Precious Metal Pounding Continues - Silver Now Red For 2017

Tyler Durden's picture

Since Thanksgiving, precious metals have taken a beating (despite a collapse in speculative shorts).

Today is no different as both are under pressure with silver now back in the red for 2017...

The last two weeks have seen gold drop 3%, Silver down 7.5%, the dollar up around 0.75% and Bitcoin Soar 80%!

But it is notable how much more sensitive gold is to the dollar suddenly...

Having tagged $1300, gold has been a one-way street lower...

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Killtruck's picture

Come to Daddy!

Errr, I mean....be gone, thou barbarous relic!

Killtruck's picture

Now just hit it with a few $4 billion notional dumps in the middle of a couple of nights next week and put that sucker down to $800. 

C'mon, Bedoit. Do it, you little chickenshit.

MonetaryApostate's picture

Fake money, fake debt, fake value, fake news, fake investments, fake markets, fake history, fake everything!

I suspect the ether scam is going to collapse a lot of things, I mean cryptos are a virtual digital black hole.

https://plus.google.com/collection/QorNbB

Killdo's picture

thsi is one of the first NSA leaks by Snowden - there is a diagram called The Gambits of Deception (basically a comprehensive list of advice how to lie, decceive, fearmonger etc). One of them says to disconnect cause from effect (i.e. make sure everything is fake so sheeple cannot understand what is really going on and why):

https://theintercept.com/2014/02/24/jtrig-manipulation/

GlassHouse101's picture

Am I the only one cheering this on?? BACK UP THE FREAKING TRUCK!!!

YUNOSELL's picture

Absolutely criminal -- all banksters should burn in hell

HenryKissingerZuckerberg's picture

come on JUNGS... GOLD beating in christmas happens EVERY YEAR! that is basic SEASONAL stats

Save_America1st's picture
Precious Metal PAPER Pounding Continues - Silver PAPER Now Red For 2017


there...fixed it for ya.  Let's keep it real, bitchez. 

The actual REAL metal can now be bought with fake fiat paper or digital dollars for an all-time historical low of under 16 dollars an ounce.  This is called a serious fucking GIFT, folks. 

Git you some. ;-) 

Don't lose yer minds and forget about stackin' phyzz.  

Skim you those digital BTC and alt-coin "profits" off the top now and go git you 10 or 1000 ounces of REAL silver for old time's sake, ay?  You won't regret it. 

and keep in mind that there are hardly any primary silver miners anymore and that the cost of diesel has gone through the roof while fiat dollar "paper" value of silver is plumetting.  How many times ever in history do you think you can buy silver for well under the cost of production which is somewhere around 18/19 per ounce for miners who are operating at bare bones levels and close to shutting down their mines?????

think about it

 

chubbar's picture

Along that line of thought, this gold "market" is a deception. Does everyone realize that not only have several billion in futures (unbacked) been dumped on the market the past few weeks (almost always during off market hours so that it has a greater effect of driving down price), that over a YEAR's worth of mining in REAL gold has been transferred from COMEX to London in the past 5 months via EFP's? So, unlike what is being reported, the demand for real gold is through the roof and being covered up by these shenanigans of Comex. It's not illegal but it serves to give the public the perception that nothing is going on in the gold market. Does anyone really believe that people are flocking to BITCOIN because they want to escape gov't fiat currencies, but no one is flocking to gold at the same time for the same reason, given the history of gold as money????

This is a classic gov't diversion and meant to keep as many people away from gold as possible. This is really giving me pause about how the future unfolds. I think it's very possible now that we see a bank holiday instead of the fits and starts I was expecting in this market. Nothing would fuck over the US populace more than beating these metals way down, closing markets and reopening a few days later at a vastly higher price in a currency reset that no one can either afford or wants to buy in at, or sees that it is already fairly valued so doesn't waste their time with.

Of course the other side of me thinks that the gov't has sold their gold and will start a war before succumbing to a reset. With Trump flip-flopping on this foreign policy with regard to war, this was my reasoning for this likelyhood. Anyway, food for thought. Regardless, the gold price is a sham so beware selling your insurance with all that is going on in the background.

 

Economiffed's picture

While I do agree with both sides of your post, I think the most important part of gold and silver values have been overlooked. Perception. Just like bitcoin cannot rise in value without some percentage of the sheeple believing it has an upside.

