Ann Barnhardt in 2011: When You See Metals Cash & Futures Price Decoupling, The End is Nigh!

Shortly after the collapse take-down of MFGlobal in October of 2011, Ann Barnhardt walked away from Barnhardt Capital Mangement, and published a prescient prediction on the coming collapse of the paper futures markets, as the loss of confidence by arbitrageurs in the paper markets would result in a decoupling of the cash markets from the futures markets.  Barnhardt warned readers to:

Watch for the gold and silver futures to sell off as people walk away from paper, while the online cash dealers, seeing that market demand for their physical inventory is robust, begin to ignore the futures prices and hold their prices steady or even raise them. When you see this basis decoupling and absence of arbitrage, lo, the end is nigh. A parabolic spike is coming.

Exactly what we’ve seen in the physical silver market over the past week.  Is the end nigh?


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From Barnhardt.biz:

A very simplistic explanation of how the cash commodity markets are soon going to decouple from the futures markets. This is a little complex, but stay with me. I think this is important to understand because none of us who have lived our whole lives in the U.S. have ever seen a market disintegrate.

The threat (or promise) of delivery upon expiration is what keeps the futures markets tethered to the cash markets. Up until now, if an unreasonably wide spread between the futures price and the underlying physical commodity market got too out of whack, a process called “arbitrage” would kick in. Arbitrage is when a party simultaneously buys and sells on two separate but related markets in order to capture an inefficient spread between those two markets.

I’m going to use precious metals as my example commodity because there are alot of metals guys reading this, and because the metals markets will be the big tell in term of when decoupling and thus total futures market disintegration is upon us. But these examples apply to all of the physical commodities.

Let’s say that the physical silver market is trading far lower than the silver futures price. This is what is called a WEAK BASIS. The BASIS is the relationship between the cash market and the futures market and is very simply defined as (CASH minus FUTURES). If cash silver can be bought at $25.00 per ounce and the futures are at $30.00 per ounce, the cash is $5.00 under the futures. When cash is under the futures, this is called a WEAK basis.

Up until now, what would a metals trader do? In very simple terms, he would buy the cash silver at $25.00 per ounce and then simultaneously sell the futures at $30.00. Because he has short-sold the futures, he could hold the contract to expiry and then deliver the $25.00 cash silver he bought to make good on the contract and receive his $30.00 price. So his simple net profit would be $5.00 per ounce. As many traders saw this spread and simultaneously executed this same strategy of buying the cash and selling the futures, what effect would this have? Right. It would cause the cash-futures spread to move back in toward convergence by pushing the futures price down (lots of sellers) and propping the cash market up (lots of buyers).

Now the opposite scenario: a STRONG basis. Let’s say cash silver is trading at $32.00 and the futures are trading at $28.00. A trader might take physical silver that he has in inventory and sell it in the cash market, and then immediately take those proceeds and buy back and equal number of ounces in the futures market and take delivery. Since the same number of ounces in the futures market cost $4.00 per ounce LESS, he would end up with the same number of ounces in his inventory PLUS $4.00 per ounce in CASH in his pocket. If he and many other traders saw this condition and they all sold cash silver and bought the futures, this would, again, converge the spread between the cash market and the futures market.

The lynchpin that is holding this dynamic together and keeping the futures markets tied to the underlying cash market is the fact that the futures contracts are deliverable, and a trader can either deliver or take delivery of actual physical silver via his futures position.
Are we seeing a problem yet? The futures markets have lost their viability and trustworthiness because of the MF collapse and theft.At some point in the not-too-distant future, people everywhere are going to realize that the delivery mechanism is not reliable. Heck, just holding cash and/or positions in a futures account is no longer reliable. The the market itself is not reliable, traders will no longer attempt to arbitrage these basis spreads because the risk to the trader that the rug will be pulled out from underneath them is simply too great.
And in the metals markets, the delivery process itself is . . . um . . . shall we say, easily corrupted? When you “take delivery” of physical metals, it doesn’t get sent to your house. All you get is a certificate saying that X number of ounces are being held in a certified vault somewhere with your name on them. After the MF collapse, that sounds like a joke, right? A CERTIFICATE with my NAME ON IT? Yeah. That really is how it works.

