Anyone see the silver crash?

[SFBayArea]

Just looked at Kitco and silver was down to $42.17 at its lowest point. Wow.. what a drop.. is it time to sell the stash? Never expected a drop like that. Thought $45.00 was the resistance point. Guess not. Must be the manipulators hard at work again. CFCT need to force everyone that buys speculative contracts to take physical delivery of the item bought within 2 days. I'm tired of the virtual trade where people buy & sell phantom shares of nothing.

 

[Jasonstar94]

Hold onto your physical silver. Don't let a dip cause you to sell and then buy back at a higher price.... Silver is real money and will never go to 0 while the dollar is decreasing in value by the day.

 

[Rojas108]

I just looked and saw it.... However on Friday it seemed like it was coming since gold was up huge and silver was down. I like to trade options and had a call at a $49 for June on sivr (which shadows the silver price) so I sold it and made about 80% and bought a putt at $44 for September so if it stays like this tomorrow it will be up 50%-100%.(hopefully)

There is so much negative news on silver on every big financial website but they never seem to mention how Chase illegally shorted silver and kept the price down. They are trying to scare everyone by saying it is a bubble etc.... Nobody knows what the price should of been when Chase was keeping it down. So these silver bashers keep going it went from $10 to $49 for no reason. I have CNBC on my blackberry and everyday silver and gold were up they didn't mention a thing but when it goes down it is front page news!!

For my coin roll hunting finds... I am keeping them for the long term, I am just trying to build my hoard for now and build my silver stock pile!! I think time is on my side( I am 27) so even it goes to 15 I am just gunna ride it out and keep trying to add to my silver position.(unless I really need the money) If I was a little older maybe I would sell though since time wouldn't be so much on my side. Good luck to everyone and its never a bad thing if you sell for profit!!

 

[jeff of pa]

Maybe Bloomberg is right

silver price forecast for 2011 is $29.50

2013 to $20 an ounce.

Or at least has Manipulated a Big Scare that caused
a Major Selloff

http://forum.treasurenet.com/index.php/topic,395792.0.html

 

[jim4silver]

This may just be a blip tonight, but we will see. If it is the start of a correction, I don't understand why anyone here would be the least surprised. No market moves up so far so fast without experiencing a correction. While I am a silver bull as much as anyone else, I am not a "kool-aid" drinker like some. If a person only reads info that meets their own beliefs, they are only getting part of the story.

I truly believe silver will be $100 per ounce and more in the future. However, anyone with any market experience, or who can read about market history, knows that whenever something goes up so fast in a short time there is always some reaction in the opposite direction. Whether that correction is 5 bucks or 25 bucks nobody knows till it happens. What many don't seem to understand is that this latest run-up in silver in the past few months was done primarily by big institutional traders and speculators looking for profits. Those same traders will pull when it is right for profits and make money on the way back down via shorting. Eventually silver will hit super high levels but not in a straight line up.

PS If these so-called "manipulators" allowed silver to go from 18 to 49 since last summer, they are not doing a very good job.

All above is just my opinion and may be completely wrong.

Jim

 

[jeff of pa]

PS If these so-called "manipulators" allowed silver to go from 18 to 49 since last summer, they are not doing a very good job.

All above is just my opinion and may be completely wrong.

Jim

Actually it is My Belief silver should be at $150.
& The Manipulators did an Excellent Job.
Up untill the Investigation was Started/Threatened

it just Recently started Rising.

But I Agree Correctins are Inevitable,

& Paranoia selling Follows

 

[jim4silver]

PS If these so-called "manipulators" allowed silver to go from 18 to 49 since last summer, they are not doing a very good job.

All above is just my opinion and may be completely wrong.

Jim

Actually it is My Belief silver should be at $150.
& The Manipulators did an Excellent Job.
Up untill the Investigation was Started/Threatened

it just Recently started Rising.

But I Agree Correctins are Inevitable,

& Paranoia selling Follows

I agree with you Jeff, but I was referring to the post that said silver was "illegally" being manipulated, which I don't believe ever happened. Even if hypothetically something was taking place that amounted to what would be "naked short selling" in huge amounts, if the rules allowed it then it was not illegal. What was to stop some other big institution(s) from doing the same thing in reverse.

If the CTFC sets position limits then it would be more fair that is for sure in my opinion. But if they did not exist then what would stop some wealthy institutions for exploiting a situation to profit, which is what happens all the time in different situations. While that might not be a good thing, if it does not violate the current rules it is not illegal per se.

Futures trading is like a tug of war competition, and the more money thrown in one direction pulls the balance in their favor. Eventually I believe that as the dollar declines demand for physical bullion will be so great there will be a split of silver physical prices from futures, when that happens it won't matter what the so called "manipulators" are doing in the paper market. Till then though, the physical prices will be pulled to and fro by what is happening in the futures markets.

