Silver Monitoring Thread £ (GBP) only.

[CazLikesCoins]

26 minutes ago, Earthmetal said:

Gone up so fast it's flown right off the top of the screen. Mine's dangling from my dining room light fitting at the moment.

Tie some silver to it. It'll soon come down lol

[gji25]

to da moon and back

Edited May 13, 2023 by gji25

[gji25]

 

[HonestMoneyGoldSilver]

Well oh dear down 3% 4% in a single session. That's two 3% + drops we've had lately and I didn't even buy anything today!!

May was never likely to be a good month for silver with Fed/BoE/ECB but I predict King "$24" Leonidas will hold the line at £19.12/$24. If we lose £19.12/$24 we are in free fall, hate to say it. It will hold but if $24 goes we're going back to £18/$22.50 and if that goes it's back to £16/$20, which is the absolute bottom of the market. Going back to £16 wipes out my profit so JPM, if you're listening - if silver goes to £16 I'm coming for you. I have a very particular set of skills!

Edited May 11, 2023 by HonestMoneyGoldSilver

[MBTPSilver]

I don't mind a little dip to around £18 to top up, but it is sad to see it fall so much this week, particularly on a day where gold's doing okay.

[HonestMoneyGoldSilver]

20 minutes ago, MBTPSilver said:

I don't mind a little dip to around £18 to top up, but it is sad to see it fall so much this week, particularly on a day where gold's doing okay.

Gold marginally down on the session too now but gold losing 70 cents isn't as big a deal as silver losing 70 cents 🤣

Both gold and silver currently in free fall. Silver down currently almost 4% on the day 😨

Silver currently down 4.25% in a single session!! 😬

No longer looking at charts. Ignorance is bliss 🍷

Edited May 11, 2023 by HonestMoneyGoldSilver

[SidS]

There is no spot price - if there's no banner at the top then there's no spot price as far as I'm concerned. 😁

Ignorance is indeed bliss.

[silversky]

54 minutes ago, SidS said:

There is no spot price - if there's no banner at the top then there's no spot price as far as I'm concerned. 😁

Ignorance is indeed bliss.

yeah, spot is more accurately determined by looking at the trade section...

[HonestMoneyGoldSilver]

Silver can piss right off it briefly touched -5% for the day. If it did the same for 2 more days it would make the list of record price moves:

Top 10 Largest Silver Price Market Moves: 1971 - 2021 (sdbullion.com)

[GoldStandardPartyUK]

BTT

Buy The Tamp

[flyingveepixie]

38 minutes ago, HonestMoneyGoldSilver said:

Silver can piss right off it briefly touched -5% for the day. If it did the same for 2 more days it would make the list of record price moves:

Top 10 Largest Silver Price Market Moves: 1971 - 2021 (sdbullion.com)

Pain in the arse isn't it...I wouldn't be at all surprised to see it back down at £16.00  odd...

Edited May 11, 2023 by flyingveepixie

[silversky]

I wouldn't be buying until it hits 18.75, or unless it rebounds sharply and breaks out above the recent high.  Perhaps a low 17s is more likely.  I think the chart i posted on the usd silver monitoring thread is more likely to play out in the short term than any sustained sharp rebound.

[MBTPSilver]

Sub-£19 now, quite the dip this week. Nearly at my buying levels again though.

[silversky]

1 hour ago, MBTPSilver said:

Sub-£19 now, quite the dip this week. Nearly at my buying levels again though.

I'd leave it for a couple of weeks at least.  It's exceedingly unlikely that there will be a sharp rebound above 20.5 in the very near term.  It's far more likely that a continuation of the decline is on the cards.  At best, a battle in the 18's might take place for a few weeks, but the potential for a further sharp decline into the mid 17's will be present through all of it.  Unless a sustained and sharp rebound is initiated today or early next week, Silver is very unlikely to be making a push to new highs until at least June but more likely July.  Some sort of lacklustre bounce is to be expected of course, but this will only set up shorting opportunities for a further decline to the low 17's.

Perhaps if gold outperforms due to political or economic black swans, it might halt this malaise.  But we're talking really unlikely there, so on balance, it's better just to sit this one out for now, and look for an entry in the 17's with less potential of loss should it decline even further.

[HonestMoneyGoldSilver]

8 minutes ago, silversky said:

I'd leave it for a couple of weeks at least.  It's exceedingly unlikely that there will be a sharp rebound above 20.5 in the very near term.  It's far more likely that a continuation of the decline is on the cards.  At best, a battle in the 18's might take place for a few weeks, but the potential for a further sharp decline into the mid 17's will be present through all of it.  Unless a sustained and sharp rebound is initiated today or early next week, Silver is very unlikely to be making a push to new highs until at least June but more likely July.  Some sort of lacklustre bounce is to be expected of course, but this will only set up shorting opportunities for a further decline to the low 17's.

Perhaps if gold outperforms due to political or economic black swans, it might halt this malaise.  But we're talking really unlikely there, so on balance, it's better just to sit this one out for now, and look for an entry in the 17's with less potential of loss should it decline even further.

If we don't close above £19.17/$24 today then silver is toast:

"Today's price action was mostly profit-taking and weak long liquidation from the shorter-term futures traders," said Jim Wykoff, senior technical analyst at Kitco.com. "However, strong follow-through selling pressure and a technically bearish weekly low close on Friday would begin to suggest a market top is in place. Bulls need to step up Friday."

