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Precious Metals Liquidated To Make Room For Alibaba, Silver At Four-Year Lows
Precious metals are under pressure once again this morning led by Silver which just hit its lowest since August 2010. It appears investors are liquidating precious metals to make room in their 'safe haven' portfolio for precious Ma's Alibaba IPO... because what could go wrong there... (Russell 2000 is also seeing notable liquidation)
What makes us think this is BABA liquidation (obviously tongue-in-cheek but the timing is odd...)
As Silver gets relatively slammed...
- *GOLD FALLS 0.8% TO $1,215.82/OZ IN LONDON, LOWEST SINCE JAN. 2
- *SILVER FUTURES FALL TO $18.125/OZ, LOWEST SINCE AUG. 2010
It seems Russell and Nasdaq positions are also being liquidated for the "can't lose" BABA...
The Russell 2000 is now below pre-FOMC levels...
Charts: Bloomberg
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I refuse to loan money to the government - it just enables a corrupt system that I don't believe in. I know it doesn't make a big difference, but its a matter of principle.
Understood. But I just love scalping all I can from the mofo's.
Principles are very important. we need more people with principles that are willing to act on them.
We're not interested in minutes but in years.
I don't know if my house is up or down in value over the past year and I have no interest in what my house is worth on the open market today, because it's not for sale.
I have no interest in what my metal is worth on the open market, because it is not for sale.
Fonz, if you are lurking, Silver's balls are really, really, really tired.
The thing about Reality, Ms. Grande Tetons, is that it is real. there's a small spot of manipulation going on today; don't fret about it. The Silver price will be up for the next two weeks; and you must be thinking about 2018; not today. What will your dollars be worth in 2018, eh? Be of good cheer, Lassie; reality is on your side.
Self depricating humor has a short shelf life. I gottah abuse myself now! Take myself out behind the woodshed and kick the shit out of myself. Remiinds me of a movie I saw....
With The Yellen put all stox are now good as gold.
i reported this a hour ago god dammit...
tyler's - ya'll slippin or sippin???
just sayin...
in any case im buying more PHYzz...
Why would anybody need to liquidate anything to pay for stock in the 40 Thieves? What happened to all that "money on the sidelines"? If there was, in fact, money on the sidelines, would this not be the opportunity they would be praying for to put it to work?
exactly. another "crack in the dam"?
I like your posts and I read them all; but I don't understand the reference; probably I'm just a bit thick. What do you refer to, please ?
You're correct. As we saw the day of the Fade-book IPO, erroneously attritubuted to the technical exchange glitches, Russell selling today is likely a professional "risk-off" trade, as huge IPOs rarely come at interim market bottoms. IWM makes sense, but gold often gets tossed in on risk-off days, but dollar strength might be a more likely cause.
Interesting that AUD.JPY seems to be rolling over a bit, another risk off sign?
Ignore the Journalism it's nonsense; it's just a temporary manipulation on the part of the NYMEX after London clsoed for the weekend; this happens all the time; it's a buyig signal.
Strategic gold bug Gene
acts on a hopeful dream:
Bars he bought at the top
and those acquired in this drop
shall one day meet in-between
disinflation turning toward deflation
learn it
love it
LOL. Boy, are you in for a surprise.
Seriously Alibaba? Market action makes news.
The PM paper market is in the process of breaking becasuse the only way it can break is if confidence is lost in paper and that is exactly what is happening now.
OH LOrD it's hard, to be, a PM minin buyer....
Silver trading under $18.00!
only for a moment; this was a running of the stops by the NYMEX; it's already recovering.
Hurry and get rid of your dirty, stinky old silver - before the investment community figures out tha this whole "Solar Power" thing is just another scam -
W0W sounds like a great idea, I'm selling my phyz right now to get me sum of dat.
Silver flushed down the toilet, I wonder how do suckers who bought $25+ now feel after they've been tricked by ZH and other gold pumping sites to buy a commodity that is in a bear market.
