Metals tanking!

[Cebu_4_2]

Martial control cause of the quake?

[Ares]

The quake must of loosened their footing.. They're diving pretty hard.

[Gaillo]

Heheh! It's because I'm on my way to town to BUY!!! ;D

Typically happens the other way, though...

[JJ.G0ldD0t]

A tiger crouches before it leaps

8)

[Spectrism]

I would like to see silver drop a few bucks more. I will buy with my next paycheck.

[Neuro]

DOW is up 290 points. The crisis is over! It is time to invest in Guccibags, Diamonds, Champagne and Iranian Caviar. Gold will only be used as ballast in leaking boats!

[mamboni]

CNBC terminology

DJIA hasn't gone up in 12 years and loses 1000 points and it's a correction
Gold goes up 450 in six weeks and loses 50 points, it's a collapse (heard them say it today)

I love these guys!

Ha ha ha. Silver has been collapsing in price....since $7! Gold and silver have been doing a delightful three-step for the last 10 years: two steps forward, one step back. The idiots on the MSM have been calling the gold top since $400.

It is gradually becoming apparent to everyone that there is only one safe refuge for wealth protection as the fiat ponzi system collapses, and it ain't the dollar or US treasuries.

[Sparky]

Well, we were expecting $70 daily moves in gold, right?

[Twisted Titan]

dealer shevels are going dry .........and not because people are buying.

Hint hint

[Ares]

Here's why, Shanghai increased their gold margins.

http://www.zerohedge.com/news/precious-metal-margin-warfare-jumps-pacific-shanghai-hikes-gold-margins-second-time-month-prepa

[Libertarian_Guard]

http://i54.tinypic.com/xcrfp2.jpg

[DMac]

Here's why, Shanghai increased their gold margins.

http://www.zerohedge.com/news/precious-metal-margin-warfare-jumps-pacific-shanghai-hikes-gold-margins-second-time-month-prepa

Shanghai is another Rothschild enterprise.

[TomD]

Hoping everyone is kidding. PM prices tanking after the announcement of a new round of QE is as predictable as the sun rising. Sooner or later the bill will be due from all the rounds of QE (quantitative easing; otherwise known as printing money in mass quantities) and it will be truly ugly. But the short term stock market bump makes Obama look less bad, for a minute.

http://i185.photobucket.com/albums/x229/TomD77/100trillionzimbabwefront.jpg

[Serpo]

Looks like markets for G/S are shaking this off already

[Twisted Titan]

people that play in paper silver and gold are getting their @$$e$ on the regular now

thank god I only deal in physical

[Sparky]

200 DMA is $1460, so it could fall several hundred dollars and still be totally on track. This fall really only affects the traders.

[osoab]

Hoping everyone is kidding. PM prices tanking after the announcement of a new round of QE is as predictable as the sun rising. Sooner or later the bill will be due from all the rounds of QE (quantitative easing; otherwise known as printing money in mass quantities) and it will be truly ugly. But the short term stock market bump makes Obama look less bad, for a minute.




Tom, I am confused by your post.

I take today's action as the boyz's move ahead of a QE3ish announcement by bennie on Friday. It would be onward for Au from that point.

When bennie announced QE2 in Jackson Hole last year. Au kept marching on. I think it was August 27 last year.

http://www.kitco.com/LFgif//auaug10.gif

http://www.kitco.com/LFgif/au2010.gif

[gunDriller]

Tom, I am confused by your post.

I take today's action as the boyz's move ahead of a QE3ish announcement by bennie on Friday. It would be onward for Au from that point.

When bennie announced QE2 in Jackson Hole last year. Au kept marching on. I think it was August 27 last year.

http://www.kitco.com/LFgif//auaug10.gif

http://www.kitco.com/LFgif/au2010.gif

i don't get the market's reaction either.

i remember the first bout of QE announced on March 18, 2009.

boy oh boy did gold go up - from $880 to $960.


so this reaction - i don't understand.

