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Silver Investor Community Discussion Forums - SilverSeek.com - SilverSeek.com Articles http://forums.silverseek.com/ Public comments on articles published on SilverSeek.com en Tue, 21 Nov 2017 04:14:48 GMT vBulletin 60 http://forums.silverseek.com/images/misc/rss.png Silver Investor Community Discussion Forums - SilverSeek.com - SilverSeek.com Articles http://forums.silverseek.com/ Money and Markets Infographic Shows Silver Most Undervalued Asset http://forums.silverseek.com/showthread.php?68736-Money-and-Markets-Infographic-Shows-Silver-Most-Undervalued-Asset&goto=newpost Mon, 20 Nov 2017 19:01:59 GMT *GoldCore | Monday, November 20th Money and Markets Infographic Shows Silver Most Undervalued Asset – Silver remains severely under owned and... GoldCore | Monday, November 20th

Money and Markets Infographic Shows Silver Most Undervalued Asset

– Silver remains severely under owned and under valued asset

– Entire silver market worth tiny $100 billion shown in one tiny square

– “All of the World’s Money and Markets in One Visualization”

– Must see ‘Money and Markets’ infographic shows relative size of key markets: silver bullion, gold bullion, cryptocurrencies/ bitcoin, largest companies, 50 richest people, Fed balance sheet, currency, stocks, property, cash, debt & derivatives

– Small allocation by investors and world’s richest will see silver surge like bitcoin

http://silverseek.com/article/money-...ed-asset-16964
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Global Silver Investment Demand Maybe Down, But Still Double Pre-2008 Market Crash Le http://forums.silverseek.com/showthread.php?68735-Global-Silver-Investment-Demand-Maybe-Down-But-Still-Double-Pre-2008-Market-Crash-Le&goto=newpost Mon, 20 Nov 2017 18:57:37 GMT *Steve St. Angelo | November 19, 2017 While physical silver investment demand experienced a pronounced decline this year, the volume is still... Steve St. Angelo | November 19, 2017

While physical silver investment demand experienced a pronounced decline this year, the volume is still much larger than the level prior to the 2008 U.S. Housing and Banking Crash. Investors frustrated by a silver market plagued with lousy sentiment and weak demand, may not realize that silver bar and coin demand is projected to be double what it was in 2007.

Thus, long-term precious metals investors continue to acquire silver on price dips while others may be selling out and placing their bets into the bubble stock market or cryptocurrencies. It’s not the larger precious metals investor who is worried about the short-term price, rather its the smaller investor.

Regardless, according to the Silver Institute’s 2017 Interim Report, global silver bar and coin demand are projected to fall to 130 million oz (Moz) in 2017 compared to 206 Moz last year. Even though physical silver investment demand will drop by 37% this year, it will still be more than double the 62 Moz in 2007:

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Rob From The Middle Class Economics - Gary Christenson http://forums.silverseek.com/showthread.php?68734-Rob-From-The-Middle-Class-Economics-Gary-Christenson&goto=newpost Sun, 19 Nov 2017 07:07:59 GMT *Friday, 17 November 2017 Much of our financial world functions as a “Rob from the Middle Class” economy. The system robs from the middle class... Friday, 17 November 2017

Much of our financial world functions as a “Rob from the Middle Class” economy. The system robs from the middle class and poor via “money printing” and inflation of the currency supply!

The rich get richer and the poor get poorer.

Little benefit comes from complaining about the process or fighting it. Understand the process, work around it, and use it constructively.

Explaining Our Rob from the Middle Class Economy:

Governments, individuals, pension funds and corporations are increasingly financialized and dependent upon debt, central bank interventions and currency devaluations. Wages are less relevant in a financialized economy because wages rise slowly while debt, currency in circulation, and paper financial assets increase rapidly.

Caution: Those rapidly rising stock prices can reverse even more rapidly.

The Fed has your back if you are a member of the political and financial elite. The top few percent earn far more because of central bank “stimulus,” currency printing that levitates stock and bond markets and huge contracts from federal and state governments. This trend toward increasing the income and wealth of the financial elite has accelerated since 1980, as shown below.

If you earn wages paid in debt based fiat dollars you know your expenses have increased more rapidly than your wages. Your purchasing power decreases because fiat currency units are devalued by the massive government and central bank “printing” of those currencies. Every newly created dollar (euro, pound, yen) devalues all existing currency units. Most prices rise but hourly wages stagnate.

How can we measure these trends? (All data from the St. Louis Federal Reserve unless specified otherwise.)

