Am I the only here expecting a major correction in the price of silver to come soon?

PerryHall · March 5, 2011 7:38AM

As fast as silver has increased in value over the past few weeks, I would be very surprised if there wasn't a big drop in silver from profit taking. Also, I bought a bunch of silver last week which usually precipitates a big price drop. What say you? Don't get me wrong---I'm bullish on silver over the long haul.

gecko109 · March 5, 2011 7:40AM

Hope it comes before this Thursday!

jmski52 · March 5, 2011 7:51AM

I must admit that I have no idea whether silver will correct in the next 3 months or not. Historically, I would expect something like a correction or a slowdown between now and June. Then again, we aren't in Kansas anymore.

gecko109 · March 5, 2011 8:06AM

<< I must admit that I have no idea whether silver will correct in the next 3 months or not. Historically, I would expect something like a correction or a slowdown between now and June. Then again, we aren't in Kansas anymore. >>

So this time REALLY IS different?

P.S.- I agree.

PerryHall · March 5, 2011 8:07AM

<< Hope it comes before this Thursday!

>>

What happens this Thursday?

gsa1fan · March 5, 2011 8:11AM

When I sold major portion of my Ag @ $31.50 I was thinking correction. Then Ag zoomed to $34 that same week

OPA · March 5, 2011 8:17AM

It will happen when it's least expected by the masses. Don't know when, but it's going to happen.

COINB0Y · March 5, 2011 8:20AM

Perry, I am thinking the same = a major correction.

This rapid price rise is a squeeze played against the JPM and the HBC Shorts.

I selling into it.

I just unloaded an EBay buy (made with a Credit Card) from the end of Jan for 1,745 Quarters (bought @$4.93).

Sold those today for a handsome gain ;> Even if I am wrong, a pig I am not. Better to be lucky than smart.

percyb · March 5, 2011 8:22AM

I thought we just had a correction....albeit a day or two long.

tydye · March 5, 2011 8:26AM

I am hoping for something in the 30 range in a few weeks when I get my mad money stash replenished.

Wingsrule · March 5, 2011 8:29AM

The last time silver closed down on a week-over-week basis was Jan 23. From the start of the calendar year through that date, silver dropped just under 11%. In the 5 weeks after that, it rose from $27.53 to $33.38 per ounce. I could have seen this same discussion going on last week after a non-stop 21+% gain. And then another $2.29 per ounce on top of that last week.

Dollar cost averaging.

Konahead · March 5, 2011 8:39AM

Hope your rigth, would love a dip to $22.

gecko109 · March 5, 2011 8:49AM

<< 

<< Hope it comes before this Thursday!

>>

What happens this Thursday? >>

150 oz purchase.

meluaufeet · March 5, 2011 8:52AM

A drop next week (or two) wouldn't surprise me. I would also think the highs for the next 6 months or so will be set by mid April.

That is just seasonal expectations for me.

goingbroke · March 5, 2011 9:01AM

I predict a rise in silver price next week! I think between $37.40-$38.00.

gsa1fan · March 5, 2011 9:04AM

<< I predict a rise in silver price next week! I think between $37.40-$38.00. >>

Well you pretty good at predicting Ag price

goingbroke · March 5, 2011 9:09AM

prestigious winner in the first silver Silver Baron PM give-away!....

AUandAG · March 5, 2011 9:16AM

I too bought 22 ounces yesterday...so, the price ought to drop to $3.50 next week!

bob

DNADave · March 5, 2011 9:27AM

<< Hope it comes before this Thursday!

>>

I'm with you. I'm looking at a possible 430 ounce purchase on Tuesday and I'm scared to death the timing is bad.

CaptHenway · March 5, 2011 9:35AM

Lotta people expecting a correction.
Trouble is, they been expecting it since silver hit $20...........

jdimmick · March 5, 2011 9:43AM

Capt is right, I had been expecting it when it hit 25, then 30, then 35. Im batting zero. it just doesnt seem to come, just up and up, when it do s correct, its seems to only be for a day or two and very little at that. I just dont know when or if now. All I know is the past 2 weeks , people have been coming out of the wood work buying any and every silver item they can get, eagles, 90%, rounds, even world silver coins. People are coming off that streets pouring in to buy silver as fast as I can buy it over the counter. I am just a small B & M shop in a fairly small town and did over 100k last week alone.

jdimmick · March 5, 2011 9:46AM

Also, I might add by the close of business today, and I close at 3 on sat, There wasnt a single piece of silver left in the shop. Everything was carted out the door!!

