Now WHAT caused the drop????

[Dozer D]

Silver prices were slowly climbing, but all of a sudden it takes a NOSE dive. Just yesterday's big drop was -$1.00. Does anyone have any good logical reasoning ?
Your comments:

 

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[georgiagirl23]

The government announced yesterday morning that home loan interest rates would not increase for at least another 6 months, which caused a huge sell-off yesterday afternoon, thus the price drop you saw happen. Keep your eye on the prices, they will stabilize and begin to climb again. This happens every time an announcement like this is made.

 

[TheMastermind]

What georgiagirl said. Which is great news for me because I'm preparing to refinance my mortgage as soon as I get my taxes done.

 

[SilverHoarder07]

Silver prices were slowly climbing, but all of a sudden it takes a NOSE dive. Just yesterday's big drop was -$1.00. Does anyone have any good logical reasoning ?
Your comments:

I think the first reply has it covered....I am happy about the drop, in a week or two I was going to commit to another 30-50 ozt. And I was figuring $18.50 range with generics + premiums. Now I get a little more

 

[norcalsteve]

What georgiagirl said. Which is great news for me because I'm preparing to refinance my mortgage as soon as I get my taxes done.

I bought a house last august and had to do a FHA loan. They just lowered their mortgage insurance rate and im doing the paper work now to redo it. My monthly payment is going down $156.00 a month. Plus rebate of what I overpaid that is going to principle .

 

[ArkieBassMan]

If you'll look at a historical, inflation-adjusted graph of the spot price of silver, you'll pretty much see a straight line with 2 blips. First blip was the Hunt Bros. thing in ~1980, and the 2nd was the most recent financial crisis, from which the price has not regressed all the way back to its "normal." Its going lower, and its going to stay there until the next market cornering attempt or financial crisis.

Silver is a good protector of wealth. Its not statistically a good long-term money maker.

I have learned my lesson, and if I'm fortunate enough to be alive when blip #3 occurs, I will sell it all.

 

[Half Hunter]

I bought a house last august and had to do a FHA loan. They just lowered their mortgage insurance rate and im doing the paper work now to redo it. My monthly payment is going down $156.00 a month. Plus rebate of what I overpaid that is going to principle .

So how do you do that? i did the same thing in July 9(fha loan). So I can get a rebate for what I paid since July and make it go down?

 

[norcalsteve]

So how do you do that? i did the same thing in July 9(fha loan). So I can get a rebate for what I paid since July and make it go down?

I financed with Wells Fargo. They called me. I have gotten a dozen letters from different lenders wanting me to streamline a new lower loan with them. Call your lender. My interest rate went down from 4 to 3.55. FHA just announced this this week. You should be able to reduce your interest rate and the mortgage insurance. Good luck

 

[dreamboxvip]

Silver prices were slowly climbing, but all of a sudden it takes a NOSE dive. Just yesterday's big drop was -$1.00. Does anyone have any good logical reasoning ?
Your comments:

I knew a big drop was coming because of monday's 40 cent drop. And of course gold pretty much recovered all of its losses from thursday while silver only climbed back 31 cent, which is better than nothing but gold climbs faster and drops slower than silver most of the time. Its probably because i have a lot of silver and not gold lol. I was hoping silver would hold the 18 dollar range.

 

[SFBayArea]

Wouldn't worry about that drop. It's nothing. I do a lot of trading. It's not a concern. I would only be concerned if it re-tested the 15's low again and started going below.

 

[fistfulladirt]

The government announced yesterday morning that home loan interest rates would not increase for at least another 6 months, which caused a huge sell-off yesterday afternoon, thus the price drop you saw happen. Keep your eye on the prices, they will stabilize and begin to climb again. This happens every time an announcement like this is made.

The sell-off, was it paper, or physical?

 

[foofighters]

Is there a difference?

I believe it will retest the 14xx