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Silver drops 4-1/2 bucks in 3 minutes.

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  • RedHerringRedHerring Posts: 2,077 ✭
    Will we see that 66% drop this week?
  • dbcoindbcoin Posts: 2,200 ✭✭
    too much speculation, too much margin, too many newbies

    long term trend is up but this could go sub-40 in a hurry
  • mkman123mkman123 Posts: 6,849 ✭✭✭✭
    wowzah! maybe the US market will bump silver up!
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  • CerealSpillerCerealSpiller Posts: 38
    Like they say. This is just noise and of little significance longterm.

  • OverdateOverdate Posts: 7,007 ✭✭✭✭✭
    Exaggerated price moves can occur much more easily during thinly traded market hours, IMO.

    My Adolph A. Weinman signature :)

  • OPAOPA Posts: 17,119 ✭✭✭✭✭


    << <i>Will we see that 66% drop this week? >>



    Unlikely, that would be like saying: silver at $70 by June or $100 this year.image This could be the beginning of the much anticipated correction though. Corrections always occur when they are least expected even though they are anticipated.
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • JoflaxJoflax Posts: 979 ✭
    Dollar still down across the board , somebody must have sold a lot ofsilver at the open
    Appears to be recovering a bit now
    Buy the dips!!!
  • CaptHenwayCaptHenway Posts: 32,118 ✭✭✭✭✭
    Holy Gazortners!!!!!!!!

    splunge!
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • BigRickBigRick Posts: 1,334
    Make that $6.40 image
    My Sets
  • gdavis70gdavis70 Posts: 256 ✭✭✭

    Given how dramatic this is I wonder if it's a major player selling out of a large position into a thin market....
    AntiqueBanknotes • National Currency
  • JCMhoustonJCMhouston Posts: 5,306 ✭✭✭
    It's probably just the Goldman Sack and the JP Morgue trying to get some money back.
    JCM-Houston
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  • DoubleEagle59DoubleEagle59 Posts: 8,307 ✭✭✭✭✭
    Welcome this drop everyone!!

    Let's hope it goes real low.

    Then BUY, BUY, BUY!!!!!!
    "Gold is money, and nothing else" (JP Morgan, 1912)

    "“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)

    "I only golf on days that end in 'Y'" (DE59)
  • cone10cone10 Posts: 1,021
    Buy the dips fellowsimage
    A nickel ain't worth a dime anymore.
    Yogi Berra

  • OverdateOverdate Posts: 7,007 ✭✭✭✭✭


    << <i>Given how dramatic this is I wonder if it's a major player selling out of a large position into a thin market.... >>


    Why would a major player deliberately do that, since he/she would lose more money that way?

    My Adolph A. Weinman signature :)

  • BigRickBigRick Posts: 1,334
    image
    My Sets
  • 08HALA2008HALA20 Posts: 3,066 ✭✭✭


    << <i>Buy! APMEX is a bargain! >>



    sounds right to me
    Joe
    EBAY AUCTIONS
  • RedHerringRedHerring Posts: 2,077 ✭
    This should shake up the weak hands. image But I'm betting on major support at $40.
  • gdavis70gdavis70 Posts: 256 ✭✭✭
    A major player might do that to get in front of a what they feel will be a down market...especially if they have been in for over 6 months...

    If you looked at Market watch on Friday there were three negative articles on silver... it seemed like financial reporters were coalescing around the "silvers is a bubble" meme.
    AntiqueBanknotes • National Currency
  • WingsruleWingsrule Posts: 3,010 ✭✭✭✭
    Looks like $42.50 or so has held 3x in the last 30 mins.
  • TheRegulatorTheRegulator Posts: 1,217 ✭✭✭
    Yeeehaw! Keep on droppin'!!!
    The Tree of Liberty must be refreshed from time to time with the blood of patriots and tyrants. -Thomas Jefferson
  • OverdateOverdate Posts: 7,007 ✭✭✭✭✭

    Possible reasons for the silver drop:

    1. The recession is over and we're back to full employment.

    2. The dollar is soaring.

    3. The U.S. government and all 50 states are running a huge surplus.

    4. Inflation has disappeared. Gasoline is back under $2.00.

    5. Peace has broken out in the Middle East.

    6. All the derivatives have settled, and our banking system is now sound.

    7. There is a huge surplus of silver, no one knows what to do with it all.

    Did I miss anything? image

    My Adolph A. Weinman signature :)

