Silver cannot hold $34

OnlyGoldIsMoney

It seems like the price of silver has been stuck in the $33.50 to $34.00 range for about 10 days.

Could this represent consolidation before another upward move or a spent rally ready for a serious drop?

Any speculation would be welcome.

derryb

Speculation: short term direction will follow SP500 movement.

mhammerman

I would speculate that silver has survived what appeared to be a death spiral, gaining a little and giving up more than the gain to end each week a little lower. The death spiral seems to have ended and the price is stabilized at, like you say, $33-$34. I would say the same for gold in that $1700 seems to be a comfortable price given that the current circumstances are likely already cooked into the spot price. The nice reality of spot is that it is an international price in USD and not something the fed can jack with too much other than playing with the paper slv/gld with their shorts and bankster buddies so, I do like the reality of an international market.

Further, it is not a stretch to a see (with today's downgraded status news) that hard assets will be more desirable than previously but who's to say how much. In my simple buy, sell, hold world, I'm holding and buying silver and gold when I have a little extra cash...call me Rashid.

Got gold?

jmski52

I do like the reality of an international market.

Yep, reality tends to intrude into the US market.

Another drop? A rally? Either is fine with me. I'm buying.

roadrunner

Silver has managed to put in higher lows for the past few weeks. Right now $33.16 is the next higher low. If that gets taken out then time to talk.
The longer silver hangs up here along with gold would seem to indicate strength.

I've been expecting miners to swoon into this week's options expiration. Starting to move more quickly now. But stage a nice end of day recovery.

secondrepublic

Seems to me that silver was just in mid- to high-20s a month or two ago, and there was some fear it wouldn't hit 30 again for a long time. I'm comfortable with where it's at.

PerryHall

I'm in it for the long haul and todays price will look cheap in a few years.

Timbuk3

I'm still buying, little at a time
regardless of the price !!!

johnny9434

<< <i>I'm still buying, little at a time
regardless of the price !!! >>



I as well Timbuk3. It adds up after time

derryb

Silver will prove to be the play of the year and the next.

Mockingjay

Bought some at $27 per oz end of December.

DrBuster

<< <i>I'm in it for the long haul and todays price will look cheap in a few years. >>




<< <i>I'm still buying, little at a time
regardless of the price !!! >>




<< <i>I as well Timbuk3. It adds up after time >>



ditto X3. The only silver I've ever gotten rid of have been trades for gold. 2 ASE sets and a roll of $18 generic buffalos got me 1.4oz last year, figured that was worth the 2 trades.

greatnortherncoin

34 is the bottom

OnlyGoldIsMoney

Nice recovery today back to $33.50 despite the morning raid.

Justacommeman

It is very vulnerable here and in the short to mid term imo. MJ

cohodk

<< <i>It is very vulnerable here and in the short to mid term imo. MJ >>




I agree.

Baley

I still think $28 silver and $1675 gold are powerful levels, and left alone, the metals will want to go there in the intermediate term

NumbersUsacom

<< <i>It seems like the price of silver has been stuck in the $33.50 to $34.00 range for about 10 days.

Could this represent consolidation before another upward move or a spent rally ready for a serious drop?

Any speculation would be welcome. >>



More like distribution before a correction, we have come up from that low of 26 pretty fast and we are due for a correction
which we got some the past few days. the 3rd ema held and the daily bumped up immediately as it approached it. But this may not be the end of the correction.
It would be nice to see the classic 3 wave down and then spring to life again marching past 34 and into 38.

And the more gloomier (sentiment) for silver it gets in this area the better, if we have a quick dash down lower then all is good for a wash out. The negativity is building accross many sources, But the crowd is always right part of the time, and sometimes along time.

I wish we had a true physical trading market but alas we are tied to the paper monster for now.

leothelyon

I'm totally freaked out that a lot of people got scared and started unloading their PM's this morning based on one country's debt problems, Greece. Somebody please assure me it ain't so that the investment in PMs is that fragle. One country's failure can bring it all down. I am so glued into what's happening in Greece now, of all places.

RGJohn

<< <i>I'm totally freaked out that a lot of people got scared and started unloading their PM's this morning based on one country's debt problems, Greece. Somebody please assure me it ain't so that the investment in PMs is that fragle. One country's failure can bring it all down. I am so glued into what's happening in Greece now, of all places. >>



Don't be freaked out. Greece hasn't got debt problems. Their lenders have got loan problems. Borrowers haven't got worry. Lenders do.
-----
As for PMs. Anybody of your personal acquaintance who wishes to 'unload' any given quantity of precious metals is hereby invited to establish contact through you at their earliest convenience for fast no BS exchange of same for currency. Especially seeking PGMs.

jmski52

Greece hasn't got debt problems. Their lenders have got loan problems.

Sooner or later, you run out of other people's money. Then you want more. Weimar comes to mind.

The difference between war reparations and grossly overpromising on social welfare programs is? Cause. Intent. But the outcome is the same.


Oh yeah, the thread is about $34 silver. Sounds like the technicians here are convinced that it's going lower. There is such a difference in strategies between trading vs. using pms as a financial anchor. My hat is off to the technicians who can play the market and come out ahead on an hourly wage basis, after taxes. My career pays better than what I could make by honing my technical trading skills. Nevertheless, it pays to listen to the traders.

If you gauge your financial position in physical ounces, the dollar amount can vary widely. That is the very definition of risk, but taking a longterm risky bet by going long in precious metals has been a winner, given the government's and banking's bad habits since the repeal of Glass Stegal in 1999. If you can understand that much, you will probably end up better off than if you gauge your financial position in dollars. And it's not fixed yet, not by a long shot. It's actually worse because of what they are doing to free enterprise.

