BOTTOM ?

[Country]

Looking GOOD right now. All of a sudden too, nice spike higher.

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[barrytrot]

It has been a few days since the "L" was in our favor. It feels good even if it is temporary

[Robarons]

Seems more blessed for Silver than Gold

[slvrbck]

I was thinking the same thing. However if we're all thinking bottom we probably have further to fall.

[stlouiscoin]

I was thinking the same thing. However if we're all thinking bottom we probably have further to fall.

I agree. I wouldn't be surprised to see a dollar or two rise for the summer months, but this probably isn't the bottom. just some bull $h!t the fed is doing to inflate the prices. if you look at the kitco charts, price was steady until the NY market opened.

[SoFa]

I could be 100% wrong, but I think it was the bottom.
Chairs!

[InfleXion]

I could also be 100% wrong, but I think it was the bottom too.

Prost!

[neilgin1]

yeh.......this is the bottom....did you just see Sep's open interest?......81,000 cars?....that's HUGE...on an up day like this with 73,000 cars traded?

THAT IS HUGE.

I have no compunctions......this is a bottom...no hopium..a bottom in silver, period, end of sentence. Bless all you guys....just got me a NEW ride along mover today!!! a Cub Cadet, 22 horse with a 46 inch cutter.....i'm going to read a bit more, than go play. n.

ps....I bought the mower on terms of zero interest, and not due to Jan 2015...AND it only cost me $700! my guys at the large chain agri store, took my old one back as a "return"...it WAS junk, I did get jammed....but they didn't HAVE to treat me like kin...they just did...they're both vets too. hoo-ah.

[neilgin1]

It has been a few days since the "L" was in our favor. It feels good even if it is temporary

its real....watch.

[Country]

This spike needs a strong follow through confirmation next week to march higher away from these levels. If sentiment change has occurred, shorts will be scrambling to their bear caves. I can hardly wait! It might take awhile, but if it is a true change, sovereign buying should recommence. Certainly, a retest of some sorts needs to occur also. While a vicious downtrend is very quick usually, the new uptrend cycle will grind slowly higher.

Regardless, isn't this a good way to end the week!

[barrytrot]

It has been a few days since the "L" was in our favor. It feels good even if it is temporary

its real....watch.

That would be great for me. I still have that set of "paper silver" with a buy-price of $29 that I'm under water on

I would like to get above water on that as well.

And of course my few ounces of the real hard stuff

[Country]

When will we know if the speculator CME short position has been reduced?

[InfleXion]

Just had a thought, any chance this is short covering before options expiry? A new month is approaching...

[Country]

Just had a thought, any chance this is short covering before options expiry? A new month is approaching...

Could be - closing out positions at the end of the quarter. Next week will prove if the uptrend has validity!

[InfleXion]

When will we know if the speculator CME short position has been reduced?

I don't know about speculators but the commercial shorts have already been dropping like a rock.

The last report I saw was I want to say 6/10 which was a Monday, and I think they come out weekly.

[neilgin1]

This spike needs a strong follow through confirmation next week to march higher away from these levels. If sentiment change has occurred, shorts will be scrambling to their bear caves. I can hardly wait! It might take awhile, but if it is a true change, sovereign buying should recommence. Certainly, a retest of some sorts needs to occur also. While a vicious downtrend is very quick usually, the new uptrend cycle will grind slowly higher.

Regardless, isn't this a good way to end the week!

true....what you write Country....very true....i'm just going off of gut instinct on my proclamation.

[neilgin1]

It has been a few days since the "L" was in our favor. It feels good even if it is temporary

its real....watch.

And of course my few ounces of the real hard stuff

of course! ....who can resist?

[inflationhawk]

How often does a bottom get made on the last trading day of quarter??? Would that be common/realistic? Or is this just a spike due to end of quarter volatility and the underlying trend remains in place??? I have NO idea.

[Coppercrazy]

okay some of you guys have charts all at the tips of your fingertips,when was the last time silver gained this big of a % in a day,or at least when was the last daily gain over 1.10? cheers! ha!

[Country]

:P okay some of you guys have charts all at the tips of your fingertips,when was the last time silver gained this big of a % in a day,or at least when was the last daily gain over 1.10? cheers! ha!

Today's gain was +6.21% (+$1.15)

(London Fix)

Feb 28, 2012 - $35.60
Feb, 29, 2012 - $37.23

This was the last time SILVER gained more than $1.15, but the percentage increase was smaller.

I have no idea when SILVER gained more than 6.21% previously !! It must a long time ago in the first decade of the 21st century.

[scyther]

:P okay some of you guys have charts all at the tips of your fingertips,when was the last time silver gained this big of a % in a day,or at least when was the last daily gain over 1.10? cheers! ha!

Today's gain was +6.21% (+$1.15)

(London Fix)

Feb 28, 2012 - $35.60
Feb, 29, 2012 - $37.23

This was the last time SILVER gained more than $1.15, but the percentage increase was smaller.

I have no idea when SILVER gained more than 6.21% previously !! It must a long time ago in the first decade of the 21st century.

Wow. I had no idea the move was that significant...

[beauanderos]

The move is significant... and welcome. However, it would bear greater significance if it had occurred after several days of incremental days, rather than as a countermove to moves of nearly similar magnitude to the downside in previous days. As stated by others, in order to be meaningful there needs to be at least two strong continuation days. If I was the evil little batstir in charge of demoralization at the JPMorgan proprietary trading desks this is exactly the kind of move I would foment to crush the spirits of those who still have hope. Let the market run up, then reel it back in on consecutive days, over and over until the big fish is too tired to fight any longer and just floats on the surface gasping.

[Country]

:P okay some of you guys have charts all at the tips of your fingertips,when was the last time silver gained this big of a % in a day,or at least when was the last daily gain over 1.10? cheers! ha!

(ALL QUOTES USING LONDON AFTERNOON FIX)

Looks like it occurred April 27, 2011. SILVER rose $3.40 from $45.30 to $48.70; a 7.5% increase from the day before. That was the day of the peak SILVER!

Previous to that looks like it occurred November 4, 2009. SILVER rose $1.13 from $16.35 to $17.48; a 6.9% increase from the day before. Breakout above $20 SILVER commenced September 8, 2010 and SILVER rose to $30.70 by December 30, 2010; 4 months and a 50+% rise. Could history repeat in 2013 ?

From the $19.66 SILVER spot today, a rise above $21 is essential to verify the new uptrend. Above that, $26 is STRONG resistance, the old critical support level. I'm hopeful...

[barrytrot]

Interesting that the other "giant leaps" have been harbingers of BAD and not GOOD.

This time - who knows

[Country]

Interesting that the other "giant leaps" have been harbingers of BAD and not GOOD.

This time - who knows

Actually, the last one bad, and the previous one good. Bad, if it happens near a top. Good, if it happens near a bottom (or long consolidation). I'm hoping Friday's jump is one of the good ones!