an opinion.... the COMEX not allowing limit orders in options has really stalled silver....in effect averting the specs. from piling into call option orders at several otm strikes in the hopes of getting filled on a few of them.... it really sucks
lol it's annoying to watch what a laggard silver is lately measured against copper, platinum, zinc, tie, etc
if you're sick of watching G&S charts all day hoping for $1000/$20 in the next 4 minutes...take a break and go here to check out South Africa's view of the mining world.... nicely done and a different view of a part of the world that I know too little about http://www.miningmx.com/index.htm
they rang the bell briefly at the $15.00 silver station ... then the train started to go backwards hope the conductor pulls the break soon so I can count my junk silver coins this weekend and sell them
As an ex South African miner I post fairly regularly at http://www.sharechat.co.za - S.Africa has always had a lot of gold bugs and lately they've been wondering why SA gold shares have been lagging as gold has been rocketing... However, there are issues with keeping the local currency strong and the fact that SA gold miners are generally high cost producers....
Saw this today ... not sure but seems to suggest the ETF custodian has all but exhausted its obligation to buy and stock physical silver. If that is correct, would seem important. Silver ETF Hits Critical Mass SPOKANE, Wash., May 13 /PRNewswire/ -- Silver ETF hits critical mass and most in the financial world don't even know it. Silver expert David Morgan of silver-investor.com has just released news that is critical to silver investors worldwide. "Authorized Participants that wish to redeem a Basket of Shares will receive the Basket Silver Amount in exchange for each Basket surrendered. JP Morgan Chase Bank, N.A., London Branch will be the custodian for the Trust and responsible for safekeeping the silver." Followed by footnote 29. Footnote 29 states: "If the total value of the Trust's silver held by the Custodian exceeds $1 billion, then the Custodian will be under no obligation to accept additional silver deliveries. In such a case, the Trustee will retain an additional custodian." At this point in time, May 11, 2006, the Silver ETF has 58 million ounces of silver in trust and is selling at a 4.5% premium. The Silver ETF has a current value of approximately $877 million which means we are already about 88 percent of the level that JP Morgan will be "under no obligation to accept additional silver deliveries" emphasis ours. What will this mean for the silver market? What if physical demand continues at the current pace? The amount of physical silver put into trust from Silver ETFs first day of trading to present time is nearly 60 million ounces of silver. This is in ten days of trading. Many have commented that it is nearly impossible to deliver the amounts of physical silver into the vaults without the silver already resting in place. Berkshire Hathaway's silver was in London and Barclays Silver ETF is in London, is it the same silver? Mr. Morgan is a contributor to Mining Industry Review an e-TV program available at FreeMarketNews.com. He also hosts a weekly Metals Wrap up each week on the Financial Sense News Hour. Mr. Morgan and has written numerous articles, his e-mail newsletter, The Morgan Report, is issued on a monthly basis and includes economic news, overall financial health of the global economy, currency problems ahead and the reason why people need to be invested in the precious metals. His website is silver-investor.com. His book "Get the Skinny on Silver Investing" should be available shortly.