Not many have a better track record than Alf Field...
“Alf’s next target for gold is $4,500 and I think this silver target of $158 makes sense because that would put the gold/silver ratio just under 30. I think we could see Alf’s targets of $4,500 gold and $158 silver this year or certainly in the next 18 months. This is going to be a quick move. In Elliott terms this is the 3 of 3, which is the strongest wave.
I mentioned to you previously that gold has already broken out to the upside in its 3rd of a 3rd wave. Silver hasn’t quite broken out yet and we need to see silver break above the $36 to $37 area to establish silver has entered this next leg higher, which according to Alf targets $158."
Some competition for the current and highly corrupt precious metals price fixing mechanism of the West...
"When the PAGE starts trading in June, it will put tremendous pressure on the price of gold in the physical market because investors are able to receive physical gold. When the price of gold rises it will automatically recalibrate upwards the wealth of millions of Chinese who invested in Gold during the past two years. And it will also automatically increase the standard of living of millions of Chinese."
Effective immediately, CME, CBOT, NYMEX and COMEX (collectively, “the Exchanges”) are granting a temporary waiver of the requirement under each Exchange’s Rule 559 (“Position Limit and Exemptions”) that market participants file an updated application on an annual basis to exceed speculative position limits.
David Rosenberg was live on BNN TV at 12:30PM stating that a major French bank was about to fail today, hence the major CB intervention today, including China's. He would not name the bank but said it was one of the big three.
A good article on the banksters' get-out-of-jail card...
"If you or I are caught committing fraud, there’s a good chance we’ll end up going to prison, or at least be ordered to pay restitution and placed under house arrest.
But if the executives of a Wall St. bank do it, not only does no one go to jail, their companies pay the fine, none of them are held personally responsible and they don’t have to admit wrongdoing.
This is the standard operating procedure of the Securities and Exchange Commission (SEC) in the U.S., which oversees its financial markets.
Under it, so-called “no contest” decisions are being negotiated with Wall St. banks accused of massive fraud in the subprime mortgage securities scandal of 2008, which led to a global credit freeze and crashed the world economy."
"In terms of price performance, the Q2 earnings season (that ended with Wal-Mart's report on Tuesday) was by far the worst that's been experienced since at least 2000 (when our Earnings Report Database starts). The average one-day change in response to earnings for the 2,150 companies that reported was a pathetic -1.92%. The second worst earnings season came in Q3 2008 when the average stock declined 0.70%, so this season was more than two and a half times as bad as the previous worst earnings season. Sixty-percent of companies that reported went down in response to their reports, and nearly 30% went down more than 5%! That's an astonishing number. Eighty-three companies that reported lost 20%, or a fifth of their value, on the day of their earnings reports."
"CME Group is raising margin requirements by 22.2% for trading Gold futures on the Comex Division of the New York Mercantile Exchange.
For the full 100-ounce gold contract, the “initial” margin for new positions will rise to $7,425 for speculators from $6,075. Speculators’ “maintenance” margins for existing positions, as well as all hedge positions, will rise to $5,500 from $4,500.
Margins are also rising for smaller-sized Gold contracts."
Expect this new trading platform to benefit the elite only...
"Late Friday, Alpha ATS quietly got approval from the Ontario Securities Commission to launch its new IntrasSpread facility. By Monday, there was already chatter of an uproar about the dark new territory it has created for Canada’s capital markets.
The IntraSpread product is “patently insidious,” railed Ian Bandeen, head of rival ATS Pure Trading, who swore he was speaking on behalf of the public’s best interest.
Mr. Bandeen is particularly upset because Canada’s capital markets have been praised globally. “We’ve always had an opportunity in Canada to learn from the mistakes of the Americans,” who allow rampant dark pool trading. he said. “This initiative is just a massive step backward in the opposite direction.”
"There is nothing inherently wrong and certainly nothing "illegal" about J.P. Morgan Chase (JPM) gaining a vault license for storing and taking delivery of gold/silver/platinum/palladium from the futures markets known as NYMEX/COMEX. However, the speed, timing and manner in which the exchanges just granted it troubles us."
"The real reasons why investment demand for silver has soared are also the reasons why I believe that silver prices will jump by an even higher percentage in 2011 than they have for 2010. That will push it beyond $50."
Should events unfold as indicated below, now would be the time to purchase silver metal and silver shares...
"I have to allow for the typical accounting revisions that the Comex sometimes makes a day later. BUT, right now based on the o/i for gold and silver, the Comex is potentially insolvent.