I had people buying commom date UNC morgans in the trays, becuase the bullion was gone. A absolute feeding freenzy the past few days!!!

ebaytrader · March 5, 2011 9:48AM

<< Capt is right, I had been expecting it when it hit 25, then 30, then 35. Im batting zero. it just doesnt seem to come, just up and up, when it do s correct, its seems to only be for a day or two and very little at that. I just dont know when or if now. All I know is the past 2 weeks , people have been coming out of the wood work buying any and every silver item they can get, eagles, 90%, rounds, even world silver coins. People are coming off that streets pouring in to buy silver as fast as I can buy it over the counter. I am just a small B & M shop in a fairly small town and did over 100k last week alone. >>

Same here. We did about $500k in just silver this week.

DNADave · March 5, 2011 10:00AM

At our local coin show today the largest dealer there had purchased over $25,000 worth of 90% within the first 15 minutes of the show.
He was buying at 22X

CaptHenway · March 5, 2011 11:08AM

I think the silver market could easily shrug off a $3 correction now. After all, that is less than 10%. At $5 off it is time to make a decision.

jmski52 · March 5, 2011 11:18AM

So this time REALLY IS different?

It's never the same, and it's never different. The charts are meaningful only because they map the course of people's actions. There will be a correction and it will be a classic correction like always happens.

It's the level at which it happens that is going to be different. When you go from billions to trillions, the numbers on the graph changes, but the actions & reactions really don't. I now refer you to roadrunner and cohodk and proof collection.

mrearlygold · March 5, 2011 12:11PM

Jeesh, I'm looking to buy a bunch more right now

jmski52 · March 5, 2011 12:42PM

Jeesh, I'm looking to buy a bunch more right now

If that is your intention, my advice is to buy Pucks as the "collector" versions are available from the Mint and to sit on the 2010 issues. I would even go as far as recommending that you buy a set or two of the "bullion" version from any Mint Distributors who would deign to sell you a set. You are very welcome.

mrearlygold · March 5, 2011 1:11PM

<< Jeesh, I'm looking to buy a bunch more right now

If that is your intention, my advice is to buy Pucks as the "collector" versions are available from the Mint and to sit on the 2010 issues. I would even go as far as recommending that you buy a set or two of the "bullion" version from any Mint Distributors who would deign to sell you a set. You are very welcome.

>>

What is a puck and what is the premium for them?

TooSnappy · March 5, 2011 1:15PM

glad I just grabbed up another 30 ounces.

roadrunner · March 5, 2011 2:14PM

Yeah, we'll see a correction "soon,"...........just before it rebounds back into the $40's in the April-May time frame. Good luck timing that with your physical.

roadrunner

COINB0Y · March 5, 2011 2:36PM

<< Yeah, we'll see a correction "soon,"...........just before it rebounds back into the $40's in the April-May time frame. Good luck timing that with your physical.

roadrunner >>

Love it!

HonoluluDude · March 5, 2011 3:16PM

This thread should be renamed the "Silver wall of worry thread".
That said, I was looking at the ZSL chart earlier today because I was thinking the exact same thing.
It's starting to look tasty.

OPA · March 6, 2011 2:02AM

<< 

<< Capt is right, I had been expecting it when it hit 25, then 30, then 35. Im batting zero. it just doesnt seem to come, just up and up, when it do s correct, its seems to only be for a day or two and very little at that. I just dont know when or if now. All I know is the past 2 weeks , people have been coming out of the wood work buying any and every silver item they can get, eagles, 90%, rounds, even world silver coins. People are coming off that streets pouring in to buy silver as fast as I can buy it over the counter. I am just a small B & M shop in a fairly small town and did over 100k last week alone. >>

Same here. We did about $500k in just silver this week. >>

With that type of buying frenzy by J6P...my unintelligent guess would be: Correction is imminent...I just finished several eBay auctions for common bullion bars & rounds & sold them for $4.00-$4.50 above spot...go figure.

