The Cliff is dead, risk is on!
In an exact repeat of the end of 2011 and the first 2 weeks of 2012, gold and silver have absolutely exploded Wednesday in the first trading of 2013. Silver is up over $1 to $31.55, a nearly 4% gain, and gold is up a more modest $15 to $1693.
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After pausing at $31, silver made another vertical move through $31.50:
Silver needs to extend its gains through $32.50, and then re-challenge major resistance in the $35-$35.50 area.
Gold was initially set back at $1690, then penetrated the level in a vertical move, and has subsequently been beat back below the level:
It will be critical for gold to make a move through $1700 and hold the level through consecutive closes, which should set up another challenge of $1800.
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_silv.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_gold.gif)
Hmm, one wonders will there be a raid on the first trading day of 2013?
Nice to guess right! Stacked a few more archaic traditions a this weekend! Then lost them in a sky diving accident the next day. A shame. They were as slipery as they were shiny.
As everyone on this site is aware, the Feds use their coveted Exchange Stabilization Fund to fund raids. I suspect that that money is earmarked for other uses right now. At least until they get a debt ceiling increase. Is it possible that metals will get a nice boost, only to get smashed down later, when freshly printed fiat is made available for this purpose? Last Feb 29 sticks in my mind like it was yesterday. My gut feeling is that the Feds will continue their strategy of capping metals prices until it just doesn’t work anymore. The Feds are powerful.
@Pollokeeper … ‘My gut feeling is that the Feds will continue their strategy of capping metals prices until it just doesn’t work anymore’
I strongly agree. I have felt this for a long time, that we will see current prices until the whole shitshow falls apart and then PMs will be priceless. Although frustrating for us, this is advantageous to our would be overlords, as it significantly limits purchases prior to the collapse and also reduces the attractiveness of the PMs once the collapse is upon us, as many unknowlegeable people will still consider silver to be worth whatever price it was prior to the collapse, as they don’t understand how the suppression works. Although many will realise they are valuable.
Chief We are a long way off from silver being recognized by the sheep as something to be respected and accepted as currency. It will come though. My strategy is to keep plenty of cash on hand for emergencys for the time being. Cash is king. Silver is still unknown and undervalued. We don’t know when gold and silver will receive the attention that it deserves. Cash ensures that you have strong hands on the hoard. There are those that suggest 90% of savings should be in metals. I strongly disagree with that. Keep 30% in cash always. Stay out of debt. Be patient. Could be a few years before we can go into town with a silver eagle and buy grocery’s. Where I live, if I had to sell metals because of an emergency cash shortfall I would be offered way below spot. Not a good situation. Panama is the land of vultures and other carrion eaters who love to take advantage of their fellow man.
“There are those that suggest 90% of savings should be in metals. I strongly disagree with that. Keep 30% in cash always.”
I dunno, PK. That might be a little over the top as well. Don’t know where I would store $500k in cash anyway. Safe is full of guns and silver!
Price of silver at the moment has little meaning to me when determining the time to buy. Made a few extra dollars over the Holidays so….on my way to buy more silver…
Pollo Keeper Your’s is a timely mention of the ESF. If a grand bargain was not reached, the ESF may have been one of the first funds raided to pay federal workers. Now it’s still safe to be used by the drones for their evil work.
The debt ceiling is the real problem. After all this hypocritical wrangling we get $42 of new taxes for every $1 of cuts. $300 billion in new spending and a full frontal assault against the middle and lower income classes who will see their taxes go up by $3,000 on average. While the DOW is up nearly 250 points this AM, silver up $1 and gold $12, everyone seems all giddy and glowing over this rank hypocrisy of politicians clapping themselves on the back while we get shafted. This glow will soon end when reality hits. A US rating down grade is assured without serious action, something is short supply in the city of men wearing little pants.
2013 is going to be an interesting year, like one of those Chinese ‘interestings’.
My best regard to all silver seekers. The legislature is back in session. No one is safe. Thus sez the 2013 scold.
