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dakota1955
1000+ Penny Miser Member
2212 Posts |
 Posted - 01/20/2010 : 13:04:59
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Just got the closing silver market price and it is down 88 cents today. Do you think this is the start of a correction or just a one day drop? I would love to hear other thoughts on this.
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kirkland
New Member
USA
0 Posts |
Posted - 01/20/2010 : 13:05:40
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| One day drop, of course. Silver is going nowhere but up. |
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AGCoinHunter
Penny Hoarding Member
USA
685 Posts |
Posted - 01/20/2010 : 13:23:26
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| Think its part a reaction to the Mass. election and part profit taking. Dont worry, its going back up soon enough. |
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dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 01/20/2010 : 13:28:39
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| I know that if I sell the price will go up. |
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 01/20/2010 : 13:55:26
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I personally hope that it drops anohter $1-2 these next couple days. I am in a buying mood :P
But this means siver will go up again tomorrow HAHA |
Copper Penny Investing
www.portlandmint.com |
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AGgressive Metal
Administrator
USA
1937 Posts |
Posted - 01/20/2010 : 14:28:26
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| Big sell-off in stocks on Wall Street spiked demand for US Dollars as people exited trades. Dollar index was up .85, or over 1%, so naturally silver and gold went down a little. |
And he that hath lyberte ought to kepe hit wel / For nothyng is better than lyberte / For lyberte shold not be wel sold for alle the gold and syluer of all the world.
-Caxton's edition of Aesop's Fables, 1484 |
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Silverguy23
Penny Sorter Member
USA
62 Posts |
Posted - 01/20/2010 : 14:43:51
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| I think we will see $17.3 but then back up. I will buy at $17.3 But like HighRoller said "But this means siver will go up again tomorrow HAHA" YUP. |
Silver Bugs.... Keep Stackin'! |
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fb101
Administrator
USA
2856 Posts |
Posted - 01/20/2010 : 18:21:41
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| What I saw in the news today was that Ag And AU fell on comments from China about tightening credit internally and that causing a drop in demand |
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thogey
1000+ Penny Miser Member
USA
1617 Posts |
Posted - 01/20/2010 : 18:34:49
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quote:
Originally posted by highroller4321
I personally hope that it drops anohter $1-2 these next couple days. I am in a buying mood :P
But this means siver will go up again tomorrow HAHA
Bully! |
Come to the new and improved realcent: http://realcent.org
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Heavy Metal
Penny Sorter Member
USA
86 Posts |
Posted - 01/20/2010 : 18:46:47
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| I'm with Highroller. I'd like to see $16 spot so I can load up as well. |
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oober
1000+ Penny Miser Member
USA
1304 Posts |
Posted - 01/20/2010 : 18:51:05
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quote:
Originally posted by fb101
What I saw in the news today was that Ag And AU fell on comments from China about tightening credit internally and that causing a drop in demand
This |
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dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 01/20/2010 : 18:58:15
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| If silver goes down tomorrow I may preorder the 2010 ase. |
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oober
1000+ Penny Miser Member
USA
1304 Posts |
Posted - 01/20/2010 : 19:02:29
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I do hope it goes down for a bit, then sell at the next top ($21-22ish) and rebuy at $16.00 in July/Sept.
I don't have solid proof this will happen, its just speculation based on forcast of what the market might do...
DYODD. |
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Country
1000+ Penny Miser Member
USA
3121 Posts |
Posted - 01/20/2010 : 19:12:40
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quote:
Originally posted by AGCoinHunter
Think its part a reaction to the Mass. election and part profit taking. Dont worry, its going back up soon enough.
I agree. The thinking is that with the Republican capture of this Senate seat, the Democrats now have much less ability to pass legislation that spends money recklessly. Less spending means less dollars created which makes for a stronger dollar and weaker commodities valued in US dollars. How long this thinking prevails is anybody's guess. It could give impetus to a much stonger dollar in the next few weeks.
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– Theodore Roosevelt
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Edited by - Country on 01/20/2010 19:16:43 |
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thogey
1000+ Penny Miser Member
USA
1617 Posts |
Posted - 01/20/2010 : 19:38:45
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| More sellers and less buyers. |
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
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El Dee
Penny Hoarding Member
USA
547 Posts |
Posted - 01/20/2010 : 20:03:21
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I'd put more credence in the China story. Bigger global play than one less Democrat senator vis-a-vis an unchanged majority.
"Chinese efforts to slow its own growth could harm the global economic recovery, with the threat of tighter Chinese monetary policy also supporting the dollar as a safe haven."
'Safe haven' being a relative concept. |
Trust the government? Ask an Indian. |
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thogey
1000+ Penny Miser Member
USA
1617 Posts |
Posted - 01/20/2010 : 20:29:50
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quote:
Originally posted by beauanderos
yeah, more selling for the COMEX gang, short selling overwhelming what few buyers there were. Count on it to happen over and over again, everytime silver and gold show any kind of sustained strength 
You are right on, but....
Nobody here should freak out because no matter how bad it gets silver will never be worthless.
