Silver Takes Out Hunt High... When Priced In Euros

Submitted by Tyler Durden on 02/21/2011 08:23 -0500

As many are always quick to point out, any talk of a record price in silver is preliminary as long as the Hunt Brothers nominal high of $50 set in 1980 remains in the history books. However, when priced in EURs, this is not exactly the case. As can be seen on the chart below, our European readers have full permission to say that silver is now at an all time high, with no caveats or footnotes.

 

Ongoing Overnight Short Squeeze Takes Silver To Fresh 31 Year High

Submitted by Tyler Durden on 02/20/2011 23:58 -0500

Silver takes out $33.10, hitting a fresh 31 year high, as the relentless short squeeze leads to more body bags, and the only flight to safety currency is now the non-dilutable one (with gold on the verge of $1,400). Only $20 more to go until the all time Hunt Brother record is smashed - one/two more revolutions should do it; even better: hopefully the CME hikes margins next week: that would bring $40 silver 24 hours later. And on a more somber note, please join us for a moment of silence in remembrance of the great, the legendary, the soon to be departed Blythe Masters whose most recent zero margin, infinite PM short contraption has just sang its swan song.

Harvey Organ 2-20-11
Lease rates in silver on the rise

ECB Emergency Overnight Borrowings Near Record For Third Day In A Row

Submitted by Tyler Durden on 02/21/2011 09:29 -0500

As was reported on Saturday, the culprits for the surge in borrowing on the Marginal Lending Facility have been supposedly identified, with Ireland once again to blame. The flawed explanation provided was that insolvent Irish banks are paying an extra 75 bps in interest just so they have access to capital on a day's notice (as opposed to a week) as they unwind their collateral. Needless to say, we are skeptical of that "explanation." And judging by the fact that today total borrowing on the MLP, while still near record highs, dropped by €2 billion, without any news of collateral unwind to free up asset sales by either Anglo Irish Bank and the Irish Nationwide Building Society, puts the credibility of the FT source at question. What is without doubt, is that borrowings on the MLP will persist for a long time, as was insinuated in the original piece. After all the whole point was to make this latest outlier event "priced in." 

 

 

 

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...




18 Sobering Facts Which Prove That The Middle Class Is Not Being Included In This “Economic Recovery”

 

 

 

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