Silver closed (for the week) at $35.29...up 0.18 cents today. http://silverprice.org/silver-price-history.html For the week, silver was up from about $31.20 (I cannot seem to find a site that lists daily closes over the past year) to today's close of $35.29 - a $4.08 rise. About a 13% rise for the week.
Silver is slightly overbought at the moment as is Gold. There was a sell-off on the Asian markets last night and this is continuing tonight. My guru Clive Maund states that the drawback will continue until we get to $33.50 for Silver and $1705 for Gold (Gold is $1709 as we speak). Regardless of how this week pans out, the long term outlook for the metals is still bullish especially as the currencies continue to be devalued.
I shall read this Clive Maund. I am ALWAYS looking for new information. Well, all I know is the Japanese decided enough was enough after the Yen hit a post WW2 high against the U.S. dollar and started to devalue the former...which raised the value of the greenback which dropped silver like a stone early this morning (gold to a lesser extent). Then the EU started to look pretty shaky in it's bailout - which put a late day plunge again into the silver/gold markets (silver was down over $1) http://silverprice.org/silver-price-history.html It seems to me that silver (and also gold to a lesser extent) will stay shaky until either the EU gets it's act fully together and/or the Fed comes riding to the rescue for the Keynesian loving West. But I am NO expert.
Actually, for the day - after a very late rally (for reasons that I do not understand)...silver ended up down $0.94 to close the day at $34.35 (down about 2.75%). http://silverprice.org/silver-price-history.html Not too bad (imo) considering the pasting it took very early in the day after the Japanese devalued the Yen.
Hitting the 33's again. The metals are dropping quite steeply at the moment. Gold $1708 / Silver $33.51 (like Maund said). It's going to be an interesting day, I wonder how much further downside we'll get. BTW Clive Maund's site is here and it's subscription only, although a lot of articles are made available for free some days after they are posted for subscribers. http://www.clivemaund.com/ Also DA60, how do you trade? I use BullionVault. https://www.bullionvault.com/
Thanks for the information. Maybe I will subscribe to Clive Maund - I'll study him an see. I just bought certificates (Nothing personal, but I would rather not say where or how on the board) - though I am going to buy physical gold/silver the next time I sell/buy. Yeah, silver is tanking again this morning - down 71 cents already today to $33.64. http://silverprice.org/silver-price-history.html More EU/Greek fears (thanks to the referendum they are now going to have) I guess. Personally, I have said before that I think a drop to the mid-20's is definitely a possibility (maybe lower). http://www.politicalforum.com/4541098-post66.html I just don't see the world getting it's financial act together fast enough. And I don't see the Fed doing another QE until much closer to the 2012 Presidential election and/or the S&P going a LOT lower...maybe under 1000. But I still see a strong long term upside for silver/gold - the West seems to still have a huge appetite for spending and artificially low interest rates...which gold/silver seem to thrive on. But it looks like it might get ugly (for gold/silver) before it gets rosy. But I am NO expert.
silver is dormant now and awaiting its next leg up.....it may take several months if history is any guide!
Silver closed yesterday at $34.50 (up 56 cents). http://silverprice.org/silver-price-history.html For the week so far it is down about 80 cents (or about 2.5%). Not bad considering it was down about $2.50 (about 7%) at one point this week.
if Greece either defaults or gets out of the euro then silver might fall below 30 dollars temporarily and that would be an excellent buying opportunity!
sooner or later Germany will stop paying up and pull the plug on greece....this is when all hell breaks loose....the million dollar question is when?
Yeah, it looks like happening, which is why I sold off some of my stash today at a minor(ish) loss, as the metals are going to be affected by a broader decline in the market. Better to be safe than sorry. I also heard the Italians and Swiss have sold (or are currently selling) some Gold, which may see an even bigger smash down.
Imo, if you are selling off some metals in anticipation of a correction coming; and will buy back in after said correction - then I think that is probably a wise move (though picking peaks and valleys is usually a tough thing to do - imo). However, if you are selling to get out completely of that % of your metals..then I personally disagree as I think metals will shoot way up once the inevitable(?) money printing starts REALLY ramping up. I am guessing you are doing the former. Of course, I am NO expert...it's just my thoughts.