When the arbitrageurs finally lose all confidence in the markets, the cash market will decouple from the futures because no one will be willing to take the risk of having their money, positions and/or physical metals stolen/confiscated. If no arbitrageurs are willing to trade these spreads – no matter how wide they may become – and thus there is no force causing the cash and futures to converge, we will see the basis spreads become extremely wide. As people flee the futures markets, the futures prices will drop, while the cash markets hold steady or even diverge and actually rise as all of the former paper players realize that physicals are the only remaining game to be played.

Watch for this. Watch for the gold and silver futures to sell off as people walk away from paper while the online cash dealers, seeing that market demand for their physical inventory is robust, begin to ignore the futures prices and hold their prices steady or even raise them. When you see this basis decoupling and absence of arbitrage, lo, the end is nigh. A parabolic spike is coming.

 

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Comments

  1. While Ann Barnhardt says is mostly correct, I’d argue that much of the recent physical purchases of Silver have more to do with buyers after low prices & their concern about the physical supply being depleted, than their worries about another MF Global scenario.
     
    And the recent action is not just human nature, either.  Try dragging a string in front of a cat, and notice how it will pounce on the string when it perceives it is being drawn out of reach.
    People are basically the same.

    • Barnhardt is / was a futures trader, so comes to this discussion from that vantage point.  I agree with her comments.  Those of us who are buying physical gold and silver, thanks to the current low prices, are not dealing in the futures market but in the “cash market”.  We are seeing what she is describing here… falling futures prices (the so-called spot price) but with robust physical demand that is supporting cash prices.  My recent check of the local silver sellers on Craig’s List showed that no one was selling silver below about $27 an oz.  Most were $28-30 an oz.  These prices are quite a bit above the current spot price but people are paying them.
       
      While I have only been into metals for 3 years, I have yet to see a time when so many metals sellers are out of products to sell. Check out any of the on-line metals retailers.  All of them are showing more “delayed” and “out of stock” stickers on their products than I’ve seen.  I suspect that this is also true of those who have been in this much longer than I have.
       
      The MF Global debacle was, IMHO, the outright theft of private property.  This activity was given tacit support by the courts in that there was no ruling that a theft had been committed, even though it had.  No one went to jail for stealing $1.6B worth of client assets, even though some of those assets were numbered and registered gold bars with ZERO lack of info as to who actually owned them.  Nope, sorry, they all go into the big pot from which ALL MFG clients will be reimbursed, whether or not they actually owned ANY gold.  So much for the value of having an “allocated” account vs. a pooled account because it all got pooled anyway.  This is the denial of private property rights of such magnitude that it should hit all of us like a thrown brick to the forehead. SMACK!
       
      The MFG and Sentinel court cases plus the Cyprus banking collapse being used as a possible model for bail-ins in other countries is definitely a 1st class wake-up call for all of us.  What we consider OURS is no longer being considered as such by TPTB.  The bottom line is that if we wish to retain OUR property, we need to keep it as far from the sticky fingers of the banksters and Wall Street as we can.  Anything that can be stolen, will be stolen.  It’s just a matter of time.
       

  2. If Ann says so. Stuff is so over my head that it would be hard to make up though. I guess she is still retired as a commodities broker?

  3. Ann Barnhardt is nuts.  She’s just as crazy as Sarah Palin and thinks dinosaurs walked alongside man for thousands of years.  Regardless, I think she’s probably right on the commodities markets….
    The old saying goes …. Even an old broken clock is right twice a day.

    • Sounds like you define “nuts” as anyone who doesn’t share your beliefs.
      As far as the dinosaurs comment, check out a bit of information that refutes your beliefs.
      http://genesisveracityfoundation.com/?s=dinosaurs

    • I would say she is nuts.   She told the world she we no longer pay taxes and no problems for her yet.  I bet she turns Christian Zionist on us, and that is why they leave her alone.   She’ll be cheerleading the war against the “Mooselimes” or whatever she calls them.

