Could We See Our First $2 Up Silver Day Today?

[beauanderos]

NYMEX ought to open today with a strong foundation courtesy of overnight trading. Will it be enough, if the market ignites again, to fuel a $2 gain in one day? Even if it's just a spike up and then back down? Or is it too early for that? At some point, they'll come. Will we see one this month? Next? And... do you think that would be a good thing? Or disastrous?

[Rodebaugh]

I am calling $30 by the end of the week. That gives me an Idea for a contest.

[Country]

A slow and steady grind up is what you want. Jerky, big up moves, usually result in nasty corrections. A steady and smooth uptrend makes for a solid BULL MARKET that attracts those who have not yet participated. The nasty corrections scare folks away.

[Rodebaugh]

A slow and steady grind up is what you want. Jerky, big up moves, usually result in nasty corrections. A steady and smooth uptrend makes for a solid BULL MARKET that attracts those who have not yet participated. The nasty corrections scare folks away.

Yeah I agree.... but as Mick says........

[neilgin1]

Hey yall, first post. thanks for having me onboard.

kind of like entering a clubhouse for the first time, one's gotta tread gingerly...and humbly.

not my first trade though. been involved in the futures mkt from 82-2002, on the CME floor during the 80's, saw the last big gold bull in the pits, before those cementheads ruined the contract.

started getting serious about physical silver early 07, when you could just SEE what was coming down the pike.

i figured stick to simple coins, pre-65 American dime, quarters, halves and ASE's, and i did buy a goodly amount of pre-82 copper pennies, as well as hitting the bank for boxes of nickels at face. just tried to keep it simple. Was more interested in intrinsic value collecting, more than nusimatic. ok, thats my story.

in my humble opinion, "country"'s got it right. We're doing a lot of spiking, and its not healthy short term for the market.

Definitely this market is real, no doubts about that, but a lot of the spiking on COMEX feels to be guys squeezing shorts, said shorts being large banks that have been monkeying around with the market for years now, may they bleed from every orifice.

in 30 years, i've never seen the markets move like this, (with the exception of crude oil at the turn of the century)

sure we could see a $2 up move, today, sometime during the week....BUT, if you see that, AND it closes lower, thats an intermediate revearsal, which means we all get lucky, blessed, because just maybe, we trade back down to the 24 to 20 area, on the Comex board, translates out to what?.....a $23 to $25 ASE?, and 90's go to what? 16X face?

maybe i'm just "hoping", but this first big spike might be drawing to a close, and then if we get that setback, that might be our last opportunity to buy right. Accuse me of sniffing glue, but i see silver going to between 75 to a $125 an ounce and the Gold/Silver ratio trading sanely at 30 to 40. thats just my read. Paper dollar is doomed..

just one more thing, i buy my silver on Ebay, and never been burned, coz i stick with just a few sellers who you can tell are square shooters, and i noticed this, at bottoms and tops, inventory offered starts to dry up, and a lot of junk flows out of the woodwork, plus you see a lot of buy it nows way over market. i saw that this morning, ie, a LOT of silver's done been bought over $30 an ounce.

they'll be good in 2012, but now? i dont know.

sorry for the long post, i just had a lot to say, and that includes, i think ya'll are wise fella's, silvers been real money for thousands of years, and yall see that. May you all prosper, neil

[blackrabbit]

I may not be able to always get what I want, but I need to rub my bleary eyes this morning looking at already almost another dollar jump. Maybe this dead dollar thing is upon us?

http://www.businessinsider.com/citi-central-bank-reserve-selling-2010-11

[Sheikh_yer_Bu'Tay]

Hey neilgin1!! Welcome to the party! Sounds like you are an old hand at this.

[Sheikh_yer_Bu'Tay]

No, you can't always get what you want... What I want is MORE SILVER! Too late to buy any more at $17, that's mostly gone forever now.

My dollar cost average is $11.65, soooo, I really can't complain!

[Country]

It appears that the hedge fund sharks are feasting on the carcas of naked-short selling JPM and friends right now. The move up from here could be spectacular. When the feast is done, look for a nasty correction afterwards as the sharks depart. Be prepared to aggressively BUY on that correction which may be our last real buying opportunity at reasonable levels.

[AGCoinHunter]

It appears that the hedge fund sharks are feasting on the carcas of naked-short selling JPM and friends right now. The move up from here could be spectacular. When the feast is done, look for a nasty correction afterwards as the sharks depart. Be prepared to aggressively BUY on that correction which may be our last real buying opportunity at reasonable levels.

So how much of a correction do you think? 10-20%or more in one day or over the course of a few days? Think we might tip $30 before a pullback since resistance appears to be in the 30 range. Q2E isnt helping any of the prospects for a huge pullback because the money is freely flowing. Inflation here we come.

[Country]

It appears that the hedge fund sharks are feasting on the carcas of naked-short selling JPM and friends right now. The move up from here could be spectacular. When the feast is done, look for a nasty correction afterwards as the sharks depart. Be prepared to aggressively BUY on that correction which may be our last real buying opportunity at reasonable levels.

