The usual up and downs---no one will get 'rich' on Silver, but it's nice to own a little bit if you can get it as cheap as possible (minimal premiums etc)...though I doubt it will end the year any higher than about $20 + an ounce...
It just goes to show how the price of PMs is manipulated in foreign markets. Ever noticed the prices always rise when the US market is closed, then adjust back to normal soon after the US market opens? Buy on Friday afternoon, sell Monday morning.
The action doesn't necessarily indicate foreign manipulation. When the U.S, which has the huge PM ETF funds such as SLV and GLD, and the large commodity exchanges in NY, and probably the largest commercial bullion exchanges, the manipulation ( or 'correction to norms' ) may actually occur in the US. It is useful to visualize a 'universal world wide spot price' that is exactly the same over the whole world at the same moment,but it will not be, until physical metal can be delivered instantaneously upon depositing your dollars, ( Startrek transporter )
I find it useful to visualize Lizzy Borden flanking me with a cat o' nine tails when I start day dreaming of riches in silver. It keeps me from over paying.
Today's graph looks like something to me. What it looks like is one major player putting up a huge buy order followed by the market being able to absorb it after a while. But since it was in all metals, it may be a huge dollar sell order, or a piece of market news that later was retracted. You certainly don't see this pattern every day. It's a "flash crash" turned upside down. Since the first of the month does start a new set of futures and options, maybe somebody wrote an option with a scary high strike price. I doubt we'll ever know with certainty.
If it had been a spike of $50, I might wonder, but it's ONLY 50c!!! If I had 10 million ounces, I might have said, "Cool!" Chris
It could have been a nervous investor or a metals fund manager buying back to cover a short position.
Nothing new Revi, after reading many of your post. Revi you come across as someone that wants Wal Mart Prices for PM's and the problem I have with that is, if you do want to own physical Silver or Gold or PM's in general is, why be out the game for prices that will not reflect the high prices down the line. I am not sure why you are looking to buy when you may as wait then for 2006-07 lows to happen in the future and just stay out. As I have said before no way to know for sure if 2006-07 lows will happen so I am in and will work the average. 2006-07 Lows are highly likely to happen for how long I would think a few years at least.
