SILVER

[darreng1000]

just bought my first ever physical today from coininvestdirect!

have previosuly just played with paper and leveraged paper.

 

i can't wait to get them in my hands.

maples, eagles and philharmonics!

[Steve Netwriter]

So, lots of talk of sub-$10 silver recently. Gold has made its way back up to levels of a couple of months ago. Silver having a little rally. But what next?

 

I'm still a little sceptical on Silver in the short-term. Which probably means $20/oz is just around the corner.

 

Naaaaahhhhhh.

 

$25

 

IMO silver with rocket and overtake gold. I guess we'll see.

 

[Mr Pipples]

Just found this announcement on the 'Buy Silver' page at GM:

 

Increase in fee to purchase silver in London

 

Due to supply constraints and higher fees we are experiencing for bonded silver bars in London, we have adjusted our fee for customers making purchases of London silver. This new fee will remain in effect until further notice.

 

Therefore, unless you have a strong preference to own silver in London, we suggest that you consider purchasing silver in Zurich where the fee remains unchanged.

Shortages in the big (1000z) bars now?

[Sledgehead]

Looks like silver is available again on coininvestdirect.com

 

Have you noticed how physical dealers always seem to run out of one's desired denomination / quantity when digital is risng?

 

And then, when prices have fallen they always manage to fill your order.

 

Funny that.

 

And they say spread betting is a mugs game.

 

Increase in fee to purchase silver in London

 

Due to supply constraints and higher fees we are experiencing for bonded silver bars in London, we have adjusted our fee for customers making purchases of London silver. This new fee will remain in effect until further notice.

 

No real justification there at all. Just profiteering. Dealers! Plus ca change eh?

[Compounded]

just bought my first ever physical today from coininvestdirect!

have previosuly just played with paper and leveraged paper.

 

i can't wait to get them in my hands.

maples, eagles and philharmonics!

 

I know the feeling

 

 

Naaaaahhhhhh.

 

$25

 

IMO silver with rocket and overtake gold. I guess we'll see.

 

That usually happens at the end of a gold bull, silver going exponential then crashing that is.

 

 

Just found this announcement on the 'Buy Silver' page at GM:

 

 

Shortages in the big (1000z) bars now?

 

Another little bit of circumstantial evidence of market manipulation - shortages.

 

[seekingclarity]

Naaaaahhhhhh.

 

$25

 

IMO silver with rocket and overtake gold. I guess we'll see.

 

 

I really hope you are right.........down to hard to sell!!

[Steve Netwriter]

Increase in fee to purchase silver in London

 

Due to supply constraints and higher fees we are experiencing for bonded silver bars in London, we have adjusted our fee for customers making purchases of London silver. This new fee will remain in effect until further notice.

 

Therefore, unless you have a strong preference to own silver in London, we suggest that you consider purchasing silver in Zurich where the fee remains unchanged.

 

I don't think this has been given sufficient prominence !

 

That could be VERY significant !!!!

 

Edited to add:

 

From the GM Statements page:

 

 

18 September 2008 - Increase in Fee to Purchase Silver in London

 

Please note that this message is only applicable to customers buying silver stored at the vault in London.

 

This message does not apply to customers buying silver stored at the Zurich vault or gold stored at either location.

 

Due to supply constraints and higher fees we are experiencing for bonded silver bars in London, we have adjusted our fee for customers making purchases of London silver. This new fee will remain in effect until further notice.

 

The fee to purchase silver in London has been increased to 2.99%-7.86% above the spot price, depending on the size of the transaction. For metal-to-metal exchanges when converting into London silver, the fee has been increased to 2.63%-5.99% above spot. As before, all fees are included in the purchase price provided to you before you make your purchase.

 

Also as before, there is no fee on the sale of silver in London. You will still receive the spot rate.

 

Therefore, unless you have a strong preference to own silver in London, we suggest that you consider purchasing silver in Zurich where the fee remains unchanged.

 

If you have any questions, please feel free to contact us.

 

Kind regards,

GoldMoney Customer Support

[frizzers]

[jsr]

At this moment, the Silver price stands at $13.43, from its recent low of around $10.5. It has gained price rather fast, volume would seem slightly above average, but nowhere near its peak since march this year. Is right now a good time to get in? Or could we be looking at a kind of dead cat bounce?

[kernull]

here are the silver channel lines for trading. i think tomorrow we are going up, wednessday toping, and friday retest 12.50, then to 16.00 and higher

[Bobsta]

here are the silver channel lines for trading. i think tomorrow we are going up, wednessday toping, and friday retest 12.50, then to 16.00 and higher

Failed to get anywhere near 14... maybe 12.50 tomorrow?

 

[azazel]

OK you silver monkeys!! I have some news.

 

I asked coininvestdirect.com if they plan to reduce the VAT rate from 17.5% to 7% next year I had two conflicting answers which I have copied below.

