I like it. Translation: pay dividend, use remaining cash generated to buy back stock. Stop all other exploration or capital investment until prices return to realistic levels. This should get the stock moving
I sold all my position. I have been a bull for while. Much like you I started buying at 50 and bought all the way down. This quarter looked weak to me. I still like the company long-term but a slight miss in Q4 will crush them. I also think the bear case is not dead and they will come back soon to push it down mid-quarter. I will happily buy again below 40
anyone still not convinced? The switch was thrown last week and we are now on full "up" mode. Once the funds pile in, watch out. We are cutting thru hot butter for another few bucks. China, I challenged you to show us you weren't just some short wonk and reverse the call....missed your window.
We are just getting back to normal...I was worried for a second. I will look for the update correct about 730am EST, right on schedule. China, it would be truly impressive if you called the bottom and went long (and were correct)...just to show you aren't a one-sided fool that just got lucky!
The asian market opened green....is that possible? Now I am nervous, because I have no idea what to expect...up is down, down is up?! Dogs and Cats living together....OMG
I agree. This was a massive turnaround...possibly the biggest technical reversal I have seen ever in any asset class. Someone came to play today and the other trades and funds will be taking notice.
whoa, I don't see that. I see a little over 1000 contracts left for delivery in Dec, but haven't seen today's action yet. Where are you seeing these massive numbers....I would love to believe it!
I don't bash him, just put him on ignore along with that colossal idiot exftksfl (whatever it is). If China wants to earn ultimate credibility, he should publicly flip to long position...that would be awesome (and wise)
Let's see if this BS shorting holds up when the real markets finally open. BTW, did anything actually come out about silver to make it drop 10%+ over the past few days? If it did, I missed it.
I look broadly at anything I can read about silver. I haven't found anything that shows a lot of extra laying around. COMEX has 170mm ounces, SLV has 350mm ounces in private hands. Shanghai exchange has 80mm. The rest is in private undisclosed hands. The 350mm in SLV and about 100mm of the comex is not registered for delivery...that may change but I don't see people wanting to part with it at these prices (I don't!). There isn't a lot out there actually for sale. I don't think there is an absolute shortage, but the buffer is very small considering 1B ounces in annual demand. Supply will drop at these prices and investment demand is rapidly rising. I don't think the market works at these prices. Remember that we haven't been below $20 silver for very long. The supply/demand balance is normalizing and I don't think it works...might take a year or two to play out, but I believe it will happen. No new supply will come online unless the price is above $20, probably even higher. Unfortunately, until that first bump in the road the paper shorts will probably keep pressing. They hit a wall of demand at $15 silver. Probably will test it again, but I think it will hold there or slightly lower.
8mm is schedule for delivery monday, ~3mm on Tuesday. Probably most if not all coming from Comex. That only leave about 6-7mm left for delivery in Dec with current open interest but that can change. March paper is flying around liberally right now...not sure what that means.
Oh wait, they didn't. Just another load of algo bs. They sure did a number though. Let's see what happens Monday when delivery starts and the big boys are back in town. Dropping it low just in time for the holidays...load up!
Comex delivery has been pretty consistent in the big delivery months of about 3500 contracts for the past year. As of EOD yesterday we were at ~15000 contracts for Dec, or 75mm ounces. Yesterday was the day where contract holders had to get below delivery month limits so the Dec open interest dropped in a big way. The next two days they need to get out or risk standing for delivery. I was hoping to see more contracts out there, but 7000-10000 contracts would still be a massive delivery month, so hopefully that puts some stress on the situation. 10,000 contracts is 50mm ounces which would drain eligible to almost nothing. I am not counting on it, but it would be nice.
I don't understand how they can "drain silver" from SLV to meet needs. Only the APs can trade in the shares for silver bars, correct? That should only happen when the APs can make money by buying SLV lower than they can sell physical and so they accumulate shares and deliver to the market. Otherwise, why would the APs want to make that trade?
Sentiment: Strong Buy
I just keep buying physical and paper. This thing is sooooo ready to blow. Cant you just feel it coming....?! $15 silver?! Many are going to look back and kick themselves.
Just as bad as those that didnt sell the run up and 50. The short game is now over. They got it to 15, hit the wall of impenetrable resistance and are flipping to long. The physical deficit they enhanced by stimulating demand paves the way for a strong up reversal. Looking forward to the ride,,,,,