Wants Silver So Badly,
You Can't Buy Any!
Market Update 8-6
by Edgar J. Steele
March 20, 2008
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My name is Edgar J. Steele.
It's just like pro rasslin', maw. He's up ... he's down ... he's been thrown completely out of the ring and landed in the laps of New York's governor and his ... is that his wife? What's this? Silver is down yet another dollar today, after being down over a buck and a half yesterday? So, the stock market must be up a gazillion points, eh? Nope.
Then, the dollar - they must have struck the world's biggest gusher on the White House lawn? Nope. But the dollar is up - way up. Will it stay up? Nope.
This is a simple takedown, folks. Artificial manipulation by the big boys, designed to force out what they dismiss as "weak hands" holding silver. Well, don't pay attention. We're in this for the long haul. In fact, if yesterday was such a great time to buy more silver, then today must be an even better day, right? That's absolutely correct! Go the head of the line and really load 'em up this time!
Aggravating this is the exit from paper silver of those who have gotten too nervous by this manipulated and phony downtake. My pal the chart freak says that this is a standard Fibonacci retracement from a base price of $9.85. Meaning that those who bought in on paper (ETFs and futures) at around $9 or $10 now finally are selling and counting themselves lucky to have the profits they just booked. Standard stuff, he says, while silver consolidates and builds a new base in this area, preparatory to heading higher...much higher.
One day soon, paper silver will be shown to be the fraud that it is when sellers are unable to deliver the physical that somebody bought. Then physical will rule. That is when the moon shot comes. And, to be on board, you have to be holding the real thing, physically...in your hands.
Meanwhile, local dealers have jacked their margin up from .50 an ounce to .85 and higher. APMEX pushed theirs up 9 cents yesterday and today, you can't even buy anything from them except 100-oz bars, "generic" .999 silver and junk coins.
So, nobody wants silver so
badly that its price takes a $3 nosedive in the course of about 24
hours. On the other hand, just try to find some to buy. When you do,
the dealer is jacking up the price. Nobody wants it so
badly, you can't buy any! Go figure. And go
buy some, while you are at it.
Right now. This minute. Don't ask why. Don't ask what. Don't ask when. Just do it.
March 19 Market Update: Back
up the truck...
As of 7am this morning, the spot price of silver is down $1.08 per ounce. This is what is known as a "buying opportunity of the first order." There are huge forces at work, levitating the dollar and keeping it from crashing altogether. They only can delay the inevitable and they do it, in part, by short selling precious metals, thereby driving down their prices. Buy with both hands so long as the price is declining. This is a gift, pure and simple.
Copyright ©2008, Edgar J. Steele
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