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Why Silver and Gold got Hammered Yesterday

PostPosted: Wed Nov 17, 2010 2:15 pm
by beauanderos
CME has raised the margins on silver futures twice in one week! :evil: http://www.kitco.com/ind/Bevan/nov172010.html

Re: Why Silver and Gold got Hammered Yesterday

PostPosted: Wed Nov 17, 2010 2:48 pm
by JJM
x2

The CME margins on other commodities got raised yesterday as well, which explains why gold took a bigger beating than silver did methinks. But in the end, everything got killed yesterday, except maybe lumber/paper.

The Ireland / Euro issue was big yesterday as well. Money is flooding into the USD again, "the best looking horse in the glue factory". People will wake up again, shortly. When they do, silver will be turning heads again.

But in the meatnime, at this moment, silver is still on sale. But probably for not much longer. I won't do much buying beyond $30, but there will come a day when any silver purchased below $30/oz will be considered brilliant. I can't tell you how far off that day is, but I know it's coming in my lifetime, probably much sooner than many people realize. I caution against people getting too cute waiting to purchase physical silver at the best possible price, timing this is an exercise in futility in my experience.

Re: Why Silver and Gold got Hammered Yesterday

PostPosted: Wed Nov 17, 2010 3:10 pm
by beauanderos
I'm still trickling in to the market, picked up some junk at 18.9X on a day when the price was 20X, doesn't look like such a great bargain at the moment, but time has a way of making us look better on our silver purchases. ;)