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Silver breaks below $40/oz., a 20% fall in about a week. An idea of how far and fast silver had...

Silver breaks below $40/oz., a 20% fall in about a week. An idea of how far and fast silver had come before the break - it was less than a month ago that the metal first rose above $40. SLV -4.2%. The miners, SIL -1.0%.
Comments (8)
  • Matthew Green
    , contributor
    Comments (457) | Send Message
     
    Don't try to catch a falling knife, the fast money is in charge of this correction just as they controlled the upswing. Still bullish long-term but can't wait to see how low it gets for a buying opportunity.
    4 May 2011, 11:39 AM Reply Like
  • kmi
    , contributor
    Comments (3995) | Send Message
     
    Add the word 'big' to 'fast money' heh.
    4 May 2011, 11:41 AM Reply Like
  • WMARKW
    , contributor
    Comments (10275) | Send Message
     
    Since gold has been less volatile, I have shifted from silver to gold and some cash. I tried the ZSL successfully in my IRA and am glad to know there is an alternative that provides me somthing equivalent to options I can use in my IRA, because I can't use options. I am concerned about how this down draft will effect miners who are ready to announce earnings.

     

    Will the favorable earnings reports outweight the downdraft forces?

     

    Any thoughts?
    4 May 2011, 11:49 AM Reply Like
  • kmi
    , contributor
    Comments (3995) | Send Message
     
    I like the miners, some of them pull Silver out the ground as a byproduct of pulling other stuff out the ground and the runup in price can't possibly have not impacted earnings positively

     

    From a SeekingAlpha post:
    "In other words, contrary to the vast majority of other metals, silver is unique in relying upon this incidental production to satisfy the massive and growing demand for silver both as an industrial metal, and as an investment/insurance/good money."

     

    seekingalpha.com/artic...

     

    .
    4 May 2011, 12:01 PM Reply Like
  • cbc
    , contributor
    Comments (411) | Send Message
     
    Silver and gold are byproducts of copper mining. Example.. Panguna mine, Bougainville island PNG. Now shut down by the native people.
    4 May 2011, 12:05 PM Reply Like
  • texexec
    , contributor
    Comments (4) | Send Message
     
    I sold my SLV several days ago. Shifted those funds to 2X gold (DGP). Just sold THAT a few mins ago. I want to see precious metals settle down. I rode SLV from about 12 so I'm happy to just keep my profits for now. Everything on my screen is red today.
    4 May 2011, 12:05 PM Reply Like
  • woollyB
    , contributor
    Comments (1019) | Send Message
     
    The only thing different about silver in the past week is the direction of the crazy price action.
    4 May 2011, 12:05 PM Reply Like
  • Bear Bait
    , contributor
    Comments (665) | Send Message
     
    Oil is down and silver is down. Big money is moving from oil speculation to shorting silver. I would not be surprised to see a big drop in silver and perhaps oil longs turning to oil shorts.
    4 May 2011, 12:34 PM Reply Like
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