“While the DOW is up nearly 250 points this AM…”
Can we say “knee jerk reaction”? Why, yes, we can, and it would be highly appropriate for us to do so at this time.
We will go through the same Kabuki Theater when the debt ceiling argument arrives.
So, what is the point of a 2 party system when both parties agree on virtually everything, all the while pretending that they do not? Sham, I say, SHAM!
And how did we get from $4 of spending cuts to $2, to $1, to about 2.5 cents for each dollar of tax increases? The Founding Fathers initiated military hostilities for FAR less than the crap we put up with now. They must be spinning in their graves about now and wondering where all the American spirit went.
How DARE ‘they’ manipulate PM prices upwards just as I am about to make a large purchase from a private seller! After going back and forth for months, this guy finally agreed to sell part of his hoard at the end of last week. Today was supposed to be the day we would do the deal.
Then again – who’s to say there will not be a big dump before the end of the week, after all the post-hangover investors aren’t suckered back in?
OUCH!
This is very funny and one of the few times I feel the use of lol being appropriate. Lol…see Marchas45 your influence is catching.
@Crissy see, it isn’t that bad after all when you let out a Lol Now I know your having a good day.
AGXIIK We all know that the debt ceiling will be raised by whatever amount they want or need. We will certainly see a continuation of the Greater Depression in the form of a continuing economic down turn this year. If it has not been made obvious to everyone, our gov has made the decision to avoid austerity at any cost. Yes, the middle class will suffer. It is the intention to keep this going. No changes. Just adjustments. They want the stock market to keep going up so pension funds can stay solvent. They want metals prices kept in check, to maintain the illusion of a nice strong dollar. No real changes. I expect some black swan events to manifest themself in 2013 to throw a monkey wrench in the Feds little strategy. Everything went according to plan for them in 2012. 2013 may not be so hunky dory for them.
their work is done for the moment I would think. They beat the piss out of it last year as mentioned so as to show crappy performance for the year. The battle isn’t over for sure, and any day in the green for us is a good day.
As for impending catastrophe, I was expecting it last year, but as always the market can remain irrational longer than most can remain solvent. It is coming though and I agree that this year there are enough marbles rolling around in the box that it just a matter of time before they start hitting each other.
Here we go again, more hope and fear. Don’t forget it’s mostly managed on both the up and down side, though they naturally have to let it run when the market warrants.
So tell me why both the stock market and PMs are up at the same time? Didn’t they used to trade in opposition?
Please do not post any Jim Sinclair guru articles for a few days and the prices will not collapse.
TIA
Is it normal DOW gaps 260 points and stays there for hours without deviation?
Well I loaded up over the holidays but I’ll get excited when it climbs over the resistance point of $35.25 Right Jake? Until then I’ll Keep Stacking Happy New Silver Stacking Year Everyone. May the ground you walk on be layered with silver.
Been a buyer myself recently and in some size too. lol, so how can I get on Jake’s mailing list M45?
@4oz Wish I knew 4oz sure miss his reports. I wish he would PM me or something and keep me updated. Lol Here that Jake?
we recall that it was north of 37 last year when the leap day massacre took place. We all know damn well where wilver wants to go.. they’ll keep stopping it.. until they can’t.
Then the gov’t and the banks can enjoy their sh*t sandwiches.
Care to bet whether or not the banks will be closed for a bank holiday when that happens? Somehow, these seem to go hand in hand. Doing that will give them some time to think and plan before making any grand pronouncements.
well get your helmets on. this will get bumpy. again I say, I am not normally like this, but let’s have the collapse already.
Sell down activated! Let’s see whether buyers can hold it at 30.70…
Man, I feel pretty good about myself with my recent purchase with silver under $30. Some Polar Bears cheaper/oz than Antelopes, that was quite a score, premium hiked 5% or more since.
I hope that we won’t get too crazy though, I need to make one more big purchase end of this month, possibly the last for years to come, or ever for that matter. When silver goes wild, we’re forced to look for other assets to obsess about, while making good exit strategies. Would hate to exit at $100 when half a year later it hits $200. And if you gradually go from silver to cash, inflation will eat it out of your pocket. I want to go into real estate, but want more silver, much more, before the catchup to gold gets going. And with real estate, a small stacker need to go all-out to buy something. Need to pick the exit moment reaaaaally well. More scary than buying, by 100x. Not too confident I’d be able to pick an exit nearly as well as my buys have been.
