According to NetDania’s volume (which approximates volume from 5 separate sources and is not an exact indicator of volume data)  38,400 contracts, or 191.99 million ounces of paper silver (nearly a quarter of annual global silver production!) were dumped on the market in only 10 minutes between 8:30 and 8:40am EST upon the release of the NFP data.

Screen shot of the paper dump (with 3rd wave of attack in progress) below:

 

$31 has just been penetrated in the 3rd wave of the cartel attack, but price has quickly rebounded from $30.91 to $31.25.

*Update: Paper dumping has commenced again, with silver smashed back under $31 with a last of $30.77.  Expect support to emerge near $30-$30.50.

GOT REAL PHYZZ???

 

  1. SGS mentioned last week that he theorized the potential for ” the mother of all smackdowns ” and this may indeed be it. Goddamn I’m getting so sick of this… but.. as luck would have it I recently closed on the sale of my house and thank god in addition to paying off all my debts I am unusually flush right now.
    How even someone only marginally educated could not see this as out right criminal activity, let alone the best regulators money can buy (off) not raise the flag is just apalling.
    Depending on what happens it may be monster box time. I think I’ll pick a couple tubes of maples up today just to make myself feel better. God I hope blythe and Jamie and the rest of the cabal get a heart attack for christmas.

  2. If you’re buying phyzzzz for longer term versus playing the ups and downs then these guys are your friends in disguise.  They continue to keep silver in the affordable ranges for the masses. 
    If they could do me a favor and smash it down to about $15 so I could back up the truck I’d even send them a Christmas Card.  But with current velocity of silver I doubt they could get it below $30 again which is very unfortunate.

    I think everyone should send them an open letter asking for additional help to get the silver price down so we can afford more phyzzz.
     

    • “I think everyone should send them an open letter asking for additional help to get the silver price down so we can afford more phyzzz”
      If we appear to figure out their pattern, and our actions alter it, it will change. Here is why.
       
      IMO, they have to do it incrementally, like they do, to their own “buying patterns”.
      They need to cover the naked shorts, or in some cases, stack like we are. BUT, they buy on the highs, hold on the lows, and let the prices rise again, for more buying. Sound Crazy??? Sure, but it WORKS if you have the stacks, and know it is severely undervalued, like we all know.
      Here’s “Their Way of Thinking”: 
      1. Silver gets slammed down, some panic selling may result, cartel buys, (& we buy) which stops the price drop.
      2. Silver is “allowed” to creep up, which instills confidence back into the market.
      3. Prices top out near a short term “peak”, or cartel’s target price. Weak hands sell off, fearing another drop, CARTEL BUYS. We hold.
      4. Repeat Step 1. Lather, Rinse, Repeat.

      Buying at a predetermined level are the Big Banks, maybe even some of which execute the short selling! If you had full control of the market, you could manage any short term losses and actually make money strictly on short sales, if properly executed. Buying PHYZZZ at a discount, (by calculated short selling) is actually going to mitigate any short term “short sale losses” if they do it right.

       

    • Exactly so, PB.  All we need do is ask ourselves, “How big would my silver stack be if silver cost $200 an oz?”.  Answer:  Probably about 1/6 the size that it is.  So, we have 6x more silver than we would have with REAL prices in effect.  To them, I say… Thanks, idiots!  We really appreciate your bungling.  :-D
       

    • Yup, that’s true! The cartel is not the new silver buyers’ friends because most of the new buyers get discouraged very fast with the loses. So as a new silver investor, you should try to make the cartel as your friend and you will receive benefits from him by getting silver at a cheap price.

  3. Careful if you buying now – past silver proper raids went to 10% per day for 3 days – I see this as a last chance for cartel shorts to cover – let them finish their agenda before going in.

    • Yeah Andy, I hear what your saying, we need to be very careful when buying….but I just bought a small position (150 oz/NTR bars  from the Doc), but I have more dry powder on hand if the price continues to drop so I can buy more. 
      I would like to have a small position, rather than none at all.