    • @Celia Might I suggest that you watch Ann present on a topic other than purely commodities.  Most people who’ve seen and heard what she has to say would agree with the conclusion that the lady is a little off the wall crazy.  I don’t care if you believe in dinosaurs walking around as human pets or not, I was just trying to use that as an example of how silly she is.  If you really want to make a good conclusion for yourself, I recommend listening to her own words and not mine.

    • We did. You Tube “Dragons or Dinosaurs”. or follow this link: https://www.youtube.com/watch?v=Edr6ocSXr6I Sure a lot of the work is done by Christians, however there are 2 paelentologist (spelled wrong) from Seattle who opened 17 T-Rex femur leg bones, and ALL 17 have “snap-back like marrow tissue” in them.  Even in fossilized bones, 3500 years is MAX preservation.  So END GAME is they were here before the flood, and the flood is the cause of fossilization.  Not to mention the South American pictographs, fleshed out mind you of stegosaurus and Brachiosaurus. (spelling?)  But hey! its your RIGHT to believe you “evolved” from a puddle of goo.  I’m cool with that… but THAT is far more far fetched my friend. (evolution = looney)

    • I have.  I don’t agree with her on everything (I’m not a Catholic), but on finance, she is smart-a heck of a lot more than most people I know.
      My main issue was you implying Sarah Palin is a nut and mocking beliefs of a lot of Christians.
      Only God knows for sure how it all happened.

    • No, Anne is not nuts. I have read a lot about her (and her stand with the IRS, that I think should have been handled better), in order to preserve some assets that she had. Anne is first class.
       
      I wish that Anne would “hook root”, and move here to Canada. Bring the pink Kalasnikov, too. We need people like that here.
       
      The USA is fast on its way to becoming a brutal police state, that is plain for all to see. Run by banksters, for banksters. Get out if you can.

    • I think you may find crocodiles evolved 200 million years ago, easily demonstrating that a dinosaur may have lived up to recent times. also dont forget the loch ness monster!! lol.
       
      wish I had more silver.. cheers all.

  4. Avatar of IndenturedServant says:

    I’m not buying the much vaunted and long fabled physical/paper decoupling …………yet. I’m fairly confident it will happen at some point but I don’t think this is it. Many factors are pointing that way but I suspect that quite a bit of phyzzz is being held back by dealers who bought at higher prices. The higher premiums of late will only allow them to break even at the moment and breaking even is not good business.
    I_S

    • Agreed.  This is not the decoupling just yet.  There needs to be a sustained PM shortage world-wide for a good month or two straight in the retail market before we see what will be the final decoupling.

    • I think that the decoupling has to happen, and soon.
       
      If I was a metals producer , I would simply refuse to sell at “spot”, if you want my silver, pay the ask. My ask.
       
      Some dealers are doing this.  Smart.

      Last week, I read that the gold bazzars in Bangkok were out of gold, for sale.

      I bet if one was to offer $2000/ oz, there would be plenty of gold for sale.
       
      The spot price is BS.

  5. It’s doesn’t matter for us WHY physical supply will be depleated. We want to guard ourselves from being in the situation of queing outside a bullion dealer while the windows already have “sold out, gone on holiday” signs.
    Or worse, having bank holiday as recently in Cyprus coinciding with low prices. Everyone buying, and your cash held up. Might as well convert cash into metal NOW.
    Many were too late, are stuck with cash, or forced to buy 2nd choice silver. No pretty 1-ounce or other semi-numi options, but ugly bars that have a higher risk of being fake. Yes, fake silver is going round. Red metal being drilled up from them.
    People are increasingly poor, and increasingly into buying at discounts. These kinds of take-down are seen as sales. 20% down on ancient money? Let’s use our purses as weapons to keep the other b*tches from taking what we want to take home. well, bullion buyers are a bit more sophisticated people than those queing for bra and tv sales at the department stores.