Yes, selling always seems more difficult than buying, IMO. Perhaps a good question to be asking before too much longer is, “Is there a good exit strategy for PM buyers?”. If there is one, What does it look like? Never having been in that situation, most of us will not recognize it when it happens. I suppose that I will sell silver as needed to pay bills and that if any good deals come along to buy real estate, it will be tempting to sell some PMs and buy it. But as to the timing, who knows?
It’s a new year, folks. Time to rush out and buy those 2013 ‘Year Of The Snake’ coins to pay homage to our chinese overlords. Let the Aussies continue to suck up to them if they want to.
Well Fvck that, I will stick with Junk Silver & ASE’s; maybe a couple of Canuk coins as well.
Happy $%&# New Year
Well said Mammoth that’s been a subject sticking in my gut as of late, now I know why. So much for Numismatic coins being bought from overseas. I’m with you, 90% and AE’s until they run out. Keep Stacking
People, you could do no better than to listen to this advice from Mammoth and M45. Right on. ☮
Not sure what’s gotten into me this week…but hit my LCS again today & came home with some of these 1964 90% Kennedy half dollars for $11.35 each. (Actually was the hardest purchase I’ve ever made because I have handled and used 50 cent pieces all my life…some how drove me crazy paying, lol, ‘that much’ for them. But it sure powerfully illustrated to me exactly how the value of money has changed.)
As a charter member of the club who actually used silver coins as money once upon a time, I congratulate you on your find and the exchange of some Fed toilet paper for REAL money. Yes, fiat is still worth something as people will still give us real things in exchange for it. But we know that there will come a time when that is no longer the case. Since we do not know when that till will be, it is far better to be a year or more early than a day late.
Personally, I really like the Kennedy and Walking Liberty half dollars. They are just over 1/3 of an oz. of silver and make a fine addition to any bullion collector’s hoard. I also like 90% silver quarters and dimes as well for those smaller post SHTF purchases. I bought 30 rolls of the Statehood proof quarters because they look nice and are cheaper than the standard Washington quarters. Not sure why but anytime I can buy more silver for the same or less money, I am all for it!
That’s the spirit Mammoth. F the Chinese coins. If the US Mint had coins we could buy those instead. Funny how even silver coin production has been offshored. Odd how those things work out.
XC Skater. You do bring good topics about when to sell some of the stack. When and for how much and how much of the stack to sell and still hedge price increases, leaving some FIAT for price dips. I’ve argued with myself on that subject many times.
Since March-April 2011 when silver was at $45-49 that would have been a good idea (I missed that but stacked with average price of $33) there is a going to be a time when disposal of precious metals will be to our interest. Right now its a figurative argument but worth keeping in mind.
As I’ve noted before, there is no chance in the world that I would report a phyzz sale as a taxable event. Selling incrementally into a market rise, each sale under the radar, is my idea of keeping what profit we may make in our pockets.
For the benefit of the nice Feds who are monitoring this site I am sure that all of us will be reporting all pm sales to the IRS so we can pay our share of taxes. I know I will be. Cheers and happy new year!!!!
Most of us here have lost our silver in a boating accident. Would that be considered a write off on taxes?
I buy foreign silver coins because I figure the US government has no claim to them – ever.
On the other hand what is to stop them from putting some claim on US Mint stuff in the future?
Each to their own.
I have a good collection of foreign silver to go with my American coins. Most of them are old German State and Nazi coins. I figure the Germans will survive before the rest of them. They go well with my vintage VW Beetle collection.
“I am sure that all of us will be reporting all pm sales to the IRS so we can pay our share of taxes.”
