Gold Price - Where is it heading?

[rederob]

Gold extended losses below $910 with forecasts now for the yellow metal to fall to $850 or even below $700. In addition, crude oil has lost $3 this morning, adding to the commodity bail out. There is ongoing talk of margin calls, similar to yesterday and new talk that hedge funds are reducing their leverage, adding to the commodity sell-off and also fuelling AUD/JPY selling as well. Further pressure is a concern too with the quadruple witching today in the futures that could add to the sell-off.

Cheers
..........Kauri

Gold's retrace on profit taking was an ominous sign that led forecasters to believe $1500 was in the offing, pushing aside the next hurdles at $1100, $1200 etc,
In addition, crude oil strategists saw a need for the overbought market to take a well earned breather before its next upleg.
Talk of short covering rallies abound, with speculators regularly being suckered in on Bernanke's spin.
Funds, desperate to park their money on things physical are are re-entering commodities and going long.
Money watchers regard the skippy as oversold and undervalued, suggesting parity with the greenback well before year's end.
The catalyst for strong rebounds occurs after multiple witchings burn losers stakes and sees the smart money return.
Three cheers....

 

[CamKawa]

Just got up out of bed. I couldn't fall asleep with the thought of the POG dropping to back to somewhere in the 800's. Thankfully my fears have not been realized. The fall in the AUD to 90 cents has helped offset the fall in the POG with it being around AUD 1026 so at least I've still got my head above water.

1033 only a few days ago to 914 only a few hours ago, what a ride. Still it looks like it's kinda maybe starting to rally a bit now, so here's a chart to smile at.

 

[explod]

I can even convince myself on the 5yr chart lol. (whats it called when you chart what you want to see).

As long as what you see can be seen by others, and you have me convinced.

Our happy Easter close is $920 A look at the attached chart shows the classic resistance area last month is now support. The gold bull has conformed to the norm so we can rest easy for the holiday.

 

[CamKawa]

Market Commentary​

Gold

opened at 918.50/919.50 in New York and drifted downward on

light trading during the early morning reaching a low of 914.00/915.00. It
recovered from the lows, hitting a high of 928.50/929.50, on the back of
retracing oil prices. The metal retreated marginally from the highs as funds
took further profits. It traded sideways during the tail end of the session to
finally close at 919.50/920.50.
​

​

Silver ​

​

opened at 1744.00/1748.00 and funds sold the metal early on

driving it down to support near 1700.00. It climbed from this level as oil
prices recovered and finding resistance around 1740.00. However this
level was short lived as dealers took profits. Heavy fund selling just before
the close caused silver to slump to a low of 1678.00/1682.00. It recovered
marginally from the lows to finally settle at 1684.00/1689.00.
​

​

Technical Commentary
Gold ​

​

- On the back of massive de-leveraging in the financial markets, gold

has had a massive drop lower and is now testing a break below its upward
trend line (902.15). The downward pressure over the last three days has
been particularly intense, but today’s candle, though still bearish, at least
did not close on its low, which provides some hope that the violent down
move might be growing tired. The keys to watch ahead are the trading
pattern that emerges on Monday. Follow through of this week’s move
would be very concerning and would most likely entail a break of the trend
line. This would foreshadow near-term downside. However, we are suspicious
that the bears could well grow tired on Monday and gold could be in
for a few days of rest. Support lies at the trend line of 902.15, followed by
the 100-day moving average of 885.00. There are several resistance points
between here and the year’s high (1032.50) including 927.30 followed by
992.75.
​

​

Silver ​

​

has had a miserable week, losing an eye-popping 17% over the last

five sessions. It is difficult to find any shred of bullishness in the charts.
Considering the speed of the move there could well be a short period of
consolidation ahead. Monday’s trading pattern will prove important as
further follow through from today’s losses would foreshadow downside
even from here. Support lies at congestion and the 100-day moving average
of 16.25, while resistance comes in at today’s open of 17.44/48.​

Source : http://www.scotiamocatta.com/prec/pdfs/pm_daily.pdf​

​

 

[explod]

Since this sell-off is totally manipulated -part of the spin that all is ok. 3/4 point rate cut, stocks up 400, gold down, yet even that fell apart 2 days later, I can't see it lasting that long.

Admittedly hedge funds are getting margin calls, while the commercial shorts who sell gold down never do, since they operate on behalf of the Fed and as such never have to cover but just keep adding shorts. However countries and SWF with trillions who want to diversify away from the dollar will provide more than buying to make up for any hedge funds bailing out.

