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Silver Loses Key Technical Support After 'Weak' China Open Plunge
Having closed yesterday above the 200-day moving average for the first time since May, the weaker-than-expected Chinese equity market open sent the precious metal tumbling and it is extending losses in the early US session.
And as the morning flush hits, Silver falls further...
Charts: Bloomberg
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China likes cheap silver, China continues to get cheap silver
I like cheap silver, I just wish the paper "market" carried over to my physical suppliers. It's getting harder and harder to get 1ounce rounds and the premium keeps going up and up as they increase the retail price as the paper price drops.
I didn't know that there is cheap shale silver coming out of the Bakken causing a tremendous supply glut.
KEY TECHNICAL SUPPORT
Are you fucking serious? Why are you still pretending charts matter? This doesn't mean shit.
All charts are fake, but the computers that run the market make decisions using them and so do muppets.
The algos MAKE THE CHARTS, they don't use them. Muppets, that's another story......
End is coming for America. Current Events Linked to Ancient Biblical Prophecy!
http://motivationdose.com/is-america-babylon/
Technical support ???
Like your f’n stats and numbers mean anything?
Guess what.. I can cast a silver anchor..
Whilst I watch your boat go awash in the storm..
When you can interpret the bible in any manner you choose, it has predicted everything, including the titanic shit I made last week. Stick your biblical prophecy bullcrap where it doesn't shine. Its no better than the lies Obama issues.
Who cares, still stackin
It's OK. We're all used to it by now.
Despite the premiums for physical metal. But, yes, with the "Regulators" asleep at the wheel, the Banksters will continue to play, no matter how blatant?
Cheer up. It's on the 100 now and it will rebound. This puppy is out of their control now. The dips they throw out take a few hours to recover now.
Yes, if silver finishes green today we will know the jig is up. So it is down 3-4% due to a weak Chinese open and not manipulation? Sure it is.
Silver rose about 11% in three days, one would have to be foolish not to expect a correction. The correction was for 38.2% (pure coincidence I'm sure, everyone knows charts have no meaning) of the gain in two smashes. Now after two hours the second smash is gone. The manipulators must be sweating bullets now. It doesn't have to close green today, mid week next week would do, but a green close today would put a stake through their heart (do they have one?). There is resistance just short of $17 but if/when that breaks we should see the 20s again. Contrary to opinion they can't do infinite manipulations. They need traders who will pile in on their moves. Once those traders get too cautious/burned to hop on the slams we will see a sharp rally. Options are still absurdly cheap on SLV, just be sure to add a position to cover the possibility that this skanky fund goes belly up. Sooner or later it will.
Looks like they have tweaked their algorithms. Anything less than $15 the algo's will buy. Anything more than $16 and the algo's sell, sell, sell.
So when the price dips below $14.99 load up on silver until it climbs above $16 then create a waterfall event by unloading a months production in 30 minutes. Looks like a really fun game until it brings down the entire silver production market.
Why Ag, and not ES?
Because that is what TPTB want? Ag and AU are the Anti-Christ...
The plunge protection team is out in full force with equities and bonds, they will not let stocks stay in the red, not metals and miners though, they will let that shit crash.
Check out how did silver, palladium, rhodium and platinum behave after 2008. all drop big time. Rhodium droped from 10000 to 1000. Ten times.
Silver droped 50%. Only precious metal that rised was gold. Other precious metals than gold droped down badly becouse they are production metals. Only gold is considered as money.
Why do i keep on hearing on all sites like youtube, zh etc that silver will go up when global production will collapse? That makes no sense.
Try Article I - Section 10
No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.
Silver is money. When things really get messy silver's production value will lose dominance and its money value will predominate. We could still see another head fake plunge as people flee to cash because it's perceived as safest, but this time the dollar isn't safe either.
Think risk-on / risk-off.
Stop looking at charts and start thinking about real history. What has held value for 5,000 years? What is money in the Bible? What has intrinsic value?
Silver is a commodity, not money. If you treat it like "money" you will be sorely disappointed when SHTF and you REALLY need it, it will be worth far less than you could imagine. Of course you will blame all the other people for not recognizing the "value" of your pet rocks. Reality is that gold and silver are useless, they just sit there. They were the first, and ultimate fiat.
Quit posting on this site and go out there and BUY MOAR STAWKS DUDE!!!!!!
You forgot to add in your lunatic rant, that Stocks and Bonds are delicious..
"Gold is the currency of Kings; Silver is the currency of Gentlemen; Debt is the currency of slaves."
I've made my choice, I full support you in your efforts to make yours.
... and paper is the currency of parasites.
Fascinating commentary from the approval/disapprovals. It suggest that LOTS of people have it in their portfolio and what you just said was BLASPHEMY. It could be 100% true, but they invested too much and don't want to hear anything like it.
