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Title: HTF did silver drop 10% in an hour?
Source:
Kitco
URL Source: http://www.kitco.com/market/
Published: May 1, 2011
Author: me
Post Date: 2011-05-01 18:49:23 by Critter
Keywords: None
Views: 259
Comments: 17
I checked melt value on $13.60 face value of 90% silver US I bought the other day. I noticed at www.coinflation.com/coins/silver_coin_calculator.html that silver was showing a value of $43.19, but last I had seen it was at about $48. I thought they were using dated data, so I checked at kitco, and sure enough, in the hour or so that the market is open, silver dropped 10%. Talk about manipulation!
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#1. To: Critter, christine, 4 (#0)
Don't worry. That's what traders do. It could well break 50 this week. Don't go wobbly on us, keep systematically buying, as you can. (Ask christine how well she did on getting some doorstops from me at 10...)
Somewhere in Kenya, a village is still missing its idiot.
I never go wobbly on silver. This gives me an opportunity to buy more cheaper. :) I was just wondering out loud, how it could drop so far so fast.
#2. To: Lod (#1)
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#3. To: Critter (#0)
The buying price and the selling price are two different things. Metal traders will buy at a discount then sell at full price. That is how they make their living. If they bought it from you at "spot" and sold at "spot" they would be in effect subsidizing the trade and would not be in business very long.
#4. To: Original_Intent, Critter, 4 (#3)
It's the vig. Buy a bit lower, and sell a bit higher.
Somewhere in Kenya, a village is still missing its idiot.
#5. To: Original_Intent (#3)
We've got pawn shops and brokers paying Spot for bars and $2.00 over for .999 Liberties here ... and they ain't going out of business !
Democracy: “a government of the masses. Authority derived through mass meetings or any other form of direct expression. Results in mobocracy. Attitude towards property is communistic-negative property rights. Attitude toward law is that the will of the majority shall regulate, whether it is based upon deliberation or governed by passion, prejudice and impulse, without restraint or regard to consequences. It results in demagogism, license, agitation, discontent, anarchy.” The 1928 Army Field Manual
#6. To: Lod (#1)
Ask Lod how well he did on a couple of Eagles he lifted from a friend at spot ... some time ago !!! Hahahahahaha !!!
(Ask christine how well she did on getting some doorstops from me at 10...)
Democracy: “a government of the masses. Authority derived through mass meetings or any other form of direct expression. Results in mobocracy. Attitude towards property is communistic-negative property rights. Attitude toward law is that the will of the majority shall regulate, whether it is based upon deliberation or governed by passion, prejudice and impulse, without restraint or regard to consequences. It results in demagogism, license, agitation, discontent, anarchy.” The 1928 Army Field Manual
#7. To: noone222 (#5)
If they are doing so it is with the expectation that its going to go enough higher to make a profit. I guarantee that they are NOT charitable institutions. ;-)
We've got pawn shops and brokers paying Spot for bars and $2.00 over for .999 Liberties here ... and they ain't going out of business !
#8. To: Critter (#0)
It's doubtful you'll get get that price by the time the markets open here in the morning. If you can, it will probably be the last decent buying opportunity you'll ever get. Not really sure what's going on in Asia right now, but it looks like it's coming back up pretty quick. Gold may be in play tomorrow, saw a couple of stories about China wanting to buy a trillion bux worth. That'd leave them with ONLY two trillion in worthless judeo-Amerikkan paper.
Mike Flaherty: Yeah, it's been there a long time. I wish I knew which corner.
My Man Godfrey (1936)
#9. To: Critter, 4 (#0)
- SNIP As for gold, which continues to hit records, Buffett said it was silly how people were still rushing into the commodity. With a fixed amount of gold around, it has no utility and its value is solely determined by what others are willing to pay for it, he said. He’s also reluctant to invest in oil because it’s hard to guess the direction of prices. “There are very few commodities where we know the direction of their movement in the next six months to a year,” he said. “People like to get in on things that are rising in prices. Over time, it has not been the way to get rich.”
#10. To: Critter (#0)
Gold dropped about 6/10 of a percent from the opening over the same period of time.
It is a violation of Natural Law to use this document in a manner inconsistent with its labeling.
#11. To: All (#8)
Silver fell sharply early in thin Asian trading on Monday, retreating further from a record high set last week. It fell about 10 percent to $43.36 [XAG= 43.32 -4.48 (-9.37%) ], well off a peak of $49.51 set last Thursday. Trading is expected to be very thin with many markets in Asia shut for public holidays. The move came after data last Friday showed speculators had scaled back their bullish bets in COMEX silver futures and options to the lowest level since early February. It also followed news last week the CME had raised margins on Comex 5000 silver [SICV1 44.14 -4.444 (-9.15%) ]. Australian Dollar Below 1.10 The Australian dollar fell below the 1.10 level against the U.S. dollar after that collapse in silver prices. The Australian dollar extended declines in early Asian trade, last trading at 1.0943 [AUD= 1.0978 0.0006 (+0.05%) ]. Markets will also have their eye on the Reserve Bank of Australia's (RBA) rate decision on Tuesday. The central bank is widely expected to keep the cash rate on hold at 4.75 percent, though traders will be looking to the post-decision statement for direction.
