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Silver Tumbles Most In 6 Months
Silver is down almost 3% today - its biggest drop since the end of January as precious metals both tumble back towards pre-June-FOMC levels. News on China demand appears to be the main catalyst according to desk chatter (as well as a break through the key 50-day and 100-day moving-averages) with gold testing down to its 200-day moving average at $1286.
Worst day for Silver in 6 months...
Precious metals are reatracing gains from the June FOMC... (and testing technical levels)
Charts: Bloomberg
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Let me check...... nope it's still there.... hasn't tumbled a bit.
It's a bit hard for coins to tumble inside a mint case ;) . . .
or at the bottom of a deep lake lol
Wake me up when it's $19.58 an ounce (again) delivered to my door.
"news on China demand"
LOL, what a fucking joke that statement is.
Now that the Chinese have most of the gold they need at bargain central bank fiat-supporting prices, It’s time to buy up an even thinner physical silver market.
And, it is a slam dunk for their future monetary, electronic and photovoltaic needs.
The Hunt brothers and their backers just wanted to corner an undervalued quasi -monetary market and they did not realize the umbrage that the Fed, Comex and other Wall Street cronies took to that challenge.
The Fed and the rest of the banking racket will meet their match this time around.
And oh, how does the traditional meaning of “yuan” translate?
“The word "yuan" goes back further than "renminbi". It is the Chinese word for dollar - the silver coin, mostly minted in the Spanish empire, used by foreign merchants in China for some four centuries”
http://www.bbc.com/news/10413076
Also, how does the word “bank” translate into Chinese?
“First Character: ? (yín) – silver Second Character: ? (háng) – all right; capable;"
http://mandarin.about.com/od/dailymandarin/a/yinhang.htm
Silver has a 6% premium on the SGE. If that doesn't indicate low Chinese demand, I don't know what does.
Vs today's down 3% price? What was the premium yesterday? Thanks.
And just like that 10,000, err, 10 Turdites cried out in terror
Zero, actually. He explicitly told us this was coming back on Tuesday. I'm pretty sure he's a witch, but I don't have the scales or the duck to prove it.
The silver lining in the story: Just BTFD.
Next!
"news on China demand..." LOL
Yeah, right...they're demand is highest in the world so prices should tumble? That makes sense.
And haven't ASE sales already this year been another record? ASE vs AGE sales are at 100:1 But there isn't enough demand??? hahaha
Don't mention massive selling of 100's of tons of backed-by-nothing paper bullshit as the cause. Plus isn't end of the month delivery coming up? There's usually a big smack to the PM's before "delivery".
As if they have any physical that they can deliver anymore, and even if they did, they never do or will deliver. All their physical has gone to China (because of China's low demand? LOL).
It's not lower demand...it's lower fucking supply, bitchez.
Keep stackin'...BTFD and don't look back. We are right and they are wrong.
exactly...
what the fuck Tylers???
and what took ya'll so long to report on the bullshit taking place in the fraudulent phony paper markets???
just sayin.
In 2013, the Mint sold a record 42,400,000 Silver Eagles.
So far, in just the first 6 months of 2014 (through June), the Mint has sold 24,128,500.
While this is slightly behind 2013's record of 25,043,500 after the first six months, that's still close to all-time record territory.
where exactly is the supply shortage coming from then? Seems like there is plenty of silver out there. Where are the delivery failures? Not trying to be the dick here, just asking a legit question. Seems like there is plenty of supply, and plenty of demand. The fuckin price just can't seem to move up to validate the demand argument and there is no proof of lack of supply to validate the lack of supply argument.
Stop making sense.
As long as people are allowed to sell Silver they don't own and does not exist, your question answers itself. CME sells more Silver each week than yearly global production, How can you then say there is ample Silver out there?...or do you mean paper Silver?
I am looking at it from the aspect of us retail pikers. People in venezuala can't buy toilet paper. it's not on the shelves. i can buy silver right now no prob. Schiff's PM company just sent me an ad to buy gold maples $30 over spot in his "blowout sale".
I am not debating that the price is not being slammed down by someone(s) messing with the paper market. I am saying the efforts by everyone on here to buy phyz seems to be futile in causing a legit supply squeeze and possibly driving the price higher.
Rather than painting stackers as speculators, I would suggest most that buy Silver and Gold know banks are insolvent and likely to lose any and all paper assets under there care. A rise in price is just icing on the cake.
i'm not sure where I rendered a judgement as to whether retail were speculating or buying for the purposes you mentioned. Did not mean to do that, if that is what i did.
