Sell off continues today

[involuntary tentacle]

if the selloff continues, how long before the coin shops adjust their prices? it seems they jack the prices up with the quickness when spot goes up, but take their sweet ass time to lower the prices when spot falls. i want to backup my (very small) truck when the prices correspond to spot a little better.

[byro007]

Over 5.00 down. Wow

[oober]

DCA everybody with long term money. You can't go wrong. Picked up 20 more oz today, will buy more on Monday hopefully at a lower price.

[neilgin1]

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.

just so i'm not misunderstood, when i say 27, i'm referencing basis Dec futures, which means cash silver trades plus 3 to plus 5, which translates out to my kill zone of $600 ASES...i'm focusing this down move on ASE's, and only then will i look at 90's, thinking 19X to 22X's is a good kill zone.

thats why in the past two months i been hitting 40's....ease off the pedal a bit, but still get coinage. Bro Penny, i'll buy 45X's, i'll buy 20X's...i was even gonna geared up pay 800 an ASE roll, but something in my gut said wait. If this Macro move, meaning a global contagion, gets somewhat out of hand, you MIGHT see 24, ..dont discount it, there's about 3 million undercurrents in the global economy, and we can only see the tiniest tip of the iceberg.

[neilgin1]

just on a techinical basis, charts, massive damage has been done. and i know there's talk about a futures/physical disconnect, but this is way larger than a bunch of bank traders screwing with the futures. Technically, this second, its a train wreck, which is GREAT for us.

[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.

just so i'm not misunderstood, when i say 27, i'm referencing basis Dec futures, which means cash silver trades plus 3 to plus 5, which translates out to my kill zone of $600 ASES...i'm focusing this down move on ASE's, and only then will i look at 90's, thinking 19X to 22X's is a good kill zone.

thats why in the past two months i been hitting 40's....ease off the pedal a bit, but still get coinage. Bro Penny, i'll buy 45X's, i'll buy 20X's...i was even gonna geared up pay 800 an ASE roll, but something in my gut said wait. If this Macro move, meaning a global contagion, gets somewhat out of hand, you MIGHT see 24, ..dont discount it, there's about 3 million undercurrents in the global economy, and we can only see the tiniest tip of the iceberg.

Good luck on your strategy.

I would really like to specifically know what is causing this sell off. I'm not able to find any info. Probably some banksters scam as usual.

[balz]

just on a techinical basis, charts, massive damage has been done. and i know there's talk about a futures/physical disconnect, but this is way larger than a bunch of bank traders screwing with the futures. Technically, this second, its a train wreck, which is GREAT for us.

It should be great, but the premiums are killing...

[neilgin1]

Penny, i am the LAST guy to defend any futures trader, i KNOW these guys, and believe me, they'd sell their sister to get out of jam, BUT, this is not some devious bankster scam. just read the board, a LOT of guys saying, "i wanna buy more silver, but i'm tapped out. Now what that means for a stacker, he stays with his stack, but for a futures trader, whether it be a one lot wonder, or a hedge fund trader, they got ya for 16k per car margin, and you might have a thousand on long, then you got to come up with margin maintennance money, plus for every dollar down, we're talking massive money, and you GOT TO GET OUT!!....and when the bullish consensus is in the 80's or 90's, and everybody's running for the door, you start seeing $100 down in the Gold, $5-6 down in the silver. It's the way markets trade...coz when your supervisor knows you looking at a $250 million paper loss on your funds long position, he is going to tell you, "get out of that position NOW"!...what caused this sell off is that everybodys bullish...and i dont have a strategy, its just gut instinct, i've seen this stuff for over 30 years, in cattle, hogs corn, wheat crude silver...one more thing, everybody says these short sellers of silver are fiends......what people dont realize is that in a crazy down market, short sellers actually provide support when they cover and buy back. So when you see "short selling's been banned"......dont ever trade that market.

[Double3]

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

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

I'm not that bad, but there isn't as much as I want since I've been buying recently.

[blackrabbit]

Yea unfortunately I bought a little for too much but now I want to buy more. There is some very nice product out there that I have been drooling over. I have a feeling it won't go below 30 but what do I know! I do know I am still way ahead at this game even if I sold everything right now. I won't be selling any silver until it goes back over 40 and then it will only be small amounts.

[68Camaro]

Penny, i am the LAST guy to defend any futures trader, i KNOW these guys, and believe me, they'd sell their sister to get out of jam, BUT, this is not some devious bankster scam. just read the board, a LOT of guys saying, "i wanna buy more silver, but i'm tapped out. Now what that means for a stacker, he stays with his stack, but for a futures trader, whether it be a one lot wonder, or a hedge fund trader, they got ya for 16k per car margin, and you might have a thousand on long, then you got to come up with margin maintennance money, plus for every dollar down, we're talking massive money, and you GOT TO GET OUT!!....and when the bullish consensus is in the 80's or 90's, and everybody's running for the door, you start seeing $100 down in the Gold, $5-6 down in the silver. It's the way markets trade...coz when your supervisor knows you looking at a $250 million paper loss on your funds long position, he is going to tell you, "get out of that position NOW"!...what caused this sell off is that everybodys bullish...and i dont have a strategy, its just gut instinct, i've seen this stuff for over 30 years, in cattle, hogs corn, wheat crude silver...one more thing, everybody says these short sellers of silver are fiends......what people dont realize is that in a crazy down market, short sellers actually provide support when they cover and buy back. So when you see "short selling's been banned"......dont ever trade that market.

