Silver price about to plummet

[DarkChameleon]

3 minutes ago, Stuntman said:

My first silver ETF investment was when the spot price was about £10.90 and subsequent investments have been at prices between about £11.20 and £13.50.  Haven't bought silver since March though, so have been missing out on a bit more opportunity over the last few months 😀

Yeah we onlyhave so much money...lol...and march became a liquid over a potetial none seller with fear the trade of choice.

[sixgun]

i am starting to feel a bit sorry for the Wonger - is anyone prepared to make a contribution?
If you do, please send it to the following paypal account - wonger-go-down-too-hard@lost-all-perspective.com
i have thought about this a few times but held back until now.

[vand]

58 minutes ago, sixgun said:

i am starting to feel a bit sorry for the Wonger - is anyone prepared to make a contribution?
If you do, please send it to the following paypal account - wonger-go-down-too-hard@lost-all-perspective.com
i have thought about this a few times but held back until now.

 

Nope.  Traders live and die by being right or wrong about the market. He was very clearly wrong. If he didn't manage to cut his losses to fight another day then he deserves to lose all the money, because someone else did a better job than him. That's what trading is ALL about. You are trying to take money from whoever is taking the opposite side of the trade. 

[silenceissilver]

3 hours ago, sixgun said:

i am starting to feel a bit sorry for the Wonger - is anyone prepared to make a contribution?
If you do, please send it to the following paypal account - wonger-go-down-too-hard@lost-all-perspective.com
i have thought about this a few times but held back until now.

I think it's only phsyical wonga for some ex-traders, these days:

If you pass by, I'm sure he'd love an ounce of silver, even though it has completely plummeted.

[sixgun]

Poor Wonger he just wouldn't listen to sixgun - i begged him. He tried to make out i knew nothing - i was out of my depth. That members were talking childish nonsense.
Bet you he will say he is hedged and made a profit. Now i have changed my mind - no donations to Wonger from me.

[sixgun]

i can't believe how much silver is plummeting.

[Happypanda88]

It's definitely plummeting ..... just look !! 😁

 

 

[kojak]

To be fair from its highs yesterday it is plummeting now 😄

[HerefordBullyun]

15 hours ago, sixgun said:

i can't believe how much silver is plummeting.

The non farm payrolls must be out now or shortly released by the fed. And if the figures are good or manipulated that's going have an effect. It maybe the news or pre-emptive of the plummet. It's definitely going to have an effect. 

[DarkChameleon]

7 minutes ago, HerefordBullyun said:

The non farm payrolls must be out now or shortly released by the fed. And if the figures are good or manipulated that's going have an effect. It maybe the news or pre-emptive of the plummet. It's definitely going to have an effect. 

The stimulus negotiations are rocky, employment 1.8m but unemployment 1.2m, and its a friday so shakeouts about.

[sovereignsteve]

I must confess I quite miss him.

[KDave]

He was crucified for his views, next comes rising from the dead

No doubt he will be back when consolidation takes hold. We should be in for a few long consolidations over the next decade if history rhymes in any way.

[HillWalkerDundee]

I am not going to be crying if silver "plummets", quite the opposite. I am sitting with a good few pennies but I begrudge the prices being asked but also don't want to miss out. Such a great conflict to wrestle with. I had a major recession penciled in my diary for next year. Covid-19 buggered up my plans good and proper. The recession arrived a year early before I had topped up my stack.

[Oldun]

Averaging in is always the safest way to go as no one knows the future. Set yourself a monthly amount of £ but I am sure you know that already. Hindsight is a wonderful thing. Still, averaging in going forward may help and would leave you with lolly in the event of a sudden spike drop, should it happen, to add in a little extra ? If silver spikes to £30, I am pretty sure a lot of people still trapped from the last time it was there would unload ? Food for thought. I am targeting November to possibly add as once the furlough ends and unemployment rises with all that brings, it could see a bunch of folks selling what they have (including ETFs), to make the rent, pay bills etc....Either way, good luck

[HillWalkerDundee]

As you say Oldun, furlough will end, unemployment will rocket, homes will be foreclosed and the housing market will shrink in terms of upward mobility.

[sixgun]

If we look at the position of the Commercial we can see they are reducing their short positions and increasing their long positions. 

They were net short 62 000 contracts on 21/7/20 - now they are net short 44 000 contracts - big shift for the commercials. The Wonger would always like to point out how the Commercials were building up short positions and were going to smash the price - some people were telling him otherwise based on the physical markets - the Wonger thesis is dead and rotted away now.

[Stacktastic]

6 hours ago, Witcher said:

I would not mind a deep deep deep deep... how deep can we go.... drop in silver...  am I crazy? 
No! 
Only crazy about wanting to buy a few particular things that are going to be released soon. 
Definitely not happy with the big online dealer premiums!

