Confirmed hit @ $27.00! "Break on through to the other side"!

[Filthy Keynes]

You know the day destroys the night
Night divides the day
Tried to run
Tried to hide
Break on through to the other side
Break on through to the other side
Break on through to the other side, yeah

We chased our pleasures here
Dug our treasures there
But can you still recall
The time we cried
Break on through to the other side
Break on through to the other side

Yeah!
C'mon, yeah

http://www.youtube.com/watch?v=6BIjCW2_Uik

[General of Darkness]

FK it was briefly over 27 last night then got beat back, today should be interesting.

[mick silver]

it 27.05 right now

[Silver Rocket Bitches!]

GSR = 51.66

Anyone trading?

[Plastic]

GSR = 51.66

Anyone trading?




Sure will, when it reaches parity with gold.

[Filthy Keynes]

I just LOVE these "Break on through to the other side" moves. Up to $27.19 now - oops $27.20 - all in a few mintues!

Gold just breaks on through to the upper side of $1,400!

[mick silver]

if silver breaks 28 bucks today i will head to the store and buy more food .... the end is near

[optionT]

$27.36!!

[Silver Rocket Bitches!]

Gold just broke $1400. I literally just watched silver climb .40 in mere minutes.

This is fvcking scary.

[Twisted Titan]

THE DAY OF VINDICATION IS DRAWING NEAR.

STEAL YOURSELVES DEAR FRIENDS

THE RISE OF SILVER IS COMING.

[jaybone]

Gold just broke $1400. I literally just watched silver climb .40 in mere minutes.

This is fvcking scary.


Scary indeed,
Blowing through these levels is always bittersweet,
Kind of like being smart enough to get a great deal on life insurance, profitable but payout is a bitch.

[Filthy Keynes]

That's a FIFTY CENT move in one hour!

[mick silver]

life if good if you got in low

[Sparky]

That's a FIFTY CENT move in one hour!


Heh. 80-cent move in under three hours. That was about the entire price range in this yearly chart for 2002:

[Filthy Keynes]

That's a FIFTY CENT move in one hour!


Heh. 80-cent move in under three hours. That was about the entire price range in this yearly chart for 2002:



Awesome!

[vacuum]

I haven't had a chance to get as much as I wanted...would now be a good time to increase my silver holdings by about 50%?

[VX1]

Also worthy to note... divide out gold's gain by silver's gain... almost 16:1 ... that's a familiar ratio, don'tcha think?

[1970 silver art]

WOW!!!!!!!!! This is crazy! There is no slowing down this monster. I am just totally blown away by the white metal's run. I am in love...........with the DOG. :-* :-* :-*

[vacuum]

No one has any opinion? Here is the 90 chart for silver:

http://www.apmex.com/ChartImages/Chart_Silver_90%20Day.jpg

[Horn]

That chart looks like the little climbing Yoddler's mountain on The Price is Right!!!

http://2.bp.blogspot.com/_bJabRPjKAcs/R2tTXLFUyfI/AAAAAAAAAO4/KQdDr2u0WFs/s320/cliffhanger3.jpg

[jaybone]

No one has any opinion? Here is the 90 chart for silver:

http://www.apmex.com/ChartImages/Chart_Silver_90%20Day.jpg



Uncharted water here vac,
it would not be unusual to see a pullback here,
or it could continue up relentlessly as there are not really any resistance levels above an all time high.

You have to decide for yourself if the higher costs of buying today outweigh the higher risks of leaving the fruits of you labor as zeros and ones on a computer in an insolvent bank, in an insolvent country with a currency destined for the dustbin of history.

IMO it is always a good time to buy more.

[General of Darkness]

http://silver-rockets.com/wp-content/uploads/2009/04/0410_rocket1.jpg

[Libertytree]

The question that I'm pondering is when do the BIG players swoop in for their profit taking? Or will they? It seems logical that there will be a pull back, how much though? Are the traders being set up for the kill?