Whatever the reason for buying, it just does not seem to make a dent in the supply/demand chain enough to impact the market. if it can't disrupt the market, and the pm smashers have no plans to stop dumping paper as they usually do, this may drag on for a long time.
I guess where i differ on here is that a rise in price is not icing on the cake for me. it's the reason for the purchase.
I supppose I just realize that by saving in paper I am only subsidizing Bankers who use the profits to bid up the same goods and services that i buy. Where you are buying Silver I am selling paper.
I'm waiting for the Fall.
to clarify, it's not the reason for my purchase, but it certainly plays a decent role in it.
While China may have a slight reduction, India are still importing 25% of the global supply of silver (near record highs). There is alot more slack in Silver than in gold no doubt and will be for some time. My bet is that the gold phyzz shock (which has little slack) will send a large market into Silver quickly and then thats when the supply squeeze happens, the ratio of gold to silver decreases and silvers price increases.
Gold is the one to watch, the amount that is getting imported by the Middle East and Asia easily outweighs the global year on year supply. The western vaults must be gettting drained each and every month
I had to order one of these...
http://www.jmbullion.com/10-oz-rcm-silver-bar/
"There's usually a big smack to the PM's before "delivery". "
You mean there might be some market racketeering going on?
>"Yeah, right...they're demand is highest in the world so prices should tumble? That makes sense."
You really should expand your information sources beyond just ZH, Mike Baloney, Max Keiser, or all the other 'professionals' featured on here. Since Tyler never reported it (shocking, i know), China's H1 gold demand dropped by 25%, bullion demand dropped by 65%.
But dont worry, keep stacking. LOL
Buy silver, crash JPMorgan. LOL
amiright?????
I've noticed a pattern with you. You only ever show up on PM down days and rag on PM buyers. You contribute nothing else to any other discussion. That's quite the one-track mind you've got there.
China now imports PM's directly thru Bejing. Only the Hong Kong imports are reported thus the reason for the fall in imports.
as if you have a clue what China's actual imports really have been? Who's information on China have you swallowed hook, line, and sinker??? CNBS, Liesman, and Kramer?
China doesn't report anything truthfully because they don't want anyone to know and they don't want to pay more for their gold than they have to, even if they are using our own T's to buy it with.
The supply is dwindling. Reports out of Switzerland after a year and half straight of non-stop 24/7 melting of bars and reminting them to .9999 Chinese bars is that they're now getting the old shit from the 1960's. And that it's pretty much gone.
China's numbers may be all lies, and yeah, I believe it is true that their importing has gone down "some". But that is most likely because supplies above ground are now beyond strained while exploration and mining output are at historically low levels after the last 3 years.
So why don't you tell us all just how much gold has the United States imported this year or last year, huh???
Yeah, that's what I thought...shut the fuck up.
Apparently the concept of opportunity cost evades you.
Yawn. Apparently the concept of hedging against catastrophe or the idea of buying the fucking dip evades you. Or do you claim to buy at the bottom and sell at the peak on each and every trade?
apparently he doesnt understand what physical Gold and Silver are and have always been....
apparently he believes that we have free and fair markets...
apparently he believes that the debt coupon dollar and all its paper derivatives are true stores of value and savings...
apparently, he's in the wrong place..
and apparently, he doesnt know what the fuck he's talking about...
You, and all the other goldturds, have been 'buying the dip' for the past 3 1/2 years. But im sure your little coins and bars will come in handy during the zombie apocalypse or whatever the fuck else youre hoping will happen in the future. Best of luck with that.
You don't BELIEVE in the coming zombie apocalypse?
Pffff.... man, I don't even know where to start with you. You're really leaving yourself dangerously exposed to an obvious threat.
If you have been paying attention, which it's obvious you haven't, you would know that my strategy has always been to take advantage of the free currency that the BernankenYellenStein monster gives us, BTFD in the market, and then buy real stuff with the profits. If you choose to keep all your "assets" in paper then good luck with that. I prefer to diversify across multiple asset classes. Oh and BTW.... I've owned gold for a hell of a lot longer than 3.5 years.
WORD.
how bout 7 years to be exact - jack!
what did meat cost you 3 years ago...
what did gas cost you 3 years ago...
what did a fucking dollar buy u 3 years ago that a face value $1 Silver Eagle cant buy 20 more of TODAY?????
dude, your either an idiot or a uniformed brainwashed MoneyChanger vassal...
in either case - you still dont know what the fuck youre talking about...
nothing personal...just factual.
ps- sounds like you watch too much TV.
