After looking at the charts and the developments, silver seems to have little energy to manage a spike. It keeps falling back. I would like to know your opinions, especially from those of you who have solid experience in silver trading/investing/charts/etc. Do you think there's a high chance for silver to drop below 15 $?
Time to get bearish on PMS was @$35 and under $26, now though is not a time to be bearish IMHO. Any bottom with look like a zig zag pattern of spikes and 0.618+ pull backs. If this spike has any legs it will be told @ the retracements not the heights. $18.94 will be telling
Of course it could. Only a psycho would think below $15 is impossible. Will it fall below $15? That's a different question. I think it will, and therefore haven't yet bought back in, but nobody on the planet knows 100% for certain (even if you have a mountain of silver to dump, you can't guarantee insatiable buyers won't keep it above $15). Don't forget it took a year to go from $25 to $20, with a rally to $35 on the way, so we might yet see $30 before $15. Good luck.
I for one are holding cash rather than buying shares or PM's. I dont see the US market going above 15,000 and the risk/reward there is of a fall rather than a rise. As the Australian market just follows the US, I dont see the Australian market doing anything if the US market cant rise beyond 15,000. As for metals, I dont see a bottom forming yet. $1,000 in gold and $15 in silver would peak my interest however.
Since what I think is usually wrong, if I say I think it could fall below $15 would that mean it will never happen ?
Taking a pit stop right on Q... gold seems to be holding up dues to egypt/oil concerns maybe helping silver not cascade. Markets sure are jittery
Just my 5cents worth, yes I think it will, sometime soon. Markets will move sideways until Sept/Oct then a pick up towards Christmas. When it does reach $15 I'll be back in, just glad I emptied most my stack @ $30, I'm enjoying piss farting around with numis and a few collectibles with the kids for the moment. What it has meant though is that it's a great time to piece together a variety of coins at reasonable prices. It's meant my kids now have a complete 1oz S1 lunar set that gets handled, bitten, throw and enjoyed rather than sit in cotton wool in a dark safe somewhere. A tube of ASE's I recently bought is now buried in our sandpit and get's dug up each day, can only find 18 of them at last count, if spot gets back to $40 I might have to invest in a metal detector If spot reaches $10 I'm buying 10 oz bars for the sandpit!
I do not know where it is going as every prediction I make has been wrong. I was talking with my Father in Law over the weekend and he asked about PM prices so I told him about the drops. He laughs and says 'it sounds like the cattle market' (he is into cattle). I said it it was like any commodity, up and down but always up in the long run. 'Yep" he says. I buy what I can when I can. No worries here.
It's definitely possible, provided you use sticky tape. How do I know? Because I just tried it. I put $15 dollars on top of my 1kg bar, sticky taped it on, then dropped it. The bar was still below $15 when it hit the ground. What more proof do you need! It also works with $50, $20, and $10. Didn't have a $100 note so can't comment on that.
Pretty much everyone here is clueless! I was examining Fibonacci levels and previous minimums and maximums, there is a long way down from where it is now. It could drop to around 10 $, even. By taking account of those levels... If they trim QE and if the Chinese industrial production contracts more (less silver consumed), if ETF appetite doesn't pick up (buying started increasing recently) then we might see lower silver prices.
Assuming you are talking about 15 dollar in AUD. I will swap my credit card to the 10 kilo if silver go below 15. Wonder if anyone going to sell at that price and premium remaining current level on kilo bar....
