Silver close to breaking through $30

[theo]

It looks like the dollar is rallying, while gold and silver are tumbling in very early trading. Will Monday be a down day or will PMs hold their supports? Personally, I think silver will spend some time in the twenties and gold in the 1500s.

[IdahoCopper]

If you read the current news about Greece and France, one might conclude the PM market manipulators forced the price down exactly as the Asian markets opened to "close" the exit doors, and keep capital from fleeing into metals.

[John_doe]

i for one am ready for an equillibrium within the markets. stability would be nice for a change.

only time will tell though.

[rsk1963]

i for one am ready for an equillibrium within the markets. stability would be nice for a change.

only time will tell though.

+1

[CtrlAltBernanke]

I almost feel like the new model for Wall St. is to continue to bet on failure than success of the U.S. economy. I know there were many who made tons of money betting against the economy in 08'. It's almost like we will continue to have minor recessions every couple of years so the opportunists out there can continue extract wealth out of the country every chance they get instead of working for it. Wealth extraction is constantly taking place all around us now.

[Country]

The summer time blues are upon us hoarders. This time of the year is not favorable for higher prices. However, stability should set in once the crooks go to the Hamptons for the summer. From now 'till July is buyin' time. Get your fiat ready to increase your hoard.

[GTOJohn]

wow - i couldn't imagine sitting around a few years ago talking about silver -- saying - can't wait till it is around $30 to buy.
but, buy it is !!!

[beauanderos]

wow - i couldn't imagine sitting around a few years ago talking about silver -- saying - can't wait till it is around $30 to buy.
but, buy it is !!!

Normalcy bias. We get used to (rather quickly) the "new normal" and then set expectations according to that.

[henrysmedford]

I thought I would add to this thread to add the price of silver to it. Just look at my signature line for the Kitco spot.

[barrytrot]

Cool, thanks Henry!

[justj2k78]

Looks like we're just about to dive under $30 now... Back up the tr...uh... I gots no truck right now. hahahaha

[Coppercrazy]

just dipped under....now I have to go to my local coin shop.....s

[SoFa]

It's heading to 26.

[Cu Penny Hoarder]

It's heading to 26.

I agree. I've been calling for $25-26 for months. First it needs to break below the $29-30 support level.

When it does hit $25/26... Sell the house!... Sell the car!... Tap out all the CCs!

Celebrate, celebrate, dance to the music!

[barrytrot]

It's heading to 26.

I agree. I've been calling for $25-26 for months. First it needs to break below the $29-30 support level.

When it does hit $25/26... Sell the house!... Sell the car!... Tap out all the CCs!

Celebrate, celebrate, dance to the music!

It was in the 26's only a couple months ago already. Did you already buy a new car and house since then?

Everyone talks about "backing up the truck" when it hits X minus 4. I.e. every dollar it drops the "truck number" drops as well.

Meanwhile you could have bought at 30, sold at 32, bought at 30, sold at 32, probably 15 times over the last year or so.

[theo]

It was in the 26's only a couple months ago already. Did you already buy a new car and house since then?

Everyone talks about "backing up the truck" when it hits X minus 4. I.e. every dollar it drops the "truck number" drops as well.

Meanwhile you could have bought at 30, sold at 32, bought at 30, sold at 32, probably 15 times over the last year or so.

Kind of literal there aren't you Barry? Remember, when it was at $26 there were predictions abound that it was going down to $20. Anybody who understands markets knows that even at low (seemingly over-sold) prices there is still a real chance of further decline.

[barrytrot]

But it *didn't* go lower, so those "predictions" were pretty poor.

Why not, as "jhonflyfish" says "do your own due dilligence", pick a value you believe in and buy then and sell when you don't believe?

That process has made me money

[SilverDragon72]

I hope the price continues to fall for quite a while...it will give all of us a chance to really do some serious stacking up!

[henrysmedford]

[Cu Penny Hoarder]

But it *didn't* go lower, so those "predictions" were pretty poor.

Why not, as "jhonflyfish" says "do your own due dilligence", pick a value you believe in and buy then and sell when you don't believe?

That process has made me money

Barry, but you said silver would never go below $30 again... well, it's $29.20 as I write this.

Be humble from now on.

[Cu Penny Hoarder]

It's heading to 26.

I agree. I've been calling for $25-26 for months. First it needs to break below the $29-30 support level.

When it does hit $25/26... Sell the house!... Sell the car!... Tap out all the CCs!

Celebrate, celebrate, dance to the music!

It was in the 26's only a couple months ago already. Did you already buy a new car and house since then?

Everyone talks about "backing up the truck" when it hits X minus 4. I.e. every dollar it drops the "truck number" drops as well.

Meanwhile you could have bought at 30, sold at 32, bought at 30, sold at 32, probably 15 times over the last year or so.

You need to lighten up Barry. I was joking about selling the house, but not about the othere things -lol.

I did buy at those prices you mentioned. I also bought at $4 and $5... you were in diapers then.

[barrytrot]

I'm not sure how I'm not "light". I just see people saying, "I will back up the truck when..." and when that happens they say, "ok another 2 dollars". Etc.

[theo]

I'm not sure how I'm not "light". I just see people saying, "I will back up the truck when..." and when that happens they say, "ok another 2 dollars". Etc.

But it isn't terribly surprising that people adjust their plans as the situation changes. I might say that I will buy a lot at $26, but if it does hit that level and there is fresh, believable insight as to why it might be go to 22 in the short-term, I might pull back a bit with my buying. As much as I hate to disappoint you, I'm certainly not going to worry about some non-binding assertion I made about "backing up the truck" in a post last month.

Having said that, I do think 26 could be an attactive buying point assuming it can hold that support, however this is not a binding promise to "back up the truck."

[barrytrot]

Theo,

Yes, agreed, adjusting your plan does make sense based on new information.

I'm pretty much all in NOW so, my truck is already loaded

[BamaJoe]

Well, all I can say is that I'm a buyer at these prices and the lower it goes the more I'll be digging out of the couch cushions to keep buying.