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 Replies: 84 / Views: 8,046 |
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Pillar of the Community
United States
642 Posts |
This is definitely more than profit taking in PMs, this is a correction. How far it will go is anybody's guess.
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Pillar of the Community
United States
1450 Posts |
Support looks pretty solid so far right at $43. Gold seems to be holding support at $1540 range. I figure we will see a sideways move in silver between $43 and $45 for at least a few days and gold between $1540 and $1555.
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Pillar of the Community
 United States
2448 Posts |
I'm thinking Support at 41 today.
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New Member
United States
24 Posts |
Very interesting to see the whole precious metal market make these corrections in real time. This is new for many of us, which used to be just "Old Days" water cooler talk in the coin shops. It is cool to be witnessing history!
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Pillar of the Community
United States
1348 Posts |
I hope it doesn;t keep this downward slide. I had a deal set to sell around 8K in silver on firday. I am just praying he still holds true to his word and doesn't back out.
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Pillar of the Community
United States
4008 Posts |
This may well be a correction but at the moment it looks a lot more like a speculator shake-out. They raised the silver reserve requirements today, so more money has to be put down to play with silver futures, derivatives, and other paper silver investments. Those who got in on the cheap must have decided not to play for a while and have sold off their positions. If silver metal is still in relatively short supply, it is likely that this will not last too long... a week, maybe? We'll see. For those of us who are into PMs and want to add to our collections over time, this will be a chance to add a little more.  |
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Valued Member
United States
71 Posts |
I'll tell you what. I'm pretty new to the PM game and have been trying to build up my numbers as aggressively as I can. Today I can tell you...I'm pretty unesy.  When I got in, I made the commitment for the long haul, so I know I'm not going anywhere...but I still can't help but feel the queeziness of silver's latest dive. |
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Valued Member
United States
309 Posts |
I hope it keeps falling. Maybe to the 20's. Wouldn't that be wonderful?
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Pillar of the Community
United States
4989 Posts |
As they say in investing circles, "Trees don't grow to the sky"
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New Member
United States
15 Posts |
Since I'm a PM nOOb that made my first physical purchase last week, I've been reading, reading, and reading more on speculation of prices, bubbles, pullbacks, "shakeouts", technical charts, peaks, C's, iii's....hahaha...it's all mind boggling  Please...someone just remember to let me know when it's time to buy more!  |
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Valued Member
United States
362 Posts |
I decided to take whatever investments I've made into my stock and IRA account, and add an additional 10% in PM. I ended up going over a little, but overall I am not too worried. This is to help stabilize my portfolio. While I do think about "what if silver sky rockets", which I dont think will happen, I did not invest in silver and gold to get rich, but for the safety. While silver and gold is pretty volatile, it cant crash and will always have value. If I do ever need to cash in, it will be decades from now, so what happens now is pretty irrelevant... But it is nice that the gold ETF I put some money into, I bought at 133, and now its close to 155 a share  |
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Pillar of the Community
United States
1817 Posts |
Quote:
As they say in investing circles, "Trees don't grow to the sky" Or: what goes up, must eventually come down. I'll take PMs any day over the worthless paper the BEP puts out. Fiat money has been worthless for years and the general public is beginning to be aware of that fact. Whatever silver rises or falls to, it is still 1000s better than the dollar, since it will have recognized bartering value worldwide. |
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Pillar of the Community
United States
2602 Posts |
There is very strong support at $40/oz for silver. I was surprised to see it fall below $42, where there was also strong support and it briefly touched below $41 today. However, even with this pull back, which everyone expected, all the fundamentals are still quite strong on silver and gold to remain near these historic levels. I think Bin Laden's death triggered some of this sell-off- everyone knew a correction was coming but they just needed a reason. The dollar strengthened on the news of Bin Laden's death, which caused the selling in precious metals.
But the selling will only create good buying opportunities for the next leg up. Silver remains as bullish as ever.
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Pillar of the Community
United States
684 Posts |
I go by what John Nadler says in Kitco contributed commentaries. He's a middle of the road guy who really knows the PM world.
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Pillar of the Community
United States
3670 Posts |
Confucius say, Price goes down, silver stack goes up.... Pretty sure that is one of the first things mentioned by Sun Tzu in his famous book, The art of war, rof  .... |
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Pillar of the Community
 United States
642 Posts |
In my opinion, Silver is still in a bubble at $40... For it to fall back to real value tied to inflation, it should fall to about $24 an ounce. I don't think the bubble will completely pop until the Fed starts to contract the money supply again, which they plan to in June. Not sure if this weeks correction is in anticipation of this.
Also, you can't compare prices to the crash of 2008 when silver fell below $8 an ounce. Silver was greatly undervalued for a short period, where it should have been sitting around $16-$20 during that time period.
As always, anything can and will happen up or down as long as the speculators have a hold on the PMs market.
If you have the means, buy Gold instead of Silver as a long term investment. Gold has been more stable historically.
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Replies: 84 / Views: 8,046 |
Posted 05/03/2011 1:21 pm