Jim

 

[jethro1469]

jim4silver, you make sense to me. Your grasp of the market sounds well studied and thought out.

 

[TheRandyMan]

As many have said, market corrections will occur in any market that goes up as fast as silver has...look at any market chart...up, down...spike, dip...its just normal activity.

A 10% or 20% correction is not unexpected and actually I am looking forward to adding to my positions at a lower cost.

But, make no mistake about it. JP Morgan and the silver bears have taken a royal arse whipping over the last 6 to 8 months as silver has rocketed. Every 3rd Friday when the options markets closed out that month, they had to buy huge amounts to cover their puts...They are not in control and are not manipulating the market.

A correction here and there indicates to me that the silver market is working like a true free market should work now. Its quite refreshing since silver has been under so much manipulation for so long.

Just keep buying on the dips, my friends...Silver is heading up...Gold is heading up... its QE (Quantatative Easing) to infinity all over the world now and nothing will stop the fiat currencies from continuing their relentless downward spiral.

When the dollar drops below .72 later this month, you will see a dollar free fall...unless Japan decides to jump in and shore the dollar up...they can't continue that forever as they must have TRILLIONS available to rebuild their country. Also, when the 2nd quarter earnings come in, you will see the stock market get rocked for a 10% to 20% drop...the combined effect will push silver over $60 with ease...gold will also take out the $1,800 barrier on its way to $2000 by the end of the year.

The classic silver to gold ratio has been 16:1...manipulation of the silver market had appeared to establish a new "normal" ratio of 50:1, give or take a few ounces. The true ratio will be reestablished now that market manipulation is being crushed by the huge desire of people to own real value instead of pieces of paper.

The game is over... the jig is up...Silver will be $100+ in relatively short order.

Buy the dips and teach those punks at JP Morgan a lesson every month!! Then you will be ready when the "Schumer hits the Fan"!~

 

[Rojas108]

You actually think they listen to the CTFC. They are all on the take. Look at the housing market, look at Madoff, they all were suppose to be obeying by a "strict set of rules" hahha come on now!!!!!!!........... and list can go on and on!

 

[StevoCBR]

Just looked at Kitco and silver was down to $42.17 at its lowest point. Wow.. what a drop.. is it time to sell the stash? Never expected a drop like that. Thought $45.00 was the resistance point. Guess not. Must be the manipulators hard at work again. CFCT need to force everyone that buys speculative contracts to take physical delivery of the item bought within 2 days. I'm tired of the virtual trade where people buy & sell phantom shares of nothing.

That is exactly what this is a not-for-profit seller...aka JP Mourge to drive price down to try and acquire more silver to cover their short positions with physical and keep prices low in general. That have been settling contracts in cash for months at $50 an ounce. So any opportunity to drive price down they view favorable but a 10 percent sell off just as the market opened is impressive.

Many experts have said that as we head into this period of overall market condition...aka inflation, dollar index, etc we would see large swings. I still bet will be at least $60 in 30 days. Don't forget we saw this biggest monthly gain in April since 83' Yes i understand corrections but based on many things, supply and demand being one of the biggest. Silver should be up in no time.

Like Jeff said should be $150 right now.....lots of room to go up. But hang on folks we are seeing the start to a very wild ride.

And if anybody believes the main stream media or even half the experts out there that say $30 an ounce by the end of this year. The same people that think were bouncing back from the depression and that nothing is wrong with our financial situation as a country. Well you probably also believe that our best option is to spend our way out of our debt crisis........just makes no sense in my opinion.

 

[desertfox]

What's the fuss about, silver is a long term investment. Goes down to 35 bucks, time to buy another 10 grands worth.

 

[SFBayArea]

Just looked at Kitco and silver was down to $42.17 at its lowest point. Wow.. what a drop.. is it time to sell the stash? Never expected a drop like that. Thought $45.00 was the resistance point. Guess not. Must be the manipulators hard at work again. CFCT need to force everyone that buys speculative contracts to take physical delivery of the item bought within 2 days. I'm tired of the virtual trade where people buy & sell phantom shares of nothing.

That is exactly what this is a not-for-profit seller...aka JP Mourge to drive price down to try and acquire more silver to cover their short positions with physical and keep prices low in general. That have been settling contracts in cash for months at $50 an ounce. So any opportunity to drive price down they view favorable but a 10 percent sell off just as the market opened is impressive.

Many experts have said that as we head into this period of overall market condition...aka inflation, dollar index, etc we would see large swings. I still bet will be at least $60 in 30 days. Don't forget we saw this biggest monthly gain in April since 83' Yes i understand corrections but based on many things, supply and demand being one of the biggest. Silver should be up in no time.

