Silver getting crushed today

Discussion in 'Bullion Investing' started by Soiled, Apr 1, 2016.

  1. longnine009

    longnine009 Most Exalted Excellency

    According to wikipedia it's Gung-ho. But they show Nitpicking as one word.
     
    Last edited: Aug 14, 2019
    -jeffB likes this.
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  3. Kevin wu

    Kevin wu Well-Known Member

    I just purchase my ASE monster box at 18.80 per oz , for $17 oz still good time to buy . He will regret when silver up to $ 30 next year.
     
  4. fretboard

    fretboard Defender of Old Coinage!

    Say it ain't so Joe! j/k :D So true, so true! laughhard.gif
     
  5. Prez2

    Prez2 Well-Known Member

    Well, I consider it to be distrustful to try and shank somebody like that. I'd expect a trustful answer when asking what it is worth. Not what I got.
     
  6. itm389

    itm389 Member

    What a healthy close to the week with gold and silver. Next week should be interesting.
     
  7. princeofwaldo

    princeofwaldo Grateful To Be eX-I/T!

    I don't think $20 an ounce before the end of the month is unreasonable. The market has been pushing on a spring since July of 2016. When this market finally catches up to $20, the momentum could easily take it very quickly to $30 and beyond.
     
    Terrifrompa likes this.
  8. itm389

    itm389 Member

    Would love to pick some dealers brains and see if they have been seeing an increase in buying at their shops. Any dealers on here see lots more people buying?
     
  9. desertgem

    desertgem MODERATOR Senior Errer Collecktor Moderator

    Keep in mind that isn't being driven by positive value or seemingly long term changes. It is going up because the markets are going down ( and we can't discuss why due to the rules against political discussions ). Of course those that involved in selling it, tout that it is just starting to ascend, but if that's the case, why would they offer it at all?
    The situations can be changed/returned to previous levels faster than it has come to this. One should keep the underlying reasons in mind. It tends to go down faster than up, IMO, Jim
     
  10. itm389

    itm389 Member

    IMO metals are going up because we are facing a global economic slowdown. All the political crap is just a scapegoat for the real reason why we are seeing an increase in prices. I have studied technical analysis with charts and a lot of the time prices are at a major support or resistance level facing a major move. News is publish that could possibly affect the markets and the movement in price is accelerated. If you look at the charts you would see it before the news is published most of the time. These are scary times for people and see metals as a hedge to keep their wealth.
     
  11. fretboard

    fretboard Defender of Old Coinage!

    Yep! True dat! :D
     
  12. princeofwaldo

    princeofwaldo Grateful To Be eX-I/T!

    Charts are great for analysis provided one takes a long enough view. In the case of gold and silver, the best hands-down being the Bullion Vault 20 year view:

    https://www.bullionvault.com/gold-price-chart.do

    To even the casual observer, it was nearly impossible to miss the strong resistance in gold at $1,365 but anyone paying attention knew once it was convincingly taken out there was little resistance until $1,500.

    I would venture to say by that same analysis, the great resistance for silver is around $21 an ounce, and once breached there will be a steep ascent to the mid-30s before consolidating.

    I won't venture to guess when that might happen, could still a be a few years away. But with competitive currency devaluations in a race to the bottom, anyone thinking the next big move for metals is down is likely to be left out of the biggest rally of their lifetime.
     
  13. itm389

    itm389 Member

    Take a look at the gold chart where we closed this week. We are slightly above the support that was tested with wicks several times in 2011 and 2012. If we can get up in this range and stay for another week and close it should be real nice for gold. This same area for silver is around 26 bucks. I think we will see that range shortly at this rate. Gonna cash out some profits there if we get to it.
     
  14. desertgem

    desertgem MODERATOR Senior Errer Collecktor Moderator

    Everyone has an opinion, but few gold bugs from the last 2 booms ended up with any great bounty, because they could Never bring themselves to sell their "precious" at any price level ,always following those who said " To the Moon!!!" and the rocket Always Fizzles sooner or later. But maybe this time it will go forever. IMO, Jim
     
  15. -jeffB

    -jeffB Greshams LEO Supporter

    Yep, it's a set of indicators that's unmistakable and foolproof -- in hindsight.
     
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  16. itm389

    itm389 Member

    How do you think traders make their money? They see in the charts where price will go before a move happens. Its not just gambling. Its called technical analysis.
     
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  17. princeofwaldo

    princeofwaldo Grateful To Be eX-I/T!

    Less a case of gold's upward potential this time, than the US dollars certain eventual destruction. I will concede however, that the dollar's resilience long-term is something historians a millennium from now will still be struggling to understand, since the paradigm of the dollar as the world's reserve currency should have already failed. To the extent that central bankers are able to act in a cohesive orchestrated fashion much like they did in 2008 and 2009, I suppose the supremacy of the dollar will continue. But at some point other less benevolent governments (read China, Russia) will act unilaterally to restore monetary order in their own realms, and the likely outcome will be a world less dominated by the US dollar as a reserve currency. Once that happens, you don't want to be anywhere except in precious metals, as the return to fiat monetary stability will likely be at least a generation away.
     
  18. Johndoe2000$

    Johndoe2000$ Well-Known Member

    Or...educated "guess".
     
  19. Nathan401

    Nathan401 Quis custodiet ipsos custodes? Supporter

    Sweet! Everyone always wins then!!
     
  20. princeofwaldo

    princeofwaldo Grateful To Be eX-I/T!

    All else being equal, only have to be right 51% of the time to win in the bigger scheme of things. The entire premise of technical analysis is this: The past price performance follows a pattern and is not totally random. And if it follows a pattern, you can trade against it and make money. The challenge is not going all-in on a hunch then having the market move against you, then exiting the market in panic.
     
  21. -jeffB

    -jeffB Greshams LEO Supporter

    The problem is that human beings excel at spotting patterns even where none exist.
     
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