[Horn]

The question that I'm pondering is when do the BIG players swoop in for their profit taking? Or will they? It seems logical that there will be a pull back, how much though? Are the traders being set up for the kill?


If someone is trying to corner the market, I'll have to say they haven't laid a hand on mine, yet.

[Dogman]

The question that I'm pondering is when do the BIG players swoop in for their profit taking? Or will they? It seems logical that there will be a pull back, how much though? Are the traders being set up for the kill?


Yea they could sell and take profit, but if the metal does not pull back and keeps climbing then what?

[Sparky]

I haven't had a chance to get as much as I wanted...would now be a good time to increase my silver holdings by about 50%?


It's hard to answer this without knowing your current position. If you hold currently hold 20 ounces and are thinking about adding 10 more, then sure, do it today.

But with prices at 30-year highs, you should be making any add-on purchases to an existing strong position in modest cost-averaging steps. If you have at least a decent position now ("several" hundreds of ounces), adding 50% in one swoop seems foolish.

If you have none, or a small position (<100 ounces), then you should establish a base position immediately, perhaps as two purchases separate by a month's time.

If you have a stronger position, I would recommend planning for multiple purchases over the next 10 months (through next summer). The exact amount has to be weighed against shipping or sales tax (some states) which work against smaller purchases.

[Sparky]

The question that I'm pondering is when do the BIG players swoop in for their profit taking? Or will they? It seems logical that there will be a pull back, how much though? Are the traders being set up for the kill?


Yes, this can't be ignored.

[RJB]

It's hard to answer this without knowing your current position. If you hold currently hold 20 ounces and are thinking about adding 10 more, then sure, do it today.Hey Sparky, I remember your suggestion for a PM starter kit from a few years back. You might want to start a thread with that suggestion. I found it very helpful when I was starting out. Although it may be a bit different now.

[Sparky]

The question that I'm pondering is when do the BIG players swoop in for their profit taking? Or will they? It seems logical that there will be a pull back, how much though? Are the traders being set up for the kill?


P.S. Let's look at history. These have been the large "swings" so far in this bull market:

Jun 2003 / $4.50
Apr 2004 / $8.25 / +83%
May 2004 / $5.50 / -33%
May 2006 / $15.00 / +173%
Jun 2006 / $9.75 / -35%
Mar 2008 / $21.00 / +115%
Oct 2008 / $9.00 / -57%
Nov 2010 / $27.50 / +206% ..... [so far]

Using this as a yardstick, we have every reason to believe that a sharp correction is inevitable, and imminent since the price has increased more than 200% since the last swing low. Using a typical correction of 40%, that would put the next target for a swing low somewhere in the $16-$17 range.

[Libertarian_Guard]

http://i53.tinypic.com/2qu5fk3.jpg

[MAGNES]

The question that I'm pondering is when do the BIG players swoop in for their profit taking? Or will they? It seems logical that there will be a pull back, how much though? Are the traders being set up for the kill?


P.S. Let's look at history. These have been the large "swings" so far in this bull market:

Jun 2003 / $4.50
Apr 2004 / $8.25 / +83%
May 2004 / $5.50 / -33%
May 2006 / $15.00 / +173%
Jun 2006 / $9.75 / -35%
Mar 2008 / $21.00 / +115%
Oct 2008 / $9.00 / -57%
Nov 2010 / $27.50 / +206% ..... [so far]

Using this as a yardstick, we have every reason to believe that a sharp correction is inevitable, and imminent since the price has increased more than 200% since the last swing low. Using a typical correction of 40%, that would put the next target for a swing low somewhere in the $16-$17 range.



