Picked up some silver today

[jim4silver]

Started dipping my toe in the water again for silver. I still think we are going to drop more, but I figured now was not a bad time to start accumulating again at these price levels.

Got some rolls of 2013 ASEs for $3 over spot $28.30. I hate paying premiums like that, but I plan to hold these long term and they really do look great.


Jim

 

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[Marchas45]

Hi! Jim I'm holding off till Monday to see what's going to happen just a little cautious and also a little apprehensive about the goings on with the Spot Price.

 

[jim4silver]

Hi! Jim I'm holding off till Monday to see what's going to happen just a little cautious and also a little apprehensive about the goings on with the Spot Price.

I thought about doing that, but I figured at $31.30 I was getting some brand new ASEs for less than I paid for some Merry Christmas rounds last year when silver was $33 or so. I am waiting for lower prices before I buy anymore though. Luckily I sold some silver a few months ago when the price was higher, so I can hopefully buy back at lower prices and get higher quality stuff (ASEs vs. old generics, etc).

Jim

 

[lost]

I'm with Charlie on holding off buying or selling for a while. There is a lot of things happening in the world. The next week or two might play heck with all the spots.

 

[Marchas45]

I'm with Charlie on holding off buying or selling for a while. There is a lot of things happening in the world. The next week or two might play heck with all the spots.

Just keep your eyes on the spot daily because if anything happens to the upside it will be fast. I was looking to buy five rolls of half's today at spot but I'm debating it right now and that's just not like me. Lol

 

[jim4silver]

Just keep your eyes on the spot daily because if anything happens to the upside it will be fast. I was looking to buy five rolls of half's today at spot but I'm debating it right now and that's just not like me. Lol

So what do you think silver is going to do short/med term Charlie? The 26/27 area is solid support, if it breaks that technically speaking we could go to 20 or so before we hit another support area.

I grabbed a couple Englehard 10 ouncers today for a buck over spot.

Jim

 

[Marchas45]

Hi! Jim I don't see where it matters on where the support is. If I remember correctly it was around $29 the last time. Lol Anyway I see it going up and down for a while yet as the Banksters are holding to many Shorts and they need to get rid off them if and when we have that Big Crash that we have been stacking for.
I'm holding off right now on buying unless I get a good deal and I have Fiat burning my pockets that I need to get rid off. Lol So we will see what happens. Charlie

 

[jim4silver]

Hi! Jim I don't see where it matters on where the support is. If I remember correctly it was around $29 the last time. Lol Anyway I see it going up and down for a while yet as the Banksters are holding to many Shorts and they need to get rid off them if and when we have that Big Crash that we have been stacking for.
I'm holding off right now on buying unless I get a good deal and I have Fiat burning my pockets that I need to get rid off. Lol So we will see what happens. Charlie

Charlie,

You seem to be thinking like I was a few months ago. One interesting note is that the "commercials" have been reducing shorts and adding longs in silver. Commercials are said to be the "smart money" and usually are the ones making the more correct calls. My guess is that the commercials are reducing the shorts each week while adding longs. Instead of simply dumping their shorts and creating a huge short squeeze higher, they are slowly become more net long, but they are still more short than long, but in time that will probably change. I think they are getting positioned for the next upleg.

They say buy when there is blood in the streets so to speak. We might not be there yet in silver, but when die hard silverbugs are dissing silver and not buying and maybe even selling, we may just be getting close.


Here is the latest COT report.

PS One interesting note, there are more net shorts than longs, thus, while each contract has a long and short, there is somehow a way that there can be more of them one way or the other. I wonder if someone here with actual commodity trading experience can explain that one to me.

COT Report - March 29, 2013 | SilverSeek.com


Jim

 

[FreedomUIC]

I can explain it to you in layman's terms. YOU BOUGHT ASE's THIS WEEK, Didn't YOU!!!!!!!!!!!

Everything is down and down alot right now. I am hoping for $26.00 as I sold alot when it was at $30.00. Can buy back what I had to sell
and get more than I had.

 

[Marchas45]

Yea Jim have you noticed that there has been no trading of Silver oz in the past couple of days according to the CME.

“The CME reported that for the second day in a row, we had 0 notices filed for nil oz of silver for the non-active contract month of April. This is the first time ever that I can ever recall seeing no delivery notices filed on the first two days of any delivery month. It kind of shows up how scarce silver really is.”
43 million oz registered, so far deliveries = 0.
The plot thickens…

 

[FreedomUIC]

The plot is turning into a blood bath.....

Gold down $24.10
Silver down $.72
Platinum down $22.00
Palladium down $11.00
and Rhodium holding steady at no loss/gain.

Now of the online web sites are pricing their silver right now based on spot. The premiums are getting higher and higher. Generic Rounds have seen some movement downward but
when a correction like this happens, everything suddenly becomes "Out Of Stock"......
Like I believe that line.