Silver Surges To Key Technical Level

Tyler Durden's picture




 

While Gold has been grabbing the "safe haven" headlines in recent days, this morning it is Silver's turn. Having rallied 2.5%, Silver just broke its 50-day moving average for the first time in 2 months...

Silver touches key technical level...

 

For the first time in 2 months...

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Thu, 01/07/2016 - 12:54 | 7011957 Dg4884
Dg4884's picture

Been stacking for a couple of years cause it's all I can afford.  Now I'm rich.  Wait... forget that, I bought when it was at 16.

Fri, 01/08/2016 - 10:01 | 7016762 commie
commie's picture

I bought it at $30. I bought it for barter if it comes to that.

Thu, 01/07/2016 - 12:54 | 7011961 Troublehoff
Troublehoff's picture

Gold, Bitches!

Thu, 01/07/2016 - 13:20 | 7011965 Yen Cross
Yen Cross's picture

 I think gold is going to run into some pretty heavy offers here @ the $1115.00 area.

 It's the 50% FIBI of 1183.00/1046.00 move, and there's pretty decent resistance around that level. This move higher looks very deliberate, and probably ACB  driven.

 Also the 100 day average is just below $1111.23,

Thu, 01/07/2016 - 12:56 | 7011981 SubjectivObject
SubjectivObject's picture

The fake silver chart wins again, in that everybody takes these numbers seriously.

PM holders have yet to determine value idependent of the manipulated chart.

Thu, 01/07/2016 - 17:25 | 7013777 SilverDOG
SilverDOG's picture

Never mind the fixating upon $50 bucks.

$50 bucks?

It's not 1980.

Thu, 01/07/2016 - 12:56 | 7011984 Wizard of Ozman
Wizard of Ozman's picture

Wake me up when it gets to 20.  6.06 days

Thu, 01/07/2016 - 12:58 | 7011994 SgtShaftoe
SgtShaftoe's picture

When the metals finally make a real break-out and hold it watch out.  Once launched, the metals will be headed to the outer reaches of the galaxy for years to come. 

Thu, 01/07/2016 - 12:59 | 7012009 philosophers bone
philosophers bone's picture

We are still guilty of talking about the "price of silver" without qualifying it to say that it is the paper price which can be settled in cash.  That's not silver, it's something else.

Thu, 01/07/2016 - 13:01 | 7012030 FreeNewEnergy
FreeNewEnergy's picture

OK, I may be wrong (big surprise there), but I think we've seen the bottom in silver. If you look at charts and data (Kitco.com has some good ones) from 2006-2009, there is a huge amount of congestion in the 10-14 range. In the fall of 2008, silver went from 20.92 (March) to 8.88 (October), and we all know what was happening then.

Just to refresh, Spring of 2008, markets were still somewhat real, and silver and gold were reflecting the uncertainty people were feeling. They were loading up.

Then came Paulson and the "tanks in the street," TARP, bailouts, etc., and by Spring of 2009, mark to fantasy accounting, and the recovery. Interestingly, silver only remained under 10/oz for about two months - mid-Oct. to mid-Dec. of 2008. After that it was off to the races, but, more than ever, central bankers of the world had to supress it, especially when it went to 48.70 in April, 2011, a true blow-off top. Once they got a handle on it, they controlled the paper price and sent it back to Hades for nearly five years.

Now, we've seen the control, the crime, and silver investors are not going to let go of silver below $12. In fact, we all know how strong demand has been, and now, with the wheels coming off stocks, silver looks downright cheap. It should, because it is.

The price of silver may bounce around this level. It may even fall further, but, be assured, there will be buyers everywhere and the premiums will soar, so, realistically, you can't touch it for anything less than spot + 10%, and even then, that's becoming hard to find. Smaller amounts, on ebay and at your LCS, are spot plus 20-30%.

Nobody is selling here except producers, but they're likely well hedged and looking for higher prices. They are going to get them. The stock ponzi is ending. Reality (Mr. Smith's invisible hand) will persevere (I hope).

Anyhwo, the charts are saying, the bottom is in at 13.83.

Thu, 01/07/2016 - 13:51 | 7012371 r3phl0x
r3phl0x's picture

If the stock and bond markets take a serious beating, paper silver will probably go down too, as in 2008. But good luck buying any actual phyzz at the paper price then. Expect 50-60% premiums.

It's already become almost impossible to get retail platinum or palladium coins or bars.

Thu, 01/07/2016 - 13:01 | 7012035 ExploitedCitizen
ExploitedCitizen's picture

I'm sure a sweet sweet smackdown is just around the corner.  Silver to $8/oz, gold to $800/oz.