Graph the ratio of M3 (a measure of currency in circulation) to average hourly wages. The graph below shows M3 has grown more rapidly than hourly wages in the past 40 years. The extra currency in circulation has created higher prices for consumers and financial assets.

http://news.goldseek.com/GoldSeek/1510933884.php
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The Social Security Inflation Lag Calendar - Partial Indexing Part 1 http://forums.silverseek.com/showthread.php?68733-The-Social-Security-Inflation-Lag-Calendar-Partial-Indexing-Part-1&goto=newpost Sun, 19 Nov 2017 06:45:57 GMT *A long but interesting article: By Daniel R. Amerman, CFA Friday, 17 November 2017 There is a lot of advice out there about Social... A long but interesting article:

By Daniel R. Amerman, CFA

Friday, 17 November 2017

There is a lot of advice out there about Social Security - most of which is based on Social Security being fully inflation indexed.

However, as we will establish in this first in a series of analyses, Social Security is only partially inflation indexed. As a matter of design it does not fully keep up with inflation.

Sound like an obscure difference?

"Partial inflation indexing" is little understood by the general public, but it could transform your standard of living - along with the quality of life of millions of others - in the years and decades to come. Indeed, partial inflation indexing can mean effectively having only 11 months of benefit purchasing power- or even 8 months - to cover 12 months of expenses each year.

Now if coming up a month or more short for the value of the benefits received each year would have a significant impact on your life in retirement, then fully understanding partial inflation indexing could change your financial planning, your decision on when to retire, and your decision on when to begin claiming Social Security benefits

There are many aspects to partial inflation indexing and they cumulatively build upon each other. Our starting point in this first analysis is going to be some seemingly obscure technicalities built into the details of how Social Security actually works that many people have likely never even thought about.

The Theory Of Full Inflation Indexing

Inflation is not an accident, but is created by the Federal Reserve as a matter of policy. The prevailing economic theory is that a slight annual reduction in the purchasing power of the dollar is good for economic growth.

Since the United States went off the gold standard in 1933 and began setting the goal of creating a low to moderate rate of inflation each year, inflation has averaged a little over 3.5% per year. In total the dollar has lost about 95% of its value over the past 84 years.

The impact of inflation is not felt evenly, and people in the workforce can keep up when their wages (hopefully) increase with inflation. However, retirees generally have the greatest exposure to inflation of any age group, as the value of their savings steadily diminishes and they no longer have wages to increase.

The Social Security Administration provides an annual COLA or Cost-of-Living Adjustment, which is intended to offset this inflation that is deliberately created by the Federal Reserve.

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Bonfire of the Absurdities - John Mauldin http://forums.silverseek.com/showthread.php?68732-Bonfire-of-the-Absurdities-John-Mauldin&goto=newpost Sun, 19 Nov 2017 06:23:31 GMT *17 November 2017 This week’s letter will take a look at the growing number of ridiculous, inane, and otherwise nonsensical absurdities that fill... 17 November 2017

This week’s letter will take a look at the growing number of ridiculous, inane, and otherwise nonsensical absurdities that fill the daily economic headlines. I have gone from the occasional smile to scratching my head now and then to “WTF” moments several times a week.

Wondering if it was just me, I recently sent an appeal to a what became a large number of my friends and fellow writers and analysts, asking for their graphic examples of this paranormal economic activity. Suffice to say, it is not just me who sees absurdities. I received so many responses that I may have to extend this letter another week or two. (Note: This letter will print long, as there are lots of graphs.)

Some of what you’ll see depicted in the following charts originated a decade ago in the Global Financial Crisis – or was caused by the reactions of central bankers to that crisis. The many shocking, previously unimaginable acts by central banks and governments left us so numb that I think we started to simply accept them without much thought. That was our mistake: We must confront the unthinkable, not just shrug our shoulders at it. Because when we have our next crisis, I will bet you dollars to donuts that central banks and governments will react in ways that are even more unthinkable.

Before we get our thinking caps on, let me remind you that early registration is now open for my next Strategic Investment Conference. The dates are March 6-9, 2018, at the Manchester Grand Hyatt in San Diego. We’ll have a wonderful time with an all-star cast including Jeffrey Gundlach, Mark Yusko, John Burbank, Niall Ferguson, and George Gilder. I’m in negotiations with other well-known names, too.

This year we’re making a special effort to sell out the conference as early as we possibly can. I really want to focus my full attention on designing the program and working with the speakers to deliver an outstanding experience. That’s much easier when I don’t have to think about whether there are still unsold seats.

