PM Markets down staggering numbers

piecesofme · November 30, 2014 8:05AM

Gold down 2.96%, Silver down 5.51% as of writing this.

nibanny · November 30, 2014 8:11AM

I think Kitco is messing up, it seems that the difference in dollars is ten times what it should be.
I read Ag high $15.58 and now $15.51 with a drop of $0.79 instead of $0.07.

MGLICKER · November 30, 2014 8:12AM

I saw Apmex showing gold down $21.

MsMorrisine · November 30, 2014 8:13AM

Or it's using Thursday's close

bronco2078 · November 30, 2014 8:15AM

<< Or it's using Thursday's close >>

That is what its doing. Gold was 1158 earlier today now its 1155 thats not down 34

MGLICKER · November 30, 2014 8:16AM

<< Or it's using Thursday's close >>

Always tough to determine the previous fix price. Especially when holidays are involved.

OPA · November 30, 2014 8:17AM

<< Or it's using Thursday's close >>

That appears to be the case...."Help I'm falling and I can't get up."

derryb · November 30, 2014 8:17AM

I'm expecting a substantial change between now and Monday evening. Demand for COMEX delivery on Monday will determine which direction.

OPA · November 30, 2014 8:26AM

<< I'm expecting a substantial change between now and Monday evening. Demand for COMEX delivery on Monday will determine which direction.

>>

You don't have to wait for COMEX...remember, APMEX has a sale on ASE's, and we all know what that means.

nibanny · November 30, 2014 8:37AM

<< 

<< I'm expecting a substantial change between now and Monday evening. Demand for COMEX delivery on Monday will determine which direction.

>>

You don't have to wait for COMEX...remember, APMEX has a sale on ASE's, and we all know what that means.

>>

LOL! They didn't get me this time...I went with Provident!

roadrunner · November 30, 2014 8:40AM

$20 drop in gold so far on an "epic" gap down at the oversea open. Never seen a spot gold gap at $7 wide before ($1160-$1167). Silver was about 10c which equates to a $7.5 gold gap (75-1). Silver has filled that gap on a bounce but has since given it all back. Gaps of that size are extremely rare. If that gap doesn't fill within 24-48 hrs the potential of tanking through $1130 is quite realistic.

Silver just collapsed on a bigger gap down (30c) to $14.41. That's at the 2006-2007 support ledge of $14.50-$14.60. That would equate to a >$20 gap in gold. Epic squared. Incredible hits. Gold to silver ratio with a 5 pt spike to 79.2. That meets the first target of 78 in the 13 month cup with handle pattern. And there's a bigger 5 year pattern still out there pointing much higher.

piecesofme · November 30, 2014 8:44AM

ummm, wtf is going on?
Silver now down 9.08%???

bronco2078 · November 30, 2014 8:48AM

<< ummm, wtf is going on?
Silver now down 9.08%??? >>

Everything was fine until you jinxed it

You talked it down by the power of your words

LowBudget · November 30, 2014 8:48AM

gold down 45 and silver 1.66 in 45 minutes , wow

Pokermandude · November 30, 2014 8:50AM

Look for lots of "out of stock" signs tomorrow morning. Or at the very least, jacked up premiums.

MsMorrisine · November 30, 2014 8:55AM

Switzerland is the excuse

The real reason is the run up is now history and the run down is in full force.

C0INB0Y · November 30, 2014 8:56AM

Just thank the Swiss Voters

VanHalen · November 30, 2014 8:58AM

<< ummm, wtf is going on?
Silver now down 9.08%??? >>

Yep, at least briefly silver was down 9% in minutes. Essentially a $1 drop in seconds.

MGLICKER · November 30, 2014 8:59AM

Oil under $65. Will have to edit the other thread title.

mariner67 · November 30, 2014 8:59AM

Soooo....it is real, not the Thursday close!
The Swiss referendum never had a chance to pass, so don't blame them.
Look out below......hopefully not many have all their eggs in one basket.

Timbuk3 · November 30, 2014 9:01AM

Yep, currently there're both taking
a substantial beating !!!

Wingsrule · November 30, 2014 9:01AM

Kitco Friday closes were gold at $1169.50 and silver at $15.68.

At 7:00 pm, they are reading $1151.30 and $14.74 with a GSR of 78.11.

Time to buy silver.

Wingsrule · November 30, 2014 9:02AM

That's 1.55% for Au and 5.99% for Au.

mariner67 · November 30, 2014 9:03AM

"Time to buy silver"

I think that has been chanted here often the last few weeks.
Trying to catch a falling knife!

VanHalen · November 30, 2014 9:06AM

<< That's 1.55% for Au and 5.99% for Au. >>

Yeah, silver got a quick 3% bounce off the bottom. There's a lot of paper moving tonight.

Wingsrule · November 30, 2014 9:08AM

I have been wrong before, and will be again. I meant to comment about exchanging gold for silver (ref comment on the GSR) but it didn't quite come out that way.

tincup · November 30, 2014 9:18AM

Still silver available out there at $2.49 above spot....

Buying opportunity or a razor sharp knife falling??

roadrunner · November 30, 2014 9:24AM

<< Kitco Friday closes were gold at $1169.50 and silver at $15.68.

At 7:00 pm, they are reading $1151.30 and $14.74 with a GSR of 78.11.

Time to buy silver. >>

Or a time to swap "some" of your gold holdings for silver. If GSR heads to 90, 100, or higher, both metals will continue to get punished. Momentum and longer term chart patterns suggest silver could under-perform gold for quite some time still. It's still up to the dollar (Euro), and the USD/Yen, USD/AUD currency crosses. They've been driving the bus since early to mid 2011. If that bus just got on the Autobahn for an acceleration run, that could be a problem for the PM bulls.