Thu, 01/07/2016 - 13:41 | 7012306 savedeposit
savedeposit's picture

Well I hope so, that would be a good moment to convert some more digital digits.

Thu, 01/07/2016 - 17:32 | 7013802 SilverDOG
SilverDOG's picture

100 to 1 ratio; ha ! You're smokin crack.

Thu, 01/07/2016 - 13:02 | 7012036 QE49er
QE49er's picture

All those parasites that you meet in life that have no clue & are actively supporting the bankster regime with their own form of manipulation in all areas of life are not going to get one ounce of my stack when the collapse happens. 

"I will not part with a single coin...not one piece of it."  https://www.youtube.com/watch?v=gZKrQwNAhEU

Thu, 01/07/2016 - 13:03 | 7012043 adamas
adamas's picture

I've got a lot of govt bonds , 30 year treasuries , when they hit 150 i'm going to trade them for $8.00 silver....

Thu, 01/07/2016 - 13:07 | 7012072 FreeNewEnergy
FreeNewEnergy's picture

I told the seven or eight readers of my blog that bonds would be big in 2016. You are one smart cookie with those 30s.

Thu, 01/07/2016 - 13:05 | 7012058 adamas
adamas's picture

I gave up on gold and silver last week I sold all my gold at 1062 and my silver at 13.67 and went long the DOW

Thu, 01/07/2016 - 13:26 | 7012200 Bastiat
Bastiat's picture

Timing is everthing!

Thu, 01/07/2016 - 13:58 | 7012420 edifice
edifice's picture

I'm sorry. If you did that 5 years ago, you'd be rich.

Thu, 01/07/2016 - 18:44 | 7014189 Pogo5187
Pogo5187's picture

Yeah.  You sold to Goldman Sachs.  They call you "weak hands."

Thu, 01/07/2016 - 13:10 | 7012090 FreeNewEnergy
FreeNewEnergy's picture

Financials being taken to the woodshed today. I love it. BAC 15.62. 

Thu, 01/07/2016 - 13:26 | 7012198 Yen Cross
Yen Cross's picture

 They gapped down at the open, and like the little old lady says... " I've fallen, and I can't get up".

 Financial Select Sector SPDR (ETF): NYSEARCA:XLF

Thu, 01/07/2016 - 13:39 | 7012293 Seasmoke
Seasmoke's picture

I still want to see that decimal moved 2 spots to the left. 

Thu, 01/07/2016 - 13:23 | 7012173 Dragon HAwk
Dragon HAwk's picture

As long as people believe that gold and silver are worth something and are willing to trade something of value for the PM, we are good to go..  Governments and Banks  tend to start believing their own Bull Shit..

Thu, 01/07/2016 - 13:27 | 7012210 gdogus erectus
gdogus erectus's picture

These little up days where one tends to do a little mental victory lap always makes me want to ask the ZH crowd: At what price do you admit to your wife that you've been secret squirreling away these ancient relics?

Thu, 01/07/2016 - 13:37 | 7012282 Seasmoke
Seasmoke's picture

Not until $10,000 and $200USD. 

Thu, 01/07/2016 - 14:02 | 7012443 gdogus erectus
gdogus erectus's picture

That would be exhibiting some phenominal control.  I would try but then uncontrolably blurt it out once silver eclipses $50 or so.  Ok, daydream over.  Back to work.

Thu, 01/07/2016 - 14:08 | 7012490 BeaverCream
BeaverCream's picture

My wife knows and agrees with me, I don't need to keep stuff from her....if she doesn't like it she can leave.  God you people are such cucks.

Thu, 01/07/2016 - 13:32 | 7012244 coast
coast's picture

give me this day, my daily bread.

Thu, 01/07/2016 - 13:34 | 7012256 Dg4884
Dg4884's picture

I'll buy another 30 APMEX bars at 4pm today when it goes back down to $13.80.  Yet another sideshow... just keep walking.

Thu, 01/07/2016 - 13:57 | 7012415 edifice
edifice's picture

Were you buying at $40, too?

Thu, 01/07/2016 - 13:35 | 7012269 treasureX
treasureX's picture

With copper getting slammed below 2, silver has a chance. Ag is a byproduct of copper mining. If copper mines get mothballed silver production could drop.

Thu, 01/07/2016 - 13:43 | 7012324 kumquatsunite
kumquatsunite's picture

Would you people stop. Please. This is ridiculous. Silver and gold are not barbarian relics; they are just stupid. Anyone who wishes for this crap to go up is wishing for a society that no one would want to live in. So let's see just what societies have had gold and silver as currency...dead ones that's who. Barbarians that's who.