So how much of a correction do you think? 10-20%or more in one day or over the course of a few days? Think we might tip $30 before a pullback since resistance appears to be in the 30 range. Q2E isnt helping any of the prospects for a huge pullback because the money is freely flowing. Inflation here we come.

It depends on how high SILVER goes from here.... Could we gap up to $50 SILVER on short-covering over the next few weeks? Or, higher? Most folks seem to think the $30-$32 level will be a resting place for SILVER. I think we have to see what it does above $30....

[beauanderos]

I actually would prefer to see steady fifteen to forty cents daily price rises for silver... with a few five or six cents a day for a few weeks thrown in to allow for consolidation at various levels. I was just wondering if we would see a huge one day move though (driven, naturally, by mostly short-covering). I saw something on zero hedge (though I don't understand spreads) that suggested that the shorts filling would be more gradual as they are buying offsetting long positions at the same time, some kind of straddle strategy. This is all greek to me... I'm just a humble "silver is gonna be valuable, so buy lot's of it while it's cheap" kind of guy. Of course, too, I like to stimulate thoughts and involvement in our discussions as we climb the wall of worry. And finally, since Kitco is down half the time, if I get up early and then post a chart, we at least have that to watch instead of an overloaded server giving us the script upon monitor finger. and welcome Neil, it's great to have someone with your trading background join the group!

[highroller4321]

Tbe day the SLV ETF opened silver went up over $2 that day. From the looks of it we may see a jump like that again.

[stateofmind]

Hey yall, first post. thanks for having me onboard.

kind of like entering a clubhouse for the first time, one's gotta tread gingerly...and humbly.

not my first trade though. been involved in the futures mkt from 82-2002, on the CME floor during the 80's, saw the last big gold bull in the pits, before those cementheads ruined the contract.

started getting serious about physical silver early 07, when you could just SEE what was coming down the pike.

i figured stick to simple coins, pre-65 American dime, quarters, halves and ASE's, and i did buy a goodly amount of pre-82 copper pennies, as well as hitting the bank for boxes of nickels at face. just tried to keep it simple. Was more interested in intrinsic value collecting, more than nusimatic. ok, thats my story.

in my humble opinion, "country"'s got it right. We're doing a lot of spiking, and its not healthy short term for the market.

Definitely this market is real, no doubts about that, but a lot of the spiking on COMEX feels to be guys squeezing shorts, said shorts being large banks that have been monkeying around with the market for years now, may they bleed from every orifice.

in 30 years, i've never seen the markets move like this, (with the exception of crude oil at the turn of the century)

sure we could see a $2 up move, today, sometime during the week....BUT, if you see that, AND it closes lower, thats an intermediate revearsal, which means we all get lucky, blessed, because just maybe, we trade back down to the 24 to 20 area, on the Comex board, translates out to what?.....a $23 to $25 ASE?, and 90's go to what? 16X face?

maybe i'm just "hoping", but this first big spike might be drawing to a close, and then if we get that setback, that might be our last opportunity to buy right. Accuse me of sniffing glue, but i see silver going to between 75 to a $125 an ounce and the Gold/Silver ratio trading sanely at 30 to 40. thats just my read. Paper dollar is doomed..

just one more thing, i buy my silver on Ebay, and never been burned, coz i stick with just a few sellers who you can tell are square shooters, and i noticed this, at bottoms and tops, inventory offered starts to dry up, and a lot of junk flows out of the woodwork, plus you see a lot of buy it nows way over market. i saw that this morning, ie, a LOT of silver's done been bought over $30 an ounce.

they'll be good in 2012, but now? i dont know.

sorry for the long post, i just had a lot to say, and that includes, i think ya'll are wise fella's, silvers been real money for thousands of years, and yall see that. May you all prosper, neil

Welcome Neil! I hope you stick around and become an established member here!
What was it like working on the CME floor?

[beauanderos]

Dang... someone forgot to read the heading. Talk about irony! It was supposed to be $2 UP... not DOWN!

[misteroman]

yeah a 2.80 swing in less then 3 hrs!

[beauanderos]

I may not be able to always get what I want, but I need to rub my bleary eyes this morning looking at already almost another dollar jump. Maybe this dead dollar thing is upon us?

http://www.businessinsider.com/citi-central-bank-reserve-selling-2010-11

Thought provoking article BR, thanks for posting. Wonder if it will be sufficient to offset the machinations set in play today? This whole thing smacks to me of a crowd of schoolchildren gathered in a playground, surrounding a melee between two kids, the entire crowd jostling for a better view, shrieking in delight or howling in dismay at each punch thrown, each kick landed, dependent on which party they support. So who will win? The AngloAmerican bully, who's been picking on everyone as long as they can recall? Or will the recently-enrolled-in-school new Karate Kid rise up, protecting the honor of the downtrodden, and prove much harder to defeat then the loudmouthed tough expected? Higher prices? Or a return to the same old game?