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Old 05-07-2012, 09:09 AM   #1
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Silver slam

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?
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Old 05-07-2012, 09:14 AM   #2
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Originally Posted by ancona View Post:
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?
Horray, a silver take down the day after I put a large buy order in...
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Old 05-07-2012, 09:22 AM   #3
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That is what always happens to me as well, so don't feel too bad.
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Old 05-07-2012, 09:26 AM   #4
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Now we're down 41 cents since 9:30 and still falling. Looks like gold is getting slapped around a little as well.
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Old 05-07-2012, 09:45 AM   #5
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.........Now down 61 cents and plunging.
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Old 05-07-2012, 11:14 AM   #6
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what a volatile market... crazy
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Old 05-07-2012, 11:20 AM   #7
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Originally Posted by dereksatkinson View Post:
what a volatile market... crazy
Yep, it is not taking long to recover from today's 10 a.m. slam!
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Old 05-07-2012, 11:54 AM   #8
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It really looks like the floor is in.
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Old 05-07-2012, 12:20 PM   #9
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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..
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Old 05-07-2012, 12:21 PM   #10
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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.
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Old 05-07-2012, 01:21 PM   #11
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Originally Posted by benjamen View Post:
Horray, a silver take down the day after I put a large buy order in...
Ditto!

Originally Posted by ancona View Post:
That is what always happens to me as well, so don't feel too bad.
Roughly a $500 hit for me it appears.

No matter - in for the long haul.

I'm just stackin', boys...just stackin'...
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Old 05-07-2012, 03:41 PM   #12
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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 .........
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Old 05-07-2012, 04:57 PM   #13
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Originally Posted by rblong2us View Post:
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 .........
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.
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Old 05-08-2012, 07:37 AM   #14
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Raiding gold again this morning on the greek news..

Quote :
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
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.
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Old 05-08-2012, 07:42 AM   #15
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Silver is now below 29.50 so the next stop is 26. We'll see.......
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Old 05-08-2012, 07:42 AM   #16
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I wonder if silver will actually stay under $30, at days end, this time?
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Old 05-08-2012, 07:43 AM   #17
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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.
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Old 05-08-2012, 08:12 AM   #18
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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...
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Old 05-08-2012, 08:56 AM   #19
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Originally Posted by PMBug View Post:
It really looks like the floor is in.
lol. Joke 's on me!

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Old 05-08-2012, 09:00 AM   #20
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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.
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