NICE DAY IN THE SILVER MARKET----HOW HIGH WILL THEY LET IT GO ?
Mike59
Posts: 319 ✭✭✭
Finally 2 decent days in a row for Silver. Even though physical has moved up because the premiums are high. I was starting to think the shinny metal would never get back to the 20's. Maybe the paper pushers are finally letting the market recover slightly. I like many others have some paper silver also. Maybe the big boys will let it move. I think we might see $25 by December. WHat do you think??
MIKE B.
1
Comments
Oh. I agree. $50 in 2021.Economic fundamentals are trash looking ahead. Wait for commercial real estate to fold by the end of the year.
It does appear the price manipulators are pushing it higher. Certainly reality will smack it back down in the not too distant future.
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
$25 paper silver would require the GSR to drop to 85 and gold spot to increase nearly 18%. Is that possible? Sure, but I wouldn't bet on the combo. I think a spot of ~$20.50 is a more realistic target by EOY for silver, though I would love to be wrong and see it much higher.
Might see $17 today...
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On a very lucky hunch about four days ago, I bought some AGQ (ProShares Ultra Silver) with some old retirement funds.
Last couple of days has made about 18%.....Yippee!!
Now let's see how much I can lose next week.
Why not gold to $1935, silver to $26.....and GSR to 75 ? Which is sort of what I'd expect. GSR is not the driver here, it's the metals. The normal value for GSR is in the 45-65 channel. Even at 77 the GSR will be well outside normal ranges seen over the past 45 yrs. I expect GSR to head back to the 67-83 range in the next 1-2 years....eventually getting back under 50. Several targets on this chart high lighted by arrows. The bottom of the 5 yr expanded wedge is a pretty good target. What goes up high....goes back low. Currently in danger of losing the 9 yr uptrend line again and the upper 5 yr wedge line. Once under both of the those lines the bear will draw things back to the 83 horiz support line.
In a two year timespan, more likely. In 6.5-7.5 months, I don't see it. Back to hitting the 5 year peak would be a great start. I'll be very happy if you're closer to correct on where it will be by (OP)/through (me) Dec.
Whoopy doo...silver back to where it was 2 month ago and still $2 below 2020 high. Don't hold your breath waiting for $20 anytime soon. It would need to break the $18 barrier for a period of time. We've seen this fake head move numerous times over the last 3 plus years. I'll get excited when & if silver hits $19 and stays there for more than a couple of days.
I never hold my breath for what silver will do. I am resigned to die with my stack. However, current events have me believing the possibility of my target sell price being a reality. The next 18 month’s is going to be hell for a lot of individuals.
Gold lulled you to sleep as well from 2013-2019 during the "never-ending correction" that just couldn't seen to hold above $1300 for any length of time. And then whoosh....a quick move from $1300-$1550 in 3 months....and to $1750 in under a year. Silver will likely do the same thing at some point....only faster. And you'll be too scared to react because of the "expected" correction back to the "usual" $14-$16 range. That's how it works. Silver has pattern in play that can get it back to $26-$32 in short order. It's lagging gold by so much that it has been forgotten.
It does appear reality is pushing it higher. Certainly the price manipulators will smack it back down in the not too distant future, if they are still capable to do so.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
LOL sounds like another zerohedge conspiracy theory.
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
LOL sounds like another coho drone
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Close we shall see next week
I might be a seller at $25 if we get there, lighten the load a bit.
I have plenty of silver, just not ready to sell.... of course, at $50/oz., I might be tempted...
Nah....Cheers, RickO
In August 2011 When Silver was Close to $50 an ounce how much were ASE selling for ?? $52-$53 ?
MIKE B.
GSR is now about 103-1. It was about 120. I watch that as closely as the spot price. Maybe silver is coming back.
If I remember correctly silver was just around $18.50 in mid to late February. Gold was somewhere around $1650 and is up $100 or so since. Doesn't look like a comeback to me. Metal of kings is still the metal of kings. Silver still looks like gutter metal.
It was only close to $50 for a day or two. I seem to remember $5-$7 premiums at that time.
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Actually I am hoping that the ratio improves for silver so I can trade for more gold.
Oh that's the plan. Can't wait to leave the gutter and become a king. lol
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
So far, Monday is ticking up just like Friday left off. Gold⬆️, Silver⬆️.
dollar insurance with cheaper premiums than gold
Wait til they promise another $2 Trillion.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
intra-morning swing of almost $1.00 in the silver price...on what should be positive news...but goes down $1.00...makes no sense, as usual
Question regarding the original post: who exactly is "they"?
as the spot goes up, the premium will go down
you know... them.
.> @Higashiyama said:
just ask derryb or rr....they'll tell ya
It could possibly be that "they" or "them" never really existed. I guess if one kept telling themselves the manipulators were suppressing the price of silver eventually you (and that turd ferguson guy over at zerohedge) would start to believe it. lol
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
I tried to respond and I got a message that once it has been checked It will be posted.
