“Woe to the land whose king is a child and whose leaders are already drunk in the morning. Happy the land whose king is a nobleman, and whose leaders work hard before they feast and drink, and then only to strengthen themselves for the tasks ahead”. (Eccl 10: 16-17)


"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat


Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput






Monday, March 14, 2011

4 Hour Silver Chart

13 comments:

  1. I just don't understand why $36 is such resistance. Silver erupted higher when the price dropped down to 34 and change last week, with tons of buys flooding in. Why would there be so much resistance 2 bucks higher?

    Is someone trying to keep the price below 36 before options expiration this week? If this is the case the price should explode next week if they cover the shorts.

    I am hesistant to buy given the resistance, but the whole thing seems fishy.

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  2. Expiration is not this week, it is next week.

    Options expiration for Gold+Silver is March 28, and Futures expiration for same is March 29.

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  3. Turd Ferguson has a blog on which he detailed the reasons why the Morgue is desperate to keep silver below $36. It puts into perspective the aggressive price manipulation going on. It's frantic attempts also paint a clear picture for the CFTC to establish price manipulation, if they would only listen and do the job for which we are paying them.

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  4. his evidence that "the Morgue" is "desperate" to keep silver below $36 is dubious.

    JPM had a perfect trading record in the second half of last year. That is, they made money every day over a period in which silver rose more than $10. Silver did not impact their books last year, and likely do not impact them materially now.

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  5. I don't buy that argument. Silver is only a small part of JPM holdings, even if they lost money on silver last year it probably didn't affect their bottom line much if at all.

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  6. Silver is extremely overbought. I think "smart money" is exiting. We'll know soon how smart the smart money really is. In a week, they might look pretty stupid.

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  7. Silver is very seasonal, this is the end of India wedding season, expect sideways trading around $36 for silver all the way until Aug/Sept. Its called summer doldrums. It happens every year.

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  8. overbought? Terminally deficient supply, yet 'overbought?

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  9. Every time I see "Brian Flanagan" I immediately skip his posts. His mind is closed. He either is a JP Morgue shill or an dufuss, I don't know which.

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  10. Just remember one thing, ultimately, fundamentals will rule out, everything else is short term "noise". It is becoming more well known that above ground silver is rarer than gold.

    I expect silver will ultimately trade at a ratio of 16:1 or even as low as 1:1. In fact, there may be a time when silver is more expensive than gold.

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  11. A perfect trading record is impossible unless you are gaming the system.

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  12. @ Jack - Here's @fboflanagan's Twitter post 3/11:
    new post: Is JP Morgan Actually Net LONG Silver and Manipulating it HIGHER? http://bit.ly/eyOoj4 $SLV

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  13. I'm very bullish on silver long term, but my local dealer has more of the stuff than he wants. Many hoarders who bought at $18 were cashing in on half at $36, which isn't stupid at all. They now have physical with a cost near zero. Those people may be wrong but you can't fault anyone for taking a profit like that.

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