RAID! Silver Waterfalled to $26.55

July 24, 2012 By 10 Comments

So much for the early morning strength in gold and silver this morning.

Classic waterfall declines were just initiated in both metals, with silver smashed to $26.55 (which has now proven to be support for the 7th time), and gold to $1568.

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Live 24 hours silver chart [ Kitco Inc. ]

 

Live 24 hours gold chart [Kitco Inc.]

 

STACK THE SMACK!!


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Comments

  1. Avatar of Gajervis Gajervis says:
    July 24, 2012 at 12:33 PM

    lets see 20.00 silver please!!!!

  2. Avatar of Skater Skater says:
    July 24, 2012 at 12:52 PM

    Think you’re gonna get physical at current premiums when we hit $20?

  3. Avatar of silverwulf silverwulf says:
    July 24, 2012 at 1:03 PM

    Aye premiums keep going up on the site i get my silver from plus the V.A.T at 20% it’s bloody annoying, so i go for the deals when they come up.

    still, i get it delivered the nxt day guarenteed.

  4. Avatar of Silverbullet1976 Silverbullet1976 says:
    July 24, 2012 at 1:06 PM

    Thanks for the smash just added another 20ozs to the stack!!

    Do these guys seriously think we are going to go away????

    NOT!!

  5. Avatar of Conax Conax says:
    July 24, 2012 at 1:28 PM

    The low priced contracts they dump on days like this are triggers to get the downward momentum revved up for a nice sell-off.  They need this to cover July, I’m thinking.
    Harvey O has mentioned the foot dragging going on on the Comex as far as deliveries are concerned. They have 40 million ounces all ready to go, but here we are on the 24th and they have yet to cover 122 contracts. A paltry 610,000 ounces and they haven’t delivered them yet.  Why not?
    Maybe they don’t have the silver and the 40 million ounces are imaginary.
     

  6. Avatar of NetRanger808 NetRanger808 says:
    July 24, 2012 at 3:42 PM

    Good I sold 80 oz of Silver at a good price to do my thing. Now I am going to buy it back at a discount. Thank you crooked Jerks. 

  7. Avatar of AGXIIK AGXIIK says:
    July 24, 2012 at 5:29 PM

    There are two songs I dont like.   1  Happy Birthday to you   2.  The Silver Smackdown Serenade

    Both get old really really fast.  We are about the second year of this silly ass smack down crap  IMO

    I just turned 60  and  my warranty expired.  Damn –everything hurts. FSP 

     So no more Happy Crappy Birthday songs. 

  8. Avatar of Ed_B Ed_B says:
    July 25, 2012 at 2:01 AM

    ”
    I just turned 60  and  my warranty expired.  Damn –everything hurts. FSP “


    Lol!  I hear ya, AG.  I’m working on 63 (under 3 weeks from now).  Most things hurt.  If it doesn’t hurt, it probably doesn’t work!  But… WTF?  It really IS the only game in town.  Been working on my curmudgeon skills for a few years (wife says about 40 of them) and am looking forward to being “that old PITA up the road”.  :-D

    As to the movements of gold and silver, I don’t really care what is causing them.  All I care is that I can buy and stack at what seems to me a reasonable price.  It’ll all work out in the end.  Those who own PMs will be fine.  Those who do not will bite it wholesale, as their paper investments implode, burst into flames, and hit the ground hard.  Personally, I do not care whether or not others also buy PMs.  It’s basically a good idea.  Unfortunately, many people do not seem to like good ideas but that’s fine.  They have the freedom of choice, just as we do.  The thing is, though, that making a choice also implies taking the responsibility for the results of that choice.  At least, that is what adults do.  What they will do remains to be seen.  Interesting times, for sure.

  9. Avatar of PatFields PatFields says:
    July 25, 2012 at 8:42 AM

    Looking more like a balloon plunged under water every single one of these ‘attacks’.

  10. Avatar of widget widget says:
    July 25, 2012 at 6:51 PM

    If this was a raid – they’re screwed.

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