Silver slam

Welcome to the Precious Metals Bug Forums

Welcome to the PMBug forums - a watering hole for folks interested in gold, silver, precious metals, sound money, investing, market and economic news, central bank monetary policies, politics and more. You can visit the forum page to see the list of forum nodes (categories/rooms) for topics.

Why not register an account and join the discussions? When you register an account and log in, you may enjoy additional benefits including no ads, market data/charts, access to trade/barter with the community and much more. Registering an account is free - you have nothing to lose!

ancona

ancona

Praying Mantis
Messages
3,341
Reaction score
32
Points
0
Location
Waaay south
Well, we just got slammed again. Over a fifteen minute period a hell of a lot of silver hit the pit. I wonder how low they will take us today?:shrug:
 
ancona said:
Well, we just got slammed again. Over a fifteen minute period a hell of a lot of silver hit the pit. I wonder how low they will take us today?:shrug:
Click to expand...

Horray, a silver take down the day after I put a large buy order in...
:(
 
Now we're down 41 cents since 9:30 and still falling. Looks like gold is getting slapped around a little as well.
 
It really looks like the floor is in.
 
More importantly.. GDX is looking to climb back after being down 2.5%.. We need a close about 80 cents higher from where we currently are. 44.74+ close would help the bull case. Realistically, we need the GDX over 47.50 before the downtrend is over though..
 
Also... Gartman went long gold in euro terms... Not sure if that means gold is about to fall or the euro is going to rise. We will see.
 
is there any way to tap into the buy sentiment of those who generally see price falls after a pm purchase ?

or is it just that prices are always moving up and down and we react more strongly to a loss than we do a price rise and nominal profit ?

Theres plenty of similar comments on Turds site .........
 
rblong2us said:
is there any way to tap into the buy sentiment of those who generally see price falls after a pm purchase ?

or is it just that prices are always moving up and down and we react more strongly to a loss than we do a price rise and nominal profit ?

Theres plenty of similar comments on Turds site .........
Click to expand...

It's a commonly known cognitive bias that people react more negatively to losses than positively to wins. I'm pretty sure this is a byproduct of risk aversion (which most people tend to exhibit). It's hard, even for many professional risk takers, to follow the old adage of cut the losers and let the winners ride...

Frankly, I hope that we test these lows again. One way to look at silver decreasing in price is that the value of your dollars is increasing. This can't be a bad thing for a lot of people.
 
Raiding gold again this morning on the greek news..

TSIPRAS SAYS GREEK RESULTS MAKES BAILOUT ACCORD NULL AND VOID
TSIPRAS SAYS GREEKS HAVE VOTED AGAINST BARBARIC BAILOUT
TSIPRAS SAYS WON'T JOIN A GOVT OF NATIONAL SALVATION FOR LOAN
TSIPRAS SAYS GREEKS HAVE ENDED PLANS FOR ADDITIONAL AUSTERITY
TSIPRAS SAYS TO REDISTRIBUTE TAX BURDEN, DEVELOP GROWTH PLANS
TSIPRAS SAYS WILL STICK TO PRE-ELECTION PLEDGES
TSIPRAS ASKS VENIZELOS, SAMARAS TO RENEGE PLEDGES IN WRITING
GREEK SYRIZA LEADER TSIPRAS SPEAKS TO REPORTERS IN ATHENS
Click to expand...

It makes no sense to me what so ever but they are treating gold like a risk asset. The euro broke 1.30 and gold gets smacked.
 
I hope so Benjamen, I hope so. I have some mad money coming my way this month and would love to pick up a couple hundred ASE's.
 
Looks like we get a flush today... I seriously doubt they are able to rally the metals after this break of support. SPY is already below the april lows so this could be a very bad market very shortly...
 
Holy crap Batman! Down 77 and chasing a 28 handle. Looks like I will be able to load up on some more cheap silver after all. If this keeps up, I'll bet stops are hit and the selling accelerates silver to the downside.
 
It looks like silver is picking up[ a bid again. I hope someone puts a floor in on this prick!
 
Let it drop. I think it has more to fall yet.
Then buy.
Then hold on for the ride up.
 
this is very bad technical action guys.. we need to recapture 30.40 pretty soon here
 
Whatever the dip, it cannot be for long. I say, let it go.
If I had any, I wouldn't be planning on selling at this point anyway.
 
Just be prepared for a repeat of 2008. Maybe not as low, but similar action.

After November (US elections) then the real ride up will likely start.
 
Silver picked up a bid this afternoon and gained back some of the mornings loss, but I think the damage has been done by breaching support at 29.50.

We'll have to wait and see. In addition, the dominoes in Europe look set to start falling.
 
Over at Jesse's there is a good commentary on the silver slam. Quoting Harvey Organ's future analysis he had the following to say...
***********

"The total gold comex open interest baffled everyone as instead of falling badly surprisingly it rose by 3906 contracts. The raid orchestrated by the bankers somehow did not cause any gold leaves to fall from the gold tree. The May delivery month surprisingly saw its OI rise from 64 contracts to 173. How on earth will the regulators explain this as we witnessed no liquidation of metal of any kind in a huge price downfall and yet more stood for delivery?

...The total OI for silver was even more baffling to our bankers. With silver falling on its sword to finish in the low 29's one would have thought that many silver longs would throw in the towel. Nope!! The total OI actually rose by 1410 contractions from 112,139 to 113,549. Both Ted Butler and I agree that some strong entity is after physical silver. There is no other explanation for this. The front delivery month of May also shocked our bankers. The OI actually rose by 3 contracts (from 406 to 409 contracts) despite the huge downfall in the silver price. Nobody liquidated. I wish the regulators can explain this phenomena to us."

http://jessescrossroadscafe.blogspot.ca/2012/05/accumulationdistribution-trends-in-gold.html

So there it is. Just as most astute folks would have thought. This is simply a means for someone to get their hands on more physical silver.
 
Jetstream said:
... The total gold comex open interest baffled everyone as instead of falling badly surprisingly it rose ... The total OI for silver was even more baffling to our bankers. With silver falling on its sword to finish in the low 29's one would have thought that many silver longs would throw in the towel. Nope!! The total OI actually rose ... I wish the regulators can explain this phenomena to us. ...
Click to expand...

 
Check out the price on silver. Whats goin on? It looks like were headed back to 2010 prices
 
sthprkmp5 said:
Check out the price on silver. Whats goin on? It looks like were headed back to 2010 prices
Click to expand...

Yeah man, it's ugly out there in the traffic. We'll see by Friday though. With the Facebook IPO and Greece in teh picture it should be a colorful week to say the least.
 
well done !

especially if you spent it purchasing silver (-:

We will tolerate no weak hands here.
 
Aaahhh. So now we know that somewhere in Kentucky there's some silver to be had (at the bottom of a popular fishing lake where canoes are always capsizing).
 
Of course I didn't buy : - (
I guess I just got greedy. ; - )

Oh well, maybe this is another head-fake by Da Boyz over at Blythe's digs, trying to lure in a few more suckers before letting this bird fly.
 
You must log in or register to reply here.
Back
Top Bottom