[silversky]

I'd say 24.2 / 19.3 at a minimum required  The weekly candle looks dreadful, and nothing is going to change that.  But if the daily candle closes as a hammer, at or above 24.2 / 19.3, then there is a fair chance to change the outlook into a bounce and measured floor building.  Otherwise look out below...

[HonestMoneyGoldSilver]

30 minutes ago, silversky said:

I'd say 24.2 / 19.3 at a minimum required  The weekly candle looks dreadful, and nothing is going to change that.  But if the daily candle closes as a hammer, at or above 24.2 / 19.3, then there is a fair chance to change the outlook into a bounce and measured floor building.  Otherwise look out below...

Well we've retaken $24 which is a good thing. I mean last week people would have bitten your arm off for $24 silver. A month ago it was all over YouTube, "say goodbye to $24 silver permanently". I know, YouTube, but some of them were respected finance guys/precious metals experts. Now here we are at $24 again the bulls should be stampeding to buy at this bargain price

I'm not too worried as long as silver holds in the current $24/£19.20) range. I called it a while back that PMs especially silver were going down in May and that if we held prices it would be a big win. If we close below $24 (or 24.2) that could set us back 6 months but still like the majority of senior analysts and traders are saying:

"I think it's more likely we will see $30 in silver before we see $20 in silver, but within that range, there is going to be a lot of volatility" (Edward Moya, senior market analyst at OANDA)

 

[HonestMoneyGoldSilver]

Guess who just bought the silver dip to the tune of > $100 million? Wasn't me, unfortunately:

 

 

Looks like Blackrock think anything below $24 is a bargain. Even if they are wrong they will cheat so they're right again. Good news for the silver stacker, finally! The last 2 weeks have been brutal. Blackrock's actions suggest the Fed will pause on 14th June. I still think they will hike but if Blackrock by inference of taking this huge silver position say the Fed is gonna pause, then the Fed is gonna pause, right? 

[timsk]

11 hours ago, HonestMoneyGoldSilver said:

. . . Looks like Blackrock think anything below $24 is a bargain. Even if they are wrong they will cheat so they're right again. Good news for the silver stacker, finally! The last 2 weeks have been brutal. Blackrock's actions suggest the Fed will pause on 14th June. I still think they will hike but if Blackrock by inference of taking this huge silver position say the Fed is gonna pause, then the Fed is gonna pause, right? 

Hi HMG,

I like your logic but, ultimately, I think the single biggest influence on the silver spot price is the U.S. Dollar Index (DXY). As long as the candles continue to print green, silver will tank. Conversely, silver will go 'to da moon' when DXY collapses, which many folk (me included) believe is just a question of when rather than if.

Edited May 25, 2023 by timsk

[HonestMoneyGoldSilver]

1 hour ago, timsk said:

Hi HMG,

I like your logic but, ultimately, I think the single biggest influence on the silver spot price is the U.S. Dollar Index (DXY). As long as the candles continue to print green, silver will tank. Conversely, silver will go 'to da moon' when DXY collapses, which many folk (me included) believe is just a question of when rather than if.

I agree with that 100%. When you can get 5.59% on a monthly T-Bill you would be a fool not to take it

[gji25]

are you doing this with your silver ?

 

[HonestMoneyGoldSilver]

1 hour ago, gji25 said:

are you doing this with your silver ?

 

Silver was always a multi-year play for me. I don't expect to sell any until 2025 and I will be keeping most of what I've bought forever. Still sucks that markets are so irrational like why if silver 20 days ago was worth £20.73 is it now only worth £18.46? Meanwhile Nvidia can stack Intel and Micron in a single day. Eventually markets will catch up with reality

[Stacktastic]

27 minutes ago, HonestMoneyGoldSilver said:

 Meanwhile Nvidia can stack Intel and Micron in a single day. Eventually markets will catch up with reality

Its mental & the move is VERY unusual considering its market cap. 
All I see is a stock market top - I spent a lot on 5 shorts today. 😛 

Combine that with a dump in silver then happy days - makes the perfect transition. 

Whats the bounce level guys? Im thinking mid £16's. 

Edited May 25, 2023 by Stacktastic

[HonestMoneyGoldSilver]

18 minutes ago, Stacktastic said:

Its mental & the move is VERY unusual considering its market cap. 
All I see is a stock market top - I spent a lot on 5 shorts today. 😛 

Combine that with a dump in silver then happy days - makes the perfect transition. 

Whats the bounce level guys? Im thinking mid £16's. 

I find it hard to think in Old Empire tokens. In New Empire tokens it looks like we're gonna test the firm support at $22.50. If that goes it will be a re-test of the fundamental floor of $18-20, so yea, it's possible it will get to £16s. I see it holding firm above £17/$20ish. Just my opinion of course and I thought we would hold $24, hopefully we get back there soon

[stefffana]

5 minutes ago, HonestMoneyGoldSilver said:

I find it hard to think in Old Empire tokens. In New Empire tokens it looks like we're gonna test the firm support at $22.50. If that goes it will be a re-test of the fundamental floor of $18-20, so yea, it's possible it will get to £16s. I see it holding firm above £17/$20ish. Just my opinion of course and I thought we would hold $24, hopefully we get back there soon

I really can't see going under £18/oz. I think will be a strong resistance at that point.