11:25 am (Hawaii) There we go. CNBC reporting that CME Group has enacted a
Whatever the case, it's a lot of b.s. for any trader to take, coming just from one stock or ETF. I'm glad I got out before the silver pullback last week. Seems like ages ago.
Fast Money talking to an official from SLV. He won't answer the questions in detail. Looks like a shady dude. No surprise there...
2:05 pm (Hawaii) Afterhours trading is done for the day. I've spent as much time looking at silver coin and bullion prices as I have anything else. It's interesting, educational to a point. But mostly, it's just strangely enticing to look at bullion bars of silver. Bars have something that coins don't, just that sheer chunkage, though nothing seems to have a premium like certain coins, i.e. American Silver Eagles.
I'm learning as I go, and maybe one day I'll have a vast store of precious metals. Maybe I'll say, forget it, it's too late, the time to buy silver was 2009 when Spot was in the teens (or lower) ... not here at 39+ or last week's 49+ per ounce.
ZSL tempted me a bit. Thought about a little position before trading hours ended, but decided to just wait this out. I'm still watching from the ridge with my binoculars, completely in camouflage gear and overnight provisions. Those silver bears are not getting near me.
Some reading for the evening.
King World News: Sprott has more physical silver now than ever (May 3 2011)
(video) Peter Schiff: 'I think the vast majority of the silver correction is over' (May 3 2011)
Update 2:34 pm (Hawaii) Don't mind me and my little precious metals fixation. Sometime in the future, PMs won't be so hot and sexy. I won't be thinking about them so much. It'll be old fashioned again. But for now, all things metal fascinate me.
Hong Kong to open trading now. Spot Silver is at 38.95. Spot Gold is at 1516.50. If a bounce is coming soon, now might be the time. I'm watching from the woods up on the hill. All cash.
Update 3:36 pm (Hawaii) Just saw something that knocked me out. On one of the silver/gold shop sites, I saw the 10-ounce silver bars by Johnson Matthey/Engelhard available. I remember that being a silver producer in demand, so the price was a little higher than other 10-oz bars. I had to think for awhile, then concluded that it would be better to wait until tomorrow or Friday to see where Spot Silver price goes. (Currently 39.00.) The price for one bar was $431 or something close that via credit card.
I surfed around to other shops and stuff for a few minutes, went back to that shop's site, and the same Johnson Matthey/Engelhard bars were "OUT OF STOCK." Talk about demand. Then again, if people are selling silver to shops like mad (from what I understand) this week, more of these should pop up, maybe at a lower price. But I was real close to buying a 10-ouncer for the first time.
Update 4:27 pm (Hawaii) Spot Silver treading water at 38.96. Spot Gold at 1517.30. Absolutely no lift from Sydney and Hong Kong. Seems everybody's spooked by the five margin requirement hikes. Blood in the water and nobody wants to be a hero. Can't blame them.
King World News: Ben Davies interview (May 5, 2011) (I think this is a replay of the interview done on Monday, but it remains pertinent.)
Update 5:25 pm (Hawaii) Some very poignant and discerning words from a fellow named Jim Sinclair.
Silver is not money. It is simply too bulky to be freely and universally fungible. After this short play, which had to follow the spike intermediary top, silver will rise as fast as it did again.
Jim Sinclair: Silver being silver (May 4 2011)
King World News/Jim Rickards: QE is dead, QE is perpetual (Mar 11 2011)
Mike Maloney: $39 level has a huge probability of finding support and bounce (May 4 2011)
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