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Will Silver Hold its $22 Floor With Options Expiration Tomorrow?

April 24, 2013 8:19 am est

On a Personal Note…

 

Just FYI – In case you were not aware – Aside from great advice and good reading… The Silver News Surfer does sell silver and gold also.

I am thinking it will be an extreme day tomorrow with the jobs report and options expiring  – however, this is important – once we get past tomorrow I am recommending a buy!

After you read today’s report you will understand why, but do not be fooled, this is your opportunity to protect your wealth, preserve your purchasing power and create massive generational wealth – there will be no other time like the present time!

May Health Wealth And Success Be Yours!

 

Eric Weigand

The Silver News Surfer

954-639-3059

 

Now, onto the business of protecting your wealth…

In order to protect ones wealth, we must take action on the “credible” information we read. That’s not to say that we should believe everything we read, again, this falls back to “following your gut instincts”.

What intrigues me the most is how on Thursday April 11th, there was a meeting with the big banks at the White House and coincidentally, Goldman issues a statement to their clients telling them to short gold and then the very next day, the market starts to collapse.

Well yesterday, Goldman issued another statement to clients telling them to close their gold short positions – coincidence again, or inside information? Again, use your gut instinct guys.

The bulk of the massive selling is over, gold & silver were hammered, the RSI is way over sold and therefore, I am recommending a buy at this point. That is not to say “go mortgage the house” but you should start an accumulation plan now – do not sit on the sidelines and “wait to see what happens” because you will see the price start to rise, then you will say – nope! it’s too high, I want to wait until it comes back down again and meanwhile, we continue to rise to the 1,500, and 1,600 levels and you are left out yet again.

Think about the logic (or lack thereof) that I just wrote… read it again. I have seen this happen time and time again. Some people just want to “sit and watch” and those are the same people who said it would never go over 15. and 800. respectively. then they said it was too high and it would never go over 20. and 1,000. Do you know that some of these folks are still out of the market, even when I talked to them at 15. and 800.

Don’t let that be you – start accumulating here. Understand the market and the important roll the silver and gold have in your portfolio and start stacking… one ounce at a time!

Conclusion:

With people waking up and seeing their “paper gold and silver” not real or not even deliverable from the COMEX and leveraged 130-1 they want out and fast!

If you are holding any “paper derivatives” in gold and silver and you are down, I would still consider selling at a loss and taking what is left of that loss and acquiring physical – get out of the “system” and into something that is real and tangable while you still can!

Mark Twain said it best – “I am more concerned with the return OF my money, than the return ON my money”!

Now, on to the breaking news that matters…

US Mint Halts Sales, Depletes Inventory Of One-Tenth Ounce Gold Coins – Today, we learn that, as expected, none other than the US Mint has officially run out of small denomination gold coins, in this case One-Tenth ounce American Eagle gold bullion coins. We are confident this incontrovertible proof of soaring retail demand for physical will somehow result in JPM or another bullion bank dumping a few extra thousands ounces of paper/electronic gold or silver to further disconnect the paper price from what is actually going on with physical demand. As for the US Mint, first it’s fractions of an ounce: look forward to the mint running out of all bullion denominations in the coming days and week, first in gold, then in silver as well.

Read More Here

“Last Week We Were Really Close To A Default of The 130-to-1 Paper Gold Market” – We’re seeing this rush to physical gold not only in the retail market, but also for the institutional players…[it’s] just overwhelming…I [estimate] a 130-to-1 [ratio of paper to physical gold]…and I think in the last week we were really close to [triggering] a default of the paper market.

Read More Here

Physical Gold Vs. Paper Gold – The Ultimate Disconnect – Casey Research – Instead of capitulating to fear of greater losses, the demand for physical gold has hit new records. The US Mint sold a record 63,500 ounces – a whopping 2 tonnes – of gold on April 17 alone, bringing the total sales for the month to 147,000 ounces; that’s more than the previous two months combined. Indian markets, which are more oriented to physical metal, now have a premium of US$150 over the futures price in Chicago. Demand at coin dealers has increased as the price has dropped. And premiums are much bigger than they were as recently as a week ago.

Read More Here

James Grant – Very Bullish On Gold – “Gold, To Me, Is Not A Commodity, It’s Money”. – The most prominent fundamental of owning gold to me is the institution of managed currency, the central banking. It’s aggressive, unprecedented money printing. that to me is a single fundamental of the gold market. as long as that remains in place, it seems to me, you are compelled to look at an alternative if you’re serious about the money you have earned, and that, to me, the principal alternative to central banks, in the monetary realm is the ancient monetary asset they can’t create and gold trades for a totally different reason than other commodities.

Read More Here

Will Silver hold its $22 floor with options expiration tomorrow? Given that options expiration comes to COMEX April 25th, today’s China disappointment would have been the perfect news event for the cartel to piggy-back on and smash gold and silver further.  The fact that silver is only down a few tens of cents and recovering actually offers more support to my theory that JPM really doesn’t have a need to push silver under $22.  Their entire short book should have an average basis comfortably above $22.

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Where’s The Beef – Full-Blown Panic As People Ask “Where Is The Gold?  Rather than the recent takedown doing what they expected, which was to significantly reduce the demand for physical gold, especially among the developing nations and among the BRIC’s, the demand for physical gold at a lower price has in fact multiplied. In the fullness of time the history books will show that once again the gold market went through a crisis brought on by the dwindling supply of available physical gold.  The striking difference between 1980 and today is that this time the physical really is gone.  This is the frightening reality of what the financial world is facing today.

Read More Here