I feel a hell of a lot better than having a fistful of FRN's if that's what you're asking, troll.
yer he's a troll right and silver is not in a bear mkt. Loosen the foil hat and hold your nuts if gold goes through 1170.
I'd love to buy Silver here in the UK but not with a 20% Sales tax mark-up.
Gold will have to do though :)
I'm a stacker every month....
In the US (well at least here in California) if you buy $1500 at one time it's considered an investment not retail and there is no tax.
go to bullionvault.com; based in London; there is no sales tax. Read the information on the website carefully.
Didn't sell at $12 per oz, didn't sell at $49.50 per oz. Will trade some weight for good land in the future. Once of course the hilarities of our current market forces have been cut down.
Barter economy, baby
Man I want to go out and buy 100oz of physical today but I don't see any support level. I think silver is going to the low 17's or below. I guess dollar cost averaging always works.
@bigrooster- Ditto. I bought a little yesterday and I caught the dip below $18.00 a few minutes ago this morning. I'm putting my money on the sidelines into my own dollar cost averaging program but I'm also saving some cash to replace my leaky boat in case it sinks (again) but, that's whole 'nuther story.
my guess is that almost no physical has been given up....this is paper selling.
yeah the price had been pumped up with paper and we now seeing long correction
It's not necessary to guess; go to the Kitco.com 24hr. chart and marvel at the operations of the New York Metals Exchange. that's all it is; they're buying right now at the bottom they created and so should you be.
This is correct; no silver has been sold. none. zero. it's a little game played in New York. I can't type enough here to explain it all.
You are very, seriously, correct.
yes - he is...
Thank you; a kind word is appreciated.
Actual Market Price and not what the banks are telling you:
APMEX 1-19 2014 silver eagles $22.00
The quoted LBMA price is actually a fraudulent price. But hey the banks are above the law.
silver is an industrial commodity. Good luck keeping even this minor divergence going when the industrial buying for more missles picks up. The MIC will start killing bankers in earnest.
Right, and which commodity/electronics IPO stands to gain the most from buying cheap silver now, as they're flush with investors' cash?
APMEX is retail price.
Buy in 100 pound lots and wholesale at $17 and change is yours
Eagles have a $3 price tacked on going out the door at the Mint. Maybe a bit less, but $3 is about right. Dealers aren't making a whole lot on them, but don't expect prices at the dealers to fall just because paper prices are smashed. The real stuff is worth more than the paper prices.
sdbillion.com at $2.25 over spot - added some today
china's qe makes people to reliaze that cyn simply is another fiat currency. and china has no intention to back up cny with au and there is no advantage to it. china import au for the purpose to beat the us on au reserve. china might already acheive this goal. au will test $1100/oz and below real soon. short miner stock is a better strategy than long baba.
BUTFT (back up the fucking truck, to the uninitiated)
POI ( piss on it, for the unurinated )
Also the wholly rigged market CAPS for BUTtFuckT, which those of us who thought the fractional reserve ponzi was about to implode 2.5 years ago, and had just wised up on 'prepping', have been capitally BUTtFuckT (if forced to crystalise the loss by having to sell). Good luck to those who have liquidity now to average the loss by stacking more.
The paper price of the 2011 purchases may have been smashed, but the weight remains the same. Whoever said 'markets can remain irrational longer than you can remain solvent' didn't even have a clue just how totally rigged and planned and manipulated most if not all of the markets and exchanges could become, how regulators would be bought off or blackmailed, how the Fed could add $3tn+ to the balance sheet etc etc. Even the market veterans regularly express their dismay at how this clunker has been kept in the air for so long.
Hang tough, the weight never changes. Gravity always wins.
Everything else is in a bubble..why not PMS....totally strange for me....lots of Options in the silver market....I hope they ask for delivery..that will end it all...
Agree. Worth buying something low and hope it goes up versus buying something at all time highs and hoping it goes even higher. And a stack is nicer to look at than a CUSIP number...
I am not a sliver or gold or stock owner . But weren't the same people bashing PM's today on here the same ones bashing PM's in 2006-7?
