...and down she goes!

straight down
http://www.kitco.com/charts/livesilver.html

 

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Yikes



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Buy buy buy! Sell sell sell!

 

lost about $2 in the last half hour

 

Did it actually start where Kitco shows it as opening? Usually Sunday/Monday quotes are weird, since you had 30 hours or so to trend in one direction or the other. Without news triggering the drop, the loss was actually over the weekend, not just the last half hour.

Edit: I saw gold dropping too. The dollar must be rallying in Japan/Korea.

 

You're not alone. Even though my basis is around $8, I still feel a little sick to my stomach right now.

 

started at 22 and change went to 20 and change now a little dead cat bounce and probably another drop

 

this is going below 20 really soon

 

Probably, 18-19 is a possible bottom according to the technical analysis guys, 15 if that doesn't hold.

 

And melt on Morgans and Peace dollars stands at $16.15. My LCS was paying $13.50 each last week when melt was $18 plus. I'm thinking he'll be offering around $12 tomorrow and selling for $19 to $20 each.

 

Charting says $20.65 as bottom for today, actually. It should hold at $17 theoretically. That is the actual cost to extract a troy ounce of silver. At $15, it would make no sense to operate the mine.

 

20.65 was already breached, the low for today is 20.215 according to Forex or 20.23 according to Kitco.

Not many, if any mines will shut down operations at $15. Most silver is mined as a byproduct, for those mines it really doesn't matter. For primary silver mines its more important, but I'd still be surprised to see any shutdown at that price.

 

Or $10 if the $15 doesn't hold. Or $5.....

 

Lies Edited language- forum rules. It barely went under $21 at all. It's over $21 now.

 

I believe $8-9 would be next if $15 didnt hold, since $8-9 was the 2008 bottom. Not sure if there would be any resistance levels before $4-$5 if $8-9 was breached.

 

I hope everyone understands now what I have been saying all along-you are doomed! Gold at $50. Silver at $1. It's over guys! Metal isn't money! I used to say when silver got cheaper, I would buy some cheap silver ware. I've changed my mind. I'll make my plates out gold, my utensils out of platinum, and my table out of solid sterling .925 fine silver!

Silver is doomed!!

 

Squirrel!

 

Are you being sarcastic? $1 silver is not going to happen for too many reasons to list. Worst case scenario is $4-5, but I think that is even extremely unlikely.

 

Nothing really to stop it until around $18.50 or so, but right now you could probably get in for some short term upticks because it's horribly oversold at the moment. The only other time in the past 10 years that it's close to being this oversold was Sept. of '08, and that's when it began the climb to record highs.

 

I didn't mean intraday. I meant the price that shows up in the 90-day chart.

As for mining operations... it's happened before with uranium mines. I see no reason for pure play miners to continue operations at both an economic and real loss.