Good points, I keep pointing to crimex shorts not closing out like other years.
They are way over extended. Your 35- 40 % yardstick fits for gold and Zeal,
Hamilton historical explanations on corrections, SI gets killed harder, interday,
last round SI got creamed 60+ % . People are looking at us like we are nutz.
I have made some money trading this, I don't trade my physical, so we wait
for opportunities, I feel very comfortable going long whole account on SI
calls when a major bottom hits, done it 3 times already, we need the stars
to line up though, that didn't happen in 2009 so I lost out, same this year,
this year there was no correction, seasonal, of any kind, I am just going on
history, the question is, did the wheels come off and did the shorts lose control
totally, personally I don't think so, we will see more of the same, in the end
I will lose out, yes, on moves, but I don't think we are there, the end, another
round is coming. Notice SI is popping leading gold, this happens at tops,
it also happens other times too, lol, where are we here, still lots of pressure up,
waiting for some pop off top first week of Dec, maybe lose more money , lol .
Last year that trade was a winner but no biggie.

[midnight rambler]

The value of PMs remains unchanged, it's the FRN that's dropping like a rock.

What's noteworthy is that silver is closing the ratio on gold, currently 50.9:1.

[sirgonzo420]

The value of PMs remains unchanged, it's the FRN that's dropping like a rock.


True, however, the *relative* value of PMs is increasing.

A few years ago, an ounce of good pot was worth more (in $FRN) than an ounce of gold.

Now, that is no longer the case; the best pot you can buy is now much CHEAPER than the same weight in gold.

[Sparky]

Agreed, Magnes. I was prepared to double my position on a big 2010 seasonal correction that never happened. And yes, I also don't think the shorts have yet lost control, and we are good for at least one more normal cycle (low $16-$18, high $30-$40), and then maybe a blowoff cycle where they lose control, bringing silver to $75 (perhaps as high as $100 if things get really crazy, but I'm leaning toward the $75).

Most of the swing peaks have occurred in the spring, but there have been two dramatic December pullbacks (2004, 2009), both occurring on December 2. Unfortunately, my motto is "history repeats itself, until you recognize the pattern, and then it screws you!".

[Sparky]

It's hard to answer this without knowing your current position. If you hold currently hold 20 ounces and are thinking about adding 10 more, then sure, do it today.Hey Sparky, I remember your suggestion for a PM starter kit from a few years back. You might want to start a thread with that suggestion. I found it very helpful when I was starting out. Although it may be a bit different now.


I'm glad to hear that it was helpful. The $10K starter kit doesn't buy as much as it did a few years ago, but today it would look something like this:

2 one-oz Gold American Eagles
3 half-oz Gold American Eagles
20 Silver American Eagles
80 1-oz silver rounds
5 10-oz silver bars
$20 face value 90% U.S. coins

This represents 3.5 ounces of gold and about 165 ounces of silver, with a fairly even cost split between gold and silver.

[Libertarian_Guard]

http://i52.tinypic.com/rwkqs9.jpg

[Libertarian_Guard]

http://i55.tinypic.com/6gbql2.jpg

[1970 silver art]

Another $1 up-day for silver. 8) 8) 8) Maybe silver touches $28 tonight.

[oldmansmith]

It kinda looks like this is it...


Maybe it will pull back, but if I had zero PM's right now I would be buying hand over fist.

[RJB]

Confirmed hit @ $27.00! Understatement of the day ;D

[oldmansmith]

Agreed, Magnes. I was prepared to double my position on a big 2010 seasonal correction that never happened. And yes, I also don't think the shorts have yet lost control, and we are good for at least one more normal cycle (low $16-$18, high $30-$40), and then maybe a blowoff cycle where they lose control, bringing silver to $75 (perhaps as high as $100 if things get really crazy, but I'm leaning toward the $75).

Most of the swing peaks have occurred in the spring, but there have been two dramatic December pullbacks (2004, 2009), both occurring on December 2. Unfortunately, my motto is "history repeats itself, until you recognize the pattern, and then it screws you!".



I don't disagree with you Sparky, and I respect your opinion greatly. But this feels different. I think that this is "it."

