Silver 26

[blackrabbit]

Wow, so silver is down to 26 and change. Hindsight 20- bla bla blah. Anyway so is this the low? I remember people saying it would not fall below this level and now it is a little over half of its high when it was getting near 50. Are people buying whatever they can? Anyone still selling? Is the physical still easily obtainable at 26? Inquiring minds want to know!!

[shinnosuke]

If someone is buying, by definition someone is selling. The wisest thing I can do at this point though (especially with the Constitution being torn to shreds before our very eyes) is stop making any predictions about the price of PMs. We are in full-blown chaos now.

Brothers, keep your powder dry.

[reddirtcoins]

My question is, how long it breaks 20? I'm looking for more long trending smashes.. But to me, I don't really care. I'll keep stacking regardless.

[barrytrot]

So it hasn't even broken 26 for nearly 2 years but you believe it is inevitable that it will break 20?

I doubt it and will re-iterate that it will never break 25. NOTE: That doesn't count an "instant bounce" such as can happen in automatic trading especially with errors in the mix. I'm saying that it will not go a full day under 25 ever again.

[RTPMarine]

I'm saying that it will not go a full day under 25 ever again.

That's a bold statement, given the events of this morning. We might see it happen early next week.

[barrytrot]

I've made the same statement for over a year now. So far I'm looking good. One day I might not, but I still have complete confidence.

[deacon]

The technical low has been broken. It recovered and is hovering at what I believe is the bottom. 26.50. Looks like I need to start hedging.

[scrapper2010]

I've made the same statement for over a year now. So far I'm looking good. One day I might not, but I still have complete confidence.

Yes you've been saying that for a while and I think of it every now and then especially since it's getting close to $25. It takes backbone to reaffirm that position today. Compliments to you for that.

[SoFa]

There's nothing terribly special about the $26/oz price, except that there were big buyers at that level three times in the past when silver was falling.

Are the buy orders still in for 26/oz silver? Are those buyers more or less likely to be there given that this will be the fourth test of that level in the last couple of years?

[goodcents]

Give me one good reason it won't go below 25. I like the optimistic attitude and all but I don't see any reason why it can't keep falling.

[Copper Catcher]

I said this words in a previous post on April 16 but it is worth repeating!!

I get the feeling people here are nervous and uncomfortable about the price of silver dropping. If you feel this way have a question I'd like to ask you to think about.

What do you think has changed to cause any big dip other than pure price manipulation?

Do you really think the dollar is stable?

Do you really believe that economy has rebounded? Do you see this where you live?

Is there job growth? Do you know people who are unemployed or under employed?

Have prices on everyday items like food and fuel stabilized and not going up?

When you put money in the bank to save are the banks paying you a fair interest rate so you can beat the inflation rate or do you feel like you're going backwards?

Do you think the stock market is a safe place to put money?

While I know the following will sound illogical to most; I don't care what the daily price of silver or gold is at the moment and I don't worry about the dips either. I might buy more on the dips but I'm not concerned about precious metals prices dropping.

Regardless if you think precious metals are the "be all" or "end all" investment. I think most would agree that having a little sure does make a person feel a little more secure.

[RTPMarine]

Excellent post, CC!

Too many silver stackers out there attach too much significance to the spot prices. As long as you dollar-cost average on at least a bi-weekly basis, you are going to be fine. There is a reason the tortoise beat the hare.

[Copper Catcher]

I will also add this...I said some time ago that after doing lots of reading I felt silver might drop back to $22. Regardless, I have still be a buyer of silver now! Why you might ask?

It is simple....I’m not interested in short term profits but simple interested in security and trying to establish a hedge of protection when, not if, the dollar collapses and or is no longer the world reserve currency.

We have been fooled for so long. The purchasing power of the dollar continues to decline and there is no possible way to pay down the massive debt that has been created because more money needs to be borrowed every year just to pay the interest. More and more entities are too big to fail. The pendulum shifted from corporations to counties!

