Silver in Freefall this morning.

[coolpix9]

I sure remember the good old day. Maybe Billy Bob Bernanke's press conference will turn precious metals back around. JP

 

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[legend76]

Apr 26, 2011 07:55 NY Time
Change
Silver 45.79 -1.19

 

[conpewter]

Makes me worry a bit about the ATB 5oz set I still have coming from Apmex. But I guess they were priced enough below melt I have a little room.

 

[Phantomfe3]

its kinda like dippin your toe on a hot tub or taking the first sip of hot coffee. youll pull back at first but once youre comfortable youll dive right in

 

[clovis97]

This is the pull back that so many have been talking about. I think a pull back to $42 isn't out of the question.

 

[SeaninNH]

I'm not worried...

I got this yesterday from APMEX.

~~~~~
We Want These Products:

We will pay you $38.00 over the current spot price of Gold for your Gold American Eagles. ANY year, ANY quantity!

We will pay you $3.00 over the current spot price of Silver for your Silver American Eagles. ANY year, ANY quantity!

We will pay you $1,250.00 for your 2010 America The Beautiful 5 oz. Silver coin sets.

Once we have purchased enough of these products to meet our current demand, this offer will end! YOU MUST ACT NOW!
~~~~~

If silver wasn't about to go through the roof then they would not be paying MORE than spot for PMs.

I'd be willing to bet that APMEX knows something.

 

[WormtownFJR]

Frankly, despite recent buys I made myself, I would not mind a massive correction in the price. I doubt it will ever drop below 30 again.

 

[eolson3]

I have found about half my silver. So I cant consider myself at a loss untill the price drops by half. Which I dont think it will.

 

[da1984]

I got the same email. I received something similar from Scottsdale too. Anyway you slice it, it does not make sense for them to do this unless they think today is a dip, then off to the races again. They clearly think today is a day for buying. I can speculate on 2 possible reasons, 1st that although most people are planning for quantitative easing to stop, it will in fact continue, or there is someone trying to corner the physical market which might also explain the hit on the paper market.

Im holding now.

I'm not worried...

I got this yesterday from APMEX.

~~~~~
We Want These Products:

We will pay you $38.00 over the current spot price of Gold for your Gold American Eagles. ANY year, ANY quantity!

We will pay you $3.00 over the current spot price of Silver for your Silver American Eagles. ANY year, ANY quantity!

We will pay you $1,250.00 for your 2010 America The Beautiful 5 oz. Silver coin sets.

Once we have purchased enough of these products to meet our current demand, this offer will end! YOU MUST ACT NOW!
~~~~~

If silver wasn't about to go through the roof then they would not be paying MORE than spot for PMs.

I'd be willing to bet that APMEX knows something.

 

[Generic_Lad]

I think that APMEX is pretty much out of inventory right now and so they are trying to buy things so they have enough for the orders that have been placed. I think that this could be the point today and tomorrow where we either see silver drop below $40 again, or this is the last time we will see silver around $40, and I think it has a lot to do with Bernake's conference tomorrow. My guess is he is going to say that inflation doesn't exist and we will see the steady rise up in silver that we have had recently, but if he discontinues QE and raises rates, we might see a return to bargain silver prices, at least until all that money the fed printed gets into circulation.

 

[blkcwbyhat]

I recall a post a week or so ago,about selling price for 40's.He finally got a decent price and sold.What a difference a week makes! Any profit is a good profit!

 

[StevoCBR]

Don't worry folks, this is just non-for-profit selling to cover net short contracts. I personally think we will be back to almost $50 within a week or so.

This should be a buy signal to all that want to accumulate. Sure can those same manipulators draw the price down more, you bet. But I think supply and demand are about to take them out of the equation. Especially as obvious as they are becoming in their actions.

 

[SFBayArea]

For all those who are concerned about when to sell their stash, look at this:

http://www.kitco.com/reports/KitcoNews20110426JW_silv.html

I have always used kitco's technical charts for guidence. I have not sold so far based on technical info. from them. As long as it doesn't not break strong technical resistance for long, don't sell. If it does break it and it becomes a major correction, sell by all means.