    Remember the Maya calendar stuff? Talk of increased awareness among people? Bostom boms, and more people than ever call for a false flag. They won’t be Sandy Hooked again. See a 10% daily drop in silver? Let’s not wait for tomorrow’s prices, get what we can TODAY.
    On the June 2011 dip I was buying my first big bunch of junk silver at the LCS, 5 minutes after a lady who seemed to be a flee market hunters, deposited over 1000 coins there, at maybe 50% below spot. I proceeded to buy about half of that at 14% under spot averaged. No way this scenario is repeating itself today. No-one is bringing in such quantities let alone accepting such prices. And the LCS, if they sell at all, will want 15% premium OVER spot or worse. We are more aware. Markets are getting freeer.

    • XC Skater – you are absolutely correct.  The nice stuff carries higher premiums and finding the good stuff anywhere remotely near spot is increasingly difficult.
      To get near spot you’re buying bars or random rounds. 
      Items like Mint, Low Mintage, Toned Coins, Key Dates, First Strike, Old mintage, and pre-64 BU rolls of dime, quarter and silver halves are now carrying some hefty premiums.  This is the stuff that stops collectors and dealers in their tracks.  There’s nothing like hold an old Spanish Reale from the 1800′s.  Now that’s some nice coinage!!

    • Speaking of Sandy Hook…. I can’t wrap my head around that “Grieving” father, who was being “filmed” privately prior to his “News Casting” … THE MANS LAUGHING, then 10 seconds prior to the news reel, he psyches himself out, and gets sniffy and sad in front of the news camera!  WTF JUST HAPPENED? I can’t believe my eyes!  Then I’m hearing this stuff about a grieving mother, who was seen at the Aurora shooting in TX behind the shooter.  I love a good story, but really I wouldn’t buy it; yet I can’t deny what I saw!  That man WAS an actor, so if he’s full of it, she must be too… then WTH?  Did I swallow the BLUE PILL?  Whats real? The scope of the Sandy Hook scandal is MONSTROUS in SIZE! (Not to mention SO UNPATRIOTIC it makes me want to shout on the rooftops!)

    • @Shamus001 Try reliving 9-11 … the day that the world first saw ANY steel building collapse due to fire had three steel buildings collapse into their foot prints at or near freefall speeds.  Evidence at the scene of extremely high temperature chemical reactions required the NYFD to flood the scene in three feet of standing water just to cool it enough to dig through rubble.

      No scientific investigation conducted into why these three buildings fell.  The only investigation conducted was political and the only thing published was politically censored.

      9-11 was not the first false flag.  Sandy Hook will likely not be the last.
      Emotionally driven people fail to see facts about tragic events.  That is why Obama parades Newtown parents around on Air Force 1 … the goal is to walk on the graves of children to push his agenda to the emotionally driven and fearful crowd.  Terrorism only works when people fear.  One must wonder, when someone like the president encourages fear among the populous in order to get his agenda accomplished -- is he not a terrorist?
       

  6. Great to have you back, please do me a favor & contact Pastor Dowell (youtube) . com

  7. How can any of you say that physical and paper prices aren’t decoupling when sites like APMEX are currently selling junk silver at a 27% premium to the paper price? We don’t have to “believe” her. We can see by the fact that the paper price isn’t going up to a value of (physical – operating costs). This can mean only 1 of 3 things:
    1. Standard operating costs for all dealers have more than doubled in the past few days.
    2. Dealers (people in this business) are simply passing on huge amounts of free money.
    3. Dealers want to capitalize on the spread, but cannot get their hands on physical (at or around standard margins).

    • Premiums and futures price decoupling are very different cookies.  They just look similar as they bake, but they taste quite different when you sample the end result.  The massive premiums on junk silver is related to the lack of market depth on the junk silver market.  Most of the junk silver has been sucked up into strong hands over the years.  The hands are much stronger than what we saw on May 1, 2011.  So to keep the analogy going, this 90% junk “cookie” is just caused by an actual shortage of a single type of product that just happens to be very well respected domestically and internationally.

      Decoupling occurs when the major dealers and bullion market makers (like Tulving, APMEX, and all the various mint and bullion houses) REFUSE to hedge because they do not feel financially safe in the futures markets anymore.  Another MF Global or PFGBest type incident and you can bet this will happen.