Overdate · November 30, 2014 9:45AM

<< Silver just collapsed on a bigger gap down (30c) to $14.41. That's at the 2006-2007 support ledge of $14.50-$14.60. >>

Well, it's not like anything bad has happened in the past eight years . . .

carew4me · November 30, 2014 9:57AM

time to fatten up on phyzz

OPA · November 30, 2014 10:04AM

<< time to fatten up on phyzz >>

That routine is becoming less & less appealing. Best to wait for a bottom.

piecesofme · November 30, 2014 10:06AM

Those who still think manipulation isn't happening should be biyitch slapped about the face repeatedly. This is a CLASSIC example of it.
Thinly traded market over a US holiday weekend and someone with the ability to cause this IS making it a reality. I say that's manipulation by definition.

carew4me · November 30, 2014 10:18AM

<< 

<< time to fatten up on phyzz >>

That routine is becoming less & less appealing. Best to wait for a bottom. >>

Sure. Just let me know when it bottoms

Come on...$300 SAE rolls! I have a 20 year window...I am loving these prices.

Now if you playing paper....ouch...scary....

BAJJERFAN · November 30, 2014 10:21AM

Provident metals is now sold out.

mariner67 · November 30, 2014 10:21AM

<< 

<< Silver just collapsed on a bigger gap down (30c) to $14.41. That's at the 2006-2007 support ledge of $14.50-$14.60. >>

Well, it's not like anything bad has happened in the past eight years . . . >>

Aaahhhhhhh, ya sure?
Lost value due to inflation(no matter whose numbers you use).
"Time value of money", lost oportunity in other assets, etc etc etc

PRIZ430 · November 30, 2014 10:24AM

<< Those who still think manipulation isn't happening should be biyitch slapped about the face repeatedly. This is a CLASSIC example of it.
Thinly traded market over a US holiday weekend and someone with the ability to cause this IS making it a reality. I say that's manipulation by definition. >>

I AGREE...It was quite apparent all last week that the Swiss referendum would be voted down and still Gold traded above 1200.00...Until the holiday set in...Thinly traded markets overseas on Thanksgiving were hit to the down side, which continued into Friday's thinly traded US Market's BLOOD BATH....and now...even though the Swiss voted came out as expected...a new round of selling occurs during thinly traded Sunday night Far East trading.....And NO ONE in power give a rats ass to look into it....Precious metal trading is dirty...right from the top....to the regulators that look the other way...

CaptHenway · November 30, 2014 11:05AM

"SPLUNGE!"

OPA · November 30, 2014 11:12AM

I suppose manipulation is the cause for the partial recovery that is occurring. All you conspiracy nuts ... get a life and stop reading all the internet tabloids. Thin trading is a fact of life when the US market is closed.

bestmr · November 30, 2014 11:16AM

All I know, is I'm GLAD I didn't buy about 50oz on Friday. I had my finger on the buy button but had just spent money on Christmas presents. I didn't think it was a good idea to take that big of a hit at once.

OPA · November 30, 2014 11:16AM

<< Sure. Just let me know when it bottoms >>

You'll know when it's stop making all time lows.

<< Now if you playing paper....ouch...scary. >>

I'd venture to guess, quite a few made a fortune during the last 3 1/2 years.

OPA · November 30, 2014 11:24AM

<< Provident metals is now sold out. >>

JM has lots still available

rawteam1 · November 30, 2014 11:39AM

Oil has nailed the coffin... Pm buyers got drugged, then buried by oil...black gold...

VanHalen · November 30, 2014 11:48AM

<< All I know, is I'm GLAD I didn't buy about 50oz on Friday. I had my finger on the buy button but had just spent money on Christmas presents. I didn't think it was a good idea to take that big of a hit at once. >>

Wise move. Sure looks like you'll have a chance to but under $1100 this winter.

Oops - thought you were talking gold.

morbidsteve · November 30, 2014 12:11PM

This is hilarious!! I made a gigantic investment at 15.54. Ahh! Glad I have plans for my silver (hahaha for real!)

MsMorrisine · November 30, 2014 12:25PM

I hope it was a bet for lower prices

mrpaseo · November 30, 2014 12:36PM

Buying in increments on the way down.... My increments are at least 30 days apart. When I feel we are at a good spot, I may up my quantities, until then... I'll just ride the roller coaster

Don't bet the farm and you don't have to worry about the ride.

mariner67 · November 30, 2014 12:52PM

Deflationary correction.

OperationButter · November 30, 2014 1:36PM

Man everyone is doom and gloom.

Anyone have ASE's for sale near spot?

For real though, can anyone find reputable dealers that have adjusted prices accordingly? Apmex has barely budged and their 20 ASE sale they had on ebay actually rose by $20ish for the auction haha.

Overdate · November 30, 2014 2:29PM

At these prices the premiums on 90% and silver eagles are just too high. I think the silver ETFs are a better value for the short term.

miklia · November 30, 2014 8:30PM

this has to be the funniest daily chart I've seen in ages. That's what, a 15% price swing in 8 hours?

bronco2078 · November 30, 2014 9:04PM

What happens in Asia , stays in Asia

Nothing to see here folks move along

The big slide in silver started on a sunday night in Asia a few years back the same 6:01 EST hit but last night they hit the button but today its back where it was

The machine must be broken

They better adjust something in their algos or send for this guy to give the thing a rap

PM Markets down staggering numbers

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