Silver Monitoring Thread £ (GBP) only.

[Dave]

Anyone have any news stories related to this price pop, started in Far East, but no reason why, always a reason for going down , but not up ?

[motorbikez]

Could be due to Indian government potentially cutting gold tax

 

http://in.reuters.com/article/2014/07/10/markets-precious-idINL4N0PL02M20140710

[Dave]

Could be due to Indian government potentially cutting gold tax

 

http://in.reuters.com/article/2014/07/10/markets-precious-idINL4N0PL02M20140710

I read these stories re India and the fed, early this morning. But I don't think these explain it , something is stirring , if US opens higher on London close then anything could happen.

[motorbikez]

If India resumes heavy gold purchases it certainly won't be negative for gold

[silversword]

Typical that it would happen just before I want to buy some gold. I wonder whether this is a sustainable rally, whether the price will meet strong resistance and hold for a bit, or whether the excitement (and price) might subside a little before the weekend. We saw an almost identical sharp upturn 3 weeks ago followed by a long spell with little movement.

 

Anyone who bought about a month ago, with prices around £11.xx/oz, is probably feeling pretty pleased with themselves right now. Same with gold, which has followed the same pattern. I'd expect some profit-taking but if technical indicators and fundamentals are saying "buy" then most people will probably hold on hoping for more increases. 

[Dave]

Portugal , one of the banks has gone under, affecting euro markets, happy days

[silversword]

news outlets reporting there are worries over Banco Espírito Santo, guessing this is the bank in question. Nowhere saying it's outright collapsed yet, unless you have a source? But yeah that would definitely spur gold/silver in the short term.

[a_a]

Portugal , one of the banks has gone under, affecting euro markets, happy days

Treasury bonds are slightly up which usually means gold should be down. So hopefully this is just a blip and gold and silver will go back down, I haven't stacked near enough yet!

[Dave]

news outlets reporting there are worries over Banco Espírito Santo, guessing this is the bank in question. Nowhere saying it's outright collapsed yet, unless you have a source? But yeah that would definitely spur gold/silver in the short term.

If you had money in this bank or it's subsidiaries , would you leave it , or jump on the ATM , remember Cyprus , just a whiff of default is all it takes, could be an extra long weekend break for this bank

[silversword]

Confirmed by a friend in Lisbon; stocks in BES and its parent are suspended. Apparently the institution has a somewhat rotten core and there are all sort of intrigues going on behind the scenes. I'd get any money out of it as fast as I could, I would not be shocked to see a run on the bank.

[simon13]

Ratio silver to gold. 62.44. Silver £12.51.

[garthy]

Just an observation, but whenever silver / gold rise, bitcoin takes a hit.

Wonder why.

I know this isn't the bitcoin thread, but it is silver price related.

 

Just a thought, I know a lot of bitcoin holders are also into precious metals, maybe they see the price shoot up decide to swap their bitcoin for gold and silver, that would send bitcoins price down. 

[Danny-boy]

Just a thought, I know a lot of bitcoin holders are also into precious metals, maybe they see the price shoot up decide to swap their bitcoin for gold and silver, that would send bitcoins price down.

Yes Garth, that thought had crossed my mind too.

I wonder if it's a bit of side swapping, similar to GSR swaps.

[garthy]

A Bulgarian bank's just gone under, after the bank in Portugal yesterday could this be the start of something bigger? Could we see silver and gold go even higher next week?   

 

 

 http://www.reuters.com/article/2014/07/11/bulgaria-banking-idUSL6N0PM28G20140711

[silversword]

Edit to add that this is somewhat tongue-in-cheek, I am not prepped for a European bank meltdown or contagion, and no offence meant.

Edited July 12, 2014 by silversword

[simon13]

Woke up pretty groggy, checked Kitco app. £400 an Oz! i'm not ready!... Then my brain woke up and I saw I had the app set in kilos.

£12.56. Ratio 62.44

[Danny-boy]

Lol. You just woke up?

If it was £400/oz I'd be down the silver refiners in seconds.

[smokestack]

Lol. You just woke up?

If it was £400/oz I'd be down the silver refiners in seconds.

And i would be right behind you with my pitiful 7oz,still it would be a cracking profit for one month of stacking,keep dreaming eh.

[Danny-boy]

And i would be right behind you with my pitiful 7oz,still it would be a cracking profit for one month of stacking,keep dreaming eh.

Dude, as others have said, 7oz is more than the majority of people.

And you are in the right mindset.

Craig12 had nothing a couple months ago, now he's over 30oz.

You'd be amazed how quick you can collect / stack.

[smokestack]

I know Danny i get a bit impatient sometimes.

[HighlandTiger]

Dude, as others have said, 7oz is more than the majority of people.

And you are in the right mindset.

Craig12 had nothing a couple months ago, now he's over 30oz.

You'd be amazed how quick you can collect / stack.

15th April 2014, I had no silver and no gold. I now have 171.6 oz t of silver and 0.59 oz t of Gold. Yeah it does stack up quickly....!

[Danny-boy]

15th April 2014, I had no silver and no gold. I now have 171.6 oz t of silver and 0.59 oz t of Gold. Yeah it does stack up quickly....!

That's bloody good going HT.

You'll be passing me shortly.

[watchesandwhisky]

amazing going HT keep that up for 18 months and you will be a member of the 1000 ozer club!

 

Its taken me since december 2012 to get to where your at and I dont think im quite at 170 yet prob more like 150.

 

Really should have a new count up been buying pretty hard recently.

[Danny-boy]

It's taken me 2 years to hit 210 ounces.

I'm fairly pleased with that, almost half way to my goal.

[a_a]

Is that a 500oz goal?

I was thinking about going for my bodyweight but my current spot value would be about £27k