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Author Topic: Silver's Biggest Day!  (Read 389 times)
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tamo42
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« on: 2011 Apr 25, 12:57:49 PM »

Today is a very special day in the history of silver. During the course of one day, silver touched its (non-inflation adjusted) all time high, posted its biggest one day loss, and posted its biggest one day gain!

This weekend was a relatively strange one in that there was both a major expiration combined with the long Easter holiday that closed many markets. This is why I sold my paper silver in Wednesday of last week, I knew it would be volatile, but wasn't sure on the direction. Turns out it was mostly up.

So when the markets opened last night/this morning, silver was way up. Then just after the American stock markets opened this morning, silver crashed by about 2 dollars. Then came the noon buying surge, and silver was back up 2 bucks. As I am writing this, silver is sitting at 47.55, which is up a dollar on the last close.

To give you an idea of how big this move was, before this a 'large' move was $1.50 and silver has never had a $2 one day move.

It seems to be that a lot of sell orders built up over the long weekend, which put on this morning's downward spike. Traders waited to see where the dust would settle, then started buying back in.

This kind of trading is what you have to look out for when assets climb into untested areas. Sudden drops and rises are the hallmarks of a thin market.

Happy trading!
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dobedo
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« Reply #1 on: 2011 Apr 25, 08:29:31 PM »

Inflation adjusted, what's silver's all-time high? And when?
We need more rumors to trade on. When are you starting some new ones?
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badon
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« Reply #2 on: 2011 Apr 25, 08:37:22 PM »

Haha, I know what you mean. I'm working on some rumors for my next article. I'm sure tamo42 will have something fresh for us soon too.
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groovemachine
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« Reply #3 on: 2011 Apr 25, 09:35:26 PM »

Do your homework.





« Last Edit: 2011 Apr 25, 09:51:19 PM by groovemachine » Logged
badon
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« Reply #4 on: 2011 Apr 25, 09:39:12 PM »

That's why I like coins better, they don't make such drastic moves downward. I still have a hard time seeing silver taking a big dump like it did in 2008 though. It may drop, but every time it does, it won't be going lower than where it was before. In other words, 2 steps forward and 1 step back.
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« Reply #5 on: 2011 Apr 25, 09:56:16 PM »

Inflation adjusted, what's silver's all-time high? And when?
We need more rumors to trade on. When are you starting some new ones?

The inflation-adjusted high according to official CPI stats would be approximately $143.00.  Don't trade on rumors; rather, do your own due diligence.
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tamo42
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« Reply #6 on: 2011 Apr 25, 09:59:49 PM »

Inflation adjusted, what's silver's all-time high? And when?
We need more rumors to trade on. When are you starting some new ones?

It depends on what measure you use for inflation. Like groovemachine just pointed out, a CPI calculator will say 143. The Federal Reserve's inflation calculator says 123. Using a ratio of current M1 to past M1 gives you a figure of 241. Taking gold as a measure gives you 79. Which is right? Probably none of them.
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badon
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« Reply #7 on: 2011 Apr 25, 10:01:19 PM »

$200 silver would not surprise me.
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tamo42
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« Reply #8 on: 2011 Apr 25, 10:02:53 PM »

Hmm, seems my memory is failing me. I could have sworn silver didn't have any $2 days - up or down. The  up part still appears to be barely true.
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badon
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« Reply #9 on: 2011 Apr 25, 10:05:34 PM »

There were very volatile swings during the 80's that are probably much bigger than $2 in both directions. Either way though, today's moves are the biggest for quite a while.
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groovemachine
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« Reply #10 on: 2011 Apr 25, 10:39:59 PM »

Hunt bros. era saw a 50% drop in 4 trading days.
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dobedo
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« Reply #11 on: 2011 Apr 26, 10:12:08 AM »

Yeah, another -$2.00 day and 5% down in a single day! All we need is 18 more days like this then silver is free.
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r3globe
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« Reply #12 on: 2011 Apr 26, 10:13:52 AM »

Yeah, another -$2.00 day and 5% down in a single day! All we need is 18 more days like this then silver is free.

lol
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badon
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« Reply #13 on: 2011 Apr 26, 10:27:08 AM »

This is why I prefer coins. They're not so volatile.
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« Reply #14 on: 2011 Apr 28, 12:41:39 PM »

Yet another big day for silver. This is day-trader's heaven! I wish we could do the same with coins.
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