Alright, which one of you lot JUST sold your silver?! You bastid!

[Filthy Keynes]

Silver DOWN IN A FLASH!

$23.12

[Filthy Keynes]

And Kitco charts are "stuck" again!

Here's a "live" price that's working:

http://www.kitconet.com/images/live/ag0001wb.gif
http://www.kitconet.com/images/live/ag0001wb.gif

[Twisted Titan]

NUFF SAID............

[1970 silver art]

WOW!!!!! What a painful drop. The revenge of JPMorgan. I think that it is safe to say that the DOG got stabbed in the dick by JPMorgan. :D

[Filthy Keynes]

C?NBC

[Ponce]

To sell your silver without a good reason would be like pying real money to funny false money........sell only "if you have to" or.........in preparation for what is to come.

[milehi]

Anybody doing a swap on the ratio? I was thinking about last night.

[Filthy Keynes]

Anybody doing a swap on the ratio? I was thinking about last night.


I just swapped some silver for platinum.

[Twisted Titan]

C?NBC



Can you pull the story up??

I would like to read it but im on the run right now.

Thanks in advance.

T

[Filthy Keynes]

C?NBC



Can you pull the story up??

I would like to read it but im on the run right now.

Thanks in advance.

T



Published: Thursday, 21 Oct 2010 | 11:03 AM ET Text Size
By: Jack Farchy
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“Almost anything is better than paper money ... any fool can run a printing press.”

These are not the words of a modern-day gold bug, but attributed to Nelson Bunker Hunt, the billionaire oil baron who went long on silver in the 1970s. So long, in fact, that he and his brother cornered the market, were sanctioned by the regulator for market manipulation and went bankrupt in the process.



After their move, the price of silver hit a peak of $50 an ounce in 1980 before dropping to $10 the following year.

In the past month silver has bounced back to prices not seen since the Hunt brothers’ day. No single investor is cornering the market but, just as in the 1970s, the price is being driven by surging speculative demand as investors sweep up supplies of the grey precious metal whose primary use is industrial.

Investors in silver, also known as “poor man’s gold”, are persuaded by many of the same arguments that have driven the gold price higher: the prospect of a global “currency war” in which central banks race to devalue their currencies to support domestic growth and the belief that a second round of emergency monetary easing by the Federal Reserve could eventually lead to a sharp jump in inflation.

Gold has captured the headlines, ticking off one new record high after another, but volatility in bullion is near a five-year low, which for some investors makes it a less exciting prospect. Returns on silver, they say, could be greater.

Indeed, there are symptoms of spreading silver fever. Sales of silver coins are set to hit a record high this year, while investors have snapped up more than 1,500 tonnes of silver through exchange-traded funds (ETFs) in the past two months alone. That is more than 5 per cent of total annual silver supplies.

Michael Kramer, president at Manfra, Tordella & Brookes, a large US coin dealership, says: “Silver coins are doing very well.”

David Madge, director of bullion sales at the Royal Canadian Mint, says it has already sold in excess of 30 per cent more of its popular silver Maple Leaf coin than last year’s record 10m ounces. The US Mint has sold 27.5m ounces of silver American Eagles so far this year – already within reach of last year’s record 28.8m ounces with the busy Christmas period still to come.

The interest in ETFs, coins and futures has helped to drive prices higher. Silver is one of the best-performing commodities this year. In the past two months it has rallied 31 percent – to $23.72 an ounce on Wednesday – more than three times gold’s 8.9 percent rise.

The price rises, in turn have prompted a response from the main silver mints. The US Mint this month raised the premium above the value of the metal content that it charges dealers buying silver American Eagles. The Canadian mint has run out of 2010-dated silver Maple Leaf coins, although Mr. Madge says it would produce more if needed.

Analysts and investors, though, are divided on the outlook for the metal. Some see silver as having brighter prospects than bullion. The reason for this is that, unlike gold, for which investment is now the biggest single source of demand, silver consumption is still largely accounted for by its traditional end-uses in the production of jewellery and in the electronics industry and photography. In theory, this should mean that, as the world economy recovers, silver will benefit from an extra shot in the arm and outperform gold, says Daniel Brebner, commodities analyst at Deutsche Bank in London.

Matthew Turner, analyst at Mitsubishi, the Japanese trading house, says: “There are two drivers for silver: industrial demand and gold. The two drivers are both positive at the moment.”

Traders and refiners have reported a strong rebound in industrial demand for silver. Solar power, which uses silver-containing chemicals to convert sunlight into electricity, is a source of new demand. Traditional consumers in the electronics industry are also bouncing back strongly, refiners say.

Scott Morrison, chief executive of Metalor, one of the world’s top precious metals refiners, says: “Industrial demand for silver is very strong – back to 2008 levels or even better.”

Nonetheless, silver prices are likely to remain driven by the investment community in the short term. Hedge funds that are bullish about gold have begun taking positions in the silver market, aiming to profit from its higher volatility, bankers say.

That could lead to sizeable price swings in the short term. As the silver market is a good deal smaller than that for gold, a large investment can have a bigger impact on prices. Some senior traders are looking for silver to hit $30 an ounce in the next year, a 25 percent increase on current prices. But analysts, bankers and industry executives alike are wary of the higher volatility that hedge funds and other investors are bringing to the silver market – especially as mine production of silver, unlike some other metals, is relatively plentiful.

“Investment demand is critical in a market where growing fabrication demand is not sufficient to propel prices,” says Suki Cooper, precious metals analyst at Barclays Capital. “If investors stop accumulating fresh metal to position against market uncertainties, prices could correct sharply before finding fundamental support.”

No one is trying to corner the market, at least not yet, but the risk-averse should probably tread warily.

Copyright 2010 The Financial Times Limited

[JDRock]

ahh.....grasshopper, do not measure the value of silver by the amount of worthless frn's :oo-->
its worth much much more....i only use spot price as an indicator as to what the PUBLIC is generally valueing it.

[gunDriller]

WOW!!!!! What a painful drop. The revenge of JPMorgan. I think that it is safe to say that the DOG got stabbed in the dick by JPMorgan. :D


well, so it's down to near $23, after a few weeks in the $24+ range. it pretty much validates your $23 price target.

at this point neither $26 nor $21 would surprise me.

as far as i can tell, one of the main reasons for the dip is profit taking. there's a pretty good technical analysis of it at today's JS Mineset.
http://jsmineset.com/

$1320 silver is a bargain for people who are new to the subject matter.

[Ponce]

I will trade my silver for gold when the ratio becomes 16/1.

[General of Darkness]

WOW!!!!! What a painful drop. The revenge of JPMorgan. I think that it is safe to say that the DOG got stabbed in the dick by JPMorgan. :D



A lot of that going around these days. >:(

[1970 silver art]

WOW!!!!! What a painful drop. The revenge of JPMorgan. I think that it is safe to say that the DOG got stabbed in the dick by JPMorgan. :D


well, so it's down to near $23, after a few weeks in the $24+ range. it pretty much validates your $23 price target.



Now if silver can hold on and stay above $23/oz until the end of the year, then my gut feeling prediction of $23 (or higher) silver on December 31, 2010 would be right and as a result, my gut feeling could fully redeem itself. My gut feeling might think about "retiring" on Jan. 1, 2011. No final decision from my gut feeling yet. ;D