SILVER

[Eiji]

So, do you think the new bottom is $25?

[Pixel8r]

So, do you think the new bottom is $25?

Yes

[G0ldfinger]

$26.

[Vicarious]

i'm a happy boy

 

SILVERCORP METALS INC. 11.73 +16.37%

[G0ldfinger]

Silver is now almost back under the red line. This is fun to watch.

 

[Carlton]

More entertaining than informative:

 

Zorro says buy silver, silver, silver, you morons!

 

i'm a happy boy

 

SILVERCORP METALS INC. 11.73 +16.37%

 

I got stopped out of that ***** at $2.15 and never bought back. I will always listen to my sig in a market like this one.

[DoctorSolar]

I got stopped out of that ***** at $2.15 and never bought back. I will always listen to my sig in a market like this one.

 

Hey Carlton I've made a bunch of mistakes like that as have most other folks.

Very refreshing to see someone admit as much openly. Much respect for that.

[Pixel8r]

i'm a happy boy

 

SILVERCORP METALS INC. 11.73 +16.37%

Me too, having a good day SVM + 14.6% GPR + 10.8% SLW 8.2%

 

 

[Pixel8r]

Make that 3 suits now, anymore?

 

Kaplan Fox Sues JP Morgan and HSBC on Behalf of Investors for Silver Futures and Options Contract Losses Caused by Market Manipulation

 

NEW YORK, NY--(Marketwire - November 4, 2010) - On November 2, 2010, Kaplan Fox & Kilsheimer LLP (http://www.kaplanfox.com), a leading plaintiffs' firm, filed a class action complaint in the United States District Court for the Southern District of New York, on behalf of an individual investor, against JP Morgan Chase and HSBC in connection with their alleged conspiracy and manipulation of the market for silver futures and options contracts traded on COMEX

 

 

[G0ldfinger]

Make that 3 suits now, anymore?

Soon someone like Warren B. will come back and buy a huge amount outright, and BOOOM.

 

I mean seriously, if I was a hedge fund...

 

[Perishabull]

Gold Silver ratio 52

 

Amazing

[Concrete Jungle]

[Eiji]

Sprott Adds 6.5 Million Ounces of Silver to Its Trust at Approximately 25.82 Per Ounce

 

It is my understanding that Sprott 'books' the silver when it makes the deal to acquire it, but the actual silver will not be obtained and delivered to their vaults for some weeks as the market gathers the bullion together and ships it to them.

 

This was a big purchase and it will be interesting to see if we can spot where it is coming from as inventories draw down. I watch the reports from the Comex each day for example, and how the various levels of supply fluctuate. Then again, in this paper driven world of fractional reserve inventories at the LBMA and the unallocated accounts of certain holdings it may not show up at all, at least for now. The paper game is pervasive.

 

Our estimate based on the available data is that they purchased 6.5 million ounces of silver at an average price of 25.82 US dollars per ounce. This is a 1.2% premium over today's spot price of 25.51, and a much larger premium over yesterday's paper prices that went as low as 24.10 intraday.

 

It is interesting that even on very large purchases it appears there is a premium to be paid to acquire actual unemcumbered bullion versus fractional reserve paper claims. Handling charges? lol.

 

Some might consider the price that Sprott paid to be a 'leading indicator' of where silver will be going. I think when the paper Ponzi scheme actually collapses silver will be much higher than that. After all, "he who sells what isn't his'n must buy it back or go to prison." Unless, that is, they are running the game. Then they just pay a fine and admit no guilt...

[DoctorSolar]

Soon someone like Warren B. will come back and buy a huge amount outright, and BOOOM.

 

I mean seriously, if I was a hedge fund...

 

But apparently silver is utterly useless

 

How so many people are being suckered into filling their basements with boxes of useless silver.

 

http://www.greaterfool.ca/2010/11/04/monetary-hacking/

 

I think our man Garth is proving himself to be perhaps the greatest fool of them all.

[lyb]

I watch silver's rise with disbelief.

 

Having jumped in heavily in 2006, when the SLV ETF started, and having waited for 5 long years,

I was still in the red in summer 2009. The October 2008 drop from 21$ to 8.5$, forced me

to stop looking, thinking, it was a nerve shattering experience.

