Sell off continues today

[Pennysaved]

Can't believe silver is getting hit so hard; right now it is down another 9% from yesterday.

[Morsecode]

Dollar cost averaging, anyone? Anyone?...Bueller....Bueller...?

Wish I had the cash to jump on Monday.

[Double3]

I'm trying to figure out how much money I can spend.

[coincrazy]

It's beginning to look a lot like Christmas!

$26 silver anyone?

[slickeast]

Ok, someone explain why it is droping 10% a day? I would have thought today people would be buying with both hands. Looks like everyone is unloading using a dump truck.

[beauanderos]

Ok, someone explain why it is droping 10% a day? I would have thought today people would be buying with both hands. Looks like everyone is unloading using a dump truck.

More selling than buying. Notice I DID NOT say more sellers, than buyers. JPMorgan loves opportunities like these, when a market downdraft might plausibly affect metals prices... and they can sneak in and engineer further massive sell-offs with their frikkin naked shorts... and it will be disguised by the general mayhem, and potentially dismissed as a causative factor.

[doug]

margin calls

[Sheikh_yer_Bu'Tay]

Ok, someone explain why it is droping 10% a day? I would have thought today people would be buying with both hands. Looks like everyone is unloading using a dump truck.

More selling than buying. Notice I DID NOT say more sellers, than buyers. JPMorgan loves opportunities like these, when a market downdraft might plausibly affect metals prices... and they can sneak in and engineer further massive sell-offs with their frikkin naked shorts... and it will be disguised by the general mayhem, and potentially dismissed as a causative factor.

+1

At the rate it is dropping, I bet it will be in the lower $20's before this stops. My "BUY!" will be around $25, or lower.

[barrytrot]

This is a good chance to buy and sell covered calls on SIVR or other silver ETF's. Fairly low risk money at this stage.

[Rodebaugh]

kitco's boggin down on my end......anyone else?

[neilgin1]

Can't believe silver is getting hit so hard; right now it is down another 9% from yesterday.

why cant you believe it? dont mean that as an insult, not at all. We know the fundamentals of the market, but what we dont know, are the intentions of the millions of participants, THATS the only reason, i look at charts, because charts are the distillation of those million market opinions. You have to know both, the OBVIOUS directional is HIGHER...right? But the charts were pointing to a weakening of buying, it didnt have gas, it was trading funny to the upside in these last weeks here. The riskier trade was to be short the board, that was the better trade...OBVIOUSLY. Two back to back 10% point drops?
i know major banks are shorts, but this is beyond them. If you look at the margins, and think of the many retail investors, how cars could they REALLY put on? a 50k account....maybe 2 cars max. But an institutional investor, can hurl hundreds of cars at this thing, no problem.

When i say its beyond them, go peruse every single physical commodity, they're getting slammed. Grains, slammed, Energy, Foods and Fibers, all hammered. The "financial managers", FED, Treasury, ESB, they have no more bullets, thats why Bernacke's slide out of short term paper to longer term bonds, was a sign of his impotence. Europe is behaving like 20 headless yard chickens, several large French banks are in huge trouble, this thing with a rogue trader hitting UBS with a 2 bln USD hickey, that was huge, its indicates the venerable UBS has no controls over their various desks, and in the fore, Bank of America is the looming threat. point being, the way the WHOLE thing is trading, is that its all 'out of control', and when it gets there, panic fills the air. USD will probably trade higher, which is why a week ago, if you look, i said the play was long dollars, short Euro's. But i'm of the opinion, any good dedicated STACKER, shouldnt even go NEAR a futures market...just watch them like you would a tachometer in a car. it feels like maybe $27 in silver is the band up area, though if this thing gets out of hand, we MIGHT see 20. my desire is get 600 USD ASES, 22 times 90's.

[Rodebaugh]

neil, your not far from getting the prices on your wish list.

[neilgin1]

neil, your not far from getting the prices on your wish list.

yeh bud, Doc, i hope you got those 8 bars sold at the offer.

