| Author |
 Replies: 25 / Views: 3,460 |
Page 2 of 2
|
|
|
|
Pillar of the Community
 United States
2764 Posts |
Thank you Ed for your detail input.
Today silver had been up and then down to around the same point.
What's the new support now?
|
|
Pillar of the Community
United States
2764 Posts |
The USD benchmark drop 35 points while Platinum drop $26, Gold & Silver only rise a little..... what give?
Is everyone holding their breath for Bennie?
|
|
Pillar of the Community
United States
2764 Posts |
This is a very interesting article from Patrick Heller: http://www.numismaster.com/ta/numis...&rid=2197220His main talk is about the premium of ASE, however, his example is about the silver squeeze in 1996-1997 by ......drum roll.... Warren Buffet! Very interesting read. |
|
Pillar of the Community
United States
4008 Posts |
Quote:
Thank you Ed for your detail input. You're welcome, SA4H.  Quote:
What's the new support now? That's pretty hard to say. I don't think that my estimate of the support level has changed much. Yes, silver did rise above $31 an oz. but it could not maintain its price at that level and pulled back a little. It's just below $31 an oz. now. The trick in these support levels seems to be where the price can rise and then close at a new high. Doing that seems to establish a new floor in the price from which it can rally further and perhaps make new highs. Both silver can gold can get caught in fairly narrow trading ranges for extended time periods. I agree with Peter Schiff that such times are less of a problem and more of an accumulation opportunity. Quote:
The USD benchmark drop 35 points while Platinum drop $26, Gold & Silver only rise a little..... what give? Both platinum and palladium are seen more as industrial metals than as monetary metals. Yes, they are quite valuable but this value is directly connected to the automotive, waste treatment, and chemical industries. Mining problems in South Africa affect the prices of these metals as do changed in the industries where they are used. Pt has been very volatile of late, rose very rapidly, and is now coming back down. Pd is following Pt's lead. |
|
Pillar of the Community
United States
5862 Posts |
Well, the news as of around 10:00 EDT was as follows: Quote:Bernanke Makes Forceful Case for More Fed Action to Spur GrowthThe Federal Reserve chairman, Ben S. Bernanke, delivered on Friday a detailed and forceful argument for the benefits of new steps to stimulate the economy, reinforcing earlier indications that the Fed is on the verge of action. Mr. Bernanke said that the Fed's policies over the last several years have provided significant benefits, that a clear need remained for the Fed to do more and that, in his judgment, the likely benefits of such actions outweighed the potential costs. Since then, gold and silver have been steadily rising (right now gold is up $21.50 to $1677 and silver is up $0.71 to 31.20). Coincidence? Short-term gain? Start of a trend? Ya got me... |
|
Pillar of the Community
Canada
3692 Posts |
Right now, G@1686.00 & S@31.50 (Ask). There's news of QE not going to happen (yeah, right).
Did anyone hear more about the South African mine? The miners who were protesting are getting charged with the deaths of their 34 comrads instead of the police who actually shot them "in self-defense". I don't know what to make of that - it's not justice.
|
|
Valued Member
United States
264 Posts |
|
|
Bedrock of the Community
13014 Posts |
Quote:
I don't know what to make of that - it's not justice. The vast majority of the world doesn't care about that like in North America, theyre more concerned with keeping order |
|
Pillar of the Community
Canada
3692 Posts |
Order goes hand in hand with law and justice, basebal21, so I don't know what you're driving at.
|
|
Bedrock of the Community
13014 Posts |
Theres many way to have order. Africa, the Middle East, and East Asia do not do it by being fair and looking after the interest of justice. South Africa cares about keeping south africa runnings. A protest in the mines threatens their economy. So they kill the ones in the mine and prosecute the others to keep it from happening again. Its no different the the use of slaves in the diamond trade through out africa and other brutal means. Its not right but its how a lot of the world works.
|
|
Pillar of the Community
United States
4008 Posts |
Quote:
South Africa cares about keeping south africa runnings. A protest in the mines threatens their economy. So they kill the ones in the mine and prosecute the others to keep it from happening again. So much for getting rid of apartheid to make everything good in South Africa. What a h***hole that place is becoming. Johannesburg is the murder capital of the world. Like everywhere else run by libs and commies, it is turning into far worse drek than it ever was under the former regime. So much for progress.  There is no amount of precious metals that justifies this behavior.  |
|
Bedrock of the Community
13014 Posts |
While it wasnt surprising to me it definitely doesn't make it right. Just makes you think how lucky we are to live in a country that doesn't resort to these tactics. Often times we forget just how harsh a lot of the rest of the world really is even in these modern times.
|
|
Pillar of the Community
United States
2764 Posts |
I just read this article yesterday from Patrick Heller "London Squeeze Raises Silver Price" http://www.numismaster.com/ta/numis...&rid=2197220. It's a very interesting article. He explained some of the detail regarding the LBMA transaction and "at least two purchases were made then, each in the range of 5-10 million ounces of silver". Which then squeezed the supplies of the 1000 oz bars. He went on to explain the transaction requirement and the refining aspect of junk silver to meet the delivery demand..... which should lead to price rise of US 90% junk silver. In the long run, we will see some price increase over all, I assume. |
|
Moderator
 United States
6563 Posts |
I have removed all of the political and non-numismatic topics. Please keep this on point
|
|
Pillar of the Community
United States
2764 Posts |
I saw the rise of silver in Asia market last night but at closing of US market, it's down a bit..... very interesting, I'm wondering why?
|
|
Page 2 of 2
|
Replies: 25 / Views: 3,460 |
Page 2 of 2
|
First Page
Posted 08/28/2012 2:50 pm
