Precious Metals Forum

Go Back   Precious Metals Forum > Precious Metals and Economic News > PM Bug

Like Tree2Likes
  • 1 Post By swissaustrian
  • 1 Post By DSAbug

Reply
 
LinkBack Thread Tools
Old 01-04-2013, 02:56 PM   #1
Yellow Jacket
 
Join Date: Oct 2011
Posts: 2,053
Liked: 925 times
Lightbulb Summer 2012 redux, giant buyer btfd in gold+silver today

Rarely ever have I seen such a massive rally from intraday lows as today.

Gold spiked to a low of 1624.9 during London trading and is now 30+ $ (1657) or 2% higher
Silver made a spke low at 29.14 and is now trading one dollar + higher at 30.2 or 3,6% higher.

At the surface, this smells like short squeeze. However, the way the lows were made looks like a giant physical buyer stepped in during London trading. The lows were tested multiple times and somebody just picked everything each time. This is exactly what happened during last summer when gold just couldn't break below 1520 and silver couldn't fall below 26. Numerous market commentators said this was due to Asian central banks buying. The action today is looking very similar. If that's true, we have another solid bottom at 29 and 1620.





Another observation: Silver is about to close green today. Platinum is unch, palladium down 1% and gold down 0.3%. That's a very strong showing by silver During the last weeks, it looked like it could close below 30 two times. In both cases, somebody just rushed in and ramped it up above 30.
PMBug likes this.

Last edited by swissaustrian; 01-04-2013 at 03:06 PM.
swissaustrian is offline   Reply With Quote
Old 01-04-2013, 02:57 PM   #2
Yellow Jacket
 
ancona's Avatar
 
Join Date: Nov 2011
Location: Waaay south
Posts: 3,370
Liked: 2046 times
Awesome! Silver is in fact green, at +0.10 at 3:57 EST.
__________________
All things being equal, the simplest answer is quite often the correct answer - Occam
ancona is offline   Reply With Quote
Old 01-04-2013, 03:11 PM   #3
Yellow Jacket
 
Join Date: Oct 2011
Posts: 2,053
Liked: 925 times
Add to that that the miners had a late hour ramp job which is usually a good omen for the upcoming week:

swissaustrian is offline   Reply With Quote
Old 01-04-2013, 03:17 PM   #4
Moderator
 
Join Date: Oct 2011
Posts: 1,059
Liked: 459 times
So far.. My mining account is up 5%, down 4.85% and up 4.30% in consecutive days. I need a drink.
swissaustrian likes this.
DSAbug is offline   Reply With Quote
Old 01-04-2013, 03:29 PM   #5
Yellow Jacket
 
Join Date: Oct 2011
Posts: 2,053
Liked: 925 times
It almost looks like there is a big fight going on between the pm bulls and bears.
I'm looking forward to next weeks COT report which will cover this weeks trading activity.
Today's report just covers Dec 24th-31st:



There's nothing special in it as this was thin holiday trading with closed exchanges on the 25th, 26th, 28th and 29th. It basicly just covers two trading days: the 27th and the 31st of December. Notable however is the fact that the activity in silver points to mild short covering on behalf of the commercials whilest nothing comparable happened in gold.

Last edited by swissaustrian; 01-04-2013 at 03:33 PM.
swissaustrian is offline   Reply With Quote
Old 01-07-2013, 12:02 PM   #6
Yellow Jacket
 
Join Date: Oct 2011
Posts: 2,053
Liked: 925 times
Silver is outperforming gold today on the downside which is pretty rare. It's holding 30 again so far.
swissaustrian is offline   Reply With Quote
Old 01-07-2013, 12:09 PM   #7
Ground Beetle
 
bushi's Avatar
 
Join Date: Nov 2011
Posts: 971
Liked: 554 times
...according to latest Rickards interview, there is a big chance that China alone is putting the floor under metals:

http://t.co/Hq0sjygr
__________________
“...the issue which has swept down the centuries and will have to be fought sooner or later is the People versus the Banks.
Lord Acton
bushi is offline   Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Dustbowl redux? PMBug Fiat Ponzi 5 07-28-2012 04:31 AM
What type of PM buyer are you? benjamen PM Bug 6 05-17-2012 10:59 AM
World Silver Survey 2012 PMBug Silver Bug 2 04-30-2012 05:54 AM
Silverseek 2012 Virtual Silver Investment Conference 10am EST 1/31 (today) PMBug Silver Bug 4 01-31-2012 01:42 PM
Mid-point consolidation in giant flag for silver? PMBug Silver Bug 0 01-09-2012 06:56 AM


All times are GMT -5. The time now is 02:20 AM.


Powered by vBulletin® from Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.6.0 PL2 ©2011, Crawlability, Inc.
Content of PMBug.com copyright © 2011 - 2019 Measuring Up. All Rights Reserved.