Jim Rogers - I prefer Silver to Gold because Silver is 30% below its all-time high 'Jim Rogers : I would prefer silver because it is still depressed on a historic basis. Silver is 30% below its all-time high. Gold is 10% below its all-time high. I would prefer one just on relative value, silver is probably better. I am not buying either today, but I am certainly not selling. If they go down, I will buy more. - in ET Now 08 Nov 2011' http://jimrogers1.blogspot.com/2011...ampaign=Feed:+blogspot/WOHK+(Jim+Rogers+Blog)
I sold off 50% of my positions as the current situation in Europe is producing nightmare volatility everywhere and another Lehmann type situation will see the markets tank and as in 2008 the metals will go with it. What the Bugs are hoping for is a massive bout of QE in Europe, which on paper is the only solution even if the Germans don't want it. But yeah, picking these highs and lows and new support areas is a nightmare. We are seeing 2-3% moves a day at least once a week now. Not for the faintherated when a titbit of news from Greece and Italy can completely change the markets in the space of half an hour (and the reason I have always stayed away from options & futures).
Silver closed at $34.65 - up 29 cents today. http://silverprice.org/silver-price-history.html For the week, silver closed up about 55 cents (about 1.7%).
there is quite a spread between bid and ask on the price of silver.....even if silver drops by 10 dollars you are lucky if you pocket 6 dollars...then there is capital gains to pay......for me its just not worth it....better to just buy and hold......or buy puts on gold and silver shares!
You Americans seem strangely out of the loop . Italy is Bankrupt now and will default -- this can only be delayed by various measures including the ECB taking on a Fed type position of acting as a lender of last resort --- Italian debt around 1.9 trillion Euros . The things that interest analysts like me are the matters which will come next , which French Banks will be first declared bankrupt or whether the US will "secretly " recapitalise selected Eurozone banks ( again )when it decides it is politically best to announce QE3 . And whether Spain represents the tilting moment early next year for effective Eurozone bankruptcy . When either or both of these matters occur -- which they will --- the global effects will be devastating . At some point when the attention switches back to the US , the Dow will fall by at least 4000 points . The present short term $ appreciation from speculators fleeing from the Euro will reverse and allow its natural depreciation to continue . At that stage , a move into commodities including precious metals will become manic and hysterical . Whether Gold exceeds 2500 and Silver moves above 50 are really academic . What one can treat as a certainty is that they will appreciate dramatically --- I have leveraged positions in both ---and that you can short Bank stocks and the $ without ever losing a moment's sleep . There has never been a better time in modern history to make bigger profits .The downside is many times worse than the Great depression of the late twenties and thirties . Fill your boots .
I agree this will eventually happen. But don't you think there will be an initial phase when people will flee to the dollar in panic? Thus hurting precious metals in the short term?
I think we are in a phase right now where , to get out of the Euro , mug punters are buying the dollar ( I would probably buy C$ in marked preference if I was a currency trader) and the same comment applies to US Bonds -- which stink to high heaven in my book . However , if you look at $ performance since '08 say , I think you will see a clear downward move which many regard as manipulated Depreciation ( good for the US if they can get away with it , but not good for others! ). When the Euro lies in tatters and attention switches to the almighty mess that is US Finance , the Bond Vigilantes will take you to the proverbial cleaners . With US currency and Bonds then " worthless" ( mid 2013 latest , imo ), States and individuals will rush into commodities and once hysteria rules , prices will probably bubble absurdly .Even if there is global stagnation and , for example , Agricultural Commodity prices stall because of reduced demand , the leemings will buy Gold and probably Silver as a desperate last measure to retain asset and wealth value So set your profit target and start balancing once you achieve it . Just in case someone gets carried away with my guarantees , this is my opinion -- albeit with many other shrewd dudes making the same calls .
What you are saying makes sense. But it als leads me to believe that the US dollar will possibly go up (and precious metals going down) in the short term - until the scenario you mention kicks in. I guess I am just being greedy and trying to make that little bit extra profit. But I am not an expert in the remotest sense of the word.
