Silver Monitoring Thread £ (GBP) only.

[SilverPirate]

The online dealers i use do not fluctuate with the markets they have there margins and seem to have prices change to suit them. As long as i have the cash and i buy around my coin average that will do me.

[Pete]

Buying a few coins at a time from a dealer is not like buying shares.

You can buy shares instantly and if the price has dropped 5% for a minute then timing is everything.

I would assume coin dealers like Atkinsons and the rest set their prices on a moving average and not a real time price.

Spot is updated every minute or so and you may see a little change in their prices but if the market gets hammered I very much doubt their prices will match sudden big dips. On market crashes you tend to find everything is sold out or unavailable - especially gold.

[Pipers]

Has anyone else noticed coininvest.com are buying back silver coins, maples and Philharmonics for £12.05.  I believe this means there is a shortage of physical silver at this current price, hence when the paper price has dropped below £11.55 as it did the other day the dealers did not budge there price.  Also  every time the bears push the silver price down it seems to bounce back up again to around the $19.50-$20.00.  I believe if silver does go lower e.g. down to $18 or $17 it won't be for long and it doesn't mean the physical market will follow suit.

[silversword]

Noticed very sharp drops in silver and gold this morning at almost exactly the same time, followed by a rapid increase shortly afterwards. What was all that about? 

[Danny-boy]

It just dropped to £11.39 again, it's all over the place today.

[morezone]

Edging that but closer to £11 this morning. No doubt it'll go back up later this afternoon.

Gold is crazy low. Dipped below £760.

[Danny-boy]

£11.15 as I write this, ouch.

£10.XX is entirely possible as it's Friday tomorrow, usually dips & recovers on Monday.

[Shamatti]

I'm dumbfounded!

 

Lowest silver price for almost 4 years now. Not what I was expecting.

 

Dropped to £11.17 - now back up to £11.22

 

Crazy!

[silversword]

Sub £11/oz is a very real possibility. If I ordered some coins right now I bet we would see £10.xx before the end of the day 

[Pete]

To buy or not to buy ?

That is the question

[Danny-boy]

I dropped my £500 on Mon / Tue so I don't have much left to take advantage.

Spot price wasn't hugely higher earlier in the week.

[silversword]

Spot has jumped up this morning with silver and gold recovering much of this week's earlier losses. I'd have expected both to have held their overnight prices at best and probably continued sliding into the weekend unless enough investors have decided to go bargain hunting. 

 

Afternoon edit: Ukraine kicking off again. Safe-haven buying has been used before as the reason for price rallies but once this blows over what's the likelihood that all other fundamentals point to a downward correction?

Edited May 2, 2014 by silversword

[Shamatti]

So what happened? The last 6 hours have seen silver dive again. Down at £11.39 again :/

Perhaps tomorrow will be a good day for a big order from STG?

 

[Danny-boy]

Sounds like a plan to me Sham.

[crazy hippo]

looks to me like we are going to see a lot of people coming out of silver positions, the fear of gold and silver dropping this summer may flood the market and draw prices down even further.

 

purchases will get bigger and thus deplete the reserve of silver sending the price back up.... when is this bottom. i don think this will be until the end of the summer... but I’m hoping I’m wrong.

 

the future is unpredictable, we can only guess.

[silversword]

My guess is that if Ukraine remains calm and there is no adverse economic data, silver is likely to drop to and hover at about £11.10/oz next week but I doubt it will go below that near term. I think it was on course for that before and only a sudden spike of buying kept the price up.

[crazy hippo]

the Ukraine is a blip. it will raise insecurity, maybe fluctuate the price a little, but the market will correct itself.... its not going to cause a paradigm shift.

 

a gold backed currency, us dollar officially loosing its WRC status, the dramatic rise of the east, which won’t happen with china.... don’t ask why its just a gut feeling, it won’t happen in the gulf either, shipping routes being blocked, major white countries going to war (lets face it the markets don’t nudge when coloured nations go to war), thats what will affect the price skyrocketing or plummeting.

it will be africa and south asia and S/america that prospers, china will come along, but the capitalism that has taken route will eventually cause its downfall...

 

“when your face is against the floor, you have only up to go” the truth is modern colonialism is just as bad as slavery, white boots have kept coloured faces on the floor. when they rise up, and they will, cause that boot is old, and its lost its power. there will be reprisals, not from the coloured ones, but from the far right in the west. look closely, you can see it taking hold in europe/uk. that will be the time when gold and silver maintains a true value of itself.

 

but hey I’m an optimist. 

[Pete]

Can anyone remember the hype at the time of silver going to the moon ?

I kind of lost the reasons but if they were due to the USA fiscal cliff, the collapse of the Euro or the UK national debt then I am not sure these problems have gone away. They don't seem to be the focus of the media today but the sovereign debts are still rising rather than falling so why are PMs trading so low ? The only reason I can come up with is the market is seriously manipulated which means it is also unstable.

[ChrisSilver]

Market to open in 40min. Will be very interesting to see where.

[Shamatti]

This week, it will end where it started.

After jumping up and down like a spoilt child having a tantrum.

Unless Brown stuff engages the air moving device in the Ukrain. Then it's rockets time!

[silversword]

Ukraine is looking extremely volatile and the markets will no doubt reflect this.

[Cointreau]

Silver down to £11.30. Is that the lowest in recent times?

[ChrisSilver]

Silver came down to support line and is now moving slowing back up. I suspect the bottom is in.

Silver on a GBP chart looks like it's broken lows and might hear lower, but it's a deception. Only caused by exchange rates. Pull up a USD chart and you will see what I mean.

To answer the question, yea, I think it is the lowest price in £ since 2010.

[morezone]

Seems to be creeping up a little each day. £11.75+ at the mo. Gold is going same way

[Cointreau]

This glitch in the gold price shows up in the charts below but not on the kitco chart.

This aberration did happen though.

 

http://www.zerohedge.com/news/2014-05-26/wtf-chart-day-spot-gold-spikes-over-20-futures-close

Edited May 26, 2014 by Cointreau