huntergatherer Posted July 13, 2011 Report Share Posted July 13, 2011 Silver surfers have a narrow escape as prices plummet Some city-based bullion dealers had a narrow escape after the recent crash in silver which fell 30% since it hit a high of Rs 75,770 a kilo on April 25. The dealers booked silver through banks on a consignment basis or imported the metal directly to meet insatiable retail demand. But, as prices plummeted, scores of investors lost their shirts, forcing some to renege on commitments to lift the metal. This left dealers staring at huge unsold inventory, which some said even threatened their financial solvency. However, luckily, the dealers had hedged themselves on local futures bourses by selling the silver they ordered. The hedges effectively offset their losses in the spot market , and later they offloaded the silver on the futures market. http://cnbusinessnews.com/silver-surfers-have-a-narrow-escape-as-prices-plummet/ Link to comment Share on other sites More sharing options...
huntergatherer Posted July 13, 2011 Report Share Posted July 13, 2011 Silver surfers have a narrow escape as prices plummet Some city-based bullion dealers had a narrow escape after the recent crash in silver which fell 30% since it hit a high of Rs 75,770 a kilo on April 25. The dealers booked silver through banks on a consignment basis or imported the metal directly to meet insatiable retail demand. But, as prices plummeted, scores of investors lost their shirts, forcing some to renege on commitments to lift the metal. This left dealers staring at huge unsold inventory, which some said even threatened their financial solvency. However, luckily, the dealers had hedged themselves on local futures bourses by selling the silver they ordered. The hedges effectively offset their losses in the spot market , and later they offloaded the silver on the futures market. http://cnbusinessnews.com/silver-surfers-have-a-narrow-escape-as-prices-plummet/ Link to comment Share on other sites More sharing options...
DoctorSolar Posted July 13, 2011 Report Share Posted July 13, 2011 I am amazed that the only post on the silver thread is bearish the same day that we are up over $2. This close above the $38 level seems significant. I think the $43 could easily be hit in August if not before. Time will tell. Link to comment Share on other sites More sharing options...
warpig Posted July 13, 2011 Report Share Posted July 13, 2011 I think silver has turned a corner, but I'll be happier when we're over $39/t.oz. I am amazed that the only post on the silver thread is bearish the same day that we are up over $2. This close above the $38 level seems significant. I think the $43 could easily be hit in August if not before. Time will tell. Link to comment Share on other sites More sharing options...
gavinspoon Posted July 14, 2011 Report Share Posted July 14, 2011 I am amazed that the only post on the silver thread is bearish the same day that we are up over $2. This close above the $38 level seems significant. I think the $43 could easily be hit in August if not before. Time will tell. I think the recent big fall has caused a certain degree of uncertainty. Many were waiting for a lower low before loading up (well, I was anyway). It may be that we will see further falls before significant gains are made, and better purchasing opportunities may present themselves, but I agree that the recent push up could be the start of something, and for better or worse i've increased my silver holding at goldmoney this morning. Link to comment Share on other sites More sharing options...
Bosworth Posted July 14, 2011 Report Share Posted July 14, 2011 Struggling to make sense of silver. I held through the recent peak then fall but was getting increasingly nervous about my GS ratio as the falls continued. Then she goes and does a 5% in an afternoon. Little minx Link to comment Share on other sites More sharing options...
leviathan Posted July 14, 2011 Report Share Posted July 14, 2011 Likewise I loaded up on Tuesday as it approached the 144 day MA. Was hoping to get it lower but satisfied so far. If it goes to 1.4 or 1.5 times the MA we would be talking about a $48 or $50 target. We might get this on the back of QE3 speculation but downside risks will hopefully stop at this MA so feels like a safeish punt. Famous last words with silver Link to comment Share on other sites More sharing options...
Jake Posted July 14, 2011 Report Share Posted July 14, 2011 Likewise I loaded up on Tuesday as it approached the 144 day MA. Was hoping to get it lower but satisfied so far. If it goes to 1.4 or 1.5 times the MA we would be talking about a $48 or $50 target. We might get this on the back of QE3 speculation but downside risks will hopefully stop at this MA so feels like a safeish punt. Famous last words with silver Yep, who knows? Just keep on keeping on. Nice Jim Dines interview on KWN. With targets like 200-300 for silver, surely the best policy is to just try and stay at the crease picking up the runs? Ditto gold. They seem to be taking it in turns like cyclists at the tour de france. At these prices platinum even looks interesting. Bloody distractions... Link to comment Share on other sites More sharing options...
TrueNorth Posted July 14, 2011 Report Share Posted July 14, 2011 Is anyone swapping gold for silver? Link to comment Share on other sites More sharing options...
electroweak Posted July 14, 2011 Report Share Posted July 14, 2011 Is anyone swapping gold for silver? only if the ratio G:S got above 75. ATM, I think it is more likely the ratio will hit 20:1 before 75:1. At that point (20:1), I start to swap physical silver bars for gold. Link to comment Share on other sites More sharing options...
Pixel8r Posted July 14, 2011 Report Share Posted July 14, 2011 I think silver has turned a corner, but I'll be happier when we're over $39/t.oz. You should be happy now then. Link to comment Share on other sites More sharing options...
