Silver DOWN DOWN downnnnnnn.

[Ponce]

Silver down .69 cents......what is going on? anyone knows?????

[platinumdude]

It's the day after tax day, I thought the PM prices usually crash after that. There is also this story.

http://www.thestreet.com/story/10727985/1/goldman-sachs-sinks-gold-prices.html

The news that the SEC charged Goldman Sachs with fraud was killing gold prices as investors rotated out of riskier commodities and into safer assets like the U.S. dollar. The gold price had been finding support around $1,150 an ounce after better-than-expected earnings from big U.S. companies. But gold couldn't hold that level and is now retesting the $1,135 area as momentum buying erodes.

I saw a breakout here [but] we have a pretty strong down move in gold and silver this morning and it's a bit concerning," says David Morgan, founder of Silver-Investor.com. "The way it was set up at the $1,155 level it looked pretty strong to the upside ... I am going to let the market tell me. I'm not going to over-eat yet but I'm not happy with what I'm seeing right now."

Over the short term, gold will keep looking to the dollar/euro relationship for direction. After meeting with officials from the European Union and the International Monetary Fund, Greece is expected by many investors to formally ask for its financial bailout money. Greece is struggling to raise money on its own and must currently pay a 7.22% yield on 10-year bonds as it tries to sweeten the pot for investors to lend the country money. Steep borrowing costs highlight the lack of investor confidence in the Greek economy despite the country's recent tax hikes. Portugal could be the next eurozone country on the chopping block with yields for its 10-year bonds hitting a high of 4.5%. Its suffering export business is also hampering the country's ability to turn to trade to make money.............

[YukonCornelius]

My theory:

TPTB can't have metals shining while stocks are being dumped...simple as that in my mind.

Obviously among other factors...

[Ponce]

Well, to me the more dollars that are printed the lower the dollar should go down and the higher that silver and gold should go up........and when the market fails then the sky is the limit.

I saw many times, back in 79, silver go up a dollar a day.

[chad]

didn't they have market limits on it towards the end? like it could only go up $0.50 a day? i was fooling around with safety scissors and crayons at the time. ;D

[Carbon]

Silver down .69 cents....


Well that's swell - but will it make physical any cheaper to purchase or increase available inventories/selections?

I've not seen this to be true in years.

Four of five years ago, there was an incredible selection of silver on eBay. Not anymore. And the nice stuff that does show up is expensive if you can get it.

Is something going to happen that's going to change all of that now? I wouldn't bet on it.

[Ponce]

Chad, $1.00 was the limit in 79.........now? I don't know, if you find out let me know.....thanks.

Carbon?.....I always said that......."Once the public starts buying they will take the control of PM from the coats and ties AND ONLY THEN will the same go up"

[Quixote2]

Wait, wait. Hold your dry powder until Silver Sammy goes off on price of silver performance. They have not stopped cutting the sale price yet.

[randymatt]

Silver down .69 cents......what is going on? anyone knows?????


Don't worry Ponce you still have your gold...

http://i542.photobucket.com/albums/gg404/randymatt/poncestash.jpg

[MNeagle]

Your first applause! And welcome!

[gunDriller]

Silver down .69 cents......what is going on? anyone knows?????


i notice especially that silver & gold track with oil (converse relationship), and that they track opposite the US dollar (inverse relationship).

if you look at the curve for this week's oil -
http://finance.yahoo.com/echarts?s=CLK10.NYM#chart1:symbol=clk10.nym;range= 5d;indicator=volume;charttype=line;crosshair=on;oh lcvalues=0;logscale=on;source=undefined

and the price activity for this week - silver downticked to 17.96 on Tuesday, & gold down-ticked to US$1145. they hit their low price of the day at the exact same time that oil hit its low price, which was close to when the Dow hit its low. on Tuesday the Dow bounced back.

similar behavior today, but without the Dow bounce-back. again gold & silver tracked with oil, but the Dow didn't make up all its losses.

http://www.fromthewilderness.com/live_charts.shtml

that page has a bunch of Kitco charts.

anyway, to answer the question about what happened today - i think they went back to the paper-gold manipulation games today at about 10:45 AM Eastern time, from looking at the gold chart -
http://www.kitco.com/images/live/silver.gif

the Dow was trending down, in response to the news about the SEC investigation of Goldman Sachs. but the profit pictures reported by most companies were good.
in other words there was not that much news of the sort that normally upsets the stock markets.

$1 Billion fraud at Goldman Sachs ? that's not much.

so how do we get a 5% drop in silver and a 3% drop in gold ?

my personal theory - when we see those 5% drops in silver in the space of an hour, it's a reflection of the actions of the Precious Metal Price Suppression Team (PMPST). they're sort of the A-Team of fiat currency support, by depressing the price of precious metals, using naked shorts and paper gold and fraud and a smorgasbord of techniques (tungsten gold).

Reference URLs about recent revelations of major fraud in the PM markets -

interview with Andrew Maguire, metals trader & whistleblower

http://kingworldnews.com/kingworldnews/Broadcast/Entries/2010/3/30_Andrew_Maguire_&_Adrian_Douglass_files/Andrew%20Maguire%203%3A30%3A2010.mp3

right click, "save as" or "save target as", to save the *.mp3.

\/ more on the CFTC (Commodity Futures Trading Commission) Hearings last week.
http://kingworldnews.com/kingworldnews/Broadcast/Entries/2010/3/31_GATA_files/GATA%203%3A31%3A2010.mp3


Commentary @ Zero-hedge
http://www.zerohedge.com/article/former-goldman-commodities-research-analyst-confirms-lmba-otc-gold-market-paper-gold-ponzi

http://www.zerohedge.com/article/whistleblower-exposes-jp-morgans-silver-manipulation-scheme


More interview, with GATA Founder Bill Murphy
http://www.iamthewitness.com/audio/Bill.Murphy/TFC.SMITH.RAFEEQ.BILL.MURPHY.GATA%2003-04-2010.mp3


follow-up interviews

Harvey & Lenny Organ & Adrian Douglas
http://kingworldnews.com/kingworldnews/Broadcast/Entries/2010/4/7_Andrew_Maguire_&_Adrian_Douglas_files/Harvey%20%26%20Lenny%20Organ%20%26%20Adrian%20Doug las%204%3A7%3A2010.mp3

John Williams on Unemployment & Inflation
http://kingworldnews.com/kingworldnews/Broadcast/Entries/2010/4/3_John_Williams_files/John%20Williams%204%3A3%3A2010.mp3


article, "Hong Kong Pulls All Gold Reserves From Depositories In London"
http://www.kingworldnews.com/kingworldnews/G+_Articles/Entries/2010/4/7_Hong_Kong_Pulls_All_Gold_Reserves_From_Depositor ies_In_LondonBy_MarketWatch___Chris_Oliver.html

customers sue Morgan Stanley for charging storage fees for Paper Gold
http://www.kingworldnews.com/kingworldnews/G+_Articles/Entries/2010/4/7_Morgan_Stanley_to_settle_class-action_lawsuitBy_Reuters___Paritosh_Bansal.html


Financial Sense article on Tungsten Gold
http://www.financialsense.com/fsu/editorials/willie/2009/1118.html

[Ponce]

Randy? how the heck did you get into my gold room?......... I'll have a talk with the guardian of my treasure........my cat.........neither men of mice will she let in there.

[1970 Silver Art]

Holy Cow !!!!!!

The DOG got its a$$ smacked around today. :o

[Shami-Amourae]

Your first applause! And welcome!


Second! Mwahahaha!