Moriarty claims that Ted Butler has it all wrong, and actual above ground silver stocks are 16 billion ounces, according to this study, completed in 1991! Furthermore, the 1991 study that Moriarty quotes actually states that those 16 billion above ground ounces are UNAVAILABLE TO THE MARKET! They actually validate Butler's estimates, stating 1.5 billion above ground silver ounces were available to the market- as of 1991!
Moriarty brings further brilliant commentary to the table such as stating that silver's pricing is no more related to current events than it has to do with the price of kitty litter.
Our recommendation to 321gold: Next time you attempt to drag someone of Ted Butler's stature through the mud, try quoting a study completed in the last 20 years! Stick to what you do best, pumping worthless penny stocks! Leave the troll work to the zerohedge comments section.
The Troll's commentary in full:
Price is always right. Opinions are often wrong. I’d love to take credit for being the first to say that but I’m not.
I wrote recently about silver getting toppy and said that when I saw a temporary top I’d say so.
So. It’s a temporary top. Silver has doubled since late August. It’s gone up about 45% since a small correction at the end of January and all sorts of pundits are claiming that silver is moving from weak hands into strong hands. Silver was up today for the 7th day in a row before collapsing and causing an outside day.
We may have a couple more days of rises but this market is getting pretty tired.
People who bought silver at $4 an ounce or $5 or $6, those are strong hands. Those are the strongest of strong hands. Every person selling silver today as it went through $38 sold at a profit. The strong hands sold into the weakest of weak hands. It’s weak hands buying right now, the guys who made fun of people buying $4 silver.
Ignore the news; silver has no more to do with Portugal and their financial problems or nuclear melt down in Japan than it has to do with the price of kitty litter. Guys reading the news know nothing about commodities or silver. Hell, half the silver bugs don’t know anything about silver, it’s the most over rated investment in the universe right now.
If silver goes up and a black lady won Miss America, the newsreaders say silver went up because a black lady won Miss America. If silver went up and a bullfrog won Miss America, they would dutifully write that silver went up because a bullfrog won Miss America.
Commodites go up and down in a far more random manner than anyone wants to admit. The last time I called a top, I was off by three days and almost $40 in gold. That’s close enough for government work. I might be off by a couple of days in silver and maybe a couple of bucks but I see way too much bullishness.
The next major move in silver is down. A lot more than the silver bulls want to face. When silver permabulls throw in the towel and give up, I’ll be a buyer again.
http://www.321gold.com/editorials/moriarty/moriarty032511.html
