For the time being, it looks like it. Thats not to say the bottom is in. This could a temporary rally ($26?) before the REAL lows are put in later in the year. If its going to $20, lets get it over and done with I say.
A bank account is a sure loss, so all those that sold their silver during the past months, what now? The last that sold need a lower next bottom. So they need now others doing the same. And as per definition of a bottom, the last ones doing so give away their place in the buying order.
I believe there's a very strong probability that it may have. I made a large purchase at my LCS yesterday morning and right now (the 28.5 hour point) silver spot is five cents higher than it was when I made the purchase. This has never happened before. Never once in all time I've been stacking and never once after even one of all the buys I've made. Silver spot invariably drops like a bowling ball in an open elevator shaft right after every time I make a purchase. Onetime, I watched it drop a full dollar inside 45 minutes after I made an online purchase. It's not uncommon for the Kitco silver spot chart to look like the side view of a downward-running roller coaster structure in the time frame right after I make a buy. AND -- the bigger my buy, the bigger and the more violent the drop usually is. BUT....... This time -- nothing! Just a little bit of meaningless, typical up+down jiggling, but basically -- just sideways. To the tune of w/in 5 cents of unchanged at the 28+ hour point. This isn't just merely unprecedented -- it's bizarre. For silver spot to not drop after I make a buy (and yesterday's buy was probably my 2nd biggest buy ever), something has to be going on here. The Silver Spot God (sadistic old bugger that He is!) LOVES to see me get morose and depressed but it seems the old boy is definitely asleep at the switch this week. Something is positively going on. Don't know for sure if silver's finally, truly bottomed out, but this just possibly might be it!! If anybody wants to find out for absolutely, positively sure, send me a few thou. I'll do some more buying and we can find out what happens.
We could come to some sort of arrangement in the future. Whenever you buy silver, let me know and I will wait a few weeks to buy my silver and when I buy shares I will tell you and then you will wait a few weeks to buy exactly the same shares as me but at a significant discount.
This is great, because it's so true. I purchased 200 1 oz Buffalo's a few months ago, and the next two days, it dropped like $5 to around $23. But, my next purchase of 24 Kook's, 10oz coins, was at $22.34 spot...so, I have to agree with you! It's bottomed out! lol
Just bought 60 oz, want more need more, sell you crazy people, push the price down more, I will buy buy buy
From the Aus perspective silver was slightly cheaper today, but actually the value of the local rose against the USD. I bought some today.
What makes the kooks such a good buy? I have also noticed that when the price of silver goes down dealer premiums can go up so a falling spot price doesn't always mean cheaper silver.
Not really according to me. The sharp fall in the prices of gold and silver may have stemmed from the shift in market sentiment. I believe that the minutes of the previous FOMC meeting, the decision of Bank of Japan to augment its asset purchase program and the weak economic data on China may have also contributed to the tumble in gold and silver prices.
Is it just me or is it eerily quiet in this forum suddenly? Seems like everyone's waiting for the jobs report later. Maybe it's the calm before the storm.
I'm contemplating on the same issue here... It's trading sideways. This will end either in a spike or in a dip. We'll see... If it dips, it can't go much lower. If it climbs, it has a lot more to go!
Hmm. Jobs report is out: http://m.huffpost.com/us/entry/3401718 "U.S. employers added 175,000 jobs in May, steady hiring but below the more robust pace that took place during the fall and winter." "The modest gains likely mean the Federal Reserve will continue its bond purchases. The Fed has said it will maintain its pace of bond purchases until the job market improves substantially. The purchases have helped drive down interest rates and boost stock prices."
Just got an email from a friend of friend that works at an Investment Bank and it's totally official. Silver has bottomed.