 

From Sonia Hellwig, London office

 

>>>>Regarding the VAT please be informed of the following:

 

The VAT rate for the UK will stay at 17,5% also in the future. The EC places limits on mail order companies and once these limits are reached companies can no longer ship at a lower VAT rate from abroad. Unfortunately we have to oblige with these requirements.<<<<

 

From Sara Espírito Santo

Marketing and PR Manager

Jewellers Trade Services Ltd

 

>>>>Regarding the silver VAT for the UK, according to the info we have available at the moment, we will be able to offer a 7% VAT for silver in the beginning of next year.

Nevertheless, we can only offer 7% VAT on silver until we reach our exporting limits to the UK and we believe we will reach those limits quite quickly.

Therefore, in order to take advantage on this VAT rate we suggest you place your orders at the beginning of the year as after our limits are reached the VAT for silver will be 17,5%<<<<

 

I will seek to get clarification on this, but it could prove to be a good buying opportunity.

 

 

 

[kernull]

Failed to get anywhere near 14... maybe 12.50 tomorrow?

 

thursday/friday we are going for this low, i expect monday the begining of the new trend up

[azazel]

 

 

Reply from Sonia Hellwig,

>>>>

Unfortunately we cannot switch back to the 7% in the UK now that we adopted the 17,5% rate. We are VAT registered in the UK and therefore apply the normal UK rate.

<<<<

Previously they were a mail order company based in Germany but now they are registered in UK

[Goldilocks]

Reply from Sonia Hellwig,

>>>>

Unfortunately we cannot switch back to the 7% in the UK now that we adopted the 17,5% rate. We are VAT registered in the UK and therefore apply the normal UK rate.

<<<<

Previously they were a mail order company based in Germany but now they are registered in UK

 

They are still cheaper 2-3 quid than Ebays silver coins even paying the 17.5% (we pay for banksters rate)

I ordered some maples today before they disappear of the shelves before the rush

Can i really expect 2-3 day delivery as quoted or is it longer?

[azazel]

They are still cheaper 2-3 quid than Ebays silver coins even paying the 17.5% (we pay for banksters rate)

I ordered some maples today before they disappear of the shelves before the rush

Can i really expect 2-3 day delivery as quoted or is it longer?

once the funds are in their account they are delivered 2-3 days.

[cgnao]

I hope you guys have your silver in your dirty little hands.

 

When (not if) COMEX defaults, there is going to be no price.

 

http://online.wsj.com/article/SB1222311751...ss_markets_main

SEPTEMBER 25, 2008

 

CFTC Relents and Probes Silver Market

Persistent Complaints of Foul Play Draw the Still-Skeptical Agency to Investigate

 

With silver prices falling this past summer, silver bugs world-wide set out to prove that their metal was in short supply and market manipulation was at work. They bombarded federal regulators with hundreds of emails crying foul play and demanded answers.

 

Though such pleas proved futile in the past, this time the rousing chorus grabbed regulators' attention. On Wednesday, the Commodity Futures Trading Commission confirmed that there's an investigation into the silver market.

 

The CFTC isn't yet convinced there's systemic wrongdoing and in May published a report saying as much. But the agency decided to take a fresh look, in part to show critics that it checks out complaints, and also to make sure there isn't something new to uncover.

 

"We take the threat of manipulation in the futures and options markets very seriously and employ a number of measures to prevent, identify and prosecute it," said Stephen Obie, acting director of the agency's division of enforcement.

 

Silver investors have argued that a handful of U.S. banks have been controlling a large portion of silver's short positions -- or bets that prices will decline -- on Comex division of the New York Mercantile Exchange. Official data from the CFTC showed that two U.S. banks had increased short positions in the silver futures market between July and August by 450% and controlled 25% of the total open interest.

 

"The proof that this selloff was criminal lies in public data," wrote Theodore Butler of Cape Elizabeth, Maine, in August in a silver newsletter. "The concentrated sale of such quantities in such a short time" caused silver's fall, wrote Mr. Butler, who for many years has been vocal about purported silver-market manipulation. In September he reiterated to readers that they should email the CFTC.

 

The CFTC had argued in May that the large banks that people assailed for manipulating the market were instead acting appropriately as market makers, who take on futures positions to offset their exposure in over-the-counter markets. Therefore, these traders aren't "naked shorts" and won't benefit from long-term depressed silver prices. Many analysts agree with the agency's conclusion.

 

Silver stalwarts weren't persuaded. Jason Hommel, a newsletter writer based in Penn Valley, Calif., directed readers to visit their local coin shops at 2 p.m. on Sept. 2 to size up for themselves whether there was a silver shortage. From Michigan to North Carolina and beyond, he says, investors trekked to coin shops. Many reported no silver for sale.

 

Bart Chilton, one of the CFTC commissioners, said he has received about 700 emails from silver investors since August, far more than the estimated 100 he received from May to July. Mr. Chilton, a Democrat who has criticized the CFTC as doing a poor job communicating with consumers, says he has spent nights and weekends personally answering emails.