      Eat your ipad, cause the decoupling is the golden cookie!

      Of course it is possible that a prolonged high premium and physical shortage can lead to a decoupled futures market, but there are no signs of this occurring yet. From what we can tell, the various mints can still acquire physical delivery of 1000oz good delivery bars. The day they can’t is the first sign of a decoupling!
       

    • @saddle
      Good post.
      Of course hardly any time has passed since this main price drop enduced gold/silver rush started (Friday).
      So we may have managed to empty stores pretty much around the world, but how much is their typical inventory anyways, compared to COMEX/Refiner/other 1000oz bar stock? It may take several weeks or months of frantic buying by mints to find the last bar, or the last institution that has some, but just won’t sell at any reasonable price.
      On a yearly basis we may stack 300mln ounces or so by now, but what can we realistically do in an unexpected mega price drop over 2-3 days? And, we’re already being held back by the supply chain having dried up all the way back to the source, where it’s now slowly dropping out of. You won’t see 500mln ounces being bought and delivered to mints so they can triple their output for the next few months. Just not going to happen, too many bottlenecks.
      We have have to stay on this case for the next months to come, keep buying as prices crawl back up, and not allow the large vaults to be replenished. Maybe some big shots like Sprott, Soros or large industrials will help a handto stress the market more, but I doubt it. It might happen though.
      Clearly the US mint is on go-slow. Striking 500,000oz of silver Eagles a week, which is well below demand. They’re not going to help out bringing the market to its knees.
      What needs to happen, is large players need to denounce the COMEX/LBMA price setting mechanism as invalid and void. A new price structure needs to emerge, which is more honest and open, where gambling on prices doesn’t afffect prices. Now, betting on a horse means it will get a lighter better jockey and better race food and drugs.
      If only the minting could be decentralized to dealers more easily. They’d by-pass the supply chain, be competitive price-wise and  put direct stress on the big vaults for 1000oz bars.

    • @XC Skater 
      You’ve got a great point that I want to draw other reader’s attention to because its very important.

      We, as a world, have depleted the existing available small stock items of gold and silver in under two days time.  This is huge because it means the depth of the retail market was shallow.  It confirms that the existing retail sized inventory (100oz and smaller) has been disappearing off the market to stronger hands for the last few years.  This probably isn’t another May 1, 2011 scenario.  The strongest (and smallest) holders have been accumulating physical at a rate that has ensured thin physical market depth.

      This could be the earliest signs of a fundamental change in market structure, but like stated previously: it isn’t a decoupling until the big market participants lose faith in their ability to hedge and attain delivery.

    • This is little more impressive than a supermarket selling out of water when a main drinkwater pipe has burst due to an earthquake or such.
      A problem I see is that governmental mints seem to be the largest producers off our silver. They will work at any pace they please. They do not have a real profit aim, and they margin are dismal. See, in Feb I bought kilo coins from Perth Mint at 11.2% premium, which included some 5% of VAT. Who made money on that? The dealer, the shipper, the refiner, the mine, and possibly the mint.
      Due to legal tender in many places allowing for reduced VAT punishment on silver, at least in Europe you will not see any competitively priced privately minted coins. Even if the SBSS at times were $2.99 over spot in the US, in Europe they were WELL more expensive than Eagles. 
      Governmental mints are too much in charge. Perhaps if they became more commercial, and upped premiums even more on their end, private mints could compete. Possibly with direct sale. Buy 1000oz bars or even their own granular, produce blanks and strike coins all in-house. Then retail shipment. It will only happen on a large scale if premium on coins go up enough, or consumer give up on gov coins.

