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Go Silver Go!

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posted on May, 4 2011 @ 12:04 AM
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reply to post by OBE1
 


I think we are in a time when all recent habits, predictions, calculations are getting to be game changing IMO.

That being said, instinct, balls and current events are going to be the new playing field.

No one here has lived thru a time like what we see unfolding daily around the globe and that makes a lot of people nervous, including markets.

Look at Bernanke for example. Too much power for one man and soon he's going to show his hand.

GLD and SLV are still only pretty little things with GLD having less value as a use. IMO, GLD has and always be a vanity choice whereas SLV has medical and Tech production value among others.

2 yrs ago, it was relatively easy to make a few bucks as we could move with certain TRENDS. Trends having staying power in our World.

Today, it's almost like a fad and we all know how stable fads are. They're not. But they are also a quick opp for the right people. A few people.

Anyway, it's been a hellish 2 weeks for many and I don't think we are over it...not by a long shot.

IMO.

As for the 5 reversal, still holding to that.
edit on 4-5-2011 by jude11 because: (no reason given)




posted on May, 4 2011 @ 02:08 AM
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Originally posted by jude11
GLD and SLV are still only pretty little things with GLD having less value as a use. IMO, GLD has and always be a vanity choice whereas SLV has medical and Tech production value among others.


I'm a little confused by your reference to the ETF's ?

FYI, GLD is the stock symbol for the Gold ETF, while SLV is the stock symbol for the Silver ETF. For sake of clarity and edification, when someone posts the symbol GLD, or SLV, they're referring to a precious metals ETF.

Were you attempting to draw a comparison between gold and silver, as in physical bullion ?

If so, the yellow stuff certainly has fewer industrial applications than silver, but global central banks hold a major percentage of their currency reserves in the gold.....not silver, wheat, hog bellies, crude oil, or any other commodity.....there's a good reason for that, and it has nothing to do with "vanity".


2 yrs ago, it was relatively easy to make a few bucks as we could move with certain TRENDS.


It still is, and you still can, all it takes is proper positioning and patience. Check the senior trend line on a 10 year Gold chart. Now that's a "TREND", and as "they" say: The trend is your friend


GL
edit on 4-5-2011 by OBE1 because: (no reason given)



posted on May, 4 2011 @ 08:07 AM
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Coincidentally, news just in from south of the border.


Mexican central bank buys 100 tonnes of gold

Source: Financial Times, 4th May 2011

The central bank of Mexico bought nearly 100 tonnes of gold in February and March, the latest emerging market country to turn to bullion as a means of diversifying away from the faltering dollar. - Link


A few excerpts for those that don't have access to the full Financial Times article.


The purchase, reported on the Bank of Mexico’s website in the International Monetary Fund’s statistics on international reserves, is one of the largest gold purchases by a central bank in recent history. The gold, worth $4.6bn at current prices, is equivalent to about 3.5 per cent of annual mined output.

Mexico follows other booming emerging market economies, including China, India and Russia, which have all made large additions to their gold reserves in recent years.

Matthew Turner, precious metals strategist at Mitsubishi, the Japanese trading house, said the purchase “seems to confirm there’s an appetite now among emerging economies with large forex reserves to add to their gold reserves. Gold is seen as one way in which to diversify away from the dollar- or euro-denominated assets.”

The dollar has plunged 10 per cent since January against the world’s major currencies and is trading near an all-time low. Robert Zoellick, president of the World Bank, has suggested that gold should form part of a new international monetary system.

China announced in 2009 that it had bought 454 tonnes of gold over the previous six years; India bought 200 tonnes of gold directly from the International Monetary Fund in October 2009; and Russia has bought just less than 400 tonnes on the open market over the past five years.

However Mexico’s buying in February and March, which amounted to 93.3 tonnes of gold, is one of the most rapid programmes of accumulation on record. Apart from India’s off-market purchase in 2009, the 78.5 tonnes bought in March is the largest monthly purchase by a central bank in at least a decade, according to data from the World Gold Council.


One of the more bullish fundamentals spurring the recent surge in global investment demand was the news of central bank accumulation beginning with India's purchase of IMF Gold in 2009.

Investment demand has surpassed jewelry demand beginning in 2010. Those stats are also available at the World Gold Council website.