    • Yeah you’re right! I remember when silver went from 37$ to 33$ per ounce in a day. Now, I see the cartel’s raid as a tool that lost a lot of its power. Anyway, now silver went back to about 32$ to I think we’re safe at buying some silver. All I know is that silver won’t ever go back to 27$ per ounce.

  4. This has nothing to do with NFP data release, and everything to do with manipulating Gold and Silver prices lower on a Friday (when other global trading markets are closed).  They managed to push gold under $1,700, but silver is still over $30, and let’s see how long gold stays under $1,700.  You can bet that lot’s of people in Asia will be buying physical gold and silver this weekend due to this price drop.
     
    The cartel is caught in a Catch-22 situation.  They want to keep gold and silver prices low, but the low prices lead more and more people to acquire physical metal and remove it from the marketplace altogether.  For every 1 oz of physical metal purchased and removed from the market, 100-200 oz of paper ‘metal’ is eliminated from the system.  That shows the tremendous impact that buying physical metals has on the overall fragile and crumbling world paper financial system.  It only takes 10% of the population (1 in 10 people) to own physical precious metals for this entire corrupt paper financial system to come to a screeching halt.

    • “For every 1 oz of physical metal purchased and removed from the market, 100-200 oz of paper ‘metal’ is eliminated from the system.”

      Is it?  Really?  How do we really know that there is ANY physical silver backing all that worthless paper?  There doesn’t seem to be because anyone who buys a futures contract and then stands for delivery is always paid off very slowly in brand spankin’ new silver bars.  This is important because it shows that they do not have ANY silver and must rush out and buy on the open market to satisfy the contract.

       

  5. NFP is highly correlated with the movements in the metals. The biggest raids occur within 24 hours of the labor report. This is not supposition, it is fact. Any seasoned metals trader (myself included) will tell you the same thing. The NFP was originally used to provide cover for the massive shorting by the bullion banks. Of course, now they don’t really need an excuse to massively short. Also, a lot of big hedgies jump on the shorting bandwagon simply because they can count on the bullion bank shenanigans. This is common knowledge in the metals market.

    • Condor… most of us are not real familiar with how the metals markets really work.  I am not doubting your knowledge but would like to clarify something.  If these metals moves are predictable, why don’t other traders use some sort of PC algorithm / HFT to whip-saw the naked shorts into abject poverty?  Seems like an opportunity to me.  :-)
       

  6. A question for anyone to answer … if it is true that the physical PM to back up the paper PM does not exist, doesn’t there need to be a dumping of paper precious metals as the first step in the correction process? For example: Step 1, massive dumping of paper PM, then STEP 2, repurchasing in physical form, or securities that are truly backed up with physical PM (e.g. PSLV). So, there has to be a big sell-off first as the path to the “correction” of the predicted/conjectured higher price for PMs?

    • Most likely there would be some type of default or rehypothecation of the metals within a fund and then everything gets thrown into the legal system.
      The silver market has been tight.  Sure the small investor can easily buy thousands of ounces for a premium but for the big guys that want to buy and take delivery of 10,000,000 ounces its been a problem.  So right now its probably impossible for them to dump this level of paper ounces of silver and immediately buy anywhere near that level in real phyzzz.  This process could take months to complete even for a well connected bank.
      If the market did a flash crash the dealers would just lockup shop for a few weeks until prices started rebounding.
       
       

  7. How much longer is this full out manipulation going to go on, somebody needs to go to jail for this and soon, will it happen doubtful as the crooks run the show now, god bless americaaaaaaaaaaa

    You will never restore faith in the markets if you you don’t have honesty in Gold and Silver , you hear that Mr. President ?

    • Casper,

      Big Oreo, doesn’t care about anyone but his Narsisstic self. I am just sticking around to see
      when “When” is gonna happen. (When=Silver pays off)
      Some new BS every day, maybe the “DOC” can enlighten us all.