UNLESS some of the transactions we've been seeing recently are money going out of the stock market - into gold.

so anticipating QE means, some of those investors are heaving a sigh of relief, like, "Phew, I can sell that gold and put my money back into the stock market."

plus this is a RUMOR, about what Bernanke might say at Jackson Hole.

when QE3 is formally announced - my guess is, early in 2012 ... the election & all that - the price of gold will not decline.

[Libertarian_Guard]

Looks like markets for G/S are shaking this off already


http://i52.tinypic.com/2m5ggvt.jpg

[osoab]

What's up with Jackson Hole? I lived there for a summer 20 years ago.
Does the Bernank live there?


The Fed has a juncket there every year. Well, it is at least 2 years running now.

[Dogman]

What's up with Jackson Hole? I lived there for a summer 20 years ago.
Does the Bernank live there? That place has become the place to have a second home for the elite types.

[steyr_m]

Well, we will have to see when the Fed has their press release [or whatever they are doing] on Fri.

[BrewTech]

Looks like Asia knows a good deal when they see one... Au up 23.90

[Twisted Titan]

So they are buying the #$%&*-+@ing dip

guess that is a good strategy after all

[Cebu_4_2]

out of dry powder so this just sucks.

[mick silver]

yes we can yes we can ... $ 20 silver here we come . this could be my last time to load up one more 50cal box

[gunDriller]

That place has become the place to have a second home for the elite types.

perhaps we could talk them into going skiing.

just post a "Medium Difficult" sign at the top ... spray paint the rocks white ... give Bernank a push ... VOILA !

[platinumdude]

A big smack down again.
From APMEX quotes

Gold $1,780.00 $1,782.00 ($81.30)
Silver $40.31 $40.41 ($1.99)

[mick silver]

come on baby we can get there . it maybe the buy of your life time i am hoping for the low 20 on silver

[mick silver]

here the 100 buck move that some people have been talking about

[Large Sarge]

bodes well for a real monster QE3 on Friday from Jackson Hole...

They had to shake down gold and silver before the next volley of funny money....

probably some money being pumped into this shotgun marriage of Bank of America and J.P. Morgan also

I think Jim Willie called them "zombie weddings" (dead marrying the dead)

LOL

[Jazkal]

The metal markets always tank the day before options expire (Thursday).

[1970 silver art]

What an awesome down day for the DOG. :) Hopefully it be well below $40 by the close of business today. :) I hope that it will bottom out at $26 sometime next month.

[k-os]

What an awesome down day for the DOG. :) Hopefully it be well below $40 by the close of business today. :) I hope that it will bottom out at $26 sometime next month.

What an interesting perspective you have as a collector, and not an investor, trader, or a person attempting wealth preservation.

[Cebu_4_2]

What an interesting perspective you have as a collector, and not an investor, trader, or a person attempting wealth preservation.

Thanks K-os, couldn't have said it better.

[1970 silver art]

What an interesting perspective you have as a collector, and not an investor, trader, or a person attempting wealth preservation.

Thank you K-os. The high silver price is a downside for us as silver art bar collectors. I hope that it continues to go down more. When the price of silver has been going up like it was doing in April, it made it difficult to obtain rare silver art bars because 1.) the silver art bar premiums on ebay were just insanly going up (ex: $250-$300 and up) for the rare silver art bars that are on my wish list and 2.) Any silver art bars that I find locally were also getting more expensive to buy, although I will admit that this has not been too much of a problem for me.

Silver art bar collectors that I spoke to prefer lower silver prices but that has more to do with collecting. Silver art bar collectors such as myself are just a different "breed" of PM Buyer than the average GUSer. I am not better or no worse than any other person that buys gold and silver. I am just "different" in the sense that I am a silver art bar collector first and foremost. You would have to be a full blown collector to understand what I am saying because what I just said probably did not make sense to you. The reality of the situation is that long term, the silver prices will be much higher in the future than now whether I like it or not.

EDIT: FWIW I am a silver art bar collector that likes to watch the metals markets and make gut feeling predictions based on my observations. Most of the time, the spot silver price does not affect my silver art bar buying decisions because I am always buying silver art bars to add to my collection. I do not time my silver art bar buying purchases. Since some of the silver art bars are hard to find, then I when I run across one that I am looking for, then I will buy it regardless of whether spot silver is going up or going down. The volatilty of silver does not bother me.

