SILVER

[electroweak]

During last week, I saw something very odd happen at the COMEX for silver.

They moved 2 M oz from 'eligible' to 'registered' - registered is the stuff that counts; Now this tallys incredibly well with Ted Butler's observation on kingworldnews (and reported on 24knews, thanks Pix!)

 

Eric King: "What about the physical market for silver?"

 

Ted Butler: "Well it looks tight as a drum to me, I saw something yesterday that really set me back, and that's namely that they took 2 million ounces out of the SLV, at a time when they should be adding silver like crazy because of the price action and volume statistics. All I can think is they are taking silver out of the SLV not because anyone is liquidating or doesn't want silver, they are taking it out because they need it. The example I would give, I get the feeling that the wholesale market in silver that they are robbing peter to pay paul and that game can't last forever. Coupled with the structure in the commitment of traders and bank precipitation this is one of the better times I have seen in silver."

 

So something was deffo afoot last week! I might even buy some more silver, based on that.

[Delboy]

I like silver. I look at a gold coin and think that's worth £800 that is ridiculous. I look at an oz silver coin and think that is worth £15 and it seems more sensible. If financial armegedon happens surely people will trade in silver day to day. I know this did not happen in Zim since they had gold in the local river and it could be panned. I also realise the ratio G/S is out of kilter historically and this will give potential for more % gain long term. I understand that the reserves for silver (mining) is due to end 2015-20 and gold (2020-25) which should affect the price due to lack of expanding supply. The market for silver seems to fluctuate more so for the trader there is more to gain.

 

Am I wrong?

[warpig]

Yes, £800 is cheap.

 

The potential for silver is huge... but in the short term it's more of a gamble than gold. Long term the world is running out of silver and it will go 2damoon. Eventually the market will have to establish a price on silver that encourages recycling, at the moment it's too cheap.

 

Am I wrong?

[nicejim]

£800 is expensive if you don't own the coin you buy.

 

-=-

http://www.statutelaw.gov.uk/content.aspx?...xtDocId=1404903

 

3. Her Majesty may from time to time by proclamation made with the advice of Her Privy Council—

 

(e) call in coins of any date or denomination, or coins made before a date specified in the proclamation

-=-

 

 

The CGT and "recognisability" advantages of British coins suddenly don't sound so compelling :-(

[warpig]

It's nothing to worry about, it must be in every country's coin act. Coins are the most readily exchangeable and most difficult to tamper with, you can spot a dud pound coin a mile off.

 

£800 is expensive if you don't own the coin you buy.

 

-=-

http://www.statutelaw.gov.uk/content.aspx?...xtDocId=1404903

 

3. Her Majesty may from time to time by proclamation made with the advice of Her Privy Council—

 

(e) call in coins of any date or denomination, or coins made before a date specified in the proclamation

-=-

 

 

The CGT and "recognisability" advantages of British coins suddenly don't sound so compelling :-(

[d2thdr]

£800 is expensive if you don't own the coin you buy.

 

-=-

http://www.statutelaw.gov.uk/content.aspx?...xtDocId=1404903

 

3. Her Majesty may from time to time by proclamation made with the advice of Her Privy Council—

 

(e) call in coins of any date or denomination, or coins made before a date specified in the proclamation

-=-

 

 

The CGT and "recognisability" advantages of British coins suddenly don't sound so compelling :-(

 

They do. They will still be valued for gold content elsewhere. can be melted and also can be transported easily.

[Happy Nihilist]

double post

 

 

Silver looking vulnerable ? :

 

[romans holiday]

double post

 

 

Silver looking vulnerable ? :

Indeed. Nice chart. I think silver will just continue to bounce up and down against the dollar in this wide range for the short/ medium term.... reflecting the strength of both currencies.

 

I'm only swing trading silver now. Gold is the one to buy and hold imo.

[Happy Nihilist]

Indeed. Nice chart. I think silver will just continue to bounce up and down against the dollar in this wide range for the short/ medium term.... reflecting the strength of both currencies.

 

I'm only swing trading silver now. Gold is the one to buy and hold imo.

 

Agreed. Volatility to be expected going forward, and possibly a sharp drop around the corner? But regardless, remarkable how Silver has behaved technically these last few months.

 

 

[electroweak]

COMEX have done it again....

