Silver!

[minoru_tanaka]

Silver down over $7 at one point today.

[Ulic Qel-Droma]

fuckin $35,000 dollars per contract, +162% in a day.

I have a feeling they're gonna jack the margin up to 30grand soon.

if u go monthly charts, look at 08-09. similar pattern.

[hirevtuner]

time to buy more then

[Ulic Qel-Droma]

... lol, i believe the bullmarket is gonan see a change.

[tool001]

when 2008 happen, thr was a drop in price of metals.. this could be just similar to 2008

[Gee.Tee.Ar]

so what do u guys think about silver now after these 2 days?

[hirevtuner]

looks like ppl are picking up cheaply as the price is about $30.XX an ounce right now

[f.]

I picked up 30oz yesterday before the gains today, wish I wasn't a student and could have bought more!

[minoru_tanaka]

^In the industry, this is one of the biggest sell signals. no offense

[PornMaster]

short it

[Ulic Qel-Droma]

shoulda been doing that a while ago. with the margins so high, and the moves so big, its hard to pick a good entry point now.

lose a couple thousand in a few minutes if it goes against you, then it just touches your stop and goes your way. lol its always like that.

[tool001]

wait till next week before u sell, if everything remains equal (ie Europe) i would see that metals going up a little

btw...

"What Happened to Gold?
By Dan Steinhart

Precious metals are experiencing a correction that may spook even the staunchest gold bug. Gold has fallen 16% in under one month, which already bests its average correction since 2001 of 12.8%. Even so, gold has quite a way to go to match its largest decline during this period, a 27.7% plummet in the latter half of 2008. A decline of that magnitude this time around would send gold down to $1,370, where it last was on February 16 of this year.

Silver, gold's more volatile kin, has been nearly chopped in half since its peak, registering a 48% decline. It would only need to fall another 6% to reach its largest decline since 2001 of -53.9%.

All of this begs the question: What the heck happened? Let's take a look at some of the more popular reasons, real and imagined, being discussed in the media.

Margin Hikes
On Friday September 23, the Chicago Mercantile Exchange announced a 21% margin hike for gold and a 16% margin hike for silver. On Monday, the Shanghai Gold Exchange followed up with a 20% silver margin hike of its own. Margin hikes effectively require that any traders leveraged past the new limit must liquidate enough of their positions to meet the stricter requirement. They equally affect longs and shorts, but with the amazing runs gold and silver have had over the past decade, it's safe to assume there were more leveraged longs than shorts in precious metals, meaning the margin hikes applied downward price pressure.

Conclusion: It's likely that margin hikes played a part in gold's rapid decent.

Disappointment with Bernanke's Announcement
When the Fed announced on September 21 that it will purchase $400 billion of long-dated Treasuries by selling the same amount of short-dated Treasuries, the markets were largely disappointed. We can hardly blame them; by now, we're all used to "Helicopter Ben" stepping up to the podium and promising to shower us with new money. Not so this time around. Instead, he gave us "Operation Twist," which by itself is balance-sheet neutral, meaning the Fed isn't pumping in any extra liquidity.

So speculators who were long precious metals and expecting to Bernanke to announce QE3 were left wanting. Prior to the announcement, buyers bid up the price of precious metals and "baked in" money growth to precious metals prices. When the money growth didn't come, the premature appreciation unwound, sending silver and gold spiraling downward.

Conclusion: Bernanke's temporary restraint definitely contributed to gold's sharp correction.

Hedge Funds
September 30 marks the end of the third quarter for hedge funds reporting on a calendar year basis. Funds often liquidate positions prior to quarter-end for various reasons, including raising cash and upping performance fees. Combine this normal quarter-end activity with the rampant market fear toward the end of September, and we have a solid rationale for the move out of investments and into cash.

But why would this disproportionately affect precious metals? Well, when fear hits and margin requirements come knocking at the door, investors will often first sell their biggest winners to realize a profit. Silver and gold have been two of the biggest winners of late, and so were natural candidates for profit-taking during this latest market meltdown.

Conclusion: Hedge fund activity likely played a significant role in gold's pullback.

The Bubble Finally Popped
A bubble means prices of an asset class are unsustainably high for speculative reasons. The reasons why gold is high are neither unsustainable nor speculative: The world's developed economies are still crushed by debt; central banks the world over continue to print money; and numerous regulations continue to be a serious drag on economic expansion. None of that has changed over the past month, and the political will needed to fix these dire conditions remains nonexistent.

