Hi Ho "SILVER"

[drillfix]

Now now Skol,

No need to try to rub pie in someones face with a decision they have made for their own belief's.

I am sure JB has exposed himself to what he feels his needs or %'s are so no need to persecute the person for their decision as the market will and can expect such volatility. IMO

[skid]

Bit of a bounce back now-looks like there are plenty still happy to buy-Osama is gone,but not that much has really changed out there IMO

[Skol]

I know you guys all like a laugh so here's part of a post grizzling about the Perth Mint site going down, coincidentally, at the same time silver was declining at 1%/minute. (Spelling and punctuation partially corrected)

'In news the temperature certainly has changed since yesterday I believe this is directly correlated to jp morgan naked shorting silver and we should definitely see price increase to 1000 in the coming hour.'

Posted on the 2/5.
Isn't it hilarious? Great entertainment I tell you. The gold/silverbug obsession with the shorters and J. P. Morgan, who, at JPM headquarters, must howl with laughter at some of the amateur stuff.

PS. Forgot about the dreaded 'manipulators and banksters'. LOL

[JBmurc]

Off you go, or is it the bull trap?

Yeah I don't see much cheap bullion for sale $60oz+ NZD as my average is in the high 20's I'm a happy camper also on the silver price pull-back very happy as we all know the last Silver boom that went bust went up 700% in a year this current pull-back is very healthy
much rather a slow and steady rise for the rest of the year which IMHO is very likely with the USD to see huge ongoing negative pressures
and here at home another week another 300mill ticked up to be paid back later....
Now what was that price you were harping on about silver falling too at the start of the year skol

[Skol]

Been very quiet recently JB, are you sure the Mrs. isn't on your case?

[JBmurc]

Been very quiet recently JB, are you sure the Mrs. isn't on your case?

for the last 7 days I've been away ,Mrs on my case for working too much yes but she's very happy about the new house --as I've been 93sqm garage

[Skol]

The party's over. Looking around though, this is all the manipulators fault, 'the invisible hand at work'. LOL

Goldbugs don't accept PMs are just declining, it's someone elses fault, not theirs.

PM speculators shouldn't be too despondent though, I've been reading about a chartist who says they will make new highs.

In 2034.

Another sign of a top, a quote from Barrons:

'The sharp decline coincidentally occurs less than a week after the Silver Institute, an industry trade group, announced that it would, for the first time since 2009, issue a report on investing in silver, which the group said is "proving to be the investment metal of choice among investors".'

[drillfix]

For what its worth, here is a news flash message I jut got from IB.

=========================
To NYMEX,NYSELIFFE traders:
Tue May 3 04:38:47 2011 EST

In light of the recent extreme volatility on the silver contracts, the
various exchanges that trade silver derivatives are expected to increase
margin requirements on these contracts. As the increase is anticipated
to be approximately 20%, we will be requiring an additional 25% cushion
of margin on top of the exchange-mandated maintenance margin
requirement. We anticipate this change will become effective as early as
12pm EST on 3 May 11.

For example, for the SI futures on NYMEX, as the expected NYMEX-mandated
margin requirement will be US$12,000 for each contract, we will be
requiring US$15,000 maintenance margin for each contract.

To anticipate the sudden increase in these margin requirements, our
initial margin requirements on the affected contracts were raised to
180% of current maintenance margin levels. The aim of this preemptive
change is to avoid adverse impact from the expected maintenance margin
increase. Thank you for your understanding.
========================


I guess if they are upping the % they are trying to reduce the Qty of folks moving to the short side all at once which would in turn crash the price.

In chat somewhere I put in that silver has a support around 40.80 - 41.00 approximately which we could/should see a short bounce from that.

Failing that it will be $35.70 and failing that $33.90 approximately.

Actually, perhaps I need a chart as I am writing those from memory but you get the picture.

As always, time will tell.

[Skol]

It's reported on the WSJ website that George Soros is selling gold and silver. The implosion must be near.

[JBmurc]

It's reported on the WSJ website that George Soros is selling gold and silver. The implosion must be near.

LOL it's called a healthy consolidation --41 looks like a strong resistance point over the last 24hr looks to be bouncing up to 42 over the last 2hrs I believe this move in the silver price to be a very healthly correction unlike doomdays boy scout Skol "the implosion is near!!!"