JMHO

The Dow up, the US$ dollar up, Oil and the Hui down. Gold headline on Kitco, gold has its biggest weekly drop since 1990.

We's all saved. Ben and co. done a good job and now deserve a happy easter. Care that with the excitement the bunny don't get some virus.

 

[Kauri]

The Dow up, the US$ dollar up, Oil and the Hui down. Gold headline on Kitco, gold has its biggest weekly drop since 1990.

We's all saved. Ben and co. done a good job and now deserve a happy easter. Care that with the excitement the bunny don't get some virus.

aside from the threat of intervention, the massive shift into the USD from central banks, as reflected in Fed custody holding data, continues to be a factor behind the USD rebound. Fed custody holdings for the week of March 19 have risen $11.492 bln or over $2 bln per trading day to take custody holdings to fresh record highs of $2.173 tln. Fed custody holdings have now risen by $115 bln since the week of January 9th just before the shift back to the USD became quite evident and aggressive. Average holdings rose $17.282 bln to $2.168 tln.
and if Intervention was to occur, what beeter day than Good Friday??? I hear that .....ooops... sorry, unfounded rumours... ... loose lips sink banks... ...

and... http://www.ft.com/cms/s/0/f01997e4-f677-11dc-bda1-000077b07658.html?nclick_check=1
Cheers
.............Kauri

 

[cuttlefish]

As long as what you see can be seen by others, and you have me convinced.

Our happy Easter close is $920 A look at the attached chart shows the classic resistance area last month is now support. The gold bull has conformed to the norm so we can rest easy for the holiday.

One thing I'm starting to see is bankable value creeping into some of the mid-cap near term/new producers at current gold prices. If gold stays out consolidating in the wilderness for a few weeks or months (and gold stocks continue to drift as well) then there'll be an ongoing wealth transfer. At the same time this value discrepency in the middle end will increase (and even the larger end if, for example, LGL keeps falling whilst bedding down production increases and the EQI merger). A stretch of consolidation in the $850/$950 level will provide a good base for a sustained rise in POG and that would combine with a time when the value in the sector is already obvious as profit/cashflow reporting starts to expose itself, allowing the magnifying effect of rises in POG to be transferred through to the gold stock sector as well. (yeah just one of a million possible future outcomes).

Interestingly, and in line with a lot of comments made on this thread prior to it occurring, the move through $1000 got hit back very hard and very publicly. A question in my mind is how much knowledge the Fed actually does have of the extent and locations of the credit problems - i.e. are they working to a proactive plan to manage this unwinding or are they being genuinely reactive. e.g. Bear Sterns - to me it would seem almost bizarre that they weren't aware of a problem with Bear well prior to the event - but if they were aware, why have the Sunday meeting and creating an impression of such a reactive situation? If they're being proactive and are aware of the other lurking problems (or a lack thereof) then they can continue to manage this in a way that won't set off the alarm bells. But if they are not aware then at any time there could be a bolt from the blue that sets the USD into tailspin.

The USD rallying in response to the Bear incident and the injection of an additional wad of funding seems completely counter intuitive to me. Would you buy a currency that is getting polluted by the day with more bad debt? Only if you thought/knew it was genuinely coming to an end. But even then (as Wayne points out) you're only investing now in a currency backed by a quite likely declining/recessionary economy. On that basis I doubt that a lot of the USD buying is due to new long positions being created but more likely a result of forced buying as part of unwinding of leveraged situations and other covering sorts of activities. I mean, who in their right mind would be opening new long positions in US bonds right now for example? Or maybe I'm reading this all wrongly.

Well that turned into a bit of a ramble ... its raining thats my excuse.

 

[Miner]

As long as what you see can be seen by others, and you have me convinced.

Our happy Easter close is $920 A look at the attached chart shows the classic resistance area last month is now support. The gold bull has conformed to the norm so we can rest easy for the holiday.

Very frightening no doubt but also window of opportunities as well if gold drops down to very low value,
Some excerpts
Alan Greenspan says we are facing the worst economic crisis since World War II.

Treasury Secretary Paulson admits the U.S. economy is sinking rapidly.

And when he tore up the Fed's half-century rule book in order to bail out Bear Stearns this week, Fed Chairman Bernanke himself has implicitly admitted that Wall Street is on the verge of a financial meltdown.

