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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StacksOnStacks's picture

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

Manthong's picture

Sell generously…

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

kliguy38's picture

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

Levadiakos's picture

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

john39's picture

must be a war coming. 

nope-1004's picture

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


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.


BoNeSxxx's picture

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

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

Squid-puppets a-go-go's picture

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

Harbanger's picture

Silver is the best buy in history right now.

devo's picture

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

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...

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.

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

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.

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.

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. 

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.

quasimodo's picture

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

Do tell more, please.


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.

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?

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

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.

Levadiakos's picture

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

LawsofPhysics's picture

Thank you.

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

Levadiakos's picture

That movie was on last night. You watched it.

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!

Australian Economist's picture

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

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.

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).

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.

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.

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. 

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

The_Ungrateful_Yid's picture

I'm calling 1470-1500 by thanksgiving.

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.

Its_the_economy_stupid's picture

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

ziggy59's picture

Gotta have kids to know that one..

Silvergood's picture

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

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'...



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.

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..