Precious Metals Forum

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

Like Tree3Likes
  • 1 Post By mmerlinn
  • 1 Post By PMBug
  • 1 Post By swissaustrian

Reply
 
LinkBack Thread Tools
Old 04-15-2013, 01:11 AM   #1
Ground Beetle
 
Join Date: Oct 2011
Location: Here, There, and Everywhere
Posts: 633
Liked: 388 times
$20 silver is coming!!!

I just looked at some charts. Silver was down $1.81 last Friday, penetrating the $26 level. At that time it looked like we might see a rebound this week.

Well, FORGET about the $32 I thought we might rebound to. Silver as I write this is down ANOTHER 6.73% ($1.77 per oz, $24.55) and that is off of its low of $24.47!!!

Look out $20!!! We are coming to get you!!!

Bottom line is that now that we have DECISIVELY broken $26, we will not see $32 silver for MONTHS, possibly not until at least next year. Look for silver to bounce between $20 and $26 for the rest of the year.

This looks like stacker's heaven to me.




This also could be a harbinger for the economy as a whole. I have said for years that 2013 would probably be a repeat of 2008. Now it looks like a done deal.

My business has sucked big time for months. Usually January is the best month of the year for me. Not so this year. January was horrible. February and March were slightly better. January is usually the bellweather month for me (I can extrapolate the remainder of the year from January numbers). In February I started projecting for the year, and it looked HORRIBLE.

Today, with this silver dump, I have positive confirmation of my projections for the rest of the year. I strongly suspect that the two metals that are basic to my business health, Aluminum and Steel, will follow silver down. It looks like to me that if I can survive through the end of the year, I will be a very lonely dude with NO significant competition for months or years. And NO significant cash flow either. It is gonna get tough, not just for me, but for everyone.

benjamen likes this.
__________________
If you keep doing what you are doing, You will keep getting what you are getting.
If you don't like what you are getting, You must change what you are doing.


http://mmerlinn.com

GOLD is the money of KINGS.
SILVER is the money of GENTLEMEN.
BARTER is the money of PEASANTS.
DEBT is the money of SLAVES.
- Norm Franz
mmerlinn is offline   Reply With Quote
Old 04-15-2013, 01:39 AM   #2
Ground Beetle
 
mike's Avatar
 
Join Date: Feb 2012
Location: Texan in Sweden
Posts: 549
Liked: 306 times
White line of business are you in?
__________________
"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary."

H. L. Mencken

comparegoldandsilverprices.com
mike is offline   Reply With Quote
Old 04-15-2013, 02:52 AM   #3
Yellow Jacket
 
Join Date: Oct 2011
Posts: 2,053
Liked: 925 times
20 is certainly in the cards. 23 might be the short term target. Then a mini rebound followed by another crash. 21 also offers a little support.
swissaustrian is offline   Reply With Quote
Old 04-15-2013, 04:58 AM   #4
Ground Beetle
 
bushi's Avatar
 
Join Date: Nov 2011
Posts: 971
Liked: 554 times
well, looks like some more patience is in order, now the wheels are turning.... thank you guys for your insights!
__________________
“...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
Old 04-15-2013, 06:14 AM   #5
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,055
Liked: 2451 times
I wonder if i will be able to find any physical when the paper markets hit $20 silver.
mike likes this.
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 04-15-2013, 07:52 AM   #6
Yellow Jacket
 
Join Date: Oct 2011
Posts: 2,053
Liked: 925 times
Originally Posted by swissaustrian View Post:
20 is certainly in the cards. 23 might be the short term target. Then a mini rebound followed by another crash. 21 also offers a little support.
Technical analysis matters
swissaustrian is offline   Reply With Quote
Old 04-15-2013, 09:21 AM   #7
Ground Beetle
 
bushi's Avatar
 
Join Date: Nov 2011
Posts: 971
Liked: 554 times
...SA/mmerlin, care to explain how did you came to the above conclusions, (like I am five years old)? Certainly you can see it happening right now. Preferably, with some nice chart (all children like nice pictures )

...trying to get better understanding of TA - or maybe there is some good source of info on the topic, for a beginner with not too much knowledge, but a lot of good will and some slightly above average mental capabilities, and not afraid of numbers/charts . I appreciate it might be difficult for someone on an advanced level in complex topic, to give advice to a complete noob like myself (like someone asking me about a good book for a novice programmer, I suppose ), but maybe any of you experienced TA guys can think of any good beginner's resources/book classics etc.?
__________________
“...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

