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Silver Slumps To Biggest 3-Day Drop In Over A Year
On the back of no news and no fundamental shifts in demand and supply, Silver has cliff-dived 7.5% in the last 3 days, its biggest drop in over a year, as the precious metal heads back towards unchanged on the year. We suspect that, just as with the NatGas story earlier this year (when it went bidless and was justified by endless chatter over what it meant, when in fact it was John Arnold unwinding his positions and closing shop), the moves we are seeing in not just precious metals but copper and across FX are liquidation-related (as we noted yesterday) as fundamentally facts remain the same, given central bank buying of gold into reserves and the Fed set to hit a $4 trillion balance sheet within the next year). Into the 2011 year-end we also saw dramatic 'liquidation-like' plunges in Silver (and gold) as it is very clear that whoever is 'selling' is entirely price-insensitive.
It's beginning to look a lot like H1 2012...
Silver broke below its 200DMA (red), and saw the biggest 3-day drop in over a year (lower pane)
yet another 2011 echo...
S.S.D.Y!!!
Chart: Bloomberg
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the best thing about gold is that on any given day up or down $50 is possible. this shit is just plain fun
We were told there would be volatility.
Oh my gosh, another Christmas sale!! I am giddy.
Going to the coin shop and then have a po boy hero.
Looks like bankers decided it was time to go after all those precious metals profits.
yawn !!
wake me up when Au < $300 and Ag < $3.75 = ME LOAD UP ON PHYSICAL...
THEN
wake me up when Au > $10k and Ag > $200...= dump it all and buy 10 yr treasuries @ 20%+....
yawn......enjoy life in the meantime...
Interestingly, with silver hammered under $30, and gold under $1650, James Turk revised his 3 year gold outlook today....UPWARDS to OVER $8,000/oz!
http://www.silverdoctors.com/james-turk-revises-his-8000-gold-target-i-n...
And this is the point with PMs...the "price" is so arbitrary that regardless of how bad inflation and the world is, if there is a collapse, PMs will collapse worse as it so highly leveraged and margined.
One might easily mistake such facile talking-out-of-your-ass as simple flatulence.
Mayan Heaven only accepts dollars, hence the sell off.
Hey Cartel, is that all you have got? We laugh at you.
They retrace prices >100% on the second,minute,hour,day..
They want to pull you under if you try to hold.
They short what is new.
I don't know about "price insensitive"
Retail papersilverbugs are getting ass-raped on their January SLV call options.
(Never liked papersilverbugs much anyway)
Lovin the PM action today.
My only regret is I couldn't buy more physical.
I had to check the URL. I thought I logged into the Yahoo bulletin boards by mistake---and traveled back in time to 1999.
To the Moon!!!!!
Aren't we beyond that yet?
JP Margin is shorting paper silver and buying bargain physical silver to hold onto for when the dollar is sucked dry. This isn't their first rodeo.
Jess has a interesting take on the subject. This same thing happend last year.
If you want physical, good luck finding it for 29/oz.
Eagles are 34 on Gainesville and high 30s on ebay.
that's a good spread. if there is a spread like that, take advantage and sell physical and buy futures!
Last night I was looking at a tube of 20 Eagles on Gainesville. It was 674. Today it is 671 after a $2 drop.
I know I would not sell any silver below 30, if I were selling. Seems the weak hands are getting rarer and rarer. There is a guy on CL I'm trying to deal with, who might sell Eagles at $31 each. That's the best I can find despite this price crush.
I'm thinking about day trading some SLV since it has no premium and this price is ridic if you look at what physical silver is selling for...
I'm glad that last week I switched some of my inflation hedge from silver (PAAS) to uranium (CCJ). I think there will be a huge move there in the next few years. But I'm not buying physical!
Somebody is buying/take a clue.
I know of someone waiting for paas silver since Sept. Told Rep said sales exploded since July/Quadrupled sales needing doubled output to even meet demand. Comex must be similar.
Even the daily pounded wti is up/get some rounds while they can still manage to stuff retail outlets.
"If this doesn't make em dump PM's and buy AAPL, nothing will."
Paper selloff.
Paper prices. And trav is one of the biggest physical stacker s in da house. Promise you that.
When you can print or receive as much counterfeight currency that is in use why,would you need Gold or Silver ?
why is anyone surprised? this was a classic parabolic move, that always ends the same way - where it began
trading-wise, not really a surprise as $32 was a stop loss for many programs and technical traders. $31 was the 200 day, another sell signal.
if support breaks $27.50, i'd continue going short until next support at $18. That will most likely fail and we'll see support come in again at $8-$9
I know some people don't 'believe' the charts, which is funny since talk is cheap and action counts. lower price means more sellers than buyers, basic stuff LOL
Not going to happen on the street...maybe in you "hockus pochus paper market John Corzine futures trading world"...criminals are bartering Gold & Silver on the street as if it were tender. And Criminals are taking possession of it at their central banks in large quantities.
That's the fundamentals [real world fundamentals now] which will overpower your "built into the price" technical trading system" because this ain't 1997 homey. This is the ROAD WARRIOR /Police state world now. These markets are ready to impode from corruption & manipulation.
THERE IS NO FINANCIAL INTEGRITY IN THE FUTURES MARKETS NOW SINCE MF GLOBAL. THERE NEVER WILL BE.
So your drop maybe correct but for dif reasons..
REGARDLESS, gangmembers will not ACCEPT YOUR $8-9 "support line" as a transaction price...nor will the COMEX deliver @ that price to you.
What we do have in common is this: we are both stupid enough to keep trading the paper markets as if they were legit.
Nobody said I was smart.
Well I guess people are selling silver hand over fist,you can lease the stuff and they pay you +5.80% for a year lease.
We can lease silver ,right...?
No,only certain people.....
Oh.!
Ps fuck yous banker scum.
There are no Pawnshops nor Craigslists ads for Gold & Silver being "for sale"...only Buy ads.
There are theives ripping chains off the necks of anyone in parks in Stockton Calif. And if you don't "give it up" to the thief...then you get shot. [You get shot & maybe murdered over some cheap ass 10 karat shit chain of some gold]
OK?
so Physical is out of reach basically or supply is low.
YET THE FRAUD CRAMER CORZINE WASSENDORF BERNENKE GOLD MARKETS DROP!
Once again, the paper markets are a SCAM. Just like the FUCKING DOW keeps going higher just like the crime rates in our never-ending depression we are in no matter WTF the dickface on CNBC says...
Just like bullets are now the "new Silver"...the guy at the counter of Walmart won't "say that" ...just look over his shoulder & see there's none left on the shelves!!!
CORZINE + TV WATCHING + GOLD PAPER MARKET DROP = DUMBED DOWN AMERICAN.
Let metals go to ZERO...nobody on the street will sell them to you at that price. hahahahaha
http://www.youtube.com/watch?v=ZPRt6Tt6RyM
I was fortunate enough to buy the smackdown today. Last year's low in December was $28.50/oz. We'll see if they are diving off of the Acapulco cliffs by morning.
Today silver by violating its Nov 2 lows has flashed a primary bear market signal for both silver and gold.
Manipulated or not now the odds favor lower prices for precious metals in the coming days and weeks.
http://www.dowtheoryinvestment.com/2012/12/dow-theory-update-for-dec-20-...
Wait a minute. Your basis for "odds favor" when prices move on low volume, that's not considered a market view for Dow Theory? Am I missing something? Wouldn't the contrary be the case?