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Silver Retraces Two Thirds Of Overnight Hit Job, Crude At Highest Since August 2008
And so once again rumors of silver's demise appear largely exaggerated: after plunging 15% last night, getting all the top callers to once again proclaim victory after having been wrong for the good part of about one decade, silver has since retraced a key Fib level and has now recovered over two thirds of the drop. At this rate, at least a few more margin hikes will be desperately needed today to throw all available speed bumps in the path of the unstoppable metal. In the meantime as expected last night's forced plunge was a gift for anyone who bought at $42 and has made over 10% already. Elsewhere, crude is approaching $115, after hitting $110 overnight. It is now at the highest price it has been since August 2008, and guaranteeing $5 gas by the summer. So much for the bin Laden inverse rally in commodities.
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As an exposed liar any 'facts' you might offer to support your disinformation are worthless... No credibility, no rebuttal necessary.
"What's that on your face?...See how that works?
Find me ONE lie.
Well, let's see: you were bearish on silver before it even hit 40 bux, yet you claim to have
"... sold most of mine last week around $46 an ounce."
So which is it?
Who said I was bearish on silver before it hit $40? The put buying really began at $42ish.
I bought puts before I sold my physical. When shorting a parabola it is best to scale in slowly. Nothing wrong with a little hedge along the way.
Hear that? That`s the sound of you furiously back pedalling, now that the wheels have come off your seatless bullshit bicycle.
Damn, you are absolutely, hands down the WORST liar on ZH, and that is saying something. How many dipshits are using that account? You lot need to have a conference and get all your stories straight.
"by Dangertime
on Fri, 04/08/2011 - 11:27
#1150008
Which part of "nothing goes straight up" do you not understand?"
You keep calling me a liar, yet you keep failing on producing proof of these lies.
I wonder why that is??
BTW, the day I posted that, silver was above $40, all day.
Because I have provided an excellent example indicating just that, and anyone who likes can confirm it at their leisure.
I wonder why you don't want to admit it?? (Not really)
Define the lie you are talking about here, because I do not see it.
you are obviously a vindictive bastard, because of this, most of what you write is easily dismissed, as there is little hope that you do anything to actually benefit others, you like to play cyclical word games instead of actually backing up anything you say, it's really quite annoying to read.
All I did was post some statistic about silver and holy cow did it stir the hornet's nest.
Whenever I make a post with accurate data this place becomes an amway convention where everyone is selling silver. It's quite hilarious actually.
"I did NOT have sex with that woman!" -- Bill Clinton
"It's not illegal if the President does it." -- Richard Nixon
Need I go on?
Those silver stats sure look factual to me.
Or are you afraid to acknowledge that?
Your lame act is tired. But keep churning out the crap since we all know you don't have a job.
Last I recall, beavis and butthead worked at mcdonald's.
How did your big hiring campaign go?
I doubt you could get a job there with your stupidity and delusions of grandeur. It's so pathetic.
Hopefully nobody took your position there. I feel for you with all of that stiff competition.
You know what they say about advice: fools won't heed it and the wise don't need it.
Sold a couple hundred oz. in bars last week in rebalancing; mostly have had misgivings about doing so. Waiting to see how I feel after getting my .338 Lapua.
P.S.
Since we seem to have similar pictures but you've had your handle on this site longer, changed my icon. Too many pirates floatin' around.
Interesting.....The money supply has been growing constantly for over ten years and yet silver has these nasty corrections from time to time.
http://en.wikipedia.org/wiki/File:Components_of_US_Money_supply.svg
Question for ya-
In the year 2012 will silver be above $50 or below $50? Please answer that question honestly for me. Thats my only question I have for you right now.
Quite possibly both. But to be perfectly honest, I cannot say for certain.
what about your "facts"? are you saying they might be wrong given that your facts irrefutably mean silver must drop, hence your histerics for us to sell, sell, sell.
I could always be wrong. Trading is about probable outcomes.
Based on historical facts and probable outcomes, I predict Silver to go to the low $30's sometime this summer.
