73 Cent Silver???

4 Hour Silver Chart - update

posted by Trader Dan at Trader Dan's Market Views - 10 minutes ago 

 

 

 

Silver Crosses $34

Submitted by Tyler Durden on 02/21/2011 12:04 -0500

The first very shy tick above $34 in the last 31 years is in the history books. Will soon be followed by many more. And only $16 more to go to all time nominal highs... and ~$160 to real ones. What is truly hilarious vis-a-vis claims that the dollar is a reserve currency is that in the period in which gold has risen by 2.9%, and silver, 12.3%, the DXY has dropped by 1.45%. It would be quite amusing if Schumer's push to unpeg the CNY came true, only for the US to realize that its currency is now completely irrelevant. 

 

 

 

British Foreign Minister Reports Gaddafi On Way To Venezuela (With Libyan Gold Presumably In Tow)

Submitted by Tyler Durden on 02/21/2011 11:31 -0500

Announcement that Muamar has slipped into a coma to hit within 3-6 hours. As a reminder, Libya had 143.8 tonnes of gold.

Futures Gap Down To Wednesday Levels As Silver Climb Relentless

Submitted by Tyler Durden on 02/21/2011 10:54 -0500

Courtesy of endlessly trading and constantly front-run electronic markets, after watching the geopolitical carnage overnight with little reaction futures have suddenly gapped down by over 10 points to below Wednesday's closing levels, wiping out the levitation from both Thursday and Friday. Indicatively, as stocks finally appear mortal once again, silver (now a quarter away from $34) is up 11.63% from its Wednesday lows, and even gold is up 2.7%. The former traditionally takes a while to pick up momentum. Once it does, not even JPM can stop it. 

 

 

 

As BP Prepares To Evacuate Staff From A Burning Libya, Commodities Are Exploding

Submitted by Tyler Durden on 02/21/2011 07:49 -0500

Is this one of those "who could have possibly seen it coming" moments? As events in Libya overnight spiralled out of control, with dozens if not hundreds killed, the parliament buildng in Tripoli on fire, and output at one of the country's oil fields reported to have been stopped by a workers' strike, BP has said it will soon begin evacuating some of its personnel from the 9th largest producer of oil. And just to complete the total chaos, Iran warships are now going to pass the Suez on Tuesday instead of today, to the full glory of a fully open US stock market. The result: gold over $1,400; silver over $33.50; Crude front month over $93; Brent over $105; etc. Luckily, the US stock market is closed, meaning all this will be "priced in" by tomorrow, and the HFT levitation can resume tomorrow as if today never happened...

73 Cent Silver???