      Meantime, I’ll just go and sort out my sock drawer and wait for “When”

    • “You will never restore faith in the markets if you you don’t have honesty in Gold and Silver…”

      There has been a HUGE loss of faith in the US stock market for this very reason, so the criminal activities that all honest people abhor are alive and well on Wall Street.  This is not to say that everyone there is a crook because it is highly likely that many good people work there.  Still, when problems such as MF Global, PFG-Best, and Sentinel blow up and people lose money from their segregated accounts yet no one gets tried or goes to jail, it makes a lot of his suspect that the system isn’t merely broken but is rigged that we lose confidence in it.  Many billions of dollars have flowed from the stock market via mutual fund withdrawals over the past year or so.  Criminal behavior in the market that is not punished could well be one of the reasons for it.  Regulatory cronyism and / or incompetence are in addition to this and are not helping anyone to have confidence in an honest market.

    • We all don’t know for how long these markets manipulation will go on. Maybe the manipulation will end once the US dollar hits hyperinflation so a lot of investors are going to buy physical gold and silver because all other fiat currencies are related to the collapse so they’ll also collapse.

  8. So where is SRSrocco anyway? Wasn’t he just posting about how wrong clive maunds was? Rocco yet again eats his words. Be careful who you guys listen to. Just saying. I’ve seen those types wrong time after time. Think before you just buy into hype. If you did what Rocco wanted you to do, you would have lost. If you did what I did,  you would have won. I bought in at 27 silver, sold at just under 35, right when rocco was maligning all of the bears, and of course, I’ll be buying back in shortly to lock in my profits. 
    Even the crowd who claims they aren’t the sheeple can be nothing other than just that. Preserve your own wealth. Don’t rely on anyone else to do it for you. 
     

    • lol who cares what you bought and sold at? Most of us are stackers and not investors were not selling to earn fiat. I have a job for that. Not to mention I don’t listen to anyone including you on when were and how I convert my fiat into silver lol

    • lmao and you guys wonder why you are the laughing stock of everyone, including those who believe in gold and silver. Go ahead and lose. 

      Don’t go whining and crying when you have no clue when to get out of precious metals, because there will indeed be a time to get out. I’m sure you can count on all your old buddies and pals like srsrocco who have been wrong time after time after time. 

      Do you even know how to value hard assets among hard assets, without using cash as a reference point?
       

    • Well there is your number one mistake….you assume that’s where I’ll be when it does collapse. Wrong again.

      Look….I’m not saying its wrong to just stack. I’m saying its wrong to support people who continually mislead you. Whoever pities you for that is probably the world’s most retarded person. 

    • @driven81 We are not chasing fiat paper profits, but the intrinsic value of physical silver that cannot be destroyed by movements in the paper-manipulated silver price. In other words, as long as we can afford to buy and stack physical silver, we don’t care where they place the price. In fact, even if they push the silver price to levels where we  will not be able to buy more, we will continue to smile, because we already have a lot of intrinsic value to fall back on. We don’t plan to get out of precious metals, don’t you get it? You’re the laughing stock and paper pusher.

      All you display is the madness of a provocateur. Now go sit in the corner.  

    • @driven81 – really? a $4 correction in silver and you’re all over yourself congratulating yourself from selling your stack and cashing out?  obviously you didn’t sell physical silver, but a fascmile thereof.  Sure, you can make fiat gains trading paper…even trading phyzz- provided you sell a portion into the rhino horns that mark intermediate tops.  Sure, it would have been a wise move to sell at $49 in 2011 and buy back in at $26…provided you have impeccible timing.  Also, cashing in your phyzz for federal reserve debt notes makes you liable for the IRS’ oppressive collectibles tax on silver.  Meaning you likely lost money on a 4 dollar move just based on the tax alone. 

      Lets keep things in perspective here.  The counterfeiters and banksters is where our anger should be directed towards, not other PM stackers.

