Will we break $1,200 today?

gsa1fan

mhammerman

Hummmmm...I bet that head fake pulled a lot of folk off of their positions, especially the paper boys. The GSR is still fluctuating wildly. Good luck!

edmundfitzgerald

Man, this horse sure doesn't want to quit, does it ?

OnlyGoldIsMoney

$1195 as I write .... so we're close. Today I sold all the GLD ETF in my pension to engage in a little profit taking. Next dip I'm ready to jump in again.

Zubie

Here it comes.....

Robb

Looks like it will. Will it close above $1,200? WTH is silver's problem?

Wolf359

<< <i>Looks like it will. Will it close above $1,200? WTH is silver's problem? >>



I think GOLD has mostly escaped the manipulators. Silver is still "under control".

derryb

<< <i>$1195 as I write .... so we're close. Today I sold all the GLD ETF in my pension to engage in a little profit taking. Next dip I'm ready to jump in again. >>



I sold a bunch of silver stocks for a hefty profit on Tuesday and put it all in ETF VXX at 20.50. Two days later its at 25.50!

Gold will continue to advance until investors can find something else that's not taking a beating. The european crisis is just at its opening stages. Italy and Spain are next. IMF bailout for Greece is nothing more than a bailout for the Germans and French that hold all the bad Greek bonds (a lot of them, held by both citizens and banks). This is the only reason German government went along with it. Won't happen again.

Edited: VXX just hit 30.99

Meltdown

$1197 - Come on baby!

gecko109

<< <i>

<< <i>Looks like it will. Will it close above $1,200? WTH is silver's problem? >>



I think GOLD has mostly escaped the manipulators. Silver is still "under control". >>





Its so hard to agree with this since there are no "major" stockpiles of silver held by any government or central banks.

gecko109

1199.70

OnlyGoldIsMoney

$1200 again.

PreTurb

What in the world happened in the last 5 minutes? (2:22 EST). Everything dropped like a rock - stocks, gold, silver.

Zubie

JP Morgan???? Ha-ha!!!

derryb

Stock exchanges taking a whooping. Might see some circuit breakers pop open before the day is out.

Justacommeman

<< <i>Looks like it will. Will it close above $1,200? WTH is silver's problem? >>



Gold is a defacto reserve currency, silver is not. Silver is speculative in nature and all risk trades all being sold at this moment. Actually silver is holding up well in comparion to oil and other commodities. The currency market had gone crazy at the moment. Dow down 500 as I type.............MJ

Dow down 600 one minute later

Dow down 900 one minute later

jmski52

1 minute ago, Dow was down 500pts. Now it's down 800 pts.

Baley

No doubt

jmski52

Now the Dow is down 964.

jmski52

Lol, now down only 694.

Justacommeman

<< <i>Now the Dow is down 964. >>



and it bounced 300pts in 45 seconds. Moving so fast. MJ

Zubie

Stock went down 1000 points and gold went to $1207!!!

Justacommeman

Gold could come down fast if the market turns back up. Interesting. That was panic buying in Gold and panic selling in equities......

That was the wildest 30 minutes of trading I can ever rememember. I wasn't trading in 87. There were NO bids on equities. They just evaporated. The bid/ask is still razor thin..............

No doubt that there was a problem (system) on PG and that caused the DOW to tumble from down 400 to down 1000. It's back to where the bad print happened. The market could come most of the way back. MJ

sbeverly

Looks like it will. Will it close above $1,200? WTH is silver's problem?

Most times it appears that Silver acts like a currency and somewhat tracks gold with more volatility.

Other times it seems to perform like any commodity and suffers with the overall market.

In Silvers case, they are throwing the baby out with the bath water.

sbeverly

The proverbial straw in the wind.
It's somewhat rare that gold performs so well when the overall markets suffer.

gecko109

Almost a 70-1 ratio now...cant ever recall it being that high!!!

jmski52

Doesn't silver have a surtax on silver? If money is moving in Europe it would probably favor gold over silver. That might explain some of it.

Kip

wasnt $1221.00 the highest since 2008?
Not sure but that # sticks in my mind
Kip

gecko109

Stock brokers and broker houses are the leaches of society. All they do is move money around. From 1 guys pocket to another guys pocket while skimming a little for themselves. At the end of the trading day, they have contributed ZERO to society...only to themselves. Some may argue that they perform a service. I disagree.....if all they do is move money around, its a zero sum game. At least a lawyer can help you see you kid every other weekend. And even a casino at least provides entertainment when taking your cash. What has a stock brokerage done at the end of the day other than line its own pockets...whether the market went up or down?

Meltdown

This has been an interesting day. From an outsider looking in perspective, I'm fascinated.
What a roller coaster.

yellowkid

Well I'm making money in one area today, why do I feel depressed?

jmski52

Based on what they are saying, I wonder if a massive stock manipulation just took place?

Wolf359

I believe the predicted currency crisis has now begun. God help us all.

