Anyone know what caused the sharp drop overnight from 24.20>23.40 in less then hour? As a general question also I've noticed a few such movements in recent months I'd like to learn what factors determine such behavior?
Bank manipulation. They are doing me a favor because they allowing me to keep stacking at these super cheap prices compared to where silver should be. When their debt filled fiat currencies collapse all us stackers will be the big winners!
Yep! A big $1 drop like this in one hour I used as buying opportunity to stock up on some more. Just ordered a couple of Baird & Co kilo bars off GS just then. Some analysts been saying we needed this pullback in spot. One step back to move two/three steps forward.
No, the reason for the fall was a big dump in silver contracts off the back of hawkish comments from Dudley and Brainard which has markets pricing a march rate rise @ 90% http://www.zerohedge.com/news/2017-03-02/silver-collapsing-massive-volume http://www.zerohedge.com/news/2017-...-nervous-about-janet-yellen’s-speech-tomorrow Gold/Silver are priced in USD and somewhat behave as the inverse of the USD, so a rate rise in the US is bullish for the dollar which is bearish for gold & silver
A pre-emptive notification that Stoic was going to be flooding the market again.............and many thanks too Mr S.Phoenix........ Seems like they are trying hard to keep it under 24$aud. God knows we cant have too many wealthy convicts running around now can we???? Sharp drop in Au today as well, another Friday night smackdown??
I bought a silver stock and then.....pow....prices plummet ( as it always does when I buy ) It was my fault....sorry. See...I can admit fault!
Fascinating, thanks galvanise and JulieW, I knew there was some smart and informed people on here rest of you sure are funny though. I wish it shorted back to circa 20 mark for a bit to stock up.
A "raid". Bah. When the price is driven up 3 dollars, a big loadup, it's never called a raid. They must consider it .... normal... "Zerohedge" That dealer club just needs suckers visiting their bullion shops, the same club that drove the price 3 up first.
The total net position on that futures market (Comex) was wednesday still round that recordlevel of 100000 x 5000 = 500 mega ounces. Meaning that around $7 of the price at that time, was due to a mere hedge book - no real demand, just a financial construction that attempts to lock a target prices/profit, by making current customers pay more. So actually, on the market, little changed relative to the $13-14 we saw abit over a year ago. Since end 2015, we had 2 price / hedge (sell, dump hedge, replenish stock, rehedge) cycles in 2016. The second started end 2016, nearly exact a year later, and the price bottom then was $16, but the hedges bottom still was 70000, so apparently their stock was far from empty. During the past 6 years, a typical bottom was around 20000.
Pirocco I'd love to understand what you said in your two posts in a little be more closer to "English" if you have the time to explain? Are you saying its over priced at the moment/artificially inflated?
It's fairly clear what he's saying (despite English not being his first language). In short zerohedge is sensationalist fluff. They bang on about a price raid, artificial manipulation etc when the price goes down; yet nothing of the sort when the prices go up. All of those bits of paper silver had to be bought at sometime. ZH has a vested interest in this; it wouldn't surprise me if their own bullion shops were responsible for a large number of the contracts that get bought and dumped in a fairly regular cycle.
Gold and silver goes up and down however... When it goes down, it is a conspiracy When it goes up, it is a normal. If gold and silver is manipulated why isn't it at $200 for gold and $4 for silver?