Mike Flaherty: Yeah, it's been there a long time. I wish I knew which corner.
My Man Godfrey (1936)
#12. To: Esso (#11)
deleted
The relationship between morality and liberty is a directly proportional one.
"Only a virtuous people are capable of freedom. As nations become corrupt and vicious, they have more need of masters." - Ben Franklin
#13. To: Eric Stratton (#12)
Only thing I'm buying right now is food. Bought a big honkin' deep freezer at Lowe's today, to be delivered Tuesday. I'll have it filled Wednesday. I'm dumping dollars as fast as I can. All Lowe's Energy Star rated appliances are 15% off plus free delivery right now.
Mike Flaherty: Yeah, it's been there a long time. I wish I knew which corner.
My Man Godfrey (1936)
#14. To: noone222, 4 (#6)
Just keep buying, come hell or Hiawatha, and all will be solvent and good, imo.
Ask Lod how well he did on a couple of Eagles he lifted from a friend at spot ... some time ago !!!
Somewhere in Kenya, a village is still missing its idiot.
#15. To: Lod (#14)
More On The Silver Dive: "Massive Sell Orders" Coupled With Bolivian Nationalization Halt Combine For Perfect Weak Hand Shakeout Storm Submitted by Tyler Durden on 05/01/2011 21:37 -0400 Two key factors that appear to be contributing to the rapid move in overnight silver (and subsequent jump to pare half its losses) is i) the fact that Bolivia, despite being in a cash crunch has for the time being yielded to miner demands and has put its nationalization plans (as discussed previously here) on hold, and ii) there has been a dramatic bout of selling coming out of nowhere, despite the PM complex having opened very well bid earlier on, in what appears a coordinate effort to nuke silver exclusively. From the WSJ: "Opposition from Bolivia's independently organized miners stopped President Evo Morales from implementing plans to boost state control over the country's mines Sunday, according to leading officials who were advocating takeovers of the country's vast mineral wealth. Mr. Morales has generally used May 1 labor day festivities to highlight his socialist agenda of reverting the country's energy and mineral resources to state ownership. On previous labor days, he announced nationalizations of Bolivia's strategic hydrocarbon reserves and the electric power grid, with mass rallies and military displays. This year, however, anticipated takeovers of the mining sector failed to materialize." None of this however, is news, as Coeur d'Alene and, of course, Sumitomo, the two biggest silver miners in the politically embroiled country already were assured their facilities would not be touched so we fail to see how this non-news is in any way validating of a nearly 20% move. Elsewhere, Bloomberg notes what appears to have been a massive coordinate attack on silver starting just before 6:30 pm Eastern. From Bloomberg: Looks like the old sell into low volume trick to flush the stops and kill the weak hands has worked again. Throw in last week's two CME margin hikes and Friday night's margin bonanza by MF Global, and one had a perfect storm set up for another wipe out in silver to start the week. In the meantime, silver promptly managed to retrace over 50% of the move shortly after the dump. At this point whatever holders remain following last week's margin action and this evening's fine example of shock and awe will likely need far more energy and capital to be shaken out by the same entities whose primary goal is to prevent the surge in silver and ongoing capital- sapping collateral calls. Since none of the actual fundamentals before the long- term trajectory in silver (and gold) have changed, this appears like a rather attractive entry point. Lastly, one should recall that silver had a mini 10% correction last week and not only promptly recovered but nearly passed the $50 level shortly thereafter. This time will not be any different.
"We opened up this morning n New Zealand exceptionally well bid across the board," Jonathan Barratt, managing director at Commodity Broking Services Pty, said in a phone interview from Sydney today. "We got a high in gold and then we got massive sell orders in the spot market and the price fell through. When futures opened the market fell again."
Mike Flaherty: Yeah, it's been there a long time. I wish I knew which corner.
My Man Godfrey (1936)
#16. To: Esso, Lod (#15) (Edited)
Odd, PMs are usually strong on Sundays Held major support @$42.... traded $42.20 (low)
despite the PM complex having opened very well bid earlier on, in what appears a coordinate effort to nuke silver exclusively.
"The person who agrees with you 80 percent of the time is a friend and an ally — not a 20 percent traitor" - Ronald Reagan
#17. To: Critter (#0)
The immediate $5.00 drop on Sunday afternoon is ridiculous.
Talk about manipulation!
Democracy: “a government of the masses. Authority derived through mass meetings or any other form of direct expression. Results in mobocracy. Attitude towards property is communistic-negative property rights. Attitude toward law is that the will of the majority shall regulate, whether it is based upon deliberation or governed by passion, prejudice and impulse, without restraint or regard to consequences. It results in demagogism, license, agitation, discontent, anarchy.” The 1928 Army Field Manual
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