If everyone knew that back in the day, a guy did a shoutout on a local radio station to trade 200,000 bitcoin for large pepperoni pizza.

Food, guns, ammo, shelter, alcohol, fuel less transportation, silver and fold, in that order is what will constitute wealth again someday!

Even Warren Buffet said “America will be a sharecroppers nation again”

Two Theives and a Liar's picture

Am I the only one that actually WANTS these f*ckers to smash gold (so I can stack more?)

It's insurance...not a typical investment. 

BTC gives me all the excitement I can handle in a "market". 

silverer's picture

There is a lot of pressure on supply. So when you're running low on real physical silver, what you do is pound the shit out of the price with paper, so everybody gets discouraged and sells it. Then you don't have a physical silver shortage anymore. But the problem is, what physical is actually sold is being nearly given away. If people out there had half a brain, they'd be buying, not selling. But people don't have half a brain. I don't think most people have much of any brains at all. Manipulated since 1913.

BigJim's picture

There's no "pressure" on supply. Half of all mined silver - ie, around half a BILLION ounces of the shit - gets hoarded, year after year after year, EVERY fucking year. There are, quite literally, billions of ounces of investment-grade silver waiting to be dishoarded once the price rises.

Biggest mistake of my life buying the "silver is running out!" bullshit that was being spouted by the PM pumpers.

Maybe its price will rise again in my lifetime. Who fucking knows. Meanwhile, I'm faced with having to sell the shit at a loss.

ElTerco's picture

Buffett bought silver (and lost money), but the fact that he bought it in the first place means it has some value.

I'm going to start buying at 15, and hope for it to keep plunging further and faster.

BigJim's picture

Of course it has "some" value. Bat guano has "some" value. But it's not $15 an ounce. Buffett bought at $3.50 - $4.00 an ounce and sold at 6.

Once silver tards realise the price is being propped up by every other silver tard believing this "scarcity" bullshit, the price will plummet. Or maybe not. Maybe the banksters will make the price pop again.

I bought a shedload from $22 down to $15 and boy do I regret it.

RedBaron616's picture

That was too funny. Well done!

The Wizard's picture

Per silverer: If people out there had half a brain, they'd be buying, not selling.

People are trying to figure out what the hell is going on and what is in store for the future. Rather than buying PM's they are jumping in on bitcoin. As some of said, this is a global happening.

People continue to forget the basis for both PM's and Bitcoins is a fiat petrodollar. There will eventually be a new basis, sooner rather than later.

Bill of Rights's picture

Back up the trash can...I mean truck.

GubbermintWorker's picture

Damn, now that I'm retired I only have a few hundred bucks a month to buy precious with :(

Uncle Sugar's picture

Everyone sellin out to buy BITC? C'mon $500!

 

 

Scotch-n-Soda's picture

Eyeing lots of items on SD Bullion, don't know if I should load up on lots of silver, or a few pieces of gold.

arkel's picture

I say go for the silver

Philo Beddoe's picture

I regret ever buying this shit. 

NoDebt's picture

You could have done worse.  You could have bought junior miner stocks.

Upvote for the best straight-from-the-gut post in this thread.

 

spastic_colon's picture

i think people actually thought that a stronger currency would not work against PM's; in this case the mirage is of a weaker currency while PM's are saying something different; higher rates whether in anticipation of a shrinking balance sheet or more directly from monetary policy will still affect PM's; the artificial supply and demand just add insult to injury.

Bill of Rights's picture

Everyday...I say the same thing brother. Worst performing asset on the planet.

Tzanchan's picture

When complete capitulation comes is when to back up the truck. Been valuable and money for 3000 years, what's a few bucks here and there? 95% of silver ever mined is gone too expensive to recycle. US used to own what 5 billion oz and sold them (hopefully not as pitifully as UK sold gold, another story).

BigJim's picture

No, fuckwit, every year around half of all mined silver gets stashed away as "investment". That means every year, there's actually more accessible silver above the ground than the previous year.

No wonder the price isn't going anywhere.

Mr Pink's picture

You only bought it...I married this shit

ShorTed's picture

sell all that worthless crypto and buy pm, it's 5000 year tradition (from Moses to Sandy Koufax)

 

/s

Serfs Up's picture

I hope the bankers and HFT/PE fucks are not surprized when the tribunals of the future rule that their actions as market manipulators were treasonous and so anti-social that no rehabilitation is possible.