The attention span problem will be corrected.
Alibaba...
destroying today's paper metal prices AND the trust in the retail physical markets over the longterm.
Try enforcing your Product Listing policies (#'s 1, 3, 15) !!! ? http://goo.gl/x6ZfzE
They're the #1 source of FAKES!
15. GOLD, SILVER AND OTHER PRECIOUS METALS
Alibaba.com does not permit listings that offer the sale or buying of gold, silver and other precious metals (not including jewelry).
Why is the F.R.B. and Britain in the process of tightening and raising interest rates when they know full well what the consequences are going to be for being able to make payments on the government debt. It just doesn't add up. Something else is brewing. Why is China selling US bonds ? How far away is panic selling. TLT had an island reversal a few weeks ago which is the top IMO.
Just as the Scots all of a sudden decided to vote on independence, so too at some point the US will repudiate all or part of the US national debt. The justification will be that this is our payment for being the world's free policeman, nuclear and otherwise, for so long. Also for being the Santa Claus (foreign aid of one kind or another to almost every nation at one time or another). Forget about repatriation of gold, lol. I'd bet that all these issues were brought up at the recent repatriation talks behind closed doors with Germany. Why did the Germans stop pressing the issue of repatriation and agree to something about waiting 7 years, lol. It's simmering right now.
So what will happen to the price of gold when the US dollar no longer has to carry the burden of the US debt ? What position are the Banksters getting into right now in anticipation of what surely must happen some day ? Will the US president be a hero to the masses for repudiating the debt of the previous generations ? Why should the economic lives of younger Amerikans be burdened with the excesses of previous generations. The timing is always the tricky part. Why why why ??
We'll see.
LOL. Yeah, paying into social security for the last 30 years was one of my "excesses"
+1 great fucking questions Danno. I wish i had some answers to these myself. We all need a good I96 rant about now for all the "cunts" out there fucking up the whole show...
TRADE is the only thing that matters, period.
How much does the U.S. import when it comes to essential commodities.
Why do I mention this? Should that "debt jubilee" happen, you can bet your ass motherfucker that Americans will have to support that high standard of living on their own.
Have you had a conversation with the average american lately? What real skills do they have to trade?
below cost of production?
miners to close some mines?
http://www.zerohedge.com/news/2013-12-02/gold-tumbles-towards-marginal-production-costs
That will lower new supply coming on to the market and should put a floor under the price.
Yeah, but it appears that cost of production is dropping as well. See oil.
Deflation is the word.
"Deflation".... Haha, its all part of the script to justify zirp forever. Zero Price Discovery = Zero Fundemental reason for pricing of anything... other than black market of course.
Miners can't deflate the rising costs of production for long. The mined more of the sweet spots (higher ore grades) to just stay alive... That won't last. The supply side of actual metal will crater and or prices will rise before long. Same is true for oil too.
Or costs keep dropping and prices keep dropping and demand keeps dropping in a deflationary spiral.
Unfortunately, that can't happen with respect to energy returned on energy invested....
paper fucking promise are irrelevant.
Q: How many large high quality gold deposits have been discovered lately?
A: Very few. Supply will hit a wall. Actually some are calling "peak gold" here and now. Lower ore grades, higher energy prices do assure this. But, on the other hand and as already pointed out, there is infinite supply of paper gold - promises for gold that cannot all be fulfilled.
Russia is pounding their hard rock deposits in Siberia; gold mining is understood in Russia has the good job opportunity for the young and fit; the wages are high, the government supplies recreation facilities, and subsidized housing, etc. etc. and THEY KEEP ALL THE GOLD. and no, we DON'T know how much.
How many good new jobs/income with which to buy gold?
We have not had deflation since 1971. And we never will. If we were having actual deflation, there would be no margin to flood the paper market with short contracts. It would be a mistake to assume you can hand out three trillion dollars and know how that leverage will be used. The COMEX open interest is 26000 tons. That is one country, and it is a country that mines almost zero silver. With that many promises being rolled over all the time, it is just as likely we will see a paper default as the large rally that will surely follow all of this money printing in the end.
