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I agree. for about four years Tuesday was always the bad day for PM's. I do believe that silver has bottomed out as I am looking at a current +.90 for the day so far.
Regarding Friday closings, in 2006 silver went from $14.21 on 5-12-06 to $12.42 in one week and then up .25 the next week and then dropped to $10.13 on 6-16-06. But in 2006 I believe that silver was easier to buy than it is now. I could be wrong but I believe that we hit the bottom.
Kevin, I wouldn't wait too long. It is getting hard to find in the shops.
I will not be using the erroneous figures put out by Kitco. Today gold closed down $4.80 at $914.40 and silver closed down .22 at $16.99. This takes into consideration the closing price in the East on Friday.
CDE is going to be a good long term stock this year.
Once again Kitco has refused to recognize the rise in PM prices on Friday and has gone back to the Thursday close of $16.71 for silver and $910.10 for gold instead of the Friday close of $17.21 for silver and $919.20 for gold.
Thanks Kevin. I knew about last years income and I thought that what you found out was correct but I was not sure.
Today gold closed up $9.10 at $919.20 and silver closed up .50 at $17.21. For the week gold is down $83.30 and silver is down $3.46. For the week silver is down 16.7%.
We have an Exxon station in the small town of Tenino. I'm glad that you brought that up. I am going to see if they sell gas under any other names.
Kevin, I passed it on to about 15 people. I received it from my daughter that lives in Kansas City. The same thing was tried about a year ago and it didn't work but I was one of those that did not pass it on. Gas at the pumps is much higher now so we might make a difference. I can afford it but I feel so sorry for those that cannot.
Nothing is moving but Kitco shows that the metals market will be open until the regular 5:15 EDT.
So far you're winning but precious metals will still trade in the Far East. I'm not sure about the Mid East and Europe.
Better than charts any day.
Yes, you twit....lol
Kevin:
To put this huge drop in perspective, eight weeks ago gold closed on Friday
January the 25th at $910.50 which was an all time high.
Silver on that date closed at $16.41 which was a 28 year high. We are still
seeing nice prices for gold and silver.
P.S.: Although I can't say that I am happy about losing around $50,000 this
week.
Good for you. Sometimes that is all there is to go on.
All of my figures are based on Friday closing prices. I tried the every day thing and it didn't make sense to a long term investor. The week isn't over yet and I still believe that the weekly drop will be less than 15%.
Tsafi, I said that the figures are on Friday closing prices. The drop that started on may 6th was exactly as I posted by using those figures. All drops were probably a little different but I pay little attention to a daily rise or drop. I don't believe that this time will be one of the larger drops because during the past 13 months the last two were in the 11% area. The higher the price of silver the less chance of a drop above 15%. I still believe that the drop will be between 10 to 15% as I posted a few weeks ago.
I posted a few weeks ago that I expected a 10 to 15% drop but it didn't happen until now. We were a bit overdue. The reason that I feel that the drop is about over is because of the pullbacks in the past. Following are the Friday closing prices on the largest drops in silver over the past four years.
4-8-04----$8.14
5-7-04----$5.56 a 31.7$ drop
12-3-04---$7.99
12-10-04--$6.68 a 16.4% drop
5-12-06---$14.21
6-16-06---$10.31 a 28.7% drop
8-25-06---$12.33
9-15-06---$10.72 a 13% drop
2-23-07---$14.49
3-2-07----$12.82 an 11.5% drop
7-20-07---$13.28
8-17-07---$11.73 an 11.7% drop
3-14-08---$20.67
Today-----$18.35 an 11.2% drop
I don't
believe that it will
go lower than the $18.33. At 13.5% this should be about as low as it will
go. That is
approximately what has happened in the past.
Kevin, silver is heading back down again. The paper players are really working to hold it down until they can get out from under as many contracts as possible.
To put this in perspective, less than one month ago silver reached $18.00 for the 1st time in 28 years. This morning it dropped to $18.33 and has now rebounded to $19.02. The total drop from the recent high was 13.5%.
Finally, silver has dropped 10.8% in the past few days. There has not been a 10 to 15% drop in the price of silver for nearly four months. We were accustomed to having this happen every few weeks. Now we can get back to the slow methodical rise in the price of silver. Yesterday three of the lease forward rates were in the negative. This morning all five of the rates went up by approximately 1/3%. The Bullion Banks are no longer paying the shorts to enter contracts. The paper players are ridding themselves of their contracts in huge amounts.
They are both in big derivative trouble and when they start to try and get out the picture will not be so pretty. I have been waiting for a 10 to 15% drop in silver for over three months. I don't believe that the bullion Banks have the power to stop the rise to any great degree. We can't say that there is any drop in the price of silver until it is down for the week. In the past 14 weeks silver had two down weeks. One was for .12 and the other was .14.
Win or lose it sounds like fun. :)
True, but it is dilution or a reverse split.
Today I received a proxy from ITRO that indicates that the company wants to increase it's outstanding shares to 20 billion.
Today gold closed down $21.50 at $981.30 and silver closed down .44 at $19.67. For the two days gold is down $21.20 and silver is down $1.00.
Good joke. I am in the same boat. I try not to let it happen very often but it did with ITRO.
utcheevis, I also believe that ITRO has some good products but the company has nearly a billion outstanding shares and must continue to dilute to survive. ITRO owes 10 times the current liabilities as it has in current assets and owes about 2 1/2 times what the entire company is worth. To keep up with current bills the company must continue to dilute at a horrendous rate. I believe that the management will initiate a large reverse split long before the company can support itself. This will wipe out the current shareholders.
Today gold closed up .30 at $1002.80 and silver closed down .56 at $20.11 after trading at $21.18 during the night and as low as $19.71 during the day.
Their throat would be a good idea!
For the 1st time we disagree, Tsafi. I believe that the only thing holding the price of silver down are the Bullion Banks. The is a tremendous scramble to get out of the contracts. The four largest holders of silver lease forward contracts are losing about a billion a week. There are also other reasons but this is enough to make this a very short dip in the price of silver.
lol! Kevin, I am waiting for the time that I am wrong and you decide to load up. Hopefully that won't happen.
I agree. I have spoken out against listening to Cramer on several occasions. He makes millions by being a loud mouth. You are much much better off listening to Tsafi especially if you trade short term.
Silver got as low as $19.93 after being as high as $21.18 during the night. There will be a rebound before the day is over as the shorts will need to cover after the rollovers are in place.
The paper players are scrambling again. This will go on for several weeks due to the huge shorts that are still out.
Kevin, were you the one that I told about several large banks going under before the end of the year? I didn't think that it was going to happen this fast. Bear Stearns is just the 1st. I even look for Chase to be in big trouble before the end of the year. They not only have the tremendous derivative problem to overcome the sub prime loans and short positions will kill them. Look for Lehman Brothers to be one of the next to go under.
Kevin, I still hold GPXM. I'm not too worried about it. I bought in at .12. Their latest 10Q was filed with the SEC on 2-8-08 and doesn't look too bad except for the $1.000,000+ loss for the quarter. With the sales of molybdenum increasing that figure should be turned around in a quarter or two.
I don't see Robert Weigand's assessment happening because of all of the short contracts that still need to be covered. I will say that a 10 to 15% pullback is over due. This type of pullback has happened many times during this bull market. Just before they would happen I would post that I was waiting for the other shoe to drop. It was almost like clock work. This time it may not happen. The shorts are scrambling and losing billions trying to get out of their contracts.
Today gold closed up $7.40 at $1002.50 and silver closed up .11 at $20.67. For the week gold is up $30.10 and silver is up .53.