  • derrybderryb Posts: 36,793 ✭✭✭✭✭
    If it doesn't pick back up by opening of the exchanges in the morning you will see a mass exodus from SLV. This will create a downward spiral that should result in excellent buying opportunities. SLV crash will drive silver way below where it's fundamentals should place it.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • derrybderryb Posts: 36,793 ✭✭✭✭✭


    << <i>Possible reasons for the silver drop:

    1. The recession is over and we're back to full employment.

    2. The dollar is soaring.

    3. The U.S. government and all 50 states are running a huge surplus.

    4. Inflation has disappeared. Gasoline is back under $2.00.

    5. Peace has broken out in the Middle East.

    6. All the derivatives have settled, and our banking system is now sound.

    7. There is a huge surplus of silver, no one knows what to do with it all.

    Did I miss anything? image >>


    Yes, one that might explain tonight's action.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • penny4yourthoughtspenny4yourthoughts Posts: 155
    I almost traded my group of about 80 face for gold this weekend...a 1 percent drop would have been a lot better than 10. It's hard for me to let go honestly...I don't want to see history and beauty end up a boring bar. Maybe that's why I go for foreign gold...no attachment.
  • PeacemanPeaceman Posts: 5,098
    Ampex hasn't move any of their product down..... lol.. they never do unless the correction lasts for 3+ days.
  • OPAOPA Posts: 17,119 ✭✭✭✭✭


    << <i>If it doesn't pick back up by opening of the exchanges in the morning you will see a mass exodus from SLV. This will create a downward spiral that should result in excellent buying opportunities. SLV crash will drive silver way below where it's fundamentals should place it. >>



    image

    And who knows, I may even win my bet. image
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • OPAOPA Posts: 17,119 ✭✭✭✭✭


    << <i>Ampex hasn't move any of their product down..... lol.. they never do unless the correction lasts for 3+ days. >>



    Any item that is tied to spot + has adjusted...example the ATB pucks are now down to $528 as to Fridays quote of $573.....no idea what your looking at.
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • OverdateOverdate Posts: 7,007 ✭✭✭✭✭
    If it doesn't pick back up by opening of the exchanges in the morning you will see a mass influx into SLV by bargain hunters and by those seeking to cover their short positions.

    My Adolph A. Weinman signature :)

  • RedHerringRedHerring Posts: 2,077 ✭


    << <i>Did I miss anything? >>



    Yes! The trillions that U.S. taxpayers are on the hook for through Fannie Mae and Freddie Mac has been paid for by The Fed printing $3 trillion!
  • FullCameoFullCameo Posts: 492
    OMG!! We're all gonna die!!! image



































    Just kidding. image
  • storm888storm888 Posts: 11,701 ✭✭✭

    I am certain the SHORT banksters will fight back in ways
    that no one has seen before.

    They are prolly willing to cover almost everything and end
    with a net LONG position, but they ain't gonna cover at $50.

    ..............

    I dunno how low SLV can go before they need to sell silver
    to meet redemptions, but we might get to find out.

    The joy that SLV can deliver in a rising market is nifty, but
    the pain SLV can - in theory - cause in a crash is less nifty.

    ....................

    Where I am, LOTS of low-level dealers were blowing-out silver
    pretty cheap this morning/afternoon.

    There are LOTS of nervous holders this weekend.

    I don't see a crash coming, but it is prolly good to let the drama
    play out and THEN go in heavy for buy/hold plans.

    JPM will likely be satisfied with mid/low $30s, but maybe not.

    ................

    I still think $100 before $10, but it cannot happen until the BIG
    crooks feel safe/satisfied.

    Gold will get whacked too, but prolly not terribly badly.









    Folks Who Bite Get Bitten. Folks Who Don't Bite Get Eaten.
  • Coins101Coins101 Posts: 2,602 ✭✭✭


    << <i>Ampex hasn't move any of their product down..... lol.. they never do unless the correction lasts for 3+ days. >>



    The boys on ebay haven't changed their prices either, not that that really means anything.
  • FullCameoFullCameo Posts: 492


    << <i>

    << <i>Ampex hasn't move any of their product down..... lol.. they never do unless the correction lasts for 3+ days. >>



    The boys on ebay haven't changed their prices either, not that that really means anything. >>



    Many of those bids were put in when silver was still at $48 today. I'm sure ebay sellers are going to have their hands full of non paying bidders and wild excuses.
  • Coins101Coins101 Posts: 2,602 ✭✭✭
    I agree.

