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 Replies: 5,643 / Views: 459,856 |
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Pillar of the Community
United States
3670 Posts |
1188howest he paid the guy 111k for the silver if memory serves me right a few years back when silver was around 32 per oz. before the first push to 50, maybe as far back as 2007....
Interesting to note the bar he drilled that worried him weighed like 777 oz. and was NOT fake. He decided to melt it down into the silver they used to pour the old man rounds (an exact image of the old man Rick's dad) which now trade for like 60 each all the time....
Edited by Silverhawk74
04/23/2013 12:33 am
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Pillar of the Community
United States
3670 Posts |
Edited by Silverhawk74
04/23/2013 12:30 am
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Bedrock of the Community
13014 Posts |
Ive always wondered where you even buy some massive bar like that. Just imagine the shipping costs if he ordered it
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Pillar of the Community
 United States
3789 Posts |
4/23-
WELL,,, more weakness in silver, that's for sure. more low highs with lower lows. Gold, while attempting to go into the gap, stops at the bottom of the gap.
lets take a look at SLV and GLD as our proxies-
SLV makes a fresh 52 low, further confirmation of the strong downtrend it is in. But notice one interesting behavior. It continue to make yearly lows but then finds support.
I would suspect then, based on previous patterns and trends, that this drop in silver prices will be a slow, a very slow grind lower follow by retracements.
To sum it up, the outlook for silver will be murky for quite a while and frustrate both sellers and buyers of it.
With gold, refer to GLD, we want to see if it can continue to fill the gap, hold its price and climb off of that. This too will take time but for now see if it can hold the bottom of the gap, you are looking for it to hold 136.75
Based on experience, I wouldn't be surprised that gold and silver do this for months before the next big move.
I'll continue to update as things happen.
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Pillar of the Community
United States
3789 Posts |
Just come quick random thoughts here based on what I am seeing ont he desk today-
1- gold bouncing more than silver
2- this slow grind down in silver gives a couple of scenarios
a- a long term, slow,slow, slooooow grind down
b- we keep testing yearly lows on silver, as each test occurs in price, we finally find the point where the selling stops, that is, the attempts to touch the yearly low get shorter and shorter as the price attempts to find a floor and base... that is stays within an area.
as always, things can change and do change. but it is interesting in the past couple of days here as silver has been pushed lower the move to the downside has been shorter and shorter. So lets see if this is just an attempt to push lower or the steam is running out from the selling pressure.
Remember we are looking for accumulation and heavy volume, on the buy side as well to further confirm the market wants to reverse course on its trend.
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Pillar of the Community
United States
3789 Posts |
WOW.. we just had a mini flash crash on some fake news report.. but thats not the point of this post..
what I want to highlight is this
while the market sank on this fake news piece,,, please notice that nor silver or gold even BLINKED upwards on the news...
the take away- gold and silver are seriously in a downtrend and at this point and time aren't viewed as a safe haven. to back this point up, the only that did spike was the 30 year note, our long bond as an example.
to sum it up, gold and silver in a very sorry state and very vulnerable.
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Pillar of the Community
United States
2168 Posts |
News to too fast these days and at times contains false reports.
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Pillar of the Community
United States
3789 Posts |
again let me make my point, let me make it very clear. The market is saying, right now, that silver and gold will NOT be the place they are going too if something were to happen. They are going into goverment bonds and the dollar and saying no thanks to gold and silver.
I would not want to be buying silver and gold with that kind of reaction going forward.
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Pillar of the Community
Canada
746 Posts |
Thanks for your insight, yup! Also noticed that the ratio of gold/silver has been climbing steadily. Would it be a good idea to exchange an ounce of gold for 60+ ounces of silver? Can that be done and is it worth the effort?
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Pillar of the Community
United States
3789 Posts |
Well, I guess that boils down to a personal decision Spice, tho if I was into stacking and putting money actively and on a regular basis into coins, I would tend to go towards gold over silver for starters.
Perhaps that's why, for myself in a long term account I have put money into gold over silver.
However, after today and the reaction, I would be very careful with both. As I always say, the reaction to events is very important in terms of the markets.
That said, going forward since I realize many here like to put away money in coins, if I was of the same mindset, I would prefer gold over silver, I wouldn't sell my silver and convert it, just hold what I had and stick to gold. ... and the gold I would buy would have to either be proof coins with the numismatic value built in or semi numismatic, such as gold china pandas, Somalian elephants, etc.
kind of a quality over quantity thing. .. and as always, be careful going forward, My mind, based today seems we are at a crossroads for gold and silver,, that of either they go much lower or stay around these price points and just do nothing until they rotate back again into favor with the markets.
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Bedrock of the Community
13014 Posts |
What was the report outta curiosity
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Pillar of the Community
United States
3789 Posts |
AP was hacked, and the fake tweet was that the White House was bombed and that Obama was hurt.
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Bedrock of the Community
13014 Posts |
Wow. People actually bought that just from a tweet? Thats about the easiest thing ever to disprove just turning on any news channel
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Pillar of the Community
United States
3789 Posts |
yea tell me about it..... sad state for sure.
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Pillar of the Community
Canada
746 Posts |
Thanks yup, good advice, as always!
Not much media coverage on that fake tweet, it seems...
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Replies: 5,643 / Views: 459,856 |
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Posted 04/23/2013 12:28 am
