Will we see $50 by end of the week

[mlayers]

The way things is looking we just may see silver hit the $50 mark.....Matt

 

[vetteguy96]

You may just be right!

 

[fistfulladirt]

We may see triple that soon, if China dumps the dollar and moves their reserves into metals.

Not good.

 

[jim4silver]

We may see triple that soon, if China dumps the dollar and moves their reserves into metals.

Not good.

FFD,

I read that article I think you are referring to. But what you can you really believe? There were articles in March of this year that said that the Chinese were actually increasing their treasury purchases through various foreign banks.

The Chinese are fantastic "chess" players. If they say they are doing something, there is a great chance they are doing something else in my opinion.

Jim

 

[SFBayArea]

We may see triple that soon, if China dumps the dollar and moves their reserves into metals.

Not good.

FFD,

I read that article I think you are referring to. But what you can you really believe? There were articles in March of this year that said that the Chinese were actually increasing their treasury purchases through various foreign banks.

The Chinese are fantastic "chess" players. If they say they are doing something, there is a great chance they are doing something else in my opinion.

Jim

Yes, originally they said that. They changed from dollars to Euros but realized that the Euro had issues too. They have a lot of debt issues too. They probably realized it's better to go with something that is more finite and can hold value over time better. Without the dollar and the Euro, what other currency is there really worth owning?

 

[jim4silver]

We may see triple that soon, if China dumps the dollar and moves their reserves into metals.

Not good.

FFD,

I read that article I think you are referring to. But what you can you really believe? There were articles in March of this year that said that the Chinese were actually increasing their treasury purchases through various foreign banks.

The Chinese are fantastic "chess" players. If they say they are doing something, there is a great chance they are doing something else in my opinion.

Jim

Yes, originally they said that. They changed from dollars to Euros but realized that the Euro had issues too. They have a lot of debt issues too. They probably realized it's better to go with something that is more finite and can hold value over time better. Without the dollar and the Euro, what other currency is there really worth owning?

SF Bay,

There is an article on Drudge right now (Sunday night) that says that China plans to cut its 3 trillion plus dollar position by 2/3rds. However, that same article says that in the first three months of this year China increased its dollar position by a few hundred billion. Thus, according to this article they now hold over 3 trillion in US dollars. There is no way they can dump all these "dollars" without hurting their own position tremendously. The article says nothing about them converting all their dollars to euros, so I don't know where you got that info.

PS Here is my "prediction" of what might happen this week. On Wed there will be minutes from this week's FOMC meeting released. I believe there is a decent chance they will say that QE2 is gonna end in June and there will be "tightening" to take place of some sort, probably not interest rates going up but at least probably a statement saying no more "easing" for a while. If anything like this is said, you will see the dollar rally and PMs go down, especially silver. I feel IF this happens it would only be a short term correction (weeks or months at most) before PMs take off again after some time later this summer or fall if they announce more quantitative easing is required. This is all just wild speculation on my part but I thought I would post it just for fun.

Jim

 

[SeaninNH]

By the way silver is climbing right now we may see $50 tomorrow. It's almost $48 right now.

 

[clovis97]

By the way silver is climbing right now we may see $50 tomorrow. It's almost $48 right now.

It is at 47.79...just $2.21 away from the big five-oh mark.

 

[vetteguy96]

It jumps around a lot during the night but right now (Midnight) it's $47.93.

 

[yonico]

12:56 am , $48.51

 

[ramjet2187]

$49.03

 

[yonico]

$49.21

 

[SeaninNH]

This is just crazy. I'm hitting refresh every 2 minutes to see how much it's gained.

Will we see $50 in the next hour?

Over $2 gain in a few hours... Absolutely crazy!

 

[ramjet2187]

$49.49 Hang on, this ride's gettin' rough

 

[dave5710]

$49.58 @ 12:15 AM CST, so when did it $25.00? Was it last September?

 

[yonico]

i think it'll get to $50 or close to it (maybe 20c below or above) but the $50 spot is definitely a turn point in my opinion, to the up or down.
probably gonna shoot up or slide down seriously when it hits 50, since people will have sell limit at this round number and will take profit, or the next day people will all get in on the action...
one thing for sure, i'm not gonna sell anytime soon.
if it goes up, good. if it drops a lot, even better. time to load up on all the silver i can put my hands on!

 

[timbobwey]

I watched it hit 49.85 tonight. I bet we see it hit 50 by tomorrow

 

[steeda]

Unreal how far and fast silver has shot up. At what point will we see the market adjust these prices downward? Something has to give!

 

[mr_larry]

No doubt we will see $50 silver. This week... probably. There could be a 10% correction any time.
There are rumors of a coordinated short squeeze on a big player like JPM that is causing this latest surge. If that is the case, then we could see some big upside moves in the near-term.

Regardless, silver has been so undervalued for so many years that a general level of $40-45 would just be keeping up with inflation from the $5 level it languished at for a couple of decades.

 

[timbobwey]

I agree Larry, silver has been under valued for years. With all this stuff going on with JP morgan, and people figuring out the market manipulation, we will probably see it continue to rise. Who knows how far it will go. I don't even know what a good selling point is anymore.