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Silver Slumps To $19 As Precious Metal Smackdown Continues
The overnight session was relatively quiet as precious metals trod water while equity markets tumbled. However, as the US equity cash session looms, silver and gold are coming under renewed selling pressure (and the USD bid) in a seeming effort to provide some rotational bid to stocks into the open (just like yesterday). This is the lowest for Gold ($1218) and Silver ($19.01) since July.
The Asia close, Europe open and US open appear opportune times to dump all your precious metals...
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Ended up paying $23 on a handful of SAE's at the LCS just to get an idea of premiums. Pretty crazy.
Back below where I sold in 2008. Only 50% more to the down side before I start buying again. Metals are easy, buy low, sell higher.
And it was just yesterday you were berating Bitcoin speculators. Have to mark you down for hypocrisy.
What an incredible deal on silver. If it wasn't so damn heavy I'd own a lot more. I could literally sink the boat with the weight at this price.
Too 'chicken to buy'
Too 'chicken to sell'
Buy nd hold -----
BTC is up.
/facepalm
Tempting but my wife may indeed come unglued if I pick more up. She already asks me weekly how much metals have "lost". Love the girl but the awakening has been slow and painful.
Never tell your wife about your precious. You'll need it when she divorces you. Like I said, WHEN she divorces you.
answer her question using kilograms instead of bernanks
Is it just my ZH homepage, or does everyone have hot single asian chicks on the side columns
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It is a great opportunity hit personal goals re: physical accumulation. Last week I exceeded my personal goal for ounces held. Set a goal and go for it. Funny when you talk to the coin and bullion dealers, they say a lot of times, buying stops when the price goes down and picks up when the price goes up. The time is now. I have set a new goal, which is really just as much as possible.
There are consequences to every action. If they hammer gold down, it only presents a bargain buying option to real wealth-seekers.
You are free to choose, but you are not free from the consequences of your choices.
The What the F&@k Comex Travesty
http://winteractionables.com/?p=7779
Your article that you linked to is astonishing. If the miners are now long, the game of manipulation is over. The current open contracts will clean out COMEX.
Thank you for this information!
This is a gift. You can’t get silver cheaper owning most silver mines.
When bitcoin crashes, that hot money will come rushing back to its rightful place in gold and silver. The profits on paper in bitcoin are imaginary, just like the profits in the dot coms in 2000, houses in 2007 and bonds last year and now. They aren’t profits until you sell. Granted you don’t have to sell with bitcoin like the others and can use it as money, but that will change shortly. Central banks are already pounding the table that bitcoin is evil.
the sad and and scary thing is the Fed is certain they are doing the right thing suppressing PMs.
These are a bunch of academicians who have essentially never worked a day, never had to make a payroll, never elected to any position and not responsible for their decisions as they exist essentially on the public dole with a salary and pension, and cush healthcare [Obombacare NOT] provided by US the taxpayers
And there is no more sure victory than taking the other side of a government market action. Timing the end of it is the trick, unless you are able to stomache the short term.
It will turn when it turns. It is afflicted with leveraged momo on the paper side. Selling paper here is the same as buying expensive hedges. What you are seeing is Wall Street buying over priced hedges. Same old story for Wall Street. They over pay for worthless garbage because of momo.
This is a gift. You can’t get silver cheaper owning most silver mines.
When bitcoin crashes, that hot money will come rushing back to its rightful place in gold and silver. The profits on paper in bitcoin are imaginary, just like the profits in the dot coms in 2000, houses in 2007 and bonds last year and now. They aren’t profits until you sell. Granted you don’t have to sell with bitcoin like the others and can use it as money, but that will change shortly. Central banks are already pounding the table that bitcoin is evil.
Uh I think some of you are very naive. When you have a competing currency like bitcoin and central banks don't like it they WILL SMASH you - the dog wags the tail afterall. I think some of you forget who actually runs the world of money and actually believe you can beat them at their own game - not going to happen unless you're hitting the pipe and dreaming it happened. Corporations and banks run everything including capitol hill and anything they don't like they can legislate out of existence. Some of you guys who believe you can beat them at their own game crack me up!