Gold Falls Over $100 an Ounce in Two Days
By Luke Burgess | Thursday, March 20th, 2008


Gold is getting murdered. It's down over $100 from the record high set on Monday of $1033.90 an ounce. Gold for April delivery was last seen trading at $912.30 an ounce.



Prices are choking down this week because of strengthening in the US dollar following the US Federal Reserve key interest rate cut on Tuesday. The value hike in the greenback had those playing the recent upward momentum in gold, including the hedge funds, selling the sunshine metal to buy back into equities.

This pullback has had a significant downward effect on mineral stocks across the board. For the week, losses from major mineral companies include:

GoldCorp (TSX: G, NYSE: GG), down 13.8%
Newmont Mining (NYSE: NEM), down 12.6%
Barrick Gold (NYSE: ABX, TSX: ABX), down 20.9%

Luke Burgess in his Gold World gazette has further stated
Despite the ugly losses we've seen this week we've seen in our favorite metal, the macroeconomic fundamentals of higher gold and precious metal prices still exist. The US dollar will continue its downward spiral as energy prices rise and credit markets remain weak. Meanwhile most precious metal markets are expected to have supply deficits because of mining problems in South Africa and increased investor demand.

So even if we see more losses in gold in the coming days, rest assured that a tiny uptick in the dollar isn't going to have much of a long-term downside influence on the current gold bull market.

I

1. am not a chartist but wondering what could be the real reason for such a big fall out for Gold when every thing else is falling down ?
2. Where the so called wealth creation is going ?
3. What our brilliant charts are now stating ? Charts only are good so long historical data are good. So in this instance all decisions made by chart have been failed as a force

majeure - God's hand.

 

[Sean K]

It's just amazing how sentiment turns in the finacial markets. A couple of days ago it was financial armageddon and everyone was cashing in their piggy banks to buy gold. Then, because of 25 basic points, everyone is into financials, we've found a bottom, and gold is going down 200 bucks. LOL

Really, not much has changed in the past few months.

 

[josjes]

It's just amazing how sentiment turns in the finacial markets. A couple of days ago it was financial armageddon and everyone was cashing in their piggy banks to buy gold. Then, because of 25 basic points, everyone is into financials, we've found a bottom, and gold is going down 200 bucks. LOL

Really, not much has changed in the past few months.

And look who's been hurt most. The mainstream public, the mum and dad. Those people sold their CBA, NAB, MQG at $38, $27, $45 and bought gold at more than $960. And in a few weeks time, they will be staring in despair, seeing the bank shares up by 10-15% and gold down sub $850.

I am not saying that banks will outperform gold next year or in 2-3 years time.

But this is a hard and painful lesson to learn when you try to make big changes to your portfolio in reaction to a week or two of mainstream news.

For me in buying gold I hope I am buying a little something what will go up if there is an external event that crushes the market and to preserve the buying power of my money. I researched gold and I believe in the rationale of it and has a place in diversified portfolio allocation. I set a target of 25% in my portfolio. But I didn't buy it in one go. I bought gold when it was U$790-$810 as my initial purchase, but I baulked when it shoot up parabolic move to above $900. I will certainly add more to my position when it moves back sub $850 after a few weeks consolidation.

A true believer/investor of the gold story should have a buy and hold strategy and not be swayed by the euphoria and doom and gloom. Buy on the dip when gold has consolidated at least 4 weeks. Add positions in 3 to 4 moves at least, No matter where gold is today or where it was yesterday, sit back and just enjoy the ride for the next 2-3 years.

 

[explod]

And look who's been hurt most. The mainstream public, the mum and dad. Those people sold their CBA, NAB, MQG at $38, $27, $45 and bought gold at more than $960. And in a few weeks time, they will be staring in despair, seeing the bank shares up by 10-15% and gold down sub $850.

I am not saying that banks will outperform gold next year or in 2-3 years time.

But this is a hard and painful lesson to learn when you try to make big changes to your portfolio in reaction to a week or two of mainstream news.

For me in buying gold I hope I am buying a little something what will go up if there is an external event that crushes the market and to preserve the buying power of my money. I researched gold and I believe in the rationale of it and has a place in diversified portfolio allocation. I set a target of 25% in my portfolio. But I didn't buy it in one go. I bought gold when it was U$790-$810 as my initial purchase, but I baulked when it shoot up parabolic move to above $900. I will certainly add more to my position when it moves back sub $850 after a few weeks consolidation.

