SILVER

[G0ldfinger]

We finally have a G:S correction like in autumn 1979, just before the second leg up to the Hunts' spike.

[warpig]

It's almost worth getting a loan to buy a big chunk of silver... -28% Anyone that has their hopes pinned on the CFTC resolving the corruption in the markets is pissing in to the wind. I hope they knock it down by another 72%, the lower the better.

[Errol]

"Buyers of physical silver appear to be swooping in as paper traders are scared out of the market. The U.S. Mint reports sales of 701,900 Silver Eagles so far in May -- during a period silver has tumbled more than 20%.

At this pace, sales could reach 4.2 million by month’s end.

In the Eagle program’s 25-year history, that figure’s been exceeded only twice -- last November and last January.

[Perishabull]

Silver longs today;

[G0ldfinger]

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/5/5_Ben_Davies_-_We_Are_Now_Buyers_of_Physical_Silver.html

Ben Davies called for a 3 to 5 day $15 decline in silver and that is exactly what happened. I wanted to catch up with the CEO of Hinde Capital to get his thoughts on where we are now in the silver market. When asked if silver is bottoming Davies replied, “As a firm we have covered all of our hedges on silver and we have started to accumulate physical silver. Let me add that this is the swiftest 30+% decline in this bull market. If you are a cash buyer of physical silver then you should now be accumulating silver. There is always a danger in catching a falling knife, but you have to remember that silver has intrinsic value.”

 

Davies continues:

 

 

“Nonetheless we are keeping an eye on the US dollar which could continue having a bounce post Trichet’s comments. There’s clearly an unwind of commodity positions in general with crude down almost 10%. The market in silver is extremely oversold and it would not surprise me to see a bounce overnight in Asian trading.

 

We have seen a 10 standard deviation move in silver on multiple periodicities that we track, the likes of which we haven’t yet experienced in this bull market. I want to reiterate that Hinde fundamentally believes that the silver market had reached a point of criticality at this last peak whereby the market was vulnerable to a swift and violent correction irrespective of any external trigger and that is what occurred.

 

 

In our opinion, such moves as we just experienced in the paper silver market have been exacerbated by system traders exiting the market. This last decline today was more a function of liquidation due to margin calls as a function of the whole commodity sector selling off.

 

 

This is the start of a great opportunity to accumulate silver. All of the key fundamental issues in the world have not gone away nor those specific to silver such as the fact that it is under-owned and short of supply in the medium-term. All of those conditions are still in place for silver. KWN readers should remember that on corrections beyond 20% in a secular bull market you are supposed to be buying.”

 

 

When asked about gold Davies stated, “The gold market has been dragged down with the precipitous fall in silver, but we believe gold will hold above $1,450. We believe between now and August we will find a floor and the next up leg in gold will begin. That next leg higher in gold should take us over $2,000.”

[G0ldfinger]

I have just swapped a smaller amount of gold for silver. That way I have converted silver bullion into more silver bullion over the past days, while staying fully invested in the precious metals bull and in non-paper assets. I would swap again at 50:1 and at 60:1, but I fear it won't happen and maybe that was it already and we're back to the races.

[Manual labourer]

Congrats GF,

 

Great trade, and thanks again for sharing it with us.

 

Regards

 

ML.

[Errol]

And So It Continues: Another 92 Thousand Ounces In Physical Silver Withdrawn From Comex Despite Historic Paper Collapse

 

At this rate, tomorrow, for the first time, we will see a 32 handle in Comex registered silver ounces, where apparently despite the massive drubbing in paper silver, demand for physical inexplicably persists

 

http://www.zerohedge.com/article/and-so-it-continues-another-92-thousand-ounces-physical-silver-withdrawn-comex-despite-histo

[emel]

I have just swapped a smaller amount of gold for silver. That way I have converted silver bullion into more silver bullion over the past days, while staying fully invested in the precious metals bull and in non-paper assets. I would swap again at 50:1 and at 60:1, but I fear it won't happen and maybe that was it already and we're back to the races.

 

Very nice indeed. I played the silver to gold game too. I swapped a total of 60% of my silver in three equal(ish) tranches at ratios of 40 (yeah, too early I know), 31 and 32. I would have liked to have swapped more, but things moved faster than I expected, I even missed my chance to swap at 30.5 as I was in a meeting at work and people kept expecting for me to contribute, rather than stare at my laptop - damn them! Anyway, I'm happy overall.

 

I may follow your lead here, and swap some back at this ratio. I'm not as bullish as some here about PMs, but I worry about dollar devaluation and as i earn in $US, I like to spread my risk. Having said that, I do believe there is the potential for the emotional aspect of a bubble economy to send the price of PMs rocketing to very high, never-seen-before levels. We're just waiting for a large shock event - it may be the restructure of the euro, it may be another global recession when the printing presses stop. I don't know. I just know I'd rather be holding PMs if (*cough* when) it does happen.

 

I will continue buying silver regularly, keeping my eye on favourable ratios (>35) to swap to gold. I still favour silver over gold right now.

[CIGA]

Buyin with both hands :-)

[romans holiday]

I have just swapped a smaller amount of gold for silver. That way I have converted silver bullion into more silver bullion over the past days, while staying fully invested in the precious metals bull and in non-paper assets.

Then Silverfinger you really must be!

[electroweak]

I've used up my goddamn Capital Gains Tax allowance now (this, despite making a few sales at the end of the tax year), so I am reluctant to sink the cash into Silver knowing I'll either have to hold until next april or take a nasty tax hit.

 

If i were free of this imposition i would probably get back in in small chunks starting now.

 

(Edit to say this is just my electronic position, not real silver!)

[Pixel8r]

Oversold on silver currently, does happen very often or for long. Get it while it's cheap.