 

I did expect a rise, as usual, this autumn, but the force of it is incredible. Currently 40% up since late July and

still the strong season ahead.

 

[Pixel8r]

I watch silver's rise with disbelief.

 

Having jumped in heavily in 2006, when the SLV ETF started, and having waited for 5 long years,

I was still in the red in summer 2009. The October 2008 drop from 21$ to 8.5$, forced me

to stop looking, thinking, it was a nerve shattering experience.

 

I did expect a rise, as usual, this autumn, but the force of it is incredible. Currently 40% up since late July and

still the strong season ahead.

and the forced covering of JPM's massive silver short position.

 

 

[DoctorSolar]

A family member has asked if buying a small position in the vix (VXX) would be a good way of protecting their long position in Silver Wheaton. Any thoughts?

[Concrete Jungle]

A new site to buy and sell silver oneoverspot, doesn't look like it will be up and running for another hour and a half.

 

http://www.oneoverspot.com/

 

Silver Stock Report

by Jason Hommel, November 4th, 2010

 

 

The Silver Market Manipulation on COMEX became so obvious two years ago, that it inspired the creation of a new silver & gold market platform, "One Over Spot", opening on November 5th at 6PM (EDT).

 

The new auction site for precious metals is called "One Over Spot" www.oneoverspot.com That's the name, because they charge listers only 1% over the final auction price for the listing.

 

Unlike any other auction site I've seen thus far (except for ebay), "One Over Spot" is open to all potential sellers.

 

But Ebay is becoming increasingly hostile to bullion transactions, given the trouble with chargebacks on credit cards, and the high transaction fees that range from 5 to 15%.

 

Who are the developers behind One Over Spot? I helped inspire it, and helped with consulting, and received shares. One Over Spot, Inc., was founded by Bob Davidson and Kurt Larson, two entrepreneurs with over 60 years of management and engineering experience between them. All of the Web site and trading platform code was written by their Senior Developer, Brian Poteat.

 

One Over Spot was developed in response to my article two years ago:

 

The World Needs a Free Market in Silver

http://silverstockreport.com/2008/freemarket.html

 

One Over Spot is offering readers of the Silver Stock Report a discount of 50% off your first transaction fee. Enter the promo code JASON at the bottom of the item information page when you create your listing and the fee will only be 0.5% when your listing closes with a winner.

 

Why Use One Over Spot?:

 

 

 

1) Lowest Auction Fees

 

There are no listing fees! Listers pay a Transaction Fee of just 1% on the winning bid or purchase.

 

2) Member Verification

 

Four separate verification systems and an Advanced Fraud Detection Suite together form a tough defense to keep out fraudsters.

 

3) Anti-Shill Technology

 

Auction Rewind ™ prevents both shill and shield bids from affecting the free-market outcome of a fair auction.

 

Stealth Proxy ™ makes it practically impossible to determine another bidder's proxy bid limit through experimental bidding.

 

4) Comprehensive Feedback

 

OOS feedback, imported eBay feedback, seller ratings, dispute statistics, account status, canceled listings, retracted bids, suspensions, policy violations, and other statistics.

 

5) Soft-Close Auctions

 

All OOS auctions have scheduled end times, but they cannot officially close until 10 minutes have passed without a bid. This ensures the most accurate final price.

 

6) Multiple Auction Types

 

English forward and reverse, Dutch forward and reverse, Buy Now and Sell Now.

 

7) Unlimited Trade Size

 

There are no account limits on the value or quantity of the items that can be traded. (Plus discounts for trades over $100,000)

 

8) Transaction Security

 

Extended Validation (EV) Certificate issued by an independently-audited Certification Authority.

 

Secure credit card transactions using Starfield Technologies 256-bit SSL encryption.

 

 

In addition to all of the above reasons, One Over Spot has several significant upgrades already in development for delivery by next year. Dealers will appreciate Variable Reserve ™, which will allow a listing reserve to track spot price plus custom premium. A language translation service will be added to assist members from foreign countries. In a related service, members who choose to disclose their country of origin can have their username appear in search results for that country. Members who want to keep up with auctions while on-the-go will be able to access One Over Spot using a mobile web access solution. Other planned enhancements include: RSS feeds, remote image hosting, automatic alerts, bulk item uploads, an online store, API service, and more.