[Cebu_4_2]

Stop wishing 1970 Art!!!

Another huge drop... WTF is going on? I see nothing as the cause of this right now.

[chad]

i have probably a shoebox full of art bars from when i was buying bulk generic anything around 2000 or so. i should really dig them out and see if i have any insane expensive ones.

is there a list of ones that are really pricey floating around out there?

[chad]

Stop wishing 1970 Art!!!

Another huge drop... WTF is going on? I see nothing as the cause of this right now.

options expiry tomorrow. plus, when there is a qe announcement on friday, metals are going to blow way up, so they're trying to beat them down in expectation of another top.

[ximmy]

options expiry tomorrow. plus, when there is a qe announcement on friday, metals are going to blow way up, so they're trying to beat them down in expectation of another top.

I suggest buying a little now of you have been sitting the sidelines...

[Bigjon]

Stop wishing 1970 Art!!!

Another huge drop... WTF is going on? I see nothing as the cause of this right now.

September Options expire this Friday and the option writers want it down. Buy some puts and enjoy the ride.

[Jazkal]

Stop wishing 1970 Art!!!

Another huge drop... WTF is going on? I see nothing as the cause of this right now.
http://www.tfmetalsreport.com/blog/2174/shenanigans

[1970 silver art]

i have probably a shoeboxe full of art bars from when i was buying bulk generic anything around 2000 or so. i should really dig them out and see if i have any insane expensive ones.

is there a list of ones that are really pricey floating around out there?

Any Coca-Cola art bars will do very well on ebay right now. Premums can range anywhere from $15 to $600 over spot silver. It depends on the Coca-Cola silver art bar. Any Greathouse bars will do well on ebay ($10 to $100 over spot). Any Green Country Mint bar will probably fetch double spot price or more on ebay. I have an example of each of the art bars mentioned on my "Silver Art Bar Porn" thread.

[1970 silver art]

Holy Cow!!!!!! Down $2.50. JPM is beating the crap out of the DOG. That's finne with me. I am not scared of the smack down. Bring it on! :)

[Cebu_4_2]

No smite button?

[Spectrism]

Don't worry about down days on metals unless you are a day trader and you hold long (short term) positions.

Lower prices means buy more.

I actually get more concerned as prices go up. That means the doom is closer. If metals prices go up, you can bet it is largely because the dollar has gone down and other commodities will also be up. Since we know the game, any down time in metals is another temporary reprieve from the freight train barreling down the tracks of destruction.

[DMac]

The current smackdown is setting the stage for the next massive rally. Options expiry is tomorrow. They need the price down!

2000 & 50 will come by December.


Edit to add:

BTFD!

[Sparky]

The metal markets always tank the day before options expire (Thursday).

Not 150 dollars.

[Sparky]

What an awesome down day for the DOG. :) Hopefully it be well below $40 by the close of business today. :) I hope that it will bottom out at $26 sometime next month.

As a collector, why do you want it to bottom out at $26?

[Plastic]

As a collector, why do you want it to bottom out at $26?


I don't know but I guarandamntee if it does hit 26.00 we will ALL become "collectors" of sorts. >:D

[Neuro]

The current smackdown is setting the stage for the next massive rally. Options expiry is tomorrow. They need the price down!

2000 & 50 will come by December.

Edit to add:

BTFD!Yes it is like pissing in the pants for the PTB. It feels good on the day of the day of option expiry, but they will freeze their asses off a couple of weeks later. I wish for a good G/S ratio (above 50), and a Silver price below $35 in early September, when I'll be back in Istanbul, and can trade metals again. Then I'll overweight on Silver. Having been heavy in the Dollar and Gold since late April... I do hope that Bernanke delays the QE3, for another couple of weeks. Silver will run like hell once they start the money pump. I expect it to hit $100 by next spring, and $50 around new year...

[1970 silver art]

As a collector, why do you want it to bottom out at $26?