    I was looking at newly listed BIN on silver eagles. Rolls are still around the $1,100 level.
  • DoubleEagle59DoubleEagle59 Posts: 8,307 ✭✭✭✭✭
    Am I missing something but what does "prolly" mean?
    "Gold is money, and nothing else" (JP Morgan, 1912)

    "“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)

    "I only golf on days that end in 'Y'" (DE59)
  • pcgs69pcgs69 Posts: 4,322 ✭✭✭✭


    << <i>Am I missing something but what does "prolly" mean? >>



    prolly = probably
  • OverdateOverdate Posts: 7,007 ✭✭✭✭✭
    << I still think $100 before $10, but it cannot happen until the BIG crooks feel safe/satisfied. >>

    Or lose control of the situation, due to the growing imbalance between physical silver supply and demand.

    My Adolph A. Weinman signature :)

  • CaptHenwayCaptHenway Posts: 32,118 ✭✭✭✭✭


    << <i>

    << <i>

    << <i>Ampex hasn't move any of their product down..... lol.. they never do unless the correction lasts for 3+ days. >>



    The boys on ebay haven't changed their prices either, not that that really means anything. >>



    Many of those bids were put in when silver was still at $48 today. I'm sure ebay sellers are going to have their hands full of non paying bidders and wild excuses. >>



    "The dog ate my modem!"

    image
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • BigRickBigRick Posts: 1,334
    prolly=probably
    My Sets
  • CaptHenwayCaptHenway Posts: 32,118 ✭✭✭✭✭
    Are we having fun yet????
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • JulioJulio Posts: 2,501 ✭
    "Are we having fun yet????"

    I reckon that depends on your position Capn. Those looking to buy are probably getting close. Those looking to sell, well maybe it will bounce tomorrow or even in the next few minutes. Take care. jws
    image
  • pakasmompakasmom Posts: 1,920 ✭


    << <i>Are we having fun yet???? >>



    imageimageimageimage Like the ultimate roller-coaster-ride! (Scaring the carp outta ya.) image
  • Coins101Coins101 Posts: 2,602 ✭✭✭


    << <i>

    << <i>Am I missing something but what does "prolly" mean? >>



    prolly = probably >>



    Dang - I wanted to see how long it took DoubleEagle59 to figure it out!!! imageimageimage
  • Coins101Coins101 Posts: 2,602 ✭✭✭
    How does that saying go, what goes down has to go back up, or something like that!!! image
  • RedHerringRedHerring Posts: 2,077 ✭
    My total position in silver is the 500 physical ounces in my SBD. It's fun to watch but I sure as heck don't want to see it fall under $30! image
  • notwilightnotwilight Posts: 12,864 ✭✭✭
    There are only two reasons that I can think of for selling strong into a thin market and driving the price down:

    1. You have info that others don't and want to take your profits now and expect the info to become public any minute (like the movie "Trading Places").

    2. Shorts knowing they can manipulate the market, spook some weak holders, get momentum moving down, and cover their short positions (much larger short positions that the sale it took to move the thin market.)

    If it is the latter tonight, then based on the responses to this thread I believe they may have some success. However, if the market recovers because there is still pent up buying demand on the sidelines (like it looks like) then it may backfire on them since a quick recovery would probably be viewed by most as strength. I agree with that view.

    --Jerry

    PS a 3rd would be ignorance/stupidity. I assume people making this size trade are generally aware of what they are doing.
  • dbcoindbcoin Posts: 2,200 ✭✭
    there are reports that margin requirements have been increased again.
  • BearBear Posts: 18,953 ✭✭✭
    I would not panic over the sudden drop. It is a thin market in Asia ,due

    to holidays and the shorts are taking advantage of the situation to lighten

    up their loses. I believe that Monday, when trading returns to normal, all will

    be well again. You all take a few deep breaths, do some light exercises and

    and dream of stacks and stacks of beautiful silver under your bed.image
    There once was a place called
    Camelotimage
  • nam812nam812 Posts: 10,579 ✭✭✭✭✭


    << <i>.........and dream of stacks and stacks of beautiful silver under your bed.image >>



    Great, now I have to change my hiding spot. image
  • TomohawkTomohawk Posts: 667 ✭✭
    I'm dreaming of all the silver I've sold that is now under OTHER peoples' beds!image
    ASE Addict...but oh so poor!
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