Silver Slumps To Worst Day In 2 Months As BofA Says "Sell Gold"

Tyler Durden's picture


As CNY unwinds, Russia-Ukraine safe-haven bids, and Turkish Lira (erdogan corruption) concerns flood back into the USD as a safe-haven, precious metals have come under pressure this morning. Gold has been sold but remains relatively stable but Silver is suffering its biggest down day in almost 2 months ad the gold-to-silver ratio surges back up to ts 4-month average.

Silver notably underperforming Gold today...


With its worst day in 2 months...


Some have suggested today's weakness is also being driven by BofA's technical call to sell gold...

Time to sell gold

Gold is rolling over. The impulsive intra-day decline from today's 1345 high says that the trend has turned ahead of the confluence of long term resistance between 1350/1367. With the ADX at trend ending extremes, and daily momentum posting bearish divergences, target 1270, potentially long term triangle support at 1185.

Sell Gold at 1337, risking 1346, target 1270, potentially 1185

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Wed, 02/26/2014 - 12:44 | 4480417 StacksOnStacks
StacksOnStacks's picture

Fonestar stating that this is only paper in 3... 2... 1...

Wed, 02/26/2014 - 12:49 | 4480455 Manthong
Manthong's picture

Sell generously…

Many Asians depend on your help to transfer the center of economic power to the east.

Wed, 02/26/2014 - 12:51 | 4480463 kliguy38
kliguy38's picture

SELL BITCHEZZ............I'll be waiting to buy MOAR

Wed, 02/26/2014 - 12:59 | 4480509 Levadiakos
Levadiakos's picture

You'll need to buy much moar to average in that $50 price point

Wed, 02/26/2014 - 13:02 | 4480525 john39
john39's picture

must be a war coming. 

Wed, 02/26/2014 - 13:11 | 4480569 nope-1004
nope-1004's picture

Banksters say time to sell?  Okay.... I'll place an order today.


Wed, 02/26/2014 - 13:34 | 4480683 Herd Redirectio...
Herd Redirection Committee's picture

I am hoping for multiple days down in a row.  I want sale prices like 2013 offered.  Wait for it, wait for it.


Wed, 02/26/2014 - 14:02 | 4480765 BoNeSxxx
BoNeSxxx's picture

'BUY!  SELL!  HOLD!' -GS, BofA, CS, DB, etc...

I care not what any of these Fuckshites offer up anymore.

Wed, 02/26/2014 - 22:27 | 4483144 Squid-puppets a...
Squid-puppets a-go-go's picture

funny, that down trend line isnt nearly as steep as the comex inventory depletion's

Wed, 02/26/2014 - 13:45 | 4480738 Harbanger
Harbanger's picture

Silver is the best buy in history right now.

Wed, 02/26/2014 - 15:08 | 4481191 devo
devo's picture

Inflation adjusted, is it a better buy now or in the early 80s and 2000?

Wed, 02/26/2014 - 19:10 | 4482436 Balanced Integer
Balanced Integer's picture

I can't speak to inflation adjusted numbers. But when I made my first (and largest) purchases of silver in 1995, this price was $2.96/oz when all averaged out. I'm certain that inflation has been a bitch since then, but I look at the price today and I gotta think that I'm still ahead of the game.

Sure feels like it anyway.

Not that I care all that much about the price today, as opposed to when I originally bought it. Today it's a hedge, not an investment. Or so it would be, had it not been for that damn fishing trip I took a few years back...

Wed, 02/26/2014 - 13:58 | 4480798 ArrestBobRubin
ArrestBobRubin's picture

Right. Because Greeks are so well known for their investing savvy and all. Were that your countrymen had been stacking silver for the past 5 years, maybe Greece could've told the banksters to f*ck off and wouldn't be dumpster diving for their next meal.

Wed, 02/26/2014 - 13:00 | 4480510 SRSrocco
SRSrocco's picture

FUNNY... Bank of American called the top in Natural Gas too.. the day it got clobbered 11%.  Just wait until we get the next 200+ Bcf drawdown of underground gas supplies out tomorrow.  We are already down 40% compared to 2013 in NatGas storage... and the lows don't come until the end of March.