Since the two move more or less in tandem, any news that's bullish Gold, should also support Silver to a degree.



posted on May, 4 2011 @ 08:57 AM
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The margin changes brought about large selling rather than large buying. It doesn't take a genius to understand why that is..... All the leverage is held on the long side. This is why silver will continue to fall.



posted on May, 4 2011 @ 10:42 AM
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Remember, Lindsey William's source said their plan is for the death of the dollar by the end of 2012, not the end of 2011. This may be their way of keeping it afloat for as close to their window as possible. They don't always get their way, but let's keep this in mind while we watch watch is going on.



posted on May, 4 2011 @ 10:43 AM
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when do you think we will hit bottom in this down leg? we getting close. i want to buy more



posted on May, 4 2011 @ 11:19 AM
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Originally posted by camaro68ss
when do you think we will hit bottom in this down leg? we getting close. i want to buy more


Just my opinion but anytime now would be good as a few nickle and dime movements won't matter much in the end.

If someone is waiting for the exact time to the penny, it'll never pan out.

In other words, better safe than sorry.

Again...IMO only.



posted on May, 4 2011 @ 11:30 AM
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Noticed quite the change on Ebay.

So many auctions pulled for silver. Ouch!

Interestingly enough, there are quite a few closing within a few hours that are between 40 and 46 per. Either their is a confidence on the return or some of these auctions are locked and the bidders are committed.

I'll bet the ones that are committed because of placing bids a few days ago are a little sheepish today.

ah well....



posted on May, 4 2011 @ 12:12 PM
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Yesterday I was considering buying physical, and the price for a silver Maple Leaf was about $44.50 CN. I am looking at that same vendor right now and the current price is $42.89 CN. I have some money to spend, but I am going to sit tight for another day and see what happens. There seems to be a lot of argument as to which way silver will go, and I'd rather wait a bit and see if I can get a couple more ounces for my money. If the price goes back up significantly today then I will likely order tonight.



posted on May, 4 2011 @ 06:54 PM
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Originally posted by sligtlyskeptical
The margin changes brought about large selling rather than large buying.


Point taken sligtlyskeptical, and the thievery couldn't be more blatant. Shorts get a nudge, and under capitalized longs get a religious experience. I guess playing a rigged game on margin is reserved for the very wealth, the very gullible, adrenaline junkies, and maybe those with a death wish.

Manipulative margin hikes, or Soros dumping Silver, ultimately I don't think it really matters what the catalyst for a correction is. When the market's dripping froth, overbought, overextended, and flirting with the irrational...it's only a matter of time.

The 50 dma is currently @ $38.80...I have today's low @ $38.95...close enough. Support could hold here ("the" bottom), or price could overshoot the 50 another buck or so to test $37-ish. Think I'll wait for a possible overshoot to materialize before nibbling on any new positions. There's still a chance we go lower here.

*Not advice



posted on May, 4 2011 @ 07:18 PM
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Guess we're about to see if history is indeed due to repeat itself or are we in new territory?

* May 4, 2011, 3:53 PM ET

* May 4, 2011, 3:53 PM ET Despite Fall, Silver ETF Still (Barely) Above 50-Day Moving Average Line


Here are some data points:
* Silver’s fall over the past three days is its fourth largest since 1980.
* This is only the 11th time since then that the commodity has seen a decline of more than 15% (on a closing basis) over three trading days.

But history does provide a bit of hope. Trends favor a rebound over the next week following a three-day skid.


OBE1, this is the time where we will see if the trends we were discussing are going to show themselves or not. The "Bit of Hope" statement will be a little discouraging for some.

This will play into my $5 swing but...It's anyone's guess from here.

blogs.barrons.com...



posted on May, 4 2011 @ 07:27 PM
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The bottom of this dip will only be known in hindsight. No use to debate something so unpredictable.

The best idea, if you are a silver bull, is continue to buy into weakness. You are getting a gift. I was going to execute some options that expire at the end of this week on the cheap ( .07 cents - 42 strike ) but decided against it. Better odds than a $20 scratch ticket, IMO.

I thought today looked like a bottoming pattern that I recognize well, but it seems to still be slipping a bit currently. I am going to try to be as stingy as possible regarding my entry into SLV calls. If we hit 35 I am going to start purchasing June Calls in the high 30's or low 40's.

The deeper the correction the bigger the spike back. It is going to be large.



posted on May, 4 2011 @ 08:27 PM
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Forgot to post this link with my previous comments. Conventional marketeers consider -5%, a consolidation...-10%, a correction...-20%, a potential bear market. This article also mentions the market's muted reaction to the Gold purchase by Mexico. In that regard, on Monday one of my Jrs. (a Silver miner) announced superior drill results, the kind of assays that would normally drive this stock up by 10%/15%...well, it closed the day red. The timing on the announcement couldn't have been worse, but that's what happens to positive news with the sector in correction mode. Once the market bottoms, clears, and buyers return, those assay values will ultimately be reflected in the share price, Expect a similar dynamic with that remarkable news out of Mexico today.


