Metals Crash

Schmitz7

Back up the truck for this buying opportunity!

vibr0nic

Just tell me exactly where the bottom of this haircut is please?

Kip

falling like a rock

DrBuster

Hmm, was debating going to pick up 20oz silver at the store today. $39.x is nicer than the 42.x an hour ago....and I just gassed up the Silverado!

vann

The drop is probably from falling equitiy margin calls. FOMC meeting is next Tuesday, not likely to see a reversal until after the announcement.

hammered54

the fall is more like a little profit taking....at least for me

derryb

The drop is from the realization that we are entering a recession. This will trigger QE3. Stackers hold your hand, add to the stack on the way down and on the way back up. Paper players find a good exit and be prepared for re-entry at a lower price. I dumped AGQ at $231 this morning and will buy it back at a bargain. Keep an eye on VXX.

DoubleEagle59

<< <i>Back up the truck for this buying opportunity! >>



I wouldn't say a fall from $42 to $38 and change is a time for 'backing up the truck'.

I get what you mean though.

It has me thinking about buying.

I'll back up the truck if it hits $30 or lower.

vann

<< <i>(Kitco News) - Comex gold futures prices ended the U.S. day session solidly lower and nearer the daily low Thursday, after early on scoring another fresh all-time record high of $1,684.90, basis December futures. Long liquidation, much of which was profit taking and margin-call selling, hit the gold market in late-morning dealings. >>


Comex Hits Another All-Time High Early On, Then Backs Off Sharply on Long Liquidation

DrBuster

So for the folks that say hang on a bit on silver, what's your drop/bottom prediction?

rpw

WSJ reports drop off due to people selling gold to cover margin calls in other markets.

derryb

<< <i>WSJ reports drop off due to people selling gold to cover margin calls in other markets. >>


Profits are being used to cover losses. This is the problem with hedging, the profits get offset by the losses. The best way to cover your bets is to not gamble.

Spooly

Margin calls in stocks is forcing liquidation in other assets.


Holy Crap! What a bad day!

BigE

The dollar is way up, gold is really doing well!--BigE

CaptHenway

<< <i>

<< <i>Back up the truck for this buying opportunity! >>



I wouldn't say a fall from $42 to $38 and change is a time for 'backing up the truck'.

I get what you mean though.

It has me thinking about buying.

I'll back up the truck if it hits $30 or lower. >>



Did you the last time, a couple months ago?

57loaded

<< <i>

<< <i>WSJ reports drop off due to people selling gold to cover margin calls in other markets. >>


Profits are being used to cover losses. This is the problem with hedging, the profits get offset by the losses. The best way to cover your bets is to not gamble. >>

chumley

with everything going down,I assume people are walkin around with big wads of cash in their pocket?

cladking

Can you say QE III.

The Dow will go to zero without cash infusion and it will seem the dollar is going to zero with it.

You can't fool mother nature.

You can't run a country without an educated populous and you can't keep taking out far more than you put in or will grow naturally.

We should be addressing the fundamental issues rather than predicting when the dollar really will hit "0".

Baley

with everything going down,I assume people are walkin around with big wads of cash in their pocket?

Interesting! for every seller there's a buyer, and for every buyer a seller

vann

<< <i>Can you say QE III.

The Dow will go to zero without cash infusion and it will seem the dollar is going to zero with it.

You can't fool mother nature.

You can't run a country without an educated populous and you can't keep taking out far more than you put in or will grow naturally.

We should be addressing the fundamental issues rather than predicting when the dollar really will hit "0". >>


Could be QE along with the FED moving it's short term paper to long term to mitigate a drop in the USD. Simply printing money is not a solution, or the message the FED wants to send if it wants to keep the dollar up and a handle on inflation, especially after the damage the debt hike fiasco caused.

VikingDude

<< <i>for every seller there's a buyer, and for every buyer a seller >>



That's a good quote!

Justacommeman

That was not a crash...........MJ

jmski52

Not ready to buy, but I'm fairly confident that "someone" will jump to the stock market's rescue.

Now remind me again - how does this administration "rescue" a falling stock market without any change in the fundamentals?

You only get one guess.

derryb

<< <i>Not ready to buy, but I'm fairly confident that "someone" will jump to the stock market's rescue.

Now remind me again - how does this administration "rescue" a falling stock market without any change in the fundamentals?

You only get one guess. >>


New money - With no QE1 or QE2, the market has NO sugar

Coins101

<< <i>That was not a crash...........MJ >>

OnlyGoldIsMoney

Gold did not crash today.

Most of the afternoon it stood firm like a stone wall.

Presently it is hovering just under $1,650 - a number we could only dream of just two weeks ago.

Bear

Never try to catch a falling knife.

roadrunner

<< <i>That was not a crash...........MJ >>



MJ, at what point would you change your mind and call a "crash?"

Speaking of sweet sugar....it's already bounced back up $1.

roadrunner

Justacommeman

<< <i>

<< <i>That was not a crash...........MJ >>



MJ, at what point would you change your mind and call a "crash?"

roadrunner >>



Back to back limit down days (20%) or close to that. I would consider that a crash...............Gold pulled back 1% today. Silver, got an expected haircut . But we've seen it before with silver. I mentioned it in the "Financial advisor" thread yesterday. Silver gets taken to the woodshed on industrial selloffs with vengence. Gold is a currency, silver is not. It's just the way it is....................JMHO.MJ

Justacommeman

<< <i>

<< <i>for every seller there's a buyer, and for every buyer a seller >>



>>



True. The thing that causes price to move is an imbalance between buyers and sellers. That happens when they are motivated one way or another. MJ

Bear

So far, no crash, but it was a rather large, PLOP. Perhaps crash to follow.............. in time.

cohodk

<< <i>

<< <i>

<< <i>That was not a crash...........MJ >>



MJ, at what point would you change your mind and call a "crash?"

roadrunner >>



Back to back limit down days (20%) or close to that. I would consider that a crash...............Gold pulled back 1% today. Silver, got an expected haircut . But we've seen it before with silver. I mentioned it in the "Financial advisor" thread yesterday. Silver gets taken to the woodshed on industrial selloffs with vengence. Gold is a currency, silver is not. It's just the way it is....................JMHO.MJ >>




I'll agree. You will know its a crash when you look around in disbelief, realizing that what took 2 years to build was lost in a few weeks. And realizing that it will be years again before previous highs are again attained.

lightcycler

<< <i>So for the folks that say hang on a bit on silver, what's your drop/bottom prediction? >>



$25 to $27

jmski52

Back to back limit down days (20%) or close to that. I would consider that a crash...............

Like going from $22 to $9 in 2008. As I type, gold is back up to $1,664 and change, up almost $16. Silver is peeking back out from behind the woodshed.