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 Replies: 9 / Views: 2,318 |
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Valued Member
United States
163 Posts |
Poll Question
Silver halves are continuing to dry up but silver continues to plunge. Gold has dipped but not to the same degree.  How low do you think silver will go before it stabilizes or goes up again? What do you think is the cause? What do you think the true price of silver should be?
Edited by jarwulf
05/05/2011 8:19 pm
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Valued Member
United States
426 Posts |
I think it will settle around the $30 dollar mark and then start it's climb back up. I surely hope it doesent break back into the 20's as that's when I really started to pile it up last fall. I am already taking hits for what I bought when it was in the 35 - 45 range.
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Valued Member
United States
493 Posts |
Many commodity markets are crashing this week. I think people did some serious silver dumping, I've seen it at the jewelry stores. I think ETF's were driving the silver market myself because comex has been raising margin requirements on ETF's.
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Bedrock of the Community
United States
10982 Posts |
Silver is actually up in Asia tonight. It was down close to $34 today and then got a bit of a bump back over $35 tonight. How low can it go? It cannot go to $0 like the stock in a company I use to work for. Realistically? Sure it could drop back into the teens but I doubt it will. If I had to guess a low point for this year it would be $28 or $29. I've been thinking alot tonight about dumping $10K worth to APMEX if we hit $40 again this spring. That would be half my holdings (I don't trade paper SLV) and at $40 I could take a $3K profit selling 250 ounces of it. I'm going to sleep on it. |
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Pillar of the Community
United States
2602 Posts |
I think given the fundamentals (weak economy, federal deficit and national debt, politcial difficulties in Libya, etc), we are in oversold territory and if you are looking for a buying place, now is a good time. The price has stabilized to 33-35 range, so that is support level. In my opinion.
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Pillar of the Community
United States
4008 Posts |
Quote:
I think it will settle around the $30 dollar mark and then start it's climb back up. - RealPeso Could be. There is price support right now in the $35/oz. area and that seems to be holding for the moment. We'll see what the CME does on Monday, though. If they raise the reserve requirements again, as rumored, then we could see additional price erosion as more speculators are shaken out of the market. |
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Pillar of the Community
United States
4008 Posts |
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I think ETF's were driving the silver market myself because comex has been raising margin requirements on ETF's. - Everything ETFs are BIG players in the silver market and there is no doubt of that at all. There are other players, though, and they also affect the market, so it isn't just a matter of the ETFs moving and shaking this market. One thing that is interesting to me is... how do the ETFs benefit from market volatility, if at all? I can see how they might when the silver price is moving higher and new customers are piling into the ETFs but not so much when prices are flat, falling, or bouncing up and down relatively quickly. Seems to me that it could be the short-sellers who would benefit the most from an unstable market.  |
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Pillar of the Community
United States
4008 Posts |
Quote:
The price has stabilized to 33-35 range, so that is support level. In my opinion. I share that opinion. The wild card seems to be what the CME will do in the coming days and weeks with their reserve requirements. We've already seen some speculator shake-out and could see even more shortly. I just read last night that another increase in reserve requirements will occur next Monday (5/9). I don't know for a fact that this will occur but if it does, it will likely result in lower silver prices, as have the previous 4-5 reserve increases. If the Feds want to investigate possible market manipulations, they have a much better example in the silver market than in the oil market, IMHO. If they do not show any interest in investigating the silver market for possible collusion and price manipulation, what does that tell us about who is in on the deal?  |
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Pillar of the Community
United States
3294 Posts |
I think silver will bottom in the $12-$16 range, but it will probably take several months to get there.
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Rest in Peace
United States
9104 Posts |
A friend of mine visited Mocatta metals in the 70s. He asked them about their corporate plan.
"We carry a billion dollar PM inventory, and want to make at least $1 million a day. We don't care if it goes up or down, just so it does something. We can't make money in a flat market."
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Replies: 9 / Views: 2,318 |
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Posted 05/05/2011 8:15 pm