Having said that, the outcome for silver for 2012 is most likely going to be a long consolidation between $30 and $50. At some point next year it *MAY* break $50, but it's too early to tell.
yes, you could be wrong, as could i.
that's the whole point of this discussion. you keep smacking folks up against the head with your "facts". and because folks don't agree with your "facts", and sell, sell, sell, you say those folks are misguided fools.
then you turn around and say you might be wrong. and of course, it's possible silver just might go to $100 per ounce or more, in which case if you were a broker or money manager, and if you had a conscience, after advising folks to short one of the biggest bull markets maybe in history, you might feel a trifle bad.
They are not *facts*. They are FACTS.
You cannot argue with them. You may extrapolate the outcome differently, but you still cannot argue against the facts.
sorry for wasting your time. you debate in circles. regards.
When you refuse to acknowledge facts, there can be no debating.
If they are not facts, simply tell me what numbers are wrong and post the accurate ones.
It really is that easy.
utter. cunt
true. but your brain operates in a negative way that you might want to think about for future trading. for example: when silver rises you say it "goes" from point A to B, rather than say ... skyrockets.
but when silver drops you say it "crashes," or is "crushed," or "collapses."
Oh look, it's Texas Gunslinger!
CME, in honor of Chairsatan, will raise margin requirements 6.66% today.
ROFL
+1,000,000,000,000,000 benny bucks!
A+ would read again
AGQ
Nothing has changed as the dxy resumes with a 72 handle..
Yeah wtf is going on, why aren't the markets and commodities up way more? The dollar is still getting smacked around, yet the markets are moving in harmony with DXY. Stupid...only response from me is BTFD.
JPM must have extremely deft traders at its commodity desk. It helps when they have inside information.
JPM now up 5 days in a row, pretty close to 52-week and 2-year highs.
what? no more snide remarks about silvers demise?
what are you talking about? its $2-3 off its $48 resistance level which is increasingly looking like a triple top on a two year chart. Your comments have gotten increasingly bizarre over the last two years to the point where the only value that remains is comedic and seeing the smackdowns you get as replies.
the hilarity ensues....
Silver over $50 this week, as for Osama.... maybe its time to look at the consequences of going after him has cost America...
http://thehardrightedege.com/osama/
I hope so. The delivery process is quite telling indeed. So few delivery notices have been issued till now.
I bought the dip last week with some remaining money i had, i guess it was just a few percent lower today than it was back last week so thats okay...
yup:
#1226261
If you didn't buy $42.5-$43 you seriously want your head examined.
When Silver was at $43.5
I picked up 1 /SI contract last night at exactly 18:37:30hrs for $42.81...yes...I am grinning from ear to ear:-)
Damn, Nice job!
Glad you hit pay dirt. I savor my Sunday nights and don't want work when usual volume is kinda low and choppy. Looking at that action would made me freeze. Fucking flash correction.
Again, great trade.
Is it possible that the overnight nuclear attack against silver was because the Cartel wanted to get rid of he large open interest of the front delivery month? Harvey Organ mentioned a huge number of options were exercised.
I've heard from several sources--such as First Majestic's CEO--that they believe the price of silver based on industrial demand should be roughly 35 ounce. Does anyone have any similiar information or analysis on this rough number?
If true, any large drops in silver, and given the tight market, you can bet these pullback are being bought heavily by manufactorers in China, etc. to stock up on raw materials before they a) isn't enough inventory and b) the inventory there is prices off the chart.
Anyone?
Industrial demand is only one part of the market. Also to be counted; collectors and investors.
Went Silver Shopping today. All quiet all of a sudden. The volatility seems to be having an interesting effect. Plus, this week is a big traditional gold buying week (festival) in India, so folks are saving up or buying the yellow metal.
I was happy to see some pressure off Silver. The next leg up is going to be a hefty one, what with the Warrrrr on terrurrr going up a notch.
Definitely seat-belt tightening time, no doubt.
ORi
http://aadivaahan.wordpress.com/2011/04/27/the-sound-of-drums-antar-naad/
Dollar = crap
Silver +++
On March 10, 2000, the NASDAQ closed at 5,048.
A few days later it closed at 4,582 (March 15th).
But thankfully it rallied back to 4,963 by March 24th, and the longs once again claimed victory.