  8. I’m tellin’ you man … THAT’S … MY … kind of WOMAN! I envy her husband.

  9. I love all this she is wrong but I agree…. lmao..

  10. To quote a zerohedge comment, “I’m long lawn chairs and popcorn” 

  11. To many stories and thoughts going around and it’s making my head spin, I remember reading this article last year and thought her video was very feasible and believable. @Patfields As for My Kind Of Wowman, no way, I would be scared to wake up one morning with my Head Sitting In My Hands. She is one wild woman. Lol Keep Stacking

    • Agree, Charlie, that she is a wild woman.  But then… maybe that’s just what we need when the financial SHTF.  lol
       

    • Is that an ASSAULT WEAPON in her hand?  The “Lethal” AR-15!  Or is it the DHS PDW (Personal Defense Weapon)?  I can’t tell, since they are both AR-15′s, but yet the name given to it in the hands of the people sounds so much more…. Hmm… SCARY!  Ahhh… LOL I give up!  Why don’t we just call it what it is! …. a light weight, pink coyote gun chambering a small .223 caliber bullet.  I think she looks HOT toting that rifle! :)   Nothing better than a woman that can have her mans back! 

  12. These are all intrinsic pieces to the synthesis.  Nigel Farage Unplugged today:
    http://youtu.be/BfK3_kJ4z7k

  13. Euroland report for today:
    Kilo coins, now 19% premium where I got them at 11.2% just 2-3 months ago. Best I can find is probably 17%, but even if it’s listed as in-stock, it may still need to be minted in Australia.
    Junk is sold out, obviously.

    Most dealers, all in their own way, seem to be trying to continue business as usual. Difficult for consumers is whom to trust. We have a long pipeline to most major mints except the Vienna one, but already I see Maple specialists running out of Maples.
    Dealers are abviously very stressed. They cannot or won’t try to attend to emails, and are very rushed on the phone, and then don’t take action upon the phone call as promised. One moment they’ll confirm your order for 40 coins and agree to raise it, and then confirmed it with just 2 coins. You can’t reach them for 24 hours or more, and then there are just 10 for you. Hectic.

    Prices SEEM nice, but premiums are creeping up. Europe seems to be slower on the uptake, but we seem to be following Asian and American example. Still the only calssifieds sales I see is someone selling what he apparently manages to source abroad, and charge 6-10% more for. Tiny volume available that way. Dutch dealers, just say 5-6 weeks for some coins. But you must pay in advance. 
    Fascinating times, and I am not sorry for having bought all I could leading up to this week. I always feared that prices might be interesting, but premiums horrid or stock empty. This retail market can handle violent price swings, but not violent demand swings resulting from greater price swings.

  14. I can’t believe no-one is worried about the onslaught of fake PM’s that are certain to become  ordinary occurances. What do you think the ruthless  western govt’s would not stoop so low ? GIVE ME A BREAK! Or just maybe it’s not in the interests of the silver hucksters to scare the sheep out of that last sale . Don’t get me wrong I’m all for real money but i believe, and we are seeing the dark forces of the money changers try everything possible during their death throes , so watch out

    • *fake silver coins have a limited upside especially when prices are depressed.
      *buying from reputable dealers makes getting fake almost impossible
      *testing your metal before you walk away from the  transaction makes it even more unlikely.
       
      Will they try it? Maybe.

    • Will they try it?  Not unless they want to be caught red-handed trying to cheat people.  The big bullion buyers who deal with the various Gov mints all have those ultrasonic testing machines and will spot any adulterated fakes very quickly.  At that point, their business will disappear like water poured on sand and all manner of public outrage will erupt.  The party out of power would LOVE to arrange such a thing, if only they could.
       

  15. I agree, the big boys need to step up and buy phsycial silver, and they have not.
    Silver eagle sales are not going to move the market, they only make so many,  it’s a small part of the market.
    Money is going into stocks and bonds looking for yield, until that changes in a big way, silver will be under pressure.
     

    • The mint has and will always be somewhat complicit in managing demand. They lowball orders for blanks which inherently limits demand – as we see. Right now ample anecdotal evidence suggests wealthier people have been buying privately which was helping drive eagle / maples sales, and now after this smash, most stackes have jumped in with both feet.
       
      My opinion is it’s going to take a major event to cause prices to spike, and at that point physical will vanish very quickly. We’ll all be glad we have our position then. I just can’t decide whether or not it is imminent, otherwise I’d speculatively buy a bunch on credit.

