Dropping Nicely
- Thread starter SilverSale
- Start date
Pirocco
Well-Known Member
Your post contains only statements and not any explanation.SilverSale said:Sooo... the longterm uptrend was pierced end of February - we're now starting to see the full effects of that.
Where to next?
First stop likely low 20's, then expecting a bounce - then *likely* a further wave down.
Some reasonable downside to come in my opinion. (not to be taken as investing advice)
Enjoy!
Abit hard to enjoy it then.
fiatphoney
New Member
Greenman said:
Rednecks unite, back up the truck, and see how far under water you can hold your breath.
silvermernda
New Member
wholly crap a moli???whats going on with silver !!! Crazy
Pirocco
Well-Known Member
The chain of reasons starts with gold.
If I would take an educated guess, I'd say that some gold owners on the futures market finally started to dump their positions:
http://finviz.com/futures_charts.ashx?t=GC&p=w1
Notice how their position (green line, data last updated wednesday before this price drop) still is twice its bottom on 2008).
They are dumping silver positions with it, only that there they already sit since 2 weeks under 2008's bottom
http://finviz.com/futures_charts.ashx?t=SI&p=w1
There are two questions: the degree at which other market segments sell (panic?), and the duration that this lower price level lasts.
$50 lasted a couple days. It was also never revisited since. The same applies to the other side of the swings.
The higher the price, the more silver is needed to be bought to keep it there.
The lower the price, the less silver is needed to be bought to keep it there.
During the past months, a part sold silver. What did they do with the fiatmoney? Did they buy something else (what?) or did they keep the fiat to try to buy more silver? It's not like that the crisis is over.
For my personal case in this, I can't buy silver now, I did it when spot was $29. If this price level or lower lasts longer than a month, I can benefit from it. If it doesnt, well, bad luck. It would be only a few % of the silver I already have.
For those that intend to sell now or in a near future, it might be less good news.
If I would take an educated guess, I'd say that some gold owners on the futures market finally started to dump their positions:
http://finviz.com/futures_charts.ashx?t=GC&p=w1
Notice how their position (green line, data last updated wednesday before this price drop) still is twice its bottom on 2008).
They are dumping silver positions with it, only that there they already sit since 2 weeks under 2008's bottom
http://finviz.com/futures_charts.ashx?t=SI&p=w1
There are two questions: the degree at which other market segments sell (panic?), and the duration that this lower price level lasts.
$50 lasted a couple days. It was also never revisited since. The same applies to the other side of the swings.
The higher the price, the more silver is needed to be bought to keep it there.
The lower the price, the less silver is needed to be bought to keep it there.
During the past months, a part sold silver. What did they do with the fiatmoney? Did they buy something else (what?) or did they keep the fiat to try to buy more silver? It's not like that the crisis is over.
For my personal case in this, I can't buy silver now, I did it when spot was $29. If this price level or lower lasts longer than a month, I can benefit from it. If it doesnt, well, bad luck. It would be only a few % of the silver I already have.
For those that intend to sell now or in a near future, it might be less good news.
mmissinglink
Active Member
There's nothing surprising about this fall. It's a great opportunity for some of us to buy,
mike titanic
New Member
I agree with the missing link.I have bought alot of ag and au so far this month.I still have some dry powder,but I might see if it approaches $21us before I go all in.
I guess it depends how exposed to silver you already are as to whether or not you enjoy watching it drop over 10% in less than two days.
I'm enjoying it!Pirocco said:Your post contains only statements and not any explanation.SilverSale said:Sooo... the longterm uptrend was pierced end of February - we're now starting to see the full effects of that.
Where to next?
First stop likely low 20's, then expecting a bounce - then *likely* a further wave down.
Some reasonable downside to come in my opinion. (not to be taken as investing advice)
Enjoy!
Abit hard to enjoy it then.
The charts have been pointing to this drop for months, and all the while permabulls have been poo-pooing T/A for the suggestion.
Today has been my most profitable day for 12 months, and my trading account balance has been ticking up faster than Swannies deficit.
Bollocks to fundamentals. :lol:
+1 , silver seems to forming a nice trend channel I just added some more short positions @1453 and 2490, sell the rallyswrcmad said:I'm enjoying it!Pirocco said:Your post contains only statements and not any explanation.SilverSale said:Sooo... the longterm uptrend was pierced end of February - we're now starting to see the full effects of that.
Where to next?
First stop likely low 20's, then expecting a bounce - then *likely* a further wave down.
Some reasonable downside to come in my opinion. (not to be taken as investing advice)
Enjoy!
Abit hard to enjoy it then.
The charts have been pointing to this drop for months, and all the while permabulls have been poo-pooing T/A for the suggestion.
Today has been my most profitable day for 12 months, and my trading account balance has been ticking up faster than Swannies deficit.
Bollocks to fundamentals. :lol:
thatguy, the shorts are making the money
Applaud you for trading the market & not listening to the crowd (white noise).
Applaud you for trading the market & not listening to the crowd (white noise).
Had the bounce! I think we should now be pretty much due for our next leg down....