Anyhow, even though Bank of American says sell gold, we had record buying of Silver Eagles in FEB.  Matter a fact, the U.S. Mint nearly sold out of its 1.25 million oz weekly allocation in two days:

U.S. MINT UPDATE: Silver Eagles Nearly Sell Out In Two Days

Wed, 02/26/2014 - 13:30 | 4480664 SilverIsKing
SilverIsKing's picture

No one holding physical silver is selling so the price drop is meaningless unless you are trding paper or buying physical.

Tick tock...time is running out.

Wed, 02/26/2014 - 15:13 | 4481225 devo
devo's picture

"No one holding physical silver is selling"

This is the kind of nonsense that makes everyone hate gold bugs.

There are currently 250,000 ebay auctions where people are selling physical silver. That is one site. Apmex, Gainsville, etc are all selling their silver.

Wed, 02/26/2014 - 16:15 | 4481546 Hooter Shaker
Hooter Shaker's picture

Those same sellers are buying too or they wouldn't have anything to sell.  When you make your living buying and selling precious metals, you are always buying and selling precious metals. 

Wed, 02/26/2014 - 15:24 | 4481284 devo
devo's picture

I don't know if the silver eagle thing matters. If the price is manipulated then sales don't really matter (as reflected in price drop on record sales). I think what matters more is, when they spy on our bank accounts, how many are withdrawing money to buy gold/silver, and are they ordinary citizens. If so, the price must be manipulated either higher so they can't afford it or lower so they're scared.

Wed, 02/26/2014 - 16:14 | 4481541 quasimodo
quasimodo's picture

Sales don't really matter? So this holds true for all corp's? 

Do tell more, please.


Thu, 02/27/2014 - 14:02 | 4485212 devo
devo's picture

Obviously not if prices had the worst drop in history on highest sales.

Cue, "it's just paper", and the circle of logic continues.

Wed, 02/26/2014 - 18:54 | 4482378 Lionhearted
Lionhearted's picture

BTFD Bitchez!

Wed, 02/26/2014 - 12:50 | 4480459 thunderchief
thunderchief's picture

Could anyone have expected less from these clowns?

And why sell?

What is the panic on your physical?

A B of A Bank run on physical in your closet?

Wed, 02/26/2014 - 13:02 | 4480519 dark pools of soros
dark pools of soros's picture

wait.. but when people say the same with bitcoins in your own wallet vs an exchange....


must be wrong with something in silver too...  price falling and all

Wed, 02/26/2014 - 12:57 | 4480489 SMG
SMG's picture

Actually this price is only on paper, and does not reflect supply/demand/reality.   Today, you can get real silver at the fantasy paper silver price and that's what you sell it at.  One day soon, the fantasy shall end, and reality will have to be dealt with.

Wed, 02/26/2014 - 13:03 | 4480530 Levadiakos
Levadiakos's picture

Don't tell me. You took the brown acid.

Wed, 02/26/2014 - 12:45 | 4480421 LawsofPhysics
LawsofPhysics's picture

Thank you.

("Above all be polite" - Dalton from the movie "Roadhouse")

Wed, 02/26/2014 - 14:06 | 4480827 Levadiakos
Levadiakos's picture

That movie was on last night. You watched it.

Wed, 02/26/2014 - 14:22 | 4480903 ThirdWorldDude
ThirdWorldDude's picture

That's Greek to me. I'm not sorry you missed the boat...

PM's rolling over now, it's plain as day European banks had a fundraiser today. HAA bitchez!

Wed, 02/26/2014 - 12:45 | 4480425 Australian Economist
Australian Economist's picture

I'm sure everyone was saying gold $1450 end of year just a few days ago.

Wed, 02/26/2014 - 12:48 | 4480442 thamnosma
thamnosma's picture

Silly post

Wed, 02/26/2014 - 12:57 | 4480490 Australian Economist
Australian Economist's picture

yeah sorry

Wed, 02/26/2014 - 12:59 | 4480508 ParkAveFlasher
ParkAveFlasher's picture

I didn't think it was silly.  Or perhaps, it's a coincidence that some banks (is this what you meant by "everyone") very recently talked up gold, then, miraculously, gold went up, now, inexplicably,  gold crashes, and now, predictably, they talk it back down.

My stuff is still as shiny as Bart Chilton's head.