roadrunner · March 6, 2011 2:43AM

<< This thread should be renamed the "Silver wall of worry thread".
That said, I was looking at the ZSL chart earlier today because I was thinking the exact same thing.
It's starting to look tasty. >>

The ZSL chart, like all leveraged bear ETF's (and fiat) is headed to zero. Look at the FAZ, SRS or UNG charts if you want to see runs from huge heights to basically zero. The only thing keeping them from going to zero are inverse splits. ZSL just received a 3:1 share increase. I've dipped my toe into that sucker twice, only to get stung both times. Ironically, I took a bite just when it looked like it was ready to turn around. And in each case it was just the start of another major silver run that lasted weeks. Tough stock to trade.

roadrunner

mkman123 · March 6, 2011 4:23AM

I bought two ounces in the most unlikely of places............a mall jewelry store for 33/oz! It was two JM 1 oz bars and the jewelry store mentioned that people sell them their old gold and silver to partially pay for the ring or necklace they want.........if they sell more at 33/oz I will be buying!

jmski52 · March 6, 2011 5:03AM

What is a puck and what is the premium for them?

The "hockey pucks" as they have become known, are the 5 oz. silver bullion "America The Beautiful" pieces they started making in 2010. There are 2 flavors - the "bullion" and the "collector bullion". The 2010 "bullion" sets are about done for the year. Your only possible chance of getting them at issue price is from Coins'n Things on March 8 when they are sold via phone for a period of 2 hours. That of course is a total fraud on the Mint's distribution agreement.

The other chance at the 2010s is the "collector bullion" that will be available directly from the Mint very soon. They will have "P" mintmarks, while the bullion version will not have any. The deal is that both 2010 varieties were made in limited numbers 33,000 and 27,000 respectively - because the Mint is such a basket case and screws up everything that requires advance planning. As with most Modern Mint issues that have low mintage potential, these will spike out of the gate, fall back a bit and then recover and grow. If they don't develop a numismatic premium, silver will bail you out anyhow.

agentjim007 · March 6, 2011 5:14AM

remember when these threads were about gold?

cone10 · March 6, 2011 5:47AM

<< remember when these threads were about gold? >>

Me too... I'm thinking this might be a good time to trade silver for gold.

Metalsman · March 6, 2011 7:22AM

<< Also, I might add by the close of business today, and I close at 3 on sat, There wasnt a single piece of silver left in the shop. Everything was carted out the door!!

I had people buying commom date UNC morgans in the trays, becuase the bullion was gone. A absolute feeding freenzy the past few days!!! >>

I went to my BM yesterday to see whats available and ask whats been happening at the shop.. Very little silver available for sale. a few 100 oz bars @ $3850 , some various ASEs @ $41. ea and some 90% @ 25x and Silver Rounds at $39.25. Overall very thin inventory for this shop. That said 5 out of 5 people there where buyers. I bought some AU at melt [ he always gives me a great deal]. I do believe the premium over spot is about to be where it was not too long ago at 8-10% over spot on norm. Just my observation form the street. I also see that besides a few small deals here and there or 90% most of the sales on the BST at at a premium. Just 2 months ago you could buy 100 oz bars below spot. Storms a brewin and some more blow to go!

dbcoin · March 6, 2011 7:50AM

I sold a little junk today at the Parsippany show for 24x. Sold a few junk Morgans and Peace for $27 each.

Also sold a milk spotted ASE date set for $37.50 each.

Nothing goes up forever...but if it keeps going up then I start selling my modern silver proof sets and modern commems and my low graded Morgans (MS62/63)

reddwing · March 6, 2011 9:39AM

I too think silver is getting a bit toppy. I am bullish longer term, but if you look at the froth that exist on discussion boards, coin shows, other media outlets it just seems to be getting ahead of itself. I am looking at SLV April 30 puts.

papabear · March 6, 2011 9:40AM

Me too... I'm thinking this might be a good time to trade silver for gold.

Me three.... I traded silver for a 1915 $20 gold eagle today

I am very happy

Silver bought in the $9 to $20 range

Thank You Papabear

Am I the only here expecting a major correction in the price of silver to come soon?

Comments