Silver Monitoring Thread £ (GBP) only.

[Pipers]

Big push down today as the powers make it known, PMs are not the thing to put your money in.  Silver getting the biggest hit.  the price went up the other day   shaking out the weak hands now  comes the the knock down.  Nice earner for the banks.     

[watchesandwhisky]

and back to where we started..

[AuFinger]

Problem is when PMs aren't being bashed down to perpetuate the 'awesome' narrative, you won't be able to buy them as people will hold them.

Now is the time to buy, at the subsidised lows while you have a job to be able to buy them.

[Pipers]

and back to where we started..

 

 

A typical bear squeeze, price goes up then down then back to where it started.   

[SilvergunSuperman]

Silver smashed down 4% to £9.64/oz, after someone dumps $1billion of imaginary paper metal onto the market.

 

Beep... beep... beep... load her up!

 

Edit - now down over 5% today.

Edited July 7, 2015 by SilvergunSuperman

[KDave]

Gold and silver both hit at the same time. Gold in particular was climbing steadily to £754 then was hammered down. Silver just took another step down. Interesting chart pictures.

 

http://goldprice.org/

[HelpingHands]

Bloomberg now. Commodities plunge.

Re: oil drop, dollar up.

Basically they are discussing why, but they don't know.

[KDave]

FTSE is still falling like a brick along side gold and silver. What does it mean? I cant work it out. 

[KDave]

Ah oil is down hence the FTSE dropping a bit further. Much of todays losses are from oil and gas sector looks like. 

[HelpingHands]

An interesting line on Bloomberg was as risky assets sell off where is the money going. Only some is going to bonds as the yield is already so low so why isn't it going to gold? So what is the safe haven?

[simon13]

Is a lot going to currency?

[HelpingHands]

That's what the interviewer asked. 'What's the only safe haven? Cash?'

There's a combination of issues with Greece and the Chinese markets dropping like a lead balloon.

Meetings start re:Greece in a couple of hours.

[AuFinger]

The casino is manipulated, so trying to use free market analysis will result in confusion.

All you need to know is medium and long term, it's a good buy at the current fiat cost vs your disposable income likelihood for that same timescale.

[SilvergunSuperman]

An interesting line on Bloomberg was as risky assets sell off where is the money going. Only some is going to bonds as the yield is already so low so why isn't it going to gold? So what is the safe haven?

 

Looks like the US dollar is having a buy day, it seems to be the safe haven of choice these days.

[HelpingHands]

Yep. Change this to the 30 minutes. £ down to $

https://beta.dailyfx.com/gbp-usd

[AuFinger]

The casino is manipulated, so trying to use free market analysis will result in confusion.

All you need to know is medium and long term, it's a good buy at the current fiat cost vs your disposable income likelihood for that same timescale.

[HighlandTiger]

Everyone is holding their cash and waiting to see how Greece works out before deciding on what safe haven they are going to choose

[KDave]

Everyone is holding their cash and waiting to see how Greece works out before deciding on what safe haven they are going to choose

I was also thinking that the smart people will just be in cash and watching equities. Even the very rich can do this without having to hold gold or bonds in the current deflationary environment. Explains the up tick in the dollar. 

 

 

The casino is manipulated

 

Too true. Perhaps trying to second guess this fantasy is just wasted time, better spent looking for the next gold deal! 

[Pipers]

What I can see, they hit Gold as well as silver but there are buyers for Gold as the Gofo rate (even though not advertised any more) you will be able to make money holding paper Gold.  

[AuFinger]

No one wins in the casino except the house.

 

The only way to win is not to play until it's unwound.

 

Being in anything at any point now is pretty risky unless you know which way the house is gonna play.

 

Even cash in the bank isn't safe, just look at Cyprus, Greece, and last I was reading Austria is looking to alter it's deposit protection scheme. Even under crazy EU rules the UK is now lowering it's deposit protection so it's in line with the EU zone level in Euro equivalent value.

 

However you view it, PM right now are a fantastic buy for the medium and long term.

[AuFinger]

In USA it sounds like physical is already becoming scarce. Silver Eagle run out?

So commodity price pushed down to say stocks are great, stay confident!

Physical has run out, or another message being narrated to us, so we can't benefit from the resultant low physical price.

This is a perfect example of why waiting thinking prices might go down is s bad idea.

The lower it goes the harder it'll be to buy.

Since my rowing boat capsised with all my silver aboard yesterday, another tube or so from STG is on my cards!

[HelpingHands]

I could be because a new dated coin is coming out soon so the 2015 coins are running out.

There was youtube hype around this time last year

[SilverPirate]

These are good times to add to our stacks,when i started stacking in the to the moon era i dream' t of these prices now there here.

Even if you can just squeeze a few more ounces into the stack it has got to help the average.

[Scuzzle]

I don't blame the US Mint for saying they have run out of ASE's.  If I was running a silver coin supply business I would not want to be selling at a loss on a severely depreciating spot price and I would suspend selling as well.

[AuFinger]

Will they be selling at a loss?

I bet their stock is hedged against market price somehow, so they only care about their margin.

More likely no one wants people to buying this cheap silver, but the stock price needs to be this low to tell idiots that stocks are safer than 'safe' PM.

What a Keynesian mess. Viva La unintended consequences!