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 Replies: 34 / Views: 3,179 |
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Valued Member
United States
168 Posts |
silver drops almost 2 bucks? I would imagine that alot of people are selling while there is a somewhat small but albeit profit on silver. anyone else notice or think something else may have caused the quick drop...?
many were guessing 25 bucks and up...possibly a pattern of small slips will be inevitable before we see the higher estimates manifest themselves...i sure hope so.
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Valued Member
United States
226 Posts |
Normal market correction, Large volume profit takers have this effect. I don't see silver and/or gold values dropping and staying there until the overall economy improves.
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Pillar of the Community
United States
5318 Posts |
And it looks like gold is currently off $45.4. Hmmm...glad I sold everything last week. Sure...the rally will continue--until it doesn't!  Timing is everything. Edited by KurtS
03/19/2008 3:08 pm
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Valued Member
United States
66 Posts |
Just a small correction. With these hot air stock market rallies I also see silver holding its value or rising until the economy improves. But I had a sell trigger that I hit and now everything is not so bad. I can accumulate more silver from circulation to sell when it goes back up.
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Pillar of the Community
United States
533 Posts |
quote:
anyone else notice or think something else may have caused the quick drop...?
Because people were hoping for a rate cut of 1% from the FED yesterday. Instead they only cut it .75%. Also the markets bounced huge yesterday, pulling investors out of gold and back into stocks. Does it really mean anything? No. Nothing has changed. We are still seeing high inflation, the stockmarket is still as volitile as ever. PPI (Product Price Index) was higher then expected, and next week we will get the Core PCE (personal consumption expenditures) inflation numbers and I promise that they will show higher then expected numbers. And gold and silver will recover. Look at this small pullback as nothing more then a buying opportunity. (at least, that is what I am doing.) Just a small pullback to get some more people on the truck. Oh, and the US Dollar bounced up a bit too, also helping things out. If you look gold and silver made a good pullback last year around this same time, only to recover stronger then ever. Edited by MorganNoob
03/19/2008 3:15 pm
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Bedrock of the Community
United States
19930 Posts |
Pulled back on false stronger dollar. The dollar should actually be WEAKER because the Fed cut the rate. However, the financial markets operate on stupidity not science, and a 1% cut was expected....so the dollar went up. ROFL....it's one big joke. Gold and silver will be back, the stock market is no better off than it was 2 days ago.
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Valued Member
United States
314 Posts |
I guess it had something to do with fed changing those points like they did. I am not happy about silver going down. Last week I bought over 105 dollars face on silver for 1500 with free shiping. The good thing about buying it was it was free money from ebay and it did not cost me any money . Last monlth ebay gave me an free 1500 dollar credit since in nov of 2007 an person tryed to rip me off over 1200 on buying there penny set. I got an credit for ebay and seller got kicked off from buying and selling on ebay. I never did think ebay would do it and never thought it would happen to me. I had spend to intire 1500 on something before march 31 2008 or it would expire. I looked for an 1955 double die penny for serval weeks but never found one I could buy . They were all over 1500 or they junk. So I bought this mans silver lot for 1500 to use credit fast. It had 15 dollars worth morgons , Peace dollars, 50 bucks face worth 34 thru 64 quarters , 40 dollars face on 46 thru 64 dimes. Totol it was 1580 melted down on day I bought it at over 20 bucks per ounce. With silver going down with ebay , paypal fees. How would you sell it since I would like sell it and use the money to buy stuff I want like an Mercury dime set , 32 thru 64 quarter book or fill holes in my collection becides just having pile of junk silver I cant use to build sets or anything. I went thru it and I cant build an complete 46 thru 64 dime book or 32 thru 64 quarter book. It flooded with tons 64 onley quarters , dimes. It missing all good dates needed. Its junk silver for sure and some of it should be melted or sold to an refiner to be melted. To tell you truth I would never bought it but since ebay gave an 1500 credit is why I bought it in the first place. Anys ideas ? on what to do with it. Chevrolet454ss |
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Moderator
 United States
187582 Posts |
You could hold it for a while. If this was just a temporary dip, silver still might see $25+.
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Valued Member
United States
473 Posts |
Yea hang on to it Chevy. When silver reaches 25, 30, 40 bucks an ounce then dump it. Take the profits and buy that 55 Doubled Die you want...or pick up some mercs or something. This isn't the end of the Silver Boom, just a blip.
--gary
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Pillar of the Community
United States
1130 Posts |
Yeah, this last run never tripped my "sell" trigger, which was $24.00. I may accumulate more silver and wait for another wave. With this slow economy and weak dollar, I doubt that's the last of them.
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Member
United States
3242 Posts |
Saturday I took in 27 pounds of silver a the coin shop I work at on Saturdays but only 3 gold 1oz pandas. the dump is already here!
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Bedrock of the Community
United States
20753 Posts |
Like the law of gravity, what goes up must come down.
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Valued Member
 United States
168 Posts |
way back down again today...maybe the estimates were wrong about silver? I certainly did not expect to see 16.80 an ounce today...oh well
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Pillar of the Community
United States
5318 Posts |
I suspect we've entered what I'd term the "volatility phase" in the current metals rally curve. The way I interpret this is the market is unsure as to value, and prices can fluctuate wildly from day-to-day. I'm sure at some point Au/Ag will be considered a "bargain" again and we'll see a "dead cat bounce", or perhaps another full-blown rally. Yet, it could just as easily be a sign of continued weakening--where it becomes risky for the small investor when the big guys call the top (or already have). This is often when guys buy on a "bargain", but the market continues to slip and they don't see the price return to this level for a long time. --not investing advice, just a caveat, nothing more. Good luck! Edited by KurtS
03/20/2008 4:16 pm
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Pillar of the Community
United States
1984 Posts |
Kurt--your innate pessimism regarding the bull market in commodities has been a needed wet blanket to the blind enthusiasm that some speculators show, but I question some of the logic of your last post.
First, you are working under the assumption that 'big guys' have the power to dictate the direction of the market and are all working together. Contrary to most conspiracy theories, they do not collude to screw the little guy except in the course of trying to screw the other big guys. Unless the big guy in question is an actual country, then players are subject to market forces. Some anticipate better than others, but if a big guy is winning today, you can be certain that it's not just the small fish who are losing. Really the only people 'losing' are those actually selling silver/gold purchased in the recent past above where it is right now. I won't pretend that the market psychology won't stay bearish, but to think that small investors have no impact on the market is the psychology that keeps people from becoming their own investment advisors and saving themselves a lot in commissions and fees.
Also a 'dead cat bounce' is something that occurs in a bear market or a market in decline; we are and have been in a bull market. It's just that it's shocking when silver goes from $21-16.70 in a couple of days. Because it happens so fast, people forget silver going from over $14 to under $12 in August, and from $16 to under $14 last fall. These things happen. Now, have I sold on the way up? Yes, but I got most of my silver from $4-7. I've also been buying the whole time. Would I buy today. Yep. Would I have bought last week? Yep.
Someone on the site was talking recently about putting their emergency $ into silver and I couldn't believe it. Gold and silver have their place as part of a responsible investment plan. Anyone who has studied past bull markets in commodities knows that 20-30% corrections and wild swings not only can happen, they must happen in order to build bases from which to move forward. Chartists and conspiracy theorist beware. Work from good data and get good results.
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Valued Member
Canada
82 Posts |
I'm still buying silver and if gold reaches the 850 dollar level per ounce then I might be able to buy some of it. I still think gold will reach 1100 and silver 25-30 dollars within the next year.
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Replies: 34 / Views: 3,179 |
Posted 03/19/2008 2:30 pm
