Silver--- reaching for $8 again!!

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tincup
tincup Posts: 5,481 ✭✭✭✭✭
in U.S. Coin Forum
I see on the charts today..... silver sure is getting close to that magic $8.00 per ounce mark. What do ya think??? Will it close above that mark this week? And if it does.... where next, and how high??

Gold is still strong also.... but does not seem to be having the percentage gains that silver has been doing.
----- kj

Comments

  • 291fifth
    291fifth Posts: 25,218 ✭✭✭✭✭
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    It goes up and it goes down.
    All glory is fleeting.
  • LALASD4
    LALASD4 Posts: 3,602 ✭✭✭
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    Resistance is too strong for it to go thru the $8.00 mark unless there is some kind of major new.
    Coin Collector, Chicken Owner, Licensed Tax Preparer & Insurance Broker/Agent.
    San Diego, CA


    image
  • PerryHall
    PerryHall Posts: 47,749 ✭✭✭✭✭
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    << <i>
    Gold is still strong also.... but does not seem to be having the percentage gains that silver has been doing. >>



    Silver has always been more volatile than gold.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • clackamas
    clackamas Posts: 5,615 ✭
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    I heard that Refco, the clearing house for most commodities trades, which may file for bankruptcy this week, was short more silver than there is in existence. This may get interesting.
  • LanLord
    LanLord Posts: 11,756 ✭✭✭✭✭
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    << <i>I heard that Refco, the clearing house for most commodities trades, which may file for bankruptcy this week, was short more silver than there is in existence. This may get interesting. >>

    How does something like that happen? Were they selling stockpiles that didn't exist?
  • clackamas
    clackamas Posts: 5,615 ✭
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    << <i>

    << <i>I heard that Refco, the clearing house for most commodities trades, which may file for bankruptcy this week, was short more silver than there is in existence. This may get interesting. >>

    How does something like that happen? Were they selling stockpiles that didn't exist? >>



    With offshore trading companies they can naked short anything. This is what I heard, I may be wrong, my father told me, he is an investment banker, but other than that I don't have any other source on the positions.

    News link.
  • mhammerman
    mhammerman Posts: 3,769 ✭✭✭
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    Some pretty respectable folk have been saying that silver contracts were wayyyyyyy oversold. You may have stumbled on the lynchpin for a run-up here. Enjoy
  • streeter
    streeter Posts: 4,312 ✭✭✭✭✭
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    Buy paper silver at $630 and sell it at $775 and do it over and over.
    Beats working.image
    Have a nice day
  • clackamas
    clackamas Posts: 5,615 ✭
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    "REFCO's Metals desk provides execution services for exchange traded derivatives (COMEX/NYMEX) in gold, silver, platinum and palladium.

    h**p://www.refco.com/ps/ps.deriv.metal.asp

    Refco Subsidiary Freezes Customer Accounts for 15 Days Because of Lack of Liquidity

    The frozen accounts are held by Refco Capital Markets Ltd., an unregulated offshore broker for stocks, bonds and currencies that former CEO Phillip Bennett, 57, allegedly used to help hide up to $545 million in bad debts. The Justice Department on Wednesday charged Bennett with allegedly causing Refco to file fraudulent statements to securities regulators because of his activities. He is free on a $50 million bond."
  • HistoryStudent
    HistoryStudent Posts: 39
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    Enron played the same commodities game: when it blew so did silver and gold. The COMEX allows big BOYZ (like REFCO) to purchase NAKED shorts a thousand times their longs. This is the way they can control price with paper (non-realistic) silver. Simple.

    RIGHT now the real problem (may be) might be two-fold:

    ONE, REFCO (like Enron who really was a precious metals broker for the big BOYZ) is going belly-up and Freddie and Fannie are right behind;

    TWO, CHINA now says they must did into the marketplace a buy silver (like the USA who blew their 4 BILLION ounces to the Silver Users Group at a discount) , and these just MIGHT do to SILVER what the Natural gas supplies did the Natural Gas. If you didn't follow NG it went from $4 last year to $15 recently. And, 80% of the GAS rigs are in shut-down mode with damages and a REAL cold winter facing us. That's a NO BUENO for the consumer.

    Silver and Natural Gas are two wild cards - one's already a joker in a four card run same suit straight- and PERHAPS one's on the way. PLEASE DYODD.

    Couple of GREEN MONSTER boxes of Silver Eagles wouldn't hurt, though.
  • UncleJoe
    UncleJoe Posts: 2,552 ✭✭✭
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    He who sells what isn't his'n
    Must buy it back or go to pris'n.

    Old short squeeze poem.

    Joe.
  • kiyote
    kiyote Posts: 5,633 ✭✭✭✭✭
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    << <i>He who sells what isn't his'n
    Must buy it back or go to pris'n.

    Joe. >>



    I hear ya... been there, done that.
    "I'll split the atom! I am the fifth dimension! I am the eighth wonder of the world!" -Gef the talking mongoose.
  • fishcooker
    fishcooker Posts: 3,446 ✭✭
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    Couple of GREEN MONSTER boxes of Silver Eagles wouldn't hurt, though.

    Egads!
  • mrearlygold
    mrearlygold Posts: 17,862 ✭✭✭
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    << <i>It goes up and it goes down. >>








    Oye!

    Coin's for sale/trade.


    Tom Pilitowski
    US Rare Coin Investments
    800-624-1870

  • roadrunner
    roadrunner Posts: 28,374 ✭✭✭✭✭
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    How does something like that happen? Were they selling stockpiles that didn't exist?

