Looks like Silver is about to make a move higher..

[PeacePlan]

Peaceplan: I got this over at http://www.lemetropolecafe.com
Silver seems to want to hold 28 and could make a move soon It now has some base to launch from - needs to rise and hold above 30 for 3 or 4 days to set 30 as support. You can get a free 2 week trial at the link above.. I am hearing of shortages mostly of 100 oz bars from a few places........

SCOTIA SILVER
I can verify all this. Actually, I think Scotia was sold out of 100 oz silver bars last Thursday too, as I got the last two.


Scotia Mocotta is one of the largest bullion banks in the world. The last time I looked, they chaired the bullion fix committee on the LBMA. too. SM is completely sold out of silver for the second time in four years. Yet, the price of silver on CRIMEX tracks sideways to down. We may have finally reached the point where paper silver and real silver separate. Regards, Rhody.
COMEX Warehouse Stocks Feb 3, 2011

MASSIVE SILVER INVENTORY DRAIN RESUMES
SILVER
ZERO ozs withdrawn from the dealer’s (registered) inventory
667,368 ozs withdrawn from the customer (eligible) inventory
Total dealer inventory 43.40 Mozs
Total customer inventory 69.52 Mozs
Combined Total 102.92 Mozs


GOLD
5,100 ozs withdrawn from the dealers (registered) category
18,214 ozs withdrawn from the customer (eligible) category
Total dealer inventory 2.93 Mozs
Total customer inventory 8.44 Mozs
Combined Total 11.37 Mozs


There were 18.2 Kozs of gold withdrawn from the customer inventory and 5.1 Kozs withdrawn from the dealer inventory. There were 0.67 Mozs of silver withdrawn from the customer inventory. The total inventory now has a “102” handle. This is desperately low for the world’s premier futures exchange and especially as there are 64K contracts open for MAR.


There were 312 delivery notices issued in the FEB gold contract. The FEB gold delivery notice total for the month is 9,161 notices or 916,100 ozs. Scotia Mocatta issued 272 notices and HSBC stopped 276. Hmmm!


There were 0 delivery notices issued in the FEB silver contract. The FEB silver delivery notice total for the month is 188 or 0.9 Mozs.
The OI in FEB gold decreased to 1,880 contracts which together with the issued delivery notices means that the potential for delivery is 1.1 Mozs or 38% of the registered inventory. The silver MAR open interest decreased slightly to 64,163 contracts.
Cheers
Adrian


Options OI

Dear Bill,
very quick update on Silver March Option OI :
we got an increase in CALLS and decrease in PUTS,
which I think is very bullish for the price of Silver :
http://mamrdi.ideapc.sk/bb.php?metal=SILVER&contract=MAR11&type
=history&maxh=10&onlybig=3&submit=Show
however from cartel point of view, their targer price at the expiration is around 27.5, as there are the least expiring contracts overall :
http://mamrdi.ideapc.sk/bb.php?metal=SILVER&contract=MAR
11&type=normal&maxh=10&onlybig=3&submit=Show
so this might not be very bearish, but a signal that they would like the price to stand and wait at 28.0 ...


For the April Gold contract, the cartel desired target price is 1350.0 :
http://mamrdi.ideapc.sk/bb.php?metal=GOLD&contract=APR11&
type=normal&maxh=10&onlybig=3&submit=Show
but contrary to the Silver, more PUTS were written than CALLS :
http://mamrdi.ideapc.sk/bb.php?metal=GOLD&contract=APR11&type=
history&maxh=10&onlybig=3&submit=Show
http://mamrdi.ideapc.sk/bb.php?metal=GOLD&contract=APR11&type=history&maxh=10&onlybig=3&submit=Show
which indicates the traders are awaiting a price drop, however the cartel again wants a steady not moving gold price ....


wish a great day,
Miro, from Slovakia zerohedge…

 

[pmbug]

 

[PeacePlan]

@Bern Silver is going to make another big move soon as the supply of bullion above ground dwindles. Looks like the trend at COMEX of silver leaving is continuing. One of these days silver will just do a breakaway gap to the upside and never look back. I hope a bunch of people are on this bulls back and just ride it - most people get off way before the end is near..

 

[pmbug]

Silver was fighting resistance at ~$29 all night long, but looks like it just broke through.

 

[the count]

One of these days silver will just do a breakaway gap to the upside and never look back.

You got that right, bro. People dont understand that the really important moves come out of the blue, overnight or over a weekend when most cannot react. Hmmm.... did anybody foresee the Egypt crisis a month ago? Where are the 'experts', the analysts, the wise men? It's all donkey manure. Do not expect anybody to serve you a notice that the SHTF in 3 days so you can prepare yourself.

 

[PeacePlan]

Silver was fighting resistance at ~$29 all night long, but looks like it just broke through.

Looks like this may be the move to take it back above 30? I am not good at timing the ups and downs and make a lousy trader.

 

[PeacePlan]

You got that right, bro. People dont understand that the really important moves come out of the blue, overnight or over a weekend when most cannot react. Hmmm.... did anybody foresee the Egypt crisis a month ago? Where are the 'experts', the analysts, the wise men? It's all donkey manure. Do not expect anybody to serve you a notice that the SHTF in 3 days so you can prepare yourself.

I agree, and just sit and wait. My guess is when the supply gets so tight and no one is taking orders it will explode.

 

[pmbug]

Looks like this may be the move to take it back above 30? I am not good at timing the ups and downs and make a lousy trader.

No idea. I'm not a trader. I'm just the fool on the hill watching the world spin 'round.

 

[PeacePlan]

 

[juvanya]

I really need to convert the rest of my FRNs... :-\