Yes, as a couple of others have said in more than one thread, this is about margin calls on options.

Yeah - it's a great time to get physical, if you can, but (as others have also said) it doesn't (or shortly won't) exist (not at these prices).

I'm about to try to take the rest of the day off to hunt for physical both locally and internet, but I'm having doubts (in advance) that I can find any decent amount. Especially given the comment above that APMEX is out of ASEs.

[theo]

The mauling my portfolio has taken is disquieting, however this afternoon I was able to pick up a few Morgans for $25 each along with two halves (a Kennedy and a Franklin) for $12 each. It was about a 10% premium, but its been months since I've seen those price levels

[Thogey]

One of my real-cent friends is driving over the mountain to pick up some silver. Since I'm working today he's going to front me 1000.00 until this afternoon.

That's what real friends are for.

This silver plunge is very exciting, I love it! I'm going to stack as much as I can without borrowing for it.

[balz]

One of my real-cent friends is driving over the mountain to pick up some silver. Since I'm working today he's going to front me 1000.00 until this afternoon.

That's what real friends are for.

This silver plunge is very exciting, I love it! I'm going to stack as much as I can without borrowing for it.

Why not borrowing?

Borrowing monopoly cash to get real cash?

I do it every day!

[Thogey]

One of my real-cent friends is driving over the mountain to pick up some silver. Since I'm working today he's going to front me 1000.00 until this afternoon.

That's what real friends are for.

This silver plunge is very exciting, I love it! I'm going to stack as much as I can without borrowing for it.

Why not borrowing?

Borrowing monopoly cash to get real cash?

I do it every day!

And good luck to you.

I own all my silver and it's more than I can lift. I don't owe a bank.

I don't borrow money anymore, for anything. Maybe for an emergency. I hate being in debt. I'm out now(minus a mortgage which is also on it's way out of my life) But that's just freedom loving Thogey's opinion.

Borrow away balz! I hope you get rich!

[barrytrot]

So silver plummeted another dollar after I bought in and yet I'm still up

The power of options is very cool people

[balz]

If it's more than you can lift, than you surely are in a much better position than I!

My point is this: I have a good job and I can repay my debts. The ONLY way I could get in trouble would be hyper-inflation when my 2% annual wage increase wouldn't be enough to pay everything... BUT: if there is hyperinflation Ag will rise a lot...

I don't see how I can lose at this game.

[barrytrot]

If it's more than you can lift, than you surely are in a much better position than I!

My point is this: I have a good job and I can repay my debts. The ONLY way I could get in trouble would be hyper-inflation when my 2% annual wage increase wouldn't be enough to pay everything... BUT: if there is hyperinflation Ag will rise a lot...

I don't see how I can lose at this game.

Oddly, I find that I agree with you. Not my strategy, but I see the merit. Normally I think debt = bad, but right now interest rates are low and if you have stable income then I don't see the harm. Naturally your risk is slightly higher, but your reward is "something" instead of "nothing" as would be the case just sitting on the sidelines.

[balz]

I know I can't, but I want to take back some of the time... I used to trade silver onces on Ebay 5-6 years ago... Would buy them at like 6$ oz. and sell them back at 8$ or something like it. I deeply regret I decided to sell everything I had when silver got to 11-13$. I won't make the same mistake twice!

[Thogey]

I guess it depends on your personal situation. I can't stand being in debt. I'm upside down on my mortgage at 7.xx%.

No bank will touch it. I bought this house 30% below market in 2003 "I didn't see how I could lose then" either. Now I have this horrendous 20 year mortgage at 7.xx per cent. I almost feel irresponsible for not prepaying on this thing faster.

But instead I just bought $30 face of .90 and 30oz(including 10 ASE) for $1700.

I'm hanging on to this debt for the reasons you guys mentioned. I could probably liquidate my retirement and sell another house I own and be free and clear, but I'm not ready to short those investments.

I will never borrow another cent as long as I live.

[BOHICA]

I just bit the bullet and bought $120FV from Bullion Direct for $2840.

[avidbrandy]

looks an awful lot like it could be a double bottom.

[68Camaro]

Anyone have any luck at finding any physical at anything near the SPOT rates? Nothing local for me.

[Thogey]

Today I bought $30 FV at 22X.

Halves

[Hades12]

Just picked up some of these
http://www.gainesvillecoins.com/product ... value.aspx