A true believer/investor of the gold story should have a buy and hold strategy and not be swayed by the euphoria and doom and gloom. Buy on the dip when gold has consolidated at least 4 weeks. Add positions in 3 to 4 moves at least, No matter where gold is today or where it was yesterday, sit back and just enjoy the ride for the next 2-3 years.

I like what you say. My view is to not worry too mcuh about peaks and dips. Like you have, just get on board and enjoy the ride. Yeh the banks have followed Wall Street, the typical mum and dad investor in financials is following the advice of advisers who are most often working out of the banks so are lambs to the slaughter.

From reports coming out of Wall Street we are in for a very bumnpy ride and unless you are very savvy and experienced, be out altogether or, in my case, holding my gold/silver positions and doing other things for awhile.

 

[Kauri]

It's just amazing how sentiment turns in the finacial markets. A couple of days ago it was financial armageddon and everyone was cashing in their piggy banks to buy gold. Then, because of 25 basic points, everyone is into financials, we've found a bottom, and gold is going down 200 bucks. LOL

Really, not much has changed in the past few months.

The more things change the more they stay the same. . .

Incidentally, Tokyo, the heathens.. are trading today...
Collapses in commodity markets overnight look to have influenced trade on TOCOM with both gold and platinum falling by their daily limits after their respective opens. February "09 gold fell Y150/gm, its daily limit, to Y3017. February "09 platinum plunged Y300/gm, its limit, to Y5745.

As for charts, on the daily an ominous hammer type formation formed on 17th-18th I think..(posted in this thread as Maxwells silver hammer)... and on the hourlies an EA (consisting of de-constructed and then re-constructed modded vindicators) I am working on and trading manually for the moment had, and has kept me short, for a goodly part of this decline..

Cheers
........Kauri
Where to from here???? I have no idea, but my EA to be will let me know when to change, I thunk...

 

[kransky]

from what i have read, hedge funds are selling gold not to put $ into equities but to get more cash so they can stay afloat.

Seems they are letting gold rise on low volume, then selling it down on bigger volume.

Rising during Sydney's trading time and early in NY then falling mid/late NY.

????

 

[>Apocalypto<]

I personally think the short to medium trend has changed. this drop is telling you something. next rally will determine a lot. A lower high with a break of support, well look out 700 is a possibility. This really reminds me of may 05 now. is it a bull market for sure. but that means very little if u got in at 850-900+ plus. this anit share investing., that's if u have a margin and not physical.

I am looking at selling the next rally.

 

[explod]

I personally think the short to medium trend has changed. this drop is telling you something. next rally will determine a lot. A lower high with a break of support, well look out 700 is a possibility. This really reminds me of may 05 now. is it a bull market for sure. but that means very little if u got in at 850-900+ plus. this anit share investing., that's if u have a margin and not physical.

I am looking at selling the next rally.

Have been mulling the drop, all that has been posted here is fertile stuff. Has formed the view that the sell off could continue longer. The prime support area being US$850

Have been reading an old text published 1980 of the top traders around Wall Street in the 70's. Broker manipulation by feeding the press was rife.

Ramping for long and short plays obviously just part of the business; and nothing has changed.

 

[>Apocalypto<]

Have been mulling the drop, all that has been posted here is fertile stuff. Has formed the view that the sell off could continue longer. The prime support area being US$850

Have been reading an old text published 1980 of the top traders around Wall Street in the 70's. Broker manipulation by feeding the press was rife.

Ramping for long and short plays obviously just part of the business; and nothing has changed.

Explod,

I can assure you I pay no attention to what comes out of the financial press. I get all my clues from the chart. if there is a imbalance of supply and demand the chart will show you. Some reports have to be followed as they make a market on release. But articles, no way they are always selling a hidden agenda to the heard. the next rally will answer some questions I have.

Like i said long term bull for sure, but short to medium looking different. what just happened was a new behavioral change in the current market. profit taking turned to fear.

that's what got me thinking short, now we need confrimation.

 

[CamKawa]

Have been mulling the drop, all that has been posted here is fertile stuff. Has formed the view that the sell off could continue longer. The prime support area being US$850

I'm going through the same soul searching feelings as you explod, I know how you feel. What we saw last week was gold's biggest weekly decline in 25 years so historically speaking I would think that the majority of the damage is behind us. I still think that the worst of the subprime crisis is in front of us and not behind us, making it more likely that the USD will put its dummy back in its mouth and keep falling.

