Silver drops...

mmerlinn

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This crazy volatile market is a sign (to me) that prices are at or near their near term bottom. As stated before, I am of the opinion that the lows will be around $26 silver and this wild action confirms that in my eyes.

Next week I look for silver to spike up and try to exceed $32. If it DECISIVELY goes above $32, you have seen the end of cheap silver prices. If not, buckle up, you may see $20 silver later this year. Either way, your seat belt better be in good working order - you will need it.
 

ancona

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A buck forty five? What the fuck?!?! This is why I could never be a trader, because I would leave behind a trail of dead fucking bodies. This whole paper racket is such a bunch of horse shit.
 

MasterQ

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Shit...26 just failed...

My charts are showing minor support in the 25.50 area then 23.50...after that 22 and below back to 17.

Scotia is calling for 24.25, a 61.8% retracement of the 2008-2011 rally. Oh boy!

NO I don't think it will unravel that far but damn what a day!!

-Q
 

swissaustrian

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That was an operation plain and simple. Dumping 25000 contracts into a market that is about to close for the weekend is illegal. It should be brought to the attention of the CFTC. I know it's probably not going anywhere, but we need to try.
 

mmerlinn

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The LCS is selling junk silver at 19x today and throwing in tubes for free. Now I am out of dry powder.

Down a $1.81 today? Someone must have gotten caught with their pants down. Now it is entirely possible that we will see $20. Maybe not next week, but very possible this October (the only month I normally have dry powder).
 

mmerlinn

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I just looked at some silver charts. There is the barest HINT that we might see $20 silver later this year. I am not holding my breath because it seems impossible to me today..
Barest HINT? Well, how about an all out rout today being down over 12% (over $3 down) in one day. And that coming on top of the $1.81 drop last Friday, for a $4.95 drop in TWO days.

No more hints of $20 silver. Now $20 silver is dang near in the bag. Once we get through the minimal $23 support, $20 is guaranteed. When? Probably in a week, or two, or three, or maybe a bit longer.

However, I suspect that the PTB will try to run it past $26 first, but I see no way in hell that they can ram it through. Wish I was in a position where I could go all in shorting at $26.

:cheers::silver::cheers:
 

bushi

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mmerlin, do I understand you correctly, you expect silver to rebound to 26, before going all bananas again, and falling to 20, maybe lower, yes?
 

mmerlinn

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mmerlin, do I understand you correctly, you expect silver to rebound to 26, before going all bananas again, and falling to 20, maybe lower, yes?
The short answer is YES.

$23 is too low too fast, so I expect a rebound before it continues down.

Below $20? Extremely unlikely in the foreseeable future except maybe for a spike or two into the high teens.
 

Jay

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ditto, but CSP shows SAEs at 29.44:
https://comparesilverprices.com/

just paid 32. but at this point I don't care. Most of my silver was acquired at face. the secretary I just talked to said "wait a moment, the market is going crazy".

edited to add they had plenty in stock.
my silver just arrived, 7 days turn-around, pretty fast.
 

ancona

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High teens? Bring it on bitchez!!

That's when I draw down both revolvers and take all the cash the bank will give me to buy phyz. /then, when the shit gets real with prices, and G/S go parabolic, i'll flip what I need to, pay off the revolvers and sit on the vig. fuck 'em and feed 'em fish heads. I swear by God I will make ice cream out of this horse-shit.
 
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