Silver Dropped Nearly 10% Today- May 2, 2011

This could be short term on the announcement of Osama, or it could be the start of a large free fall. Either way, for anyone out there who has been eying silver prices and looking for a good time to buy, this may be a good time.

Summer months are going to be volatile for silver IMO. I'm going to wait for everyone to panic over this, sell, and then buy up for myself. I was about to buy more the other day, but I figured I'd wait a couple weeks. Glad I did!

reply to post by DaveakaRNG


What website do you go to when you look up silver prices usually?

Precious metals prices, particularly silver and gold, have been artificially inflated to scam the public.
Next they will drop the markets and buy it back at a fraction of what they sold it to you for.

Originally posted by pirhanna
Precious metals prices, particularly silver and gold, have been artificially inflated to scam the public.
Next they will drop the markets and buy it back at a fraction of what they sold it to you for.

It's a scam, yes, but it's not artificially inflated. It's artificially DEFLATED. The price of gold and silver should both be way higher than they are right now. They are strategically manipulated in the futures market because they are alternatives to the almighty fiat. They will fight this battle at all costs, especially Silver, because it is more accessible to the common budget.

reply to post by pirhanna


Is there any evidence to what you're claiming?

Are commodity prices not affected by a weakening dollar?

How can they buy it back from people who are unwilling to sell? I don't care what the market does, my silver is being stored as a barter tool for the upcoming financial collapse. I plan to trade my silver with like minded people for goods/services I need when the time comes.

Originally posted by pirhanna
Precious metals prices, particularly silver and gold, have been artificially inflated to scam the public.
Next they will drop the markets and buy it back at a fraction of what they sold it to you for.

No doubt! Anything they sell on TV infomercials is an absolute scam.

reply to post by Bdizzl3


oil-price.net...

reply to post by Aggie Man


Couldn't you then say the same thing about cash for gold programs you see on TV?

Originally posted by DaveakaRNG
reply to post by Aggie Man

 

Couldn't you then say the same thing about cash for gold programs you see on TV?

I don;t know....do they run 30-minute infomercials on it? If so, then probably. Do these places pay market value on the gold?

Prices will drop over the next couple weeks, then it's back up for a while.

I'll be purchasing more once the bottom is noticeable.

I got an email a couple days ago from APMEX asking to buy back my silver for three dollars above the spot value. That told me that they know something big is about to happen with silver, and they are trying to get as much of it as they can back into their inventory. I don't know if they sent out the same thing for gold too, but still very odd for them to offer that much!

reply to post by KaginD


I have purchased through APMEX as well and received no e-mail. That is fascinating. So were they implying silver is going to go up, or do they believe that very soon there will be a huge demand?

reply to post by DaveakaRNG


This was the email I got. Gold was included. I guess I didn't pay it any mind because I don't own any gold (unfortunately lol)


Dear KAGIN,

Due to the recent incredible demand for Gold and Silver bullion products, APMEX would like to offer you an exclusive opportunity to LOCK IN YOUR PRICES and sell us some of your U.S. Mint collection. This is a limited time offer and it is first come, first served until we have secured enough U.S. Mint bullion products to meet our current demand!

We Want These Products:
We will pay you $38.00 over the current spot price of Gold for your Gold American Eagles. ANY year, ANY quantity! Gold American Eagle

We will pay you $3.00 over the current spot price of Silver for your Silver American Eagles. ANY year, ANY quantity! Silver American Eagle

We will pay you $1,250.00 for your 2010 America The Beautiful 5 oz. Silver coin sets. America The Beautiful Set


Once we have purchased enough of these products to meet our current demand, this offer will end! YOU MUST ACT NOW!

Simply call our Purchasing Department toll free at 800.375.9006 between 7:00 a.m. and 5:00 p.m. CDT to lock in your prices right now. At APMEX, we make it easy and hassle free to buy and sell U.S. Mint bullion coins.