To that end, we’re offering exceptionally generous discounts for early registration. If you’ve already decided to attend, you would do us both a big favor by registering now. You’ll save a few hundred dollars and avoid getting stuck on the waiting list. Click here to register or get more information.

Now on to the bonfire.

Vanity of Vanities

If you work in the financial industry you’ve probably read, or at least know plenty about, the Tom Wolfe novel Bonfire of the Vanities. It’s a great book, but it’s not the source of this letter’s headline. I’m thinking back further to the original “bonfire of the vanities” in fifteenth-century Florence.

In 1490 the ruling Medici family brought in Dominican friar Girolamo Savonarola to serve them, but within a few years he was more or less ruling the city. In 1495, during the pre-Lenten carnival, Savonarola began hosting a “bonfire of the vanities,” at which people would burn objects that inspired the deadly sin of vanity: mirrors, cosmetics, musical instruments, and so on. This being Florence, they also destroyed tons of artworks, tapestries, books, furniture, and other priceless treasures. Did doing so make them any less vain? Probably not, but I’m sure the bonfires were quite magnificent.

In a similar manner, we in this century routinely “burn” hard-won lessons (or at least expel them from our thoughts) because someone with an ulterior motive convinces us they’re useless or harmful. That’s rarely true, as we often discern too late, and then we have to learn the same lessons again.

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COT Silver Report - November 17, 2017 http://forums.silverseek.com/showthread.php?68731-COT-Silver-Report-November-17-2017&goto=newpost Sat, 18 Nov 2017 06:12:08 GMT *http://silverseek.com/commentary/cot-silver-report-november-17-2017-16960 For anyone not able to see the complete COT report or would prefer to... http://silverseek.com/commentary/cot...-17-2017-16960


For anyone not able to see the complete COT report or would prefer to see the combined Gold and Silver COT reports

http://news.goldseek.com/COT/1510950783.php
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Weekly Wrap-Up with Eric Sprott - Eric Sprott | November 17, 2017 http://forums.silverseek.com/showthread.php?68730-Weekly-Wrap-Up-with-Eric-Sprott-Eric-Sprott-November-17-2017&goto=newpost Sat, 18 Nov 2017 06:07:15 GMT *http://silverseek.com/commentary/weekly-wrap-eric-sprott-16959*
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Comparing Digital Metals http://forums.silverseek.com/showthread.php?68728-Comparing-Digital-Metals&goto=newpost Fri, 17 Nov 2017 07:00:49 GMT *Craig Hemke | Thursday, November 16th With total Comex silver open interest near the 200,000 contract level, we thought it would be... Craig Hemke | Thursday, November 16th


With total Comex silver open interest near the 200,000 contract level, we thought it would be enlightening to once again discuss the total volume of physical mine supply versus digital metal supply on this futures exchange.

We've written on countless occasions about Comex alchemy and the fraud of digital metal. As a refresher, you might review both of these links before we continue:

https://www.sprottmoney.com/Blog/42-years-of-fract...

https://www.tfmetalsreport.com/blog/8252/econ-101-...

Today, we just thought we should remind you of the scale and scope of the fraud, particularly as it relates to silver. Again, under this current fractional reserve and derivative pricing scheme, price is "discovered" through the trading of derivative contracts, the supply of which is controlled by The Bullion Banks. These same banks are then responsible for managing and delivering physical metal at the digitally-derived price.

Currently, the total open interest (supply of contracts) in Comex silver is 199,899. For the sake of simplicity, let's round up and call it 200,000. At 5,000 ounces per contract, this represents 1,000,000,000 ounces of digital silver. That's a lot...especially when you consider that Keith Neumeyer told us last week that the world is on pace to mine about 800,000,000 ounces in 2017.

If we divide 1,000,000,000 digital ounces by 800,000,000 ounces of annual production, we find that total Comex silver open interest represents 125% of global mine supply. Is this a lot? Is this extreme? Is this evidence of a gross distortion of the price discovery process? Perhaps we should consider some of the other "metals" traded on Comex for perspective.

Let's start with Comex gold. How does Comex open interest compare? Well, the world is projected to mine about 2,800 metric tonnes this year or about 90,000,000 ounces of gold. With each Comex contract representing 100 ounces, the current total OI of 533,054 contracts equals 53,305,400 ounces or about 59% of total mine supply.


