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Silver drops ..... boooo !! :-(

The Machine

By The Machine,
in Gold & Precious Metals

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SPRAYERDUDE Newbie

SPRAYERDUDE

Posted
Posted (edited)

This is strange, it is still dropping as is gold down 70 so far. What is so strange is that Bernanke is on TV testifying. When he speaks it goes the other direction!

Bid is below 34 it has dropped 2.76!

W.T.F. Biggest drop since Apr. 11? Something is going on, the dollar is up and everything else takes a sh :angry:

Edited by SPRAYERDUDE
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Goldiegirl Newbie

Goldiegirl

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Posted

Ha Ha Ha ..... it's still not that low .... I bought silver this morning at $21 / Oz ..... try and beat that

Current stats ......

Machine, are you buying it on paper or are you buying the actual coins?

I know your in the UK...I'd like to get my hands on some here in Canada but I would like the actual coins.

Anyone know the best place for this?

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Sparta Newbie

Sparta

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Posted

Machine, are you buying it on paper or are you buying the actual coins?

I know your in the UK...I'd like to get my hands on some here in Canada but I would like the actual coins.

Anyone know the best place for this?

eBay - junk silver coins - 90% silver dimes and quarters

You can go to www.coinflation.com and track the "melt values" of these coins to guide you in your bidding. Be careful. Read about which coins are 90% and which are not. Also, watch your shipping cost .. factor that in to what you are willing to bid.

Be patient. You might only win 1 or 2 purchase-bids out of 100, but if you are persistent, you should be able to buy at 85-95% of "melt value".

Good shopping, Goldie !!

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WallyWeaver Newbie

WallyWeaver

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Posted

What a charade....

The USD is up almost a full point on the USD index? Based on what?

Especially after Bernanke said today that QE3 may be necessary.

The only thing I feel bad about is Machine was a little off on the timing of his prediction. I certainly don't think he was wrong on the numbers... just the timing.

I strongly believe we will see $2000+ gold and $55+ silver this year helping all of us to pad our pockets a little more.

I'm not ashamed to admit I was giddy with excitement yesterday at silvers' rise. I am confident I will be just as giddy several more times this year.

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WallyWeaver Newbie

WallyWeaver

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Posted

Bernanke tries talking down Commodities

Wednesday, February 29, 2012

Today was Fed Chairman Bernanke's chance to testisfy before the Congress' Financial Services Committee. Here is a quick synopsis of his comments as I see them.

"The economy is getting better based on what we can see of the employment numbers but it is not growing at a fast enough clip to justify any immediate change in our accomodative monetary policy. The uptick in hiring has been helped by this policy and any change to it at the present time is not warranted. Real Estate is still a concern. Us fiscal condition is dire and faces a serious challenge at the end of this year. Inflation is not a concern although temporary rises in energy prices bear monitoring".

There you basically have it.

Based on this testimony, gold and silver were murdered. The supposed reason? - We are told that traders were expecting QE3 to be imminent and were disappointed because the usually dovish Bernanke did not sound quite as dovish as before. Thus the metals were hammered mercilessly lower.

Excuse me - but as a trader who watches these markets each and every day for more hours than I would prefer anymore, I have not seen any analyst explain the reason for the heretofore rally in the metals as traders EXPECTING AN IMMINENT QE3 program to launch.

The reason for the rally has been expectations by the market that Central Banks would keep the liquidity spighots open for the foreseeable future (near zero interest rate policy coupled with QE out of Europe and the UK) and thus create an environment in which there was little opportunity cost for buying the metals. This has been generating RISK TRADES in which traders/investors buy both stocks and commodities and generally sell off the Dollar, which was particularly pronounced after a rush back into the Euro once traders were convinced that the immediate fallout from the Greece debacle was past.

Comments this morning trying to explain the sell off in gold mentioned the failure of the metal to make it through the $1800 level and downside stops as the culprit but ironically they are deathly quiet in regards to silver, which only yesterday had staged a MASSIVE UPSIDE BREAKOUT on strong volume out of a congestion zone. Yet today we saw a nearly 8% wipe out in silver which completey erased yesterday's breakout and then some.

My thinking AT THE MOMENT is that Bernanke and company were watching the commodity complex begin to accelerate higher once again as a result of their free money policy and began getting extremely nervous particularly as energy prices were rocketing higher. This is an election year and one thing that the boss cannot stand for is having to deal with that pesky issue of unhappy drivers bitching and complaining about the outrageous cost of filling their gas tanks especially since he and his crew are doing as much as they can to shut down drilling on public lands and offshore.

If one basically states that the economy is doing better - not out of the woods yet but better - and all the hedgies are leveraged to the gills because the FED GAVE THEM THE GREEN LIGHT TO DO EXACTLY THAT when it first announced that it would keep this near zero interest rate policy out to the end of 2014, then it is a simple matter of throwing a bit of uncertainty in that regards to generate a bout of selling. Toss in the same permabears as always capping at the highs of the day and the algorithms did the rest of the work as the stops were picked off.