No gold no silver, ever.

Thu, 01/07/2016 - 15:25 | 7013027 Pogo5187
Pogo5187's picture

I have a 4-year business degree (double major: Math & Economics) from Tulane U.; was employed as a stockbroker with EF Hutton; have a tested IQ of 140; ex-USMarine (VietNam era); married; heterosexual; registered independent; Austrian School Economics follower since 1963. I say that anyone who can, and who wants to have ANY chance at all of surviving what is just around the corner, should be amassing physical silver (80%) and physical gold (20%) with both hands. The day is coming that there will not be any available for sale, at any price.

Have a nice day.

 

Thu, 01/07/2016 - 15:44 | 7013140 crazybob369
crazybob369's picture

Couldn't agree with you more Pogo. My only issue with silver is its weight to value. A freaking monster box weighs in at over 30lbs. Struggle for an old guy like me. Having said that, I think that given the ridiculous gold/silver ratio of about 80/1 (should be about 15/1), and assuming that silver is underpriced (as opposed to gold being overpriced), I believe silver is going to overshoot the 15/1 ratio. So if gold moves up to $2,500, I wouldn't be surprised to see silver in the $250 range. Guess I'll invest in a wheelbarrow.

Keep stacking brother

.

Thu, 01/07/2016 - 18:41 | 7014170 Pogo5187
Pogo5187's picture

I was taken by one analyst's prediction that the time is coming when it won't matter how much you paid per ounce for silver, just how many ounces you own. And remember that Palladium went from under $100/oz in 1992 to $1100/oz in 2000, based SOLELY on supply/demand fundamentals. This go-round, throw in a worldwide crash of ALL fiat currencies, silver's ever-increasing use as an industrial commodity, the FACT that fewer than 2% of Americans own ANY silver as investment, TPTB amassing physical silver for themselves (Goldman Sachs, etc.) right NOW, and I would not be surprised to see the gold/silver ratio go to parity, or even the other way.

We live in interesting times, eh?

Thu, 01/07/2016 - 15:34 | 7013091 crazybob369
crazybob369's picture

It's easy to pick out someone who is either completely ignorant about money v currency, or is simply a troll spouting talking points. Whenever I hear someone say silver/gold are going up, I know they know not of what they speak. Gold (and silver) have never gone up (or down). Their value has remained constant for the thousands of years they have been used as money. What changes are the currency units that they are priced in (dollars, pounds, euro, yen). As those currency units devalue (and they all do eventually) it gives the illusion that the value of the metals is going up; it’s not. You can buy exactly the same thing today with an ounce of gold as you could 100 years ago (or a 1,000 years ago, for that matter). Therefore, you buy gold and silver not to get rich necessarily (although that can happen under certain circumstances), but rather to protect yourself against the currency devaluation that all governments throught history have engaged in.

Thu, 01/07/2016 - 13:55 | 7012394 praxis
praxis's picture

Possibly POSSIBLY the bottom is in.  We havent really experienced a final capitulation; however that doesn't mean its necessary for the bear to be over.  Trader Dan thinks its not over yet as the hedgies are still long.  They need that final flush out. 

Thu, 01/07/2016 - 14:21 | 7012579 Ms No
Ms No's picture

I just keep invisioning myself a millionaire as a result of the silver to gold ratio normalizing and the affects of the distortion in physical ounce per contract ratio coming home to roost.

In that alternate reality we are frickin loaded bitchez!  A millionaire each and every one!

"I am rich bitch... I wasn't dangerous but I am now!" (Throws over filing cabinet on fellow employee)

Thu, 01/07/2016 - 14:39 | 7012715 X86BSD
X86BSD's picture

As everyone here knows KEEP stacking. The reasons I invest 80% of the wife and I's money in PM is for two reasons.

 

1) As everyone here knows it is the ONLY investment with instrinsic value. That is SERIOUSLY supressed.

 

2) Because as everyone here also knows, it's impossible to invest in the market which is also very heavily manipulated. Your chances, personally, of picking a stock to put money in no matter how well researched will 9/10 give you nothing but a loss unless you are privy to insider trading information. Then you will know how to trade. Otherwise prepare to lose your ass because you are not breaking the law and privy to advanced knowledge about said stock.

 

Thu, 01/07/2016 - 17:00 | 7013623 ClassicCommodity
ClassicCommodity's picture

Paper price movements. We should all be educated on this by now. If not, then go do some reading and catch the fuck up.

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