Like Jeff said should be $150 right now.....lots of room to go up. But hang on folks we are seeing the start to a very wild ride.

And if anybody believes the main stream media or even half the experts out there that say $30 an ounce by the end of this year. The same people that think were bouncing back from the depression and that nothing is wrong with our financial situation as a country. Well you probably also believe that our best option is to spend our way out of our debt crisis........just makes no sense in my opinion.

Yes, it would seem as though the timing of this makes it look like one big short by one larger player. If one looks at the chart.. it all went down at once within a few seconds. The timing of it is at the overseas markets when the U.S. market is closed.. seemed like someone like JP Morgan is trying to short silver past some stop-loss automated systems people have in place. The stop loss systems automatically sold too as the price point had been breached while people were asleep at the wheel on Sunday as they were going to church, hanging out at the park, etc. Funny gimmick.. however silver has recovered back up to $44.75 very quickly. If we close above $45/oz for the session which was the marker of strong resistance, we should be ok. This wasn't everyone panicing to sell but just some player trying to orchastrate a major sell off like JP Morgan did for years. Apparently, it hasn't worked too well. I just don't understand why people want to short silver. There are better stock companies to short like RIM that do not have strong fundamentals. It's about fundamentals in my opinion.

This would be a good buying opportunity at this point of $45/oz. Take physical delivery of silver and punish this short seller. LOL

 

[TheRandyMan]

Anyone looked at the volume of contracts traded on the Comex last week? On Monday alone 319,000!!!

How about the SLV (IShares Silver Trust) volume that day? How about 190 million shares!!! They average 35-40 million with a busy day maybe getting to 50 million...

We are about to enter a very volatile period in the silver market...it seems as if the day traders have found a new darling..lol.

Make no mistake, this is an opportunity in waiting...keep your powder dry until you see the whites of their eyes!!

Get ready to buy...if it dips below $40, its HAMMERTIME!!

 

[kd5txx]

Good grief. Silver was $30 6 months ago. A year ago I was buying Eagles on Ebay for $21 shipped. The high numbers look good, but I'm not really selling so they mean nothing to me really. If it is cheaper, I can buy more. If it is higher I own more equity. Either way, I will not be happy until I can fill a swimming pool with it.

 

[Phantomfe3]

whether silver drops to $20 or soars to $100 an ounce, its a win-win situation for me. I have 40+ years until i retire, so i will either buy more at $20 and make a profit on the next hike, or sell all ive got at $100 and make my profits then. either way is fine with me

 

[TxTim]

What's the fuss about, silver is a long term investment. Goes down to 35 bucks, time to buy another 10 grands worth.

Yessir.

 

[TheRandyMan]

Friends, I am posting this link here as a courtesy to those in this thread so you can have direct access to it...

It will also be posted in the appropriate forum under my thread entitled...

US Dollar:Tracking the Demise of a Reserve Currency.

Please read it...knowledge is power.

http://fofoa.blogspot.com/

 

[ArkieBassMan]

This may just be a blip tonight, but we will see. If it is the start of a correction, I don't understand why anyone here would be the least surprised. No market moves up so far so fast without experiencing a correction. While I am a silver bull as much as anyone else, I am not a "kool-aid" drinker like some. If a person only reads info that meets their own beliefs, they are only getting part of the story.

I truly believe silver will be $100 per ounce and more in the future. However, anyone with any market experience, or who can read about market history, knows that whenever something goes up so fast in a short time there is always some reaction in the opposite direction. Whether that correction is 5 bucks or 25 bucks nobody knows till it happens. What many don't seem to understand is that this latest run-up in silver in the past few months was done primarily by big institutional traders and speculators looking for profits. Those same traders will pull when it is right for profits and make money on the way back down via shorting. Eventually silver will hit super high levels but not in a straight line up...

Jim

Agree 100%. Couldn't have said it better. The only thing that surprised me is that if this is the correction that was inevitably coming, that it took so long.

 

[yonico]

i don't think it's a CRASH
i mean, it's like "oh my god, i've never seen the silver that low in AT LEAST 12 days!!
we knew it was coming, and it's not as bad as i thought it might be.
once it starts, it may be very hard to stop. since people have stop-loss orders on their accounts, let's say at $47, so when it hits $47 it triggers all those "sell" orders and drives the price down - to $46 - which then activates all the $46 stop limit orders. and so on.
people who really take silver or other PMs as serious investments, made a nice profit today, getting out and jumping back in.
i'm not sure it ends here.. i wanna see what the NY price will be tomorrow at 1:30 pm..
hold on to your silver!