SILVER - Call the Top

Well silver do not hit $50. It came close when it hit $49.85 according to Kitco.com but close does not count. As expected, silver got smacked down today from that high of $49.85 and finished just under $47 ($46.98 at COB Monday). Silver will continue to get smacked down and I think that we will see the lows that we hit earlier this year.

 

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I am in the go down before 50 group....just fell 3 bucks (buy more silver, but not now!)

 

I have been saying that it would top $50 and then take a dive as I expect that to be a selling point for lots of people holding. So it looks like the smart ones jumped ship just before the dive and then others followed. I still think it will surge over $50 this week but then it will start falling. Most of the people that will be left holding $50 silver when spot falls to $25-$30 will be these late investors that bought into all the frenzy and bullish talk in the past few months. I think lots of small investors will lose money. Hopefully they stayed diversified despite rhetoric. With the possibility of great gains comes the possibility of great losses. I sold at $30-$40 and I am happy with my decision, and I will start buying back in at $25 when it gets there in a couple of months so that I can hold as it take a more tedious rise. Of course this is all my opinion.

 

Oh well...missed it by 13¢...there's always the next bubble.

 

There is no chart for what is happening now. The closest approximation is lodged in history books on the Weimar inflation. That cycle saw families starve to death en masse in Germany. A long time coin dealer I know said this : "In the last depression there was plenty of food and no money....in the next one there will be plenty of money". Tom's Coins in New Bern N.C. . Smart as a whip, and a long time antique dealer. Scared me into buying lots of small denomination silver. There will be no top for the precious metals market, folks. Buy some when you can and hold fast. A box of Cheerios is almost four bucks. Just grain and a cardboard box with print on it. Imagine if it were important- like real food or oil based anything. This period gives me pause like nothing I have ever read or heard except the Potato Famine in Ireland where they had forty of 100 persons starve there. Spooky stuff. Be very afraid for your lives.

 

Yeah did not think that silver would hit $50 to begin with. I still do not think that we will see $50 at all this year. As I type this, silver is getting smacked down again. $46 was broken on the downside. Currently at $45.95 as I types this. I think that $45 will be taken out after NY trading starts tomorrow morning. We will see what happens. This silver run was too far too fast and so it was no surprise to me that it would get smacked down. I think that silver will hit the lows that we saw earlier this year. I think that will revisit the lows sometime this Summer. We will see how this unfolds.

 

When Soros makes a vast dollar short sale, it might be near .

 

Silver might just surprise us all with prices going north of 100 dollars by the end of the year. But what do I know, I am just a poor missionary?

Over the centuries silver (and gold) has been the backbone of all really stable economies, so if the U.S. wants to change our economy to a successful one maybe we should start "minting" our dollars (out of silver of course) instead of "printing" our dollars!!

But then again, "what do I know?"

Adios from South of the Border, Juan

 

Here is a link to an article and its comment about APMEX buying back silver. http://www.zerohedge.com/article/ap...s-buy-any-quantity-silver-clients-3-over-spot

 

Between APMEX buying over spot, Soros shorting the dollar (considering his past impact on the British Pound), the current dollar index at recent lows about to break below 73, and $49 silver.. maybe today will be the day it breaks $50?

 

My vote is with Chip, but I think the settling price will be around $55!

 

I'm going for October 3rd of this year at 12.36 pm. $86.28 an ounce. If really pushed to the wall, I would go for $86.29 an ounce.

 

Thats a pretty exact number. How did you come up with that? lol

 

Hey, if you can't make an exact prediction, your model's no good.

Note: this is not meant to imply that, if you can make an exact prediction, your model is any good.

 

Lol, dang man, you almost got me in trouble at work I laughed so hard.

 

Hard Liquor. :goofer:

 

This time next year -
Silver $300
Gold $6,000

 

Blast from the past