At the risk of another ass-whopping - the charts aren't giving me much confidence (Silver at 34.60 and gold 1510) as I type. Silver especially looks weak. needs to find support right now I think - otherwise we start looking for downside targets. I knew I shouldnt have jumped the gun on those pamps
I don't think that anyone will be disappointed to read that.. silver has looked shaky for some time now. Happy for a downward correction, the further down the better!
? looks like Silver is forming a temporary bottom for a wild upswing ? 34 short term support, may be used to launch upside move to above 40 again... it is fascinating to watch the behaviour of seller crowding the exit recently even today. there is still another week for consolidation before we enter into the second half of 2011. lets see how it all play out next 3 month. wait for the BIG one.! keep on stacking, while it is cheaper 49
I have been out of silver since it was at $42, its just been trading sideways within the same range pretty much and I am waiting to see if anything happens after QE 2 ends. I won't get into silver again until I see a solid up trend developing again.
I stopped buying around 42-45 but got back in at the low to mid 30's. I've been buying relatively small amounts 400 - 800 dollars worth at a time whenever spot drops by a dollar or more. I think this summer is going to be a great opportunity to build my stack. I personally don't see silver going below 30 it seems like the bottom isn't far off and then the rebound will hopefully come this winter next spring. I'm just trying to double my meagre stack in the meantime so I casn swap out half my stack for gold when the ratio is right and still have my current level of ounces in silver.
When you are in silver for the long small dips just mean more purchasing opportunity. Get as much as you can before it breaks $50 USD.
John what charting service are you using? Netdania shows that gold blasted through 1510 to downside about 20 minutes (8:17 EST) before you posted and didn't touch it again until over an hour after you posted. I blinked at 8:17 and missed the drop from 1513 to 1506 on gold. I only saw it at or above 1510 for 3 minutes from 9:43-9:46.
Now I understand what the time stamp post was about. It's just a post for a test. It's just a post on a forum! Type in some words and press send To get the time on the server. Let's do the time stamp again!
Stella, I can understand your feelings, but in the long run, the difference between when you bought the PAMP bars (sorry, I don't know when that was, but I'll assume it was near to these prices) and the bottom it will most likely hit will seem quite minimal. Of course, the more ounces per fiat, the better, but... Which brings me to my next point. I remember seeing in one of Mike Maloney's videos about exiting that he does not only exit on the way up. In order to really catch the peak, he catches the spike on the way up, the peak itself, and then part of the way down. Because nobody can guess where the peak is, this does really seem to be the best strategy to take on. Likewise, you could use this same incremental strategy in other areas, too. For example, Silver Report's question to Sargeant Argent could be answered in the following way: We can try to find a point where we think silver should be. The best ratio point in my opinion is at least its historical and natural ratio, being around 16 (I say at least, due to all the above ground silver that has been consumed and the price finding mechanism kicking in). But let's go with 16 to 1. Using Mike Maloney's strategy, we could start to sell out in the twenties, sell out big around the 16 to 1 level, and keep some to 'speculate' with, as it should overshoot after being out of whack for so long (especially when considering some of the fundamentals). Likewise Stella, you could use the same strategy for trying to find a bottom here. This way, it's much harder to lose out.
So over the last couple of days... Gold down -3.5% Silver down -6.5% Platinum down -4% (Platinum has been falling steadily for a few weeks) Palladium down -6% WTI Crude down -5% Brent Oil down -8% AUS Dollar down -1.5% Looking at this, Silver will drop with everything else but wont severely drop like it did when it was in the high forties.. Has pretty strong support now I think. If there is a repeat of 2008 but even more severe then it may be a better idea to be holding Cash
I am currently hold that paper money, for all I know silver could drop like a rock next week. I am just playin it safe
those who shorted 49 will now cover for profit and triple buy and take to 43 again in a rush, then 8x short that to take it down very quickly. for the drop like a rock, we need it to be thrown upward first. springy silver prices