MIKE B.
Silver and gold are good trades. The ratios are out of whack, but ...
COMEX price manipulating shorts are finally taking it in the shorts
"The only plausible reason the 8 big shorts would get as heavily short as they are would be to depress the price and somehow force longs to sell – which the managed money traders did and went along with for years. But that game appears to have ended, now that there aren’t near as many managed money longs left to sell as there once were. It’s as if the tide suddenly went out on a group of predator sharks or orcas and they became stranded. Now trapped and apparently without good chances of forcing managed money selling on sharply lower prices, the best the big shorts can do now is not to panic and rush to buy back on higher prices for the first time ever because they know that will only cause prices to scream higher, worsening their plight. So they hang on, hoping for some type of miracle."
"But as the big shorts wait for a miracle, the open losses continue to grow and all the visible signs indicate no new big shorts are about to come in and take their place, Scotiabank seems to want out in the worst way and HSBC reportedly just lost $200 million in a single day."
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
here's some of THEM:
JPMorgan metals trader pleads guilty to spoofing, resigns from bank
Jonathan Stempel
NEW YORK (Reuters) - A JPMorgan Chase & Co precious metals trader pleaded guilty to spoofing, or placing bogus trade offers, on Tuesday, when he also resigned as an executive director at the bank.
The guilty plea and resignation of Christian Trunz, 34, of London, were announced by the U.S. Department of Justice.
Trunz admitted in the federal court in Brooklyn, New York, to having from July 2007 to August 2016 at JPMorgan and another bank placed thousands of orders for gold, platinum and palladium futures contracts that he never intended to complete.
While the Justice Department did not identify the banks by name in court papers, Trunz had worked for JPMorgan since at least 2008, according to the Financial Industry Regulatory Authority’s BrokerCheck database.
Lawyers for Trunz did not immediately respond to requests for comment. A spokeswoman for JPMorgan declined to comment.
Trunz’s plea followed a guilty plea to spoofing last October by another JPMorgan trader, John Edmonds, in a Connecticut federal court.
The Justice Department said Trunz, who worked in New York, London and Singapore, learned about spoofing from more senior traders and engaged in the practice with the consent of his immediate supervisors.
U.S. prosecutors have charged several other traders with spoofing, and their probe into the practice is continuing. JPMorgan said in a Feb. 26 regulatory filing that it was cooperating with the probe.
Trunz pleaded guilty to one count of spoofing and one count of conspiracy to engage in spoofing. His sentencing is scheduled for Feb. 19, 2020. Edmonds has yet to be sentenced.
The case is U.S. v Trunz, U.S. District Court, Eastern District of New York, No. 19-cr-00375.
MIKE B.
disagree. higher spot = more demand
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
You know, da bankers behind da curtain. However, at the moment the FED and the magic money tree pickers in Washington have them outflanked.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
According to zero"conspiracy"hedge, JPM was your blue whale 2 years ago that was going to explode the silver price due to the billions of physical ounces they were putting away in the vaults. Da bankers behind da curtain were your conspiracy buddies not enemies, lol you've spun it so many times you forgot who the allies were. Keep dreaming.
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
I promised myself that I would withhold from buying silver once it hits above $20. The spot price is relatively low, but to buy actual silver, it is now hovering around $25/oz. I do not want to pay $500 for a roll of silver coins. There is a time to buy, a time to hold and a time to sell. I am just holding. The premiums are too high right now. I would get back in if it drops, but I am content holding. We are in uncertain times, so I am not surprised the actual price of silver is higher than a year ago. I am thinking, with economic uncertainty, why wouldn't gold and silver move up further? If they get any higher, I think I would consider selling some.
BST: Tennessebanker, Downtown1974, LarkinCollector, nendee
Da bankers behind da curtain, especially JPM, will not be my buddies until they reverse course and drive the price up so they can unload their physical holdings for top dollar. You will notice when they reverse course. Until then keep on stackin'.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
I trust your family has a history of longevity.
that and a garage full of masks, water and TP.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
I wish I had a garage full of TP's.....I could have made a fortune.
we are still out around us but out where the kid lives there was plenty. no hand sanitizer though.
Keep talkin. When everybody is singing $50 again and all kinds of new members are coming on asking how many monster boxes to buy before it gets there, that’s when I’m selling at 45.
I'm hoping it gets into the 40's again, I missed selling a few hundred ounces last time it got there (stuff I forgot I had) and they've just been sitting. I think silver is somewhat self-limiting, as the Hunts found out, when it gets near 50, tens of millions of ounces can come out of the woodwork. Even ricko might sell.
apparently $17.57
The premiums dropped on 90% especially Unc 1964 and before.....Apmex said they got swamped with sellers.
It's looking like it's going to take more than stackers to keep up silver prices.
Here's a warning parable for coin collectors...
Look, there goes that thing called reality again.
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
It never has in the past and won't in the future...Speculators are the driving force.
APMEX always has too much inventory