Friday being the day before first notice, anyone with an account not funded to take delivery of a long position has to either sell or be liquidated by the end of last Friday's access session. I know this because I had a silver position liquidated a few years ago when I forgot what day it was lol. Any open long positions as of this morning are capable of taking delivery of gold and silver.
With that said, the open gold o/i as of this morning is 59,412 contracts. This translates into 5.9 million ounces. The Comex gold inventory shows only 2.6 million ounces of gold registered and approved for delivery. There is a total of 11.4mm ounces.
In silver, there are 17,208 open contracts. This translates into 86 million ounces. The Comex reports 48.5 million ounces available and approved for delivery, 107.2 million total ounces."
A good article for those who believe Kitco has some credibility...
"It is popular opinion that Kitco’s frontman Jon Nadler has a poor understanding of the precious metal markets, but I decided it would be prudent to see if the complete lack of respect for this man from the enthusiast community was justified given his forecasting performance over the last few years. The results were fairly conclusive. Even when given a timeline of just a few months, Nadler is woefully off the mark across the board, and often doesn’t show up in the right zip code when asked about longer-term expectations. Unfortunately, most of his predictions are on gold, but we found some great quotes on why he doesn’t appear to like silver and his general attitude towards the metal. Don’t take my word on it, however, take Jon’s'..."
"Quite a few mutual funds have some silver exposure, mainly through silver-mining stocks. (Only a handful of mutual funds, none of them very big, hold significant amounts of the iShares Silver Trust ETF.) If we limit ourselves to funds with at least $100 million in assets, the following table shows the 10 with the highest percentage of their portfolio in silver stocks. The table also shows the size of each fund's asset base and its percentile ranking in its category over the past month and the past year (as of September 23)."
Billy, central banks hold gold but their silver reserves are almost non-existent. They can suppress the price of silver using paper certificates only. With gold they can suppress the price with the combo - paper and physical.
Billy, keep in mind that 90% of silver use is for industrial purposes with the remainder being used for investment. No doubt the investment portion is still above ground, but the majority of the industrial silver is likely buried in dumps/landfill sites in minute quantities within cell phones, TV's, and other electronics. This endpoint is unlikely to be recovered if at all.
The charts in this article speak for themselves as evidence of silver price suppression...
"Forward sales of silver through the LBMA OTC London market are approximately 8.5 Billion ozs. This is almost all the entire global reserves of silver that are yet to be mined! But the silver miners who own the remaining reserves are unhedged, so who ever has sold 8.5 billion ozs of silver forward by inference does not own 8.5 billion ozs of silver. It is a naked short position of 11 years of global production.
The interesting question is what will the free market price of silver be? Gold itself is suppressed by many multiples of the current price and the false silver price is just a derivative of a false gold price. I have previously estimated that there is only one ounce of gold for every 45 ozs that have been sold. If a similar relationship exists in silver than the eventual long term free market price target could be more than $900/oz. This is just a wild estimate but I think it is safe to say it will be many multiples of the current outrageously suppressed price of $20.9/oz."
A day after announcing the recession is over, the FED announces a new money printing operation to support the decaying economy. I thought only Third World countries with Mickey Mouse dictators flip-flopped like that?
And it is only going to get worse as more and more investors move into precious metals...
"In another interesting development, a buyer of a COMEX gold contract for delivery in September 2009 just received confirmation that the physical gold has finally been posted to his account. It is now stored in a bonded COMEX warehouse as “eligible” inventory, meaning that it could be easily transferred to a broker to become registered inventory to be available for delivery of a COMEX contract. The buyer noted that the broker’s rules for owning this particular bar have changed from past practice. The only options open to the owner are to take delivery, to leave it in storage, or to sell the bar to a broker. In the past, owners of eligible COMEX inventories could leverage it, put it out on lease, or engage in other activities which might generate a bit of income. The new limitations on how the bar may be treated I interpret as a further sign of growing physical shortage in the COMEX gold and silver inventories."
Not many have a better track record than Alf Field...
“Alf’s next target for gold is $4,500 and I think this silver target of $158 makes sense because that would put the gold/silver ratio just under 30. I think we could see Alf’s targets of $4,500 gold and $158 silver this year or certainly in the next 18 months. This is going to be a quick move. In Elliott terms this is the 3 of 3, which is the strongest wave.
I mentioned to you previously that gold has already broken out to the upside in its 3rd of a 3rd wave. Silver hasn’t quite broken out yet and we need to see silver break above the $36 to $37 area to establish silver has entered this next leg higher, which according to Alf targets $158."
http://tinyurl.com/6sdl6w2
Some competition for the current and highly corrupt precious metals price fixing mechanism of the West...