 

They moved 1.072 million ounces of silver from 'Eligible' to 'Registered' (i.e. out of SLV etc. and into 'available for settlement') in a single day.

 

 

gonna blow?

[VictorBroom]

On a separate note - someone wants to sell some 1kg Metalor bars on HPC. Not sure of price...

http://www.housepricecrash.co.uk/forum/ind...p;#entry2422089

[Jake]

Well for better or for worse I just got a nice roll of silver eagles. And some 2010 pandas and harmonicas.

Gather ye rosebuds and all that...

[HPCsoYESTERDAY]

Well for better or for worse I just got a nice roll of silver eagles. And some 2010 pandas and harmonicas.

Gather ye rosebuds and all that...

 

if predicting the pos was plain sailing, then many commentators (blogs and forums) would be right 'most of the time'; this is far from the case as far as i can see.

 

i have been slowly adding to my pre-1920 stash of late, i like the old vict. crowns personally. I am also tempted to sell some older lunars as they command quite a premium but part of me says no. For the long term, i am holding onto brits which have a mintage of 100k, less than that of kooks and lunars (300k), but they are not as popular to the global collector as the Aussie coins.

 

 

 

 

[Jake]

if predicting the pos was plain sailing, then many commentators (blogs and forums) would be right 'most of the time'; this is far from the case as far as i can see.

 

i have been slowly adding to my pre-1920 stash of late, i like the old vict. crowns personally. I am also tempted to sell some older lunars as they command quite a premium but part of me says no. For the long term, i am holding onto brits which have a mintage of 100k, less than that of kooks and lunars (300k), but they are not as popular to the global collector as the Aussie coins.

I find the lunars a bit naff but like the kookaburras. I must say I don't like the Britts either but do hang onto them hoping one day I will. I do like the Eagles and the harmonicas are popular and well known where I am. I, like yourself, ferret away pre 1920 US (pre 64 actually) 'junk' for historical reasons among other. I would love a British Crown collection though but I'm not going to start now. Crown sized coins seem so 'worthy' to me. Shame I have so few.

I'm afraid I didn't understand the first part of your post so can't comment. What did you mean?

 

[HPCsoYESTERDAY]

I find the lunars a bit naff but like the kookaburras. I must say I don't like the Britts either but do hang onto them hoping one day I will. I do like the Eagles and the harmonicas are popular and well known where I am. I, like yourself, ferret away pre 1920 US (pre 64 actually) 'junk' for historical reasons among other. I would love a British Crown collection though but I'm not going to start now. Crown sized coins seem so 'worthy' to me. Shame I have so few.

 

 

I got my first Morgan dollar the other day and a couple of capped bust half dollars, i have to say this could be another wee stash to build on! being UK based though, i miss out on the availability of pre 1964 US coins.

 

 

I'm afraid I didn't understand the first part of your post so can't comment. What did you mean?

 

 

your previous post started off with 'well for better or worse....', which i took as a comment regarding silvers apparent precarious position according to some on here, but apologies if i was incorrect.

[Jake]

I got my first Morgan dollar the other day and a couple of capped bust half dollars, i have to say this could be another wee stash to build on! being UK based though, i miss out on the availability of pre 1964 US coins.

 

 

 

 

 

your previous post started off with 'well for better or worse....', which i took as a comment regarding silvers apparent precarious position according to some on here, but apologies if i was incorrect.

Ok sorry I get you now. Price Of Silver. Basically I take silver when there is something I want available. At these levels I think silver is cheap. Sure not as cheap as it was in 2004, but it is still way off what it could be. Anything under 20 dollars/oz is cheap to me.

 

Morgan dollars are sumptous aren't they? They are also rather numismatic which is nice and highly favored in the States. I have a nice Carson City Morgan which was a pleasant surprise in a 'lot'. I think they and Peace dollars are disgracefully beautiful. And perhaps better buy than a pure oz. I am Japan based so getting Uk coins is problematic compared to US. US junk is simply cheaper and more available.

[Twopper]

Well for better or for worse I just got a nice roll of silver eagles. And some 2010 pandas and harmonicas.

Gather ye rosebuds and all that...

 

 

Where do you buy your silver coins from?

[Jake]

Where do you buy your silver coins from?

Some from Taisei coins, Fujimint, World coins, some from US and others from CID. In UK I like Chards and sometimes Bairds and ATS.