      -Doc

    • Sorry doc, you made a bad assumption….Did I sell into the lens of the IRS? Of course I didn’t. I can think of two official websites I can sell to where everything remains confidential, and neither of them include craigslist which is another easy avenue. The stuff sells like wildfire there. The only annoyance is the occasional person who tries to talk you under spot.

      And mind you, 35 down to 31 is a $4 move. However, I think you missed my entire ride up from $27, and when you are selling a good deal of the metal, then trust me, just one dollar can have a major impact on the end result.

      And I’m not attacking other pm stackers. If I recall, I believe someone responded to me and my post, which was a response to roccos post, and the only reason why I got on his case is because he was unnecessarily being a jack a$$ to me on another website. 

      He’s really funny if you ask me. All he ever does is talk condescendingly towards people who don’t agree with him, yet he’s always wrong. Sorry, but I don’t really like people who are like that.

      And you all make traiding seem so difficult. The market goes up and it goes down. Its like taking candy from a baby. 

    • I’m A Stacker and I Follow This Motto  “Listen To All Follow None” My Wealth Is Assured.
      Nothing against paper stackers but I have gained more Wealth by getting out of the Paper and Stacking The Physical.
      When I listened I’ve Gained.

    • 35$ is only a piece of paper valued out of nothing while an ounce of silver is valued with the effort it took to mine it and the demands of it. Why should I hold a piece of paper in which its value can be created very fast and easily by humans who eventually abuses their powers? This is a common sense that the majority of the people don’t have.

  9. Since when did Netdania start reporting “Contract” volume (ie, Futures) rather than Troy Ounce volume? These 5 banks that Netdania get their data feed from are Over The Counter market makers, ie, the interbank market, not Comex. 

  10. My last silver post for a while with the general comments removed, but put back into the chart the stuff that I normally use. So far, the institutional buyers are holding the silver up. The question is “will they hold or let it go further”. My lines describe the behavior of the buyers and sellers. I expected that price would halt at the intersection of the red and green lines which it did. I am worried, however, that price has not reversed this parabolic down move in the least….an alarm to me. That means that buyers are not aggressively buying silver, but rather just absorbing the selling. That is, buyers have to come in, and soon or the waterfall cascade down will resume. BTW, I do not use any indicators, oscillators, moving averages, volume, etc. http://screencast.com/t/iGcKf5bRel

    • Sorry, but in my opinion it is a complete waste of time. Rather use the time to spread word that folks should buy and stack physical silver (or save in money for that matter).

    • Agreed, SB.  Contacting the CFTC would work IF they worked for us and not for the big NY banks.  They could not care less what we say or think.  They jolly well will and do care about what we do… as in STACK!  :-)
       

    • Or I can use that five minutes to try to spread my words that we should all be buying physical gold and silver instead of keeping our savings in fiat currencies. Contacting them is a waste of time because they would simply ignore our messages.

  11. Having been at this ‘stacking’ thing quite a long while, I’m still WELL ‘above the market’, so this ‘smack’ is just another lovely opportunity for averaging down the relatively small amount I took in between here and 39. I’m not disturbed in the least.

  12. LMAO boy the board sure gets active when there is an Attack or a Rise in Silver or Gold. Lol Hell I’m a Stacker in the Physical and I don’t think in Dollars anymore but in OZ’s Keep Stacking my friends for Survival and Wealth.
     

  13. Good discussion on here today and driven81 made a good point.  It is indeed possible to make a profit trading in Phyzz by buying on the dips and selling into the ‘rhino horns.’  But this does take good timing as well as bit of a gambling spirit, because there is no guarantee the spot price will come back down after the next runup.  And yes, one can trade Phyzz out from under the eye of the IRS; I have done this myself via Craigslist.

    Let’s not be so ready to bash those who come here and share a different perspective; after all, if somebody comes here to post, then they are showing an interest in Silver and that is a good thing. 

    • @Mammoth
      lol did you read driven81 first post? Who would want to lissen to anybody’s “POINT” when there attacking others in the proses. Others that give there time and effort for free to other just because. driven81 is a jerk and all one has to do is read there post to see this.  