    Basically yes. They trade paper contracts for silver and gold that they do not have. This is how Goldman Sachs for one has helped to rig the gold market for the FED/Treasury for years. It takes very little cash to force the market down buy selling a flurry of paper contracts. The little guys get scared and bail out. Recently however, the newer players to the game aren't flinching. Gold has rebounded on every attempt to knock it under $460. The jig is up when buyers start demanding physical possession. If that ever happened the game would be over instantly. These games only prolong the final outcome, they do not change it.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • Touchdown
    Touchdown Posts: 233 ✭
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    Didn't Warren Buff invest alot of money into silver? If he did, I wonder if he is going to sell now if he hasn't sold it yet.
  • TorinoCobra71
    TorinoCobra71 Posts: 8,108 ✭✭✭
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    KEWL!! Bring on $9!!!! image

    TorinoCobra71

    image
  • cladking
    cladking Posts: 30,312 ✭✭✭✭✭
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    << <i>Didn't Warren Buff invest alot of money into silver? If he did, I wonder if he is going to sell now if he hasn't sold it yet. >>



    It's been estimated that he has in the neighborhood of eighty million ounces. He has always
    been bullish and a long term investor so it's highly improbable that he's thinking of selling. His
    cost basis is probably around $6.25 per ounce.
    tempus fugit extra philosophiam.
  • ttown
    ttown Posts: 4,472 ✭✭✭
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    Buffet, Saros, and Gates have huge pockets. Bill Gates is buying gold now and unlike the late 70's they won't be able to go after a Hunt brothers on a lame excuse to stablize the market IMO. Those are just 3 player but the Arab's, China, India, and Argentia central banks are buying up all they can get too. This game will play out in the next decade IMO, if not sooner.
  • Deadhorse
    Deadhorse Posts: 3,720 ✭
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    << <i>Didn't Warren Buff invest alot of money into silver? If he did, I wonder if he is going to sell now if he hasn't sold it yet. >>



    Buffet also took physical delivery, not paper. I'd say he is sitting pretty right about now.

    Same with Gates.

    This promises to be a very interesting ride, though it's happening sooner than I thought it would.

    Perhaps it's time to stop flipping it and just hold for a bit to see what develops.
    "Lenin is certainly right. There is no subtler or more severe means of overturning the existing basis of society(destroy capitalism) than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and it does it in a manner which not one man in a million is able to diagnose."
    John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
  • calleocho
    calleocho Posts: 1,569 ✭✭
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    eighty million ounces takes up a lot of space
    "Women should be obscene and not heard. "
    Groucho Marx
  • ttown
    ttown Posts: 4,472 ✭✭✭
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    Many experts believe that the central banks only own about half as much gold as they’ve reported. Our own Fort Knox hasn’t been inventoried since the 80’s and this coming from a government that lost a large hoard off CC silver dollars until the 60’s.

    Some trust the government and their spin but other trust the billionaire businessmen that have a proven track record over any government propaganda put out to keep the public from a panic. I don’t know who’s right but I’m siding with those that worked hard to make their money, the government has everything to lose in this game and will hide the truth if they can IMO.

    The real money taking the real stuff and no paper.
  • Touchdown
    Touchdown Posts: 233 ✭
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    I guess it's time to start buying Silver Eagles.
  • ttown
    ttown Posts: 4,472 ✭✭✭
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    Touchdown,

    I’m with you a lot of these central bank gold sales are central_bank-to-central_bank IMO although it’s not report or can be tracked to my knowledge. It’s put out for public consumption. Russia is in on the action too; a lot of the reported sales never hit the consumer market.

    Most of the countries buying have seen their money debased to almost worthless and that’s something that hasn’t hit the dollar so many people in America don’t believe that the dollar could ever be in trouble. . I’d look into the 90% junk coin silver market they don’t have the premiums the Eagles carry.
  • Higashiyama
    Higashiyama Posts: 2,324 ✭✭✭✭✭
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    Regarding "Many experts believe that the central banks only own about half as much gold as they’ve reported"

    This is not true, at least as it regards US gold holdings of around 260 million ounces. While a few isolated individuals make this claim with respect to the US, virtually no one with expertise in US economics or government, regardless of where they fall on the political spectrum, would entertain this rather odd view.

    Higashiyama
  • HonoluluDude
    HonoluluDude Posts: 2,167 ✭
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    Silver hit $8.04 today... Looks like the next leg up is coming up...

    image
  • oreville
    oreville Posts: 12,399 ✭✭✭✭✭
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    I still like the $500 bags of mercury dimes and the $500 bags of walkers, best of all.

    Those classic coins have numismatic value to support the slightly higher prices.
    A Collectors Universe poster since 1997!
  • hiyosilver
    hiyosilver Posts: 1,216
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    And gold seems to be doing the same........



    Gold $477.00
    (+9.00)
    11-16 12:36 PM PST
    Monday April 10, 2006 9:04 AM

    SM1 calls me a troublemaker....image

    --------------------------------------------
    Sunday August 19, 2007 9:17AM

    A mentor awarded " YOU SUCK!!"
  • HonoluluDude
    HonoluluDude Posts: 2,167 ✭
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    At the same time the dollar is rallying. Hmmm.... Precious metals finally disconnected from dollar moves?
  • Strat
    Strat Posts: 612 ✭✭✭
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    << <i> At the same time the dollar is rallying. Hmmm.... Precious metals finally disconnected from dollar moves? >>



    That is odd. Recently, whenever the dollar rallies, silver drops. Let's see what happens this time.

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