Member Info for BuggerTheBanks

Don't count your chickens before the Op-Ex MonkeyHammer smashes the eggs.

Naked shorting would disagree.

Op-Ex day just happens to coincide with the Asian shutdown for Chinese New Year. I expect we'll see consistent downward pressure next week, but Friday 20th in particular will be violently red.

We've already seen (end of January) the lengths they'll go to in order to protect their racket, so I firmly believe talk of a CRIMEX default is misguided: they will simply smash the price until it's uneconomical for people to stand for delivery.

I hope I'm wrong, but...

we don't just have a fractional reserve currency: we have fractional reserve precious metals "markets".

comex wears "delivery" the same way a streetwalker wears jewellery and furs: she can do her job without them, but beneath it all, she's still just a *****.

I also hold Hecla, though sold a third of my position today. Also sold another third of my Coeur holding to balance the portfolio.

With that in mind, I have today sold 1/3 of my position (in at 18p / out at £1.36). GLA.

Imagine my surprise.

They will keep doing this until the silver price is low enough to rescue the shorts. The best thing you can do here (because we can't beat them) is join them.

Great results posted by Barrick, but the shares are DOWN 7% today. You could rationalise that by what's happened across the sector, but even GDX/J aren't down THAT much.

I don't doubt that the entire sector is about to post stellar Q4 earnings, but anyone hoping for a "re-rate" in share prices is going to be disappointed.

Chinese New Year is almost upon us, and whilst the Chinese are away the CRIMEX monkeys (& their hammers) will play.

We then have March delivery and, given recent events, anyone who thinks they won't Smash the Hell out of the price to avoid a default is fooling themselves.

Wait until April.

Yet ANOTHER (US) opening bell take-down of PMs helps to keep a lid on miners 🙄

Don't worry, though: the regulators will get right on it 😏

Looks like an extra $3.50 on silver overnight still isn't enough to keep us green 🙄

Gold up 6% overnight...

Silver up 11%...

FRES up 3% 🙄

Shanghai silver closed at $98 (equivalent).

What we saw at the end of this week was not "profit-taking". It was not a "correction", nor was it "healthy".

What we saw was a Smash. We saw banks that were balls-deep in shorts get bailed-out. March delivery is a big month, and if TPTB can do it once (for end of month window dressing and to save some skin), they can (& will) do it again.

Sorry: prior link under the wrong heading.

https://x.com/theUMreal/status/2017525351572812067

Https://x.com/DarioCpx/status/2017453309830049824

Https://x.com/theUMreal/status/2017525351572812067

CRIMEX just raised margins AGAIN...this time by one third.

They need to avoid a March delivery default. These people have a money printer and they're not afraid to use it.

CRIMEX just raised margins AGAIN...this time by one third.

They need to avoid a March delivery default. These people have a money printer and they're not afraid to use it.

I see there was a delayed opening of the LBMA this-morning due to "technical difficulties". Yes: they're playing THAT card again.

I suppose it would be "technically difficult" for the LBMA to deliver gold and silver when they don't have any.