Here are some words of wisdom.

Dollar Bounces Back

A resurgent greenback also weighed heavily on commodities prices. The dollar staged an impressive rally Thursday, though most analysts believe it only to be temporary. After hitting a series of record lows against the euro the dollar advanced to $1.5411 per euro.

"It looked like the sky would fall, which is why we got up to those record levels Monday," Jon Nadler, senior analyst at Kitco Bullion Dealers in Montreal, told CNN. "But when the dollar started a bit of a gain [yesterday], people pulled the trigger across the commodity board."

While the dollar came off its historic lows yesterday, few analysts believe the latest upward trend is the beginning of serious recovery. More likely is the possibility that currency traders priced in a larger cut from the U.S. Federal Reserve. The Fed slashed the benchmark Federal Funds rate by 0.75% Tuesday, but many analysts had anticipated a full-point reduction.

"The smaller-than-expected Fed Funds rate cut and the emphasis on inflation risk in the Federal Open Market Committee statement have effected a reassessment of the further outlook for U.S. monetary policy," said analysts Dresdner Kleinwort, the corporate and investment banking unit of Germany’s Dresdner Bank AG. "As the market regards the potential for another rate cut as small, gold and other metals are under pressure."

Many analysts believe after a mild recovery, the dollar will continue its downward descent, perhaps falling as low as $1.60 per euro.

"I would see this as a temporary [move] since we expect that the Fed will go on cutting. I don’t think we’ve seen the lows for the dollar and I don’t think we’ve seen the low for stock markets. It’s unlikely that this will be the bottoming out for risk aversion," Johan Javeus, FX strategist at SEB in Stockholm, told Reuters

source http://www.moneymorning.com/2008/03/21/commodities-fall-out-of-favor-as-the-dollar-strengthens/

 

[Progster]

A Seller's Anecdote

Hi to all!

I'm going to offer an anecdotal perspective on where Gold is headed, short-to-medium term, based on the old "magazine cover" wisdom.

I speak as one who has held some physical since the low $300's (awhile, I know!), and who sold it out North of $1k last Monday.

Was this "lucky"? Well, in a certain sense, yes, getting such a local "top tick" always has some luck associated with it. But, I wasn't rolling dice or throwing darts to come to my sale decision. Instead, I was observing the world around me.

To wit: last week, here in the USA, major mainstream TV news started running stories about "gold's new all-time high", "gold breaks $1000", and finally the kicker - "housewives holding Gold parties", getting their friends and acquaintances to bring in their jewelry to be sold off and melted down (with a little cut to the smart housewife).

When I saw that last one, I gave up all notions of Gold 3k, Gold 2k, or even Gold 1.2k (any time soon) and got on the phone the next day to lock in a sale.

Here's the psychology: This last week was a Phase I bump up in supply from those who have not been paying attention so far and have now been wakened from their slumber.

Phase II will be a stampede increase in supply from all those who a) see their chance to sell long-term holdings above 1K fading in the rear-view, or b) bought the 1k breakout as dreamers (only a few years late!) and are holding a large loss literally overnight.

The downtrend will be accelerated by pros who just keep pulling their bids South as hard and as far as they can, for as long as the stampede of sellers continues.

For those who do believe in long term Gold 2k, 3k, etc., I would say "Wait - you will have lots of opportunity to buy at prices substantially below today's."

This is a classic case where simply watching the charts did not and does not tell the whole story. That's one difference with commodities - they have a relationship with outside reality that tends to affect their price at extremes.

Anyway, that's my anecdote - for what it's worth. Cheers!

 

[metric]

im not sure how this will affect things....

Silver Shortage: 19 dealers reported "Sold Out"
(SOLD OUT!!)
Silver Stock Report
by Jason Hommel, March 19, 2008
You know me, I don't send out two emails in one day, so this must be important. Since my email earlier tonight, where I reported that 5-6 major silver dealers (Amark, Tulving, 2 in Vancouver, my local dealer, NWT Mint) are "out of inventory", 13 more reports came in, saying that the dealers were out of silver inventory. Some of these names are big names in the business, Scotia bank, the Perth Mint in Australia, CNI Numismatics in LA, APMEX says they have some items, but are looking to buy.

If there are any coin dealers or bullion shops that have an inventory, in stock, of more than 100, 100 oz. bars, let me know, and I'll give you FREE Advertising within 24 hours in my next newsletter.

