Would someone care to explain how a guy who’s sitting on 35% cash, short oil and the euro, can possibly be getting torched to the tune of 3% in one day?
I’ll tell you how. Silver. That’s how.
“EEEUUUGHGHH-BBBBLEEEEBLLUUUGH”
That’s the sound I just made; I encourage you to tap into its phonetic discourse and let it reverberate throughout your physical space.
How the hell is physical silver off 10%?? Good God, I mean, I understand why gold could bust a move like that, but silver? How many speculators were in the silver market? Clearly more than I thought.
The basic theme here is: own stuff, get beaten.
My salvation is that silver cannot possibly have 10% implosions for months on end (crosses self). It just has to find a bottom – even if that bottom is at $20, the pain will stop.
A very disappointing Spring is upon us folks, just like I warned you all it would be. That being said, I certainly didn’t expect I’d be a casualty.
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You have many brave compatriots wounded with you in the Great Guerre de l’Argent de 2013. I am one, sir.
are you buying today? waiting for $20?
I am NOT buying anything. I’ve shot myself more than enough times over the last 3 years, after being up big at the start of it all.
I’m want to see … (actually, I’m not going to say that, in light of today’s atrocity)
I want lower prices of everything, and capitulation
Could be 18…maybe even 17. fitty…
Or not….
_____
I’m getting long again at 21 and lower. I’d be pretty happy with gold at 1200, especially if miners paying divvies are still trading at such ridiculous discounts to tangible book. Feel your pain, Cain.
gold and silver bugs are dying the most awesome death I’ve seen in my short market lifetime (5.5 years).
The only climate to own gold/silver is one of runaway inflation, and that is a climate to which we are not going to experience
That’s not entirely accurate. Gold does best amidst negative real interest rates. It’s actually not as effective an inflation hedge as real estate.
So gold collapsing indicates rates are turning positive and the bond bubble is about to burst!
i did not say as a hedge against inflation. I said in a climate of runaway inflation, or hyperinflation. The type of inflation that brings entire economies/societies to the ground, aka the “end of the world” trade
I’d clearly disagree. Gold has had a monumental run really uninterrupted over the last thirty years.
But yeah it’s getting obliterated now
I will consider starting a position at $8. You have not seen pain yet. Right now we are still in the stage where every Yahoo! jackass is proclaiming great fortune at being able to load up at such unbelievably low prices.
When those guys have gone all in and suffered a 50% beat down, that’s where I want to buy.
True, the masses make a keen target. But $8? It’s not like you’re forgoing yield anywhere else by owning precious metals. What’s the alternative? A 2% bond or a 3% utility? All the while a hundred billion a month floods the financial sector.
Yes $8. Much like I said FTK would hit $1 while it was still in the $4’s and natty would dip below $2.
I am prepared to wait.
Most of those guys are already “all-in”.
Looks like Silver correction is far fro over
$8. Get ready.
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