Posted on 11/09/2010 11:51:38 AM PST by blam
Gold And Silver Just Plunged Hard
Joe Weisenthal
Nov. 9, 2010, 1:49 PM
Easy come...
Gold is down big, and silver, which had been up 5%, is now flat on the day.
[snip]
(Excerpt) Read more at businessinsider.com ...
Plunged to 1405. I don’t think I’m ready to jump out the window or anything.
I hardly call $1406 a ‘plunge’, which is up from $1250 a few months ago!
Smart money knows something? Dollar about to rocket up? Who knows.
The sky is falling! The sky is falling!
Silver is up nearly 60% in 3 months. That’s the *real* news. If that price move doesn’t portend global meltdown, I don’t know what does.
Yeah, I agree. And this “...silver, which had been up 5%, is now flat on the day.” is not exactly a “plunge”.
I’ve been watching silver today. It dropped from a high of around $29.20 to a low of $27.86 and is now above $28. It’s definitely a bit volatile today though.
I think once people figure out that the Treasury sale is nowhere near as big as the deflationary spiral it is attempting to thwart, we could see gold and silver drop quite a bit. And I am a BIG believer in silver - long run.
HSBC and JPM need to knock down silver or face the MOAMC.
Mother of all Margin Calls.
Actually, a correction here would be bullish. I’d like to see it go down some more for a week or so and touch bases before it continues on up.
Watch the commodities bubble. It can be very painful when it bursts - even though this particular instance is not that....yet.
Zero Hedge said this short/put that JPM and HSBC were involved in could sink HSBC.
>>HSBC and JPM need to knock down silver or face the MOAMC.<<
I’ve been wondering how this is impacting them. ;)
Purely profit taking. Jump in on the dips.
Very normal for the metals market.It’s called a little profit taking.
“Silver is up nearly 60% in 3 months. That’s the *real* news. If that price move doesn’t portend global meltdown, I don’t know what does.”
Gold is the indicator of global currency meltdown. Silver is half industrial metal, is in short supply, and probably very undervalued.
If silver sold at its 5000 year ratio to gold of 15.5 to one it would currently be at $90 per ounce.
Smart money knows something? Dollar about to rocket up?
Limbaugh has spent the past half hour talking about QE2.
It is a hot topic all over Fox News and the blogosphere too.
Elitists like Bernanke are not used to their decisions being subject to this much light and attention. Methinks they may back down from this.
Either that or the ChiComs threatened Obama over QE2 and he quietly folded like a three dollar card table.
Currently trading at it’s high for the day.
Let’s see if the cup get’s it handle in the next few days.
bttt
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