Three weeks later, the longs had lost their fucking shirts. On April 14th, 2000, the NASDAQ closed at 3321, and I'm sure a lot of them decided to BTFD.
Unfortunately for them, one year later, on April 3, 2001, it was below 1700.
Silver traded above 49 on Friday.
Sunday night, it dropped below 42.
But then it rallied back to 46! Victory for the longs!
This is playing out just like the NASDAQ - only faster. The longs are calling for a victory because we've rallied back to 46. But just like the NASDAQ, it's a total head fake.
They are the same. Everybody bought the NASDAQ for the right reasons. The internet was going to change the world. And it did. They just paid the wrong prices.
Everyone is buying silver for the right reasons. The national debt is at records highs, the dollar might continue to devalue, etc, etc, etc. They are just paying the wrong prices. Silver has run 150%+ in a little over six months, and 75% since Jan 26th...
Buying for the right reasons but paying the wrong price is the hallmark of a bubble. Ever stop to think about why Gold is up less than 30% in the same time period? It is 'money' too. You're all about to be victims of a huge bubble. Have fun when it is back below $20.
Do yourselves a favor here.... either sell, buy some puts, or at the very least swap your silver for Gold -- the rest of the market is.
And for those who don’t think ‘everybody’ is in silver… SLV volume has been tracking higher than SPY volume for the last week. It’s all in the hands of fast money now… only a matter of time before it breaks.
The 65mm ounces of silver that flowed in to SLV during the run that started in August can move out even faster than it moved in. As matter of fact, 10mm ounces came out since April 25th. This pig is about to get slaughtered and it is not going to end well for the longs. Be warned.
We'll be at 31 in a couple weeks, and below 20 by the summer.
It only costs five bucks to dig it out of the ground.
You said that last week.
You also said $34 was "definitely" the top.
Hey, send meth 5 bucks, please.
Maybe that is enuff for someone to pull his head out of his ass.
Thanks.
Its comforting when the economc ignorati spout the $5 mantra. May there always be someone who will sell me silver!
One more time - [1] the supply/demand relationship has nothing to do with cost of production, unless production is completely elastic. Silver production is not elastic, and much of it is mined as a byproduct of other minerals, so its production responds to demand in unrelated markets.
[2] the law of demand is based on opportunity cost not production cost, so, the higher a price of a good goes, the higher the opportuniy cost and so buyers peel off into other options [the "opportunities," get it?] What is the opportunity cost for silver, morans? Fiat, right. Hahahahah..... so the "speculators" among us like dangetime see an opportunity cost in that there are other investments, but those of us who see the end of fiat HAVE NO OPPORTUNITY COST. Get it yet? Thus, demand for silver does not respond to price. It stays constant, ie, I buy it whenever I can, at whatever the price is when I have some fiat to spend on it. I will do so until fiat has value. Which looks like never.
Go read a high school text on economics. Morans.
Well quit your yapping and slaughter that pig.
Fuck a chicken.
Send army guys to take me to denver international airport. But for gawd awful fucking sakes. Stop pretending lies can become truth if you can just stamp out unbelievers.
Read Jesse over at at Jesses Cafe Americain. you might learn something. This was just a desperate play, that's all.
$20 by summer?
Good luck with that.
Ps-- Blythe, stop pretending you're Math Man! harhar
If we ever see silver below $20 again...it'll be because the DOW is below 6000. Only way we'll see it.
Or, if we flip to a metal-backed currency.
Are you related to AP from Marketwatch... because that fucker is just slightly more annoying then you are.
Mathman, I didn't read your sh*t. I never do. I simply junk you and move on.
You should read it. It will save you some cash.
Not likely as historically 'cash' is defined by gold and silver. It must be different this time... or not.
Come on, Math Man. My $100 says silver closer to $70 than $20 by August 11, 2011, middle of summer.
Make the bet or be my perma-bitch.
For heavens sake, you are such a clown. Comparing silver to the nasdaq bubble is just plain stupid. Some of those stocks went up 100 fold. SLV is just paper, so who cares what its volume is. There is no borrowed money playing silver. It's a tiny market. How much are you getting paid per post? At what price will you admit you are wrong?
