Member Info for booboouberbear

200 billion (billion) ounces of Silver was traded on COMEX yesterday, that is some 62,500 tonnes, that is double the yearly production of Silver mined on earth in a whole year, traded in one day!

What a complete farce.

Don’t be so sure, Basscadet, the size of the paper market in Silver is large, but the actual physical market is worth a total of approx. “just” USD$60B when calculating all Silver ever mined.

If these cats are determined enough and spend (for example) USD$10 / $20B across the United States on physical Silver deliveries there will be a chaotic price spike as the paper market, unable to deliver the physical Silver they said they have, doesn’t materialise.

Gold? I agree, a much harder sell due to its multi-trillion dollar market size.

But these guys have a real chance to inflict serious casualties on the COMEX and beyond.

History repeating itself in the infamous Hunt Brothers short squeeze of March 1980?

Too early to say. But, looking at the clear tussle between the Longs and Shorts over the last few days the price of Gold and Silver is clearly being taken out by the Longs early in the trading day and then COMEX comes on line to wrestle control back. There has to be some seriously nervous people at the likes of JP Morgan.

Silver trading on COMEX has practically doubled in volume on a daily basis this last week!

Eh voila…and by magic AUX is back to nearly flat for the day.

Will be interesting to see the contracts data on COMEX today, I’d hazard a guess that it was a big day in terms of volumes. They were wrestling to murder the price all day, probably expended a bit of energy on it.

I’m expecting a bounce on Monday as a result IMO.

Call me a cynic, but i don't believe for a second the price of AUX will hold today (just like other days). COMEX will come on line and hammer it last day of the month. The market is now eating itself in a sea of corruption and manipulation.

COMEX has torpedoed any rise today anyway, was to be expected being so close to month end and contract expiry.

It will be interesting to see how all of this pans out. These hedge funds are already sitting on some USD$70b of loses.

Thanks. That would be interesting considering how short the institutions are on PMs!

Why all PMs and Crypto's have just shot up on mass?

The Q1 2021 update will immediately be better with the hedge now falling away. Exploration will add value and LoM across the board. There will be a Dividend sometime in H1 this year. It looks like they want to keep a stable 80-85k ounces a year at NLGM to keep the LoM stable while they await future exploration upgrades, etc (sensible thing to do).

Another good, solid and competent updated. The company is going places, but it will take time and be methodical.

Strange no quarterly results today, that’s what their events calendar said on their website, but it has since been taken down?

That’s a stellar update, with much more to come on exploration upside IMO.

Were the pallet too for tomorrow’s quarterly update which should be strong.

Retail Sales just posted in the US where dreadful and worse than though….slam the AUX. Nothing really makes sense anymore despite which contrived narrative is constructed by them.

Whenever someone tries to convince me about some all-powerful illuminati type of organisations and governments trying to subvert and control society I look at the news and I see someone like Matt Han****. I’m sorry, I just can’t buy it, is there corruption in financial markets, undouble, is the system weighted to funnel money into the already rich, no doubt, but there is no grand plan to do this on an all-encompassing societal basis.

The mess we have in western democracy is born out of utter populist incompetence 60 years in the making and politician’s being unable or unwilling to take the proper long term decisions needed, it will eventually rob us of our wealth and living standards as we drown under a sea of currency debasement IMO.

You really should read the Congressional Budget Office’s (CBO) forward budget and deficit projections (remember this is an organisation that always puts a rosy tint on long term budget projections in the US).

Even the CBO numbers are truly eye watering on how much unfunded obligations will be required in the next 30 years to meet the Social Security and Medicare commitments the US Federal Government has promised over numerous Administrations stretching back to LBJ. Starting around 2025 the 71 million baby boomer generation will start to bankrupt the unfunded system. Most don’t really comprehend the amount of money that will need to be ‘generated’ in order to fund this, we are talking about USD$155t (Trillion) approx. 5 / 6 times the size of the 2020 US total GDP number. That money simply doesn’t exist!

This isn’t really a conspiracy, this is multigenerational incompetence and over promises that have gotten us to this point. Trump said it himself, “why should I care about the deficit, that will be someone else’s problem”. Eventually it will be society’s problem.

Huge surge in US Jobless Claims in the last 30 minutes, the US is now certainly in a recession (be it a technical recession or not).

Joe Biden’s spending Plans are released at approx. Midday UK time tonight, and will probably usher in the largest expansion of the US Federal Spending as a proportion of GDP since WW2!

Forgetting the corruption in the markets for now, gravity will prevail in terms of AUX.

Rising, despite all of the lockdowns in the Service Sector in the US (being 80% of the economy). Once March, April and May 2020 figures fall out of the 12 month CPI and RPI numbers you’ll see the real extent to which inflation is rising and it will be at or above 3% IMO.

Raw prices in Corn, Wheat and Soy now at multi-year highs today also (approaching the “Arab Spring” 2011 prices) and Soy now only off all-time highs going back decades.

The Fed will use another measure called PCE to tell you inflation is fine, it’s rigged so it’s much lower than RPI or CPI (which in themselves are rigged to show lower inflation than actually exists).

When we add in Biden / Yellen / Powell’s bazillions of stimulus to come hyperinflation won’t be far away IMO.

There will come a tipping point (probably when inflation resurfaces) when delivery calls for the physical metal will eventually buckle the paper deceit and cause a realignment in AUX when paper trades no longer satisfy the markets.

It a waiting game.

Nails it and is now so evident, last 30 minutes on COMEX shows he's 100% right.

Agree, completely, it will eventually be utterly ruinous to western economies, but I don’t think it will stop them bending their yield curve, if the cash going out the door reverts to a “market set” interest rate then it’s game over for economies like the US, it’s inflation or bankruptcy is how I see the choice.

Does the US Fed ride in over the top of long term 10 and 30 Year US Treasuries on their meeting on 26 / 27 Jan?

There surely can’t be any way that Biden can spend the Trillions he wants if inflation and yields are expanding?