Robert Mish reports that he has 100 x 100 oz. bars still, but he had 250 bars last week.
Mish International
Menlo Park
650-324-9110

Now think: How can the silver price drop by nearly $2/oz., when all these reports come in saying that the dealers are sold out, or nearly out, of physical silver? This is the clearest evidence of paper short selling manipulation that I've ever seen since I started watching the silver market back in 1999, and I've seen a lot of evidence!

Unfortunately, the COT reports only report through Tuesday. This Wednesday's action will not be revealed in the COT's until next Friday.

The public switched and turned buyers after gold hit $1000/oz. The coin shops normally sell to the refineries, and this creates a large part of the ~250 million oz. of silver recycling each year that meets the deficit between ~650 million oz. mine supply, and ~1000 million oz. demanded by inventory.

But now, this flow of silver just reversed. And if the refineries are not getting silver from the coin shops, industry will get squeezed, hard, and so will the major short sellers on the COMEX.

This is crunch time. Panic time.

The unedited reports follow (Names removed for privacy.)

===============

Coin shop report from St. Louis, MO. I shop at Missouri Coin and have purchased bulk 10oz bars (20 at a time) on several occasions. I went shopping yesterday and they only had 9 10oz bars available and the owner commented that he cannot find more anywhere. He was out of 10oz bars when I left...

I ended up picking up a bag of quarters as well since they didn't have the bar stock I was looking for.

A crunch is on.

J in St. Louis
=============

From: Ainslie Bullion Coy [mailto:info@ainsliebullion.com.au]
Sent: Thursday, 20 March 2008 10:53 AM
To: 'Linda Wagner'
Subject: RE: price

Sorry, I can’t quote silver until the middle of next month.

The supplier won’t quote until then

Kind regards

Geoff


Ainslie Bullion Company
GPO Box 1870
Brisbane Qld 4001
Tel: +61 7 3221 0500
Fax: +61 7 3229 1895

=============

Jason,

My coin dealer is in Bakersfield CA. Mike's Coin and Stamp. My wife and I went in on monday and bought 4 100 oz. bars. Said he had a good supply of those. I also wanted some smaller bars and I wiped him out. Only 160 oz total. He says he can't keep them in stock very long before someone comes in and empties his supply. He's having a hard time getting replacements. He's the largest dealer in the area and very trustworthy. We also bought gold. At least some people seem to be taking serious what's going on.



H

=============

HI Jason:

CNI near the L.A. airport at www.golddealer.com is the dealer I have used....They were out of silver today also...

E

(CNI is a major dealer --Jason)

=============

Jason,

Just placed another order with Perth Mint, they are out of stock on everything, however there waiting period is no longer 6 months (Im guessing they received alot of complaints) its now 6-8 weeks.

Just got off the phone with them, they have no bullion in stock, its all on backorder, the official excuse is that it takes along time to make the bars and everyone wants them, could be viiewed as a good thing knowing demand is high, but I personaly dont like waiting 6-8 weeks for delivery.

I contacted several other dealers in Sydney, only 1 out of 5 has stock...... Everyone has back orders with PM which is the distributor.

Regards,
S

=============
APMEX reports, at apmex.com

Due to the OVERWHELMING demand for precious metals, our online ordering system has been unable to keep up with our customers’ needs. We have had to disable the APMEX ordering system to allow us ample time to upgrade our site to accommodate the increased demand. We apologize for this temporary problem.
. . .

P.S. We are actively looking for new bullion inventory to purchase. If you have items that total $2,500 or more and are interested in selling, please call our trading offices at the number listed above. We are paying strong numbers for ALL Precious Metals!

=============

I want to tell you that your site is very helpfull and,i believe what you are doing,nice job in telling people about GOD money.I am a very smol investor, and i have in my posesion until now around 2000 ounces of silver bars,10 ounces and 50 ounces bars.Tuesday the 18. at scotia bank they did not have enouf silver.I wanted to buy but the vault was empty,they had only coins.And today is 19...19..This evil people work with numbers.They have dates for everything.19 is an important number for the ocult.All the best.GOD bless you and your family.

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Hello,
This past Monday I wired funds to purchase eleven 1,000 oz bullion bars from my dealer who I have purchased & sold sizable silver orders several times before. He called Monday afternoon and stated that none of his suppliers had any 1,000 ounce bars available, but not to worry, the next day they would probably have eleven bars to fill my order.