In the meantime today's wild move in silver was a daytrader's/scalper's heaven. As said before, there are no worse traders on the planet than the hedge funds. Those guys could not trade their way out of a wet paper bag if their lives depended upon it.

In watching both of these metals, it does seem that we are now getting a bit of stabilizing in here around midday.

Gold and silver shares as usual are going nowhere. They made it just to the bottom of the critical resistance zone that I noted on the chart yesterday at the gap region 555-560 before going Kerplunk.

Interestingly enough, the long bond is down a full point right now as I write this. I am keeping an extremely close eye on this market. As stated yesterday, I refuse to believe ANY talk about an improving economy as long as the bond market does not start a solid downtrending move.

Link: http://traderdannorcini.blogspot.com/2012/02/bernanke-tries-talking-down-commodities.html

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The Machine Newbie

The Machine

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The only thing I feel bad about is Machine was a little off on the timing of his prediction. I certainly don't think he was wrong on the numbers... just the timing.

I strongly believe we will see $2000+ gold and $55+ silver this year helping all of us to pad our pockets a little more.

I'm not ashamed to admit I was giddy with excitement yesterday at silvers' rise. I am confident I will be just as giddy several more times this year.

Cheers for the kind words Wally ....... i'm not that bummed I'm still in the green as we stand right now just not as much lol ..... I certainly was left scratching my head earlier as to why all this happened and im still amazed it did. Just goes to show, you never know what these market manipulators are up to.

I'm not really bothered about the timing, even if im a few weeks off I dont mind ...... it gonna happen one of these days.

I too believe $2000+ is achieveable for gold and silver could certainly see $55 if not higher ($65 - $75)

Tomorrow is another day and the start of a new month ...... lets just keep moving forward.

+1

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The Machine Newbie

The Machine

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Well gold is below 1700. The high today was 1793.26. I see some buying coming on!

todays stats are shocking ... Gold down 4.98%

Silver down 6.42%

How often do you see a 5% move in any metal in a day ....... how often has this happened

If it drops any more i'm gonna drop some big money on more metals.

here is an extract from an article 20milliondinar posted

Meanwhile, the trading range of the gold price suggests that the market continues to be heavily manipulated.

Why do I believe that?

Because as a precious metal with no yield, gold should be a fairly volatile asset – like silver and platinum are. But when you look at how many times the price of gold moves by more than 5% in a day, you find that italmost never happens.

Over the last 10 years, the price of gold has moved up or down by more than 5% on only 10 occasions. The same volatility has occurred in silver 80 times. It has happened in oil 137 times.

No explanation other than manipulation can account for gold's exceptionally low volatility. It simply doesn't trade like a free-market commodity.

As I explained yesterday, to control the market for gold, the Chinese must not only accumulate massive gold reserves (which it's doing), it must establish the world's leading exchange – and regulate it honestly.

And that's exactly what's happening…

Read more:

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Abarvets Newbie

Abarvets

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Machine,

I watched it all day, could not believe my eyes. Platinum took a hit today too High today 1747.69 low 1665.45 even Palladium high 731.38 low 693.06. These swings tell me something is rotten in Denmark! Have you seen the official statements?! Please, reassured on Bernancke's comments?! Were they listening to the same testimony I was?

Please, did you see where JP Morgan added 45million ounces to their short slam? Yea the market isn't manipulated, got some swamp land for you to real cheap.

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ethan0205 Newbie

ethan0205

Posted
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Machine,

I watched it all day, could not believe my eyes. Platinum took a hit today too High today 1747.69 low 1665.45 even Palladium high 731.38 low 693.06. These swings tell me something is rotten in Denmark! Have you seen the official statements?! Please, reassured on Bernancke's comments?! Were they listening to the same testimony I was?

Please, did you see where JP Morgan added 45million ounces to their short slam? Yea the market isn't manipulated, got some swamp land for you to real cheap.

Thanks for all the info everyone..... and i will trade you some gold for swamp land :)

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WallyWeaver Newbie

WallyWeaver

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Here's a post just to put things in perspective ...... look where we came from now look where we are ...... this latest blip is nothing in the grand scheme

This is a great point M.

I had a friend call me up today and ask me if I was concerned about silver after today.

It's hard to be concerned when you consider that 6 weeks ago silver was at $28/oz.

PM's are clearly trending up/ the USD (as are all fiat currencies) is clearly trending down....

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  • 2 weeks later...
RSTEFAN Apprentice

RSTEFAN

Posted
Posted

silver could go down again tomorrow ,see chart i copied from another board

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=73279707

Once the price fell past the 50 MA- (moving average) the blue line

in my opinion it will be hard to get back above it, the price has only been above the 50MA FOR ABOUT 2 months

which is a good sign if you want to buy more silver,

IMO we might get back to the $26.00 range soon

Keep stacking

Bob

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