Silver backs off from $50
May 03, 2011
On April 25 I wrote an article about the price of silver and its prophetic significance. In my view, the day silver closes at $50 or above will mark the overthrow of Babylon's "head of gold" at the hands of the Medes and Persians ("arms of silver"). See Daniel 2. I wrote this:
When it closes the day past the $50 mark, it will most likely be a very important indicator that we will mark on our calendars. It is interesting that on the Monday after the wave-sheaf offering this year, the price came within a whisker of $50. It may be that the Babylonians will renew their fight to keep it under $50 for the next month, and that it will pass that threshold at the time of the Second Passover next month.
Yesterday, silver took a $4 hit and was driven down under $44/oz. It is looking more and more like silver's rise to $50 is being hindered, as I had suspected. This will prove to be only a temporary situation, I believe, as low prices will make it a "bargain" for those who want to buy actual physical silver at the coin shops and silver dealers. These price fluctuations drive the speculators crazy, but those who are steadily accumulating silver coins or bars can thank the price manipulators for creating bargain prices.