silver spot

derryb · January 20, 2012 2:20AM

anyone else noticing the rapid rise in silver spot today?

DrBuster · January 20, 2012 2:25AM

Yup, been watching all morning. Figures too as I was going to hit the store this afternoon...always gotta squeeze that extra dollar out of me!

SilverBaron · January 20, 2012 2:26AM

Hadn't noticed.

jmski52 · January 20, 2012 2:27AM

I always wonder when it will decide not to come back down.

derryb · January 20, 2012 2:28AM

sure helps my AGQ pick iin the first annual Baleyville pickers contest. My IRAs (AGQ) can sure use the boost. Hope it holds.

DrBuster · January 20, 2012 2:37AM

Any guesses to why the surge today?

derryb · January 20, 2012 2:38AM

<< Any guesses to why the surge today? >>

Office party at the CTFC? Maybe they aren't aware.

gsa1fan · January 20, 2012 2:40AM

<< Any guesses to why the surge today? >>

Perry dropped out the whole country is HAPPY!

DrBuster · January 20, 2012 2:42AM

Somebody's gonna beat a short down hard methinks.

DoubleEagle59 · January 20, 2012 3:04AM

GSR moved from 55:1 to a little over 52:1.

Doesn't seem like alot, but a couple of GSR points means one metal has gained quite a bit on the other.

mariner67 · January 20, 2012 4:01AM

I have been watching it raise slowly but surely the last week or so but the booster engines did kick in today.
Hopefully it is not another drive up then dump price manipulation like all the recent ones in the last 2 yrs or so.
I really don't trust any market today.
All I can do is hope to catch a ride part ways.
Best.

Coyn · January 20, 2012 4:01AM

I guess they didn't read last weeks report on the "oversupply " of silver flooding the market.

Oversupply Concerns

pragmaticgoat · January 20, 2012 4:07AM

<< I guess they didn't read last weeks report on the "oversupply " of silver flooding the market.

Oversupply Concerns >>

propaganda

DrBuster · January 20, 2012 4:11AM

Europe sanctioning Iran commodities: linkadoodle

Timbuk3 · January 20, 2012 4:22AM

I did and I hope it continues !!!

OPA · January 20, 2012 5:28AM

<< 

<< I guess they didn't read last weeks report on the "oversupply " of silver flooding the market.

Oversupply Concerns >>

propaganda >>

I don't believe so...back in November, a forecast called for a surplus of 12000 tons by e/o 2011. Has this surplus been absorbed? For the first time in several years, the US Mint has lifted all restrictions to the AP's on ASE's ordering. It's obvious an over supply along with less demand seems to be the current norm.

Baley · January 20, 2012 5:30AM

Very nice! You benefitted hugely from the anomolous bottom right exactly at the end of Dec.

Historical AGQ prices

Well done! Today's move should put you in #1 for week 3

DoubleEagle59 · January 20, 2012 5:34AM

$75 by early 2013

Justacommeman · January 20, 2012 5:45AM

<< Very nice! You benefitted hugely from the anomolous bottom right exactly at the end of Dec.

Historical AGQ prices

Well done! Today's move should put you in #1 for week 3 >>

What's even greater is that AGQ is up 8% and GOOG is down 9% as I type. A personal daily double

GOOG misses big

NumbersUsacom · January 20, 2012 5:49AM

<< Any guesses to why the surge today? >>

Take a good look, utilizing macd, histogram, williams%r, 3 yr sma on the silver Weekly and Monthly charts

Justacommeman · January 20, 2012 5:54AM

<< Any guesses to why the surge today? >>

FWIW there is lot's of chatter of QE3+ talks being leaked today......

Personally I would LOVE to see derryb win that contest by a country mile. MJ

Baley · January 20, 2012 5:55AM

it's a silver SURGE!

(a Splurge will be when it goes back down after the election

Banemorth · January 20, 2012 5:59AM

I'd love to see it back 40+ so I could unload some

derryb · January 20, 2012 6:03AM

40 is a sure sign that you should be buying

DoubleEagle59 · January 20, 2012 6:27AM

<< 40 is a sure sign that you should be buying >>

Man, ain't that the truth (Curly talk).

jmski52 · January 20, 2012 6:39AM

(a Splurge will be when it goes back down after the election

Captn Henway would have to certify this, but I believe the correct term for that is "splunge".

Wingsrule · January 20, 2012 6:47AM

Sold some AGQ covered calls yesterday afternoon (today's expiration). Figured I'd pick up an extra 1.3% or so for a days work, 3+% if they got called away. As I left this morning for the annual Daddy/Daughter day at the Auto Show, followed by lunch at the Hard Rock Cafe, I was still OK. Little did I know what I would be coming home to.