We are in an economic depression that has little to do with deflation.
very good. The Silver market is so small a couple of wealthy European families could corner it any time they decided to. Do you remember that Warren Buffet once bought 1/3 of the entire Comex Silver Warehouse Stock ? He did. I believe it was in 1998; but I probably got the year wrong. the price went up one dollar, from $6 to $7 overnight. but then it traded back down to $5 and change; as it was a one time event. He eventually sold out at a loss. For insight into why; you need to read the un-authorized biography by his daughter. he's a value investor, he knows what value looks like.
The entire yearly silver market is about 15 billion dollars. It is quite small. And every single ounce gets bought. But, from a paper manipulator standard, does it matter if every ounce gets bought at 200 or 20? There is only so much silver either way. If your business does not depend on a selling silver for a profit, but only what the price is, and there is no one watching your balance sheets, making you deliver, or enforcing any laws, what is your motivation to realize gains with a higher price? Not much. In the end, every ounce still gets bought. So who cares? You would put the price where you wanted until something broke.
Yes, exactly; very small. you're very well informed.
Deflation at 3.20 gas and food package sizes going to nil? No my friend deflation is dead except in things we do not need, hyperinflation coming to the things we do need.
Some years ago Max Keiser (Ibelieve) used the term debtflation. Everything we own deflating, everything we need inflating.
Deflation first, then they go zimbabwe.
Non profit mines simply close, there are mines all around me. Seen it for 4 decades, price drop 1 cent below cost to operate and tools down boys go home.
Now that reduction helps price but normally the forces pulling it down are bigger.
The mines that do make profit cant afford to open new veins so they just struggle on.
If they have credit or can get investors they may buy the non operating mines but they dont run them till the next cycle of high prices and that can be years
I suggest JMBULLION
Free Shipping on all bullion, btfd's y'all. Buy low, stack 'em high!
ordered from jmbullion 4-5x over the last year. very reliable and great pricing!
.
Slobber on my Baba
Have not sold 1 share of miners or 1 ounce of my gold or silver. Yes, I look pretty stupid right now......Let's see who has the last laugh.
I don't hold PMs to make FRNs, I hold PMs to avoid FRNs
^Comment of the decade
Someone said you can be an idiot early or you can be an idiot late. As long as you don't need to sell, don't. Stand pat.
When a person ran to me weeding in my vegetable garden and told me, "the Soviet Union has collapsed, we have won"; I thought for a minute, and replied, "He who laughs last, laughs best". He told me I was crazy. They always tell me that. it hurts my feelings a little, but I'm used to it.
I think silver will hit $15 and gold 1100.00 I'm waiting this out a little longer to buy more for less (hopefully). Feels like sitting at the craps table though. Ugh.
Don't assume sellers will sell at ridiculous prices. In 08, Silver dropped from 20 to 8. You couldn't find it for 8. You could find it for a 100% premium, at 16, but not at 8. there's nothing about planned manipultion of metals prices that says sellers have to sell it at ridiculous prices. And they won't.
Selling PM to buy BABA - selling low to buy high.
Mint sealed Monster boxes...
Best Price: $10,197.75
Looks like the 'Monsters' will be showing up in MOAR people's home just in time for Halloween!
Nobody who owns silver and gold liquidates it to buy BABA, nobody, zero.
And I really don't think Fisher intended this is a trigger to go paper short more gold and silver.
*FISHER SAYS FED HAS 'LEVITATED' MARKETS
*FISHER SAYS HE SEES SIGNS OF EXCESS IN FINANCIAL MARKETS
Of course this is correct. NO ONE has sold any Silver. this is a little game in New York. do not be discouraged.
Paper PMs are the second short leg of about every long paper trade that is working. That is who sells PMs to buy stocks. Just reach your hand in, pull out a gold bar, and slowly pull it back out. The people making the trade sell, but they get super pissed when you buy. You don't want them to notice you. They insist it is all just paper. And after watching the Ukraine, I am pretty sure they will destroy the CME rather than admit it is not.
