bitbigt Posted August 15, 2008 Report Share Posted August 15, 2008 Anyone know what is happening to Oil ??? Its dropping, but quite slowly: http://www.livecharts.co.uk/MarketCharts/crude.php Seems this latest drop in PMs is lead by silver. Were there a lot of stops at 14? Or has some masive one off sale just gone through? Link to comment Share on other sites More sharing options...
enrieb Posted August 15, 2008 Report Share Posted August 15, 2008 Anyone know what is happening to Oil ??? Interesting yesterday, that you mentioned Gold moves are being driven by Oil moves, it reminded me of a Fox business panel discussion from last week on Peter Schiffs site, where Gary ?Calpol? was very instant that Oil prices are being moved by the Financial stocks. He said that Financial stocks are leading the market up and down and that when they top out, that will be it for the market. http://www.europac.net/Schiff-Fox-8-6-08_lg.asp Link to comment Share on other sites More sharing options...
Johan van der Smut Posted August 15, 2008 Report Share Posted August 15, 2008 The Bullion Desk is showing silver at $12.49 and gold at $790. I don't think I'll be sleeping much tonight. Link to comment Share on other sites More sharing options...
drbubb Posted August 15, 2008 Report Share Posted August 15, 2008 Interesting yesterday, that you mentioned Gold moves are being driven by Oil moves, it reminded me of a Fox business panel discussion from last week on Peter Schiffs site, where Gary ?Calpol? was very instant that Oil prices are being moved by the Financial stocks. He said that Financial stocks are leading the market up and down and that when they top out, that will be it for the market. http://www.europac.net/Schiff-Fox-8-6-08_lg.asp My point is this: I wont get too disturbed by moves in Gold here that are not also confirmed by Oil moves Link to comment Share on other sites More sharing options...
kernull Posted August 15, 2008 Report Share Posted August 15, 2008 silver at $12.49 I am seeing this chart now for 5 min and I can't beleive it yet. what the heck is hapening... Myyyyy God..... Link to comment Share on other sites More sharing options...
Johan van der Smut Posted August 15, 2008 Report Share Posted August 15, 2008 Blimey (he said, still not able to sleep and wondering how he's going to get any work done tomorrow). Silver's gone from about $12.50 to $13 in a matter of minutes. Now that's what I call volatile. Link to comment Share on other sites More sharing options...
kernull Posted August 15, 2008 Report Share Posted August 15, 2008 Blimey (he said, still not able to sleep and wondering how he's going to get any work done tomorrow). Silver's gone from about $12.50 to $13 in a matter of minutes. Now that's what I call volatile. from the year high, 21 , 12.50 is 60% down silver ratio went to 63 Link to comment Share on other sites More sharing options...
wren Posted August 15, 2008 Report Share Posted August 15, 2008 News Alert: US Mint Suspends Sales Of Gold American Eagles 8/14/2008 04:02:00 PM, Posted by APMEX First - The Bad News. We just received word, the US Mint has suspended sales of the 1 oz Gold American Eagles until further notice and are not accepting new orders from precious metals dealers. This is in addition to the shortage of 1 oz Silver American Eagles. This comes at a time when many investors around the nation are scrambling to locate silver bullion and US gold coins while prices are attractively low. These low prices seem to be one of the driving factors in this recent shortage, as investor demand has dramatically increased. http://apmexdealer.blogspot.com/2008/08/ne...s-sales-of.html Gold US$795.65 Silver US$12.76 and only €8.63! The Indian wedding guests will be pleased. Link to comment Share on other sites More sharing options...
kernull Posted August 15, 2008 Report Share Posted August 15, 2008 Tom O'Brien just said today gold is going to 710 , this would put silver at 11 at current 63 ratio, but is 11 a support? guess not, should be 10 bucks. He also told that dollar is a dead cat bounce, however he didn't tell at what point. Later in the show he said, that everybody is calling gold bottoms right now, and everybody asks if he might to buy gold. So Tom's bottom is : "when gold goes down, and nobody calls asking for gold bottom, thats where bottom is". Conclusion: keep waiting & get more cash. this is the file, but only few minutes it talks about gold so you have to listen to all 45 min: http://www.tfnn.com/mp3s/TOS081408.mp3 Link to comment Share on other sites More sharing options...
drbubb Posted August 15, 2008 Report Share Posted August 15, 2008 tom's view: it is not impossible. but there are plenty of gold bears now too. and i seem to see nothing but dollar bulls in the mainstream Link to comment Share on other sites More sharing options...
Steve Netwriter Posted August 15, 2008 Report Share Posted August 15, 2008 In case this hasn't been mentioned before. A nice graphical reminder of why people have bought gold: The downturn in facts and figures http://news.bbc.co.uk/2/hi/business/7302341.stm Link to comment Share on other sites More sharing options...
Steve Netwriter Posted August 15, 2008 Report Share Posted August 15, 2008 http://apmexdealer.blogspot.com/2008/08/ne...s-sales-of.html OK, I'm going to mention "The End Game" on this thread too. I'd not seen this news when I first brought it up. So have I got this right: 1. Central banks intervene to push up the US$. 2. 'Someone' sells gold. That serves two purposes. It knocks the price down and allows them to support collapsing banks. 3. The physical supply of gold is restricted. This will later be reported as "reducing demand" IMO, that could be one VERY good reason to buy the gold insurance policy BEFORE it hits the fan. Edited to add: Or is it just that physical buying demand has outstripped what suppliers can normally deal with ? Silver & Gold Shortage Announcement http://apmexdealer.blogspot.com/2008/08/si...nouncement.html Link to comment Share on other sites More sharing options...
