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Thread: what happened today? silver down 1 dollar

  1. #1

    what happened today? silver down 1 dollar

    Anyone know what happen today to cause silver to drop 1 dollar this sharply?



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  3. #2
    I was wondering the same thing.... and gold is down sharply, too.

  4. #3
    Stocks are down, and euro is down againts the dollar.

    The dollar went up today.

  5. #4
    Quote Originally Posted by hugolp View Post
    Stocks are down, and euro is down againts the dollar.

    The dollar went up today.
    Yep, spot on.
    Liberty is for all; privileges are for none.

  6. #5
    Quote Originally Posted by hugolp View Post
    Stocks are down, and euro is down againts the dollar.

    The dollar went up today.
    What caused the dollar rise?

  7. #6
    uncertainty in Europe, flight-to-quality effect..

  8. #7
    dollar rose, and also lots of selling
    We'll know our disinformation program is complete when everything the American public believes is false. -- William Casey, CIA Director

    Get your facts first, then you can distort them as you please.-- Mark Twain

    When people like us-- the scum of society-- don't risk our lives when a rare chance comes our way, we become losers at that moment. So courage is the only thing we can rely on.-- Anchan
    Rick Simpson Hemp Oil

  9. #8
    The situation is totally absurd!

    People are fleeing the Euro and precious metals and flocking to the Dollar... Insanity rules!

    Its exactly like a chicken running to the wolf's lair because its afraid of the fox.

    Per
    Deus
    Mos



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  11. #9
    it is a great thing if you want to buy!!!

    Stock up on real money while you can (if you can).
    "Rebellion to tyrants is obedience to God."--Thomas Jefferson

  12. #10
    i just bough 2k worth of silver 2 weeks ago. at 17.30 spot, i should have waited

  13. #11
    i already put last month's paycheck into canroys. I'm a bit biased towards something more solid and i like the regular and high dividends.

    silvercorp or another miner would probably be a good bet now. i should have waited

  14. #12
    Quote Originally Posted by lodge939 View Post
    i already put last month's paycheck into canroys. I'm a bit biased towards something more solid and i like the regular and high dividends.

    silvercorp or another miner would probably be a good bet now. i should have waited
    It's a bit overpriced right now relative to silver bullion. You'll probably make money either way, though.

  15. #13
    Quote Originally Posted by psi2941 View Post
    i just bough 2k worth of silver 2 weeks ago. at 17.30 spot, i should have waited

    I feel for you, over a year ago I bought some and the price dropped by 33% right afterwards.

    However, it went well up over the purchase price later....

    the volume and price is mostly PAPER (not physical)...if you purchased as a way to store wealth then don't worry about it, the US dollar is toast (only a matter of time)...

    if you purchased to try to sell for profit then you have to wait (but probably not too long)
    "Rebellion to tyrants is obedience to God."--Thomas Jefferson

  16. #14
    Does anyone else think its funny that everyone is so scared of a sovereign debt crisis in Portugal and Greece? According to Bloomberg, their debt to gdp ratios are 90% and 110% respectively. The US right now has around a 90% debt to gdp ratio. Nothing makes sense any more.

  17. #15
    Quote Originally Posted by jclay2 View Post
    Does anyone else think its funny that everyone is so scared of a sovereign debt crisis in Portugal and Greece? According to Bloomberg, their debt to gdp ratios are 90% and 110% respectively. The US right now has around a 90% debt to gdp ratio. Nothing makes sense any more.
    Dont forget about Spain. We are in good place in the race as well.

    The thing with the USA debt and the greek, spanish and portuguese debt is that the USA debt is in dollars, and the USA controls the dollar central bank (the Fed) so it can monetize as much debt as it want, with the only downturn that prices will go up, but that is the people who will pay so they dont care. Instead the greek, portuguese and spanish debt is mainly in euros, and the germans control the euro central bank (ECB), so basically this goverments are somehow at the mercy of the germans. Its a big difference.

    It is important to know in wich currency is the debt and who controls it emission.

  18. #16
    I agree with the strength of the dollar , i guess the rest of the world is really in trouble then if they think the dollar is great.

    I know that for many years i traded gold/silver and i have had my share of " T CALLS"

    Better known as margin calls, when your broker calls you and says you have a margin call for $30,000 because gold is in the tank.

    They will not wait for you to mail them a check , they want you to go to the bank and use a bank transfer now or they will sell you out.

