Silver price just topped $75!

[Silver Wings]

Bought SLV after hours at $63 gonna try and hit another bounce. If it breaks down to mid 50s I’ll add a bunch.

 

[Smokey Bear]

SLV down another 10% in after hours trading breaking thru $60 and trading near the $58.51 low

Where are you getting your information? The 24 hour low was $63.90. If you have some to sell, I’m interested!

 

[cottonant]

Where are you getting your information? The 24 hour low was $63.90. If you have some to sell, I’m interested!

The Charles Schwab TOS platform.

$58.51 is the after-hours low yesterday at 18:16 CTS on TOS ia the 2 minute chart. The platform does have bad ticks from time to time - but I watched the prices printing on the level 2 screen when SLV dropped below $60.00.

https://finance.yahoo.com/quote/SLV/

The linked Yahoo chart (click 5D) above lists a low of $58.50 at 7:10 PM

 

[Kornet]

I have quite a bit and happy with how much it’s gone up in value, the problem is, no dealers are willing to buy at spot prices and want to under value it more than it’s worth.
So, unless you really need the money, it’s better to just hold onto it.

 

[Smokey Bear]

I like that it is slowly trending up a bit.

 

[RockAndSage]

I like that it is slowly trending up a bit.
View attachment 1025060

For sure. Could you imagine getting an $8 bump in one day just a year ago?

 

[Smokey Bear]

For sure. Could you imagine getting an $8 bump in one day just a year ago?

That 7 month run we had was incredible! I’m a bit surprised it didn’t drop further than it did. Nice to see it somewhat stabilized in the 80’s.

 

[cottonant]

Yesterday SLV closed at $80.04 - looks like

April 2 $60 puts (Delta .10) are priced at $1.06 and

April 2 $100 calls (Delta .30) are priced at $3.20.

Calls within $20 a share of yesterdays close are 3 x the Puts price within $20 a share of yesterdays close. Talk about skew - Amazing!

 

[Silver Wings]

A guy I listen to for technical analysis is shorting SLV today.
He’s calling silver down to the $50s.
I think he’s right, but I’m going to pass on the short…I’ve got enough high risk stuff in my portfolio

 

[grfox92]

A guy I listen to for technical analysis is shorting SLV today.
He’s calling silver down to the $50s.
I think he’s right, but I’m going to pass on the short…I’ve got enough high risk stuff in my portfolio

Pretty sure hes wrong about that. Highly doubt silver is going to tank 45% at this current time. Did he have any reason for this claim?

Sent from my SM-S931U using Tapatalk

 

[Britt-dog]

I sold some silver to a friend yesterday. I have quite a bit that I've purchased over the years with my cost average being below $20. I'm not worried about selling now or at the high a few weeks ago but he asked so I went ahead and sold him 12 Oz at yesterdays spot.

Heres the thing. he actually called and asked back when it was above $100.00 At the time he made it sound very urgent. he wanted to buy at $110.00 like he was missing out on something. Yesterday he was kind of reluctant to buy because spot had dropped so much, so somehow the urgency was gone.

LOL how does this happen every time metals see a jump? people want to buy. When silver languished below $30 for years they were uninterested.

I spent a bunch of time explaining the metals markets and the different types etc. Hopefully he was listening, but I don't think so.

 

[Rich M]

I sold some silver to a friend yesterday. I have quite a bit that I've purchased over the years with my cost average being below $20. I'm not worried about selling now or at the high a few weeks ago but he asked so I went ahead and sold him 12 Oz at yesterdays spot.

Heres the thing. he actually called and asked back when it was above $100.00 At the time he made it sound very urgent. he wanted to buy at $110.00 like he was missing out on something. Yesterday he was kind of reluctant to buy because spot had dropped so much, so somehow the urgency was gone.

LOL how does this happen every time metals see a jump? people want to buy. When silver languished below $30 for years they were uninterested.

I spent a bunch of time explaining the metals markets and the different types etc. Hopefully he was listening, but I don't think so.

Folks like the urgency - it stimulates them. Same thing with bread and milk when a storm is coming. Don't really need it but gotta do it.

 

[Silver Wings]

Pretty sure hes wrong about that. Highly doubt silver is going to tank 45% at this current time. Did he have any reason for this claim?

Sent from my SM-S931U using Tapatalk

Straight TA based on the charts.
He has a pretty solid track record, let’s see what happens.

 

[Silver Wings]

I sold some silver to a friend yesterday. I have quite a bit that I've purchased over the years with my cost average being below $20. I'm not worried about selling now or at the high a few weeks ago but he asked so I went ahead and sold him 12 Oz at yesterdays spot.