Some of you are getting smarter... others not so much. Quite awhile back I liquidated most of my PMs and the market in favor of hard assets (tools specifically). I now own a lot of tools like dump trucks, mechanic's tools, chainsaws, etc., and in the beginning I used them to generate income - I now hire people at $10hr to use them and avg $50hr myself (after expenses) to put them to use.
The way I see it, most of you are lazy PM dreamers... PM prices are dictated by others, not you... yet you hope and pray the price will go up. Like many of you I see inflation coming on but unlike many of you I know the price of my tools will increase with it because the price to produce tools (money generating tools) will increase with inflation. When this all comes to a head and the smoke clears we'll see whose assets are worth the most... tools which are useful vs. PMs which are just pretty, sit there and do nothing useful. You've got one thing right... trade fiat for commodities as inflation goes gangbusters... you've simply chosen the commoditiy loser in PMs - comon you idiots, look at the trendline!
BTW, my tools have paid for themselves multiple times over and over... I can't say that for my PM purchases. Wake up and smell the coffee for christ's sake.
My problem is that I can't use a whole fucking warehouse full of tools.
As a contractor it's only important that you bid jobs, get them and hire other people to use the tools to use that warehouse of tools... I can't use all mine either but sometimes they are ALL being used and when they are cash flows are unbelievable.
Heh. "House of tools"...
Heh-heh.
You should have sold all your tools and invested in bitcoins.
I don't gamble in digital currencies... they are NOT a sure thing and can vaporize into the thin air they were generated from. My tools don't do that and aren't built on a ponzi... I reside in a "no bubble" world of investing... one that I can hold and feel my assets as they work in my hands or that of my employees to generate income. If I ever need to sell them... there's lots of skilled laborers out there who will buy them at top dollar, trade for other things, etc.
Bitcoins... ahh another buy who wants the EASY path to financial freedom and is willing to gambe to get there. When bitcoin goes kaboom I won't care that those who invested in it are left with NOTHING... that won't happen to me will it?
As with your tools, you must speculate to accumulate.
Be careful. So you sold your gold and silver and bought capitial/equipment to start a small buisness as a contractor. All the signs are that we are going to suffer a deflationary or inflationary depression when the Fed fails. Obviously that means the economy will shrink and small buisnesses will suffer. If your PRODUCING things people that have far less purchasing power will want to buy you should be fine, food, shelter, maybe even fixing old cars and heating units ect, but if your cutting down peoples trees, mowing their lawns, and landscaping I think you will suffer and be stuck with worthless capital/Equipment. I've invested in productive assets, but have tried to focus on things that people will need in the event of a crash. My biggest is a track of land across the street that I lease to a local farmer. I also own water front slips that I lease to fishermen, both the land and slips have nearly paid for themselves, and will start to make me money like your investments, plus mine are passive. They also can produce food if there are economic hard times, one thing that people will need. That all said I would not sell all my gold and silver to buy capital/equipment/assets, I think that might be foolish. We'll see, that's what the game of life is all about we place our bets and see what comes. Good luck, we're all going to need it.
BWH1214... you're smarter than the average bear. I do not mow lawns for the very reasons you stated. Tree removal... uh most of the ones I take down are mandated take downs by the city I reside in - no choice there - homeowner and business owners MUST take them down by law. It bears mentioning I have a Ph.D. and am a working professional like most of you. It also bears mentioning that I've been working to expand my skillset (I'm a certified journeyman auto tech... among other things).
As I've studied the job situation, decreasing wages, etc., it's occured to me I need to be invested in things that provide me income NO MATTER what happens to the economy. I think some of those who responed to my post missed that point... I have tools and when I put my last add on craigslist for people to come with me, use them and work cheap I couldn't believe the response... I've got people who are qualified to use them banging on my door for work like never before and they are willing to work for less and less money because... well because they have to! As this thing progresses, I will be able to obtain more labor cheaper and cheaper to put my contractor tools to use and will only choose to do jobs which people cannot do themselves (not easily anyway) single women are my best customers and that's more than 1/2 the households out there. With a chainsaw in my hand I can make $100hr cash... and in a week make enough to purchase a monster box of eagles if I want... trouble is those eagles generate no wealth and do not pay for themselves like my tools have over and over and over. I easily generate 1k a day cash... how about the rest of you?