Silver suffers a bear market-like plunge

Metals

Silver suffers a bear market-like plunge
Frank Tang
Reuters
Published Wednesday, May. 04, 2011

A 5 per cent tumble in silver Wednesday marked its biggest three-day loss in five years, and dragging gold down, as speculators continued to dump long positions after margins requirements were hiked early this week.

Silver (SI-FT39.06-0.33-0.83%) has now lost 20 per cent, the conventional criteria for a bear market, since it rallied to a record high near $50 (U.S.) an ounce last Thursday. Gold also notched its worst three-day decline since January despite a broad dollar drop and a ramping up of gold reserves by Mexico. - Full Text



edit on 4-5-2011 by OBE1 because: (no reason given)

edit on 4-5-2011 by OBE1 because: (no reason given)

edit on 4-5-2011 by OBE1 because: fat finger rescues



posted on May, 4 2011 @ 08:37 PM
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Following the graph
we just went through a dip and recovered in dec to feb march till now

I doubt they can over come the inertia of the apparent trend
because of the fundamentals
The dollar index is inching down hitting a new low each day
so far all the stocks I got out of to buy silver over the years
are down below where I sold them
and have not appreciated like the silver has since

the turbulant volatility as we approach the sound barrier
was forcast by the people who have been right so far
( Bob Chapman, Al Martin Raw, Dr Paul Craig Roberts, Max Kaiser etc )
they said also look for twenty dollar one day up swings too
which we have seen portents of

if they continue to be right then it won't matter if you saved the dollar here and there
it will matter if you took delivery

edit on 4-5-2011 by Danbones because: (no reason given)



posted on May, 4 2011 @ 08:41 PM
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assets may fall n choppy fashion till qe 3 announcement circa july. high margin debt = pot.chaos



posted on May, 4 2011 @ 09:03 PM
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if they continue to be right then it won't matter if you saved the dollar here and there
it will matter if you took delivery

edit on 4-5-2011 by Danbones because: (no reason given)


I'm going with the delivery.

But that's me.

IMO



posted on May, 4 2011 @ 10:37 PM
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I have insider info:

My sister works for wachovia and pays attention to silver markets and tells me There will be major hands taking massive delivery of silver when it hits 37.50.

She also tells me the current move was to just shake the little guys (sheep) out.

Interesting earlier on ATS I read an article about Soro's financial adviser selling paper silver.

Coincidence?
edit on 4-5-2011 by Skerrako because: (no reason given)



posted on May, 4 2011 @ 11:21 PM
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reply to post by Skerrako
 


If this is reliable info thank you very much! i've been wondering how low it would go

And i heard soro was selling gold didn't hear anything about etf Good work



posted on May, 4 2011 @ 11:31 PM
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reply to post by Skerrako
 


I think far too much is being put on this paper and physical schema. Not at any one time would buying or selling SLV or buying and selling futures (SI) do any worse than physical holdings.

You also pay a massive markup for buying physical, the taxes are outrageous, and there are many tax advantages of purchasing futures contracts ( 60 / 40 rule ).

I personally do NOT see the advantage at all buying physical silver. It is like agreeing to get ripped off - and like it.

Have you seen the volume in SLV? There are going to be fireworks at the end of this contract.



posted on May, 4 2011 @ 11:47 PM
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Originally posted by Dance4Life
reply to post by Skerrako
 


I think far too much is being put on this paper and physical schema. Not at any one time would buying or selling SLV or buying and selling futures (SI) do any worse than physical holdings.

You also pay a massive markup for buying physical, the taxes are outrageous, and there are many tax advantages of purchasing futures contracts ( 60 / 40 rule ).

I personally do NOT see the advantage at all buying physical silver. It is like agreeing to get ripped off - and like it.

Have you seen the volume in SLV? There are going to be fireworks at the end of this contract.


I can see what you're saying until it comes to the FACT that buying paper that doesn't exist will become more and more evident.

I like physical...I can hold it, I can trade it and purchase with it.

Kinda like gold. Would you rather have a coin in hand or a piece of paper that can't be cashed in and can't be verified at a local grocery store for a loaf of bread?

I guess it comes down to what the individual believes in. Are we going to crash as a society or rise from the ashes...so to speak?

Either way, we are all going to be better off for investing and owning the metals that make the World go round.

But of course it's only IMO.



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