Basically I am not too fussy where they come from. There are plenty of old US coin dealers in Japan thanks to Okinawa ,I guess. None of the Japanese places have websites in English and the dealers speak only Japanese and will introduce you to others when they get to know you. Are you in Japan?

[Twopper]

Some from Taisei coins, Fujimint, World coins, some from US and others from CID. In UK I like Chards and sometimes Bairds and ATS.

Basically I am not too fussy where they come from. There are plenty of old US coin dealers in Japan thanks to Okinawa ,I guess. None of the Japanese places have websites in English and the dealers speak only Japanese and will introduce you to others when they get to know you. Are you in Japan?

 

 

In UK - I just want a bit of physical silver as well as buying some in Bullionvault. I will probably go for eagles just because I like them.

[Jake]

In UK - I just want a bit of physical silver as well as buying some in Bullionvault. I will probably go for eagles just because I like them.

Eagles used to cost more in the UK due to EU tariffs or something. I am not sure if that is still the case. CID will deliver though and you can reduce your VAT if you have a buyer in Europe. VAT in the UK makes silver a long(er) term investment. Probably best way is the Sarnia way, which has been well written about here.

Best of luck! I don't think you'll regret silver and they make lovely presents if you have kids or family. It's so cheap really for great potential even if it goes down in value temporarily.

[LauraB]

http://www.idahoreporter.com/2010/idahoans...r-to-pay-taxes/

 

If Rep. Phil Hart, R-Athol, has his way,

Idahoans could soon be able to pay their taxes with silver medallions produced in the state of Idaho.

 

Hart said the bill serves several purposes, including creating jobs in Idaho, as well as giving citizens in the state a way to store wealth in what he believes is a more stable form of currency. Hart said that though the U.S. Constitution dictates that the government should use nothing but gold or silver for public currency, the federal government has essentially left that provision “in the rear view mirror.” The bill would give the state treasurer the ability to work with silver processing companies to develop a state medallion that the state would then be forced to accept as payment for taxes.

 

That, Hart believes, could bring hundreds, if not thousands of job to the state. In conjunction with the creation of the medallion, Hart’s bill would also try to lure silver processing companies to Idaho, and in particular, north Idaho, which, according to Hart, was once called “the silver capital of the world.” The bill would give companies that come to Idaho to process silver for the medallion a 10-year exemption from income taxes, as well as property taxes. The exemption would be open for 20 years and would sunset after that period of time.

 

continues

[lowrentyieldmakessense(honest!)]

http://www.idahoreporter.com/2010/idahoans...r-to-pay-taxes/

 

If Rep. Phil Hart, R-Athol, has his way,

Idahoans could soon be able to pay their taxes with silver medallions produced in the state of Idaho.

 

Hart said the bill serves several purposes, including creating jobs in Idaho, as well as giving citizens in the state a way to store wealth in what he believes is a more stable form of currency. Hart said that though the U.S. Constitution dictates that the government should use nothing but gold or silver for public currency, the federal government has essentially left that provision “in the rear view mirror.” The bill would give the state treasurer the ability to work with silver processing companies to develop a state medallion that the state would then be forced to accept as payment for taxes.

 

That, Hart believes, could bring hundreds, if not thousands of job to the state. In conjunction with the creation of the medallion, Hart’s bill would also try to lure silver processing companies to Idaho, and in particular, north Idaho, which, according to Hart, was once called “the silver capital of the world.” The bill would give companies that come to Idaho to process silver for the medallion a 10-year exemption from income taxes, as well as property taxes. The exemption would be open for 20 years and would sunset after that period of time.

 

continues

fingers crossed

 

[romans holiday]

Silver 17.57

 

Anyone trading silver? I'm looking to sell around 18/ 18.50.

 

Nearing overbought on RSI:

 

[chazza]

Silver 17.57

 

Anyone trading silver? I'm looking to sell around 18/ 18.50.

 

Nearing overbought on RSI:

 

 

Have we seen a triple top in GBP @ 11.75?

[romans holiday]

Have we seen a triple top in GBP @ 11.75?

Interesting you mention that. Perhaps so. I was just comparing silver to another commodity currency; the Kiwi dollar:

 

 

Looking at charts like this, I reckon it makes sense to think of silver as a [super] commodity currency. Both the Kiwi and silver have moved up 50%. It's all about capital flows between currencies.