Our savior was sold out for 30 lousy pieces of silver.
I just buy what I like. It takes the sting off these price drops.
My paper investments that have vaporized over the years yuck.
I wish I would have blown it in Vegas (It would have been much more fun).
I buy silver stuff I like.
Hopefully, I will never HAVE to sell it and when I die, the possesions will be my son's or some charities problem.
I will have already received my reward.
Just stay prepared.
Paper is crap. |
Come to the new and improved realcent: http://realcent.org
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Edited by - thogey on 01/20/2010 20:37:35 |
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 01/20/2010 : 20:34:23
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Here's an email response from Dr. Jeff Lewis who writes on Kitco and hosts Silver-Coin-Investor.com:
Why the Big Drop Today? First of all, no one knows what the future holds. Anyone who says they do, must be a charlatan. Like I said in the beginning of this series...the world needs another one of those like I need another hole in my head.
However. Ask yourself what feels safest for the coming years -- bonds, stocks, commodities, real estate or silver/gold? My answer is "mainly silver along with some cash, and a place to live."
A wiser man recently said it best, "Diversifying is another way of saying, "I don't have the ultimate answer, so I'm trying to play it safe. The old adage is that "The market can do anything," and this is one of those times when you better believe it."
That sounds about right to me. But what exactly happened today in Silver? First of all, remember that the larger action shows that precious metals are still in a bull phase.
The tiny upward steps are typical of bull market action, and the sharp and larger drops (like today) are typical of minor corrections. Add to that the mechanism -- or the manipulated component to the gold and silver markets.
Because there is such a concentration on the short side among a very few big players, there is no competition. (This of course, makes it illegal). On the way up, the short traders must sell more to protect their existing positions and contain the price rise.
If they can cause a decline (with the help of external influence), and trigger technical selling, they (the big shorts) buy back what those technical funds are selling. All of this ends once the short traders have bought back all of the newly liquidated contracts.
But remember, (and this is paraphrased from Jim Sinclair)... Markets will go where they want to go and while the "technicals" may be able move the market short-term, they cannot give it legs unless they are moving it in the direction that it ultimately "wants" to go.
Best regards,
Dr. Jeff
PS. If this was helpful, feel free to pass it along. Friends can get their own FREE copy here...
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Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
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thogey
1000+ Penny Miser Member
USA
1617 Posts |
Posted - 01/20/2010 : 20:51:30
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"But remember, (and this is paraphrased from Jim Sinclair)... Markets will go where they want to go and while the "technicals" may be able move the market short-term, they cannot give it legs unless they are moving it in the direction that it ultimately "wants" to go."
Enough said.
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fasTTcar
Penny Hoarding Member
Canada
573 Posts |
Posted - 01/20/2010 : 23:30:46
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The question really is simple.
Why are you buying silver or gold?
If you are looking for a short term play, there are probably a multitude of stocks that would do better for you.
If you are looking to buy wealth cheaply, PM's are still the best game in town.
Count you wealth in ounces, not dollars.
There will be a time to sell. We are not anywhere close yet. |
www.londongoldbuyer.com |
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Nickelmeister
Penny Hoarding Member
Canada
588 Posts |
Posted - 01/20/2010 : 23:58:01
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quote:
Originally posted by fasTTcar
The question really is simple.
Why are you buying silver or gold?
If you are looking for a short term play, there are probably a multitude of stocks that would do better for you.
If you are looking to buy wealth cheaply, PM's are still the best game in town.
Count you wealth in ounces, not dollars.
There will be a time to sell. We are not anywhere close yet.
Very well put!  |
www.WinnipegGoldBuyer.com
Standing offer for sale of quality, second-hand solid gold jewellery:
<$100 USD worth - spot +25%, plus actual shipping
$101-500 worth - spot +20%, plus actual shipping
$501-1,000 worth - spot +15%, plus actual shipping
$1,001+ worth - spot +10%, plus actual shipping |
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The Finest
Penny Sorter Member
USA
56 Posts |
Posted - 01/21/2010 : 04:52:02
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| I bought a nice lot of silver halves on ebay 3 days ago and just payed for them today. For some reason Im not as satisfied as I was when I won the auction :) |
A fool and his money are soon parted. I would pay someone a lot of money to explain that to me.-Homer Simpson |
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pennywise
New Member
USA
23 Posts |
Posted - 01/21/2010 : 08:18:15
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| It was a sharp drop, but remember, we're still higher than we have been for most of the last month. I don't know how low it will go, but I don't think it will last long. The dollar can be artificially strengthened for only so long. |
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Silverguy23
Penny Sorter Member
USA
62 Posts |
Posted - 01/21/2010 : 15:57:50
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A neet Application from Kitco, runs in your tool bar on the bottom of the screen and shows live Gold, Silver, etc prices. Here is the link. works great for me.
You must be logged in to see this link. |
Silver Bugs.... Keep Stackin'! |
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dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 01/21/2010 : 16:02:36
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| I am still going to wait before I order the 2010 silver eagles. |
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big silver drop
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