The Truth is, all of these yoyos that gave you thumbs down have NOT given sufficient consideration to how they will make their transactions with their "hoard" in the future. For example after we have entered our next depression and been there for a while, guess what will happen when they go to exchange their silver in a government sanctioned exchange? Why there will be TAXES or lets say they want to exchange a one ounce coin for a large squash and then ask for their change. The squash farmer will say, what change? If you don't like it, go somewhere else. Either give me something I can use or find some place else to peddle your ore. Everybody wants to believe (faith based of course) that when they finally need to exchange their metal, conditions will be the same then as they are today. Thumbs down on all the yoyos that believe that. Perhaps you aren't naive but you certainly are shortsighted.
"Government sanctioned exchange." You really believe people who hold gold and silver will be dealing with government sanctioned exchanges if the SHTF? Now THATS funny! They will be dealing in the black markets, assuming things get that bad.
My hope is there will be a controlled reset such that the only thing I will be exchanging my shiny for is a new currency (with a significantly greater purchasing power). If not ... then it will be via the black market.
Do you have any idea of how well trained the American populus is as far as being "law-abiding". Anybody with resources is generally "law-abiding", because they have something to lose if they aren't.
It will HAVE to be a "government sanctioned exchange" because everybody wants to be "law-abiding". The only ones using the black market will be criminals and you don't want that stigma, do YOU?
For example, would you go out and buy a gun ILLEGALLY today? Many states are passing laws where you can't buy weapons through private hands anymore.
So, once again, you've proven how short sighted and narrow your perspective is. That's what Americans do. IF Americans are trying to bypass our monetary system with "shiny", then Uncle Fraud will figure out a way to eliminate it. Same as the trend for eliminating cash.
Remember paper vs. physical. When silver fell to $8 in early 2009 I went out to buy some, but no one had it for sale at that price, not until it went back up to $12. Ergo, the price of silver was never $8.Just like right now, the price of silver is actually $18-20 if you attempt to buy any.
That makes no sense.
Funny this post makes no sense...
When all these naked shorts try to cover at once we'll either all be rich or it will be the end of the world as we know it. The deep state is a sore loser...
They don't have to cover - they have endless fiat to keep on "stacking" their shorts. Of course, with the whole financial world arround us teetering on the brink, the FIRST thing everyone should do is sell the only assets in the world that are portable and carry ZERO LIABILITY RISK.
Yeah... that's what I'm doing.
(do I need a sarc tag?)
LOL, this site is becoming more like CNBC every day.
Even my mom knows that silver is manipulated. At a certain point we don't need five paragraphs of explanation about it when we see multiple articles per day on the subject. If the Tylers want to copy paste something it's fine with me. We can read between the lines.
Based on the comments I would beg to differ. Who is every mom? Who is we? Where are these multple articles per day on silver being manipulated? That still does not take away from the fact this site is becoming like CNBC.
If you don't like the website simply fuck off... No one is putting a gun to your head asking you to read ZH. Yes, we all know that some of the articles written are redundant, but we come here for the robust community and mingle with not the brain dead part of the society.
"we come here for the robust community and mingle with not the brain dead part of the society"
So if I disagree with your preconceived view of this site I should fuck off; I am only allowed to comment if I agree with everything. And who is looking brain dead? You might try writing from the intellect instead of emotion, you look childish.
I guess next, you will call for a ban of comments that don't adhere to a prepared set of rules, drafted by the U.N. no doubt.
"your preconceived view "
do recognize that it YOU that compared this site to CNBC twice, right? *Cough* Pre *Cough* conceived *cough* view.
You are complaining about the content of the material. Rather than complain GO SOME PLACE ELSE or don't read it. That would be a position of INTELLECT instead of emotion you stupid little hypocrite.
Boy, ain't that the truth. I tried engaging people on Marketwatch and would invariably end up staring blankly at my computer screen. I agree, if you don't like the comments here (and granted they can be edgy at times), please go away. Reading around those type of comments you'll find some very good insight.
We are the ones who go to war over our beliefs, mom included.
Look son! a government whore....
True....most here are in denial, and yet most here are unaware of ABC "News" recent affiliation with this site.
It's true, so go ahead and down vote the truth if it makes you feel better.
It's not that recent, but thanks for telling us you just found out.
Thanks for attacking me, and not my factual post.....It's how I know facts can seep through even the thickest skulls among us.
do a little more research.
http://www.rmimedia.co/about.html
but yeah, they're an advertising agency bringing you those wonderful intrusive ads which require click bait to be effective. still some good stuff to be found here thoguh.
ZeroHedge= ABC Media= Disney (although it still seems to retain its soul)
CNBC= NBC Universal
Different heads of the same hydra.
And yet your still here, the irony, it burns.
as their economies crash around them..you would think they would scramble to hang on to something of value....guess not
Precious metals are a luxury COMMODITY, purchased during good economic times, with discretionary income. When times are good, it's a sellers market, pushing up the price. When the economy tanks, it becomes a buyers market for luxuries, so PMs crash along with other luxury goods.
So real money is a luxury good. What is Paper Money then?
