mark mchugh

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  • Gold Bulls: Beware
    Eric,

    I've never tried the "reply" button before, so apologies if this posts twice.

    I agree with the theory 100%. I don't know if my nerves can take seeing gold under $500 (but I will agree it's possible now).

    I get more angry everyday about the propaganda surrounding gold. Federal law requires the US mint to provide gold, silver and platinum coins to the public (not friggin' dealers) at market price plus expenses, in "quantities sufficient to meet public demand."

    This is Paulson's job, and I am sure that he is solely responsible for the suspension of the eagle and buffalo coin production (and I don't buy any explanation I see for the "shortage"). He has decided that it is in his buddies best interest to keep precious metals depressed and out of the hands of the general population.

    I've been hoping that the new administration will put an end to the price manipulations very shortly after the inauguration. The "in your face" manipulation is one of the many things that has destroyed confidence in all things American and capitalist.

    I agree acquiring physical is the way to go. What makes me sad is how ugly it will probably be here when you are proved right (and I'm not ruling out the possibility of confiscation either). What's the point of being rich in hell?

    And it's all because Paulson is too spineless to do what he is required by law to do.

    Here's an observation you might find amusing; the people who don't think gold is money are the exact same people who thought house prices never go down.
    Oct 24 00:32 am |Rating: 0 0 |Link to Comment |View article
  • Gold Bulls: Beware
    Eric,

    Hey Eric,

    I agree with the theory 100%. I don't know if my nerves can take seeing gold under $500 (but I will agree it's possible now).

    I get more angry everyday about the propaganda surrounding gold. Federal law requires the US mint to provide gold, silver and platinum coins to the public (not friggin' dealers) at market price plus expenses, in "quantities sufficient to meet public demand."

    This is Paulson's job, and I am sure that he is solely responsible for the suspension of the eagle and buffalo coin production (and I don't buy any explanation I see for the "shortage"). He has decided that it is in his buddies best interest to keep precious metals depressed and out of the hands of the general population.

    I've been hoping that the new administration will put an end to the price manipulations very shortly after the inauguration. The "in your face" manipulation is one of the many things that has destroyed confidence in all things American and capitalist.

    I agree acquiring physical is the way to go. What makes me sad is how ugly it will probably be here when you are proved right (and I'm not ruling out the possibility of confiscation either). What's the point of being rich in hell?

    And it's all because Paulson is too spineless to do what he is required by law to do.

    Here's an observation you might find amusing; the people who don't think gold is money are the exact same people who thought house prices never go down.
    Oct 24 00:28 am |Rating: 0 0 |Link to Comment |View article
  • Gold Bulls: Beware
    recentgldfan,

    This article was actually written on Monday (and yes, I'm a little irritated that it took this long to publish). So, I'd have seemed smarter on Tuesday.

    The Ouija board tells me that $830 is a low-risk entry price right enow. I did not expect that target to be hit so quickly. So, I would expect an over-shoot to the downside, before the next advance.

    The Ouija board expects to see the low after the tenth of the month. So, I'd wait and see for now, which means no new money (not sell), unless, prices go below $775 (which I see as unlikely).

    The omen that I'm looking for is, what will appear to be, a convincing bounce in stocks. Hope this helps.
    Oct 02 16:18 pm |Rating: 0 0 |Link to Comment |View article
  • Metals Manipulation - Or Simply Deleveraging?
    Bob,

    Truly enjoyable read. I happen to believe that what has happened in metals lately, is a combination of both manipulation and de-leveraging. But like green socks (really?) and no tigers, it doesn't matter.

    What concerns me most is that a lot of us are having great difficulty buying at these bargain prices. I've got to say, I now consider buying the precious metals ETF's a mistake. The haircut that I'd have to take
    to unwind these positions and buy actual bullion would be painful to say the least. I share your spider-sense that something big is about to happen.

    So what's the move? Buy, ETF's, options, futures, physical or all of the above?
    Sep 08 23:36 pm |Rating: 0 0 |Link to Comment |View article
  • Dichotomy in W. European Gold and Silver Prices
    NO CLH,
    Losers make sure they're first to post on articles when they have nothing to say. Good luck with your strong dollar!

    When the investing public can buy bullion near spot, all this talk will stop, but that is simply not happening.
    Sep 04 06:51 am |Rating: 0 0 |Link to Comment |View article
  • Precious Metals: Emotions Still Stronger Than Fundamentals
    I am curious about these geniuses, who had gold, but sold it and bought the "strong dollar" and so forth. I don't go around posting on investments that I have no interest in, yet you seem compelled to do so. Why?

    Does anyone here believe Shark has a Rolex?
    Aug 26 09:14 am |Rating: 0 0 |Link to Comment |View article
  • The Disconnect Between Supply and Demand in Gold & Silver Markets
    Tim T,

    I think what Conrad and others have proven here is that manipulation of the precious metals prices is possible, and really not too difficult. What you are reading here is a playbook for how it might be done. No one has access to the CFTC records to prove ant of it.

