I don't want to send the board into an upheaval, but doesn't it seem that spot is due for a little breather? I have no intention of abandoning the long, but wondering if anyone has the same feeling right now? Thanks!
Yes, there will be a pullback. LT going up up up, but obviously not in a straight line.
I'm waiting to re-enter, I was expecting a little self off today. Maybe next week, may not be much though.
Spot has a lot of things going for it heading into the weekend:
1- perpetual collapse of the USD
2- ECB rate hikes did NOTHING in London to Ag spot
3- China recently hiked rates
and last, but definitely not least
4- Ag spot ramped into close, showing strength at that price
We're not too far above the upper Bollinger band, and definitely not enough to cause concern... IMO, worst case is a pause next week for a day or two to consolidate at the level, but it really depends on what China and London do to determine what happens ~8am Monday morning.
We have a lot of strength at these levels and $50 silver is getting to be a general expectation from traders (but not talking about the horde that would cause a bubble and subsequent burst). I'm sure we'll see pullbacks, etc, but from this point with the current market reaction it seems to me that we have a few dollars left before we see a shake out.
What was the next value when JPM derivatives increased exponentially again (like 37)? i could see that being a major resistance point.
PAAS wasn't up much though, and SLW wasn't down much. AG on the other hand, now there's some decent after hours action!
I'm banking on everything gapping up on Monday though. Some more than others, but I'll take any shade of green I can get.
Guys do you realize that SLW was at $36.38 (just a little lower than what we are at now) when Silver was at $36.00 about 5 dollars lower then it is now. We are about 12% undervalued relative to the Silver price. I'm VERY disappointed in today's pullback and lack of being able to at least pull with Silver 1:1