    I always told them to sell me out at the market price, its like a snowball going down hill, this selling causes prices to drop harder and more margin call are sent out, more selling happens and this thing feeds on its self.

    I think a lot of the drop was margin calls after gold was down $25-30

    These people are in the gold market with about 5-7% margin.

    Sort of like credit default swaps. Better know as GOLDMAN SUCKS/JP MORGAN



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  20. #17
    Quote Originally Posted by fj45lvr View Post
    I feel for you, over a year ago I bought some and the price dropped by 33% right afterwards.

    However, it went well up over the purchase price later....

    the volume and price is mostly PAPER (not physical)...if you purchased as a way to store wealth then don't worry about it, the US dollar is toast (only a matter of time)...

    if you purchased to try to sell for profit then you have to wait (but probably not too long)
    I agree with the fact in the long run i will make my money 99999999999 fold but everyone at school and my parents are laughing at me

  21. #18
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    Quote Originally Posted by psi2941 View Post
    I agree with the fact in the long run i will make my money 99999999999 fold but everyone at school and my parents are laughing at me
    Ignore them. You'll get the last laugh when all they have is colored toilet paper.

    I don't buy precious metals as an investment but rather wealth protection.

    As long as you don't panic and sell you haven't lost anything.
    Equality is a false god.

    Armatissimi e Liberissimi

  22. #19
    We'll know our disinformation program is complete when everything the American public believes is false. -- William Casey, CIA Director

    Get your facts first, then you can distort them as you please.-- Mark Twain

    When people like us-- the scum of society-- don't risk our lives when a rare chance comes our way, we become losers at that moment. So courage is the only thing we can rely on.-- Anchan
    Rick Simpson Hemp Oil

  23. #20
    Why are you guys complaining? BUY BUY BUY!!!

  24. #21
    Quote Originally Posted by TheBlackPeterSchiff View Post
    Why are you guys complaining? BUY BUY BUY!!!
    What he said!
    Peacefully Engaged in Domestic Economic Terrorism Since 2004.

    Audit Fort Knox so we will know how much Tungsten backs the FRN!

  25. #22
    Quote Originally Posted by Rifleman View Post
    As long as you don't panic and sell you haven't lost anything.
    This is the most relevant statement in the whole thread. Don't manage your portfolio based on emotions and you'll always be better for it.

  26. #23
    Looks to me like the dollar is on the second shoulder of a head and shoulders pattern...

    http://quotes.ino.com/chart/?s=NYBOT_DX&v=dmax

  27. #24
    Quote Originally Posted by tmosley View Post
    Looks to me like the dollar is on the second shoulder of a head and shoulders pattern...

    http://quotes.ino.com/chart/?s=NYBOT_DX&v=dmax
    Are you saying I have dandruff?



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  29. #25
    dollar is up because compared to other paper currencies....its better.
    "Paper is poverty,... it is only the ghost of money, and not money itself." --Thomas Jefferson to Edward Carrington, 1788.
    WWW.APPLESEEDINFO.ORG

    Appleseed Project - "Common folks teaching common folks to shoot uncommonly well"

  30. #26
    Quote Originally Posted by TheBlackPeterSchiff View Post
    Why are you guys complaining? BUY BUY BUY!!!
    Not now...it can go down even more...looks like foreign folks haven't learned their 2008 lesson.

  31. #27
    Quote Originally Posted by qh4dotcom View Post
    Not now...it can go down even more...looks like foreign folks haven't learned their 2008 lesson.
    Foreign folks? Looks more like US traders to me. Gold was up overnight. They are buying abroad.

  32. #28
    Quote Originally Posted by Rifleman View Post
    Ignore them. You'll get the last laugh when all they have is colored toilet paper.

    I don't buy precious metals as an investment but rather wealth protection.

    As long as you don't panic and sell you haven't lost anything.
    Bingo. This news is only bad for the short sellers, but great news for the wealth-protectors.

  33. #29
    Quote Originally Posted by tmosley View Post
    Foreign folks? Looks more like US traders to me. Gold was up overnight. They are buying abroad.
    Then both foreigners and US traders haven't learned their 2008 lesson...gold keeps dropping though not as much as the other precious metals.

  34. #30
    Premiums are going up while spot goes down. I was just looking at APMEX and while spot is down $3, the actual prices with premiums are only down around $1-$1.50 for oz rounds. The premiums will just keep getting larger as spot falls.
    Last edited by devil21; 02-05-2010 at 04:26 PM.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book

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