Big hit on silver

JupitarCoins · May 1, 2011 11:25AM

It was bound to happen sooner or later.
I know this is the wrong forum but for people who dont read there might want to know that silver is down over $3.00 right now.

Rampage · May 1, 2011 11:28AM

I'd be a bit happier if it fell about $20 per ounce.

Rampage · May 1, 2011 11:28AM

Actually, all the metals are taking a nice hit right now. Gold is down about 17 dollars.

mrpotatoheadd · May 1, 2011 11:30AM

<< ...silver is down over $3.00 right now. >>

Not from a year ago (or a month ago, for that matter), it isn't.

JupitarCoins · May 1, 2011 11:32AM

<< I'd be a bit happier if it fell about $20 per ounce. >>

Why?

JupitarCoins · May 1, 2011 11:33AM

<< 

<< ...silver is down over $3.00 right now. >>

Not from a year ago (or a month ago, for that matter), it isn't.

>>

Yes I know its still has had a nice run-up

Rampage · May 1, 2011 11:36AM

<< 

<< I'd be a bit happier if it fell about $20 per ounce. >>

Why? >>

Then maybe the value of the US Dollar would increase. And, I can buy more, more, and more.

Walkerguy21D · May 1, 2011 11:38AM

Figures....I haven't averaged in enough from where I started shorting futures at $39.50/oz

fcloud · May 1, 2011 11:40AM

Wow. I'm glad another dealer came up to a guy I was going to buy some silver from, and told the guy he would match my price. He had a small handful of ugly Peace Dollars, and some ugly circulated minors. Nothing I could sell for anything other than metal. I hope that other dealer is pleased with his purchase!

keyman64 · May 1, 2011 11:40AM

$3 is significant but in my opinion not a big deal. For a lot of people, the $50 mark was a psychological sell point. They also realized that a lot of other people might think the same way so some started selling at the 47-49 range. More sell orders than buy orders will cause the price to drop but I would not view a $3 drop as a sky is falling scenario. Last week you had $2ish drops(mostly intraday). The sky did not fall for $2, it will not fall for $3. If you see a $7+ adjustment I think things will be very different, anything can happen.

If you see a significant adjustment, I personally would not be selling into the adjustment, I would wait for the Dead Cat Bounce and hope that I was right that there would be one. I linked to it for those that are unfamiliar. Sell into strength, not weakness.

Edit: All just my humble former stock broker self opinion.

Bear · May 1, 2011 11:46AM

Everyone relax. It is not the end of the world or the silver run yet.

Just the sharks and short playing around and having fun, on a light

trading day in Asia (Holiday). All will be back to normal on Monday.Everyone

take a few deep breaths, eat a jelly donut and chill out tonight.

Goldbully · May 1, 2011 11:50AM

<< Everyone relax. It is not the end of the world or the silver run yet.

Just the sharks and short playing around and having fun, on a light

trading day in Asia (Holiday). All will be back to normal on Monday.Everyone

take a few deep breaths, eat a jelly donut and chill out tonight.

>>

This exemplifies the epitome of "WISENESS"

ambro51 · May 1, 2011 11:51AM

I am "out" selling what we had (old flatware and junk coinage) at $48 oz. My buyer is "big leauge" and tells me a LOT of selling and also a LOT of buying went on last monday, during a huge swing. A lot of people are now "IN" at $46.

....I dont look back. The landscaper is starting work next week. Large maple tree coming out, sod, new fence, slate walkway in the back, landscaped beds and a raised bed system for a little garden.

MrEureka · May 1, 2011 11:55AM

So what are we down to now? Last Wednesday's prices? Oh, my!

JupitarCoins · May 1, 2011 11:55AM

<< 

<< 

<< I'd be a bit happier if it fell about $20 per ounce. >>

Why? >>

Then maybe the value of the US Dollar would increase. And, I can buy more, more, and more.

>>

mudskippie · May 1, 2011 11:58AM

Sold half of my holding at $48.33 per ouce on last Friday. Now if silver continue to go up to $75, I'll sell my other half. If silver is now going back to $20, I'll start buying in again! It's all good!

derryb · May 1, 2011 12:17PM

Big opportunity for silver stackers.

Topdollarpaid · May 1, 2011 12:32PM

silver was down about 5.40 about 3 hours ago at 3:40

JupitarCoins · May 1, 2011 12:33PM

<< silver was down about 5.40 about 3 hours ago at 3:40 >>

Did not know that.
So I guess it has leveled off some but eithier way its going to be down at the opening in the am.

ChrisRx · May 1, 2011 1:00PM

<< Big opportunity for silver stackers.

>>

Let it slide some more.

$20/oz and I will buy again.

kevinstang · May 1, 2011 1:32PM

Makes you wonder if some info about Bin Laden got leaked early thus the market turn....wait till all h*ll breaks loose tomorrow!

Type2 · May 1, 2011 2:05PM

I was thinking the same.

CoinMaster1229 · May 1, 2011 2:46PM

Short term bump! Silver will continue to rise untill the federal Government stops spending.
that will not happen while Obama is still in office! So I will buy in the morning.

BAJJERFAN · May 1, 2011 3:07PM

<< 

<< 

<< I'd be a bit happier if it fell about $20 per ounce. >>

Why? >>

Then maybe the value of the US Dollar would increase. And, I can buy more, more, and more.

>>

Well at $20 you could buy more whether the value of the dollar increases or not.

