federal govenment will create entity to hold banks' debt

NEW YORK (AP) -- Stocks are surging with the Dow Jones industrials up more than 300 points following a report that the federal government is considering creation of a repository for banks' bad debt.

CNBC said Treasury Secretary Henry Paulson is considering creation of an entity like the Resolution Trust Corp. that was formed after the failure of savings and loan banks in the 1980s.

The Dow, which had been showing modest moves in the final hour of trading, jumped nearly 330 points to the 10,939 level following the report.

platinum has yet to do anything this week (relatively speaking)

is this now a good buy?

hi ho silver

coininvest appears to be selling silver coins to UK buyers again

OK peeps, what do you make of this?!

kitco now out of eagles, maples and phillies (silver)

YET - to quote them:

In order to reflect the current strong demand for Silver Maples and Silver Eagles, Kitco is temporarily increasing its current bid (buyback) price for these particular products. Please visit our Selling to Kitco page for more details.

does anyone else see irony here

Interesting, so you are in effect selling the spread between kitco and ebay?

What sort of volume do you achieve daily?

this conversation now goes to pm! no disrespect to any of the other posters here, but as it is an open forum where anyone can read, I like to keep some business to myself

post 818 refers to ebay??

 

I think spot and futures price are very close for Silver (ie no disconnect)

I went into more detail on this on the 'watch silver' thread. Basically, if I sell coins, I use eBay where they are nearly getting double spot. paper prices are becoming more meaningless to me personally as each day goes by (applies to gold but to a lesser extent eg. krugs selling at £490 last week

edit - and I'm sure I get some stick for this but as everyday goes by, kitco and coininvests silver inventory is decreasing. fact.

Is Physical price (i.e Spot) not currently sitting very close to "Paper" price (ie nearby Futures contract)?

please see post 818

however, I should of perhaps put more emphasis on silver in my penultimate post

Soon be posting nice rocket pics again this week

yes, but........... paper price may fall given the bullsh1t market we find ourselves in at the mo - physical price should continue with its dis-connect

The dollar is being traded now. It's down, but not by much - nearly a cent on the euro. Not as dramatic as F&F night.

Still a lot of uncertainty out there - lehman bankruptcy is not a given yet: it's being reported as the most likely scenario unless I've missed some news in the last 30 mins

So any announcement on Lehman today or early tomorrow may be crucial. Will confidence be restored or shattered? Looks like markets may respond sharply either way, and st leger's day was this weekend, so the "silly season" is officially over.....

 

Should be "interesting"............

Tom's posted it here:

 

http://forum.globalhousepricecrash.com/ind...showtopic=40570

 

Quite alarming really.

Time to load up you two?

My comment was against the contents of the wiki article on the pound and sterling and the pound sterling.

 

The pound as a word meaning a fixed weight of money had been around since Roman times. In the Anglo-Saxon period Britain used Pennies as well as units, staters, sestertii, dupondii, sceattas, solidus and a few others but not Sterling or shilling.

 

Steoling appeared in Old English to describe coins from the time of the Norman Conquest or the word Sterling used as coin in the reign of Herny II could have come from the German area of Esterling.

 

Therefore Sterling didn't appear until after the Anglo-Saxon period which negates part of the wiki article that you referenced and the article that you have just referenced from the Britannica. Another big problem with both of these articles is the first shilling was not minted in the UK until 1549 in the reign of Edward VI some 500 years after the Norman Conquest.

 

At best both articles are misleading

wow - assuming you are correct (and I have no reason to believe otherwise, given the apparent depth of your knowledge) the misinformation out there is terrible concerning the humble origins of our currency!

I would ignore wiki on the origins of the pound as there are many historical references that point to its root in 'libra pundo'

surely both explanations can co-exist?

as I was referring to pound Sterling, can it be the case that pound has Roman origin and sterling Anglo-Saxon?

http://www.britannica.com/EBchecked/topic/.../pound-sterling

the basic monetary unit of Great Britain, divided (since 1971) decimally into 100 new pence. The term is derived from the fact that, about 775, silver coins known as “sterlings” were issued in the Saxon kingdoms, 240 of them being minted from a pound of silver, the weight of which was probably about equal to the later troy pound. Hence large payments came to be reckoned in “pounds of sterlings,” a phrase later shortened to “pounds sterling.” After the Norman Conquest the pound was divided for accounting purposes into 20 shillings and into 240 pennies, or pence. In medieval Latin documents the words libra, solidus, and denarius were used to denote the pound, shilling, and penny, which gave rise to the use of the symbols £, s., and d.

At one stage it a pound meant a pound of sterling silver. That, I believe, is where the name derives.

wiki concurs:

'There is some uncertainty as to the origin of the term pound sterling. Some sources say it dates back to Anglo-Saxon times, when coins called sterlings were minted from silver; 240 of these sterlings weighed one pound, and large payments came to be made in "pounds of sterlings".'

http://en.wikipedia.org/wiki/Pound_sterling#cite_note-5

and here is the silver weights of modern (pre 1920) UK coinage:

Prior to 1920, British silver coins contained high purity, 92.5% (Sterling) silver. These coins contain the following amounts of actual silver weight:

* Threepence (.0420 Troy ounces of actual silver weight)

* Sixpence (.0841 Troy ounces)

(Krause and Mishler's Standard Catalog of World Coins, 19th Century Edition 1801-1900, First Edition, states that the silver content of the sixpence coin was .0895 Troy ounces from 1838-1919, as the weight of this coin slightly increased in 1838, but so far that hasn't been corroborated by other sources.)

* Shilling (.1682 Troy ounces)

* Florin (.3364 Troy ounces)

* Half Crown (.4206 Troy ounces)

* Double Florins (1887-1890) (.6727 Troy ounces)

* Crown (.8409 Troy ounces)

http://reviews.ebay.com/British-coins-silv...000000001664130

going further off tangent here (apologies in advance).............