[zap]

I kinda think this is "It" too, but look at them knocking it down right now.

[1970 silver art]

I kinda think this is "It" too, but look at them knocking it down right now.


Yeah I think that there will be a lot of attempts to smack it down since it run so far so fast. I seriously doubt that JPMorgan and Co. will just stand there and let silver keep going up without a challenge. However, when they attempt to smack it down and it gets knocked down, it will not stay down for very long.

[osoab]

I kinda think this is "It" too, but look at them knocking it down right now.


You consider down .07, knocking it down?

I thought I overreacted. ;D

[zap]

I kinda think this is "It" too, but look at them knocking it down right now.


You consider down .07, knocking it down?

I thought I overreacted. ;D


lol , watch them the aren't going to let it run without a fight. ;)

[1970 silver art]

I kinda think this is "It" too, but look at them knocking it down right now.


You consider down .07, knocking it down?

I thought I overreacted. ;D


lol , watch them the aren't going to let it run without a fight. ;)


There is no question in my mind that they are going to make attempts to knock it down but the question will be how effective will they be in knocking it down this time? Seems like they were not very effective the last time they tried to knock it down.

[osoab]

This was definitely an odd day.

http://www.weblinks247.com/indexes/idx24_usd_en_2.gif

http://www.kitco.com/images/live/nysilver.gif

http://www.kitco.com/images/live/nygold.gif

Dollar up, metals up and the markets indexes subdued. Odd to me. And it was a POMO day.

[vacuum]

Well I held off buying till it broke $28. That was it.

[Sparky]

Well I held off buying till it broke $28. That was it.


Ahh, holding out for a higher price!

You didn't go "all in" at this price, did you?

[vacuum]

Yea, it was only about a paycheck's worth tough.

[cthulu]

Silver always seems to fall in half from its highs, so I'll wait till ag hits 17 cuz I'm not greedy.

[Sparky]

OK, updating my Post #28, now assuming today's spike to $29.38 will probably be the new swing high for a while.

Jun 2003 / $4.50
Apr 2004 / $8.25 / +83%
May 2004 / $5.50 / -33%
May 2006 / $15.00 / +173%
Jun 2006 / $9.75 / -35%
Mar 2008 / $21.00 / +115%
Oct 2008 / $9.00 / -57%
Nov 2010 / $29.38 / +226%

Shaving 40% off this high would put the next swing low at $17-$18.

[Neuro]

OK, updating my Post #28, now assuming today's spike to $29.38 will probably be the new swing high for a while.

Jun 2003 / $4.50
Apr 2004 / $8.25 / +83%
May 2004 / $5.50 / -33%
May 2006 / $15.00 / +173%
Jun 2006 / $9.75 / -35%
Mar 2008 / $21.00 / +115%
Oct 2008 / $9.00 / -57%
Nov 2010 / $29.38 / +226%

Shaving 40% off this high would put the next swing low at $17-$18.
I think somewhere in low 20's is a reasonable target for the low probably before Christmas...

[Sparky]

OK, updating my Post #28, now assuming today's spike to $29.38 will probably be the new swing high for a while.

Jun 2003 / $4.50
Apr 2004 / $8.25 / +83%
May 2004 / $5.50 / -33%
May 2006 / $15.00 / +173%
Jun 2006 / $9.75 / -35%
Mar 2008 / $21.00 / +115%
Oct 2008 / $9.00 / -57%
Nov 2010 / $29.38 / +226%

Shaving 40% off this high would put the next swing low at $17-$18.
I think somewhere in low 20's is a reasonable target for the low probably before Christmas...

Since this is a list of long term swings, and considering the seasonals, we could see a move to the low 20's before Christmas, then a move back to the $25-$30 range, and then a move down to $17-$18 next summer.