Hayabusa, Thanks for the response. You make some good points, and seem to have a pretty good plan. I’m far from a gold/silver bug but I do think that getting some at below what most of the mines get it for is a good idea. There are plenty of assets, like your tools, that are great to have but as financial assets go bonds, and stocks are way too rich for my blood looking at the fundamentals. I do own a fair amount of stock but I’m not buying any more, bonds are a no go area for me, the only thing I’m actively buying right now is precious metals and sitting on some cash.
Great to hear your providing needed services in your community, I myself am a 32 year old drill ship captain. You might think that’s young but its only because to many in my generation are getting poli sci or sociology degrees and can’t actually do anything. I hate the mantra “do what you love and the money will come”. That is a horrible way at looking at a career though it has worked for the baby boomer the economy I see us moving into will rip those that give no thought to what jobs will be in demand will get shredded. We need more farmers, miners, machinists, doctors, electricians ect, not ology degree majors
I actually think the time I spend replying to these articles to people like you are a good investment of my time. Most on here are fairly knowledgeable and we may need each others help in the future. I’m glad its stayed theoretical for the most part so far, but some day that may not be the case.
bwh1214, thank you for the accolades first. Second, I cannot disagree with anything you stated in your response. BTW, I am an ology educated individual - don't worry, I took no offense at your statement regarding ology majors... in fact I agree with what you said. I suppose that's why I recognize (like you) what we need is more farmers, miners, machinists, electricians, etc., and personally I'm working on myself to become knowledgible in those areas and more. Afterall I only have control over myself and knowledge is power.
Like you, I believe replying to these articles and people like yourself is a worthwhile investment of my time. I strongly suspect you are a very very good drill ship captain... among other things. As an ology major I understand that having a skillset beyond my ology training is uber-important if I wish to flourish when things become real in lieu of theoretical... and like you said, "someday that may not be the case."
bhw, I wish you well and suspect when the SHTF, you will be among those who do ok for themselves among all the chaos.
Those tools, especially the tools that require fuel, won't do much good when all people can afford to fix will be baling wire. That' the point when you are sitting on a bunch of metals all right, the kind that rust.
Not saying what you did was a dumb move since it worked out for you, but don't just fucking assume most of us here are lazy PM "dreamers". Many of us like metals AND have the foresight to buy assets such as you mentioned. Some are a bit off the grid, many have extra supplies if needed....the list goes on.
Just curious, since you mentioned all those hard assets, are you smart enough to stock up on some things? Or perhaps just go the vendor when needed since it will "always be there"?
My metals don't "rust"... I keep em oiled and in good working order. Do I have other hard assets and stock up on "other things"... uh you can bet cher ass I do and because my tools generate so much income I can afford enough supplies to fill up your house and mine. Prep all you like, but those preps only matter when TSHTF... until then I'm working like hell to generate as much fiat as I can to "pave the way" and if you're smart you'll do likewise.
Yes, I own land, storage, properties, etc., but none of those things generate as much income as fast as contractor tools of the trade... not even close. As I watch PM prices fall and my income grow (which I can use to buy anything I want) it's clear to me who is on the winning side here.
For people in the trades (or even semi-skilled), this makes sense. For everyone else, not so much. You would have to store and protect huge, heavy tools.
Farmland and investment properties (in the right markets) are attractive now as well.
I like the way you think though, we will need skilled blue collar workers and people who think outside the box in the coming years.
DLux, I am a white collar professional, not blue collar trained formally - just trained myself over the years. I have property for growing food and storing equipment. As hyperinflation kicks in the prices of tools will go up, up, up... due to increased production costs - inversely skills labor will get cheaper and cheaper as people lose their jobs and I will be there to employ those blue collar workers who can use MY tools to make me money, barter for items, etc. For those of you who can't repair a car, motorcycle, operate a chainsaw, have survival skills, aquaponics, land to grow food, etc., I'd advise widening your skillset in lieu of depending on PMs to do the job. I have a plan A, B, C and even D. If all you have is plan A and it fails... well we all know how that ends.
I've invested heavily in brass/copper/lead. Me thinks that will help fulfill my needs.
Same here, I'm a white collar jack of all trades.
Grow my own food, fix my own cars, motorcycles, carpentry, plumbing, electrical, etc all self taught.