    Say you had 100 shares of SLV. You could sell them for $1326. 100 oz. sliver bars on ebay are selling for over $1600 (go look). Keep in mind, this is a purchase from a complete stranger, so paying a 20%+ premium to "market" value seems odd, don't you think.

    So, if you could buy at spot price, you could flip them immediately on ebay for a 20% profit, which we would all be doing, instead of blogging., if we could buy physical silver close to spot, which we can't.

    So here we are.
    Aug 24 12:03 pm |Rating: 0 0 |Link to Comment |View article
  • The Disconnect Between Supply and Demand in Gold & Silver Markets
    Thanks Owen. Obviously, I didn't know that. It's kind of a relief, since the thought of dropping 60 grand scares the living hell out of me.
    Aug 21 21:47 pm |Rating: 0 0 |Link to Comment |View article
  • The Disconnect Between Supply and Demand in Gold & Silver Markets
    Chris,

    I think your missing the point of the discussion hear. The investing public cannot buy physical silver at spot right now, but people holding silver on margin are surely having it taken away at and being paid spot, if they can't meet the call.

    This week, I have contacted four big futures brokers, none will facilitate physical delivery of precious metals. On Tuesday, I emailed the CFTC saying, "How can I buy a silver futures contract and get physical delivery." No reply (not even an auto-responder).

    If the "price" of silver goes below $12 per ounce (which it hasn't, yet), I'm willing to cough up $60,000 for 340 lbs. of it (5000 troy). That's how sure I am that it's a bargain. If the Comex can't arrange physical delivery at (or very close to) it's own spot price, than that price is bogus.

    Consider this my Jim Sinclair moment:

    Any of you naysayers, just tell me how I can get physical delivery of a silver futures contract at spot. If you can't, shut up.

    Thanks again for the article, James.
    Aug 21 19:54 pm |Rating: 0 0 |Link to Comment |View article
  • The Disconnect Between Supply and Demand in Gold & Silver Markets
    Of course, this theory is a 'why' it was done, not a 'how'.
    Aug 20 01:51 am |Rating: 0 0 |Link to Comment |View article
  • The Disconnect Between Supply and Demand in Gold & Silver Markets
    Here's a slightly different theory (and let's all recognize that's all it is).

    Let's assume that all the vaults have done their job and nothing shady is going on there. The problem is - Supply is very tight and higher prices don't seem to be shaking out enough physical sales. Much higher precious metals prices might trigger a run on the dollar. What to do?

    The sudden drop in gold and silver surely freed up some supply. Why? Because leveraged traders couldn't meet margin calls and got wiped out. I spoked to a silver dealer Monday who was "about to go jump off the roof" because he spent last few days sending margin calls and closing accounts. Tragic indeed, but that bullion was now back on the market (and at a bargain price!). Hopefully, no one here is thinking about leveraging in metals.

    American Eagles directly from the US mint are selling for $1119.95 for gold (37% above spot) and $25.95 for silver (95% above spot). C'mon folks, that a huge disconnect, and no, that doesn't include the pretty blue gift box or shipping and handling. I visit the mint site often enough to tell you it's never been anywhere near this big before.
    Aug 20 01:48 am |Rating: 0 0 |Link to Comment |View article
  • The Disconnect Between Supply and Demand in Gold & Silver Markets
    breethedeep,

    "bizzare behavior of the markets right before 9-11"?

    elaborate please.
    Aug 19 17:43 pm |Rating: 0 0 |Link to Comment |View article
  • The Disconnect Between Supply and Demand in Gold & Silver Markets
    Who's the new kid? (244350)

    If you're not publishing somewhere, you should be. Or do you prefer the cloak of anonymity for this discussion?
    Aug 18 18:56 pm |Rating: 0 0 |Link to Comment |View article
  • The Disconnect Between Supply and Demand in Gold & Silver Markets
    Thank you for a great article James.

    Will anyone who doubts James claims leave a number or website that will allow me to take physical delivery of a futures contract of silver. If need be, I'll go pick it up in the family truckster. I'm still waiting for the silver eagles I paid for.

    Maybe someone could explain to me why the US Mint, who manages to get nickels, dimes and quarters to 80,000 bank branches, only supplies silver eagles to 13 dealers. Maybe they don't trust the banks either.

    Ya know, if the US had only 13 gas stations, I bet the price of oil would drop a lot. Of course, most of us would then be riding bicycles.

    Kudos to you James, for at least trying to explain this bizzaro world. I can only imagine the effort this took.
    Aug 18 11:52 am |Rating: 0 0 |Link to Comment |View article
  • Dr. Kudlow’s Prescription? Gold Diagnosis Unclear
    I've got no problem with an analyst being conservative, or KITCO. I consider this price action highly irregular and would like see some better commentary on exactly what happened.
    Jun 25 00:59 am |Rating: 0 0 |Link to Comment |View article

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