Posted on 05/01/2011 6:07:53 PM PDT by blam
3 Weird Things About Tonight's Huge Silver Selloff
Joe Weisenthal
May 1, 2011, 7:49 PM
After last week's manic action, silver is falling out of the bed to start the new week, declining by over 9%.
A few quick thoughts on the weirdness:
* Nobody really knows what's up. Querying around, nobody has any solid sense (yet) of what's driving the decline. There was no particular news that would seem to be feeding into this. Update: There's a little bit of chatter about the weak Chinese PMI report from this morning, but it doesn't seem that convincing or robust of an explanation. There's also talk about margin hiking (which has been going on forever).
* Silver is a major standout. Gold isn't moving the same way. Other commodities are down a bit, and the dollar is up, but not on the same scale.
* US futures remain higher. This is a big surprise, given how consistently silver has traded in the same direction as equities.
(Excerpt) Read more at businessinsider.com ...
I know Warren Buffet was huge on silver for the last few years.
Wouldn’t surprise me if he sold everything he had.
bump
[Must be shifting their assets to lead instead.]
Pardon my ignorance, but is lead a play? I know copper has been.
[Must be shifting their assets to lead instead.]
Pardon my ignorance, but is lead a play? I know copper has been.
“...I hope Jim Rogers loses his anti-American shirt.”
He and Soros have been betting against the USA for years. No one would cry if they went under.
IMHO Rogers will do well on his silver. Temporarily.
But end up bankrupt, as a result of US protectionism.
Aw.
Poor guy.
Buffett was bought tons(almost literally)of silver when it was 6 to 8 bucks an ounce. Great time to back up the truck and unload.
Buffett bought tons(almost literally)of silver when it was 6 to 8 bucks an ounce. Great time to back up the truck and unload.
Damn.
How are we going to take out the Democrats now?
Whenever some trusted investment advisor opines, “It’s different this time...” the bubble is about to pop.
Accumulation-markup-distribution, the classic market cycle. This is a healthy thing, nothing can go up forever.
I’m fully invested in lead. Now branching out into commodities, corn, wheat, beans, pork bellies. Stocking up on burritos.
Hurry, it's already recovering.
You won't believe it...80% of the garlic consumed in the USA comes from China.
The World Garlic Festival is still in Gilroy, California though.
I had read somewhere that he bought about 10 percent of the world market or so.
Price too high? Blame the speculators. Bubble bursts? Blame the speculators.
China has recently been the floor under the price, but they will be closed today, so its all JPM's to buy.
While all commodities are due for a 25-40% drop, Silver is the most likely to drop 50% +.
Actually you can get it for a dime. At $47.00 an ounce a junk silver dime is $3.60.
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