POLL: Where are we on this chart?

[theo]

This feels like capitulation. We are either at the bottom or close to it. We might test the 18 level but I doubt if we'll breach it. Silver is an industrial metal and we will start seeing real supply problems that will not be easily covered up and/or explained if this continues.

[Jonflyfish]

Market being down isn't good or bad. It is what it is. Most people here were confident at $49 that they were about to lay a licking on the "shorts" and have copy/pasted every abstract set of market numbers and silver everything dot com websites to reinforce their minds...but the market doesn't care. It is the ultimate arbiter.

Cheers!

[theo]

If this is the market; then why did it wait over 12 hours after Bernenke's statement to fall out of bed? Why didn't PMs react yesterday afternoon or evening? Perhaps the Asian markets buy the "tapering" narrative more than the West does.

[AGCoinHunter]

In light of todays moves I voted desperation. Myself, I am sitting back and enjoying the ride. I have to presume I will never see the true value of my holdings in my lifetime but its something that my kids will ultimately inherit. I will pick up more when cash frees up from other investments. Over the last few months I have stopped buying PM's and have been buying ammo. I see it as a much better investment over my lifetime at this point.

[Jonflyfish]

If this is the market; then why did it wait over 12 hours after Bernenke's statement to fall out of bed? Why didn't PMs react yesterday afternoon or evening? Perhaps the Asian markets buy the "tapering" narrative more than the West does.

They did react yesterday. As unwinding in other markets accelerated, pm's continued to be dumped to shore up account balances. No way Asian markets bit harder. Look at USD vs currencies, incl the JPY. They were chasing an enormous treasury paper liquidation. 5 year notes had one of the biggest sell offs ever seen, even by 10 yr stds it was massive.

Cheers!

[Jonflyfish]

I suspect people will not be as interested in buying silver going forward after more than being halved from $49 where many have called it sound money. The commodity is very volatile.

Cheers!

[shinnosuke]

I suspect people will not be as interested in buying silver going forward after more than being halved from $49 where many have called it sound money. The commodity is very volatile.

Cheers!

When you say 'people,' do you mean members here or the general public? If the GP, demand will drop I suppose. Vicious circle of falling prices?

[theo]

I suspect people will not be as interested in buying silver going forward after more than being halved from $49 where many have called it sound money. The commodity is very volatile.

Cheers!

Whether you are a buyer or seller of PMs right now depends a lot on why you invested in the first place.

[aloneibreak]

I suspect people will not be as interested in buying silver going forward after more than being halved from $49 where many have called it sound money. The commodity is very volatile.

Cheers!

Whether you are a buyer or seller of PMs right now depends a lot on why you invested in the first place.

+1

[Market Harmony]

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[Engineer]

I moved my vote to despondency because nobody seems to be buying.

With that being said, there's still a good chance the wheels could come off the financial system over the next few months.

[SilverDragon72]

Gold under $1300 and Silver under $20 today. Things look bad. PRICES CAN DROP PRECIPITOUSLY FROM HERE. We are making FRESH, NEW lows... that's NOT good. People WILL panic. People WILL be squeezed from positions. What is coming is a final shakeout and it WILL be ugly. Mentally prepare yourself for this. Envision it. You WILL feel sick at that time... in fact, despondent, depressed, and you will think that you want to end the pain and capitulate your holdings. You will ask yourself, "how could I have been so wrong?" THAT IS WHEN... THAT IS WHAT YOU NEED TO PLAN FOR... do not consider what is happening right now, nor what happened yesterday, or the days before... instead, envision the particular future time and PREDETERMINE YOUR ACTIONS... How will you take advantage of your "point of maximum financial opportunity?" Will you flouder? flip-flop? hesitate? Or, will you stand firm and say to yourself, "this is my plan, and I planned to succeed, and I am going to execute the plan"

The time to plan is NOW. Do it. Just do it. Figure out what you will buy, how much will you buy, how you will buy it, how will you manage the position after you have it...

IT IS COMING. IT IS UGLY.

IT IS YOUR POINT OF MAXIMUM FINANCIAL OPPORTUNITY

Well said!

[68Cougar]

I hope it dips below $10 for a good while. I'll be happy to take that evil metal off the hands of those it has done so wrong

[68Camaro]

I moved my vote to despondency because nobody seems to be buying.

With that being said, there's still a good chance the wheels could come off the financial system over the next few months.

Mike's got a good view above.

We're also seeing a range of views not just here but everywhere. Lack of buying in the moment may be for various reasons (I saw your dimes, for example - and I had to pass because I had just blown all my previously arranged fresh cash on other deals); for me I'm buying, but its dropping so fast (relatively speaking) that I don't have enough free cash to buy at every drop. Right now I'm racking my brain trying to work for free up other non-critical resources to prepare to buy more should the bottom drop out and we have a period where us bottom feeders can clear out the metal from those that give it up.