Like Ferraris and fine art? You, sir, are a moron.
Let me guess, like eggs? Or dry powder........milk??
<-- It only costs $ to dig it out of the ground.
<-- For $5 I'll dig a hole & bury it back in the ground for you.
<<< Central Banks hate silver
<<< Obama loves dicks
The skeleton found next to your buried treasure is the guy that thought he was getting $5 to dig someone a hole for their buri..*CLANG*...*THUD*
two people can keep a secret only if one of them is dead.
The skeleton found next to your buried treasure is the guy that thought he was getting $5 to dig someone a hole for their buri..*CLANG*...*THUD*
two people can keep a secret only if one of them is dead.
The beating in silver has zero to do with China, it is all about the criminal banks pumping and dumping and the FED protecting the dollar.
Please consider it may be China manipulating the paper/futures price down as well. It would make sense if they had an ax to fill in the phyz mkt.
I wonder if the premium on physical silver is continuing to go up and the delays for delivery are continuing to lengthen.
One ounce silver coins are worth 1 CDN dollar. It says so right on the coin.
Take a look at the picture at the link below. It says "5 Dollars" right below Queen Eliz' face.
http://www.providentmetals.com/2015-canadian-silver-maple-leaf.html
$5, I dunno.
She ain't quite the babe she used to be, how about 3 fitty?
try american coins, canadian are $5
I do not understand why Eagles command the highest premium among the 1 oz coins.
Because they have a 1 oz face value, and when they are confiscated, that's what you will recieve.....$1 each
I am kicking your punk A , taking any coins you might have along with anything else I like , I am not giving you $1 or anything else and I am only letting you keep you ugly ass wife.
Awesome timing yet again on my part. That 100 oz bar I bought yesterday is now $60 cheaper today. But yet I remain content. A little irritated, but content.
-Argenta
And I rolled the dice and it came up craps 3 times in a row, go figure.
I take some solace in the belief that at some point the pricing is irrelevant and all that matters are ounces. Dollar cost averaging, if you will.
-Argenta
Bingo.
Come on, this shit has been going on for 4 years now and you didn't see this coming? I too bought some more phys, but I knew that sometime this week it would get bitchslapped down, so I hedged it by buying some cheap SIL puts, half of which I cashed in early this morning for a nice profit. Not that ecstatic about it, but at least it takes some of the edge of. You can't beat these assholes playing their game, but if you play smart, maybe, just maybe, you can stay in the game long enough to win; or at least, survive.
It's almost like the drop in silver was...... planned!
Quick! Put out another call to Captain Unactionable Faggot Wild Hair to stop all this!!!
As usual nowadays, the dive in the gold and silver price started at x o’clock exactly. Why? Because the manipulators want to inform us that the manipulation just started and that we should stay out of their way? To make it easier for them to manipulate?
In my opinion, it is showing that they are losing control. They are desperate.
Question: did they do it likewise 2-3 years ago?
yes...same attack times 6 years running....
https://duckduckgo.com/?q=silver+manipulation+chart&t=ffsb&iax=1&ia=imag...
Platinum is at a record 115 year price differential to gold. Damn cheap. Investment and jewelry demand exceed industrial demand yet it is less popular than silver. go figure.
However, if you want to buy a plat maple leaf it will cost you about $100 over spot, a 1oz bar will cost you about $75 over spot. If you can even find them.
S.A.R. = SELL ALL RALLIES
These tiny pops in a secular bear rally should be sold.
They just cant give it away fast enough! Lovin it!
Silver an industrial metal blah blah blah. So it wasn't money when sense prevailed.
In time ALL metals will be priced much higher. But of the precious metals Gold, Silver, Platinum and Palladium, there seems to be a black sheep in the family. I always liked black sheep.
China.
Time to end this "shit show" and pull out the nuclear option of 1 trillion grade F- U.S. Ts!....
I see lots of 0ssss on the end of that 1... And it won't be pretty when you jettison the rest of what ya got!
You're going to war with "round eye" anyway?... Might as well make the ride getting there as uncomfortable for them as possible!!!
Something is really fucked up, if TPTB need to hit silver this hard. Something is coming ...
Something is really fucked up, if TPTB need to hit silver this hard. Something is coming ...
Yeeeeperrrr!
The headline is typical mainstream financial media bullshit, implying some causal connection between the direction of the Chinese equity market open and the 2.5% drop in silver. Silver took a dive because someone bombed a quiet market with big sell order, period.
More interesting was that they bombed it much harder this morning and got very little.
One thing I noticed on the graph is that it would seem to take a huge volume of buying to drive the price up but only a little to drive it down. Why is that?
Another attempt to give credibility to the market.
Here is what is actually going on...
Anytime there is an upward push paper is sold into the market in suffucient quantities to absorb upward momentum at a specific cap. In the case for silver the cap has been 16 dollars for months now. Once the upward momentum has been fought to a standstill the inevitable smack down comes.
Rinse... repeat.