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Nickelless
Administrator
USA
5580 Posts |
 Posted - 04/17/2009 : 06:57:05
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I was almost done with the cover story on the business section of today's USA Today...
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...when this paragraph caught my eye:quote:
Congress recently gave the CFTC increased authorization to pursue foreign currency fraud. The agency this year also won a $35 million increase in its $111 million 2007-08 budget, helping fund an 11% increase in its enforcement staff.
As a lot of you know, there have been a lot of claims being made that the CFTC isn't properly auditing a lot of paper options for silver that appears to exist on paper but which a lot of analysts (David Morgan especially) say is just that--paper "silver" that can't be delivered on demand because it doesn't exist. The implications are, as you well know, that if all this silver is just on paper but not existing for delivery, the price of silver could skyrocket. Just thought I'd throw out this observation for those of you keeping an eye on what the feds are or aren't doing in terms of regulation.
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JerrySpringer
Penny Hoarding Member
669 Posts |
Posted - 04/17/2009 : 18:58:57
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| Thanks for the link. I think the fed gov allows things to go as far as they can until it is obvious a mop-up or damage control repair needs to be done. I have read about how the spot price on silver is not aligned with the real price. The lesson comes to being able to find physical silver with a low premium. That old premium does not budge much. I am holding onto my physical silver forever possibly, btw. I think silver will always be money. Always. I have also started to follow silver pricing more regularly. Any serious dips in the spot price will be a paradox. A decline in price may drive people to unload their physical holdings. Once again, remember, silver is money to many people, but not all. The Cash4Gold success shows that people will sell precious metals if convinced paper FRNs represent something more. Cracks me up that you could get silver for $5/ounce in 2003. What can $5 get you now, a Big Mac? |
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JerrySpringer
Penny Hoarding Member
669 Posts |
Posted - 04/17/2009 : 19:23:11
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Also, take a look at this silverbearcafe article:
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I tend to believe personally that we will see a blow off top happen for silver and gold. It is not because the intrinsic value for them is hyped. I think someone big will get on the wrong side of a trade and prices will drop under them as a resultant. It seems too easy to hedge for Armageddon right now with silver being so available. I expect prices to get squirrely. As I said before, silver is money, worthy of barter, just like gold. That intrinsic value needs to be exploited for prices to run their course. I just do not trust the market to let the little guy accumulate a metal so cheaply without some consequences.
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Neckro
1000+ Penny Miser Member
Saudi Arabia
2080 Posts |
Posted - 04/17/2009 : 19:25:58
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| Nice One. |
Trolling is an art. |
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Nickelless
Administrator
USA
5580 Posts |
Posted - 04/17/2009 : 20:44:34
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JerrySpringer, I'm not so sure about silver's availability relative to demand. Take a look at this article:
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Again, there's a huge difference between paper silver options where the silver is not actually delivered, versus the wholesale backlog of orders because silver is not coming to market fast enough. Granted, silver's current low spot price probably has a lot to do with decreased supplies, but I'm not convinced that that's the main cause. From everything I've read, it seems very probable that someone high up in commodities regulation is cooking the books. Nobody should be surprised if this is the case. Look at Enron, WorldCom, etc.--the very same thing could be going on in commodities, especially precious metals. It would almost surprise me if it WASN'T happening. |
Visit my new preparedness site: Preparedness.cc/SurvivalPrep.net
--Latest article: Stocking up on spices to keep food preps lively
---------------
Be prepared...and prepared to help: http://www.survivalblog.com/charity.html
Are you ready spiritually for hard times? http://www.jesusfreak.com/rapture.asp |
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CFTC steps up currency fraud probe--metals next?
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