HPCsoYESTERDAY Posted August 15, 2008 Report Share Posted August 15, 2008 wow! look at that action in silver I have been monitoring the price of 1Kg Heraeus bars on CID for a while now and there is very little difference between yesterday and this morning. My point?, well it seems to me if you want physical silver, this latest price drop has made little difference! However, I will check again later to see if there is any markdown on CID. The gap between the physical price and the price on a graph has never been wider IMHO! edit - http://www.youtube.com/watch?v=-9Zf-NYXwiU...feature=related Link to comment Share on other sites More sharing options...
HPCsoYESTERDAY Posted August 15, 2008 Report Share Posted August 15, 2008 silver is rallying Link to comment Share on other sites More sharing options...
Steve Netwriter Posted August 15, 2008 Report Share Posted August 15, 2008 I guess that's why they call it a "silver bull". You sure do have to hold on tight !!!! You can't say this market is boring Link to comment Share on other sites More sharing options...
MattFC Posted August 15, 2008 Report Share Posted August 15, 2008 Or is it just that physical buying demand has outstripped what suppliers can normally deal with ? Silver & Gold Shortage Announcement http://apmexdealer.blogspot.com/2008/08/si...nouncement.html No shortage.. suspect they just want to hold on at the moment and wait for the gains.. to cheap to give away! Link to comment Share on other sites More sharing options...
Gatesy Posted August 15, 2008 Report Share Posted August 15, 2008 So at what point to Goldmoney start quoting silver at physical prices rather than "market spot" then? Think I'll ask. Link to comment Share on other sites More sharing options...
frizzers Posted August 15, 2008 Report Share Posted August 15, 2008 My goodness. This is the biggest wash-out I have ever seen in precious metals. All support levels have been broken. Link to comment Share on other sites More sharing options...
Gatesy Posted August 15, 2008 Report Share Posted August 15, 2008 My goodness. This is the biggest wash-out I have ever seen in precious metals. All support levels have been broken. To me as I posted last night before TSHTF if gold holds $790 then technically Elliot Wave threory holds the bull together; the ABC correction from 1033 to 790 will have had two identical(ish) nominal (A&C) drops. I chose $790 to give a slight margin of error as ideally it would have held at $800. This for me is the only thing holding this bull together technically right now; if ew went 50% down like in the 70's then there is no more reading it technically which will mean this market can only be invested on fundamentals goign forwards (if you believe them). Silver has shocked the bejesus out of me this morning and all I can say is "well done" to those that say physical 100% as this would appear to be the point at which physical prices and paper prices diverge significantly. Goldfinger - how does this play to your gold/silver ratio upspike before the downspike? Is 63 too high? Link to comment Share on other sites More sharing options...
frizzers Posted August 15, 2008 Report Share Posted August 15, 2008 This is ugly, ugly, ugly. My sympathies to anyone who has silver on margin. Virtually every intermediate support level has gone. If we do not hold here, I believe we will see 730 very quickly. If it wasn't August I would be declaring the bull market over. Link to comment Share on other sites More sharing options...
bitbigt Posted August 15, 2008 Report Share Posted August 15, 2008 I see a possibility that I will be buying silver at $12.XY tomorrow. Good night for now. Well I just did... Doubled up my holdings at $12.5 just after 8am Average price paid now £7.48 ($13.9 at current exchange rate) Will double up again if it hits 10 dollars ...but I already see some silver blood on the streets, and sterling is collapsing Link to comment Share on other sites More sharing options...
Justin Thyme Posted August 15, 2008 Report Share Posted August 15, 2008 This is ugly, ugly, ugly. My sympathies to anyone who has silver on margin. Virtually every intermediate support level has gone. If we do not hold here, I believe we will see 730 very quickly. If it wasn't August I would be declaring the bull market over. and I'd be joining you . . . Ta hell with it - I'm in pure physical and I know this party ain't over ! At these prices, I might be tempted to have another look at racking up some more silver Link to comment Share on other sites More sharing options...
avid tea drinker Posted August 15, 2008 Report Share Posted August 15, 2008 Well I just did... Doubled up my holdings at $12.5 just after 8am Average price paid now £7.48 ($13.9 at current exchange rate) Will double up again if it hits 10 dollars ...but I already see some silver blood on the streets, and sterling is collapsing That's the spirit! I only buy physical and I'll bet that, come morning in New York, I will not be able to buy at these levels. Great forum, think I will settle in here quite nicely! Link to comment Share on other sites More sharing options...
Errol Posted August 15, 2008 Report Share Posted August 15, 2008 This is ugly, ugly, ugly. My sympathies to anyone who has silver on margin. Virtually every intermediate support level has gone. If we do not hold here, I believe we will see 730 very quickly. If it wasn't August I would be declaring the bull market over. Why would anyone have silver (or gold) on margin? You'd have to be insane. Gold is still going to $1650++ by 2011. From now until then we will see monstrous swings. Do not attempt to trade unless you are an expert. Even then, be prepared to get burned. Hold physical. Link to comment Share on other sites More sharing options...
romans holiday Posted August 15, 2008 Report Share Posted August 15, 2008 Damn! I was hoping to buy a few kiwi dollars this month [got no cash at the moment, 100% in physical] but at these prices looks like I will just have to buy some more metal! Link to comment Share on other sites More sharing options...
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