03
May
2017

Silver Bullion On Sale After 10.6% Fall In Two Weeks

Silver Bullion On Sale After 10.6% Fall In Two Weeks

– Silver down for eleven consecutive days to $16.80/oz
– Further weakness possible and support at $15.73/oz
– Never catch a falling knife – dollar cost average
– Silver buyers love manipulative futures selling
– Thank you ‘Gold and Silver Cartel’ !

Silver in USD (1 Year)

Precious metals continue to weaken, especially silver which has declined eleven consecutive days and is now down over 10.6%.

The sell off is again almost solely a result of futures market participants pushing or manipulating prices lower – depending on your view – despite no bearish silver or wider market developments or news that could be construed as bearish for silver.

It is telling that over the years, there have been very little massive silver and gold futures buying in very short periods of time which has propelled futures much higher. Why is this concentrated trading of futures always on the sell side, pushing prices to the downside?

The questions that arise once again are who was responsible for the sudden bout of selling and was it a bank or fund manipulating prices for their own book and profits or were they acting as a proxy for a central bank.

One way or the other, silver appears increasingly oversold. However, as ever with silver, rather than trying to time the exact bottom with a large lump sum investment or purchase of silver coins and bars, we would caution to “never catch a falling knife.”

Instead emulate the ‘silver stackers’ and keep gradually accumulating silver on artificial price dips.

This is what we are increasingly seeing and we tend to be very busy with silver buyers on price dips. Yesterday was no exception. Indeed, it was the busiest day for silver bullion coin sales in two months.

Silver stackers love manipulative silver futures selling as it allows them to accumulate even more silver bullion coins at discounted prices.

Thank you hedge funds, banks and or ‘Gold and Silver Cartel’ !



Related Content
– Regulation May Impede Bank’s From Manipulating Silver

– “Secret Scheme To Manipulate The Price Of Silver” – Lawsuits Against Banks Proceed

– New ‘LBMA Silver Price’ – Still Not Transparent

– Silver Fixing By Banks Proven In Traders Chats

 

News and Commentary

Gold near 3-wk low on strong equities, dollar; Fed signal awaited (Reuters.com)

Crowds throng jewellers to buy gold on Akshaya Tritiya across the country (FirstPost.com)

China’s Q1 gold output dips 9.3% yearly at 101.2 mt; consumption jumps 14.7% (Platts.com)

Banks Say Price-Fixing Data Errors Buy Them Do-Over (Law360.com)

Sales of luxury new-build homes in London have fallen 40 per cent (CityAM.com)

China’s private-sector debt is 210% of GDP. Source: Money Week

Brace yourself for another panic over China (MoneyWeek.com)

Trump Tries to Save Face After Taking a Thumping on His First Budget Showdown (Bloomberg.com)

China Demands “Immediate Halt” Of US Missile Shield Deployment In South Korea (ZeroHedge.com)

Wall Street’s Earnings Hopium – Stockman (DailyReckoning.com)

40% of Americans spend up to half of their income servicing debt (MarketWatch.com)

Gold Prices (LBMA AM)

03 May: USD 1,253.95, GBP 971.18 & EUR 1,148.99 per ounce
02 May: USD 1,255.80, GBP 974.25 & EUR 1,150.19 per ounce
28 Apr: USD 1,265.55, GBP 978.40 & EUR 1,156.84 per ounce
27 Apr: USD 1,264.30, GBP 980.21 & EUR 1,160.63 per ounce
26 Apr: USD 1,264.95, GBP 986.79 & EUR 1,160.21 per ounce
25 Apr: USD 1,270.50, GBP 990.48 & EUR 1,165.81 per ounce
24 Apr: USD 1,271.80, GBP 991.11 & EUR 1,169.42 per ounce

Silver Prices (LBMA)

03 May: USD 16.85, GBP 13.04 & EUR 15.44 per ounce
02 May: USD 16.95, GBP 13.12 & EUR 15.53 per ounce
28 Apr: USD 17.41, GBP 13.45 & EUR 15.92 per ounce
27 Apr: USD 17.46, GBP 13.53 & EUR 16.02 per ounce
26 Apr: USD 17.59, GBP 13.72 & EUR 16.15 per ounce
25 Apr: USD 17.84, GBP 13.92 & EUR 16.40 per ounce
24 Apr: USD 17.81, GBP 13.90 & EUR 16.40 per ounce

 

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Mark O'Byrne
Executive Director