 

Historically, silver has been a volatile market. This year it saw a near-50% drop and remains down 9.5% on the year. Gold is up 6.5%. The agency has long heard from frustrated silver investors. In 2004, it published an open letter by Michael Gorham, then the agency's director of market oversight, after receiving more than 500 letters and emails from silver investors.

 

That the enforcement rather than oversight division is taking on the issue marks a difference from the CFTC's previous efforts regarding the silver market. The oversight division performs overall market surveillance. The enforcement division looks at activities in a specific time period.

[id5]

I hope you guys have your silver in your dirty little hands.

 

When (not if) COMEX defaults, there is going to be no price.

 

http://online.wsj.com/article/SB1222311751...ss_markets_main

SEPTEMBER 25, 2008

 

CFTC Relents and Probes Silver Market

Persistent Complaints of Foul Play Draw the Still-Skeptical Agency to Investigate

...

 

Nice find cgano!

 

So with no afternoon gold smackdowns, hopefully an order to lay of the shorts, moving nicely along now for forcing through the US rescue package.

 

[HPCsoYESTERDAY]

I hope you guys have your silver in your dirty little hands.

 

When (not if) COMEX defaults, there is going to be no price.

 

[url=http://online.wsj.com/article/SB122231175151874367.html?mod=rss_markets_main]http://online.wsj.com/article

 

 

nice find cg!

 

keep it physical people - the AIG fallout effect on the ETC's last week was warning enough!!

[notanewmember]

you could be right with the ETC. Its not that the physical silver should be set by the paper price, but in fact the physical silver price should be setting the paper price [as it always should]

 

not selling the ETF silver though.

[Dubai]

Once again, Executive Order 11110 is still valid. According to Title 3, United States Code, Section 301 dated January 26, 1998:

 

Executive Order (EO) 10289 dated Sept. 17, 1951, 16 F.R. 9499, was as amended by:

 

EO 10583, dated December 18, 1954, 19 F.R. 8725;

 

EO 10882 dated July 18, 1960, 25 F.R. 6869;

 

EO 11110 dated June 4, 1963, 28 F.R. 5605;

 

EO 11825 dated December 31, 1974, 40 F.R. 1003;

 

EO 12608 dated September 9, 1987, 52 F.R. 34617

 

The 1974 and 1987 amendments, added after Kennedy's 1963 amendment, did not change or alter any part of Kennedy's EO 11110. A search of Clinton's 1998 and 1999 EO's and Presidential Directives has also shown no reference to any alterations, suspensions, or changes to EO 11110.

 

The Federal Reserve Bank, a.k.a Federal Reserve System, is a Private Corporation. Black's Law Dictionary defines the "Federal Reserve System" as: "Network of twelve central banks to which most national banks belong and to which state chartered banks may belong. Membership rules require investment of stock and minimum reserves." Privately-owned banks own the stock of the FED. This was explained in more detail in the case of Lewis v. United States, Federal Reporter, 2nd Series, Vol. 680, Pages 1239, 1241 (1982), where the court said: "Each Federal Reserve Bank is a separate corporation owned by commercial banks in its region. The stock-holding commercial banks elect two thirds of each Bank's nine member board of directors".

 

Executive Order 11110 AMENDMENT OF EXECUTIVE ORDER NO. 10289

 

AS AMENDED, RELATING TO THE PERFORMANCE OF CERTAIN FUNCTIONS AFFECTING THE DEPARTMENT OF THE TREASURY

 

By virtue of the authority vested in me by section 301 of title 3 of the United States Code, it is ordered as follows:

 

Section 1. Executive Order No. 10289 of September 19, 1951, as amended, is hereby further amended-

 

By adding at the end of paragraph 1 thereof the following subparagraph (j):

 

 

(j) The authority vested in the President by paragraph ( of section 43 of the Act of May 12,1933, as amended (31 U.S.C.821(), to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury not then held for redemption of any outstanding silver certificates, to prescribe the denomination of such silver certificates, and to coin standard silver dollars and subsidiary silver currency for their redemption

 

and --

 

Byrevoking subparagraphs ( and © of paragraph 2 thereof.

 

Sec. 2. The amendments made by this Order shall not affect any act done, or any right accruing or accrued or any suit or proceeding had or commenced in any civil or criminal cause prior to the date of this Order but all such liabilities shall continue and may be enforced as if said amendments had not been made.

 

John F. Kennedy The White House, June 4, 1963.

 

 

http://www.john-f-kennedy.net/thefederalreserve.htm

 

Now, those little funny winky faces shouldn't be there!

[wednesday2]

Could you interpret Dubai? I have trouble with legal-speak

[Dubai]

Could you interpret Dubai? I have trouble with legal-speak

Sure. Can you wait 'till tomorrow? I've had a hard day.....

[wednesday2]

Sure. Can you wait 'till tomorrow? I've had a hard day.....

 

no prob...thank you.

 

[Bobsta]

Looks like someone doesn't want their silver any more...

 

 

Doesn't look like one big liquidation sell-off to me. Strange.

 

USD must turn at some point.