Last edited by bushi; 04-15-2013 at 09:24 AM.
bushi is offline   Reply With Quote
Old 04-15-2013, 09:33 AM   #8
Yellow Jacket
 
Join Date: Oct 2011
Posts: 2,053
Liked: 925 times
Before buying a book, you might look here:
http://www.investopedia.com/university/technical/


Silver technicals:
- 26 was a major support level. As it got violated we dropped $2 within hours.
- In October 2010, we had a small pause of the rally at 23. That's the next support level
- Below that is just 20 as support.
Potemkin likes this.
swissaustrian is offline   Reply With Quote
Old 04-15-2013, 10:21 AM   #9
Ground Beetle
 
Join Date: Oct 2011
Location: Here, There, and Everywhere
Posts: 633
Liked: 388 times
Originally Posted by PMBug View Post:
I wonder if i will be able to find any physical when the paper markets hit $20 silver.
Probably going to be hard to find physical for a while until people realize that silver is not going to rocket up again.

This will also put a few LCS out of business. In a six mile stretch here there are six LCSs, none of which existed two years ago. This is going to kill them. The oldest one was selling junk silver at 20x last Friday, 1x above spot. Bet they wish they had no stock today.

Originally Posted by bushi View Post:
...SA/mmerlin, care to explain how did you came to the above conclusions, (like I am five years old)? Certainly you can see it happening right now. Preferably, with some nice chart (all children like nice pictures )
When I get a chance, I will post a pretty picture for you.
__________________
If you keep doing what you are doing, You will keep getting what you are getting.
If you don't like what you are getting, You must change what you are doing.


http://mmerlinn.com

GOLD is the money of KINGS.
SILVER is the money of GENTLEMEN.
BARTER is the money of PEASANTS.
DEBT is the money of SLAVES.
- Norm Franz
mmerlinn is offline   Reply With Quote
Old 04-15-2013, 10:39 AM   #10
Moderator
 
Join Date: Oct 2011
Posts: 1,059
Liked: 459 times
i think today was the end of the impulse.. the RSIs are simply too low.
DSAbug is offline   Reply With Quote
Old 04-15-2013, 11:17 AM   #11
Yellow Jacket
 
Join Date: Oct 2011
Posts: 2,053
Liked: 925 times
Originally Posted by DSAbug View Post:
i think today was the end of the impulse.. the RSIs are simply too low.
We might take a breather due to the technical setup, but who knows what's going to happen after that. If gold closes the COMEX session as weak as it looks like right now, it might drag silver with it.
swissaustrian is offline   Reply With Quote
Old 04-15-2013, 12:16 PM   #12
Yellow Jacket
 
Join Date: Oct 2011
Posts: 2,053
Liked: 925 times
Going into the COMEX close, silver is looking much stronger than gold.
swissaustrian is offline   Reply With Quote
Old 06-04-2013, 06:45 AM   #13
Fly on the wall
 
Join Date: Apr 2013
Posts: 37
Liked: 8 times
Surely welcome. I’m waiting with patience. Silver is definitely in a strong position at the moment. With not much support from the base metal counter either; the sentiments continue to be bearish for the remaining part of the year as well.
CharlesMcLain is offline   Reply With Quote
Old 07-15-2013, 02:25 AM   #14
Predaceous stink bug
 
Potemkin's Avatar
 
Join Date: Jul 2013
Posts: 220
Liked: 31 times
Honestly, I am hoping for smaller prices so that I can buy a few ounces of silver Pandas.
Potemkin 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
Greek exit coming soon PMBug Fiat Ponzi 85 02-23-2015 01:21 PM
Inflation is coming for Asia benjamen Fiat Ponzi 3 01-03-2013 03:10 PM
srsRocco: The coming paradigm shift in silver PMBug Silver Bug 2 11-19-2012 08:16 AM
Sovereign debt coming due benjamen Fiat Ponzi 5 07-24-2012 04:18 PM
e-bike is coming! Penn STS 3 05-21-2012 08:38 AM


All times are GMT -5. The time now is 09:15 PM.


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.