"When the PAGE starts trading in June, it will put tremendous pressure on the price of gold in the physical market because investors are able to receive physical gold. When the price of gold rises it will automatically recalibrate upwards the wealth of millions of Chinese who invested in Gold during the past two years. And it will also automatically increase the standard of living of millions of Chinese."
http://tinyurl.com/7oq8sl2
Precious metals fundamentals are more bullish now than at anytime during the entire bull market...
http://tinyurl.com/csmlgcp
Get well soon Bill, Fireworks
Merry Christmas from da boyz...
Effective immediately, CME, CBOT, NYMEX and COMEX (collectively, “the Exchanges”) are granting a temporary waiver of the requirement under each Exchange’s Rule 559 (“Position Limit and Exemptions”) that market participants file an updated application on an annual basis to exceed speculative position limits.
http://tinyurl.com/brvajlh
David Rosenberg was live on BNN TV at 12:30PM stating that a major French bank was about to fail today, hence the major CB intervention today, including China's. He would not name the bank but said it was one of the big three.
A good article on the banksters' get-out-of-jail card...
"If you or I are caught committing fraud, there’s a good chance we’ll end up going to prison, or at least be ordered to pay restitution and placed under house arrest.
But if the executives of a Wall St. bank do it, not only does no one go to jail, their companies pay the fine, none of them are held personally responsible and they don’t have to admit wrongdoing.
This is the standard operating procedure of the Securities and Exchange Commission (SEC) in the U.S., which oversees its financial markets.
Under it, so-called “no contest” decisions are being negotiated with Wall St. banks accused of massive fraud in the subprime mortgage securities scandal of 2008, which led to a global credit freeze and crashed the world economy."
http://tinyurl.com/3qzvkaj
An interesting turn of events as the price of paper gold falls...
http://tinyurl.com/5vtt9am
Just part of the set-up for QE3...
"In terms of price performance, the Q2 earnings season (that ended with Wal-Mart's report on Tuesday) was by far the worst that's been experienced since at least 2000 (when our Earnings Report Database starts). The average one-day change in response to earnings for the 2,150 companies that reported was a pathetic -1.92%. The second worst earnings season came in Q3 2008 when the average stock declined 0.70%, so this season was more than two and a half times as bad as the previous worst earnings season. Sixty-percent of companies that reported went down in response to their reports, and nearly 30% went down more than 5%! That's an astonishing number. Eighty-three companies that reported lost 20%, or a fifth of their value, on the day of their earnings reports."
http://tinyurl.com/3bs4hdh
Just one tool used to suppress precious metals...
"CME Group is raising margin requirements by 22.2% for trading Gold futures on the Comex Division of the New York Mercantile Exchange.
For the full 100-ounce gold contract, the “initial” margin for new positions will rise to $7,425 for speculators from $6,075. Speculators’ “maintenance” margins for existing positions, as well as all hedge positions, will rise to $5,500 from $4,500.
Margins are also rising for smaller-sized Gold contracts."
Expect this new trading platform to benefit the elite only...
"Late Friday, Alpha ATS quietly got approval from the Ontario Securities Commission to launch its new IntrasSpread facility. By Monday, there was already chatter of an uproar about the dark new territory it has created for Canada’s capital markets.
The IntraSpread product is “patently insidious,” railed Ian Bandeen, head of rival ATS Pure Trading, who swore he was speaking on behalf of the public’s best interest.
Mr. Bandeen is particularly upset because Canada’s capital markets have been praised globally. “We’ve always had an opportunity in Canada to learn from the mistakes of the Americans,” who allow rampant dark pool trading. he said. “This initiative is just a massive step backward in the opposite direction.”
http://tinyurl.com/3sjvtv5
The boyz must be up to something...
"There is nothing inherently wrong and certainly nothing "illegal" about J.P. Morgan Chase (JPM) gaining a vault license for storing and taking delivery of gold/silver/platinum/palladium from the futures markets known as NYMEX/COMEX. However, the speed, timing and manner in which the exchanges just granted it troubles us."
http://tinyurl.com/4glkzvu
Some fuel for Bill's $40 silver prediction...
"The real reasons why investment demand for silver has soared are also the reasons why I believe that silver prices will jump by an even higher percentage in 2011 than they have for 2010. That will push it beyond $50."
http://tinyurl.com/23kwmtb
Should events unfold as indicated below, now would be the time to purchase silver metal and silver shares...