Heres the thing. he actually called and asked back when it was above $100.00 At the time he made it sound very urgent. he wanted to buy at $110.00 like he was missing out on something. Yesterday he was kind of reluctant to buy because spot had dropped so much, so somehow the urgency was gone.

LOL how does this happen every time metals see a jump? people want to buy. When silver languished below $30 for years they were uninterested.

I spent a bunch of time explaining the metals markets and the different types etc. Hopefully he was listening, but I don't think so.

Human nature…being what it is

 

[Britt-dog]

Human nature…being what it is

I get it. I suppose my question was rhetorical. I am just always surprised when it happens, but I shouldn't be.

 

[Smokey Bear]

I get it. I suppose my question was rhetorical. I am just always surprised when it happens, but I shouldn't be.

It’s just FOMO at its best. Great to see it back over $90!

 

[RockAndSage]

I sold some silver to a friend yesterday. I have quite a bit that I've purchased over the years with my cost average being below $20. I'm not worried about selling now or at the high a few weeks ago but he asked so I went ahead and sold him 12 Oz at yesterdays spot.

Heres the thing. he actually called and asked back when it was above $100.00 At the time he made it sound very urgent. he wanted to buy at $110.00 like he was missing out on something. Yesterday he was kind of reluctant to buy because spot had dropped so much, so somehow the urgency was gone.

LOL how does this happen every time metals see a jump? people want to buy. When silver languished below $30 for years they were uninterested.

I spent a bunch of time explaining the metals markets and the different types etc. Hopefully he was listening, but I don't think so.

Same thing's going on in crypto markets. Price goes down, retail holders fear-sell all the way down, and all the way down it's institutional investors picking it up on the cheap, often for a long-term hold. Your buddy essentially got that silver from you on-sale, and is bummed.

 

[JREG19]

So now that silver has kind of stabilized around 85ish, where does it go now? Does a long term Iran conflict affect it? I saw gas shortages in China, does that cause the Chinese to intervene in the middle east? What would that do to the price?

I'm having fun speculating.

 

[RockAndSage]

So now that silver has kind of stabilized around 85ish, where does it go now? Does a long term Iran conflict affect it? I saw gas shortages in China, does that cause the Chinese to intervene in the middle east? What would that do to the price?

I'm having fun speculating.

Not exactly sure of the timing or the ceiling/floors here, but there are a few things I'm pretty sure of:

- Silver tends to spike as you get toward the peaks of business cycles. Institutional investors are sensing and analyzing the overpriced p/e ratios on stocks, and everything else in general being in a bubble. They start putting money into silver and gold as a hedge against the elevated risks happening towards the peaks of those cyles.

- Silver tends to drop hard as the business-cycle stock market bubble bursts, as institutions sell off their silver to cover shorts and other trading losses, as well as to get into cash in order to jump on good deals as they emerge, with prices plummeting.

- Silver's price tends to bottom out 3-6 months before the stock market does.

- The biggest economic danger of the Iran situation won't begin for another 3-4 weeks, as global oil supplies in processing/storage/being shipped dry up. From there, cascading effects will set in across anything dealing with refined petroleum, including plastics, fertilizers, sulfur used as an extractive component of refining minerals, along with some factories and facilities shutting down in a networked effect.

- Refining facilities going offline is bad, as it's not like flipping a switch to get them back on. Between their processes coming back online and getting their products through their related supply and market networks and downstream industries, even a complete cessation of hostilities after that 3-4 week mark could/would still result in months more for everything to come back online and get back to normal.

- All that said, the Iran situation still is only 20% of the world's petroleum supply going through Hormuz. This issue would primarily affect India, China, South Korea, and Japan, which do also represent a disproportionate amount of the world's manufacturing. But it will not affect US petroleum production in a negative way - our producers will make an epic f*ck ton of money off the situation if it gets extended.

- China can't do $h*t about Iran, other than run its commie mouth. Ukraine, Venezuela, and Iran have completely and thoroughly revealed Russia and China to be vastly less capable than they've wanted the world to perceive. Something along the lines of 50% of China's oil comes through Hormuz, and with Venezuela also no longer in their pocket, they understand they need to play nice. Their internal economy is also collapsing in whole sectors. And, they're in the middle of internal purges of the military, keeping them completely preoccupied internally for the next few months. The bigger danger will be 2027, when their internal issues have settled out, and they've adapted to changing energy markets.

- Best guess on silver is that it may swing back up above $100 once or twice in the next couple of months, but will have a couple of rounds of crashes in June and the August/September/October timeframe, tied to big declines in the stock market (especially if the Hormuz situation isn't cleared up soon), and any major electronics industry crash in China affecting industrial demand for silver.