Zoins · May 1, 2011 5:34PM

Silver is big time now. Just ran across this generic ad:

ricko · May 1, 2011 11:19PM

Those that wish to sell now will make some profit... those that hold, will make a lot more profit. Cheers, RickO

DorkGirl · May 1, 2011 11:27PM

<< So what are we down to now? Last Wednesday's prices? Oh, my! >>

TwoSides2aCoin · May 1, 2011 11:33PM

Yeah, looks like a

rim ding (as opposed to a rim shot) . I'm guessing it will get a "genuine" holder at PCGS if submitted.

roadrunner · May 2, 2011 12:11AM

<< 

<< 

<< I'd be a bit happier if it fell about $20 per ounce. >>

Why? >>

Then maybe the value of the US Dollar would increase. And, I can buy more, more, and more.

>>

The price of silver falling will not raise the value of the US dollar one bit. It's akin to the tail wagging the dog.
Besides light Asian trading, the London markets have been closed since Friday. They reopen Tuesday. Tomorrow
they'll have to come up with new "reasons" besides the Bin-Laden gambit to get a 13% drop in silver within minutes.

roadrunner

2manycoins2fewfunds · May 2, 2011 5:55AM

Stop loss orders on SLV may get triggered in a cascade effect bringing silver down hard.

We could easily see a $10 down day if many in Silver ETF have stop loss orders that get triggered forcing ETF to sell into a falling market.

Few will risk $$$ to step in front of cascading sell orders until a bottom is found or perceived.

Ahrensdad · May 2, 2011 7:00AM

I'm close to my stop loss of $42 now. I think the above analysis is correct. That's okay though, I get to buy back at a lower price.

3sidesofsilver · May 2, 2011 7:01AM

Down 9% now from Friday. Gold on the skids as well.

19Lyds · May 2, 2011 7:29AM

<< Down 9% now from Friday. Gold on the skids as well. >>

Ouch!

TwoSides2aCoin · May 2, 2011 7:31AM

<< 

<< Down 9% now from Friday. Gold on the skids as well. >>

Ouch! >>

I'm sorry. It was not my intent to laugh, really. This just struck me as funny.

NewParadigm · May 2, 2011 7:43AM

It is healthy... 35 days, it will hit 50 and pull back

2manycoins2fewfunds · May 3, 2011 3:06AM

I'm old enough to understand that almost all parabolic rises are followed by mirror image declines...............

Anything that can double in 6 months can decline 50% the following 6 months...........

2manycoins2fewfunds · May 3, 2011 3:08AM

<< I'm close to my stop loss of $42 now. I think the above analysis is correct. That's okay though, I get to buy back at a lower price. >>

.................................................................................................................................................................................................................

I can't explain it but human nature makes us much more hesitant to buy an item with a falling price than one which is rising.

Windycity · May 3, 2011 3:12AM

My guess is it's headed to the mid 30's, then steady for a while... long term, up.

scottgardener · May 3, 2011 4:13AM

AHHHHHHHH!!!! (waiving arms in the air, while the thrill ride bolts downward) MARKET CORRECTION!!!

Hopefully it will be back up by early July, because I've got maybe twenty ounces wagered on whatever happens between now and a big coin show trip in a few months. The trip is, fittingly enough, in Las Vegas.

earlyAurum · May 3, 2011 4:25AM

I am long puts on the SLV right now. I expect this to correct even more - possibly to the mid 30's but I could be wrong. When I saw the premiums jump like they did on the generic Morgans, that was a tell tale sign of a market top. I hope my timing is right...

lightcycler · May 3, 2011 4:30AM

<< I am long puts on the SLV right now. I expect this to correct even more - possibly to the mid 30's but I could be wrong. When I saw the premiums jump like they did on the generic Morgans, that was a tell tale sign of a market top. I hope my timing is right... >>

I'm with u. Bought puts last week. A bit early but racking up nice gains today.

JupitarCoins · May 3, 2011 5:15AM

Well another hit on silver today, I hope whoever plays the market shorted silver the last couple of days!!! You know that this was bound to happen sooner or later. I was kinda hoping silver would hit over $50 before it did.

scottgardener · May 3, 2011 8:09AM

I was expecting it to last a little longer, too. Maybe with so quick a drop, it'll re-rebound sooner, too.

MikeInFL · May 3, 2011 8:10AM

I always chuckle when people speak authoritatively about the future.

lightcycler · May 3, 2011 9:24AM

Well I know for certain the market will either go up, down or stay the same! Tendency of course at the moment is down. That will be the case until it goes up again. Hope that helps.

Coins911 · May 3, 2011 9:26AM

I'm glad i sold my proof ASE set to a dealer a $90 each at CSNS

questor54 · May 3, 2011 9:27AM

<< I always chuckle when people speak authoritatively about the future. >>

Especially if they haven't been there yet.

JupitarCoins · May 4, 2011 4:10AM

The downslide continues!!!

PawPaul · May 4, 2011 8:49AM

.........I , like I think most , got all wrapped up thinking it would hit 50$ and THEN the dust would settle ..............

but somebody really smart had no intention of letting it get there before they dumped tons of it @ 48$

derryb · May 4, 2011 9:06AM

CRIMEX raised margin requirements AGAIN late Wednesday afternoon. Look for it to continue until the price is where "they" want it. They claim it is to cut down on speculators but if that is the case why are they not raising margin requirement on other commodities such as oil and food items?

CaptHenway · May 4, 2011 9:22AM

Link to round four of the silver margin increase:
.
linky

Big hit on silver

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