Metals are taking it "hard" today........

longtimecollector

Gold DOWN $12.10

Silver DOWN 53 cents at 9:20 AM

Dennis88

cladking

Looks like it's a reaction to an probably unsustainable dollar rally rather than some change in the market.

mercurynut

Its long overdue profit taking.

kieferscoins

Its the end of the world as we know it and I feel fine.

Cameron Kiefer

Deadhorse

<< <i>Looks like it's a reaction to an probably unsustainable dollar rally rather than some change in the market. >>



Let's hope so, last Thursday we hit 8.33 as a top in silver, today it's at 7.43 as I type this. That's a 12% drop!!!! I'm taking a small beating right now.

NoGvmnt

It just went up too fast along with the war premium.

I figure the price will fall back to around $6.75 - $7.00/oz before making its next run. The market for silver is still strong and above ground supply is depleted, as long as manufacturing continues on the uptrend silver will be in demand and therefore the price will have strong support.

Jim

66Tbird

I called my local dealer and ask what 90% was getting and the amount I had. At 5.4X, face I had the dolly moving it out. I just couldn't see it staying above $8 for long.

SportsModerator

An expected correction. Probably see choppy action Wed. Thursday, big up day. Not investment advice, just the charts talking

Russ

<< <i>An expected correction. >>



Heard frequently in the month of October, both in 1929 and 1987.

Russ, NCNE

ddink

Most likely it's the shorts expanding their positions trying to beat the price back down. I expect we won't see silver make a real run until Elliot Spitzer finally ends the manipulation on COMEX. That may happen tomorrow or 20 years from now (under a new AG).



<< <i>Heard frequently in the month of October, both in 1929 and 1987 >>



Touche. Although ask Warren Buffett how he doubled his net worth in 1987? Buying solid companies (Coca Cola stock) when the price "corrected" itself--as it turns out, it really was temporary!

fishcooker

I have to wonder, though, if that is not a textbook "double top" forming in the price of Gold.

That said, one of my favorites hit 25% below where I exited weeks ago, so I put 1/3 of my gold money back in. Probably a mistake - Risk is high - we don't have a refusal to decline at this point.

Have fun out there......

Russ

<< <i>when the price "corrected" itself--as it turns out, it really was temporary! >>



All bear markets are temporary; even ones that last 20 years.

Russ, NCNE

RR

Strong retail numbers.
Dollar bumped up.
Metals down.
Economic news positive.
Business inventories rising.
Some now think rates going up this year.

Profit taking in metals.
Double top gold, like someone metioned earlier.

Check May silver.
Big dip to buy for a bump?
Maybe.

RR

topstuf

And isn't it precious how the price of gasoline is included in retail sales but not in the CPI?

JadeRareCoin

Ouch. I just locked in on 1000 ounces yesterday at the close of business, then I woke up to the correction. My crystal ball told me that silver would stay above $8/ounce for good. Guess I need to change the batteries in the ol' crystal ball.

Word on the street is that a major position holder was dumping silver to take a profit to finance taxes.

RR

Ouch, JadeRareCoin.
Sorry about that position.

Silver daily chart looks like it has a bit further to go down.
But, this does seem like a nice dip to play for a swing trade.

BTW, I'm still holding my silver bags/bars. (g)
Patience.

RR

pontiacinf

go cammie!

Bear

Just cause I happen to be a furry bear, its no reason to blame me

every time the markets go down.