When are the next Queens Beast coming? 10oz lion/horse & new 2oz greyhound.

Might just be in time for second wave & elections, which wont help prices. 

[Kman]

11 hours ago, Witcher said:

I would not mind a deep deep deep deep... how deep can we go.... drop in silver...  am I crazy? 
No! 
Only crazy about wanting to buy a few particular things that are going to be released soon. 
Definitely not happy with the big online dealer premiums!

How long after prices fall do dealers prices fall? I would worry even if spot falls 20% there wont be much reduction in prices

[DarkChameleon]

4 hours ago, Witcher said:

I would say the answer to that has to do with the buyers.  I believe there are a lot of FOMOs out there...  sadly, it may be because of all the YouTubers and other videos. 
Nothing against you guys... because I watch them too, but even when they suggest not to be a FOMO buyer, it still happens. 

But if people are not buying when the price drops, then the online dealers will then drop the price because they want to sell. 
The other option would be Local Coin Shops.  They are usually more attuned to the spot, though you run into issues like inventory and selection. 

I have not bought much or lately from the big online dealers. 
 

What if fomo again?

[HerefordBullyun]

I'm done with buying physical for now. Will continue  in stocks and flip if premiums  and prices drop, but i believe that they wont. 

[Aknot]

2 hours ago, DarkChameleon said:

What if fomo again?

Thanks for asking.

 

[sixgun]

i see Craig Hemke published a piece on the September Comex delivery likely to be the biggest ever.
https://www.sprottmoney.com/blog/COMEX-Silver-in-September-craig-hemke-august-25-2020

i see impossible amounts of silver are claimed to be going into ETF's.
i hear the sweet spot for December in silver (where the banks are profitable on option plays) is $29.245. 

From the Comex chart the banks are trying to get from under the shorts. They have closed shorts at a loss just to get rid of them. Speculators are increasing their shorts. There are always fools about.
i am always bullish silver because i have a long time frame. i just kept adding bits and had the expectation of amassing enough to see me through.
It was never a matter of if, simply a matter of when. When, when arrives those who haven't will wish they had just kept buying bits through thick and thin.

That 'When' is getting closer and closer. Silver in my mind was always going to be the Achilles heel of the price suppression regime. 
The banks have created so much currency and sent rates so low, the economies are so far beyond repair, it has gone beyond a point of measured return. There will have to be a reset. Exactly how that will work i don't know but i know certain powers have been accumulating gold and the US has no gold. He who has the gold makes the rules. 
i see Andrew Maguire says the trigger for a reset is $2500 in gold and $35.00 in silver. Neither is really far away - unlikely to be this year. What about next? - seems likely. 

i hear Eric Sprott, probably the most influential mining investor there is, says he is concentrating on projects that have a big component of silver. He says he sees silver going to 15:1 and quite likely lower. i hear this from others. i know several have mocked the idea of the GSR and it ever returning to 'God's ratio'. Some people just kept buying bits, confident in it simply being a matter of time.

[sixgun]

2 minutes ago, Witcher said:

You sure hear  a lot..  are they voices in your head, or a "bird once told you"... or.... ?  <--  sarcasm 

Yes i do hear a lot - i listen a lot. It is helpful to listen. Perhaps i know people who are in the physical silver business and trade silver.
i could not care less if anyone takes any notice - i have nothing to sell - i have never sold any of my silver. i have nothing to gain. 

[Stacktastic]

On 25/08/2020 at 23:19, HerefordBullyun said:

I'm done with buying physical for now. Will continue  in stocks and flip if premiums  and prices drop, but i believe that they wont. 

On 26/08/2020 at 03:38, Witcher said:

FOMO....  Fear Of Missing Out. 

the best time to buy silver or gold is when no one cares or is talking about it. 

I had that back in May time, but I bought a lot in a good period and a knew the prices were as low as they will be for some time, especially Platinum. 
Flipping glad I bought so much in such a short period of time now. Not bought anything for a month now. 

On 26/08/2020 at 03:48, Witcher said:

You sure hear  a lot..  are they voices in your head, or a "bird once told you"... or.... ?  <--  sarcasm 

I am reluctant to buy gold. I almost pulled the trigger on 1/2 oz (I know... big spender, right?)

My friend was quite shocked when I told him how much my 1oz gold & platinum coins are worth. Its incredible if you ask me & I would say very over valued in times when the economy is good. I will remember that at the end of gold & silvers bull run & really start buying again. Having said that I cent see it ever going below £20 after that as its so undervalued as it is. 

[5huggy]

50 minutes ago, Stacktastic said:

I would say very over valued in times when the economy is good.

STILL "MEGA" undervalued IMHO! 😉👍

"ECONOMY" GOOD! 😲😜😏