DoctorSolar Posted July 14, 2011 Report Share Posted July 14, 2011 Silver Market Update Yesterday's high volume breakout above its 50-day moving average marked completion of the intermediate basing pattern and the start of the next major uptrend in silver. Everything in now in place for a substantial uptrend to develop in coming months that should take silver comfortably to new highs. The picture could not be more bullish. Link to comment Share on other sites More sharing options...
warpig Posted July 14, 2011 Report Share Posted July 14, 2011 Blimey I've never heard Clive Maund be that positive about anything... Silver Market Update Link to comment Share on other sites More sharing options...
warpig Posted July 14, 2011 Report Share Posted July 14, 2011 Things are looking up... You should be happy now then. Link to comment Share on other sites More sharing options...
electroweak Posted July 17, 2011 Report Share Posted July 17, 2011 default is in the post... Link to comment Share on other sites More sharing options...
huntergatherer Posted July 18, 2011 Report Share Posted July 18, 2011 July 18, 2011 6:22 pm Silver regains its shine Silver has regained its shine in recent days, as the notoriously volatile commodity – nicknamed “the devil’s metal” – has finally shaken off the memories of its 30 per cent plunge in early May. The metal is up more than 20 per cent in a little over two weeks, on Monday hitting a two-month high of $40.70 a troy ounce. Much of that has been driven by capitulating silver bears, traders say, who have been forced to cover their bets on falling prices. The number of short positions in the US silver futures market fell to the lowest level this year, according to the US Commodity Futures Trading Commission. “Silver is shrugging off the market’s bearish stance,” says Marc Ground, analyst at Standard Bank. bad nasty silver http://www.ft.com/cms/s/0/d0308a12-b160-11e0-9444-00144feab49a.html#axzz1SUXtdYEz Link to comment Share on other sites More sharing options...
Pixel8r Posted July 20, 2011 Report Share Posted July 20, 2011 250,000,000 ounces of silver sold in one minute! http://www.youtube.com/watch?v=Y--jCrDOSjk Link to comment Share on other sites More sharing options...
Pixel8r Posted July 21, 2011 Report Share Posted July 21, 2011 Oops I left off 3 0's from the above. Should read 250,000,000,000 ounces traded in one minute!!! Link to comment Share on other sites More sharing options...
electroweak Posted July 21, 2011 Report Share Posted July 21, 2011 Oops I left off 3 0's from the above. Should read 250,000,000,000 ounces traded in one minute!!! If it's not just a mistake / glitch then it puts into context the puny 26,800,000 ounces left at the Co(n)mex. Link to comment Share on other sites More sharing options...
warpig Posted July 23, 2011 Report Share Posted July 23, 2011 http://www.youtube.com/watch?v=Y--jCrDOSjk 250,000,000 oz (50K contracts x 5K oz/contract) @ $40.00/oz = $10 BILLION and this transaction occurred in just 1 minute. Annual world wide silver production is 680,000,000 oz. That's 37% in 1 minute... Thank god the Hong Kong Mercantile Exchange started trading silver denominated futures today, it should at least put an end to the margin hikes, as there is now competition in the market place. This can only be good for silver. Link to comment Share on other sites More sharing options...
Rosco Posted July 23, 2011 Report Share Posted July 23, 2011 If it's not just a mistake / glitch then it puts into context the puny 26,800,000 ounces left at the Co(n)mex. Remember nowadays with registered stock they have tight limits on the amnt of contracts that u can carry into the expiry month....so most will just roll it to the next active month as the exchange will not allow a dominant position...I'm not sure of the silver number but for gold it is 3000 lots ( 300,000 oz gold) which is not huge for someone trying to make a play on it Link to comment Share on other sites More sharing options...
Pixel8r Posted July 23, 2011 Report Share Posted July 23, 2011 http://www.youtube.com/watch?v=Y--jCrDOSjk 250,000,000 oz (50K contracts x 5K oz/contract) @ $40.00/oz = $10 BILLION and this transaction occurred in just 1 minute. Annual world wide silver production is 680,000,000 oz. That's 37% in 1 minute... Thank god the Hong Kong Mercantile Exchange started trading silver denominated futures today, it should at least put an end to the margin hikes, as there is now competition in the market place. This can only be good for silver. Yeah sorry for my silly mistake, I think I was just trying to draw attention to the video as it got no replies. What with all these big numbers floating around (millions, billions, trillions) it easy to get a few zero's wrong, maybe that is Ben's problem. I agree that the HK exchange opening up should hopefully bring about some more stability and increased competition should stop the rapid fire margin hikes. Link to comment Share on other sites More sharing options...
warpig Posted July 23, 2011 Report Share Posted July 23, 2011 I didn't notice you posted it here as well... Seems I can't beat you on either forum... Yep, it's only a good thing as far as I can see. If the COMEX increase margin requirements, in an interconnected world you can vote with your feet and trade elsewhere! Yeah sorry for my silly mistake, I think I was just trying to draw attention to the video as it got no replies. What with all these big numbers floating around (millions, billions, trillions) it easy to get a few zero's wrong, maybe that is Ben's problem. I agree that the HK exchange opening up should hopefully bring about some more stability and increased competition should stop the rapid fire margin hikes. Link to comment Share on other sites More sharing options...
stunlee Posted July 28, 2011 Report Share Posted July 28, 2011 An interesting video and the silver market does look to be manipulated with a large number of sudden downmoves occuring overnight but that must surely be just a weird glitch in the trading platform, I can certainly find no such volume surge on mine on the day in question. Such a colossal order would surely have triggered a massive price move downwards and a tsunami of margin calls rather than the fairly tame dollar or so fall that actually happened. I am certainly glad that the HK market is opening up. Link to comment Share on other sites More sharing options...
TrueNorth Posted July 29, 2011 Report Share Posted July 29, 2011 Ashraf Laidi on silver today, interesting analysis Ashraf some good charts including this one Link to comment Share on other sites More sharing options...
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