Silver is Going Crazy!!

[Sand Swinger]

Silver crossed $60/oz today and it’s now just a few cents away from hitting $61/oz. It's gonna be a wild ride!

 

[Johnnybravo300]

Its still well within an upward channel on the hourly chart.
It can hit almost $107 and then bounce but if it drops lower, thats another story.

 

[surfnturf]

It’s like the ocean tides 🏴‍☠️

 

[Upnorth42]

Big drop in the price this morning. Down $22 Canadian. Not sure what that is in USD. Maybe the run is over. I noticed what seemed to be a coordinated drop in metal prices yesterday.

 

[Blak bart]

It’s like the ocean tides 🏴‍☠️

Only not as predictable....looks like king high tide lately 😁

 

[pepperj]

Big drop in the price this morning. Down $22 Canadian. Not sure what that is in USD. Maybe the run is over. I noticed what seemed to be a coordinated drop in metal prices yesterday.

The base metal on the street level didn't move yet. Copper $7.25 Aluminum $2.10

 

[tamrock]

I kinda expected a drawback. After I spoke with a some buyers who were strapped from selling to the refineries You could sence their concern. That kinda made me think a bit of fear was being felt and things like that can have a tendency can put a damper on a surge. We'll see, but I'm not thinking things a gonna drop like a rock. It's gotta stabilize at some point and that might make it safe enough for some of these silver mines with only a skeleton crew standing by to go back in production.

 

[Johnnybravo300]

And im low on dry powder this time. No buying the pullback for me dangit.

 

[pepperj]

I kinda expected a drawback. After I spoke with a some buyers who were strapped from selling to the refineries You could sence their concern. That kinda made me think a bit of fear was being felt and things like that can have a tendency can put a damper on a surge. We'll see, but I'm not thinking things a gonna drop like a rock. It's gotta stabilize at some point and that might make it safe enough for some of these silver mines with only a skeleton crew standing by to go back in production.

With a 17-18%drop it cut the profit margins down a lot for some.
The old saying "Buy low sell high" still applies.
Then again it might settle things down a bit when it knocks out the "Bought high and it went low" folks.
Then again one only has to go back a week or more to realize it's all still good.
Silver Price Today | Silver Spot Price Charts | APMEX https://share.google/w1SWxWscY4btG7RXa

 

[newnan man]

Let it ride everyone. I'm hoping for 200 by the end of the year. Paper is becoming more worthless every day. Fuel prices are down but for some reason everything else is going up. The government is still trying to tax, spend, and print their way out of a bad economy. Duh.

 

[surfnturf]

Only not as predictable....looks like king high tide lately 😁

Full full moon coming with king tides and we’re gonna get hit with a coastal cyclone northeaster bomb!🤯

 

[Sand Swinger]

Big drop in the price this morning. Down $22 Canadian. Not sure what that is in USD. Maybe the run is over. I noticed what seemed to be a coordinated drop in metal prices yesterday.

I don't think the run is anywhere near over, I think this could have been manipulation. Just my opinion and I'm trying to remember the details, but I watch videos from industry professionals every day, and in the last week, I remember hearing something about large banks and a deadline of today. Ya know how you hear lots of things and remember bits and pieces? I'll have to go back to see if I can find where I heard, but it was something like if the price of Silver was under $100, even $99.99, options would expire, and the big banks would be off the hook and would make/save billions. But if the price of Silver was over $100, the banks would lose billions. I can't be sure yet, but it sounds like it might have something to do with them taking short positions.

And if you look at the screenshots I posted yesterday, where 4 different metals all dropped off a cliff at the exact same time, then started to rise at the exact same time, and couple that with the story I heard about the price needing to be below $100 today, or the banks would lose big, put those 2 together and IMHO, that looks like a coordinated effort by the banks or some other large institutions or powerbrokers with huge financial stakes to get the price of Silver down below $100 today, so that the options would expire. The timing of these 2 events just looks to be too close to my eyes. If/when there's large banks or financial institutions that are looking at losing billions, I wouldn't put it past them to try to manipulate or to do whatever they possibly could to prevent that loss.

 

[hamiddetecting]

It is going to correct itself then come back to rise again I think that so🏴‍☠️

 

[Upnorth42]

Something big is going on. It's down $50 Canadian today. How does it lose a third of it's value in 1 day?

 

[Sand Swinger]

Something big is going on. It's down $50 Canadian today. How does it lose a third of it's value in 1 day?

Exactly, that would totally violate the Law of Supply & Demand. There's not enough supply of physical Silver to meet current demand, and demand continues to increase and increase. When there's more demand than supply, prices go up, not down. Can't help shake the feeling that some shenanigans have been going on behind the scenes.

But remember, Paper Silver and Physical Silver are 2 different markets. The spot price on the exchange sites we see are produced by the paper Silver trading market, not the physical Silver market. So, no matter what spot price shows, the real price and value is based on what it actually costs to acquire 1oz of physical Silver.

 

[pepperj]

-28.8% silver
-12.5% Gold

 

[pepperj]

The base metal on the street level didn't move yet. Copper $7.25 Aluminum $2.10

Copper dropped 40 cents a pound
Aluminum held.

 

[Sand Swinger]

Copper dropped 40 cents a pound
Aluminum held.

Silver appears to be rising. Looks like it hit a low of $79 earlier, now currently at $86. Let's see if Silver can pull another Rocky Balboa, get back up and continue fighting its way back.

 

[pepperj]

Now for the glass half full news
Gold is up 85.84% in 1 year
Silver is up 197.22% in 1 year

Folks look at that-LOOK-READ-DON"T WEEP!

 

[pepperj]

Silver appears to be rising. Looks like it hit a low of $79 earlier, now currently at $86. Let's see if Silver can pull another Rocky Balboa, get back up and continue fighting its way back.

Friday the 30th ment a lot of paper was due.
It will only go up again then get slapped down in March
We just have to be smart.

 

[Upnorth42]

I wonder which bank or group of people either made a ton of money today, or didn't lose a ton of cash because silver lost 1/3 of it's value today.

I agree with Sand Swinger. Probably some shenanigans going on behind the scenes. It's all about the free market until someone big starts losing money.