It's still a beautiful day....................

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DoubleEagle59
DoubleEagle59 Posts: 8,433 ✭✭✭✭✭
in Precious Metals

Put it in perspective everyone.................

Silver being hammered, down over $8 an ounce!!

Yet, it's still over $70 an ounce.

If you need another tidbit of good news......

$70 an ounce (or lower) is just the 'paper' price.

True physical selling price is still over $80 in China and I'm quite certain we'll be kicking ourselves soon for not buying silver AND platinum at these bargain prices today when not compared to six months ago, but rather, from twelve months from now.

"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)

Comments

  • derryb
    derryb Posts: 38,605 ✭✭✭✭✭
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    Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat

  • jmski52
    jmski52 Posts: 24,011 ✭✭✭✭✭
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    There's your salient information, derryb.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • derryb
    derryb Posts: 38,605 ✭✭✭✭✭
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    reuters is claiming the rapid decline is because "investors booked profits and a market perception of reduced geopolitical risks curbed safe-haven buying." LOL

    Investors were taking profits and contined to do so at $50. Safe haven buying is not what drove silver to $80.

    Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat

  • jmski52
    jmski52 Posts: 24,011 ✭✭✭✭✭
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    Weak hands dropping out due to margin requirement increases and position limit decreases. No biggie.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • MsMorrisine
    MsMorrisine Posts: 40,041 ✭✭✭✭✭
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    @derryb said:

    lbma is a morning fix before it went up most of the 10% that day

    shanghai fix was our last night before it went down today

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • JimTyler
    JimTyler Posts: 4,100 ✭✭✭✭✭
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    I agree really not so bad, it was going to happen. If it stops around here we’re golden.

  • MsMorrisine
    MsMorrisine Posts: 40,041 ✭✭✭✭✭
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    you mean silveren?

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • JimTyler
    JimTyler Posts: 4,100 ✭✭✭✭✭
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    @MsMorrisine said:
    you mean silveren?

    You are correct if I meant it literally

  • Mike59
    Mike59 Posts: 424 ✭✭✭✭
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    Selloff’s are an important part of market actions. This is the first time in 14 years that the COMEX has increased margin 2 times in less than two weeks. They are trying to push silver prices down but I really think they don’t realize that there are 2 separate markets. Papers being sold off but there is still not enough metal in the vaults for all the contracts that are standing for delivery. Time will tell but I’d bet they can’t make Gold from lead or silver from paper.
    Mike

    MIKE B.

  • MsMorrisine
    MsMorrisine Posts: 40,041 ✭✭✭✭✭
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    silver's price is spiking and with that is volatility.

    it's all about protection

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • derryb
    derryb Posts: 38,605 ✭✭✭✭✭
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    @Mike59 said:
    Selloff’s are an important part of market actions. This is the first time in 14 years that the COMEX has increased margin 2 times in less than two weeks. They are trying to push silver prices down but I really think they don’t realize that there are 2 separate markets. Papers being sold off but there is still not enough metal in the vaults for all the contracts that are standing for delivery. Time will tell but I’d bet they can’t make Gold from lead or silver from paper.
    Mike

    COMEX is freaking out and very worried.

    Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat

  • jmski52
    jmski52 Posts: 24,011 ✭✭✭✭✭
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    Selloff’s are an important part of market actions.

    It was a liquidation and it's going to take awhile to sort it out. There are factors at work not being discussed.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • MsMorrisine
    MsMorrisine Posts: 40,041 ✭✭✭✭✭
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    no dive tonight

    got some stability already. it's actually up right now

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions

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