Friday, September 23, 2011

Markets hemoraging silver and gold

Friday 6:53pm:

Gold opened the week at $1815; it is $1657 now.
Silver opened the week at $40.21 and it is $30.93 now.

I think most of the selling is in contracts and paper silver. Bullion dealers were very busy selling physical silver. Anyone who was leveraging silver got hit hard and likely got a margin call and had to sell to pay the call. Silver is down 24% on the week and most of it went in the last 2 days. Dont worry it will go back up, none of the debt problems or inflationary problems are fixed and people indeed are buying physical silver. Some places are runninng out of some varieties of coins or bullion but i didnt see any major shortages yet. keep in mind if you want physical to get it while it is available because there is indeed less silver out there to buy than gold and some need it to run their business. REITs went up today, some people may have sold metal ETFs to buy stocks.

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