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Gold and silver are both down around 3% this morning with the dollar up over 1%, which could mean several things.

1. It could be another very short-term (meaning 2 hours) sell off that is immediately siezed upon by bargain hunters.

2. It could be the start of a longer pull back to $20 (and about $1270) that many have been predicting.

3. It probably means that we'll have wait a bit longer for $30 silver. I've read that if silver breaks $25, it will quickly run to $30. However, there seems strong resistance at $25.

Any thoughts?

agree.

some sort of pullback is inevitable, surprised its taken this long.

pullbacks are especially likely at the end of the month as you near options expiration.

guy named Zulaf on King World News is expecting a severe pullback in everything very soon. its plausible but i don't really know.

if you look at a chart of the pm's from the 70's the pullbacks were more frequent and severe than we have experienced so far. of course now you have some big buyers putting a floor under the market so i'm not sure how analogous the 70s are anymore.

A Chinese rate hike is affecting all assets, including equities and commodities. It will blow over soon enough and equilibrium will support prices. If you can buy a sharp dip, then you might come out ahead. In the long run and grand scheme of things, today's action and the action in the following weeks will be but a blip on the chart.

So for those of us not quite so well versed in how all the factors affect things, the general concensus is "keep buying" right?

Yes, keep buying. I'm rolling the dice and delaying a purchase one day, but up or down I'll purchase tomorrow.

I think it might drop some more over the week, but am betting that by the end of the year it is past these highs. Precious metals are bull charging until there is a real economic recovery, which is years away.

yes keep buying.

Wow, down $36/$1 today. Nice correction to accumulate on.

It went up really sharply - this will probably be a multi-day sell-off but the trend hasn't changed.

beauanderos wrote:

Can some here with authority please revoke Ray's smiley privileges?

By the way Ray what the hell is this supposed to mean. Your just in physical Ag right. You're not messing with options are you?

These day to day swings are no big deal to you are they?

Dollar is up because other countries are falling all over themselves trying to weaken their currencies against it. To encourage their exports of course. It's a race to the bottom and by golly, I think they will all get there!

Who was saying that the dollar couldn't go back up? This game isn't even at half-time yet.

I've been watching for bargains in SLV put options. There were some good ones but I was too slow.
pullback to 19 I expect.
Long term this is nothing.
I think keep buying AG and AU and I still think we touch $30 by EOY.

Oh, yeah news is Geithner wants a strong dollar.
He's using a loud speaker so no-one will hear the presses running at full speed while he says that.

I bought a bunch of silver eagles tonight.. the price was right. So this should help drive the price down tomorrow for you other guys.

^Thanks haha

I'm with blackrabbit, holding off today for hope tomorrow, might be wrong, might not be. Wish I had a crystal ball

Thogey wrote:

beauanderos wrote:

Can some here with authority please revoke Ray's smiley privileges?

By the way Ray what the hell is this supposed to mean. Your just in physical Ag right. You're not messing with options are you?

These day to day swings are no big deal to you are they?

Ahhahahahahh. you tell him Eric.

I think Ray has metal and paper silver (mining stocks not contracts).......If they made pizza silver he would hold that too.

mmmmmmm.....pizza silver

.

I know gold and silver are up this morning, but I do expect a sharp drop off.
I think the prices we have seen lately can NOT hold, expect silver and gold to drop quickly when this happens. the 10/20/10 @ $1.01 was just a Dip compared to where it will go soon.
if the bottom falls out, I do expect lots of deals here and Ebay, and everywhere else.
expect $2 to $3. dip soon.
the guy at the coin shop said if this happens he would be out of business, I said I will help you lock up soon. coin shops have to average everthing out where they can stay in business, but this guy is running low on casn flow.

so I expect to buy soon when the hard downturn starts to come. lower prices mean Buy but where do you buy with a falling market?
I have read where they expect a $5 to $7 dollar drop soon.

I guess we will have to wait and see but it could be painful to some.
this is not maniplulation just facts. if we had a Prez that could fix things this would not have happened, he has screwed everything now Gold and Silver.
he is not through with the plan buy a long shot.
my opinion.



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i think what you say is possible but the last time prices dropped a lot, premiums skyrocketed and then you could not get supply. premiums on ASE's were $4.50. junk was +$2. I waited 6 months for an order from NWT Mint.

Gee... Another one day selloff.

Stay BULLISH and BUY PM on ALL THE DIPS. Don't wait for a big selloff because the FED policy is to cheapen the dollar by printing mountains of fiat. That's the game plan - they want to create INFLATION by PRINTING FIAT. PMs have to go up as our currency, and other currencies of the world, are debased by these criminals....

BUY, BUY, BUY !!!!

HoardCopperByTheTon wrote:I bought a bunch of silver eagles tonight.. the price was right. So this should help drive the price down tomorrow for you other guys.

when HCBTT uses the word "bunch" makes me wonder Was it that pallet that was on eBay? or does that not qualify as a "bunch".

TXBullion wrote:

HoardCopperByTheTon wrote:I bought a bunch of silver eagles tonight.. the price was right. So this should help drive the price down tomorrow for you other guys.

when HCBTT uses the word "bunch" makes me wonder Was it that pallet that was on eBay? or does that not qualify as a "bunch".

You know he doesn't do anything unless it's "By The Ton"

Thursday sell off....Thoughts....opinions...?

Should we check on Ray to make sure he is OK?

Rodebaugh wrote:Thursday sell off....Thoughts....opinions...?

Should we check on Ray to make sure he is OK?

Up and down, down and up. This is just a reminder that no precious metal only continues to go up without a correction at some point. Those who believed that somehow this time was going to be different were only kidding themselves. Long term silver investing fundamentals remains bullish, but short term we may see $ 20-21 silver before we see $25 again.

I am no expert on the economy, but it seems to me that quantitative easing will provide short term relief for the dollar. This may lead to a pullback for PM. Thus, should we wait a bit, and buy when lower over the next few months? Ultimately, the bottom will fall out in a year or two; especially when the Healthcare Law kicks in.

I think we will see much lower silver, like 17-20 within days. and within 2-3 weeks, back into 23-27. Yeah wide ranges, i picked. Im far from an expert. But patterns like that, seem built into the silver market, since ive followed it anyway......