Silver getting crushed today

yeah, that was cool

 

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According to the news, 8500 contracts were sold in an effort to cover margin requirements.

It's not those stackers .. just people who try to make money on which way the silver market is going. And someone lost.

 

$373 for a tube of ASEs at ProvidentMetals.

oops, now $374.20 as I type

 

What did you do???

 

So nothing to do with the price of silver. Just a matter of someone gambling with paper silver and losing. 8500 contracts is 8.5M oz so someone lost a lot of money there.

Wonder why there was a margin call in the first place. Was someone careless in the management of their paper account? At least the price came back almost to the same level. Changing margin requirement is how they manipulated the price down last time it went below $10/oz. When that happened I was able to buy several rolls of ASEs for around $12.

 

Say harry,you better keep your shorts on LOL!

 

Would that be naked silver shorts?

 

Let's say we have another rate hike and tax reform passes before the end of the year. Where do you see silver then or are those variables already priced in today?

 

The margins that are charged by the commodity exchanges and passed through to brokers to the holders represent the level of risk the commodities or sometimes the brokers feel is currently in the market. they feel there is a sweet spot of low risk for them when the changes in the price are narrow and within their prognostics. If the prices are slipping out downward, the margins increase. If they are jumping upward, the same , margins increase, as it moves out of the prognostics. Only when the price is rather dead in the water are the margins stable.

 

WOW !! current spot $15.57 the bottom is dropping right out !!

 

Answering the questions based on the specific actions and leaving out the politics involved, I do not think they are, as they are already priced in. Nor do I expect them, if they occur, to do so dramatically as silver is not the normal saving entity for those most likely to benefit from the two if they pass, but property, development companies, and big bankers would.

 

Well, I'm not complaining. Just picked up 40 ounces from APMEX at $0.79 over spot. And I bought through EBay so free shipping and was able to pay by credit card with no fees. By the time the bill comes in August I bet I cold sell at a profit!

 

Sounds win, win

 

been moving down alright ...

 

Not sure how much it,s going to fall but have been in since $16.42 OZ and since
I am a long term investor it,s ok that the price dips a little

 

Gold down $14 but only 1.1 percent compared with silver's 3 percent. Still not at my target buy price. Good jobs report, 10-year bond up to 2.37 percent, nice stock market jump. Nothing good there for PMs.

 

well I ended up coming in at just before noon yesterday and locking in at $16.57 for generic rounds and pushed the darn buy button. Now for a revamp in safe when they come I guess, I previously used airtites on all my rounds but I find they take up a bit of room,Has anyone ever tried using the food sealing machines on their coins?

 

I am guessing that the plastic which comes with the machines is not safe for coins and that anything designed for coins will be too small to work.

 

Good that you recognize it as a bet (gamble), though, and not a guarantee.

 

I just spent a little time trying to find out about the plastic that comes with the machine, but without much luck. There are plenty of heat-sealable plastics that are safe for coins -- Mylar would work great -- but that's probably not what they ship with the machine. Polyethylene is more likely, and that's probably safe as well, but doesn't block oxygen or other gases all that well. And if they use the wrong plasticizer when they're manufacturing the bags, all bets are off.

Also remember that when you're heat-sealing a coin into a bag, you're not only sealing out the outside air, you're sealing in whatever's already on the coin or in the bag. If I were in a trolling mood, I'd recommend thoroughly cleaning your coins and baking them dry before sealing them.