Actually, I have been selling the ETF and buying the physical.
If I were going to liquidate something for AliCrappa, it would be some of those less than Zero bonds we see being hawked around the planet.
Good for you; ETF;s are not an appropriate instrument for an individual investor.
Very smart! You are screwing the paper pushing manipulators both ways.
Just when you think the disconnect can't getting any further from reality.....
They are margin levered so far out they cant get more credit, so it makes sense they will cash out of anything falling to raise cash for the next big pumped stock.
They will make money doing it.
That is reality, like it or not
Search for Doug Short charts the leverage is there plus many excellent eye openers
I told a friend who has gold silver who was dismayed they would not do what he wanted, that in science you have a theory and and the experiment does not go as you predict. Well the theory is wrong and you cant will it to be right. The price of PM has wider perimeters then you think.
Google short silver etf list
Several ways to make money on silver
Would it not be in your interest to take the money you have and play the game in the direction of price instead of fighting it?
This silver will hit its real low and you will have more money to buy at that price for the ride up.
Remember the real end of the world only happens once... theres lots of pretend ends before that day
In theory your theory is correct. In practice, when performing an experiment, you have constants and variables. When the variables are un-natural or manipulated the results of the experiment are invalid. You mention will. Don't you think the will-power that is driving the price down is intentional, or do you just believe this is a result of natural 'market forces'?
Dont over think it, it is what it is. If you switched to a short on silver at the top you would have more money ,fake money if you wish to buy more real silver now or even more later at a lower price.
At some point you come to know that you will never be in the club that makes prices what they are. But you can ride on their back to advance your own cause.
Dont get burned complaining that the games not fair and lose your hard earned money.
Fair is something you pay on a bus
Price always has direction and there are tools created by the masters that you can use too, geeze a 3X short silver would have made you a ton in short time. And you would have that money to buy real.
I know I get down voted when I say this stuff but North Korea leaders surround themselves with people who agree with them this does not get good advice.
When you type gold has to go up and get 34 up votes you did not really learn anything, and if it still falls (AND YOU DONT KNOW WHY) all you have done is hurt yourself.
US steel up 100% since June, silver down 3% since I ate my corn flakes this morning... What disconnect you taking about?
PMs should drop if interest rates rise, but it will be a buying opportunity. price of gold on spec has been lifted by QE, (and incidentally that money will slosh around for a long time, Bernanke bought his replacement some time) if gold prices fall and supply disappears, the pricing mechanism is broken, and those who already have the gold will benefit, and those bringing new supply to market will benefit. the real loser will be the paper gold etf GLD. its not too much different than the NG problem, which is caused by hedge funds and fracking, driving prices down. but NG will recover when there is a national policy to make NG common to all automobile users. i can explain how the potus has fucked this whole thing up, most of it by design, since government is using NG, but retail consumers dont have that access, governments use gold in transactions, but you must use paper money.
obamas bait and switch, expensive electric cars that arent worth scrap value after the battery is finished has directed retail users away from NG (obama only wants gov to have it, you understand that) gold is a form of money which you arent allowed to use, only central banks and guys like Soros and Rogers. you have the right to use any money you choose. my new bill of rights.
I have been doing this for a long time and I have been more wrong than right....but this sure feels like a capitulation phase for the miners, gold and silver.
It is the close that counts.
"the miners"; are stocks. Stocks are not reccommended. Metals are not stocks, and stocks are not metal.
I don't mind the swings in PMs. I know gold will have another two zeros on the price in 40 years. But a miner can die forever between now and when that happens. They are dependent on the banks for operational money as much as the short term PM price, which the bankers control. I'd rather just own the metal.
Absolutely.
The gold and silver smashdown is revealing governments with backs to the wall. They are deathly fearful of something they see and we can't know. Gold and silver should be rising rapidly. The stock market should be falling rapidly. The manipulation of both is what we are seeing. It's not real. It won't last.
