YES... SILVER is a Buy Now

Commenting on the outlook for silver, Silver Wheaton’s CEO, Peter Barnes, stated in a CNBC interview that he sees the silver price reaching $50 per ounce in the next two to three years, but that it also could happen sooner. Furthermore, Barnes predicted the price of silver will be “extremely high” over at least the next threefive years.

PETER SCHIFF VIDEO OF DAY

 

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Silver Canary in the Forex Mine

As Forex Traders, we are always looking for exceptional opportunities to profit on with which to constantly grow our accounts and asset column of our balance sheets. If you've attended our online trade room, you've surely heard various discussions regarding some of the most hotly traded commodities and on good grounds. For instance, Silver's latest COT(Commitment of Traders) CFTC release, dated June 26, 2012, confirms silver's speculative positions at some of the lowest levels not seen since 2003. If you've been watching these markets for the past number of years, you'll be familiar with who had what speculative positions and why they've closed them rather recently. Silver is one of the most heavily traded commodities and is it just a simple coincidence that Bear Stearns went belly up the exact same day Silver hit a multi decade high back in March 2008? I don't think so.

  Please take a look at the attached 10 year chart of Silver and identify which trend lines start to converge around election time later this year. Think about Silver in 2003, where was its price action at? Now, what repercussions will the LIE-bor-gate scandal have on credit markets? What does JP Morgan's $9 Billion Loss mean for regulators? Will the FDIC quasi-re-monetize Gold as a 0% Risk weighted asset under some new collateral rules? Will the Fed be forced to do QE3 in the near future once Europe's Bailout High wears off? Will Germany demand Gold as collateral for its participation in the Euro Redemption Fund? I'm not sure what may happen in any of these situations, but I do know one thing. My Forex account will grow then so will my physical silver count. I'm looking for continued Risk/Euro off in the market with large retracements up until we have further Central Bank Intervention. Fun times my friends.. Fun times..

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5 things to look for that will Impact Silver

Wealth Wire - The largest silver producing mine in the world is the Cannington mine in Australia. Silver production at Cannington declined from 38.6 million oz in 2010, to only 32.2 million oz in 2011. The Fresnillo mine, which is the second highest silver producer in the world, saw its output drop from 35.9 million oz in 2010 down to 30.3 million oz in 2011.

For sake of clarity, Fresnillo plc is the name of the largest primary silver mining company in the world that operates several gold and silver projects. Fresnillo is also the name of its largest silver mine. Cannington’s silver ore grades fell from 453 g/t (grams per ton) at year end in 2010 to an average of only 352 g/t compared to the same period in 2011. This damage of declining ore grades becomes even more apparent when we look at the total amount of ore milled each year. In 2010, Cannington milled a total of 3,075,000 tonnes of ore compared to 3,213,000 tonnes in 2011. Even with a small increase in total milled ore in 2011 over 2010; Cannington’s silver production decreased 16.5%.

 IN THE END There is a war going between those who favor gold-silver and others who are clinging onto the last remnants of the US Dollar. The tactics utilized by the fiat monetary authorities in this campaign have been strategic dumping of massive gold and silver contracts, as well as the control of market sentiment by negative hit pieces put out by MSM analysts. While the conspiracy to manipulate the precious metal markets is more than likely being accomplished by only a select few, the majority of the damage is taking place in computer algorithm trading programs and through clueless analysts who get paid to regurgitate the information that is spoon-fed to them.
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In the first few days of 2012, the US mint has already sold 4.3 million ounces in silver coins

In the first few days of 2012, the US mint has already sold 4.3 million ounces in silver coins.

US Mint Sells More Silver Than In 2011 link to full article