Silver trading at $26

[cubical]

and change...

Definitely some margin calls and stop loss orders pushing it further. Someone must really need liquidity. Possibly has something to do with a bank that is preparing to eat a huge loss on Greek bonds? I don't know, I am just thinking out loud.

 

[cubical]

$25

Could get to 20 this week. Would be nice

 

[cubical]

Why am I the only one up watching this? This is an epic move. Down nearly 20% in 6 hours.

 

[squarepusher]

 

[billjones]

I'm watching. Still waiting to pull the trigger.

 

[american.swan]

Speaking of strange moves. Fiat Korean won went form 1075won/$ to 1196won/$ in an extremely short period of time. Supposedly, some foreign investors were exiting the Korean market. I heard on the radio the Korean central bank was "selling dollars". I'm not sure what's going on.

This is just after banks were expecting the Korean won to go keep strengthening.

 

[eric_cartman]

i'm watching... pretty crazy drop.

i couldn't really care less though... i'm not selling what i have, and i'm not buying any more, so it's pretty irrelevant. i guess it's signaling another deflationary crash... but i know that the government's will inflate out of it eventually... so this economic collapse is just doing its thing

 

[Brian4Liberty]

Almost back to $28. It's a rollercoaster...Time for some lowball bids....

 

[James Madison]

I would buy if it dips below $20, which looks probable.

 

[Brian4Liberty]

We're almost at a 50% correction in a few days. That's usually worst case correction. Hard to imagine it going much lower. We shall see.

 

[_b_]

Almost feel silly for locking in a price on Friday, but in the long run it won't matter. If this volatility doesn't involve a good upward swing before morning it might be good to order more.

 

[swissaustrian]

This could go down right until 20.
Tommorow is options expiry, either somebdoy "fixes" the price arround 30 or silver goes down in a straight line to the next big open interest (25 or 20).

 

[jct74]

Shanghai Gold Exchange Hikes Silver Margin By 20%
Submitted by Tyler Durden on 09/26/2011 03:51 -0400

Wondering what caused the dramatic plunge in gold and silver earlier? Wonder no more: the CME's counterpart in China, the Shanghai Gold Exchange, decided to follow through with an identical, if more substantial, action to that undertaken by the CME on Friday, and announced an increase in the Silver T+D contract margin from 15% to 18%, a 20% bump; the SGE also noted an increase in the price range limit from 12% to 15%, which will be promptly fulfilled, as margin hikes traditionally tend to lead to a sudden spike in vol, contrary to well-meaning expectations. There was a second announcement, slightly more cryptic one, noting that if volatility were to persist, the SGE would outright halt silver trading (although the Google Translation of this previously unseen form announcement is a little sketchy). Expect to see more exchange intervention in precious metals today. Regardless, those who bought silver 15% lower a whopping, oh, two hours ago, courtesy of the out and out sheer panic, are quite grateful to the Chinese.

http://www.zerohedge.com/news/shanghai-gold-exchange-hikes-silver-margin-20

 

[puppetmaster]

This actually makes me very aware that we are on the precipice of a very large financial disaster very soon....too bad as I am not ready yet for this occurrence.

 

[nobody's_hero]

This actually makes me very aware that we are on the precipice of a very large financial disaster very soon....too bad as I am not ready yet for this occurrence.

Yeah, same here. I hope it holds off until I graduate next summer.

 

[Bossobass]

I haven't found any news that makes any sense of this. Margin hikes, Schmargin hikes. 50% in 3 days.

I sold high and I'm waiting for the bottom to buy low, so I'm eternally grateful for the magnitude of the drop, but there really is no reason that silver should fall this far, this fast in this global meltdown environment. Silver should be $65/Oz, not $25/Oz, regardless of the paper trades bullshit.

Bosso

 

[billjones]

I haven't found any news that makes any sense of this. Margin hikes, Schmargin hikes. 50% in 3 days.

I sold high and I'm waiting for the bottom to buy low, so I'm eternally grateful for the magnitude of the drop, but there really is no reason that silver should fall this far, this fast in this global meltdown environment. Silver should be $65/Oz, not $25/Oz, regardless of the paper trades bullshit.

Bosso

What's your target for silver bosso?

 

[Seraphim]

Agreed. If silver keeps going down, a few billionaires will simply say 'Holy smokes that is a mega value investment - 50 million ounces please".

If it keeps dropping, within a few days you will not be able to get any physical - none. Wait times will be in the months.

I haven't found any news that makes any sense of this. Margin hikes, Schmargin hikes. 50% in 3 days.

I sold high and I'm waiting for the bottom to buy low, so I'm eternally grateful for the magnitude of the drop, but there really is no reason that silver should fall this far, this fast in this global meltdown environment. Silver should be $65/Oz, not $25/Oz, regardless of the paper trades bullshit.

Bosso

 

[Lovecraftian4Paul]

What an eye popping shift. Anything below $30 is a bargain, and silver going under $20 is irresistible.

 

[devil21]

I really can't see silver dropping another $9 to $20. There's a point, which I think is pretty soon, that all the sellers are out of the market and it's all buyers left.