Precious Metal Pounding Continues - Silver Now Red For 2017

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...


Killdo MonetaryApostate Thu, 12/07/2017 - 08:24 Permalink

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):

In reply to by MonetaryApostate

Save_America1st HenryKissinger… Thu, 12/07/2017 - 09:44 Permalink

Precious Metal PAPER Pounding Continues - Silver PAPER Now Red For 2017there...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 

In reply to by HenryKissinger…

chubbar Killdo Thu, 12/07/2017 - 10:33 Permalink

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. 

In reply to by Killdo

Economiffed chubbar Thu, 12/07/2017 - 11:58 Permalink

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”

In reply to by chubbar

silverer Killtruck Thu, 12/07/2017 - 08:34 Permalink

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.

In reply to by Killtruck

BigJim silverer Thu, 12/07/2017 - 12:21 Permalink

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.

In reply to by silverer

BigJim ElTerco Fri, 12/08/2017 - 02:44 Permalink

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.

In reply to by ElTerco

The Wizard Killtruck Thu, 12/07/2017 - 11:23 Permalink

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.

In reply to by Killtruck

spastic_colon Philo Beddoe Thu, 12/07/2017 - 08:20 Permalink

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.

In reply to by Philo Beddoe

Serfs Up Thu, 12/07/2017 - 08:03 Permalink

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.

silverer Philo Beddoe Thu, 12/07/2017 - 08:16 Permalink

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.

In reply to by Philo Beddoe

Philo Beddoe silverer Thu, 12/07/2017 - 08:27 Permalink

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. 

In reply to by silverer

buzzsaw99 Philo Beddoe Thu, 12/07/2017 - 08:36 Permalink

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. 

In reply to by Philo Beddoe

buzzsaw99 Philo Beddoe Thu, 12/07/2017 - 09:12 Permalink

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.

In reply to by Philo Beddoe

RedBaron616 buzzsaw99 Thu, 12/07/2017 - 10:17 Permalink

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.

In reply to by buzzsaw99