Respectfully,

Clint Hughes
Senior Vice President of Marketing
The American Precious Metals Exchange

P.S. Tell your friends they only have 5 days left to get FREE shipping on their first order when they purchase through the ALL-NEW mobile.APMEX.com on their smartphone! U.S. Shipments Only.

reply to post by KaginD


WOW first off i never knew (bothered to look) that ATS had some clearly experienced traders and i'd be a fool if i didn't ask for a tip or 2 Im fairly knew to trading and still trying to improve how i let "world politics"(geopolitics?) effect my trading strat.

But anyway my questions is has any one else received this e-mail?
I remember a few years back just as gold was sky rocketing i moved to the US and saw all those commercials asking for your gold and thats what got me into trading(I found it outstanding people didn't relise how much more money they could make!)

thanks

reply to post by Bixxi3


The reason I got into silver was because of all the advances being made in technology. Silver use to be primarily used for jewelry, silverware, and photos. Now, they use are using it for lasers, solar panels, TVs ect. They have come a far way in uses for silver, so I really cant see it going down too far. There is this guy, vision victory, on youtube. I have been watching him for years, and he is very educated in silver, gold, and the markets. Honestly, if you are looking for advice, I would start there. Also, there are many ATS members that are all about the markets and commodities.

On a side note, I have been watching Merck Pharmaceuticals. They have a drug being approved for the public any time now that is a very effective in treating Hep. C. I'm thinking of getting into that stock soon.

articles.latimes.com...

zero hedge

Two key factors that appear to be contributing to the rapid move in overnight silver (and subsequent jump to pare half its losses) is i) the fact that Bolivia, despite being in a cash crunch has for the time being yielded to miner demands and has put its nationalization plans (as discussed previously here) on hold, and ii) there has been a dramatic bout of selling coming out of nowhere, despite the PM complex having opened very well bid earlier on, in what appears a coordinate effort to nuke silver exclusively.

From the WSJ: "Opposition from Bolivia's independently organized miners stopped President Evo Morales from implementing plans to boost state control over the country's mines Sunday, according to leading officials who were advocating takeovers of the country's vast mineral wealth. Mr. Morales has generally used May 1 labor day festivities to highlight his socialist agenda of reverting the country's energy and mineral resources to state ownership. On previous labor days, he announced nationalizations of Bolivia's strategic hydrocarbon reserves and the electric power grid, with mass rallies and military displays. This year, however, anticipated takeovers of the mining sector failed to materialize." None of this however, is news, as Coeur d'Alene and, of course, Sumitomo, the two biggest silver miners in the politically embroiled country already were assured their facilities would not be touched so we fail to see how this non-news is in any way validating of a nearly 20% move. Elsewhere, Bloomberg notes what appears to have been a massive coordinate attack on silver starting just before 6:30 pm Eastern.

From Bloomberg:

"We opened up this morning n New Zealand exceptionally well bid across the board," Jonathan Barratt, managing director at Commodity Broking Services Pty, said in a phone interview from Sydney today. "We got a high in gold and then we got massive sell orders in the spot market and the price fell through. When futures opened the market fell again."

Looks like the old sell into low volume trick to flush the stops and kill the weak hands has worked again. Throw in last week's two CME margin hikes and Friday night's margin bonanza by MF Global, and one had a perfect storm set up for another wipe out in silver to start the week.

In the meantime, silver promptly managed to retrace over 50% of the move shortly after the dump. At this point whatever holders remain following last week's margin action and this evening's fine example of shock and awe will likely need far more energy and capital to be shaken out by the same entities whose primary goal is to prevent the surge in silver and ongoing capital-sapping collateral calls. Since none of the actual fundamentals before the long-term trajectory in silver (and gold) have changed, this appears like a rather attractive entry point.

Lastly, one should recall that silver had a mini 10% correction last week and not only promptly recovered but nearly passed the $50 level shortly thereafter. This time will not be any different.

Don't let the bull buck you.

reply to post by KaginD


Wow thanks! im looking now he's got alot to go though i can't wait!
And thats a very good point about silver it can only go really right?

And nice catch on that stock. I bet that will shoot up once it does get approved and more media attention maybe

reply to post by stephinrazin


What exactly is this saying?