Realcent.org

silver went from being up on day to down over $2 an oz.

Yeah I just saw that too. And the Dow was -350 before clawing back to -266.

Time for a big buy at 39.50?

scrapper2010 wrote:Time for a big buy at 39.50?

"Happy birthday to meee, happy birthday to meee"

Actually, "Happy payday, to-morrr-rowww".

Wonder what happened?

JPM

Mossy wrote:

scrapper2010 wrote:Time for a big buy at 39.50?

"Happy birthday to meee, happy birthday to meee"

Actually, "Happy payday, to-morrr-rowww".

Wonder what happened?

You know darn well what happened... well, maybe you don't. TPTB can't have the public witness a rapid rise in precious metals because it will build their confidence that there is an alternative to the dollar. Whenever there is a precipitous climb (and only they know when they'll be doing it) they come in and crush the price by naked short selling. This causes a waterfall drop, which triggers further stop losses by longs. Additionally, on bad DOW days like today, people who play the equities sell their winners to pay damage incurred with margin calls and broadmarket declines. And then, the weak hands, playing on margin in silver and gold futures, get washed out... or nervous, and sell. That's why you've got to hold physical... and just wait these games out. Today is a blip. A bad one, but still a blip. Five years from now you won't even spot it on a linear graph. If you've been sitting on a little cash, it may be a good time to deploy some of it into a purchase you've been planning.

It triggered all my buy orders and I was 5 minutes too late from putting on another to hit the bottom. Though we may pop back down further and catch that one yet. So I'm back in after selling at yesterday's local high.

Im running to the local shop to buy some junk 90% with silver bargain priced under 40.00!

Gold, silver, oil, stocks, everything tanked at the same time around 11:30. That doesn't seem like a manipulative drop aimed at silver.

Wow! That chart looks crazyyy

scrapper2010 wrote:Gold, silver, oil, stocks, everything tanked at the same time around 11:30. That doesn't seem like a manipulative drop aimed at silver.

Hmmm, stocks have been tanking for 4 days. To some extent commodities in general will be affected. But what happened this morning was an attack on silver, because it's the most easily manipulated. Gold barely moved, down 0.3%. Silver is down 5%. Now that is an attack.

Bet we see an announcement on some margin increases on gold and silver sometime very soon.

oober wrote:Bet we see an announcement on some margin increases on gold and silver sometime very soon.

I don't think gold because it isn't the speculators that are driving the market. And hard to justify on silver when the price is going DOWN, and it is LOWER than their previous margin hike levels.

I bought some gold this morning that is why it went down.

Sorry

68Camaro wrote:

oober wrote:Bet we see an announcement on some margin increases on gold and silver sometime very soon.

I don't think gold because it isn't the speculators that are driving the market. And hard to justify on silver when the price is going DOWN, and it is LOWER than their previous margin hike levels.

We've probably had some technical selling, right now would be the ideal time to have maximum effect, If the powers that be was to keep metals down, right now would be the time to increase margins,

Luckily no paper silver for me this time, I already lost a house in may, so either way it doesn't matter, I just buy more physical.

68Camaro wrote:

scrapper2010 wrote:Gold, silver, oil, stocks, everything tanked at the same time around 11:30. That doesn't seem like a manipulative drop aimed at silver.

Hmmm, stocks have been tanking for 4 days. To some extent commodities in general will be affected. But what happened this morning was an attack on silver, because it's the most easily manipulated. Gold barely moved, down 0.3%. Silver is down 5%. Now that is an attack.

Yes but oil is also down -4.8% copper -2.3% and palladium -3.2% wheat -3.6%.

A close look at the Kitco gold and silver charts looks like silver pulled gold down.

beauanderos wrote: You know darn well what happened... well, maybe you don't. TPTB can't have the public witness a rapid rise in precious metals because it will build their confidence that there is an alternative to the dollar.

I was wondering about the method.

According to the Prez on Tuesday, the market has been tanking because of the debt ceiling. Now that it's out of the way market should not be doing this? Who's fault is it now....look in the mirror BHO. Friday will probably be just as bad due to unemployment reports.

68Camaro wrote:It triggered all my buy orders and I was 5 minutes too late from putting on another to hit the bottom. Though we may pop back down further and catch that one yet. So I'm back in after selling at yesterday's local high.

I pulled my orders. I don't see a bottom here. Will re-evaluate how to deploy capital when the dust settles. Either First Majestic or Silver Wheaton shares will be joining the portfolio soon.

No need to panic. Just be patient and let things play out. We should all be a little excited to buy some physical stuff, but on days like this, sometimes its best to do nothing.

silver down 7.6% right now. i wouldn't mind so much if gold were down as much, but instead its down only 60 bps so the GSR is up. means it takes more silver to get gold.

beauanderos wrote:

68Camaro wrote:It triggered all my buy orders and I was 5 minutes too late from putting on another to hit the bottom. Though we may pop back down further and catch that one yet. So I'm back in after selling at yesterday's local high.

I pulled my orders. I don't see a bottom here. Will re-evaluate how to deploy capital when the dust settles. Either First Majestic or Silver Wheaton shares will be joining the portfolio soon.

Gold is essentially unchanged, so the concept of PMs as assets of protection are still in place. I view the silver drop as a mirror of the May day massacre. Congrats, JPM, you did it again. I've made a lot of money off of them, and will continue to do so as long as they mess with the market. So I'm dollar averaged back in at where I was originally, and I'm positioned to pick up more if it drops still more. Which I see as quite possible. But with people pulling money out of the market by the trillions, they've got to stuff it somewhere. Where are they going to put it? Government bonds? I think not. Their mattresses? Some of them, I'm sure. But I think more of them are going to look more seriously at silver, as well as gold.

I think today is one of the better examples of silver manipulation. While gold is down by less than 1% silver is down almost 8%. There is simply no rational explanation for this.

68Camaro wrote:Where are they going to put it? Government bonds?.

For now the answer is "yes." The managers of low risk value funds containing blue chip stocks and bonds don't really have a choice. U.S. Treasuries still have a AAA+ rating and are technically "risk free" while gold/silver are not. Therefore their pavlovian response to a market sell-off will be to shift into treasuries as a "flight to safty." Even if they personally recognize gold and silver as the safe havens they are, buying even a small block of PHYS for their clients would get them A LOT of unwanted attention perhaps even from the SEC.

I think the ratings agencies will treat US debt the same way they did mortgage-back securies 3 years ago. The downgrade will not come until it is too late destroying vast amounts retirement savings. It will be tragic.

The fund managers, yes, of course. One reason why the US$ is up today. But the average Joe who decides he's had enough and he's selling to cash - he has to do something with it.