Somebody pulled the plug on PMs again...

Totally agree. I don't suppose anybody knows how much until margins cannot be raised any further? I thought it was 100%, but between the 84% hike on silver in May and the 16% hike today silver is at exactly 100% on the year.

 

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The CME makes the rules in their casino, so margin hikes are not something I would consider manipulation. Naked shorting is something I would. Just ask the CEO of SilverCorp.

 

If you have the same luck I do with my metal detector, the price of PM's aren't as important as the price of beer bottle caps.

Just kidding of course, I enjoy going out with mine and actually did find a nice Mexican silver ring on my 4th outing this summer. No silver coins as of yet.

 

No need to scream. Yes people are tossing their money into cash. Federal Reserve Notes to be exact which is a commodity which can be created out of thin air and has no limit on quantities. As as illogical as this sounds, this is what people do who don't understand what is going on which is 95% of the market out there.

For gold and maybe silver buyers, this is another buying opportunity. Gold is still up since July which you can't say about much else. Sure they are going to knock it down. Europe is currently melting down and the non-US press is putting a lot of time into covering it. Next month if something like BAC goes bankrupt, you will see the money flowing somewhere else.

I've said before on this forum that you should only take on PMs with a long view. Gold will go back up. The math can't be denied.

 

Hmm, another interesting morning coming in PM, and copper may hit $3 by the end of the year. I would not buy any metals until I saw a nice resistance. Darn Asians and Indians just aren't buying tonight

 

Hey, it may be coming back, up $0.43 off 26.63 at 27.06! Or, is it a "dead man bounce"?

 

And the rout continues. We may see $20 silver yet...

http://www.reuters.com/article/2011/09/26/markets-precious-idUSL3E7KQ06W20110926

 

Boy, at $20 an ounce, I would go heavily long paper silver in my retirement accounts. That might be the hard floor as old resistance levels on the way up, often turn into support levels on the way down.

There is some good support around $27 though, that was a secondary resistance level on the way up on the first big pop in the Fall of 2010. Will that level hold?

 

Not only that, but 26 and some change is the 61.8% fibonacci retracement level from the high in May (according to EndlessMountain on YouTube) which should provide additional support. This is also the level that Clive Maund predicted silver going down to, and he did call this downturn. It looks like silver may be finding stability around the pyschological number of 30.. at least things seem to have stopped freefalling for the moment.

 

interesting info on the fib. retracement ... thanks for posting that