Silver chart shows broken support

[jim4silver]

If we close today at the current level or below, it will result in a market close below a support line on the chart. If charts mean anything anymore, this could mean silver is going to be testing the $26 level in the near future.

But who really knows?

Jim

 

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[Marchas45]

I don't care Jim, I'm looking at the big picture and I'll continue to stack. Keep Stacking

 

[skeeterd]

I care. I got a little money stashed away to buy silver, and if it goes to $26, I'll spend it all!!

 

[hokiemojo]

the question is, who will sell physical at these prices.

 

[Jason in Enid]

the question is, who will sell physical at these prices.

If it's an emergency and I don't want to put money on the credit card, then I will sell.

 

[Bigheed]

still a great profit for anyone who bought a few years back in the 8 dollar range.

 

[skeeterd]

the question is, who will sell physical at these prices.

Somebody must be selling to drive the price down. The question is, how much physical silver is selling compared to paper? I don't know much about PM markets, but hopefully someone on this forum does and can help explain it.

 

[TreasurePirate69]

What I've seen over the past couple of months is that the dealers at the local coin show have plenty of silver to sell and are trying to get rid of it. There could also be a lot of hedge funds that may be panicking and wanting to dump gold and silver now that they've come to the realization that the Fed's monetary policy is not nearly as damaging as everyone just assumed it would be. They see the economy improving and are more afraid of losing their shirts on their gold and silver holdings than they are afraid that the dollar will fail.

Just my opinion of course.

 

[Kaynos]

1 million silver paper sold, that's what driving the price down. This is NOT physical metals, only usless paper. The scam continue.....

PAPER SILVER VOLUME NEARING ONE MILLION!!!!!!!! « Silver For The People ? The Blog

 

[TreasurePirate69]

1 million silver paper sold, that's what driving the price down. This is NOT physical metals, only usless paper. The scam continue.....

PAPER SILVER VOLUME NEARING ONE MILLION!!!!!!!! « Silver For The People ? The Blog

You seem to forget that for every silver paper SOLD, there is a silver paper BOUGHT. Saying that it is scammers "selling" is a "glass half empty" way of looking at it. I guarantee you that there was a time in 2011 that 1 million silver papers "sold" while the price was skyrocketing up to $47. Yet I didn't hear any mention of scammers or price manipulation during that time (even though it sure looked like price manipulation to the up side to me!). Why is it that people only complain about supposed manipulation when the price is going down? isn't it just as likely (especially at today's prices which are WAY above expected inflation adjusted values) that the price has been manipulated UP to where it is now?

 

[jim4silver]

You seem to forget that for every silver paper SOLD, there is a silver paper BOUGHT. Saying that it is scammers "selling" is a "glass half empty" way of looking at it. I guarantee you that there was a time in 2011 that 1 million silver papers "sold" while the price was skyrocketing up to $47. Yet I didn't hear any mention of scammers or price manipulation during that time (even though it sure looked like price manipulation to the up side to me!). Why is it that people only complain about supposed manipulation when the price is going down? isn't it just as likely (especially at today's prices which are WAY above expected inflation adjusted values) that the price has been manipulated UP to where it is now?

That is why I don't like calling it manipulation, which to me infers some criminality or wrongdoing. It is simply a situation where more big money is selling than buying. If the PM bugs and longs really wanted to win, they would need more people demanding physical and making them deliver, over and over. As long as the big money sellers can deliver the silver and continue their massive selling in the paper markets, then apparently the physical is not that hard to find and it is available at the paper price, otherwise they could not continue with the "manipulation" because they would have to pay more for the physical metals to deliver them. They couldn't lose money like that on and on.

Just my opinion.

Jim

 

[TreasurePirate69]

But isn't it just as likely that the 1 million paper shares sold were actually being sold/bought by the "cartel" in an effort to keep the price from falling? Isn't it possible that this effort was to keep themselves from losing profits due to the price falling below a certain level? Why do we assume that the "cartel" is trying to drive the price down instead of raising it up so that they can make bigger profits? I realize that there are plenty of silver bulls out there pointing to massive "short" positions supposedly held by the cartel. But is this just a case of them ignoring offsetting or even bigger long positions because of selective statistics? I don't know the answer, that's why I'm asking.

I'm just becoming more and more skeptical of any claims made by either side of this thing anymore. Frankly, from where I stand, I see more seriously manipulative and downright misleading claims being made by the bulls than by the bears. That makes me doubly suspicious of any of their claims. By the way, I'm not saying that anyone on this forum is being manipulative or misleading. I'm talking about well known silver bulls that keep parroting the same misinformation over and over again.

 

[jim4silver]

I am not an expert on this, but if one side has a greater weight it causes the price to move in their direction. There is a buyer and a seller on each contract, but if there are more willing sellers than buyers, the price will move in a downward direction, and if their are more willing buyers than sellers, the price goes up. Kind of a supply/demand thing. The price is constantly moving during the trading session, and the stronger side will push it in their direction.

That is why if/when the current big shorts decide to go long (as I believe they will some day because it will be a great trade), there will be nothing in their way and the price will go up very fast (like in 2010 to 2011, but even better).

Jim

 

[markmopar]

Went by my local coin shop today. It was closed. Guess they don't wanna sell on the dips.

 

[TreasurePirate69]

Well Jim I hope you are right.