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Silver Monitoring Thread £ (GBP) only.


Message added by ChrisSilver

To discuss price action in USD instead, please see here: https://thesilverforum.com/topic/19861-silver-monitoring-thread-usd-only/

 

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5 minutes ago, HighlandTiger said:

If we get to £14 an ounce I'll be selling all my numis and semi numi silver coins, and then like you I'll wait for the pull back and re-buy, but ill be buying sterling flatware at spot instead of coins this time.

I'd probably keep the numis and dump the bullion/scrap/flatware as the numis are less vulnerable to spot.

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They may be less vulnerable to movements in spot price but with the greatest will in the world if silver doubles in price you won't get double the price you paid for your numi.

You have to be very lucky (or skillful) in choosing a coin that has matched it's increase in value with the increase in spot price over the last month or so.

I prefer to only have to worry about spot price than the vagaries about whether a coin will still be popular in a few years time.

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2 hours ago, Pipers said:

SIlver has gone up about 23% in sterling this last 1/4 so in my opinion is not a good buy, I would wait for a pull back. I think silver may touch $18.

I stand by my comment:D 

 

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5 hours ago, Paul said:

I wonder if our resident technical analysts, chartists and those playing the markets saw this coming and profited from it ?

If that's a rference for me, then it didn't surprise me one little bit. Nothing goes up 5% a day for too many days in a row. I'm sure some day traders perfectly predicted and traded the breakdown but that is not personally my style and I prefer to operate on wider timeframe.

Classic TA suggests that the important numbers now are about $18.7 on the upside and $16.3 on the downside. Anything between is just noise while the market participants fight for control in the short term.

But opinions and predictions are 2 a penny, and the market doesn't care about mine, yours or anyone else's so DYOR and make your own plans as always.

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looks like the price is being knocked down for the weekend

Indeed, and still dropping slightly.

Intrigued to see what happens next week, I don't really care if it's up or down but it's certainly nice to see a bit of action for once!!!!

Stacker since 2013

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I am hoping we at least get a pull back in the metals and mining stocks, even better would be for the down trend to continue. Best case the bottom will be in December 2017 and this recent action is a bear market bull trap. Unrealistic perhaps? 

If the market keeps on going up I will still be happy but I would much prefer to keep buying my favourite asset for a couple more years than have to find value elsewhere. :D  

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hmm... silver price seemed to hover at the moment...

It looks like the 'short' sellers are keeping a loose lid on the price increase;
As it seems that silver has been closing very near $17 (£11.50 - £11.70) on Thu, Fri and Monday.

From my novice TA perspective there is a seems to be Sell price signal lurking, and might be a pullback.
.... as always... you never know what's going to happen :P 

 

SILVER 2016.04.26.JPG

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The price action looks very encouraging to me. The buyers are coming back in after selloffs and pushing price back up. No one is talking about COT figures or being over-bought... A bull market climbs a wall of worry, the old saying goes. 

The dollar just broke down to new lows this morning, which should further establish the change in trend in USD which will drive gold higher this year. 

 

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Silver - just over 3% positive move upwards for the week- compared to last weekends closure price. 

Gold a little bit under 3% positive for the week to.

Seems to be a nice bottom at £850 since the major movements up in Feb, price has hit near £850 a few times now since then but not gone below £850

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New cycle highs for Gold - surely Silver will follow through. Looks like it wants to test the $18.50-$18.70 level.. = £13?

However it's very overextended in the short term. Ordinarily I would look to be buying a tranch this week, but I think I'll wait for a bit of a correction.

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Has the traditional Friday night smackdown now switched to a Friday night bump up, few weeks in a row now it's closed high to get smacked down when trading starts again at the beginning of the next week.  It's been 3 weeks in a row that's completely bucked the trend of the last few years.

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Good beatdown today, should flush out some of the weak hands. Mining shares are WAYYYYY overstretched and need to correct a fair bit.

I don't know if any of you follow Gary Savage (smartmoneyblog). I've followed him for a few years and he makes pretty good calls based on his cycle analysis method.

http://blog.smartmoneytrackerpremium.com/2016/05/caution-next-week-metals.html

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  • 2 weeks later...

Another good treeshake today, and more tellingly the miners got absolutely whacked, which I think means the odds favour further downside in the short term.

Could possibly see sub-£11 again, especially if GBP continues to improve. I think I'll stop my buying for a month or two as or until I think we're close to an intermediate bottom.

Edited by vand
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Possibly just a kneejerk from the FOMC committee meeting report that suggested a US interest rate rise sooner rather than later. Will be interesting to see how the metals go over the next couple of days.

Profile picture with thanks to Carl Vernon

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