Jeebus! I've been waiting for $17 to put some MOAR money into silver, but I'm thinking now that I might wait and see how far down they plan to push it.
In my heart, I know that the $17 range offers significant support, but, with all the bankster games continuing as they are, charts mean nothing. As has been stated many times here and elsewhere, price discovery is a no-show.
There's absolutely no way of knowing what the right price is for anything anymore, be it PMs, TP, bonds, BABA or anything else, worthless or otherwise.
Fuck me. Fuck them. I'm starting an investment trust. It's all such a monstrous scam, might as well get in on the action.
My professional advise is buy now; instantly; at this moment. Be willing to accept a 3% drawdown. this is a major bottom.
Selling BABA to the Sheeplez...Priceless...
Who needs gold or silver when there is so much opportunity to invest in la-la-land?
It will be amazing, everything will be possible. Fancy alibabas will be pissing rainbows while riding on unicorns.
better that than pissing unicorns while riding on rainbows...
The slamming has only gotten worse since the new silver fix.
"The slamming has only gotten worse since the new silver fix."
http://finviz.com/futures_charts.ashx?t=SI&p=w1
Silver has been going sideways for a year and a half... down here. They are trying to break it today, doing a decent job so far.
Acutually, they're not trying to break it; they're just running the stops and buying the new bottom they created, which means higher prices for the next two weeks. "Breaking it" wouldn't do them any good.
Well, apparently it's all fixed now, because the new fix is just as fixed as the old fix, so it's all fixed, eh? I'm getting confused, I think.
I don't know if my house is up or down in value over the past year and I have no interest in what my house is worth on the open market today, because it's not for sale.
I have no interest in what my metal is worth on the open market, because it is not for sale.
I love the talk of how "happy" everyone is every time silver/gold dips. ZH readers have been sucked into a wealth evaporation mechanism. When gold finally gets going, and it will, there will be plenty here that will have sold it all. Nobody is happy about a 50% haircut, keeping on telling yourself you are glad it is on "sale: , you have been saying that since gold dropped to $35.
SM
Life and happiness is a long song, well, if you are lucky anyway. How long do you expect to prosper, or your children to prosper? You want your (and their) capital and assets to last. How long will be "long enough"? 5 years? 10 years? 15? 20? 30? 100?
choose wisely. Ownership has it's privileges. Families of privilege and power know this all to well.
How long ago was gold at $35? Do you consider that a long time? I don't.
I'd rather wait in line at the coin shop than in line at the Apple Store.
In the business, of futures trading, we call a haircut a "drawdown'; a 50% drawdown is unusual, but it's alright if you make 60% net on the year.
Since 1971?
Wait! It didn't 'drop' to $35, it was RAISED to $35 in 1933 by FDR.
When Nixon ran out of gold in the 'Gold for Foreigners' program in 1971 he was forced to raise the price to $42.
Of course, no one believed the US Fed by then, and there was a Gold Run.
So, he simply closed the Gold window.
After the 'Gold for Foreigners' program was closed, it could be bought/sold in the US again.
It subsequently doubled in the first few months, and has never been there again.
You probably meant since SILVER was $35?
Everywhere I read I am told that the Silver warehouses are practically empty that Asia are paying a premium everyday so why is the price the lowest since August 2010, do we actually have to have a delivery default for the price to actually go up??
This is a good day for a low in "Stuff"... the real kind, metals,grains,oil have been totally smashed while we behold the Baba and await the big Witch.
Called my coin dealer again today to see what PM's he had in stock. His answer; nothing, nada, zip. Waiting time for eagles or maples; 4-6 weeks. Nope, no shortage here.
APMEX has plenty
Eagles for $1280
http://www.apmex.com/category/11101/1-oz-gold-eagles
silvergoldbull.com had 100 oz JM Ag bars in stock last time I checked.
If you were he, would you sell at this price ? No. So why should he. Perhaps his "shortage" is a polite fiction.