Justacommeman

<< <i>Based on what they are saying, I wonder if a massive stock manipulation just took place? >>



Lot's of things could have happened. System failure, selling programs definately kicked in. There could have even been PPT intervention near 1000 point down....wild and maybe we never find out the whole story........It looked and felt like capitulation.............MJ

jmski52

P&G is contacting the SEC to see if they can find out what happened. I guess that means the analysts at SEC will have to flip over from the porn sites back to the stock trading charts.......

Zubie

NYSE just reported that no error in the system occured???

jmski52

Gold is now +$35.00 for the day...........

derryb

<< <i>NYSE just reported that no error in the system occured??? >>



Panic and fear, nothing more. It spreads like wildfire at times. If you are one to keep your cool, money can be made.

Justacommeman

<< <i>NYSE just reported that no error in the system occured??? >>



With 99% certainty there was a problem with PG...... That tape is whack. MJ

meluaufeet

The ol' fat finger trade... yeah right... This kind of feels like a Gordon Brown moment to me...

Justacommeman

<< <i>The ol' fat finger trade... yeah right... This kind of feels like a Gordon Brown moment to me... >>



That was one chubby finger..........MJ

Zubie

Hit the "B" (billion) instead of the "M" (Million)???

yellowkid

<< <i>Hit the "B" (billion) instead of the "M" (Million)??? >>

renman95

I don't expect silver to jump in tandem with gold but that's a huge disparity.

ziggy29

<< <i>

<< <i>NYSE just reported that no error in the system occured??? >>



With 99% certainty there was a problem with PG...... That tape is whack. MJ >>

I'm hearing they think it happened on the NASDAQ.

I saw some Accenture shares reportedly traded for ONE CENT (and currently at $40).

Something glitched or got manipulated, and some people really got creamed when their stops were hit.

Justacommeman

sbeverly

P&G is contacting the SEC to see if they can find out what happened. I guess that means the analysts at SEC will have to flip over from the porn sites back to the stock trading charts.......

Big chuckle...I love it...

FistFullOfDollars

Wallstreet II - The Return of Gordon Gecko

clouisejewelers

<< <i>Stock brokers and broker houses are the leaches of society. All they do is move money around. From 1 guys pocket to another guys pocket while skimming a little for themselves. At the end of the trading day, they have contributed ZERO to society...only to themselves. Some may argue that they perform a service. I disagree.....if all they do is move money around, its a zero sum game. At least a lawyer can help you see you kid every other weekend. And even a casino at least provides entertainment when taking your cash. What has a stock brokerage done at the end of the day other than line its own pockets...whether the market went up or down? >>



I don't always agree with you, but am 100% in agreement with you on this! The engineers, doctors, janitors and everybody else can live just fine without stockbrokers but the stockbrokers would starve and die off without all the producers. They are indeed parasites who are killing the host.

roadrunner

Our favorite banksters just raided the cookie jar after applying a little bit of Greece.

Looks like it will. Will it close above $1,200? WTH is silver's problem?

Silver's potential is much more closely linked with liquidity being freely available. Liquidity has been rushing from the Stock and Commodity markets into currencies, bonds and gold. Silver is not yet considered by the masses as "safe" a bet as treasuries, gold, and the dollar. Silver loves a strong inflationary environment and has a tough time during deflationary spells.

Gold to silver ratio hit the 90+ mark in the fall of 2008. It's rise from July to October looks somewhat similar to what is happening now. Back then it rose from 52 to 90+ with a relatively steep ascent similar to what we are seeing right now. Fwiw the RSI of GSR has only hit the 70 mark twice since the 2008 fallout (July 2009 and Feb 2010 PM bottoms). And each time it's hit 70 it has lingered for 2-4 weeks or so before falling back over several months. We're at 70 right now. Of course during the 2008 deleveraging it lingered in the 70 area for a couple of months. The current move up more closely resembles the fall 2008 chart more than it does either the June 2009 or Jan. 2010 moves. The stochastic is far more choppy and has already hit >90. Considering the previous 3 occurences, the GSR could continue to move up for the month of May. A target area of 72-75 seems reasonable. GSR has been correcting the 18 month move down from 92 to 58 since September. In looking at a weekly chart I was surprised that the stochastic has just barely turned up off the very bottom.....indicating this GSR move could have a lot more legs. At a minimum, the price action does closely resemble the June 2009 and January 2010 up moves in both slope and shape and may be about 50% complete.

Gold will continue to outpace silver as long as GSR is rising and liquidity is waning. But it doesn't mean silver prices can't rise or at least stay somewhat stable without a crash to single digits like paper silver saw back in 2008.

2 year gold to silver ratio chart

roadrunner

gsa1fan

Started the thread & missed the fun. Problem in living in po-dunk BF Egypt.

Internet was down majority of the day. 10am til 4:05pm

Sure as heck glad I do not trade stocks via internet today. I be one drunk monkey by now!