 

Please take a look at www.oneoverspot.com, and sign up.

 

 

=====

 

I strongly advise you to take possession of real gold and silver, at anywhere near today's price, while you still can. The fundamentals indicate rising prices for decades to come.

 

Might be of interest to anyone looking to buy / sell physical silver.

[carbon junkie]

A family member has asked if buying a small position in the vix (VXX) would be a good way of protecting their long position in Silver Wheaton. Any thoughts?

I do hold some VXX as a hedge against my miners.

 

I'm in the UK and so if we do have an almighty crash it will be a dollar printing machine as the pound gets taken to the cleaners and everyone rushes for dollars but, I know many who don't like it.

 

During the flash crash it shot up so I'm reasonably confident it will stand the test, however there is a carry cost involved.

 

I treat it like insurance hope its a waste of money but if I need it it will be there.

 

As miners go up I buy little tranches in VXX and hope I never have to use it.

[Perishabull]

You'll get killed holding that for any length of time

 

VXX Marches Towards Zero, Is VIX Heading Back to 25?

The VXX hit an all time low Monday, continuing its apparent gradual descent to zero.

 

Why VXX Is a Bad Play

 

Unfortunately, VXX has considerable shortcomings, both as a short-term and a long-term play.

 

Early Performance Indicates VXX Is a Horrible Volatility Product

 

It appears as though VXX is yet another in a long line of poor performing ETFs that are based on futures products.

 

But don't take my word for it

 

I suspect that VXX is the equivalent of UNG for natural gas. UNG is basically a vehicle to extract as many $$$ out of unsuspecting retail traders as possible who simply do not understand how it works.

 

The following chart tells you all you need to know, it is VXX divided by the actual VIX, the ratio of VXX to VIX over time, it's going lower - fast

 

 

It's a very expensive way to hedge

[Eiji]

What do you think of PSLV?

[Perishabull]

What do you think of PSLV?

 

Yeah I bought a load of it yesterday. I already have a physical position through Goldmoney but I also have a trading account in the US and I used some of that to buy PSLV. As it's early days it isn't going to track Silver as well as SLV however I don't believe SLV will be worth anything in a SHTF situation. If I buy physical in my hand in the UK I need to pay VAT whereas if I buy PSLV I don't so although there is a premium to NAV (currently 3.85%), it's irrelevant. It's more important for me to have a reliable product. The actual silver is held by the Royal Canadian Mint and it's also held outside of US and UK so that's another plus point. Eric Sprott himself comes across as a very decent guy, if you listen to him in interviews.

 

For those that aren't aware see Sprott Physical Silver Trust

[carbon junkie]

You'll get killed holding that for any length of time

 

VXX Marches Towards Zero, Is VIX Heading Back to 25?

 

 

Why VXX Is a Bad Play

 

 

 

Early Performance Indicates VXX Is a Horrible Volatility Product

 

 

 

But don't take my word for it

 

I suspect that VXX is the equivalent of UNG for natural gas. UNG is basically a vehicle to extract as many $$$ out of unsuspecting retail traders as possible who simply do not understand how it works.

 

The following chart tells you all you need to know, it is VXX divided by the actual VIX, the ratio of VXX to VIX over time, it's going lower - fast

 

 

It's a very expensive way to hedge

mmm food for thought thanks for the info.

 

My VXX position was bought initially with a nice win on a VIX spreadbet during the flash crash it is about 3% of my portfolio and diminishing rapidly so I don't lose too much sleep.

 

Have you any other suggestions TBT is something I have been thinking of but its obviously not the same trade.

 

I expect Bernake to trash the dollar but just in case I wanted a nice dollar earner to then convert in to more miners!

 

Thanks for the info.

[romans holiday]

A family member has asked if buying a small position in the vix (VXX) would be a good way of protecting their long position in Silver Wheaton. Any thoughts?

US dollars would be a better hedge.

[G0ldfinger]

Given previous landslides in the gold:silver ratio, one would expect to see at least 45:1 over this one. It should be one of the more serious ones given BB's inflationary efforts and given that JPMoron's and HSBC's balls are in a vice. 40:1 would be no surprise either.