Well, PK, I am sure that you are right about that. However, there may be some lurking hereabouts who feel as if they have been Taxed Enough Already! ;-)
Between the boating accidents and some card games I got into, most of my stash has disappeared. :-(
As I said before the luciferians want to close the 55-1 ratio and create New wealth think about it , what else that they have that’s undervalued ? Running GOLD up would make it unaffordable and slow down demand .
I am hoping for $100 soon..while trudging the Road, to a Happy Destiny ,Happy Trails to you keep holding ON and ON !
Nice price increase and positive sign for the new year. Keep stacking!
Today was the first day the pawn shop was open this year. I bought almost 6 oz from them today and hope it is a sign of what I will be doing for the rest of the year. Happy New Year.
I bought 20 1oz SilverTowne Bars from SilverTowne a couple of days ago and paid $656.00 shipped not bad seeing they would cost over $700.00 on fleabay.
@Marchas45 & @AGXIIK, speaking of Canuk coins as I mentioned above – have you checked out those 1.5-oz Canadian Polar Bears? Mintage is limited to 500k; don’t know if this will be a ‘one-year only’ but a gambler may acquire a stack and hope they jump in price like the Canadian Wolf did. Available in the US only through Lear Capital and the premium is pretty stiff, though.
Still though – I feel more comfortable with these semi-numismatic Silver discs than with stacking generic rounds. Plus, a little bit of variety doesn’t hurt!
I only stack what Americans will recognise as money when it becomes necessary for bartering and believe you me, WTSHTF Americans will finally waken up to that fact and then they will know what real money is. Keep Stacking
M45, that is indeed the smartest strategy, almost everyone in the states know what a mercury dime is and that it is silver. Always good to have any copy of the red book also so you can show them. I just bought a 1989 red book for 25 cents in a junk store today, can’t have enough of them at that price. Also just got back from the pawn shop, got 3 silver eagles and 8 halves. Cleaned them out of halves, they had no dimes or quarters.
I agree, Charlie, good plan. I include Silver Maples in my collection because Canada is less than 300 miles from where I live, so Canadian coins are not that unusual hereabouts. I do not collect any of the Canadian 50% or 80% coins, though. I figure that if I don’t keep track of what years contained what amount of silver, most others around here probably don’t either.
@Hapa: I guess the PPT is working the bellows while maybe we’re seeing the beginning of the stampede caused by the demise of FDIC. The moves looked so orderly, it made me wonder if there’s a queue where the big bucks took a number to load their millions onto the silver train boxcars.
Edit: What am I saying, let me rephrase that, “load their BILLIONS.”
Or, worse yet, loading OUR billions as they loot and pillage the US Treasury! :-(
FYI: Silvr up a bck is nt an “explsion.” All asst classs mved up tody. AAPL, for exmple, is up 3%. Mybe you shold have “stcked” sme AAPL lst wek?
Silvr has gne nwre but DWN to flt fr narly two yars. It’s hilarius to rad thse psts about “explsive” mves up and “watrfalls” dwn, whn in fct: The mve are nt even otside esy-to-see nrms for trding voltility acrss all asst clsses.
But, I knw, I knw. That’s nt the scrpt. So…
As yu wre!
Truth Over Hype, would you like to trade me some of your Silver for a few vowels?
Stack all the apples you want, they will soon rot and get worms in them. Ever notice that the Apple logo has a byte missing? Linux is my operating system and silver is my religion. I worship the great Silver God and non believers will soon be punished for their indiscretions. Brought to you using Firefox Browser developed from Mozilla open source project with a redirected phantom IP from a Linux proxy server.
Expl.ode?? Come on..price is now back down below 31. Everyone getting excited for no reason. They are going to keep hammering down the price as long as they see fit. All of this talk of imminent price explosion and default at the comex is nonsense. They have unlimited fiat to keep it down.
I still get excited each time I place a handful of silver in my palm and move it around. I can feel the power emanating from it’s atomic structure. It feels my heart with joy and my puts my mind at ease.
I get excited every time Crissy puts something in her palm and moves it around.
Actually, we will probably discover someday that silver can be used to power interstellar warp drives. THAT will be when we see the price of silver rocket to the moon… and FAR beyond! ;-)