Wed, 02/26/2014 - 13:03 | 4480531 fuu
Wed, 02/26/2014 - 13:09 | 4480563 Australian Economist
Australian Economist's picture

Yeah by "everyone" I did mean banks and the like, I should have made that clear. I'm at work so can't spend hours posting or looking at Bukakke Tentacle porn (unlike Chilton).

Wed, 02/26/2014 - 13:26 | 4480633 ParkAveFlasher
ParkAveFlasher's picture

You were junked irrationally.  Some people don't understand that stackers must stack, and any stacker who would call himself a stacker welcomes price declines, because they are an entry or re-entry point (and who doesn't like a cheap entry), and that traders will trade, and any trader who would call himself a trader welcomes the downs as well as  the ups, because the downs offer him opportunity; the ups simply offer him closure in following.  Honestly, I'm beginning to look at "up" and "down" in much the same way a sailor might tack this way or that, the question of to trade or not is a question of current positioning, given that I know where I am and where I am going.

Wed, 02/26/2014 - 13:37 | 4480699 Herd Redirectio...
Herd Redirection Committee's picture

Exactly.  A small cap silver miner I follow has doubled in market cap. in the last 2 weeks basically.  Thats not your time to buy.  A multi-day pullback is.

Wed, 02/26/2014 - 14:44 | 4481000 ParkAveFlasher
ParkAveFlasher's picture

ZH is to me now, what the high school lunch table was to me as a teen, a place to vent my thoughts and bounce them off peers, and hear perspectives, most of which, even if I would agree as if they were my own thoughts, would never have occurred to me in quite the same manner as another would present. 

Wed, 02/26/2014 - 13:02 | 4480526 Papasmurf
Papasmurf's picture

Didn't say which year.

Wed, 02/26/2014 - 13:15 | 4480583 bluskyes
bluskyes's picture

Or which dollar.

Wed, 02/26/2014 - 13:03 | 4480528 dark pools of soros
dark pools of soros's picture

I said $1600 this year and sticking too it.. I'll sell you there since you probably wont buy until then

Wed, 02/26/2014 - 13:49 | 4480757 The_Ungrateful_Yid
The_Ungrateful_Yid's picture

I'm calling 1470-1500 by thanksgiving.

Wed, 02/26/2014 - 14:12 | 4480846 ArrestBobRubin
ArrestBobRubin's picture

I don't ever get caught up in price prognostication. It misses the point- -  "price" isn't important here (2014 as a whole) as it hasn't been for years. Consistently adding ounces of gold and silver IS, period.

Buy what you can afford on dips, do it as often as possible. That's my personal PM strategy and absolutely nothing in ongoing developments even gives me pause, never mind any reason to deviate from it.

Tune out the noise, f*ck BoA and the rest of the banksters. Stack on.

Wed, 02/26/2014 - 14:38 | 4480992 forwardho
forwardho's picture

Just because they wish to deny reality, don't mean I have to.


Wed, 02/26/2014 - 15:48 | 4481400 OceanX
Wed, 02/26/2014 - 12:46 | 4480433 Its_the_economy...
Its_the_economy_stupid's picture

Make new friends, but keep the old.....

Wed, 02/26/2014 - 12:53 | 4480473 ziggy59
ziggy59's picture

Gotta have kids to know that one..

Wed, 02/26/2014 - 12:47 | 4480434 Silvergood
Silvergood's picture

They are pulling-out all the stops in the beat down now.  They wont give up!!  Keep stacking physical.  BUY NOW!

Wed, 02/26/2014 - 12:57 | 4480486 Kaiser Sousa
Kaiser Sousa's picture

i keep telling ya'll...Silver is the one their using to beat down the phony paper prices of both of the only 2 forms of real money as its the smaller of the 2...AINT NOBODY SELLING NO MOTHER FUCKING REAL SILVER!!!!

the fundamentals r still in place and have only strengthened since "the recovery" we were welcomed to back in 09'...



Wed, 02/26/2014 - 13:18 | 4480597 1fortheroad
1fortheroad's picture

Thanks moneychangers!!


I have more time to stack now since I am unable to dig it out ground for 5 bernake bucks.

Wed, 02/26/2014 - 13:22 | 4480605 thunderchief
thunderchief's picture

I'm not only going to buy more, I'm going to take out call options on 3x inverse S&P index ETF's next month.

And I really don't care if I lose the money,because this shit really stinks!

BofA...Go Hang..

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