gold and silver to pop monday?

I have money in a Cyprus bank so good bye to 10%.

This action justifies keeping your "wealth" in PMs and other tangible assets.

The paradox is that all the conversation has concerned PM confiscation, the carpet has been pulled from under the populous!
 
I doubt it, if PIIGS cant cause it I doubt baby state Cyprus will start it.
 
I think this action justifies the actions of the converted, but will those on the periphery dip their toes?
 
It will likely pop denominated in Euro with EUR weakness. Would need to be a big concern for it to pop alongside USD strength.

Parliament voting in Cyprus has just been postponed so there will be uncertainty until Monday night or Tuesday...
 
I'm with Stella on this one , with the Eurozone as FUBAR'd as it is it will only take a relatively small initial event to start a cascade. There will be a lot of individual nervous Nelly's worried about their savings now already who will hit the banks ASAP
and with things already on a knife edge for smaller banks and investment companies in certain parts (Spain, Italy etc) the flow on effect or Contagion as Stella put it could very well have some quite dramatic effects.

MMMM 10% haircut in the bank, devalued Euro, or Gold/Silver safe and sound under the chook shed ??? How many millions would be asking themselves that question over the weekend ?
 
I reckon the price of PMs could just as easily head south initially if people rush to buy US dollars as a safehaven or alternatively head north for a day or two before getting smacked down by higher margin calls in an attempt to quash a PM surge. Hopefully I'm wrong and to da moon and all but I'm still adding to my stack tomorrow.
 
I agree. This will be seen by many as a EEC decision and will have a lot of people translating it to their own countries and banks. If I was in Italy or Spain or France or any of them I'd be cleaning my savings out of the bank and putting them ..... in gold is always safe.

The EEC and IMF have never been quite in touch and this exemplifies it.
 
This Cyprus story goes about a loss of 6 to 10%
Those that bought silver around $35, in september and november last year, paid 20% more than today.
That's two times the Cyprus story loss.
Something to think about, when talking about pops.
 
Pirocco said:
Those that bought silver around $35, in september and november last year, paid 20% more than today.
That's two times the Cyprus story loss.
Click to expand...

Hedge your stack. ;)
 
wrcmad said:
Pirocco said:
Those that bought silver around $35, in september and november last year, paid 20% more than today.
That's two times the Cyprus story loss.
Click to expand...

Hedge your stack. ;)
Click to expand...
Why attempting to hedge, if you can just not buy there?
To complain about JPMorgan later on, when their 'hedge' against your 'hedge' worked better?
 
Pirocco said:
Why attempting to hedge, if you can just not buy there?
Click to expand...
When hedging, it doesn't matter where you buy.
My average buy price for silver over the last 12 months after hedging is below USD$23 (gold circa USD$1200). Your last silver purchase was about USD$30 (according to your posts). Difference is 23% - more than double Cyprus.

Pirocco said:
To complain about JPMorgan later on, when their 'hedge' against your 'hedge' worked better?
Click to expand...
I have never complained - I manage risk. :)
You, however, complain a lot about manipulation.
 
infact, i think the eur will have an unprecented surge in demand as depositors clammer and banks have to fill their coffers with euros.

that will be the trade this week imo.

gold up $75 this week imo. silver will lag gold percentagewise but definitely clear $30.


edit: monday will probably be quiet, but when banks open tues... get set. eur will probably go down on monday as traders think the eur will get hammered after this... then tuesday the eur repatriation will be on.

thats all my crystal ball is telling me :)
 
Well it's got me worried. Currently overseas at present, has anyone done business with Ainslie bullion online? I think I might be going on a stacking spree.
 
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