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As the
INO Markets chart below shows, the dollar is
crashing to new lows.
… and precious
metals markets are
“going Apeshit"
SILVER BREAKS $50 Everywhere but the COMEX!!!!!
COMEX to Follow Shortly
Zerohedge reports that
precious metals have just gone apeshit.
Gold Opens $1,520, Silver Over $50
Everywhere But Comex (For At Least A Few More
Minutes)
Submitted
by Tyler Durden on 04/25/2011 03:44 -0400
While markets are relatively quiet everywhere, precious metals have just gone apeshit. Gold opens at $1,520 while silver hits $49.70 on the Comex, drops, and is backing up again last treading at $49.22, as the world is pricing in the end of the US reserve currency.
The parabolic melt up is in full
force and we expect the
nominal Hunt high to be taken out today, after which the resistance is the
real Hunt high somewhere around $140, courtesy of the Federal
Reserve confetti.
…
Driving force behind behind gold/silver rally: physical shortages
Zerohedge reports that Four
Scary Words: "Silver Delivery Not
Possible".
Four Scary Words: "Silver
Delivery Not Possible"
Submitted
by Tyler Durden on 04/25/2011 12:38 -0400
The SHTFPlan’s
Mac Slavo brings us the story of one Bill Cramer
who decided to cash in on his silver profits after a nearly decade holding
period (under the assumption he was receiving warehousing services
considering he was paying storage fees), confident that he could simply
receive the metal he held with a broker, until he heard the following 5 very disturbing words: "SORRY, DELIVERY IS NOT
POSSIBLE."
From SHTFPlan:
"Bill Cramer of St. Louis was
pretty confident everything was on the up-and-up. He purchased 5000 ounces of
silver back in 2003 for a spot price of $4.94 and stored them with an east
coast broker. When he was discussing his holdings with his coin dealer,
the dealer dared him to try and take delivery of the metal.
Bill took him up on that dare and contacted his broker requesting
to take delivery of his supposed physical metal holdings, FOR WHICH HE HAD
BEEN PAYING STORAGE FEES FOR YEARS. As you may have guessed, THE
BROKER ADVISED HIM THAT PHYSICALLY DELIVERING THE METALS WAS NOT
POSSIBLE."
Here is how Bill recounts his experience:
So, I took his dare, I called them
up, it was June of last year. The metal I had purchased in January of
’03. I said “I’d really like to take delivery of
my metal – the five thousand ounces.” They go “well, that’s not possible.” And, I go “well, I’ve been
paying storage fees since January of ’03, what do you mean I
can’t take delivery.”
“Well, it’s part of the account. It’s called a pool
account. And, you don’t take delivery, you
just participate in the appreciation.”
So I immediately sold that 5000 ounces at $18.33 and I had my cell phone in
my hand and I immediately purchased 2500 silver eagles at $18.41 and
that’s how I reconciled the problem of not being able to take delivery
of my physical metal from a brokerage account.
In other words: anyone who
has "pool account" exposure may want to reevaluate their options.
And, if we may add, anyone who has Comex storage
exposure in general (University of Texas wink wink) even for
allegedly delivered gold, and when massive amounts of "registered"
gold get mysteriously shifted to
"eligible" status, may want to be reeeeally
careful now that silver is about to take out its all time
nominal high.
Zerohedge reports that
Apmex out of silver eagles until may 13.
Apmex Out Of Silver Eagles Until
May 13
Submitted
by Tyler Durden on 04/25/2011 13:01 -0400
With the US Mint forced to cut down dramatically
on its Silver American Eagle sales, for some reason various timid
elements considered the drop in monthly sales as indicative of a wane in
investor interest (record prices aside). Perhaps the following note from Ampex: one of the otherwise "deepest" silver
vendors in the market, may restore some balance to
the (supply/demand) force.
[Notice the silver
selling price: $52.71+ ]
And yes,
for the vision and/or reading impaired, it says APMEX
IS NOW OUT OF AMERICAN EAGLE SILVER COINS FOR ABOUT TWO AND A HALF WEEKS. But don’t worry: it
takes only $5/ounce to dig up the metal from the ground.
Latest Graph of Silver Prices
Below is kitco’s
24-hour Spot Chart for Silver.
Things to note:
1) Silver prices spiking to $50.
2) Once again, silver/gold
are hitting new highs during hong Kong hours.
3) The usual Comex manipulation. (See *****Graphs
Showing The Manipulation Of Gold***** and Excellent Opportunity To Buy Gold)
My reaction: Since writing
Gold Market Reaching The Breaking Point 18 months ago, gold and silver are up
50%. As seen in the above
news, “the parabolic melt
up” continues.
1) The dollar is crashing
to new lows.
2) Precious metals markets are "going Apeshit". Gold opens at
$1,520 while silver hits
$49.70 on the Comex.
3) “the world is pricing
in the end of the US reserve currency.
The parabolic melt up is in full force.”
4) Physical shortages are
once again prominently
visible in precious metals
markets. The US Mint forced to cut down dramatically on its Silver American Eagle sales,
and now APMEX is out of american eagle silver coins for about two and
a half weeks.
5) As I have repeatedly stated,
anyone who has "pool
account" exposure may want to reevaluate
their options
Conclusion:
Remember gold/silver aren’t going up so much as the dollar is going down and there is no
limit to how much the
dollar can go down.
Buy gold (or/and silver)
Eric
de Carbonnet
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