Nice job derryb!

NumbersUsacom · January 20, 2012 7:04AM

<< I'd love to see it back 40+ so I could unload some

>>

We may see it at 38.00 within 30 days.

ricko · January 20, 2012 7:44AM

Certainly had a very good day... we will see what Monday's profit taking brings... then, if it rises through the week to a point beyond today's close, then maybe, the move has begun. Cheers, RickO

Baley · January 20, 2012 7:52AM

yes, thank you, SPLUNGE.

"Splurge" is what you do with big big profits... that is, if and when one actually locks in some gains.

Some of these more volatile securities have a high Beta, and can roller coaster all year and end up valued anywhere from up big, down big, flat, or anywhere in between, when an arbitrary calendar date rolls around or an actual trade is made..

jmski52 · January 20, 2012 8:37AM

+5.09% on silver, +0.62% on gold, and +0.72% on platinum.

There must have been something specific on silver, but I haven't heard or read anything new that would tend to indicate a move for silver.

It could just be a one-day anomaly.

DrBuster · January 20, 2012 8:54AM

Got libertads from my dude today for 33!

scotty1419 · January 20, 2012 9:30AM

derryb · January 20, 2012 9:37AM

<< There must have been something specific on silver, but I haven't heard or read anything new that would tend to indicate a move for silver. >>

Only thing I could find was the Wall Street Journal (where the FED leaks what it wants us to believe) stated "Federal Reserve officials are waiting to see how the economy performs before deciding whether to launch another bond-buying program."

This may very well be the FED wanting to put doubt in investors' minds about more QE. If so it is possible that the money ran to the industrial metal.

piecesofme · January 20, 2012 9:55AM

Heavy resistance at $32 the way I see it, but if it can break thru, $38 would be the next wall.
I must tell the truth as I have been down on Silver as of late, I did pick up 25 oz today and have another 50 oz bar locked in, but couldn't get to due to a snowstorm today.

Sold some 90% yesterday

Oh well, it was a profit, no sense in gettin greedy.

Coins101 · January 20, 2012 10:13AM

Well, it closed at 32.20 Bid/32.30 ask. So, I guess it broke through. $38.00 you say is the next resistance point/

epcjimi1 · January 20, 2012 11:18AM

Sprott is buying phyz for his new physical holding trust?

Don't know the answer, but something is acting on the market.

piecesofme · January 23, 2012 2:53AM

Heavy resistance at $32 the way I see it, but if it can break thru, $38 would be the next wall.

Well, it closed at 32.20 Bid/32.30 ask. So, I guess it broke through. $38.00 you say is the next resistance point/

Oh if it were only that easy.
Closing at $32.20 Friday and not being able to build upon that, like what is happening today (or not happening depending on how you look at it), is not breaking thru .
It has to clear the hurdle completely before $38 is even thought about. The high-hurdler is only at the approach of the hurdle, barely having lifted his foot yet to clear that $32 hurdle. If $34-35 is approached and sustained for a period of time, then the $32 hurdle is cleared and it then becomes behind the runner and he then has his sight set on the next one which is $38 in my opinion. Hope this helps to explain it.

Wingsrule · January 23, 2012 4:09AM

Technically speaking, Coins101 is correct.

If $32 was heavy resistance as you say, and spot closed above this figure, then it broke through that heavy resistance. There is no real definition of whether is has to break through by X dollars or Y% to 'count' as a break.

Looking at today's action, there was a period this morning when it broke back under $32, and went back and forth over the next 19 minutes. Been green ever since.

Perhaps you meant 'follow through'?

piecesofme · January 23, 2012 4:38AM

Not to get technical

it's just the way I process the data. I don't think either way is wrong, just a different interpretation of what is really the same root idea.
I prefer the phrase break thru, because that means to me the resistance that was the last solid level is solidly in the rear view mirror.
Follow thru (or the lack there of) means it reached that point of resistance, but is stagnant % wise looking at it after doing so.

leothelyon · January 23, 2012 5:19AM

Hi, I guess I'm fresh meat here, as they say,

But all I've read these past few weeks was that silver was expected to make another adjustment before rising again.

Chime in, if you will on some statistics I've come up with.
$15-$20 Jan-08 to Aug-08 8mo
9-16 Sept-08 to Sept-09 12mo
15-20 Sept-09 to Sept-10 13mo
20-30 Sept-10 to Feb-11 6mo
30-50 Feb-11 to May-11 2.5mo
35-45 May-11 to Sept-11 4.5mo
30-35 Sept-11 to Dec-11 2.5mo
25-30? Dec-11 to Jan-12? This line may end up in last run.

I was thinking the adjustment would have been lower instead of rising.

What you say?

Leo

silver spot

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