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 ...
The bubble burst. It was expected to.
Somebody cornered the market and is profit taking?
A little manipulation Joe?
Normal. Probably trade sideways a while. Won’t drop below $35/oz.
I’ve been wanting to buy junk silver, so maybe I still have a chance of getting it at a decent price.
Must be shifting their assets to lead instead.
IMHO:
Chicoms.
They’ve reached the conclusion America is tired of their bullcrap.
They unloaded a huge amount of silver, and will be re-buying after the revaluation.
Want to screw them? Buy now before they can.
Silver bullets aren’t what they used to be.
I agree profit taking ... after all ya can now buy it back at a lower price and make some bucks.. we have to wait til wed or so to see where the market really is
It’s not a surprise to anyone who has been reading the Kitco pundits for the last two weeks.
Jim rogers says he is waiting for this selloff to buy some more.
“Somebody cornered the market and is profit taking?”
Wasn’t me. I bought $4 face value in old half-dollars and quarters yesterday at 10% below their spot price. I’m still 1% ahead!
No real mystery, profiteering.
Somebody has been driving gold and silver to super highs and when there was indication that their potential was maxed out, they sold their share.
The only question is whether this could cause a massive sell-off and a collapse of commodities.
Nothing personal, but I hope Jim Rogers loses his anti-American shirt.
The Hunt Brothers revenge.
Persoanlly, I’m putting my money into garlic. I’ve got three kinds in now for dividing into planting stock this fall. Next year around election time, I should have enough to repel the entire nation of Transylvania.
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