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The markets are pretty quiet so far this evening. I think there is good chance the take down will continue in the morning as this is a good chance to break silver under 21 and gold under 1300. Of course I could 100% wrong as the future is unknowable.

One thing I've always been unclear about. If the prices for silver and gold are set in the trading arenas (COMEX,etc)... and the speculators who can take the long side are continuously being preyed upon either by wiping them out (MFGlobal) or repeatedly ripping them a new one with interminable bloodbath takedowns... then who is left to bouy the markets when these folks are amputated from the game? Wouldn't that pretty much mean a steady drop to much lower levels? For false pricing based on futures? We all know physical will be slow to follow, if you can source any at much lower prices. And how soon does mine supply dry up when price doesn't support a reasonable profit for them?

Perhaps ill be 100% wrong but chances are very good that you'll see a relief rally developing.
Cheers!

Jonflyfish wrote:Perhaps ill be 100% wrong but chances are very good that you'll see a relief rally developing.
Cheers!

That's as good a guess as any, but I've heard tell that the nonexistent future is always unknowable.

CardsNCoins wrote:

Jonflyfish wrote:Perhaps ill be 100% wrong but chances are very good that you'll see a relief rally developing.
Cheers!

That's as good a guess as any, but I've heard tell that the nonexistent future is always unknowable.

Good point. To know something requires certainty. That's why my view is only a highly likely but not certain, based on probabilities.

Cheers!

Jonflyfish wrote:

CardsNCoins wrote:

Jonflyfish wrote:Perhaps ill be 100% wrong but chances are very good that you'll see a relief rally developing.
Cheers!

That's as good a guess as any, but I've heard tell that the nonexistent future is always unknowable.

Good point. To know something requires certainty. That's why my view is only a highly likely but not certain, based on probabilities.

Cheers!

Looks like a small relief rally presently. How far out does your view extend right now?

True, silver is rallying. However, it is not being confirmed by gold as of yet so I'm not sure it has legs. Perhaps it is because Friday's move was more exagerated for silver; of course that is usually the case.

beauanderos wrote:One thing I've always been unclear about. If the prices for silver and gold are set in the trading arenas (COMEX,etc)... and the speculators who can take the long side are continuously being preyed upon either by wiping them out (MFGlobal) or repeatedly ripping them a new one with interminable bloodbath takedowns... then who is left to bouy the markets when these folks are amputated from the game? Wouldn't that pretty much mean a steady drop to much lower levels? For false pricing based on futures? We all know physical will be slow to follow, if you can source any at much lower prices. And how soon does mine supply dry up when price doesn't support a reasonable profit for them?

This is the question, and I don't think there is anybody who can compete with the house. Who's to say that the mines have to remain profitable even? Maybe they will become too dig to fail.. nationalized. This can go on as long as people continue to cast their votes for debt instead of sound money. Maybe it's up to China to decide when we lose world reserve currency status, whenever they are finished buying up all the gold and have the necessary bilateral agreements in place which may not be that far off considering their recent record level buying spree as well as the COMEX gold exchanges being drained at a never before seen pace. Otherwise the physical silver market may still take some time if it's up to the average Joe to buy it up. Institutional money could do it in a heartbeat, but they won't with silver since there's not enough of it, only gold.

Anything is possible in a paper market, in the moment, especially if some gold fund owners are desparate to sell off to pay for other losses in a crashing market. But there isn't enough gold in the funds to cover all the shorts, so in a larger market crash things could get very interesting. We could see $1000 paper gold, or even $100 paper gold but if so, physical prices would not follow (IMHO)

68Camaro wrote:Anything is possible in a paper market, in the moment, especially if some gold fund owners are desparate to sell off to pay for other losses in a crashing market. But there isn't enough gold in the funds to cover all the shorts, so in a larger market crash things could get very interesting. We could see $1000 paper gold, or even $100 paper gold but if so, physical prices would not follow (IMHO)

There is no free arbitrage. Most folks said physical wouldn't follow financial over the last several years and yet physical spot and financial prompt are less than 1/2 of the price levels from just a few months ago.

Cheers!

Jonflyfish wrote:Perhaps ill be 100% wrong but chances are very good that you'll see a relief rally developing.
Cheers!

Confirmed.
Cheers!

Jonflyfish wrote:

Jonflyfish wrote:Perhaps ill be 100% wrong but chances are very good that you'll see a relief rally developing.
Cheers!

Confirmed.
Cheers!

Monday up 26 cents.
Tuesday down 27 cents.
Wednesday up 22 cents (currently).

This is a rally?

CardsNCoins wrote:

Jonflyfish wrote:

Jonflyfish wrote:Perhaps ill be 100% wrong but chances are very good that you'll see a relief rally developing.
Cheers!

Confirmed.
Cheers!

Monday up 26 cents.
Tuesday down 27 cents.
Wednesday up 22 cents (currently).

This is a rally?

Up 21 cents for the week.....now that is something to be excited about

Is it tomorrow yet?

Hi friends. Said then that a relief rally was likely "developing" for the next day. The relief rally has now been confirmed.
Cheers!

Jonflyfish wrote:Hi friends. Said then that a relief rally was likely "developing" for the next day. The relief rally has now been confirmed.
Cheers!

Which next day?

SoFa wrote:

Jonflyfish wrote:Hi friends. Said then that a relief rally was likely "developing" for the next day. The relief rally has now been confirmed.
Cheers!

Which next day?

The next day after the thread " Gold/silver prices: What will happen tomorrow? " was started. You can refer to my first post in the thread.
Cheers!

CardsNCoins wrote:

Jonflyfish wrote:

Jonflyfish wrote:Perhaps ill be 100% wrong but chances are very good that you'll see a relief rally developing.
Cheers!

Confirmed.
Cheers!

Monday up 26 cents.
Tuesday down 27 cents.
Wednesday up 22 cents (currently).

This is a rally?

I guess so. It was confirmed. 26c is now considered a rally.

Jonflyfish wrote:The next day after the thread " Gold/silver prices: What will happen tomorrow? " was started. You can refer to my first post in the thread.
Cheers!

A train leaves a station and travels north at a speed of 75 mph. Two hours later, a second train...................

SoFa wrote:

CardsNCoins wrote:
This is a rally?

I guess so. It was confirmed. 26c is now considered a rally.

Good guess. Not confirmed that the rally has completed, but rather comfirmed that it has started, after completing the developing phase. Should be very straightforward to understand.
Cheers!

Geesh! If I have to explain everything... why do I even bother posting?

beauanderos wrote:
Geesh! If I have to explain everything... why do I even bother posting?

Just had a very inspirational dinner with Mike Eruzione. Can relate with a lot of why and how his team did what nobody thought was possible. I know why I bother. Do you?

Cheers!

Ahhhh, there's nothing like the sweet feeling of relief.

CardsNCoins wrote:Ahhhh, there's nothing like the sweet feeling of relief.

Nice relief today. A relief from high prices