[Filthy Keynes]

IMHO: Baloney. This is POINT BREAK:

http://imgs.sfgate.com/c/pictures/2006/02/08/ba_marvericks3927afl.jpg

[zap]

Its starting to run again. Makes me nervous. :oo-->

[1970 silver art]

Its starting to run again. Makes me nervous. :oo-->


Yeah it is running hard so far. It is already up 0.43. This is the first time for me in my lifetime that I have seen silver this high. Zap, just make sure that you are strapped in that silver roller coaster because it is going to be a wild ride. ;D

[Filthy Keynes]

Today's take-down was not due to shorting, it was due to CME Group (Chicago Mercantile Exchange). Well..... Chicago is closed for the evening. Go Asia!

[Filthy Keynes]

Blythe Masters is a fat chubby seal. The sharks are coming in for some blubber:

http://www.youtube.com/watch?v=lufR8xPgYJY

[Neuro]

OK, updating my Post #28, now assuming today's spike to $29.38 will probably be the new swing high for a while.

Jun 2003 / $4.50
Apr 2004 / $8.25 / +83%
May 2004 / $5.50 / -33%
May 2006 / $15.00 / +173%
Jun 2006 / $9.75 / -35%
Mar 2008 / $21.00 / +115%
Oct 2008 / $9.00 / -57%
Nov 2010 / $29.38 / +226%

Shaving 40% off this high would put the next swing low at $17-$18.
I think somewhere in low 20's is a reasonable target for the low probably before Christmas...

Since this is a list of long term swings, and considering the seasonals, we could see a move to the low 20's before Christmas, then a move back to the $25-$30 range, and then a move down to $17-$18 next summer.
Yes I agree this is a possibility, that would be a move mimicking the 2008 pullback, but a bit milder. However I think this time around will be different. One reason is that the fundamentals are different this time, in 2008 there was lots of ideas to monetizing floating about, but the fed didn't really start releasing any funds until autumn, which marked the end of the decline in October. Now the monetizing is full steam ahead, and they may talk tough about the hazards, government spending etc. But I don't see any realistic near future where they can turn off the valves from the Fed, probably they talk tough and spend looser. We certainly are due for a technical pullback and in 4-6 weeks we will be in low 20's, but from there on I think we will see an accelerating POS increase, that may take a couple of months to take out 30, and from there on prices will take off upwards, possibly up to $50 in the early summer...

Another reason is technical, silver really had to work hard to take out 20 over the last 2-3 years, because of this I doubt that we will see below $20 POS...

[Filthy Keynes]

Don't forget the $0.1 TRILLION POMO tomorrow!

[osoab]

Today's take-down was not due to shorting, it was due to CME Group (Chicago Mercantile Exchange). Well..... Chicago is closed for the evening. Go Asia!



Don't forget the bucky's influence too.

[Neuro]

Don't forget the $0.1 TRILLION POMO tomorrow!
Good point, this could just be a set up too prevent that the wheels fall off completely tomorrow...

[osoab]

Don't forget the $0.1 TRILLION POMO tomorrow!


The POMO auction schedule for the next 2 weeks due out tomorrow too.

http://www.ny.frb.org/markets/tot_operation_schedule.html



The next release of the approximate purchase amount and tentative outright Treasury operation schedule will be at 2 p.m. on November 10, 2010.


At the link, I saw Monday and today, but not tomorrow as a POMO.

[Cebu_4_2]

back up a dollar to 27.38... 30 holding by Friday.

[Fortyone]

needs to slow down,Up way too much, way too fast, very volatile.

[1970 silver art]

needs to slow down,Up way too much, way too fast, very volatile.


I will have to agree with that. A healthy correction is needed and it will eventually happen. Silver needs to take a break every now and then. Everybody in the GSUS community knows that $30+ silver will happen but it does not have to happen right now. It could go back down to $23-$24 range and it will still be a very good year for silver.

[zap]

Looks like it's running again 26.90 up $1.25 . Gold is up $17.00 to 1393.00. :D