Tuesday, he called again, stating still none had bullion except one person had some, but he would only sell them at a ten cent premium over the dealer stated price or $1,100 more. I am a long term holder so I bought them just to have the silver in my depository possession.

By the way, my dealer is a high quality company and individual and he also stated he was flat covered over all day with transactions with people like myself buying silver. I also wonder with this condition, why the silver went down, and can't help to think about Ted Butlers assertion.

Cheers
FH

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Ordered 100 oz. from them early Jan. due to deliver this Friday. Way too long. My dealer in Arlington Texas is almost out of silver. Probably only has about 1000 oz. left. I will be taking some of that off his hands tomorrow.
Love your reports!
Have a great day
B

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mEDFORD ORE WAS OUT HAD A LINE WANTING TO PURCHASE

=============

Mr. Hommel,

I live in a small town of 16,000 In S. Illinois. I stopped by my local coin shop to pick up some Silver Eagles, and the cases were empty, except for numismatic value coins. He stated he had sold over 600+ Eagles in the last week and was waiting to receive more. I thought that to be a good indicator for the future direction of Silver. I also want to tip my hat to James Rawles for pointing me in your direction. Your e-mails are part of my recommended reading to my friends.

Thank you, RG


"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety." Benjamin Franklin

=============

Jason,
I called the most consistent coin dealer in Memphis Monday. I like junk silver.
I could not buy a bag at any price. I was offered 5 100 once bars, period.
He stated that he hates ordering bags as the cost leaves him with indigestion.
Usually he is buying junk on a regular basis. At this time there seems to be
NO SELLERS.
Your old homie now in the Ozarks,
goatman

=============

Locally the dealers I've done business with are always in chronic tight supply and several of them recently couldn't fill a tiny $1,000 deal, let alone what I wanted to buy. I have bought hundreds of times but never more than 7461 ounces at a time. Got it from Bill Haynes in Phoenix. I was buying 90% when it was at 3.24x face and know it's still badly undervalued. I almost felt bad when a lady came in with bags of Franklins and she heard me tell the dealer I wanted them, her heart sunk, but it wasn't me that made her sell the gem BU coins. That's how quick the turnaround is. When investors go on waiting lists for hard metal, I believe it will cause the mining shares to finally zoom. We have several stupid billionaires in Dallas-Fort Worth and I wish they'd try to take a big position---it would benefit me!

--CS

=============

Again, to get silver, make sure you go local, take cash, and get the actual bars, if they have any! At this point, it matters little which product, just get any silver that they have that is somewhat close to the spot price, rounds, bars, odd weight bars, anything.

http://find-your-local-coin-shop.com/

It was for the inevitable time like this that I diligently complied the names of people in the industry who have 100,000 oz. of silver. I have 5 names on my list, but one of those 5, CNI, is now reported to be out. I don't know about the other 4; I've heard no reports about them. See the list of large dealers at http://find-your-local-coin-shop.com/

Sincerely,

Jason Hommel
www.silverstockreport.com
www.miningpedia.com

 

[explod]

I don't like to blow my trumpet but you guys keep slagging off charts without any basis of fact. Perhaps the problem is that you can't read the charts? I suggest there was a lot of evidence of a near term collapse on the charts. I am happy for any subscriber of mine to verify. I stated back on the 11th March that commodities were close to collapse. I also stated exactly WHY this would occur.

I reiterated on 18th March with Silver with this exact quote; " 'last one out turn off the lights'."

I suggested on 12th March that Newcrest (NCM) had the ability to trade to $29.00.

I suggested on 13th March that (Fortescue) FMG could trade to $5.00. That one was sent out publicly and it showed how to get short accordingly.

I suggested on the 5th March that Centennial (CEY) could fall to $3.60 and shoed how subscribers could short the stock.

Perhaps its a case of reading charts correctly?

Good for you Nick and your business too, well done.

However I think you underestimate some of the good calls on this thread and the fact that it is learning by involvement. It is good also to sign up to a service like yours and be walked through trading decisions but at the end of the day each individual to get the best in the long haul needs to fend for himself at some stage.


I could also go back to some of my posts, and particularly a week ago and point to cautionary signs.

The correction was very well overdue and the area of support is showing itself to some degree now. Having said that I think whilst it is here we could see a further pummelling and that too was discussed in the last day or so.

Anyway good on you but the old "told you so" up front does not do you justice.

Cheers explod