Any conclusion that gold is in a bubble is entirely superficial and likely doesn't involve much more thought than looking at a gold chart and observing that it's gone up for a long time, so it must be in a bubble. Anyone with a serious understanding of gold's monetary properties and the world's economic woes shouldn't lend any credence to the bubble theory. Gold may well yet reach a bubble stage, but we are certainly not there yet.

Conclusion: Gold is not in a bubble.

The Dollar Is a Safe Haven
Despite the inescapable reality that the dollar is being systematically debased, investors the world over continue to flock to it as a safe haven in times of uncertainty. The dollar is still the world's reserve currency, and as long as the perception remains that it is a stable store of wealth, it will continue to function as a beacon of safety.

Consequently, when investors rush back into the dollar, the price of gold in dollar terms is pushed down. So even though we here at Casey Research view gold as the ultimate insurance policy, most other investors still bestow this status on the undeserving dollar. Until that perception changes, flights to dollar safety will produce gold price drops.

Conclusion: The dollar's reputation for safety absolutely dragged down the price of gold in late September.

Overall, the recent sharp correction in gold was undoubtedly caused by several factors, including the ones above. Fortunately for us gold investors, all of those factors have one common characteristic: They have nothing to do with underlying fundamentals. Debt is still crushing the developed world, and money printing is still the favored solution; as long as this dismal reality remains true, gold will continue to rise.

While short-term gold prices can swing because of such factors as margin calls and quarter ends, in the long run these factors are inconsequential. The secular bull market we've been experiencing in precious metals for a decade remains firmly intact."

[minoru_tanaka]

Originally Posted by Ulic Qel-Droma

shoulda been doing that a while ago. with the margins so high, and the moves so big, its hard to pick a good entry point now.

lose a couple thousand in a few minutes if it goes against you, then it just touches your stop and goes your way. lol its always like that.

Yea this thing moves $1 a minute, options might be a good idea but then again premiums thru the roof.

Originally Posted by tool001

wait till next week before u sell, if everything remains equal (ie Europe) i would see that metals going up a little

These days I wouldn't be surprised if it just went up. Doesn't need a reason but I wouldn't buy it. MArgin clerks will be in full effect.

[Ulic Qel-Droma]

people have a fuckin' weird mentality.

they can only buy. they always try to pick bottoms. even if silver does go up a little next week, its still in a down trend. why not just short from the beginning?

you wouldn't try to pick a high point and sell during an up trend right? why would you guys ever do the opposite?

if you cant get out of that mentality, just go look at another market where it's a bull market. or get access to charts that can be flipped vertically lol.

[tool001]

^ lol weird mentality? I thought its normal to buy low and sell high. Regardless of trend.$ can be made no matter the trend. I don't want to go into math, but agood size of pocket change can be made with a little move.

I think mentality where u make money regarless of trend iS a ok with me.
Posted via RS Mobile

[minoru_tanaka]

^ever heard of the phrase catching a falling knife?

[tool001]

If u know what factors to look for , it doesn't have to be risky . Ie US economic data to be released, etc
Posted via RS Mobile

[DJ Milk]

Well if anyone cares, the 3rd coin in the wildlife series is out.

[minoru_tanaka]

So............... who's buying?

[Ulic Qel-Droma]

if you buy now it probably will only go to 31-32 . i think it can still retest the 26 lows.
thats lookin at daily/weekly/monthly charts too.

but i could be wrong

[minoru_tanaka]

I would bet on it retesting the lows

[minoru_tanaka]

Good sell off today.

[Death2Theft]

Talk about a rip the canadian mint selling 15.xx gram 99.99% coins for 70 bux. What are the maples going for at J&M?

[Ulic Qel-Droma]

Originally Posted by Ulic Qel-Droma

if you buy now it probably will only go to 31-32 . i think it can still retest the 26 lows.
thats lookin at daily/weekly/monthly charts too.

but i could be wrong

Originally Posted by minoru_tanaka

I would bet on it retesting the lows

lol did u pull the trigger? i didn't... sigh, sorta wish i did now. shoulda shorted silver futures on the daily chart. woulda made a nice %.

[LIKEABOSS]

For those of you who buy your coins at J&M, do you guys just walk into the store and pay cash? Or do you need some kind of account? How does it work exactly? Thanks a bunch!