Nice Drop Today

Ummm, I'm pretty sure this is related to Bullion Investing.

 

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Are you buying specific etf to trade in that space?

 

Nope. I am not buying at the moment. I wanted to buy some silver art bars this weekend but I am low on cash at the moment but the good news for me is that payday is next week. Hopefully I can find some silver art bars next week but I will not hold my breath on that. I am sure that dealers in my area are cleaned out after this drop in silver. They usually are when silver drops this much.

 

It's a joke.
Click on the bullion investing section and look at the absolute cluster of ASE 25th Anniversary threads. The first page is almost entirely made up of ASE threads, because for some reason we needed 50 threads on a single set of coins.

 

Check out BIV. To protect assets I have in the market I have personally been selling out of the money covered calls.

 

I'm buying the dip... just not yet. It will go down more. I'm waiting for $28.45 or so... it should hit $27, but I don't want to risk it.

 

Seems like I always end up waiting just a little too long then have to kick myself. Not waiting on this one and I don't think this dip will go down much more.

 

http://www.kitco.com/reports/template_jimw.htm

Chart Silver 1.

Silver broke support today.

 

I'm still stacking with my small resources. I'm hoping it stays at least this low till payday next week!

 

Short term support yes, but not the long term bull trend. I am looking at gold as the barometer and assuming silver will follow even if its long term trend does end up getting taken out. The giant gold market is much more difficult to coerce. The silver market is tiny and could be bought up in its entirety by a number of different billionairres if they wanted to.

 

Billionaires would have no reason to prop up the silver market given how harsh the penalties were for the Hunt brothers with silver in the 80s and Hamanaka in the 90s. It's simply not worth it. Virtually any actions that drive up the price of an industrial metal are pegged as manipulation.

As for the "short term support" aspect of your post, my posting of the chart was directly in response to the comment that silver would bounce back immediately. We're seeing a small rally in Asia right now, but once Hong Kong closes, that will likely reverse since Asia didn't pierce $32.60. If LME doesn't pierce $32.60, it's unlikely to support the $32 psychological support line. That would mean we'll see $31 psychological support retested today during the NYMEX trading session.

Until the numbers dictate otherwise, I insist that we'll see $28 silver before we see $35 silver.

 

Some nice silver pickups for me over the last few weeks, at about 2/3 melt price ...

 

If an party somewhere in Asia bought up all the silver on the NY market, exactly which police force is going to enforce any penalties? This isn't the 1980s.

 

Well, I bought most of it in the mid-1990s or got it for free from my grandmother. I had a number of well circulated Morgans, Franklins and a complete circulated Roosevelt set and, after much thought, decided I wasn't emotionally attached to these anymore and I could cash them in to help fund purchase of keys and upgrades for series I like more (IHC, Lincolns, Liberty Nickels, etc.)

I almost cashed in my Washington quarter set (minus 32-D and S), but changed my mind since I still enjoy having that complete set.

Now, I'm on the hunt for some good buys on a 1912-S Liberty Nickel, 1909-S and 1914-D Lincoln.

 

Very true. I was not suggesting that somebody would do this, merely that it could be done, in order to accentuate how easy it is for silver to be swayed in comparison to gold which is why I use gold as the barometer. I do not think silver is going to bounce back just yet as well. Although apparently it could depend on what happens today in the Shanghai markets.

http://af.reuters.com/article/metalsNews/idAFB9E7M700420111118

The other support line I am watching is around $33.60. I believe that's the fibonacci retracement level from the recent low.

 

I actually did come up with enough cash to buy two silver art bars this weekend. I had more cash than originally thought. I bought two 1-oz Coca-Cola silver art bars at a local flea market earlier today. I paid a total of $86.00 for those 2 Coca-Cola bars.

 

The fact that they are popular Coca-Cola bars justify's the premium. I can imagine they look really nice in person.

 

They do look nice in person. I am happy with those 2 Coca-Cola silver art bar purchases. Believe it or not, the $43 dollars that I paid for each Coca-Cola bar at the local flea market is cheaper than the current ebay prices for those same art bars.

 

Like in High school I always heard, "do you have any spare change"?

 

It's one of those bullion bars that if, you catch a dealer sleeping, you can swipe for a couple dollars over melt. I picked up some engelhard bars from a dealer's scrap tray for a couple dollars over melt. I can easily sell them on eBay for a much larger premium.