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Two-Thirds Of The Top Primary Silver Miners Suffered Production Declines In 2017 http://forums.silverseek.com/showthread.php?68727-Two-Thirds-Of-The-Top-Primary-Silver-Miners-Suffered-Production-Declines-In-2017&goto=newpost Tue, 14 Nov 2017 21:36:53 GMT *Steve St. Angelo | November 13, 2017 It has been a rough year for many primary silver miners as two-thirds have suffered declines in production. ... Steve St. Angelo | November 13, 2017

It has been a rough year for many primary silver miners as two-thirds have suffered declines in production. Also, many high ranking silver producing countries are also experiencing a pronounced reduction in their domestic silver mine supply. According to the data put out by World Metal Statistics, Chile’s silver production is down 20% in the first eight months of the year, while Australia is down 19%, Mexico declined 2% and Peru lower by 1%.

The Silver Institute will be releasing their 2017 Silver Interim Report shortly which will provide an update on current silver production and forecasts for the remainder of the year. However, I believe global silver production will take a big hit this year due to several factors including, falling ore grades, mine closures, and strikes at various projects.

For example, Tahoe Resources was forced to shut down its Guatemalan Escobal Mine in July due to a temporary suspension of its operating license by the country’s Supreme Court. However, even after the Guatemalan Supreme Court reinstated Tahoe Resources Escobal Mine’s license in early September, an ongoing road blockade has hampered the ability of the project to continue mining. Regardless, Tahoe’s silver production declined a stunning 6.7 million oz Q1-Q3 2017 versus the same period last year.

Now, on the other hand, silver production at Fresnillo’s operations in Mexico jumped by nearly six million oz during the first three-quarters of 2017 primarily due to the start-up of its San Julian Mine phase II expansion and a ramp-up of its phase I:

http://silverseek.com/commentary/two...nes-2017-16954
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COT Silver Report - November 13, 2017 http://forums.silverseek.com/showthread.php?68726-COT-Silver-Report-November-13-2017&goto=newpost Tue, 14 Nov 2017 02:46:04 GMT *http://silverseek.com/commentary/cot-silver-report-november-13-2017-16952 For anyone not able to see the complete COT report or would prefer... http://silverseek.com/commentary/cot...-13-2017-16952



For anyone not able to see the complete COT report or would prefer to see the combined Gold and Silver COT reports


http://news.goldseek.com/COT/1510605129.php
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Silver Sign’s Confirmation And More http://forums.silverseek.com/showthread.php?68725-Silver-Sign’s-Confirmation-And-More&goto=newpost Tue, 14 Nov 2017 02:42:58 GMT *Przemyslaw Radomski, CFA | Monday, November 13th Briefly: In our opinion, full (150% of the regular full position) speculative short positions... Przemyslaw Radomski, CFA | Monday, November 13th

Briefly: In our opinion, full (150% of the regular full position) speculative short positions in gold, silver and mining stocks are justified from the risk/reward perspective at the moment of publishing this alert.

In our previous free analysis we discussed the silver market viewed from the non-USD perspective and we commented on the possibility of seeing a more visible corrective downswing in the USD after it moved closer to the 96 level. In today’s essay, we would like to further elaborate on the white metal – not only because we saw another sign in the non-USD silver price, but also because we would like to reveal a technique that can tell us when the next reversal in silver is likely to take place.

This ratio means that silver’s USD price that we usually analyze is multiplied by various currency exchange rates (i.a. the EUR/USD) and then these prices are averaged with weights just as in the USD Index.

The thing that’s happening on the above chart is the spike in volume (ratio of volumes). While it may sound esoteric and odd that we’re analyzing the ratio between the volume of silver and one of some ETF, please note that it has significant predictive value.

The huge volume readings preceded major declines (we marked those situations with red rectangles) and since we just saw this signal once again, the implications are bearish. On a side note, when we previously commented on the ratio of volumes between silver and UDN, we called it silver’s hidden signal as that’s something that many investors and professional analysts are not aware of.

http://silverseek.com/article/silver...and-more-16951
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The Morgan Report’s Weekly Perspective - November 13, 2017 http://forums.silverseek.com/showthread.php?68724-The-Morgan-Report’s-Weekly-Perspective-November-13-2017&goto=newpost Tue, 14 Nov 2017 02:39:29 GMT * http://silverseek.com/commentary/morgan-report%E2%80%99s-weekly-perspective-16950*



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Weekly Wrap-Up - Eric Sprott November 10, 2017 http://forums.silverseek.com/showthread.php?68723-Weekly-Wrap-Up-Eric-Sprott-November-10-2017&goto=newpost Sat, 11 Nov 2017 02:02:22 GMT *This weeks guest, Keith Neumeyer of First Majestic Silver http://silverseek.com/commentary/weekly-wrap-keith-neumeyer-16948* This weeks guest, Keith Neumeyer of First Majestic Silver

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Cryptos may destabilise fiat http://forums.silverseek.com/showthread.php?68722-Cryptos-may-destabilise-fiat&goto=newpost Sat, 11 Nov 2017 01:50:06 GMT *By Alasdair Macleod The assumption in some quarters is that crypto-currencies will replace gold as money, or at least challenge it. This is an... By Alasdair Macleod

The assumption in some quarters is that crypto-currencies will replace gold as money, or at least challenge it. This is an error borne out of a misunderstanding of catallactics, or the theory of exchange. It also ignores the fact that beyond a few European countries and North America, gold is firmly money in the minds of ordinary people. I wrote an article on this subject, explaining why cryptocurrencies are not a new form of money, here.

