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Silver down almost 9% today!
Ms Sans Serif
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[quote:Anonymous Coward 1359758:MV8xNDcxODQwXzI0MjU3OTgxXzhFNTgwQUVB] Silver was in a Blowoff ... and Blowoffs never end well. All they need is a trigger to stop their vertical rise and then they will tend to collapse down due to their own weight. That trigger for that collapse came last week when the Futures Regulators RAISED the Margin Requirements TWICE, the second rise to take effect as of today (tiwce in one week!! unheard of!!). In addition they released a statement, or made some comments to the effect that if silver kept going up they would RAISE Margin Requirements AGAIN! Voila ... the futures traders started bailing left and right. The real answer as to Silver's strength will come after the HIGHER Margin Requiremens AND Margin Calls, from this sell off, are finished impacting the market (a few more days "IF" prices now stabilize at this new, lower level and there is NOT another INCREASE in the Margin Requirements). Physical Demnand has been strong ... but where the CASH WITH NO LEVERAGE buyers are on the price point scale is yet to be determined. Commercials are already looking at product substitution ... and mines are already working on increasing output. I like silver ... but it clearly was in a "Blow Off" phase. Anyone who looked at the monthly, weekly, or daily chart could see that. [/quote]
Wow, silver is down pretty big today...I was expecting it to go up not down and certainly not down this much!
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