I hope this dip holds off till Aus market re opens, got about $1K to blow on more of the shiny stuff but need bullion bourse to adjust their prices!
Thanks mate. Yes I'm sick of that damn $36 too, just want to get in another purchase before it goes back up EDIT - Meh going back up..this always happens, us Aussies always get screwed
You can see the battle now being waged to hold the $36 line. JPM managed to touch the high $35s again last night before the buyers overran them. This is what I mean by JPM walking a tightrope: If they bring the price of silver down they stimulate incredible buying. But if the price goes UP their own derivative contracts suffer leveraged losses quickly running into the billions! Note: Their 'assets' of two trillion dollars should not be confused with their equity. Thirty percent of those 'assets' are actually loans. Their total shareholder equity is less than one tenth of that amount (Otherwise one could simply buy up all of their available shares and 'own' that two trillion dollars worth of assets! With banks 'Assets' and 'Liabilities' are not always what WE might call Assets and Liabilities!) Even their annual Form 10-K states (under "Risk Factors... that could materially affect JPMorgan Chase's financial condition and operations.. [are] interest rates and currency and commodities prices" I doubt that they were laughing when they wrote that! The key point is that their leveraged silver derivative losses will eventually bankrupt them as silver goes up. So they now have nowhere to run and can really only hope to hold things close to $36 for as long as possible as we saw last night. At some point however they will HAVE to cover at least some of their shorts, and you will see the enormous overnight spike that I have posted about before - as they go into the market to buy up physical silver from the strong hands out there. This is a bull market dream-come-true situation. C_Heath will be very glad he FINALLY bought (remember - he's new) and Bellinvest will wish he had borrowed more As I said before, your hands will shake, and you will NOT believe your eyes when this occurs! The usual 'price jiggles' in the line will be flattened by the sudden scale change. (Don't let your iPhone drop from your trembling fingers as you try to resize the chart to actually read the tiny left hand price scale!) --- Now, regarding silver eventually outperforming gold (like platinum), it's a close call. Certainly the gold-silver price ratio will continue to shrink and 'should' drop below the historical 16:1 level. That move alone will give us a tripling in the silver price. Right now, I doubt that the two metals will reach parity - but I would never rule it out. But reaching a low GSR value somewhere between 10 to 7 (for a year or so) would not be too extreme. It might even go lower. --- (Here's hoping you get your metal Ernster!)
Good Call Turk, If the Silver spot is the heartpulse, you are the Intensive Care Unit Manager ! Kitco has a Guru for the Spot. I am glad we have someone on our forum in our midst with such so far great dynamic insights into SPOT
Thanks guys, And THUCYDIDES79 - it was easy because I knew your figure would be a day early - so I just lowballed your number! We'll probably at least 'touch' your target by mid to late next week. I'm REALLY looking forward to seeing what happens next week. (And anyone who wants one of the new Canadian Grizzly coins from Bullion Bourse should get them quick! I've heard they're selling fast)
yep in the right direction too !!! its like nobody wants to say anything incase it tanks again lol it sure has changed around here
I hope it gets up to around 40 and then tanks back down to 30-33 so I can buy more Just bought some a few days ago at 34 though so all good! Should be interesting when/IF QE2 stops in a month.
lol all holding our breaths coz we know even if we sneeze the price will tank !!! Anyway it's meeting some nice resistance at 35.5 AUD right now, IT'S A TRAP.
