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Silver will go $1,500/oz

michaelsuede

Graduate Poster
michaelsuede
Joined
Mar 21, 2011
Messages
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How The Comex Lost 20% Of Its “Registered” Silver In One Week

LOL

A week ago we noted something peculiar: in one day, COMEX depository Scotia Mocatta (one of five in the world) saw a 25% transfer of silver from “registered” (or deliverable physical) to “eligible” (or “undefined” – a distinction discussed previously, and also below). We said: “Canada’s largest bullion depository (and one of five total) reclassified a whopping 5.2 million ounces of silver from Registered to Eligible status. In order to get a sense of how big this amount is, which amounts to just under $238 million at today’s fixing price, it represents just over 25% of the total silver stored at Scotia Mocatta, and about 5% of the total silver held across all depositories.” The reason then given was: “due to a reporting reclassification, 5,287,142 t oz was moved from Registered to Eligible.” To our (lack of) surprise, a quick glance at today’s silver holdings at the Comex confirms that the trend of reclassification is continuing unabated, and total “physical” silver across the entire Comex universe has now plunged by almost 20%, or from 41 million ounces to 33 million ounces, in the span of one week!
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Praise Mao, Praise Bernanke, and praise serfdom.
 
Chairman Mao says:

Liberalism manifests itself in various ways.

To let things slide for the sake of peace and friendship when a person has clearly gone wrong, and refrain from principled argument because he is an old acquaintance, a fellow townsman, a schoolmate, a close friend, a loved one, an old colleague or old subordinate. Or to touch on the matter lightly instead of going into it thoroughly, so as to keep on good terms. The result is that both the organization and the individual are harmed. This is one type of liberalism.

To indulge in irresponsible criticism in private instead of actively putting forward one's suggestions to the organization. To say nothing to people to their faces but to gossip behind their backs, or to say nothing at a meeting but to gossip afterwards. To show no regard at all for the principles of collective life but to follow one's own inclination. This is a second type.

To let things drift if they do not affect one personally; to say as little as possible while knowing perfectly well what is wrong, to be worldly wise and play safe and seek only to avoid blame. This is a third type.

Not to obey orders but to give pride of place to one's own opinions. To demand special consideration from the organization but to reject its discipline. This is a fourth type.

To indulge in personal attacks, pick quarrels, vent personal spite or seek revenge instead of entering into an argument and struggling against incorrect views for the sake of unity or progress or getting the work done properly. This is a fifth type.

To hear incorrect views without rebutting them and even to hear counter-revolutionary remarks without reporting them, but instead to take them calmly as if nothing had happened. This is a sixth type.

To be among the masses and fail to conduct propaganda and agitation or speak at meetings or conduct investigations and inquiries among them, and instead to be indifferent to them and show no concern for their well-being, forgetting that one is a CoMmunist and behaving as if one were an ordinary non-Communist. This is a seventh type.

To see someone harming the interests of the masses and yet not feel indignant, or dissuade or stop him or reason with him, but to allow him to continue. This is an eighth type.

To work half-heartedly without a definite plan or direction; to work perfunctorily and muddle along - "So long as one remains a monk, one goes on tolling the bell." This is a ninth type.

To regard oneself as having rendered great service to the revolution, to pride oneself on being a veteran, to disdain minor assignments while being quite unequal to major tasks, to be slipshod in work and slack in study. This is a tenth type.

To be aware of one's own mistakes and yet make no attempt to correct them, taking a liberal attitude towards oneself. This is an eleventh type.
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I'm sure this has something to do with the topic at hand.
 
Unless I am mistaking the unit (curse you non user of the USI) you are telling us that silver will go from 40$ per ounce to 1500$ per ounce ? Or 37.5 time the price it is today ?

Now that's funny. ETA especially knowing thatn the gold price is today 1500$ per ounce.
 
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This is presumably a prediction of the price in US Dollars?

What do you think it will be in a real currency such as the 人民币 . . . or the Canadian Dollar?

:jaw:
 
Maybe $150 an ounce. $1500 seems crazy but with Obama, we could see hyperinflation down the road as other nations that resorted to printing money have done.
 
randman said:
Maybe $150 an ounce. $1500 seems crazy but with Obama, we could see hyperinflation down the road as other nations that resorted to printing money have done.
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But crazy is as crazy does.
 
150/oz I can see happening, especially with the market manipulation of shorts such as JP Morgan.

But 1500/oz? No way the market would support that, since silver is commonly used in products and that high of a price per ounce would cease any sort of manufacturing goods or demand of such goods.
 
It's not outside the realm of possibility that at some point in time you will not be able to trade any amount of U.S. dollars for physical silver.
 
MarkyX said:
150/oz I can see happening, especially with the market manipulation of shorts such as JP Morgan.

But 1500/oz? No way the market would support that, since silver is commonly used in products and that high of a price per ounce would cease any sort of manufacturing goods or demand of such goods.
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This logic is not sound. If what you say is true then silver could not have been worth > $100T Zimbabwe dollars per ounce.

Oh...wait...it was....
 
mhaze said:
This logic is not sound. If what you say is true then silver could not have been worth > $100T Zimbabwe dollars per ounce.

Oh...wait...it was....
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Zimbabwe was the result of massive printing by the government, not market.
 
MarkyX said:
Zimbabwe was the result of massive printing by the government, not market.
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Well, yes...but I was responding to the assertion that "the market would not support it" and there is the logical fallacy, the assumption that the market must support a price in a given currency.
 
MarkyX said:
Which means time to buy. I'm a fan of diversification, and silver is just another way to reduce risk besides the usual investment products.
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I agree.

I think most of the downward move has been due to margin hikes and speculators taking profits.

As speculation is squeezed out of the silver market, it will have nowhere to go but up, and rapidly so. Especially if there is a run on the dollar, which could happen in a rather swift manner.

Silver eagles are selling for well over 50 on ebay and silver rounds are selling above 45 consistently. The spot price does not reflect the actual market value of silver.
 
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