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I don't wanna say I told you so....but I told you so....
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Thread: I don't wanna say I told you so....but I told you so....

  1. #1
    Join Date
    Feb 2011
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    Treasure Valley, Idaho
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    Default I don't wanna say I told you so....but I told you so....

    Rio Tinto's Kennecott, Utah mine is shut down indefinitely. According to reports it's due to a landslide. I'm sure well see others experience "landslides" as well. With the cost of mining more expensive than the silver it produces, I'm sure many others will throw in the towel until market conditions improve. It should be noted that Rio Tinto primarily mines copper and not silver but they do account for 16% of the silver produced in the US in 2012. Anybody have any thoughts?
    Last edited by broox419; 14th April 2013 at 21:31.

  2. #2
    Join Date
    Apr 2010
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    3,669

    Default

    Quote Originally Posted by broox419 View Post
    Rio Tinto's Kennecott, Utah mine is shut down indefinitely. According to reports it's due to a landslide. I'm sure well see others experience "landslides" as well. With the cost of mining more expensive than the silver it produces, I'm sure many others will throw in the towel until market conditions improve. It should be noted that Rio Tinto primarily mines copper and not silver but they do account for 16% of the silver produced in the US in 2012. Anybody have any thoughts?


    I heard this news you speak of only yesterday, broox419. MSM coverage has been virtually non-existent. I thought it was said it was only 6.5% of US domestic supply, but whatever; 16% of domestic supply goes off line on Wednesday, for up to a year, and the price does the exact opposite of what it should do; it goes down. Would that happen if 16% of domestic Oil supply, or 16% of domestic Grain supply went off line? I don't think so, somehow! The Silver Futures "market" is a stinking corpse, propped up by criminal banking cartels that are TBTF corpses themselves. The Silver Futures "Market" determines price by how many Paper Silver IOUs on are being traded. Real fundamentals such as stockpiles, and supply of real actual Physical Silver, are disregarded; are an irrelevance to it.

  3. #3
    Join Date
    Feb 2011
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    Treasure Valley, Idaho
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    Default

    Quote Originally Posted by gollumthegreat View Post
    I heard this news you speak of only yesterday, broox419. MSM coverage has been virtually non-existent. I thought it was said it was only 6.5% of US domestic supply, but whatever; 16% of domestic supply goes off line on Wednesday, for up to a year, and the price does the exact opposite of what it should do; it goes down. Would that happen if 16% of domestic Oil supply, or 16% of domestic Grain supply went off line? I don't think so, somehow! The Silver Futures "market" is a stinking corpse, propped up by criminal banking cartels that are TBTF corpses themselves. The Silver Futures "Market" determines price by how many Paper Silver IOUs on are being traded. Real fundamentals such as stockpiles, and supply of real actual Physical Silver, are disregarded; are an irrelevance to it.
    It's going to be an ugly week for paper speculators and people who have to liquidate their physical. I personal think the dust settles at $20 but who knows where premiums will be. Right now provident hasn't had the chance to change their internet prices but that isn't encouraging me to place an order. I think when trading opens in London and New York the PM's will get rocked their too. I will buy, but will be patient in doing so.

  4. #4
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    Apr 2010
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    Default

    Quote Originally Posted by broox419 View Post
    It's going to be an ugly week for paper speculators and people who have to liquidate their physical. I personal think the dust settles at $20 but who knows where premiums will be. Right now provident hasn't had the chance to change their internet prices but that isn't encouraging me to place an order. I think when trading opens in London and New York the PM's will get rocked their too. I will buy, but will be patient in doing so.
    I think the dust will settle at $00, and the "market" will have a holiday. When it reopens, Silver will be priced in Renminbi. Physical will be virtually unobtainable by the time it gets to $20oz. It's scarce enough as it is at $26. But when all those who hold Paper IOUs head for the exit, in a panic, demanding their Physical, which they won't get, because hundreds of others have the same claim, those hundreds of claims are going to be worthless and drive the price to nothing. Makes sense those with the most Physical will make the new rules. Rule number 1, we make the rules. Rule number 2, the price is Renminbi.

  5. #5
    Join Date
    Oct 2011
    Location
    North Carolina
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    Default

    Quote Originally Posted by gollumthegreat View Post
    I think the dust will settle at $00, and the "market" will have a holiday. When it reopens, Silver will be priced in Renminbi. Physical will be virtually unobtainable by the time it gets to $20oz. It's scarce enough as it is at $26. But when all those who hold Paper IOUs head for the exit, in a panic, demanding their Physical, which they won't get, because hundreds of others have the same claim, those hundreds of claims are going to be worthless and drive the price to nothing. Makes sense those with the most Physical will make the new rules. Rule number 1, we make the rules. Rule number 2, the price is Renminbi.
    APMEX premiums right now are "AS LOW AS $4 over spot!!" They are still selling Eagles at $31 with a Credit Card.

  6. #6
    Join Date
    Sep 2012
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    517

    Default

    yeah i noticed the cost per oz on most sites are the same as when we were just in the $26 area....

  7. #7
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    Feb 2011
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    Treasure Valley, Idaho
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    Default

    Maples are under $29 on provident and gainesville when you buy a yellow top roll. I'm tempted but will wait until the morning.

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