Silver For The People
http://www.youtube.com/user/BrotherJohnF?feature=mhum
Wow, Meth Man! Thanks for that great info! I guess I'd better sell my physical silver right away! This is the first time I've heard about that 5 bucks to dig out of the ground.
So glad to have good samaritans like this guy on ZH.
I am a good example of what you are suggesting will not happen. The reason is quite simple. I have held only a part time job for the last 7 months, and therefore do not have any disposable income. If I had any disposable income, i'd be piling into silver as fast as I could. Now multiply my situation with the millions of Americans, and Canadians that are stuck in the same situation, and you get the reason why your suggestion is erroneous.
man, you got to admit. technically it was perfect.
1000 car deck to drive it down 6 dollars in the fifteen minutes nobody in the world was awake, then buy as much as you need of the 90,000 cars offered on the way up from guys who are selling because they had a major margin+loose stool event.
these are the actions of someone who wanted to buy, not someone who wanted to sell
who knows if this was part of the ongoing saga or one wily motherfucker in his james bond hideout.
ISM MFG 60.4
Prices paid continue to rocket
http://www.fundmymutualfund.com/2011/05/ism-manufacturing-still-strong-a...
6 dollar crash in silver?
Totally worth it for the silver troll laughs!!!
I say do it every sunday.
What is very telling is that APMEX appears to have raised their premiums on ASE's that cover the ENTIRE dip.
Current cost for 1 ASE 2011 (May13th delivery) $53.16 / $54.75
www.silver50.com : They have not raised their premiums (1.69 [50+] / 1.19 [500+])
Good guys as I have done a lot of business with Dave (owner)
Disclosure : no stake in silver50.com
John Hathaway and Eric King must be at their wits end.
AXP appears to be headed into Outer Space, while the PM stocks are still groveling around at the lows, unable to get any traction whatsoever.
Wouldn't surprise me to see these guys throw in the towel on the gold stocks any day now.
the timing of your posts coupled with the markets immediate contradiction of your claims is hilarious on an epic scale....as silver just moved past 46.50...and climbing...
It's right up there with smart people sell gold at 1500 post. That shows a chart of gold hovering around 1505 the whole time. Oh and where's that gold now? Could it be 1561?
I don't know how you can be such a douche and not kill yourself.
Dollar falling off a cliff as well .... 72 and change
I don't see any support for the $DXY until 71.60...and that's pretty lame support there...
Another new high for Transports and Utilities.....
Man, what is wrong with SIL???
the cost of energy hurts profits of the miners. you know that. holding miners can be frustrating. part of the reason i went all physical.
BTFD at open...sold my long SLV puts from last week, a quick double....bought more PSLV shares, up almost One Chairsatan US$ in an hour.
All over Obama bin Laden?
Well shiver my timbers!
Silvers going up faster than Able Seaman Bin Ladens coffin going down to Davy Jones locker.
Went out today and bought 30 more maples,made me a hundred dollars before i could even get those bad boys back into my treasure chest LMFAO!
Thanks for the dip Bluebeard Bernanke!
Turd Ferguson posted his short term prediction last week. Thursday looks like a good day to sell paper silver. Read it yourself.
1) First notice day for May silver is tomorrow. Expect intermittent raids through the evening, overnight and tomorrow as The Cartel tries to shrink the May OI as much as possible.
2) The POSX continues to decline next week. It will get desperately close to critical support between 70.81 and 72.17 on the cash number.
3) Though volatile, gold and silver rally through next Thursday. Gold breaks through 1550 and even approaches 1560. By Monday, with some Cartel pressure removed, silver finally begins a successful assault on 50 and reaches toward 52 by Thursday.
4) Just as all looks lost for the dollar and the PMs look ready to roll, the BLSBS report comes out next Friday with a better-than-expected (versus reduced expectations) number. Dollar shorts scramble to cover. The POSX gets a desperately needed bounce away from 72. Over the next 10 trading days, it even makes a run back toward 74.
5) In the face of a rising POSX, the metals trade in a downward consolidation from 5/7-5/21. Gold trades back down toward 1535. Silver reaches a selling climax all the way back down toward 47 or even 46.