  16.  Frankly;  I don’t know how to test silver for  purity.

  17. One point I’ve not seen mentioned about Junk Silver is this:
    While they will continue to mint Maples, ASE’s, Aussie & Austrian Silver Bullion coins…
    NOBODY is minting new pre-1965 American Silver coins!
     
    So – as time goes by  – what will likely happen to the value of these old coins vs. the above-mentioned Maples, ASE’s, etc.?

    • ..or pre-1968 Canadian coins..or pre-1920/1946 British coins..very good point. Perhaps an indicator or what could happen might be illustrated by the fact that throughout this smash, APMEX’ prices per roll of pre-1965 coins have barely budged.

  18. I don’t think we are witnessing a de-coupling in the price of COMEX and physical at this point.  Premiums are just allowing the dealers to remain profitable until they can replace their inventory at the new lower price (if they can get it).  A real de-coupling seems likely when their is a failure to deliver notice from the COMEX.  If Doc says he can’t get silver from his regular sources, maybe he should see about taking delivery from the COMEX (if possible).  
     
    I’ve heard people mention that Eric Sprott would love a failure to deliver notice but it seems this could be his undoing.  Any thoughts?

    • Sprott is a VERY bright guy.  I am sure that he recognizes the terribly serious nature and the devastating effects that would occur from a futures market failure to deliver.  I would think that this would be THE last thing he wants to see.
       

  19. my personal opinion, which may well be wrong, is that as prices escalate, premiums from coin to coin will compress making them much less relevant. Still there, but less relevant.

  20. Nothing but a mental masturbation…

  21. Began reading Ann two years ago.  I certainly do not agree with everything she says
    but I certainly respect her.  Ann says what needs to be said in this country, no one else
    is telling the truth.  Anywho, Ann lead me to ZH and from there I found SD. 
    @PatFields, Annie is … SWF and strikes me as a good challenge.  Good Luck!
     

  22. Only Ann Barnhardt can tell this like it is:
    As I have been saying all along, if you can’t stand in front of it with an assault weapon and physically defend it, then it isn’t yours, and probably never was.”

  23. Mammoth  those are the exact words that got me traveling down the road I’ve been on for 18 months. 
    My gun–DPSM Panther M4 with Eotech Holographic reticle, 3 x Eotech scope.  Anything in 400 yards in zeroed within 1-2 MOA or 4 inches.  With 4 backup battle rifles I think I’m set.
    Stack?  Yep  Tall and thick enough to serve as a bunker.
    Defend it?  Hell yes  To the absolute end
    Ann is an unmarried devout Catholic woman with a ferverent, passionate belief in her faith.
    I wish I was as brave and gutsy as her.  That’s saying something in my book.  I’d back her going through any door.
    She hates the IRS more than I do.  And she is on a tax strike. The IRS is going after her big time, stealing her money  and making her life a bit of hell on earth.
    Her HOA is fining her for putting her epiphany on her door.  She words are probably unprintable
    Her words and actions along with those  of Warren Pollack set me on a path to remove myself from any paper trading and go all physical including my SDIRA.  Visit her site, read her words and see a person who will NOT BACK DOWN.  I really like in a person. When I need a courage fix I go to her site for that.   I do that almost on a daily basis.

  24. Bangkok out of gold?  That’s horse sh*t.  I live in Bangkok and there is gold jewelry on almost every corner.  As for buliion, that may be true, but I never seen much of that there anyway.  As for silver, I had a large amount there before my boating accident, but for some reason the Thais don’t respect silver bullion that much.  My Thai wife, only now, has stopped bitching about silver purchases since the Cyprus debacle.  She immediately ran to the bank and withdrew all our money and because of the Chinese influence about silver, they are now starting to talk about silver.
    Below, please see the boat that I was on before it went down with all my silver.

  25. Ann’s courage, knowledge and rage against the system is breath-taking. Any woman that can do that, and hold an AR-15 Sporting Rifle, IMO, is the sexiest woman alive!!! I say that that with all sincerity….

    F16Hoser

  26. .

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