$26.00 is just a WAG on where I think silver will bottom out. The $26.00 silver level has no significance with me as a silver art bar collector except that I can buy silver art bars from my local dealers at a cheaper price when silver gets down to $26. If silver bottoms out at $26, then that will not have an effect on ebay premiums on rare silver art bars but it will have a limited effect on ebay premiums on common minted silver art bars being sold on ebay.

[osoab]

And There's Your Perfectly Leaked Explanation: CME Hikes Gold Margins, Again, This Time By 27% (http://www.zerohedge.com/news/and-theres-your-perfectly-leaked-explanation-cme-hikes-gold-margins-again-time-27)

[mick silver]

$26.00 is just a WAG on where I think silver will bottom out. The $26.00 silver level has no significance with me as a silver art bar collector except that I can buy silver art bars from my local dealers at a cheaper price when silver gets down to $26. If silver bottoms out at $26, then that will not have an effect on ebay premiums on rare silver art bars but it will have a limited effect on ebay premiums on common minted silver art bars being sold on ebay.

you forgot once it hits 26 there will be no silver to buy . the mark up will be a lot more

[sunnyandseventy]

We will never see $26 silver again.

[Neuro]

We will never see $26 silver again.

We'll see in a few weeks, if it holds above that until late September, I agree!

Edit to add: Unless Bernanke announces QE3 before, that would set the bottom on Silver...

[Bigjon]

No smite button?

I made a quick 2K on 1 put held for 8 hours.

It is just more ammo for when this thing bottoms and I can go long again. I wish I had recognized what was happening sooner. I have been riding this rollercoaster for the last 10 years now and have pulled over 100K out after starting with a 20K account.

[1970 silver art]

you forgot once it hits 26 there will be no silver to buy . the mark up will be a lot more

Ok. Fair enough. While I agree with you to some extent with that, I cannot predict how much of a markup on silver will be when silver goes down to $26.00. If silver makes a quick dive from where it currently is down to $26, then there will be larger markups because local dealers will begin to lose money if they sell it below what that dealer bought it for and that is assuming that spot falls well below the price that the dealer bought the silver at.

I am speaking from experience here but I think that there will be silver somewhere to be had when silver hits $26. I remember in Fall 2008, there was silver to be had but it was selling for $5-$6 over spot when spot silver was $9.00/oz. A coin show that I went to during the Fall 2008 also had silver but the average premium for it was $5 over spot. It will also depend on the local area where you are in terms of availability of silver that you can get and the premiums that you will pay for it.

Most recently in May of this year, when spot fell from $48 to $35, my local dealers did not have any silver art bars, but there were silver art bars to be had but I had to search harder for them. I had to either 1.) travel to a coin show, 2.) Go to a flea market, or 3.) travel to a major coin shop that was out of my local area. When my local dealer had silver art bars during that time (which was not very often during that time), the premium went up from $1.50-$2 over spot to $3.00 over spot. In conclusion, I agree with you that there will be a markup on silver if it takes a hard and fast dive but the question will be is how much of a mark-up will it be when silver goes back to $26.00. I cannot predict that. I do not know.

There will be silver to be had but when silver takes a hard and fast fall, then a person has to check out other venues besides local dealers and APMEX to search for the silver that they are looking for.

[Serpo]

You have heard from me on this gold reaction. Now hear from the extremely accurate Alf fields:
“The good news is that once the anticipated correction has been completed, gold should commence intermediate Wave 3 of Major 3. This should be the longest and strongest up-wave of the entire Bull Market. Expect high volatility and very high prices during that up-wave.”
Now let’s here from Kenny Adams, Master Technician, on long term trends:
“So far we have the potential for a topping action that may generate a moderate to deep correction – but not a long extended correction – not a termination of a bull trend.”
Now lets hear from Dean of Gold, Harry Schultz:
“Don’t bother me now. Call me when gold trades at $2400.”
So stop worrying. At the worst this is a fast, deep correction before much, much higher prices for Gold.
Respectfully,
Jim
http://www.jsmineset.com/

[Glass]

I think it's a chukle how JS has to keep reassuring people when Gold makes these moves. Of course those people don't realise that there is a war going on. Gold and Silver holders are on the front lines. Not just saying that. THis is what I believe. The fake money (FIAT) army is billions of people in strength but the PM holders have the high ground. The funniest thing of all is that the leaders of the FIAT army, not the generals, the ones above them are all PM holders as well.