"I have to allow for the typical accounting revisions that the Comex sometimes makes a day later. BUT, right now based on the o/i for gold and silver, the Comex is potentially insolvent.
Friday being the day before first notice, anyone with an account not funded to take delivery of a long position has to either sell or be liquidated by the end of last Friday's access session. I know this because I had a silver position liquidated a few years ago when I forgot what day it was lol. Any open long positions as of this morning are capable of taking delivery of gold and silver.
With that said, the open gold o/i as of this morning is 59,412 contracts. This translates into 5.9 million ounces. The Comex gold inventory shows only 2.6 million ounces of gold registered and approved for delivery. There is a total of 11.4mm ounces.
In silver, there are 17,208 open contracts. This translates into 86 million ounces. The Comex reports 48.5 million ounces available and approved for delivery, 107.2 million total ounces."
http://tinyurl.com/27sclyc
A good article for those who believe Kitco has some credibility...
"It is popular opinion that Kitco’s frontman Jon Nadler has a poor understanding of the precious metal markets, but I decided it would be prudent to see if the complete lack of respect for this man from the enthusiast community was justified given his forecasting performance over the last few years. The results were fairly conclusive. Even when given a timeline of just a few months, Nadler is woefully off the mark across the board, and often doesn’t show up in the right zip code when asked about longer-term expectations. Unfortunately, most of his predictions are on gold, but we found some great quotes on why he doesn’t appear to like silver and his general attitude towards the metal. Don’t take my word on it, however, take Jon’s'..."
http://tinyurl.com/2fjf5s5
Just a little more stress for the shorts...
"Quite a few mutual funds have some silver exposure, mainly through silver-mining stocks. (Only a handful of mutual funds, none of them very big, hold significant amounts of the iShares Silver Trust ETF.) If we limit ourselves to funds with at least $100 million in assets, the following table shows the 10 with the highest percentage of their portfolio in silver stocks. The table also shows the size of each fund's asset base and its percentile ranking in its category over the past month and the past year (as of September 23)."
http://tinyurl.com/39u5fp7
Billy, central banks hold gold but their silver reserves are almost non-existent. They can suppress the price of silver using paper certificates only. With gold they can suppress the price with the combo - paper and physical.
Cheers
http://tinyurl.com/2ul5ndw
Billy, keep in mind that 90% of silver use is for industrial purposes with the remainder being used for investment. No doubt the investment portion is still above ground, but the majority of the industrial silver is likely buried in dumps/landfill sites in minute quantities within cell phones, TV's, and other electronics. This endpoint is unlikely to be recovered if at all.
The charts in this article speak for themselves as evidence of silver price suppression...
"Forward sales of silver through the LBMA OTC London market are approximately 8.5 Billion ozs. This is almost all the entire global reserves of silver that are yet to be mined! But the silver miners who own the remaining reserves are unhedged, so who ever has sold 8.5 billion ozs of silver forward by inference does not own 8.5 billion ozs of silver. It is a naked short position of 11 years of global production.
The interesting question is what will the free market price of silver be? Gold itself is suppressed by many multiples of the current price and the false silver price is just a derivative of a false gold price. I have previously estimated that there is only one ounce of gold for every 45 ozs that have been sold. If a similar relationship exists in silver than the eventual long term free market price target could be more than $900/oz. This is just a wild estimate but I think it is safe to say it will be many multiples of the current outrageously suppressed price of $20.9/oz."
http://tinyurl.com/27hfq7k
A day after announcing the recession is over, the FED announces a new money printing operation to support the decaying economy. I thought only Third World countries with Mickey Mouse dictators flip-flopped like that?
And it is only going to get worse as more and more investors move into precious metals...
"In another interesting development, a buyer of a COMEX gold contract for delivery in September 2009 just received confirmation that the physical gold has finally been posted to his account. It is now stored in a bonded COMEX warehouse as “eligible” inventory, meaning that it could be easily transferred to a broker to become registered inventory to be available for delivery of a COMEX contract. The buyer noted that the broker’s rules for owning this particular bar have changed from past practice. The only options open to the owner are to take delivery, to leave it in storage, or to sell the bar to a broker. In the past, owners of eligible COMEX inventories could leverage it, put it out on lease, or engage in other activities which might generate a bit of income. The new limitations on how the bar may be treated I interpret as a further sign of growing physical shortage in the COMEX gold and silver inventories."
http://tinyurl.com/28jtkmq