Panic in the Pits: Silver Plunge Spreads to Oil, Copper

cnbc ^ | 05.05.11

[Perdogg]

A cascading crash in commodities beginning with silver a week ago spread to oil and copper as exchanges took steps to rein in speculation, economic data pointed to a global selloff and big name investors took profits.

[Perdogg]

Soros.

[ASA Vet]

So how many cents/gal increase in Gasoline prices will this “plunge” justify?

[Silver Sabre]

I have found this website to be a very useful source of information on the economy, gold, and silver.

http://goldismoney.info/forums/

[EQAndyBuzz]

“A cascading crash in commodities beginning with silver a week ago spread to oil and copper as exchanges took steps to rein in speculation”

Notice how speculation only gets reined in when prices drop?

[iowamark]

[RadiationRomeo]

Exactly, Soros.
He even broadcasted his plan. He will buy again when the price has sufficiently fallen. Then he will allow it to go up again and sell, and repeat.

[who knows what evil?]

Gas actually DROPPED 4 cents a gallon here in the fascist People’s Republic of Red Hampshire this morning...

[agere_contra]

I’m up 6 Kg of Silver I could never have brought otherwise.

Thank you JP Morgan!

[Williams]

Spoke just last week with a fairly well known financial advisor. He went on about silver reaching $100 and what a great investment. Ever since that discussion, it’s been plunging.

Interesting point is he told me this had happened (price plunge) within the last year or so. J.P. Morgan is being blamed for shorting the market that time.

[palmer]

This is not 2008. Prices have not overshot as much, the banks (and Lehman) are not teetering, the threat of deflation is minimal. OTOH I would not expect a resumption of the commodity bull market for many months since it has lost momentum and will have to consolidate. I think there will be a few months of thrashing before a resumption in the commodity bubble.

[jpsb]

Down big time, silver is selling for less then 34 this AM. Wonder how low it can go?

[catfish1957]

Possible deflationary trigger crash??????

[RC one]

Soros et al selling paper metals at record highs ——>driving the physical metal price down and-—> using the profits to buy physical metals later; thereby, cornering the metals market. I’m not selling my physical metals. No way.

[ImJustAnotherOkie]

Interestingly enough last week on a little heard newcast they said that Georgie Porgie Soros was selling off his gold.

[bert]

There is a corollary to my tag line......... inflation is a process not a single day’s curve

When reading entrails, run the whole bowel

[RayChuang88]

NOT Soros. Why? Because the regulatory agencies saw what happened in 2008 when uncontrolled speculation in rice and crude oil futures caused such tremendous economic grief. In fact, the rampant speculation has probably caused many commodity futures to be 25-30% overpriced for all the wrong reasons.

[WackySam]

Down big time, silver is selling for less then 34 this AM. Wonder how low it can go?

My guess is 31. Going in big if it does.

[danielmryan]

I’m up 6 Kg of Silver I could never have brought otherwise.

Thank you JP Morgan!

Congrats. Most people who finger J.P. Morgan just complain about it. The complaining got to the point where Marc Faber said something along the lines of "if Morgan's driving the silver price down, they're giving you a bargain: stop being childish and just take advantage of it."

[danielmryan]

How long before the stock market heads south?

[palmer]

Wonder how low it can go?

I'll tell you in August.