[neilgin1]

not to boast, but i believe a trader/stacker, should constantly be involved in self examination, as to what they were thinking THEN, in the past, and i had it nailed. Mind you, i was stilling buying 40's, but i found this post, i wrote:

Edit postReport this postReply with quoteRe: SILVER PART 2 - THE RISE TO $75 - NOW AT $42+
by neilgin1 » Fri Sep 09, 2011 2:23 pm

i just got a feeling we're heading lower, mid 30's, maybe re-test that recent 33 low. been thinking, these large entities that use silver futures like an ATM, they can still prevail at their little game for two reasons, COMEX silver open interest is not deep and wide, and they have free e-money from the Fed.....and going lower might not be as bad as it sounds. Personally i wouldnt mind the potential opportunity to get ASE rolls at 700...OR even 600, as unthinkable as that sounds. have a good weekend. 9-11, ten years, honor the fallen, never forget. neil

i dont put that to boast, it just sometimes you get to the point, you stop "thinking", and move on instinct, which is really the distillation of years of thinking, watching and being wrong. Coz when you're wrong, you should dissect, WHY you were wrong. Now, i'm looking for the post where i said the play that convinced me silver's headed lower, was where i wrote, about a week ago, the go long USD, short Euro's, when i saw that going long dollars was a money maker (against Euros) that was what convinced me, a sea change was in order..cant find it though. neil

[ardorlan]

I'm trying to figure out how much money I can spend.

I did this, and it turns out I am broke.

[highroller4321]

I think the title needs to be fixed to sell off. Self off sounds like you are going too......you get my point. ( Just fixed it for him.... CC)

[Mossy]

Wow. Think it's going to keep going next week?

( Uh, yeah. What highroller said. )

[68Camaro]

Well Neil - we hit the 31s today, so that isn't far off your 27s. I sold my SVM at a small profit (can't complain) and another small one that wasn't going anywhere soon, and created some more ammo. See what I can do with it today. I can't predict bottoms, but I'm comfortable with the prices now. If I get all in, and it still goes down more, then I'm on the sideline and will just wait it out.

[Sheikh_yer_Bu'Tay]

I think the title needs to be fixed to sell off. Self off sounds like you are going too......you get my point.

Yeah, I saw that, too, on the first read... But, I was too polite to mention anything.

Pennysaved, which is it? Are you single, or been married for more than 20 years??

[Mossy]

Pennysaved, which is it? Are you single, or been married for more than 20 years??

So far as the bedroom is concerned, there's a diff?

[Country]

I'm a buyer here for physical metal: SILVER, GOLD, OR PLATINUM. Strong SILVER support is here at $31, which was the bottom when SILVER fell from $49+.

I'd say, we need to look to GOLD for the beginning of the new leg higher. GOLD has been the leader, while SILVER has been the follower recently. GOLD's recent high was $1911 and is now at $1663; that a 13% drop from the high. Now, the GOLD breakout after 2009 began last year from $1150 and rose to $1911 just recently; a 66% rise. If you feel like me that this BULL MARKET has not ended, a 1/3 drop from the height of the rise, or a 44% increase from $1150, leaves us down $250 from the top RIGHT AROUND WHERE GOLD IS NOW! That's why I say it's time to BUY, BUY, BUY. The blood is flowing like a river, and I'll be going to a coin show tomorrow as a buyer.

[Cu Penny Hoarder]

APMEX sold out of ASEs this morning. Inventories are beginning to dry up.

People waiting for $27 or below will be very disappointed when they finally go to buy some and it's not available.

[slickeast]

I am going to a coin show tommorow. I am curious to see what the premium will be on silver

[barrytrot]

APMEX sold out of ASEs this morning. Inventories are beginning to dry up.

People waiting for $27 or below will be very disappointed when they finally go to buy some and it's not available.

There is silver to buy. ASE's are only one type. And APMEX is not the only place to buy.

If silver were $5 there would still be sellers. And if it were $100 there would still be buyers.

[Cu Penny Hoarder]

In 2008 when G&S were getting hammered, I tried 4 different dealers and ALL ASE's were sold out. Ebay was the only way to get them and the premiums were ridiculously high.

Large bars have the lowest premiums because they're not fractional and less liquid.