Silver price about to plummet

[Zhorro]

On 25th February the price of silver was £12.19.

I would contend that the price has only plunged over the past week.  

As they say, a stopped clock is right twice a day - or should I say twice an economic cycle.

And a lot of physical dealers may say the price has not actually dropped!

[5huggy]

I, for one, can't wait till 23:00hrs - so either the gap UP or the gap DOWN will allow us to see a resolution to all this "conjecture"!!

[Wonger]

2 hours ago, Zhorro said:

On 25th February the price of silver was £12.19.

I would contend that the price has only plunged over the past week.  

As they say, a stopped clock is right twice a day - or should I say twice an economic cycle.

And a lot of physical dealers may say the price has not actually dropped!

It was over $16 it fell to $14.30!

[5huggy]

32 minutes ago, Wonger said:

It was over $16 it fell to $14.30!

Only relevant if trading at the time!  - if "HOLDING" - NOT RELEVANT at ALL!

[5huggy]

hey - i bet by tomorrow it goes  . .. . . . !

[Wonger]

5 hours ago, sixgun said:

To be fair on Mr Wong he said short silver and not long after said he had gone long.
He reappeared recently and said short silver and was right - and now he is long.

i have taken the piss out of Mr Wong but i respect the guy b/c he has a good sense of humour and takes it all in good humour - that counts for a lot in my book.

 

Sixgun, now Harvey has been diagnosed with covid19 and moved to a different prison you can add him below your post to keep Jeff company, nudge nudge wink wink 😉

[Wonger]

1 hour ago, 5huggy said:

Only relevant if trading at the time!  - if "HOLDING" - NOT RELEVANT at ALL!

It was relevant to those stackers along with me that hedged by selling futures and made a handsome profit buying more Silver with it! 😁  

[Wonger]

Closed Silver longs at $12.50 now short $12.50 futures positioning update is still very bearish indeed, $8 of selling has had very little impact, it seem Silver is now going straight down to $4 without a tradeable bounce, this is now going to be a bloodbath and Gold is going to get hammered even more, this is going to make the history books!

 

[5huggy]

41 minutes ago, Wonger said:

Closed Silver longs at $12.50 now short $12.50 futures positioning update is still very bearish indeed, $8 of selling has had very little impact, it seem Silver is now going straight down to $4 without a tradeable bounce, this is now going to be a bloodbath and Gold is going to get hammered even more, this is going to make the history books!

 

ooohhhhh gooooody ,gooooody ,gooooody ,gooooody ,!

[Melon]

4 minutes ago, 5huggy said:

ooohhhhh gooooody ,gooooody ,gooooody ,gooooody ,!

Good luck finding any if it did happen 🤣

[Oldun]

Just talking paper money to help any traders that want to short the c**p out of it. There will be zero at any price in the physical world.

[HawkHybrid]

https://www.youtube.com/watch?v=HfbJLBPSpqA

5:00

 

HH

[sixgun]

21 hours ago, Wonger said:

Silver is now going straight down to $4 without a tradeable bounce, this is now going to be a bloodbath and Gold is going to get hammered even more, this is going to make the history books!

Price seems to have taken a detour and someone seems to have pulled the plug out of the bloodbath.

[Oldun]

Anyone that went short yesterday on wonger’s advice got their head handed to them.

[LawrenceChard]

On 22/03/2020 at 19:07, MancunianStacker said:

I’ll help you both out:

Silver price about to plummet

By Wonger,  February 25, 2019 in Silver 

I read his original post, which you also linked me to:

"On the 12/06/2018 the silver price closed at $17.03, the commercials were net short 67000 futures contracts, the result was a drop of $3.13 to $13.90 on the 14/11/2018, the most recent COT report is 25/02/2019 ( its still 2 weeks behind due to the government shut down) the commercials are now 78000 net short futures contracts, this points to a drop to the low $13.00 range, Ive now hedged my physical silver by going short, while hedged I receive 2% interest because Im buying US Dollars which have a yield and selling silver which does not, I would recommend this to anyone who is holding physical silver, its the sensible thing to do. "

But nowhere does he state the spot silver price as at the date he posted, 25 Feb 2019, unless it is there, and I can't see it, but I have just re-read it slowly another 3 times.

Previously, I used to be able to acess LBMA gold and silver fixing prices quickly and  easily online, I even used to spot errors, and send them corrections.

It's not so easy to access now, and every time I want data, I have to hunt for it. I'm getter older and lazier, so this time I did not bother.

If anybody can find the fix price for the 25th Feb 2019, please post it here, and let us all know where you found it.

 

[sixgun]

8 minutes ago, LawrenceChard said:

If anybody can find the fix price for the 25th Feb 2019, please post it here, and let us all lnow where you found it.

At 14:00 on 25th February 2019 it was around $15.90 to the nearest round number.

[Oldun]

14 minutes ago, LawrenceChard said:

I read his original post, which you also linked me to:

"On the 12/06/2018 the silver price closed at $17.03, the commercials were net short 67000 futures contracts, the result was a drop of $3.13 to $13.90 on the 14/11/2018, the most recent COT report is 25/02/2019 ( its still 2 weeks behind due to the government shut down) the commercials are now 78000 net short futures contracts, this points to a drop to the low $13.00 range, Ive now hedged my physical silver by going short, while hedged I receive 2% interest because Im buying US Dollars which have a yield and selling silver which does not, I would recommend this to anyone who is holding physical silver, its the sensible thing to do. "

But nowhere does he state the spot silver price as at the date he posted, 25 Feb 2019, unless it is there, and I can't see it, but I have just re-read it slowly another 3 times.

Previously, I used to be able to acess LBMA gold and silver fixing prices quickly and  easily online, I even used to spot errors, and send them corrections.

It's not so easy to access now, and every time I want data, I have to hunt for it. I'm getter older and lazier, so this time I did not bother.

If anybody can find the fix price for the 25th Feb 2019, please post it here, and let us all lnow where you found it.

 

 

[Oldun]

http://www.lbma.org.uk/precious-metal-prices
 

GBP in middle column

 

 

 

[Oldun]

😆 Scrolling  is your friend. Dropped less than a quid and then headed right back up.....many people would have got absolutely destroyed following this trading advice if they didn’t have strict stops inplace.

[Wonger]

Yes of course you get a pop on fed unlimited buying of everything headline, that is now priced in, short stopped out, long now closed and short again, thats active trading, but were talking about the bigger picture here and my opinion is that Silver and Gold will be going down again real soon because the commercials are still very heavily short, its still the same story, ignore this at your peril! 

[Wonger]

Expected Gold price action from here short term, will be shorting into any further advance into the $1630/40 area because this rally is going to fall apart! 

[Platinum]

It is true that GPS prices can fall even more. Frankly I expect them to. Yet the ability to get physical delivery near the spot price will still be very difficult, for it is clear that the demand for physical outweighs the demand for paper. So although the price can go down by 50% it is likely that the premiums on the physical metal will just rise 100%.

Yet this is nothing new. It was the same thing in 2008.

[Wonger]

Dislocations in gold market today

[Wonger]

https://www.reuters.com/article/us-gold-trading/gold-supply-fears-push-spot-prices-far-below-us-futures-idUSKBN21B2PT

Been getting filled at near $1700 on June futures selling, the spot futures are broken, spot futures have been $70 wide LOL

[MancunianStacker]

1 hour ago, Wonger said:

Been getting filled

Ouch 🤕 Sounds painful 😣