To make their own coins 'stand' alongside post 1919 Sterling coins, the Irish govt. minted coins (between 1928 until 1943) containing 75% silver, a higher content than the equivalent British coin. It is believed that this was done so that the new currency would not be seen as a poor substitute to the British currency which circulated alongside. (ref. wiki)

and here's an interesting article:

http://www.expressandstar.com/2008/04/18/c...on-silver-rush/

Cashing in on silver rush

It started with a gold rush, and now a Dudley jewellers’ is offering top prices for old English silver coins.

Rex Johnson & Son in Birdcage Walk is calling for people to dig out money from decades gone by and cash them in for what could add up to hundreds of pounds.

The shop has had queues outside for the last 12 weeks, with people bringing in their old gold chains and watches while the price of gold soars. Now silver is also enjoying a boom, and owner Mr David Johnson is calling on residents to make the most of it and bring in any old coins that have been gathering dust in the bottom of the drawer.

He said: “The coins have been coming in by the bucketloads. We are looking for anything from the half-crown, sixpences, shillings, silver threepenny bits like they used to put in the Xmas puddings, two-shilling pieces, or a crown. “We are giving ten times face value for coins pre-1947, so every pound gets ten pounds, and pre-1920 we will give twenty times the original value.

“We have had a huge response, particularly from the older generation who have had them in their bottom drawers all these years.”

Mr Johnson said the biggest exchange was a woman who brought in her collection of coins and left with £800.

He added : “People are quite shocked; they bring in their little packet of coins and go home with over £100.

“People have been distracted by the price of gold, but the silver has also been holding a high value as well over this period and, since people have begun realising this, the queues have been doubling outside the shop.”

Rex Johnson says it continues to offer top prices for silver and gold at both its Dudley shop and its Birmingham base in Corporation Street, Monday to Saturday.

The jewellers are also still on the lookout for gold, the price of which is still soaring.

Typical items brought in for valuation and sale included medallion chains, popular in the 1980s but which have now fallen out of fashion, and even sovereign rings – a must-have for young men five-years ago.

Mr Johnson said: “It is mainly things they don’t wear anymore or that are broken.”

Sterling has been a fiat currency since WW1. So it's survived about 100 years.

'Real' Sterling (i.e. .925 silver in coinage) survived until 1920. But between 1920-1947 we had .5 silver in coinage, so you could say that between the Great Wars we had 'half' sterling.

edit: I remember reading somewhere that the .500 silver mix in coins was varied with other metals (nickel, copper etc.) in the early years of .5 silver coinage (i.e. early 20s) until an alloy was found that was most durable and presentable, hence you can get examples of the different 'mixes' in the early years.

this is a good site: http://www.tclayton.demon.co.uk/coins.html

The spin and bu11shit out there at the moment is incredible.

the DOW rallies late in the session on the possibility of a buyer for Lehman, GM and Ford are up on the prospect of bailouts. Surely, if (miraculously) a buyer is found for Lehman over the weekend it will be just like Bear Stearns (i.e. Fed involvement).

Once (if) GM gets a bailout, then it will be open season (hence ford share price rises). Welcome to the new capitalism baby!!

http://www.reuters.com/article/marketsNews...20080911?rpc=44

and today's kitco message on the homepage is.........

'In order to reflect the current strong demand for Silver Maples and Silver Eagles, Kitco is temporarily increasing its current bid (buyback) price for these particular products. Please visit our Selling to Kitco page for more details.'

oops they forgot to tell you there also out of stock of the above

OK - as some have pointed out, 'teeny-weeny' coins wont set the market alight, but if you want some coins best get em soon eh?!

well, i took my silver today morning, as planned, even with gold going to 710 I don't think silver will be breaking 10.00 , specially with dollar at the 80 resitance & ahead of FEDs meeting, looks to me its a good risk/reward ratio, target : 14.80 (yeah, i think it will be breaking 12.50 channel line)

good call with regard to the drop to the mid 10s / I hope you're right with the +ve prediction!!

I do question this use of retail price difference to spot as evidence of an emerging divergence.

Fair point - for me, the value of silver (at present) is what I can get for selling a coin. Not a great economic theory I grant you, but it keeps me sane!!!!!

hence, I continue to watch the retail market like a hawk

Why will anything much have to give if the vast majority of physical silver trade is not in the retail sector and is still trading at spot/same as paper?

Please understand where I am coming from here: I buy coins, I sell coins. I know what prices I can buy at, I know what prices I can sell at.

'something will have to give' if the 'true' value of silver is the paper price at present- hence the coins are very over-valued.

conversely, if like kitco is showing, the demand for small bars / coins is outstripping supply, then the price will hold.

That's only evidence of a shortage of supply in the retail sector.

that's where I deal my silver

This is consistent with my theory. 1 oz silver coins are a tiny market. The silver price is not driven by 1 oz silver coins.

 

If the refiner buys the 1000oz bars, with delays, then has to incur cost by melting and recasting, then has to sell at a reduced price, is it any wonder that they are hard to come by at the moment? And this is happening when greatly lower prices for silver have finally attracted physical demand, exacerbating the supply problem (for teeny weeny £10 silver coins)

yes but a lot of us here deal / invest in them teeny weeny coins

9 hrs to go on ebay / 2008 silver eagle at £11.12

http://cgi.ebay.co.uk/1-Oz-Troy-999-2008-B...id=p3286.c0.m14

so at the moment before the auction closes that's nearly double £ spot price (£6.06)

Perhaps, I would take more note of what some here are saying if I only traded on paper - but I don't (thank f***!)