Look diablo; it's your balls they are pushing under water. Maybe you should hold tight to them when they have to let them go.
is that you Bernanke???
apparently.
WTF?
Yep, pretty much.
There is no inflation as Janet Yellen often points out. So silver should be free.
I can't wait!
Yeah, soon it will be cheaper for McDonalds to put silver eagles in Happymeals than those crappy plastic toys...
Opex Max Pain. aka SSDD. Just point me which line to get in for my beating.
I concur. On its 200-day too.
....BTFD
This dosen't qualify as a WTF chart of the day???
I bet my dealer just closed shop for the week.
i'm buying more just to piss them off..
same here...as always :-)
echoed....
i will not be moved..
I bought more Silver this week .................fuck the bastards.
so did i...
but i held up a little on the quantity cause i felt something fishy coming...
dollar cost averaging comes in handy friend...
do not be deterred by the MoneyChangers fraud...
they know Silver is within the common mans reach therefore if they can discourage the masses from accumulating they can continue their worthless paper currency scourge....
Something is about to happen, and someone has been tipped off..
This pattern has been followed for the last four months or so.
A massive pre emptive strike forcing the price down, just
before some geoploitical event spiking it back up.
Could be an interesting weekend.
Interesting..
And agreed,
Has the Duma wrapped up thier emergency meeting yet?
nothing is about to happen except maybe fb hitting $100.
someone around her is famous for pointing out that nothing changes until the guillotines roll.
I haven't seen him post lately. I just got back from vacation myself. It was good to take the blue pill and get away from this shit for a while.
you go anywhere you would recommend? I am looking to get the family out of here for a few days myself.
We went to the gulf. Big white sandy beaches, the weather was perfect, there was plenty to do. It was very relaxing and the kids had a blast. I'm seriously considering seeking out a branch down there.
Edit... If the whole system goes south, I suppose I can always Bubba-Gump it.
I just am back from Ecuador....if you dont think about socialism..its like a cheaper hawaii...speaking spanish.
Cheap land..hot chicks....great floura and fauna..
cheers.
RIPS
Thanks for the help guys.
No thanks. Florida cured my "itch" for hot, tropical places.
Prefer Bermuda over Bahamas, PEI over BVI. Fewer social and other diseases too.
If I were to pick something tropical, I'd stay away from the nutjobs, crooks and riff-raff, and go to a place like Bora Bora or Rarotonga. The latter is a great place to hold annual meetings for an offshore trust (that effectively tells the IRS to "take a long walk off our short piers"). Thanks, Simon.
p.s. I’ll bet you dollars to donuts that you can probably get a cheap, safe and fun seaside vacation in places like Bulgaria or Crimea. Or Georgia. And I'll bet you that Spain is cheap these days, given their sky-high debt and unemployment. And if you want to enjoy the Caribbean but get away from "loud Americans", try Cuba -- if you have that second passport. Or go via Jamaica and tell the Cubans not to stamp your US passport.
Outer Banks NC ain't bad. Although every year we've gone I've seen more and more NY & NJ license plates. Once those fuckers start showing up, it's time to get the fuck out of dodge.
YEah, I've seen that pattern too -- but OPEX itself is enough. They have the power and the license.
And yet I see these articles today (one on Yahoo!, so you know it's good) stating that people ar accumulating the actual metal. Same for gold.
Are they tying to makeit cheap?
Green shoots
Monkey Hammered! (What ever happened to Robotrader and that $5 to dig it up guy)
Robotrader ~aka~ Captain Hindsight was cast out here and banned on the other site for 6 months. After his ban, the site owner warned him about trolling and his 5-10 daily PM trash posts. When his ban was over he changed his name to "Clueless Janet" He still posts his captain hindsight bullshit daily, but he never posts about PMs anymore.
http://wallstreetbear.com/board/index.php
Low prices for silver and gold will upset this guy:
http://www.youtube.com/watch?v=bj5pQMkQqKM&feature=PlayList&p=7CC357FD9C...
Well. I can say with certainty that no supposed news from China, or any other supposed news, has anything to do with what is going on in silver.
I'm not sure about silver's tumbling, but I sure did some stumbling after a few cocktails on the ocean beach.
the only thing not allowed to tumble is the dow nasdaq and s&p
a 0.25 percent drop in any of those indexes and its considered a crisis these days.
of course pms continue to get slaughtered daily, but i will keep buying
In this hall of mirrors we now live in, I watch for days like this just to add to the stash.
Yer either stackin' or yer slackin'.
