This happened in 2004,2008 and now. The price seems to go to the previous high. I think silver could go down to $20 or the low 20s. If it gets that low physical availability will be harder to get, spreads are around $2 to $3 over spot just like back in 2008. Do not sell your physical silver, it will go back up, this is why I suggest silver and gold for more long term investments. Believe it or not this is a healthy correction; silver will in the long term go up for the next 40 years until we get out money system fixed. The next high will be around $80+ and the next low could be around $49 in a few years unless we run out of physical silver. I do believe stocks will recover as well but if a stock were to fall like this I would be worried. We could hit $25 today or tomorrow but I do not believe it will go below $20. You will never be able to buy physical silver for $20 again--spot may get there but they will raise the spreads on bars and coins so even if it went to $17 you would never get physical for less than $20. Remember there is less silver out there than gold and silver is consumed in small amounts that cannot be recovered. The reason why this is happening is because people are buying silver they never will see and they are buying silver they never could afford to hold long term because they are borrowing to buy it. They are day trading silver contracts which is a form of gambling.
1:22pm Silver was down to $26.15 this morning and gold was down $100 to $1535 but they reversed the losses and gold is now or was recently $1607 and silver is $30.25 up $.20 on the day. The kitco charts have been hard to load lately. Physical buying is very strong.
Margin requirements were raised 21% on friday.
1:22pm Silver was down to $26.15 this morning and gold was down $100 to $1535 but they reversed the losses and gold is now or was recently $1607 and silver is $30.25 up $.20 on the day. The kitco charts have been hard to load lately. Physical buying is very strong.
Margin requirements were raised 21% on friday.
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