The 2008 crash in pm prices was a footnote. There will be more crashes to come in pms. BUT - as long as the current monetary arrangement with the Fed and fiat and fractional reserve banking, and government overspending, and the issuance of debt as "money" remains the norm - gold, silver and platinum will do well. The main difference between now and 10 years ago is that the international dynamics have changed enough to re-acquaint us all with the fact that eventually - reality trumps all these bogus imaginary monetary constructs dreamed up by the politicians.

Silver won't stay down. Just my opinion.

cohodk

Sounds like the technicians here are convinced that it's going lower

That probaby means its off to the races.


The main difference between now and 10 years ago is that the international dynamics have changed enough

I agree. But will add that 10 years ago silver was $4, today $34. The price is reflective of the market realizing these changes.

ricko

I believe we will hit $38 before June, 2011. I am not a very good chart analyst, but trying to learn. I do know that charts are not a crystal ball by any means, but they do indicate trends (quickly reversible if world conditions warrant). Just my opinion. Cheers, RickO

OnlyGoldIsMoney

Another week goes by; silver sits at $33.55 and moves in the range of $33.20 to $33.70.

leothelyon

Silver needs to jump $2-$3 in the next couple of days or it will be keeping pace at last year's figures.

roadrunner

With monthly silver options expiration occurring at the end of this week I think it's highly unlikely silver will bust above the $33-$34 range. It's far more likely that
it dips lower by Wed-Thursday. Tuesday is often an up day for the metals....well, at least the morning. This week sets up well for the bankers if they want to start
hitting silver tonight. They whacked it in the last trading weeks of Dec and January, so why should late Feb get a pass, especially following a run up of $6-8?

NumbersUsacom

<< <i>I believe we will hit $38 before June, 2011. I am not a very good chart analyst, but trying to learn. I do know that charts are not a crystal ball by any means, but they do indicate trends (quickly reversible if world conditions warrant). Just my opinion. Cheers, RickO >>



If they were a crystal ball I probably wouldn't be typing this right now

leothelyon

Oh what will we (NYMEX) do with silver today?

OnlyGoldIsMoney

Back to sub $34.

Time to buy more.

Baley

"Mr. Valentine has set the price"

But does your kid get the GI Joe with the kung-fu grip?

OnlyGoldIsMoney

Its 6 months later and the price of silver again resides in the $33.50 to $34.00 range.

2ltdjorn

Silver will continue to rise until the election. If Romney wins I see silver dropping, if Obama wins the sky is the limit!

NumbersUsacom

<< <i>Silver will continue to rise until the election. If Romney wins I see silver dropping, if Obama wins the sky is the limit! >>



I will gladly take a Romney win and let my Silver go to ZERO than for Our Great Country to be given over to this sad state of a so called President again. He would do just fine in kenya or afganistan. He should have never been elected and God Please help if this electorate puts him in there again.

The American People need to stop voting with their pocket books in mind, and do what is the proper thing to do for their Country. Many many others have voluntarily given their lifes blood for the Ideals/Values that this Republic should represent or represented to them and their families. Lets let it not be in Vain in our Hour.

I'm more than willing, and do sacrifice my time, efforts, and money to see this Country saved from the onslaught of hooliganism and outright subversive dimantling of Our Constitution and everthing dear that we call the United States of America.

pitboss

Everone should go and see the movie 2016 to see what is happening in this country. It is an excellent film.

tneig

<< <i>(Feb 10th) It seems like the price of silver has been stuck in the $33.50 to $34.00 range for about 10 days.
Any speculation would be welcome. >>



Now, 7 months later... Its been a great roller coaster ride. Stay in your seat, hands up, and go around again. Speculate another wild ride!
(this time, buy at $26, and sell at $34)

quarterguy

Right on NumbersUsacom

Julio

IMO no one running for President is up to the job. Take care. jws

OnlyGoldIsMoney

<< <i>Silver will continue to rise until the election. If Romney wins I see silver dropping, if Obama wins the sky is the limit! >>



If Romney wins I expect equities will rise in expectation of a more business friendly administration. Rising equities should help silver rally.

If 0bama wins I expect equities to fall as businesses hunker down to ride out four more years. It is reasonable to expect more QE (inflation) in response. QE/inflation should help silver rally.

Something must be wrong with my analysis because both outcomes cannot be good for the price of silver.

mikeyg

I like silver at this level.Considering that I bought moose and saes at $40 or so 6 months ago,and loaded up on rolls when silver spot was under $27 I am still a buyer.Just got a few 10 oz snakes at $37 an ounce and I am looking to get more 10 oz coins next week.

2ltdjorn

<< <i>

<< <i>Silver will continue to rise until the election. If Romney wins I see silver dropping, if Obama wins the sky is the limit! >>



I will gladly take a Romney win and let my Silver go to ZERO than for Our Great Country to be given over to this sad state of a so called President again. He would do just fine in kenya or afganistan. He should have never been elected and God Please help if this electorate puts him in there again.

The American People need to stop voting with their pocket books in mind, and do what is the proper thing to do for their Country. Many many others have voluntarily given their lifes blood for the Ideals/Values that this Republic should represent or represented to them and their families. Lets let it not be in Vain in our Hour.

I'm more than willing, and do sacrifice my time, efforts, and money to see this Country saved from the onslaught of hooliganism and outright subversive dimantling of Our Constitution and everthing dear that we call the United States of America. >>



I fully agree! As a veteran, I am saddened by recent events... And the abuse of trust the people of this great country have placed in our leadership!