In an extremely un-certain world; the dollar will continue to decline in purchasing power as it has for the last 100 years; with every reason to expect an acceleration in the rate of it's devaluation, and accordingly Silver and Gold will trade at nominally higher prices. Nothing is more certain than this.
Oh yes. THe last 100 years have been very kind for those buying silver vs dollars. Or not, but whatever. That sweet 3% per year increase is tantalizing.
Why not just acknowledge that we're heading into Comex expiry dates and its time to fleece everybody who thought 'this time is different' and held long (paper) positions into month-end.
. . .and cover the shorts which were put on to keep it capped.
Takedown before the GDP print tomorrow? 2Q GDP +.1%, Adj. 2 months later -3.0%
Gold and Silver, the only two commodities that go down as demand goes up
Doesn't demand go up for every commodity whose price goes down?
I think demand for gold, and silver go up as the price increases.
When you hold it in your hand, feel the weight of it, look at the beauty of it......you know you're right and that it doesn't matter WHAT FIAT PRICE they choose to label it with.
It's the best insurance "money can buy"....Real Money. I've purchased silver at $5, I've purchased it at $35......and I sleep just fine.
"Propaganda on China demand appears to be the main catalyst "
There, fixed it for ya.
7%+ margin on 100 oz JM Bars.
Paper market is diverging from physical.
That's huge. Where are you seeing that price?
These guys are showing $20.73 which looks like a .33 or 1.6% premium.
http://www.providentmetals.com/bullion/silver/private-slv/100-ozt-bar.ht...
silvergoldbull.com, but that's for JM bars. Those bars from Provident are misc.
I always look for bars produced by refiners on the LBMA good delivery list.
.
Why do we have to pretend there is a reason gold or silver went down? The reason given today for the dump will be the exact same reason we hear next week for a surge.
There is no reason for gold and silver's moves other than some bullion bank needed to ring the cash register.
Pretending that these dumps occur for some discernible reason is basically calling your readers idiots.
Hi Ho Bitcoin.
Something doesn't sound right.
Ya, bitcoin doesn't sound right. Electrons aren't money.
All trading gaps get filled.... nothing to see here.
Yawn. Month end take down. options exire worthless. specs take a loss rolling over into the dcember cont
noise to shake out the weak
I'm more about unloading any excess FRNs. If I can buy real money with fake money at a cheaper price, that works for me.
Eh, did anyone here ever say holding gold, silver, and miners was a cake walk.......I did not think so.
More like a pie walk in recent years -- cow pie.
It keeps staying low so that the Chinese can continue to accumulate cheap.Western media,the banks and most other financial institutions treat gold like it's to be the most truely hated class of commodities right now.Mining shares are treated even worse.Even the average person that I talk to or any of my relatives,I tell them I'm actively buying silver and gold and they think I'm on another planet or some kind of investor that doesn't know what I'm doing with my money.It's true though,the whole sector right now is hated.
"The total silver Comex OI fell slightly by 526 contracts as silver was unchanged yesterday. The total OI now rests tonight at 162,485 contracts. The silver contracts are in very strong hands and this will continue to bring nightmares to our bankers."
Old Harvey O mentioned this yesterday.
The bullion banks had to try something. Let's hope it doesn't work.
It is always worth an ounce.
Who cares what it is in arbitrary FRNs?
Me? I buy silver when under $5/oz. Hate hearing train whistle past graveyard, bye for now.
Look the reason silver is being hammered is because for the first time in ages I went long at 20.70 and then at 20.46.
That is why silver is getting mauled.
I never learn! Just have to check out some silver porn tonight to cheer me up.
If silver isn't real money , does that mean we can give it to hookers for sex and be in the clear legally?
One thing is for sure...
Someone is in control and it ain't us.
I'm waiting another day, maybe until Monday's open. Because it is so attractive to me here, that's a sure sign I am too early.
The "like clockwork" PM price slams provide a guaranteed source of profit.
Buy the slam, sell the rebound.
Or in my case, buy the slam, wait out the rebound.
Well, that tumble lasted a while!
:-)
http://imgur.com/vf4HAK3,v7kuaQN
and with gold / silver 1/2 = 285 for the trend...
gold: $1,400.00 silver: $24.13 uslv: $77.59
gold: $1,500.00 silver: $27.70 uslv: $114.21
gold: $1,600.00 silver: $31.52 uslv: $163.98
gold: $1,700.00 silver: $35.58 uslv: $230.32
gold: $2,000.00 silver: $49.25 uslv: $572.62
gold: $2,200.00 silver: $59.59 uslv: $976.86