Alright, so this is my first real 'negative' message, so bear with me - there's a reason I'm writing this. _________________________________________________ I have always been generally bullish on precious metals, and observe keenly the debasement of the US Dollar. That said... YOU SILVER INVESTORS WHO ARE MOANING ABOUT THE COMEX TRYING TO TAKE DOWN THE PRICE ARE PURE IDIOTS! Silver peaked at ~$50 / troy oz. back in 1980. In the past six months it's rallied about 100%, from $22 to $49.80..... Try this: Take a monthly continuous chart of comex silver,draw a long horizontal line from its first peak at $50. This is called "RESISTANCE"; better yet, MULTI_YEAR resistance. Thinking silver would blow through multi-year resistance after a parabolic run-up, and go to "$60" or higher is, frankly, amateurish. Many of you silver investors are PURE AMATEURS. The comex raised margins b/c a 5000-oz. contract was now worth ~$250,000 so a typical 8% initial margin requirement brings IM up to $20,000. KUDOS TO CME GROUP FOR BEING RESPONSIVE TO INCREASED RISK! **Support for silver is at $22, LONG-term; let's hope it gets there so I can buy me some physicals. I hope the big boys take us down there while you tin-foil hat wearing imbeciles rant about how the COMEX is trying to shake us all out!!! hahahahhahhahahhahha --Chicago
Yea I didn't see this post go up when silver was rallying into $50. It's so much easier with hindsight..
Blackbison, are you really serious?! I'm not interested in being an ET shot-caller. It comes with no reward, in case you haven't noticed Silver failed at $50 because $50 was entrenched resistance and there was more selling than buying. Could it have broken through? Possibly. Will it eventually break though? Probably... Nonetheless, some people should learn about basic Support/Resistance before accusing the COMEX of being out to get them! It's laughable! That was the sole point of that post.
got my tinfoil hat silver plated, but it's not as effected as before, need to wait till the Dollar Store has a sale on aluminum foil again so i can make a new hat
Umm, the point is/was that next time make this post in advance or concurrently with the price of the metal trading at $50, not after its dropped 25-30%. We can all clearly see that you breathlessly ran to your keyboard to type this know it all in hindsight post as if it somehow makes you brilliant.
It is just common sense they would raise margin as prices went up. It could have been spread out over the past month, instead of all at once, at the top. This is where the complaint is coming from and obviously some were licking their chops to cover on their short positions, just waiting for the margin slam at 50. CME obliged.
I think you are an idiot. Price did not start dropping because of Technical analysis. Price started dropping with every increase in margin requirements. Explaining to people what is going on with the price of silver is not "moaning", its giving information that others might not have. You are like the guys that told everyone in 2008 why housing collapsed and how everyone was an idiot for not seeing it coming but himself didnt profit one penny from it.
And they should have started raising it in the 30's, instead of waiting to do it all at once. Clear as a bell to me what they were doing.