/Is it time to break out the pitchforks yet?

//My time.  It is coming.

RawPawg's picture

i don't care

still better than this bitcoin mirage

long game or death

Keep Stacking

Philo Beddoe's picture

At some point we have to admit that we were wrong.  The idea was good...maybe even noble. However, the result has been the shits. 

Holding this shit is like staying in a bad marriage. The love is gone and I just want to be free of the bitch. 

 

syzygysus's picture

Sell Mortimor, Sell!

 

Better to buy an electric sheep these days.

 

No one needs stored value with no counterparty risk, that's just barbaric. /s

 

 

RawPawg's picture

being wrong is a action in of it's self

i went in full force,and knowledge of it could end badly

i made peace...right or wrong

i'm good with my choices

i have regrets on past life decisions 

but this one is different 

Mementoil's picture

Which is just what the TPTB want you to think...

Back in the days of FDR he had to confiscate gold in order to get it out of the hands of the people.
Today we are giving it out of our own free will, in exchange for imaginary crypto thingies...

lil dirtball's picture

> in exchange for imaginary crypto thingies...

Electronic pulses ... space on a rotating disk. The rich will own tangible assets and the hoi polloi will own the equivalent of Word documents or JPG files.

ConfederateH's picture

TPTB are kikes and Shabboz goyim just like the Bolscheviks.  Why pretend that they aren't just because jews despise truth.

silverer's picture

Buying at cost of mining is a good deal, no matter how you slice it. Yes, there is no meteoric rise like their should be, but the future bodes well at some point, because no other valuable commodity trades as cheaply. The dollar has had its day. Just a matter of time. In the meantime, just throw a few thousand into Bitcoin to keep up with the crowd. Hold your metals, folks. The ultimate insurance.

Philo Beddoe's picture

I get that. I am coming close to break even on this pile of dinosaur shit.  Hey, it the banking system collapses I am pretty sure this shit will not save me either. 

For now, I accept defeat. I stopped buying this shit years ago. That is the good part. Sold a few ounces of Gold here and there. Silver? Unloading that shit is a pain in the fucking ass. Maybe, I will let the great great great great grankids sell it for a profit when Thurston Clinton Trump the 3rd becomes our 2nd transgendered president. 

buzzsaw99's picture

Silver? Unloading that shit is a pain in the fucking ass...

agreud.  my feeling now is that silver and precious stones are shit.  gold is the real deal.  i still expect the spot price of gold to go down but wow is it handy even if it does after i buy it.  if i want to raise a few bucks there are a shitload of places that gladly pay spot for it every time no questions asked.  one thing though, when i feel it is time to buy gold i plan to buy in sizes of 1/2 oz or less.  i'm afraid that in the future 1 oz transactions and bigger will be reported to the authorities.  1/2 oz might even be too much. 

Philo Beddoe's picture

That fractional shit is even harder to sell. Getting the premium you pay for fractional or rarity is like getting back your virginity. 

Silver. Agreed. Too much of the fucking shit. Nobody fucking cares. That, and Gold is what people understand and value. 

buzzsaw99's picture

rarity is worthless these days.  when the rarest silver eagle hit $50 my dealer sold.  nobody cares how old or rare your shit is anymore like they used to.  now they just want to know the silver content.  as for fractional, i sold a 1/2 oz gold coin years ago and had no trouble getting spot for it but maybe you have had a different experience?  i didn't pay a premium at the time so maybe that is more of a factor now.

RedBaron616's picture

There is no really "rare" Silver Eagle. If you want rare coins, you'll have to go well back further than that to find vey rare coins. When everyone is selling it, it isn't rare.

The fact that you didn't pay a premium when you bought a 1/2 oz gold is unusual. That explains why you came out okay in the transaction.

ElTerco's picture

Agreed. The younger generations are focusing on tangible value when buying hard assets. The intangible/marketing/emotional/story value no longer seems to be as much of a thing, except for financial assets, like Bitcoin and Tesla.

spastic_colon's picture

on a lighter note; I scoured the keyboard to see how far the "e" was from the "u" key, the "u" from the "d" key, the "u" from the "." key and even the "e" and "d" from the space bar and "m" key; I then determined that it had to take an act of anuerism to spell "agreud".

/s (in the most /s possible)