Silver Down Over $2 - Will it retest recent lows?

Monex.com ^ | 05/11/11 | Self

[OB1kNOb]

Silver down over $2 per ounce in this morning's trading. That's over 5%. Will it retest recent lows from last week? Soliciting thoughts from FR experts.

Also, see the following article.

Silver Likely to Drop to Around $31

[OB1kNOb]

Comments? Predictions?

[kingcanuteus]

This is a opportunistic takedown of precious metals as a response to the Sino/USA economic meetings going on. Notice the dollar going up for the last few days? Whether the shorts can continue their operation for silver to reach 31 is doubtful.

[Old Retired Army Guy]

I decided yesterday to convert everything to cash for awhile. Too much volatility and uncertanty.

[paulycy]

Have Your Say Every Day.

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Make Yours NOW and End the FReepathon!

[jjsheridan5]

I decided yesterday to convert everything to cash for awhile. Too much volatility and uncertanty.

Unfortunately, there is almost as much uncertainty with cash as there is with any other type of asset.

[Dick Bachert]

Hate to remind you, but even though others are still willing to accept them for goods and services (legal tender laws make it impossible to do otherwise unless you barter), they’re not “assests.” They’re circulating evidence of our debt to the corrupt and venal Federal Reserve.

[anoldafvet]

Interesting article here: http://news.silverseek.com/SilverSeek/1304873055.php

[MtnMan101]

I hope it does dip to 31. I’ll buy more !!

[OB1kNOb]

Thanks, I'll give it a read, and thanks for your service. My 3 brothers are all Air Force vets.

Silver now down $3.34 to $35.43 on Monex.com.

[OB1kNOb]

Me too!

[OB1kNOb]

BTTT - Silver at $35.14, down $3.63 - a 9.4% drop just today.

[OB1kNOb]

Do you mean you converted your metal holdings or stocks to cash? Stocks I can see, metals, I don’t think I could.

[Hennible Cobb]

Thanks, Arnold, for the website. Looks like a reliable source of valuable information.

We’re not playing the market here, though certainly we’d like to buy tangible silver low and sell or use it when it’s high.

And I’m one of the ones who believes silver and gold will go inevitably higher due to the pathetic mismanagement of our country and dollar by the Fed, Treasury and corrupt administration.

I will consult SilverSeek regularly. Again, thanks.

[hinckley buzzard]

Be advised that Ted Butler has been predicting a huge short squeeze with silver potentially going to 100, for years now. The recent selloff seems to have caught him by surprise.

When a trader or a pundit begins to blame the regulators, it is a sign that he is out of gas. I won' t give Butler much credence after reading this little meltdown.

[Deagle]

Should have sold at $38.00. Still expect it to go back up but may be a few months. With the current monetary problems with our government (and yes, that includes the idiotic Republicans), it has to go back up - just when seems to be the question.

[Cringing Negativism Network]

I still say the ChiComs are dumping their dollar denominated commodities right now, moving a lot of money from commodities into the dollar as a transition point.

(notice the inexplicable rise in the dollar)

Next watch for a drop in the dollar. If that happens, wake up and get ready. Because it just might be those very same ChiComs moving all those dollars next, into the Yuan.

Once they’ve concluded the proper amount has been make liquid as Yuan, watch for ChiComs proceed to “buckle” to US pressure to appreciate the Renminbi by say, 100%.

You know, in the name of helping. Saving their fellow traveler Obama’s face.

Making all those Yuan, twice as valuable as investment money.

At which point, it will (all) pour right back into those same commodities.

Which will double.

[Hennible Cobb]

Yo, Hinckley.

I don’t know how long Butler has been saying it. But, with the amost intentional destruction of the dollar — as well as imminent rampant inflation — staring us in the face, Mr. Butler is going to be proven right. By accident or on purpose.

Forget market manipulation and all else — $100 silver will come. Perhaps it will be dollar devaluation rather than silver appreciation.

Don’t get me wrong, I’m no bright economist or bigtime trader. But it doesn’t take an expert to employ the wisdom of getting precious metal and holding on tight.

I can’t believe those on the subject of precious metals who say they are leaving their money in cash, just to be on the safe side. In my opinion, they are simply not thinking. Of course I’m thinking longterm, rather than making a bundle this week.

How about the other guys contributing on the Silverseek website? Do they know what they’re talking about?

[Terry Mross]

BTTT

It’s now down to $33.57 so get your checkbook out and prepare to start buying.

I have to wonder if the market is not being manipulated by the government somehow so as to get everyone to sell. As my wife said “This way they won’t have to come to your door to get it”.