 

[legend76]

Makes me worry a bit about the ATB 5oz set I still have coming from Apmex. But I guess they were priced enough below melt I have a little room.

APMEX is currently paying $1250 for the ATB 5oz sets

 

[legend76]

Apr 26, 2011 07:55 NY Time
Change
Silver 45.79 -1.19

Apr 26, 2011 13:59 NY Time
Change
Silver 45.02 -1.96

 

[ArkieBassMan]

This is the pull back that so many have been talking about. I think a pull back to $42 isn't out of the question.

I agree, and silver falling into the $30's would not surprise me at all. I would imagine there are A LOT of people out there that's been "on the ready" to sell and take their profits. But, for the past few weeks silver has been rising substantially nearly every day. So they waited for that first little blip on the radar so to speak. That blip finally arrived and they are selling.

 

[JD-GA]

Bingo Arkie we have a winner. And that is why it closed up from its trade low today. My guess is the euros will be buying some cheaper silver tonight to get it back in the $46 to $46.50 range tomorrow.

 

[jim4silver]

I too agree with Arkie. Depending on certain factors even the 20s would not be out of the question, but would be a bit of a surprise.

There are several factors that could cause or prevent a bigger correction. If the Fed tomorrow says anything like they are tightening (even if they say it, it doesn't mean they have to actually do it down the road to have an immediate impact on PMs), I believe that the PMs will dump a bit and the dollar will gain. If they say that they will continue further easing this should help PMs to continue their great increases and cause the dollar to continue its decline.

If they give an ambiguous statement who knows what will happen. From what I have read it seems a minority opinion that they will say anything about tightening, but I kind of feel like they will say something closer to that than to future easing. They can always come back later and do a QE3 or beyond if they want, but if they say now they will keep easing the dollar is gonna be toast faster than it would already be. It would not surprise me to see a temporary dollar correction upward for a bit.

The biggie as far as what could kill PMs for the short term would be if the stock market tanks for any particular reason. That is because the big funds will pull their profitable positions (PMs) to offset their losses as they occur (like they did in 2008). However, I believe in time the hedge funds and institutions would come back to PMs when/if they see the economy is crap and their stocks are gonna stay down for a while, and also if the dollar were to continue to drop PMs will be a good place for their money.

All is just my opinion and wild speculation. Tomorrow's FOMC announcement should get much attention in the financial world so you will probably hear about it even on main stream media.

Jim

 

[StevoCBR]

I hate to say I told you so but I did....20's and 30's, wishful thinking. Nothing and I mean nothing in current financial data supports anything remote to that. If you have something please PM me because everything I'm reading, 10-20 articles a day point the complete opposite. I'm all about expansion of knowledge so please feel free to send me any data that supports a big 25-50% pull back. But I know there will be none.

Also you should look at what Ben Ber-broke-me said today. We (government) better act and act fast...good luck with that. Or bad times ahead.

 

[jim4silver]

I hate to say I told you so but I did....20's and 30's, wishful thinking. Nothing and I mean nothing in current financial data supports anything remote to that. If you have something please PM me because everything I'm reading, 10-20 articles a day point the complete opposite. I'm all about expansion of knowledge so please feel free to send me any data that supports a big 25-50% pull back. But I know there will be none.

Also you should look at what Ben Ber-broke-me said today. We (government) better act and act fast...good luck with that. Or bad times ahead.

I only post my opinions, not to prove anything to anyone. You are free to believe as you choose and hold whatever opinions you like.

As I said in my previous post, the FOMC meeting could cause PMs to move based on what was said. Obviously the message was not about stopping the quantitative easing, thus PMs took that in a positive light and went up, as I said they would IF that was in fact the message as opposed to saying something about tightening or stopping the easing (which they did not do today).

I was wrong though because I felt the Fed would put forth a message addressing inflation and the dollar situation and thus say no more easing, which if they had done I believe PMs would be correcting right now.

It's a no lose for me since almost all of my investment money is in PMs, but I would like to add more cheaper, maybe later if I continue my "wishful thinking".

Jim