What's going on with Silver SPOT?? Why is it getting its balls kicked in? #150

in #steemsilvergold • 7 years ago (edited)

So whats up with silver spot the last week. I placed on order over the weekend as last week was a mess for PM's and i thought it was a good good time. When i checked silver spot after work this afternoon, it had dropped another £0.25 ($0.34). I dont really mind so much that i would have saved a few pounds, it was not a massive order. I am more annoyed that, silver is down again. I have went out and starting looking at charts, this is something i will very rarely do but its down around £1 ($1.30) over the past week. We have all been through this before its just feels like silver it always getting beat down on. We stackers are thick skinned and used to the abuse. Here are the past week, year and from i started stacking.


week chart.JPG
The week started out at around £13.51 (18.37), it went sideways until Thursday morning the ass fell out of itself and spot dropped the next 2 days down to £12.97 (17.63). We can see the weekend with the straight line and then the be sure, another big dip just to rub salt to the wound.


Yearlychart.JPG
We can see that this time last year silver was sitting around £14.90 (20.26) and we are now down £2.19 to £12.71 (17.28). I remember a little bit of hype this time last year and people thought silver and gold were going to have there time, i think that was a sample of what is coming. I try not to make predictions but i think by around 2020 we will see silver x2 and gold x1.5 in value. Things are getting nasty.


mycharta.JPG
On the day that i bought my first silver, spot was £13.03 (17.72) and we know today it is £12.71 (17.28). Pretty much no change in spot over the past 4 years expect a little inflation. Big difference now is get all my silver cheaper per oz and my stacking knowledge is legendary among people i don't know online.

If i am doing a post in 4 years time and spot is the same, it will be a rant post. Your pre-warned.

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7 years ago in #steemsilvergold by
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     7 years ago 

    don't try to ask why... at least the next 500 steem coins will be a bit cheaper for those who order (-:

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       7 years ago (edited)

      That's more of a dollar thing cause they are set price but i know what you mean. I had kept some money back from my order and planned to dip my toes into cryptos in a few weeks when the time seems good but i might have to buy more silver if it drops more. Perfect time to get my avg per oz down :D

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         7 years ago 

        It's because the silver owners (not necessarily the physical silver owners) have no balls.

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           7 years ago 

          Balls to do what?

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           7 years ago 

          If the holders of the silver long contracts would not capitulate and demand the physical when the contract expires then the short sellers would need to buy physical silver to fulfill the contract. Thus the price of silver would rise. There is more to it because there is a clause in the comex terms of use whereby the comex has the right to settle contracts with money instead of physical silver. Upvote

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