  14. Meanwhile, this is what Jim Sinclair said today about silver:
    Jim,
    How would you answer FOFOA and his followers, who say silver is going to crash?
    CIGA Bill D
    Bill,
    Why answer them? What is FOFOA? Is that something like FUBAR?
    Yesterday I asked cooperation in the work I am doing regarding emails. My interest in what others think is limited to our crowd. Apparently you missed it, or do not read JSMineset often.
    Silver will trade at $50 minimum. In the meantime it will drive you nuts.
    Respectfully yours,
    Jim”

    • LOL!!!! Thanks, Plebe…

      I think FUBAR and Friends are somewhat “head in the sand” when it comes to silver.
      I can thank them for 1 thing, I believe that is how I found Silver Doctors!

      FOFOA has a great analysis of what Gold will do, but is totally ignorant of Silver’s history as Gold’s Partner Metal.
      Now I do partially agree with a small amount of their Silver thoughts, that Silver is too rare to assume it’s historic
      relationship with Gold, and industrial demand will likely NOT allow that old Bi-metallic system, BUT: and this is a BIG BUT:

      Silver will likely displace Platinum as the most precious industrial metal in both RARITY and it already has far surpassed it in usefulness. I also believe it will surpass Platinum in price, as well. TOO USEFUL to be relegated to “second fiddle” monetary use.
      I believe this will make us all rich, in the process… 

  15. @Marchas45

    Hey man, Is that SBSS round a Troy Ounce? I saw a wild-eyed skinhead type on youtube claiming that the SBSS rounds were not in production yet (obviously they ARE)  and that they were avoirdupois ounces, which I have read is ILLEGAL for PM’s. Is that a 31.1 gram round? I do like the design, and SBSS has fine videos on youtube. The skinhead dood seems pretty hateful towards much of the stacker community.  

    • @UndeRGRound Yep 1 troy ounce and gorgeous to look at and has a good story behind it. I weighed it as soon as I received it and it weghs 33grams. I carry it in my pocket as a Lucky Charm and may end up being a Stacker’s Secret Code. LMAO

    • They did have production issues at start up, but Charlie ordered his right out the gate so im sure his is a little deferent than the new production.

    • @427 Wrong good buddy, the first batch was canceled and melted back down as Chris didn’t like the way they turned out and had the die’s redone hence the new details. Yep I was one of the first out of the gate and I received one of the first batch from the new die’s. lol

  16. “IF” we can assume the law of “phizzics” applies to all, and that all Earth bound creatures must yield to “phizzics”, then it`s simple, study your “phizzics”, adjust your paramaters, lock down the variables, and OBEY the law of “phizzics”, you will pass the final test.

    Damn that`s a long sentence. 

  17. Underground,  I like silver as much as anyone out there, but silver priced higher than platinum??!!   Are you crazy?    Platinum has a small aboveground stock and there is about 100 times more silver mined than platinum.    It’s also a lot harder to find and mine Pt.    I expect platinum to trade at handsome premium to gold going forward.    JMO. 

    • You are right, for now, but Silver is being consumed heavily. 
      OH, 1 other thing, I did read that it will be “economically feasible” to recycle much more of this Silver as it goes to $270-$300/Oz.
      DUH, I totally forgot about that one. So it should not really get too crazy. But it should keep rising over the $300 threshold, prolly. 

  18. Thanks for the smackdown dicks. Ive got plenty of dry powder. Not buying over the weekend, want to see how Mondays premarket acts but plan on backing up the truck. Currently at 420 oz’s- this could be the perfect time to fill up to 500 :).

  19. So, silver dropped by 1.23$ in one paper dumping. It doesn’t matter if it dropped because now, it is at about 32$ per ounce. The cartel’s raids are becoming useless to gold and silver. Since silver recovered from its loss very fast, I’ll just pretend that this loss never happened.

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