Silver Crashes To $17 Handle - Biggest Drop In 20 Months

Tyler Durden's picture

Silver Futures just extended their losses over 5%, back down to a $17 handle for the first time since Brexit...

This is the biggest 1- and 2-day drop since Jan 2015...


Silver's underperformance has driven the Gold/Silver ratio up to 71x...

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Aubiekong's picture

Buy, buy, buy its on a fire sale....

roxyNL's picture


Time to reload a lot of phyz guys

let's profit from bankers price supression

BullyDog's picture

Those s400's that arrived in Syria..  They take out cruise missiles.   That's a lot of comined silver being vaporised if they get fired.


Hold on Dorothy,  kansas might be going bye bye.

Looney's picture


With all that Plutonium lying around collecting dust, should we expect some coins made out of it?   ;-)


MagicHandPuppet's picture

OK, chart wizards... Where will the bottom be?  I just might take nab some more for the right dip.

Bastiat's picture

Banksters have "failed" at everthing but extracting wealth--they are doing the same here by pushing the paper price down, covering their shorts and acquiring physical.

AllThatGlitters's picture

Reversal start now? It's past 1:30 in New York:

Live Silver Chart:

Four chan's picture

dochia bank off loading what it can.

MagicHandPuppet's picture


"you wait .....and you lose"

I know, I know.  But, arranging the sell of a kidney takes time.

SheepRevolution's picture

I would say between 16.10-17.20 (MA200, MA300, MA400 and MA500)

Justin Case's picture

Can never predict the future, but to me that chart looks like silver's next major support level is $16.00. It may never reach that, but if the selling momentum is strong that should be the next support level.

This is not investment advice, do yoar own due dilligence and call yoar own shots. If you make a fortune you can just blame yoar self.

GunnerySgtHartman's picture

Don't try to time the bottom; you'll inevitably get burned.  Take it from someone who has tried - and failed.

I foresee a buying frenzy if silver drops below 17.

Erek's picture

I see a buying frenzy now!

It's like being a kid in Santa's workshop.

blargg's picture

Yep, try to buy at the bottom and you might end up consistently buying near the tops.

wisebastard's picture

1200 if it doesnt penetrate the bitch

Pinto Currency's picture

Makes sense that this monetary metal that can't be printed drops in value.

It's the things that can be printed and diluted to nothing that should increase in value.

J S Bach's picture

Paper silver to gold ratio - 70-to-1.  Actual silver to gold ratio in nature - 15-to-1.

Which do you put your long-term trust in?

RaceToTheBottom's picture

Good point.

Another ratio I trust is the paper gold to real gold ratio.

It was over 500 back in January.

DrBrown's picture

It's actually 75 to 1.

ArgentoFisico's picture

mining ratio is actually more 9 to 1 .. think i'll have soon some more, thanx!

Innominate's picture

If annual global silver mining production was shared equally with the global population then your "fair share" would be only 1/10th of an oz a year. A 1oz silver round or coin would be 10 years worth of your "fair share" of global annual silver production.

17 bucks for ten years worth of your "fair share" of silver production?

They're giving the stuff away.

CPR Steps_30 pumps_2 breaths_then repeat's picture

DOES NOT MATTER! Value is purely relative, and silver is dropping in value now... its that simple. Respect trends!

RU4Au's picture

Not so much, perhaps. One could say it is dropping in price. Value is relative to your time horizon for liquidation to other assets.

DC Beastie Boy's picture

It actually may be closer to 1:1 when you factor in that almost all gold ever mined still exists and almost all silver ever mined is used up (sans investment ag)

GUS100CORRINA's picture

Not sure ... but PM massacre today might be related to DB having to liquidate holdings in order to shore up balance sheet.


LawsofPhysics's picture

It's still not cheap per se...  ...but it's always good to have the world's preferred collateral/asset in one's possession.

Just ask all the central banks...

KnuckleDragger-X's picture

Did a wire transer to my PM dealer this morning to buy some barbaric, shiny metal instead of slick paper metals because after all, I'm a KnuckleDragger......

dmger14's picture

No!  MDB told me the dollar is backed by the fed, and G&S are backed by nothing!

nuubee's picture

Is this how Deutsche is raising capital?

LawsofPhysics's picture

Odd, all of my ounces seem just fine...

Belrev's picture

Dollar shortage, deflationary collapse in all assets.

ParkAveFlasher's picture

Shortage shmortage.  Just pencil in some zeros.

KickIce's picture

Just the latest attempt to keep faith in FRNs, seems to work as long as people will not take physical possession.

offwirenews's picture

Today is the most fucked up "market" action I've seen in quite some time (and that's saying something). Gotta be some kind of margin call action?

slyhill's picture

Shanghai Gold Exchange is closed.

PTR's picture


Silver is in "Caution to Danger"


First time I've seen that since I've been periodically checking this for the last couple months.

Justin Case's picture

B/C the other market price is frozen in time. Check back Sunday night around 23:00 EST.

buzzkillb's picture

Have been curious what happens to that site at danger. Will premiums on spot prices negate most of the drop?

jakesdad's picture

bail-in insurace premiums just went down?  & this is bad how?

Jar jar Binks's picture

This should clear out the "excess" speculation whatever the hell that is. Hmmm.  I get it.  Its called "excess speculation" when small investors see what is coming and logically try and protect themselves by buying gold and silver, but its "normal business" when big banks short the shirt out of the paper markets and rip the throats out of everyone who is long.  Ya, I suppose I am bitter today! 

DirkDiggler11's picture

Drunken-Monkey Hammered the shiny they did today. Thanks fuckers, I was looking for a sale !

devo's picture

Wait, I thought you guys were all going to buy mansions with 1oz? lol

Latitude25's picture

I will when mansions drop to 5 oz AU like in the 1930s.  I suppose you conveniently overlooked the other article where apartments in NY crashed 20%.

Squid Viscous's picture

you can't put a price on bad taste, WHIP IT GOOD!

roisaber's picture

I keep looking for actual data on this, and I've found a couple points but no answers.

You could buy a modest house in the 1930s for around $2000. But these are Morgan silver dollars, right - backed by actual metal?

OTOH, in the Weimar Republic during hyperinflation, the cost of housing went from 25% of household income to .02% while in contrast the expense of food skyrocketed.

Can anyone explain all this to me like I'm 12? How much actual physical silver should I expect to need in order to buy a small house and retire?