To give them their due, I was nervous in the begining during these corrections. I just have a better grip when the fog rolls in. Now I relish them because the trend is re-inforced and it's going to continue to bulldoze the FIAT army into the dirt.

[Libertarian_Guard]

You have heard from me on this gold reaction. Now hear from the extremely accurate Alf fields:
“The good news is that once the anticipated correction has been completed, gold should commence intermediate Wave 3 of Major 3. This should be the longest and strongest up-wave of the entire Bull Market. Expect high volatility and very high prices during that up-wave.”
Now let’s here from Kenny Adams, Master Technician, on long term trends:
“So far we have the potential for a topping action that may generate a moderate to deep correction – but not a long extended correction – not a termination of a bull trend.”
Now lets hear from Dean of Gold, Harry Schultz:
“Don’t bother me now. Call me when gold trades at $2400.”
So stop worrying. At the worst this is a fast, deep correction before much, much higher prices for Gold.
Respectfully,
Jim
http://www.jsmineset.com/

If not........


http://i51.tinypic.com/bjdfti.png


Look out below!

[madfranks]

Gold down again, now pushing $1700 on the downside. This has been a pretty rough week for PMs.

[mick silver]

madfranks when i bought all my gold it was 700.00 to 800.00 so any day it over that a great day to me . i own true money and all the people with power know this . they can play all the fuck games they want because some day that also will end

[solid]

What I find interesting, is that silver seems to be holding fairly well. Down a little but nothing like gold. So, in May we had the silver run up, then crash back down. Now it's gold's turn, doing the same thing. I don't know what this means. I can guess that gold's move was a rush to safety driving it up so high, yet I don't think we've seen anything yet. The next, perhaps 'true' rush could really drive the price skyhigh.

These big moves in metals are going to be the norm going forward. The big money causes it, and is going to scare the little guys out of the market.

More wealth moving to the top. This is why we need to remember to hold fast, and not let it phase us. Use these dips as buying opportunities.

[Bigjon]

What I find interesting, is that silver seems to be holding fairly well. Down a little but nothing like gold. So, in May we had the silver run up, then crash back down. Now it's gold's turn, doing the same thing. I don't know what this means. I can guess that gold's move was a rush to safety driving it up so high, yet I don't think we've seen anything yet. The next, perhaps 'true' rush could really drive the price skyhigh.

These big moves in metals are going to be the norm going forward. The big money causes it, and is going to scare the little guys out of the market.

More wealth moving to the top. This is why we need to remember to hold fast, and not let it phase us. Use these dips as buying opportunities.

Nah, I'm a little guy and big moves are where the money is made. I don't try to trade the choppy sections where it's trying to find a bottom, but after it bottoms it's safe to go back in and take a position.

[Spectrism]

I think the KITCO pricing above is not updating. It shows silver at $39.39, but SI is now trading over $40. ($40.16)

[DMac]

http://finviz.com/futures_charts.ashx?t=SI&p=m5

Silver looking fine today.


I think the beat down ends this afternoon. I could be wrong, but I really don't think it will continue past the weekend.

Jackson hole, here we go!

And for reference:
(source) (http://finviz.com/futures_performance.ashx?v=17)

[JohnQPublic]

I suspect that what si said at JH will determine how quickly silver shoots up. QE3, sky's the limit. No QE3, maybe a slower start (and gold may rise faster).

[platinumdude]

Gold up $15. They can't keep a good PM down.

[Bigjon]

Gold up $15. They can't keep a good PM down.

very low volume, me thinks they overshot their target.

[TomD]

What's been going on is that last week it looked like QE3 was a sure thing, inflating the stock market and starting a money move from metals back into stocks. Right now the news is that the market indicators + the inflation signs will force Bernanke to stand pat (for now) on QE3, stopping the money flow from PM.