$21 Silver
- Thread starter clubman
- Start date
Bernanke had a bowel movement, "Let's slam silver"
Crap... I'm going to need to buy those chickens soon.
Geez it would suck for a dealer to be waiting on a delivery from Perth Mint having already locked in a price a few weeks ago. Must be pushing some to the brink
willrocks said:
Depends on their business model as to whether they have a trading exposure or not.
Could this be what triggered it?
http://www.zerohedge.com/news/2013-05-19/silver-plunges-yen-stop-surge-triggers-margin-liquidation
http://www.zerohedge.com/news/2013-05-19/silver-plunges-yen-stop-surge-triggers-margin-liquidation
Silver slumped to its lowest level since September 2010, dragging other precious metals lower in a slide traders said was triggered by a move higher in the yen.
At one point, spot silver prices were down 8.8% at $20.303 a troy ounce, their lowest in more than 2 years. Silver traded recently down 3.8% at $21.42 an ounce.
Traders attributed the drop to investors selling silver to cover bets on the yen that had turned against them earlier Monday.
The Japanese currency strengthened against the dollar after Economy Minister Akira Amari warned that the yen could damage the country's economy if it continued to weaken.
Investors have large wagers that the yen will continue its decline against the dollar. As the greenback suddenly retreated to 102 yen after Mr. Amari spokefrom 103.24 yen at the end of New York trading on Fridaythese investors were forced to sell other assets to ensure they had cash on hand to cover potential losses, traders said.
"There was talk of perhaps there was some forced liquidation," said Chris Weston, chief market analyst at IG.
Silver is particularly vulnerable to this sort of selloff. The metal has fallen nearly 25% since mid-April and ended Friday at its lowest close since October 2010. Trading volumes were also low at the time silver fell, likely exaggerating the size of the move, Mr. Weston said.
Other precious metals were down as well. Spot gold fell 1.6% to $1,338.50 an ounce, platinum fell 1.4% to $1,433 per ounce and palladium fell 4.1% to $731.50 an ounce.
http://online.wsj.com/article/SB10001424127887324102604578493852531224868.html
At one point, spot silver prices were down 8.8% at $20.303 a troy ounce, their lowest in more than 2 years. Silver traded recently down 3.8% at $21.42 an ounce.
Traders attributed the drop to investors selling silver to cover bets on the yen that had turned against them earlier Monday.
The Japanese currency strengthened against the dollar after Economy Minister Akira Amari warned that the yen could damage the country's economy if it continued to weaken.
Investors have large wagers that the yen will continue its decline against the dollar. As the greenback suddenly retreated to 102 yen after Mr. Amari spokefrom 103.24 yen at the end of New York trading on Fridaythese investors were forced to sell other assets to ensure they had cash on hand to cover potential losses, traders said.
"There was talk of perhaps there was some forced liquidation," said Chris Weston, chief market analyst at IG.
Silver is particularly vulnerable to this sort of selloff. The metal has fallen nearly 25% since mid-April and ended Friday at its lowest close since October 2010. Trading volumes were also low at the time silver fell, likely exaggerating the size of the move, Mr. Weston said.
Other precious metals were down as well. Spot gold fell 1.6% to $1,338.50 an ounce, platinum fell 1.4% to $1,433 per ounce and palladium fell 4.1% to $731.50 an ounce.
http://online.wsj.com/article/SB10001424127887324102604578493852531224868.html