Good point. Hadn't thought about that. If he bought just a few days ago, even at wholesale pricing, he would be sitting on a loss selling at current. Not sure why any dealers would sell at these prices. Heck, I'm guessing even most of the miners are selling al a loss.
CB,
How small of a town are you in?
Since your dealer is out, perhaps you should sell to him. Feed the demand.
You can pick-up 500 coins for about, what’s your dealer buying for?
Best Price: $10,101.25
I have nothing to sell. Stored my PM's on my boat and had an unfortunate boating accident. Tragic!!!
small/local dealers tend to have low priority access to distributors, whether direct from mints or middle-men. so a shortage at your local/small shop means nothing in the scheme of things. it would be more indicative of a real shortage if, say, APMEX were out of all silver products (out of a handful of different products isn't so meaningful either). or if a large mint were to announce an inability to acquire metal for production. that doesn't seem likely, but who knows it could happen.
btw small dealers are also are much more likely to keep a portion (or all) of their inventory unhedged, depending on the size of the operation. liquid hedge contracts trade in ~100k USD increments, so obviously a small shop can't hedge every $20 coin sale or even monster box (silver) sale. that's why you are more likely to see sticky pricing (expanding premiums over spot with spot declines, and vice versa) with small dealers. huge retailers have the volume and inventory to necessitate hedging, and they do it regularly. premiums over spot do also fluctuate with what the overall dealer community can get away with... they are profit-maximizing businesses after all... the product of marginal profit and volume is what they care about.
Yes. If even then. The price still may not go up, as they will settle in cash plus a premium.
It's merely New York running stops on Longs; no one sold any metal, anywhere; it's just a little game. The price will go up for the next two weeks. don't worry.
Wouldn't a run on amazon or walmart or ebay make a whole lot more sense in this case than a run on silver? Works for me though I hope that they hit it again next week because I'm buying more silver maples at the end of next week.
Don't miss the fact that crypto-currencies have also fallen way down today. We were at $385 for a Bitcoin, only recently has it jumped back up. Lots of panic-selling: I watched the GHASH fiat balance spike like a mofo.
I am betting BTC got crammed down deliberately to benefit Alibaba. I don't care if you're buying a three-wheel tuktuk or a set of bubble-tea straws, some Ali vendor has it for sale with BTC. If we could see the aggregate effect on the vendors who couldn't adjust their prices in time to the cramdown, we might understand how tightly we all are in the grip of a massive, all-controlling Market. Ali is the microcosm.
Same now with silver, as investors with a clear "floor" at $18 are running for the exits. Ali can sweep the physical, now being panic-sold with low spot premium. If we get to $16 they'll buy paper silver to support the illusion.
What will it take for a decouple? Do we have to kill the Tin Man?
Very interesting observation.
Correct me if I'm wrong, but wasn't Ali Baba a thief? Why would you invest in a company named after a thief. Or is this the ultimate in-your-face this is who we are, but you're too stupid to know it and are going to invest anyway.
Just wondering.
It's an Chinglish name
Wow the stock market people will crash even HARDER come correction time! Unbelievable! But Jack Ma will have the party of the century this weekend BITCHEZZZZ!
he's buying gold at these prices bitchezzzzz
so now it's alibaba that's causing the downfall of PMs? I thought it was the rise of the dollar?
Just grabbed silver rounds at SD bullion for $18.67 a pop. Not too bad. Beats standing in line for a goddamn iphone
These dumbshits aren't in it for the long haul, or to keep their savings safe in PMs. They're in it for the lure of BIG PROFITS.
They're nothing more than flippers. Buy low sell high, hope to make a bundle, then put it back into something more stable. Lots of people make big money that way, and lots of people lose their asses and their PMs. Too risky for me.
I'll just keep it slow and steady and safe - stacks.
Buy Mortimer! BUY!!!
Bad news ZSL ultra short is breaking out of a long wedge pattern
Up 5.8% so far today this will attract more shorts on silver
Lambs for the slaughter. What would we do without the Shorts; bless their little hearts.