I have said this before too but a large portion of the American society is not just asleep but brain dead, so no amount of education trying to sound the alarm will help. I am sorry this is the case but if anyone can prove otherwise I’d love to hear your thoughts!

[Sterling Silver]

The wisest thing I can do at this point (especially with the Constitution being torn to shreds before our very eyes) is stop making any predictions about the price of PMs. We are in full-blown chaos now.

+1

[John Reich]

Don't worry too much about price. Establish a core position in PM's and hold on to it. It's an insurance policy against any form of chaos in our economy. You don't sell a life insurance policy as soon as it gets a cash surrender value! Once you have a core position, then play with the ups and downs of the market.

[OneBiteAtATime]

Was it here that someone said, "The US dollar is the best looking horse in the glue factory."? If it was here, it was hillarious. Might have been Glenn Beck. My online time and talk radio time mix into the goo which is my mind. Oh well. If someone here said it, take credit. It was hillarious.

Anyway. I agree with CC. Not all that concerned with current spot price... thinking long (and it sure seems shorter and shorter) term.

[deacon]

Spot price and futures matter to paper traders.

[RichardPenny43]

Was it here that someone said, "The US dollar is the best looking horse in the glue factory."? If it was here, it was hillarious. Might have been Glenn Beck. My online time and talk radio time mix into the goo which is my mind. Oh well. If someone here said it, take credit. It was hillarious.

Anyway. I agree with CC. Not all that concerned with current spot price... thinking long (and it sure seems shorter and shorter) term.

Re: Silver close to breaking through $30
by henrysmedford » Tue May 08, 2012 2:22 pm

It is only down because the dollar is best-looking horse in the glue factory.

[RichardPenny43]

I'm not worried about spot price either. It's back to where I started buying

[OneBiteAtATime]

Was it here that someone said, "The US dollar is the best looking horse in the glue factory."? If it was here, it was hillarious. Might have been Glenn Beck. My online time and talk radio time mix into the goo which is my mind. Oh well. If someone here said it, take credit. It was hillarious.

Anyway. I agree with CC. Not all that concerned with current spot price... thinking long (and it sure seems shorter and shorter) term.

Re: Silver close to breaking through $30
by henrysmedford » Tue May 08, 2012 2:22 pm

It is only down because the dollar is best-looking horse in the glue factory.

NICE SNAG RP43! That's some funny poo poo, Joe.

[barrytrot]

Spot price and futures matter to paper traders.

And anyone that is buying or selling physical.

If you are holding or doing nothing is the only time it doesn't matter.

[68Camaro]

I question whether or not physical itself would be available in any quantity for any length of time if/when it happens, but we can clearly see from recent events that that it wouldn't take much more of a hiccup to the Euro to cause below-25 silver.

[deacon]

Spot price and futures matter to paper traders.

And anyone that is buying or selling physical.


If you are holding or doing nothing is the only time it doesn't matter.

Spot matters more to paper traders because they usually intend on trading paper in the short term. Most physical buyers intend on holding for a long term. So what if spot goes down a dollar? You will just buy more. Paper trades on momentum. Short when its going down, and go long when its going up. It can be profitable, or you can get eaten up. Especially if you are leveraged.

[Coppercrazy]

this mornings price looks like a pretty good bounce back! 27.45 or so....It seems to have pretty strong resistance at 26...like we've been seeing for a couple years now

[barrytrot]

Spot price and futures matter to paper traders.

And anyone that is buying or selling physical.


If you are holding or doing nothing is the only time it doesn't matter.

Spot matters more to paper traders because they usually intend on trading paper in the short term. Most physical buyers intend on holding for a long term. So what if spot goes down a dollar? You will just buy more. Paper trades on momentum. Short when its going down, and go long when its going up. It can be profitable, or you can get eaten up. Especially if you are leveraged.

Matters
and
Matters more

are the same.

It still Matters.

In the case of a buyer, lower is actually better, i.e. it matters.