 

 

[Carlton]

Maybe some of you guys will find this here as useful as I:

 

Thanks for that.

[Pixel8r]

Maybe some of you guys will find this here as useful as I:

 

(1) Copy the code/text below into an empty "notepad" file.

(2) Save it e.g. to your desktop as "gold_silver.html" under type "All Files".

(3) Double-click it and enjoy. Just hit reload for updates.

 

<html><head>
<title>Gold:Silver</title>
</head><body text="#000000" bgcolor="#ffffff" link="#0000ef" vlink="#51188e" alink="#ff0000">


<img src="http://www.chartseeker.com/images/XAUXAG-24HR-LG.png" nosave="">
<img src="http://www.chartseeker.com/images/XAUXAG-5Dy-LG.png" nosave="">
<img src="http://www.chartseeker.com/images/XAUXAG-1Y-LG.png" nosave="">
<br>

<img src="http://www.chartseeker.com/images/AG-24HR-LG.png" nosave="">
<img src="http://www.chartseeker.com/images/AG-5Dy-LG.png" nosave="">
<img src="http://www.chartseeker.com/images/AG-1Y-LG.png" nosave="">
<br>

<img src="http://www.chartseeker.com/images/AU-24HR-LG.png" nosave="">
<img src="http://www.chartseeker.com/images/AU-5Dy-LG.png" nosave="">
<img src="http://www.chartseeker.com/images/AU-1Y-LG.png" nosave="">
<br>

<img src="http://www.chartseeker.com/images/XAGGBPOZ-24HR-LG.png" nosave="">
<img src="http://www.chartseeker.com/images/XAGGBPOZ-5Dy-LG.png" nosave="">
<img src="http://www.chartseeker.com/images/XAGGBPOZ-1Y-LG.png" nosave="">
<br>

<img src="http://www.chartseeker.com/images/XAUGBPOZ-24HR-LG.png" nosave="">
<img src="http://www.chartseeker.com/images/XAUGBPOZ-5Dy-LG.png" nosave="">
<img src="http://www.chartseeker.com/images/XAUGBPOZ-1Y-LG.png" nosave="">
<br>

<img src="http://www.chartseeker.com/images/XAGEUROZ-24HR-LG.png" nosave="">
<img src="http://www.chartseeker.com/images/XAGEUROZ-5Dy-LG.png" nosave="">
<img src="http://www.chartseeker.com/images/XAGEUROZ-1Y-LG.png" nosave="">
<br>

<img src="http://www.chartseeker.com/images/XAUEUROZ-24HR-LG.png" nosave="">

<img src="http://www.chartseeker.com/images/XAUEUROZ-5Dy-LG.png" nosave="">
<img src="http://www.chartseeker.com/images/XAUEUROZ-1Y-LG.png" nosave="">
<br>

</body></html>

Thanks for that GF, I have added it onto 24knews.com Just click the link below to see it;

 

http://www.24knews.c...old-silver.html

[Pixel8r]

oops wrong thread, but what the hell...

 

 

I am looking for the silver bottom.

 

I haven't dived in yet, but a -12% in a day fall doesn't half look tempting.

I bought a little gold and a single ounce silver coin today to reward myself for picking the intermediate "electronic" silver top over the last week..

Like it, heres another.

 

[Pixel8r]

"I think that Ted Butler's advice earlier in this column is good advice...you don't have to pick the exact bottom...you only have to be close." - Ed Steer

[carbon junkie]

Final margin increase doesn't come till monday May 9th.

[Pixel8r]

Final margin increase doesn't come till monday May 9th.

Already announced so maybe priced in already.

[G0ldfinger]

Essentially, the upward correction in the ratio seems to have stopped at the red line for now, and we seem to be bouncing back down again.

 

http://gold.approximity.com/gold-silver_watch.html

[huntergatherer]

How Low Can Gold and Silver Technical Support Go?

 

May 06 2011

 

The price action shows support at $1425-$1450. The previous breakout point was about $1435. The 300-day MA (long-term support) is at $1297 and rising. The 200-day MA is at $1356 and rising.

 

Silver already reached our $33-$34 downside target. We thought Silver would break $40 this week but we didn’t expect it to go below $37-$38. The ultimate bottom could come in the $28 to $30 range. Also keep an eye on the 300-day MA as it has provided consistent support throughout most of the bull market.

 

http://wallstcheatsheet.com/the-daily-gold/how-low-can-gold-and-silver-technical-support-go.html

[azazel]

Like it, heres another.

 

 

I vote for chris ct silver bottom, sorry pix.....

 

Personally, Im looking for a golden bottom, and this is what I found.... As Jim would say, Look at the French curves....

 

[HPCsoYESTERDAY]

(taken from here)

 

 

 

 

 

a – confined to an upward channel

b – breakout of channel resistance

c – testing channel exterior as support

d – rising fast and ultimately too quickly

e – violent move down and ultimately re-testing channel exterior as support

f – and the bulls have it

g – hitting long-term trendline resistance (see previous charts in original thread for palladium)

 

 

 

 

if the pattern is replicating and as ag appears to moving at a slower pace than pd, it makes sense that ag's moves are bigger (amplified)

 

edit - needed to adjust ag chart

[Pixel8r]

I vote for chris ct silver bottom, sorry pix.....

 

Personally, Im looking for a golden bottom, and this is what I found.... As Jim would say, Look at the French curves....

 

As FWIW said to me earlier keep looking for bottoms and you'll go blind.

[LauraB]

http://silverdoctors.blogspot.com/2011/05/silvers-d-day-invasion-we-buy-silver.html

 

June 6th, 2011

 

Silver’s D-Day Invasion.

 

The day the Silver Liberation Army launches an all out PHYSICAL SILVER BUYING blitzkrieg on the elitist bankers.