Anyone reading this article may wish to read my original article first, to understand the true status of cryptocurrencies. I concluded that cryptocurrencies are the purest form of financial bubble in the history of speculation, and will be of great theoretical interest to future generations, just as the phenomena of the Mississippi, South Sea, and tulip bubbles are to us today. I also wrote that

“It’s worth noting that all crypto-currencies together are worth $120bn, with bitcoin $55bn of that total. This is only a very small fraction of cash and deposits worldwide. Therefore, the point where new money to fuel the craze runs out does not appear to have been reached, and could have much further to go.”

That was in August, when bitcoin was about $3,000 against today’s price of more than double that. In the short-term, all sorts of dubious promoters are sending unsolicited invitations to buy, promising price gains of thousands per cent. It’s a fair bet these promoters own cryptocurrencies themselves, and are puffing their own interest. A failure of the innocent to take the bait in sufficient numbers could easily lead to a sharp correction.

We must look beyond that. This article will examine more closely the dynamics driving bitcoin and other cryptocurrencies, and it concludes that rather than destabilise gold, if the craze continues it is far more likely to destabilise fiat currencies.

But first, we must understand the way bubbles form and progress. A word of caution: what follows is a theoretical description of how bubbles evolve and eventually implode, including the points that may be relevant to cryptocurrencies. Other factors are almost certain to impinge on how prices will progress, not least the underlying dynamics of the global credit cycle engineered by the banking system. On its own, the forthcoming credit crunch, independently from the crypto craze, threatens to be the most disruptive in our lifetime and could easily override the cryptocurrency bubble cycle. This article does not attempt to identify all the risks in this new asset class.

Dynamics of a financial bubble – the initial phase

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A “Silver” Lining In The Metals Market - http://forums.silverseek.com/showthread.php?68721-A-“Silver”-Lining-In-The-Metals-Market&goto=newpost Fri, 10 Nov 2017 12:21:31 GMT *Avi Gilburt | Thursday, November 9th First published on Sunday Nov 5 for members: Last weekend (Oct 28-29), I tried to explain why it looked as... Avi Gilburt | Thursday, November 9th

First published on Sunday Nov 5 for members: Last weekend (Oct 28-29), I tried to explain why it looked as though the metals market has been telling different stories in the various charts I follow. And, in my mid-week update, I explained this a bit further:

When I look at the 3 charts that I follow in the metals complex, they seem to be telling a different story today, at least in their micro structures.

Silver seems to have broken out of its downtrend, and can be viewed as having completed wave i of its (c) wave to the target box above. GLD seems to be stuck in neutral, with the same “potential” structure as silver, but without as much clarity to its micro count as silver has potentially presented.

And, then we are left with the GDX. As long as the GDX remains below the 23.05 level, it still has a smaller degree set up to test the 22 region before a rally may ensue.

So, on Friday (Nov 3), GDX has now dropped down and provided us the lower low I was looking for this past week right into the support region I noted last weekend between 21.95-22.30. Moreover, both gold and silver have now pulled back from their rallies begun this past week, and have still retained a set up to rally in the upcoming week.

Based upon the smaller degree wave counts, it certainly still seems as though the miners and the metals are potentially in different patterns, with the upcoming week set up to provide us further confirmation of this potential.

As I have noted for the last several weeks, silver really seems to be the more telling of the metals charts. I have been following a potential count which suggests that a (c) wave rally within a b-wave of wave ii is taking shape. And, I have noted that as long as we hold over the 16.40-16.50 support region, we can rally back up towards the September highs.

This past week, silver broke out of its downtrend channel, and suggested that the (b) wave of the b-wave had completed, and that we also completed wave i of the (c) wave of the b-wave rally. While the micro structure can still support one more small drop before a rally may begin, as long as we hold over 16.65, my expectation is to see us rally back up towards at least the 17.85 region.

http://silverseek.com/article/%E2%80...s-market-16947
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