IF all of this plays out even remotely close to what I've described, I believe we will be set up for the opportunity of a lifetime. From 5/24 until the end of June, silver will streak higher, peaking somewhere between 65 and 70. Gold will rocket higher, too, achieving my stated goal of $1600 before 6/10 and rolling on toward Santa's oft-stated goal of $1650 before the end of the month.
The key is to not get carried away and act in haste. Let the events of the next three weeks play out before you act. Be patient. Wait for your opportunity to strike. You will be rewarded.
unquote
I still have DBS to sell and guess I will do that Thursday. Math Man should like that. However I be be buying physical heavily come third week of May. Will have many federal reserve notes at that time.
ZH posting system sucks.
Does it make it hard on you trolls?
Bull moves take the stairs up and the elevator down. Silver FTW.
This is pathetic. I was ready to accept a major silver pullback, maybe even buy some more, but it's already flown right back up. Manipulation isn't working very well.
The entire world has fallen into the 40 year long credit bubble that is the USA fiat paper dollar. National debts are everywhere. Where are the lifeboats the ship is going down ? Gold and especially silver.
one gold delivery today: 20 for may.
4 silver contracts: 10 for may.
not a huge amount of physical changing hands, compared to the end of APR.
here DJ Comex Silver Delivery Intentions Breakdown - May 2 we see the jpmorgue stopped one of the silver contracts. with customer silver. again.
lQQk: the morgue has no silver of its own registered w/ the crimex. DJ Comex Gold And Silver Warehouse Stocks-Apr 29
that is a silver goose-egg. blythe has trimmed her hedge all the way to zero! what a woman!
JP Morgan is buying physical platinum hand over fist.
http://seekingalpha.com/article/263252-why-is-jpmorgan-so-eagerly-acquiring-bars-of-physical-platinum
But, but, Bin Laden's dead! Isn't the US supposed to be the big winner?
/sarcasm
I truly hate silver.
especially when you're short. must be terrible to be you.
No bigger pieces of junk in entire market than silver and gold miners. These names are TOTAL GARBAGE!
if only my net worth knew it was garbage.
Methman, silver is now + $5 off the low. Did you cover your short?
I'll be so mighty pissed off if the correction is over . My buy trigger is between $40-41 . I missed out back in January when the correction finished just below $26.50 ( my entry level back then was around $25 ) . I do NOT want to be left behind again . That is one ugly looking candle though ... I think I might just cry !
Perhaps you should consider raising your triggers $1-2 since you're so close each time.
Certainly considering doing just that .
I'll be so mighty pissed off if the correction is over . My buy trigger is between $40-41 . I missed out back in January when the correction finished just below $26.50 ( my entry level back then was around $25 ) . I do NOT want to be left behind again . That is one ugly looking candle though ... I think I might just cry !
who said "I never buy at the complete bottom , and I never sell on the absolute top , but I make a lot of money"
Heh, Heh, Heh...
Snarfed 1000 shares of CEF for 22.60 this AM, about a 6% *discount* to NAV....
Well played.
Grazie...
Dangertime, Methman, and Spalding must be the coke runners for the all night sessions at JPM. I wish they would tell us beforehand rather than afterwards.
+1. I can only imagine how vile those idiots must be in real life. It's a pretty close call as to who is the most pathetic moron among the three.
What is a good gold to silver ratio? I don't have much but am buying an ounce of gold for every 40 ounces of silver.
TIA
Sick of the cartel's takedowns? On June 6th, We All Buy Silver and Fight Back!
Silver's D-Day!
http://silverdoctors.blogspot.com/2011/05/silvers-d-day-invasion-we-buy-...
osamas inverse back in action at the moment
osamas inverse back in action at the moment
Silver crashed because ..
Bin Laden sold all his silver
before they killed him ...
The cocksuckers over at the CME just announce that everyone should expect Silver to drop by $12 per oz this week. With the US Dollar in the tank they're pulling out all the nefarious market manipulations they can to get Silver lower.
http://www.kitco.com/reports/KitcoNews20110502TW_CPM.html
Whoopee!! Happy days. I got lots of dry powder ready to load up when silver bottoms, maybe some more gold too if gold could only get slapped down. Blythe, I love ya!!