gold and silver both DOWN - 5/8/2012

[DEGuy]

Starting to think we could hit $25 silver. Anybody know what's going on?

Could be a couple things:

1. Someone selling a lot, and triggering other sell orders.
2. European banks hedging the euro by buying more dollars, thus making PMs less expensive
3. Conspiracy by the central banks to manipulate the market and make PMs look like a bad investment to anyone looking to put their euros into a non-fiat currency.

 

[Appalachia]

Now that there is some trouble in the financial world (that Spanish bank for example), is it now a good time to buy?

 

[Domalais]

As late as 2009, silver was trading under 10 dollars an ounce...compared to ~30 now:


This could be part of a big correction...

The PM bugs will ignore you. They think that parabolic changes are sustainable.

 

[Appalachia]

Well I just bought some silver

 

[kuckfeynes]

I have a hunch this summer is going to be very interesting...

 

[Zippyjuan]

Economic theory according to Blood Sweat and Tears:

 

[JWZguy]

I hope it doesn't anger anyone to point out that Bitcoin is holding steady above $5.

 

[xFiFtyOnE]

Silver eating it again this morning. This has been a long dip. Deflation before hyperinflation anyone?

 

[ctiger2]

This has a long long long way to go to playout. Silver could easily be sub $20 or even $15 again. For those not aware of Martin Armstong, he has a proprietary charting methodology that proves to be quite accurate. Martin's recent piece: http://www.martinarmstrong.org/files/Gold Outlook/index.htm

Gold is still pointing to high volatility in August and a major turning point in September, which should be the most important this year. The monthly Bearish Reversal still lies at 1465.7 and a monthly closing beneath that level could send this market down to 1158.9 at the most extreme. Ideally, we should just fade last year’s low at 1310. With gold making a pause in the uptrend at this time, we are extending the cycle long-term point to the record highs after 2015.75. The Monthly Bullish Reversal stands at 1924.30 and unless that is exceeded on a monthly closing basis, then there is no hope of avoiding the retest of support

If/when Gold hits these lower targets, Silver will fair much much worse. This will be a massive shakeout of longs. Stay the course. We know the endgame. Use dips as buying opportunities to keep accumulating. I would welcome $15 silver with open arms.

 

[Arklatex]

I just bought some kookaburras, pandas, mooses and a buffalo.

Lord Help me.

Obviously I'm hoping $27 spot silver is the floor.

 

[Steven Douglas]

I just bought some kookaburras, pandas, mooses and a buffalo.

Lord Help me.

Obviously I'm hoping $27 spot silver is the floor.

I'm hoping silver hits a $1 spot floor. $.50 cents would be better. I figure what the hay, I've got spare room.

 

[Brian4Liberty]

Could be a couple things:

1. Someone selling a lot, and triggering other sell orders.
2. European banks hedging the euro by buying more dollars, thus making PMs less expensive
3. Conspiracy by the central banks to manipulate the market and make PMs look like a bad investment to anyone looking to put their euros into a non-fiat currency.

I heard a report that the Indian government has taken steps to discourage the purchase of gold.

 

[Brian4Liberty]

This article says that India increased the import duty on gold:

Jan-to-March this year saw import duty on Gold Bullion quadrupled.

http://goldnews.bullionvault.com/gold-price-052120122

 

[Acala]

I heard a report that the Indian government has taken steps to discourage the purchase of gold.

I think they imposed a tax on certain transactions in gold but there was an outcry and they pulled it. That is my recollection.

 

[Acala]

I'm hoping silver hits a $1 spot floor. $.50 cents would be better. I figure what the hay, I've got spare room.

I'm certainly no expert, but it seems to me the dollar has a boost coming when the eurozone bites it. People are already buying German bonds at 0%. So if the dollar does surge (I hate that word now. The MSM ruined a perfectly good word for me) that might be a time to scoop up PM bargains. But it could be a year down the road. Maybe more. And during that time our own Central Bank may so impair the dollar with QE infinity that it doesn't matter.

Comments?

 

[Steven Douglas]

I'm certainly no expert, but it seems to me the dollar has a boost coming when the eurozone bites it. People are already buying German bonds at 0%. So if the dollar does surge (I hate that word now. The MSM ruined a perfectly good word for me) that might be a time to scoop up PM bargains. But it could be a year down the road. Maybe more. And during that time our own Central Bank may so impair the dollar with QE infinity that it doesn't matter.

Comments?

My exact thoughts. Eurozone implosion results in a temporary tidal wave that pushes up the dollar (as everyone jumps to the slowest plummeting free-faller). Ride it while you can, because what only appears to go up will continue to come down relative to the real floor, QE or not.

 

[Dark_Horse_Rider]

tomorrow . . . silver . . .

anyone see anything ?

 

[DEGuy]

I heard a report that the Indian government has taken steps to discourage the purchase of gold.

The value of their currency is in a constant state of deflation relative to most other major currencies, and especially gold. If I were in India and wanted to preserve wealth, I'd be buying PM's also. No wonder the government wants to intervene.

 

[xFiFtyOnE]

Silver needs to go LOWER! Buy, buy, buy!

 

[Original_Intent]

What makes you think Mitt can stop the on coming train any better than Barry?

If Mitt wins the stock market will have a hope and change rally.