Posted on 05/20/2013 6:32:39 AM PDT by blam
Silver Is Just About Finished
Joe Weisenthal
May 20, 2013, 4:22 AM
Silver is getting creamed today (to the tune of 4%). Of course, the precious metals have been in a deep bear market for awhile.
Worth looking at the big picture for a moment though.
With its latest decline, silver is getting very close to hitting levels before it really took off in 2010 (and went parabolic in early 2011).
The great story for silver is just about totally over.
Screen Shot 2013 05 20 at 4.20.10 AM
FinViz
(Excerpt) Read more at businessinsider.com ...
Some people are manipulating the markets to make a killing.
Yeah, tell me when it gets below 18 and I’ll buy another pound or six...
Correct - soon as it goes down more ill wait a bit and pick more up.
Does this mean that millions of pounds of sterling silver flatware and holloware will be saved from the smelter?
I hate it when all that artistry and elegence gets reduced to blocky ingots.
There was a time in Houston during the last big silver rush when thieves would ride around town in a truck with a fire pot on board. They’d hit the fancier homes, taking just the sterling and leaving the plate behind. The stolen artifacts would be melted down before the thieves left the neighborhood. One lady lost an authentic Revere tea set, worth far more than the melted value.
"We have been saying this for many months: keep buying physical gold and silver regardless of price. At some point in time, it may not be available to buy, except at substantially higher prices, or not at all. Better to be the proverbial year early than a day late. "
Bingo!
LLS
We own some European antique sterling silver from the 19th century. While the book value is higher than the melt value, more buyers exist for the ingots than for the items themselves. People just want cash rather than historical and artistic value.
Also, it is difficult to get book value for antiques.
My guess is that physical silver costs more than ever. Silver ownership on paper, the kind governments can just take, does seem to be taking a hit.
Joe must be part of Comex cabal...crooked as they come. Sure, watch it drop then buy back cheap for one’s hedgies...
Was anyone else hoping this was Nate Silver?
So far so good — looks like They drove it down (a second time) as far as They could before NY opened, and turned it right around. It’s always a good day when the first five-minute bar holds the low. Of course there are any number of opportunities for it to get sold off in lockstep with practically anything else that sells off for any reason at any time today.
Old peasant saying: “One thousand in paper or eight hundred in silver, and the cow is yours.”
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