How to slow the plunge?

[MNeagle]

What's the effective way to slow this PM plunge?

I've seen rockets to help a surge, and submarines to counter those rockets.

But I don't know the protocol for plunges!! We need our own PPT here!!! :wwfg

[1970 silver art]

That is a good question MNEagle. I do not know. Maybe a parachute? Just making a WAG here.

[gunDriller]

sell a small amount.

as soon as the transaction is complete (price locked in), the chance of a price rise increases.

[1970 silver art]

sell a small amount.

as soon as the transaction is complete (price locked in), the chance of a price rise increases.


I could be wrong on this but this sounds like the GoldBuyer123 theory of slowing down the PM plunge. :) However, for it to work, a poster must post an announcement on the boards on how much gold and silver they are planning to sell.

[philo beddoe]

sell a small amount.

as soon as the transaction is complete (price locked in), the chance of a price rise increases.


I could be wrong on this but this sounds like the GoldBuyer123 theory of slowing down the PM plunge. :) However, for it to work, a poster must post an announcement on the boards on how much gold and silver they are planning to sell.
Where is Goldseller123 anyways? he was funny.......

[1970 silver art]

sell a small amount.

as soon as the transaction is complete (price locked in), the chance of a price rise increases.


I could be wrong on this but this sounds like the GoldBuyer123 theory of slowing down the PM plunge. :) However, for it to work, a poster must post an announcement on the boards on how much gold and silver they are planning to sell.
Where is Goldseller123 anyways? he was funny.......


Honestly, I do not know. I thought he was funny too. I liked how he used his "profits" to buy a porterhouse steak and a truck.

[Skirnir]

I do not think this is much as a plunge. With gold, this is a healthy retracement. With silver, I am somewhat concerned because it has not made new highs. At this point, the major support is 17,5; as it dropped to 17,6, odds are it will retest this level. For gold, 1160-70 is the support area to watch, otherwise I think a trip to smell the roses at the 200dma is in order.

[1970 silver art]

I do not think this is much as a plunge. With gold, this is a healthy retracement. With silver, I am somewhat concerned because it has not made new highs. At this point, the major support is 17,5; as it dropped to 17,6, odds are it will retest this level. For gold, 1160-70 is the support area to watch, otherwise I think a trip to smell the roses at the 200dma is in order.


So far it is breaking that $17.50 support level ($17.47 as of 7:21 AM Eastern Standard Time). The question is this.........What is the next support level for silver if silver does not hold $17.50? My curiosity is getting the best of me and I am terrible at understanding TA charts.

[Skirnir]

It rejected the low with great prejudice. As of 8:52, silver is at about 17,6.

[1970 silver art]

It rejected the low with great prejudice. As of 8:52, silver is at about 17,6.


The next question will be is this........Will silver stay above 17.50 for the rest of today?

[MNeagle]

http://img.timeinc.net/time/photoessays/johnnycarson/images/03.jpg

[Skirnir]

It rejected the low with great prejudice. As of 8:52, silver is at about 17,6.


The next question will be is this........Will silver stay above 17.50 for the rest of today?


I think it is done testing 17,5 for today.

[Sparky]

Embrace it. Tell yourself there's no new leg up until we see $1050-$1130, so the faster the better. I've already sold my short position, but am hoping for a further drop for a better buy-in price.

If you're not a trader, what bothers you about these price drops? If you are holding for profit, your big payoff is 3-5 years away, so today's price doesn't matter. If you are holding for TSHTF insurance, you shouldn't care about current price. What's your concern?

Disclosure: My physical and my core mining equities position don't get traded.

[Skirnir]

I like to use technical indicators to time my purchases, so I watch the price. Dollar cost averaging is predicated upon being able to buy 10 shares at $12 ea. and then 12 shares at $10 ea. every week/fortnight/month/etc. My budget is limited so I time the market to determine when to buy however many 10oz. bars I can on BullionDirect, or when it is a good time to go hunting on eBay.

[Sparky]

I like to use technical indicators to time my purchases, so I watch the price. Dollar cost averaging is predicated upon being able to buy 10 shares at $12 ea. and then 12 shares at $10 ea. every week/fortnight/month/etc. My budget is limited so I time the market to determine when to buy however many 10oz. bars I can on BullionDirect, or when it is a good time to go hunting on eBay.

Yes, that was my point. From that perspective, this price drop is good. From any other perspective, this price drop shouldn't matter, unless you think it is evidence that the gold bull is now over having reached its peak price of $1265.

[Ragnarok]

What's the effective way to slow this PM plunge?

I've seen rockets to help a surge, and submarines to counter those rockets.

But I don't know the protocol for plunges!! We need our own PPT here!!!


Take delivery!

R.

[Skirnir]

Next stop - 18,5

[MNeagle]

Wow, down $14.20 in minutes. What's going on?? Anyone know?

[JohnQPublic]

Wow, down $14.20 in minutes. What's going on?? Anyone know?


July 27 Comex August gold options expiry (http://gold-silver.us/forum/gold-silver-precious-metals/metals-calendar-futures-options-dates/) ?

[BrewTech]

Damn, I just offloaded a good chunk of Ag on Sat... I figured that was seriously Ag positive... guess not!

[1970 silver art]

Wow, down $14.20 in minutes. What's going on?? Anyone know?


Comex expiration probably has a lot to do with it but I also think that there was a key Housing Index that ended being "better than expected".

[1970 silver art]

Damn, I just offloaded a good chunk of Ag on Sat... I figured that was seriously Ag positive... guess not!


It is only Ag positive when you post on the boards that you sold a bunch of silver. The GoldBuyer123 theory states that you have to announce on the boards that you sold X amount of oz's for a Y amount of profit. I think that is how it works. It seemed to work for GB123 while on GIM1. :)

[BrewTech]

Damn, I just offloaded a good chunk of Ag on Sat... I figured that was seriously Ag positive... guess not!


The GoldBuyer123 theory states that you have to announce on the boards that you sold X amount of oz's for a Y amount of profit.


I think that's how it works, too, but I think I will leave out the details...

[1970 silver art]

Damn, I just offloaded a good chunk of Ag on Sat... I figured that was seriously Ag positive... guess not!


The GoldBuyer123 theory states that you have to announce on the boards that you sold X amount of oz's for a Y amount of profit.


I think that's how it works, too, but I think I will leave out the details...


Fair enough. The GoldBuyer123 theory is not for everybody and there is no guarantee that it will work 100% of the time.

[BrewTech]

Damn, I just offloaded a good chunk of Ag on Sat... I figured that was seriously Ag positive... guess not!


The GoldBuyer123 theory states that you have to announce on the boards that you sold X amount of oz's for a Y amount of profit.


I think that's how it works, too, but I think I will leave out the details...


Fair enough. The GoldBuyer123 theory is not for everybody and there is no guarantee that it will work 100% of the time.



Oh, one detail may be worth passing on - there was no profit. I'm OK with that as I wasn't holding for profit, but preservation.