Go Silver Go!

reply to post by jude11


Maybe Osama sold all of his silver right before they got him

Originally posted by Skerrako
reply to post by jude11

 

Maybe Osama sold all of his silver right before they got him

Nah...he had Gold.

WTF happened to silver today? I was reading that Geithner has announced "extraordinary" measures in order to stop the country from defaulting. I thought there would be a huge rush to buy silver...is the silver rush over?

reply to post by Prowler33

WTF happened to silver today? I was reading that Geithner has announced "extraordinary" measures in order to stop the country from defaulting. I thought there would be a huge rush to buy silver...is the silver rush over?

Ill try this one:

I found the article HERE

Right now silver is more expensive to trade then gold because of the three margin rate increases. So many people are going for gold. but only in the U.S.!

London and Hong Kong were also closed today, look for a nice bounce back tomorrow. I actually predicted this earlier in this thread here:

My predictions for this week, we hit a low around 44.50, trade sideways the rest of the week, staying between the $44-46 area.

We dipped a but lower (closed at 43.93) but I wasn't too far off of the mark. This is what I and others have dubbed "the great correction". This is the big correction before silver really breaks $50 and heads to the moon. China is not going to stop buying, neither are the thousands of Americans and foreigners running from the dollar. We're playing a patient mans game here, and in about a month this all should be apparent.

Did that help?

I personally hope it stays low for about two weeks because I have a nice bonus coming up and would love some cheap silver. but then again silver will still be "cheap" at $100 an ounce.

reply to post by Skerrako


Think you nailed it.

Also hoping it stays low a little longer to buy.

BTW, Anyone got a lead on another Canadian Seller? Curious to compare some prices this week.

My apologies to anyone who bought at the current spot price or higher (+ premiums), but I'd still like to see $40 before $50, however if I have to settle for a few days of basing in the mid $40's before the next assault on the all time high....I'll take it.


And ever complicit, our regulatory lackeys continue working overtime on behalf of Gerald Celente's 'White Shoe Boys".

CME Announces Third Margin Increase For Silver in a Week - Karma? Ain't It a Bitch

They increased the margin requirements. This makes buying tougher and forces anyone who is over extended on their position to close out. Because commodity markets use spread pricing (bid/ask are seperated by several points, or more) and the number reported is the ask price (what you pay to buy it) the sudden increase of selling and slow in buying produces a backward trend in market value.

Originally posted by OBE1
My apologies to anyone who bought at the current spot price or higher (+ premiums), but I'd still like to see $40 before $50, however if I have to settle for a few days of basing in the mid $40's before the next assault on the all time high....I'll take it.


And ever complicit, our regulatory lackeys continue working overtime on behalf of Gerald Celente's 'White Shoe Boys".

CME Announces Third Margin Increase For Silver in a Week - Karma? Ain't It a Bitch

OBE1, I don't think anyone bought at current. At least I hope not.

Myself, I agree with you on what would be nice to see. That being 40-ish...Before going to 50.

I'm starting to doubt it tho

But that's it...I think if it does, it will be the last time.

IDK, we are at a bearish trend right now but that was because they hiked silver margins again for the 3 time in 5 days. Im going to buy more its timeing it right is the tricky part

WTF is going on.... Silver is getting SMOKED right now. 41.48 OZ

reply to post by camaro68ss


Was bound to happen. Don't worry though. Fed still making funny money. History is in your favor.

Originally posted by camaro68ss
IDK, we are at a bearish trend right now but that was because they hiked silver margins again for the 3 time in 5 days. Im going to buy more its timeing it right is the tricky part

I think the timing is right now...

Silver is getting hit hard!

41.42 US....Nice!

Originally posted by camaro68ss
WTF is going on.... Silver is getting SMOKED right now. 41.48 OZ

It's a good thing! If you are intending on buying that is...

Patience will be rewarded in holding IMO

zeroheadge is saying we might have reached the top of QE2 and that would make the doller a little stonger for sometime before the market crashes then we will have QE3

My advice would be to gather up some cash and be ready for a purchase of physical silver.
I think there may be a bit more room to drop, but it will not stay low for long and will go back up. Just look at the general situation:
- US gov't still spending money like a drunken sailor. Actually, drunken sailors have more discretion!
- Massive US debt and deficit growing, not shrinking.
- US dollar barely moving up despite positive news about Osama.
- QE2 coming to an end; QE3 likely to happen.
- very high unemployment, low housing numbers, inflation is terrible for essentials like food and fuel

I just don't see how this can last. Silver (and gold) are bound to head higher. My guess is we'll see a drop to maybe $38US an oz, and then a slow climb up to $50 over the summer.

reply to post by LS650

I just don't see how this can last. Silver (and gold) are bound to head higher. My guess is we'll see a drop to maybe $38US an oz, and then a slow climb up to $50 over the summer.

I actually don't see that, I believe the volatility will continue and worsen

Think of the U.S. economy kicking and thrashing before it dies. The wildest days will be before it starts to fall.

Plus, that would totally ruin my prediction

reply to post by camaro68ss


Best explanation out of everything I have heard:



you're welcome

One more: it says the Comex is in de facto default

Originally posted by jude11
OBE1, I don't think anyone bought at current. At least I hope not.

Originally posted by jude11 April 26, 2011
Anyway, today moved 100% to physical and ain't looking back. I'd rather have it in hand than the bush.

To me that implied buying, but I must have misinterpreted your post jude. Silver closed @ 48 and change on the 26th.

Alot of folks bought the top and many are probably feeling washed out to sea this evening. People bought yesterday...others are buying today, and you can bet more than a few traders are kicking their own a$$es tonight for not employing stop losses If nobody was buying, price could have collapsed to the 200-dma before finding support, and it's well within Silver's profile to make a dramatic move like that, but trust me, we don't want to see it.

I exited my last trading position on the 21st [better too early than too late] giving me ample powder to deploy once my downside targets are hit. If we remain under pressure I might begin [light] grazing near the 50-dma...I expect we'll over shoot a tad which means $37-ish Silver give or take. If the 50 doesn't hold....time for OBE1 to have another look. On the other hand, the COT structure is sending some bullish signals here, so to sum-up, nobody really knows where Silver goes next...and if they claim they do, well, they're full of it

I'm not one to give advice, I'm simply not qualified to do so, but in my own inimitable fashion I have been trying to warn of a pending correction. Too much...too fast, with sentiment pushing the extremes.

GL

reply to post by OBE1



Originally posted by jude11 April 26, 2011
Anyway, today moved 100% to physical and ain't looking back. I'd rather have it in hand than the bush.

Actually I meant direction. Not looking at paper and 100% concentrating on physical.

Glad I did as today is the day we knew was coming.

Originally posted by jude11

Anyway, today moved 100% to physical and ain't looking back. I'd rather have it in hand than the bush.

Actually I meant direction. Not looking at paper and 100% concentrating on physical.

Putting that issue aside jude, you said you expect a $5 "reversal" by the end of this week/early next, or did I misinterpret that post also

It's been my experience that it can take several weeks [2, 3, or more] to repair the type of technical damage Silver is incurring, and that's after we find the bottom [we aren't there yet imho]. Who knows, maybe this time it really will be different, but the last thing Silver needs is another parabolic sprint to $50, followed by a second failure to break & hold. Rest assured the bears will be massed on the border, desperate to paint a double-top as Silver re-approaches that critical level. Better we correct, base, and make the trek with a fresh set of legs...leave the turbo-charger at home...just my opinion.

Cheers!