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Silver drops 4-1/2 bucks in 3 minutes.
Wolf359
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Wolf359
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long term trend is up but this could go sub-40 in a hurry
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<< <i>Will we see that 66% drop this week? >>
Unlikely, that would be like saying: silver at $70 by June or $100 this year.
Appears to be recovering a bit now
splunge!
Given how dramatic this is I wonder if it's a major player selling out of a large position into a thin market....
World Collection
British Collection
German States Collection
Let's hope it goes real low.
Then BUY, BUY, BUY!!!!!!
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
Yogi Berra
<< <i>Given how dramatic this is I wonder if it's a major player selling out of a large position into a thin market.... >>
Why would a major player deliberately do that, since he/she would lose more money that way?
<< <i>Buy! APMEX is a bargain! >>
sounds right to me
Joe
If you looked at Market watch on Friday there were three negative articles on silver... it seemed like financial reporters were coalescing around the "silvers is a bubble" meme.
Possible reasons for the silver drop:
1. The recession is over and we're back to full employment.
2. The dollar is soaring.
3. The U.S. government and all 50 states are running a huge surplus.
4. Inflation has disappeared. Gasoline is back under $2.00.
5. Peace has broken out in the Middle East.
6. All the derivatives have settled, and our banking system is now sound.
7. There is a huge surplus of silver, no one knows what to do with it all.
Did I miss anything?
Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat
<< <i>Possible reasons for the silver drop:
1. The recession is over and we're back to full employment.
2. The dollar is soaring.
3. The U.S. government and all 50 states are running a huge surplus.
4. Inflation has disappeared. Gasoline is back under $2.00.
5. Peace has broken out in the Middle East.
6. All the derivatives have settled, and our banking system is now sound.
7. There is a huge surplus of silver, no one knows what to do with it all.
Did I miss anything?
Yes, one that might explain tonight's action.
Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat
<< <i>If it doesn't pick back up by opening of the exchanges in the morning you will see a mass exodus from SLV. This will create a downward spiral that should result in excellent buying opportunities. SLV crash will drive silver way below where it's fundamentals should place it. >>
And who knows, I may even win my bet.
<< <i>Ampex hasn't move any of their product down..... lol.. they never do unless the correction lasts for 3+ days. >>
Any item that is tied to spot + has adjusted...example the ATB pucks are now down to $528 as to Fridays quote of $573.....no idea what your looking at.
<< <i>Did I miss anything? >>
Yes! The trillions that U.S. taxpayers are on the hook for through Fannie Mae and Freddie Mac has been paid for by The Fed printing $3 trillion!
Just kidding.
I am certain the SHORT banksters will fight back in ways
that no one has seen before.
They are prolly willing to cover almost everything and end
with a net LONG position, but they ain't gonna cover at $50.
..............
I dunno how low SLV can go before they need to sell silver
to meet redemptions, but we might get to find out.
The joy that SLV can deliver in a rising market is nifty, but
the pain SLV can - in theory - cause in a crash is less nifty.
....................
Where I am, LOTS of low-level dealers were blowing-out silver
pretty cheap this morning/afternoon.
There are LOTS of nervous holders this weekend.
I don't see a crash coming, but it is prolly good to let the drama
play out and THEN go in heavy for buy/hold plans.
JPM will likely be satisfied with mid/low $30s, but maybe not.
................
I still think $100 before $10, but it cannot happen until the BIG
crooks feel safe/satisfied.
Gold will get whacked too, but prolly not terribly badly.
<< <i>Ampex hasn't move any of their product down..... lol.. they never do unless the correction lasts for 3+ days. >>
The boys on ebay haven't changed their prices either, not that that really means anything.
<< <i>
<< <i>Ampex hasn't move any of their product down..... lol.. they never do unless the correction lasts for 3+ days. >>
The boys on ebay haven't changed their prices either, not that that really means anything. >>
Many of those bids were put in when silver was still at $48 today. I'm sure ebay sellers are going to have their hands full of non paying bidders and wild excuses.
I was looking at newly listed BIN on silver eagles. Rolls are still around the $1,100 level.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
<< <i>Am I missing something but what does "prolly" mean? >>
prolly = probably
Or lose control of the situation, due to the growing imbalance between physical silver supply and demand.
<< <i>
<< <i>
<< <i>Ampex hasn't move any of their product down..... lol.. they never do unless the correction lasts for 3+ days. >>
The boys on ebay haven't changed their prices either, not that that really means anything. >>
Many of those bids were put in when silver was still at $48 today. I'm sure ebay sellers are going to have their hands full of non paying bidders and wild excuses. >>
"The dog ate my modem!"
I reckon that depends on your position Capn. Those looking to buy are probably getting close. Those looking to sell, well maybe it will bounce tomorrow or even in the next few minutes. Take care. jws
<< <i>Are we having fun yet???? >>
<< <i>
<< <i>Am I missing something but what does "prolly" mean? >>
prolly = probably >>
Dang - I wanted to see how long it took DoubleEagle59 to figure it out!!!
1. You have info that others don't and want to take your profits now and expect the info to become public any minute (like the movie "Trading Places").
2. Shorts knowing they can manipulate the market, spook some weak holders, get momentum moving down, and cover their short positions (much larger short positions that the sale it took to move the thin market.)
If it is the latter tonight, then based on the responses to this thread I believe they may have some success. However, if the market recovers because there is still pent up buying demand on the sidelines (like it looks like) then it may backfire on them since a quick recovery would probably be viewed by most as strength. I agree with that view.
--Jerry
PS a 3rd would be ignorance/stupidity. I assume people making this size trade are generally aware of what they are doing.
to holidays and the shorts are taking advantage of the situation to lighten
up their loses. I believe that Monday, when trading returns to normal, all will
be well again. You all take a few deep breaths, do some light exercises and
and dream of stacks and stacks of beautiful silver under your bed.
Camelot
<< <i>.........and dream of stacks and stacks of beautiful silver under your bed.
Great, now I have to change my hiding spot.