I have alot of tools, brass, brass chuckers, pms, and redundant systems ( 3 is 2, 2 is 1, 1 is none).
In my line of work, I am an oddity to have the number of skills I do. Most people I work with are specialists and rely on others. These are the folks that wouldn't know what to do with tools/heavy machinery.
I agree that the best thing anyone can do is learn skills...agriculture, medical, carpentry, plumbing, electrical....
Who'd of thought it! Sounds like DLux and I have more in common than either of us suspected when this thing got reved up. DLux, nice to meet someone else who is a white collar jack of all trades. BTW, I haven't sold all my PMs... I had a massive pile and redistributed some of it to tools/contracting... but if/when a rainy day comes there's still enough left to "get me by" I suspect... time will tell.
Since the FED started the latest round of QE, Gold priced in USD has consistently fallen. So, if printing $85 Billion per month for a year sends the Gold price down $600. How can taper (printing only $70 Billion per month) push Gold prices down? Am I wasting my time with logic?
Yes. Just BTFD
The money creation from the fed has for the most part just sat on the banks balance sheets, slowing money velocity. The money that has escaped has caused price inflation, in the stock market, bonds, art, and in other foreign economies (I can explain that mechanism if needed). The fed can create money but it is more difficult to control where it goes, the one place they don’t want it to show up is in gold and silver because that is like a canary in the coal mine telling people something isn’t right/dollar is in trouble. Because of this the Fed and TPTB do everything they can to prevent money, newly printed and old, from flowing into gold they can force the price down when fundamentals, like QE, indicate it should be rising. Gold will fise eventually, but the fed tries to prevent is and right now is succeeding, that success is the reason for the price going down not QE. More QE is good for gold, less is bad but those aren’t the only variables, and this is why your logic is flawed. You see that we have more QE and the price is going down and assume that the price movement is caused by QE and thus less QE will cause the opposite rising price action, but it is the other variables that are causing the price to go down.
That was the long way of saying CORRELATION DOES NOT IMPLY CAUSATION. Hit up Wikipedia on that one for more info.
I hope this answered your question.
it's timing. Since 2 years of price-drop have already been used up it can't keep going. Look how long the last drop was. from 1000 to 670, not even 2 years. Each down push takes a HUGE amount of money.
Consider the printed money isn't going long gold it's going short gold right now. It has a limit.
Gold price dropping has no direct connection to Fed printing. It's dropping due to naked shorting on futures markets, which may be happening because Fed is printing so much. It helps maintain confidence in USD.
I got some new FRN $100 bills at the bank yesterday. They still don't look like money to me. I'm happy to trade one for 5 ozs of Ag.
If this price for paper gold and silver reflects what is actually being paid for the metals in the world market, then very soon we should be reading news of major shutdowns of many So. African gold mines.
When do we hit $50?
It hits $50 about 10 minutes after it screams past $35, and about 30 minutes before it smashes thru $200. That's when you stop talking about those monster boxes in your attic.
looking to be around sep 2014, possibly july.
How can you tell a real Stacker.... ? easy they Use the Word.. Heavy..
as in.. This Shit is Getting Heavy Gold and Silver make Great Christmas Presents :)
No Wonder the Boat Capsized that Shit is Heavy :)
I love some of the comments I'm reading lately like you should have sold your PM's, you should have stayed in the stock market. Well, it ain't over until the fat lady (Yellen) sings! I'm staying the course.
BARF BAG PLEASE
Gold 2.0 is up.
Monthly Silver is testing 18 dollar lows.
http://bullandbearmash.com/chart/silver-monthly-tanks-87-bounces-support...
We could see a bounce after 18 gets tested.
bargain prices!
Stackety-stackety-stack.
Also those AGQ calls are looking good: 2016 january expiry for strike 25 only 2.60? By the time silver hits 80 agq is easily 270. By the time agq is 400 silver only needs to go to 97. For the duration of 2015 I think that's a good call.
Technical (mathematical) analysis:
8/191 * silver2 = agq (approximately, reduced to fractions to be easy to remember)
or silver/agq1/2 = 171/35
silver = 171/35 * agq 1/2
agq = 8/191 * silver2
we few, we happy few, we band of silver holders . . .