Silver just dropped $1.29! Let's see how it goes from there... Just warning you, though: be prepared to sell, just in case... Gold is also down, but by $7; Platinum and Palladium are also both down by $6.
There is a whole day of trading that has to be accounted for. My thoughts are the profit takers hit early this am because of the US market being closed Friday. It has come back to almost it's starting point and it's not even noon yet. It's not over until the singing is heard. Then the towels will come out to either wipe away the tears or remove the sweat.
Sounds like a good assessment. I haven't seen anything else I can pin it to. The dollar didn't all of a sudden strengthen did it?
From $49 to $46 back to $48 and $47.50, it looks like we're consolidating back to the international close on Friday. I did a little digging and found this link which indicates that volatility tends to be a sign of a reversal. My opinion is that the volatility is due to the long weekend and so many traders sitting on the sidelines longer than they would have liked, but food for thought nonetheless. http://fxtrade.oanda.com/learn/technical-analysis-for-traders/bollinger-bands/reversal-signals
The dollar index is currently 74.05 which up marginally from the daily low of 73.81. Maybe breaking above a whole number like that is motivation for some, but it seems rather insignificant IMO to be driving silver's behavior. As others have said, I think the coming days after the FOMC and Bernanke's subsequent press conference will have their share of impact. The days prior to that influence (today and tomorrow) will tell the tale of whether or not there is merit to a correction, or if its just the result of a long weekend, as we see things shake out after the initial open.
I wouldn't be too concerned. If you bought at $4 or $14 or $24 or $34 or $44, you are still up. Don't sweat an intraday fluctuation.
It's right back where it was on Thursday. Just like nothing happened over the weekend. I did predict $50 last night, and was only 40 cents off. http://www.cointalk.com/showthread.php?t=170976&p=1164386&highlight=#post1164386 Thought it would be early and then drop off. I guessed right.
