Surprised how well slw did against a rising dollar,also most of the other pm's.
Then when we hit the bogey at 39.98 ,the whole mess headed south,XAU HUI GLD GDX, as if they were taking their cue from SLW.
it's like swimming against the current. inevitably the current will out last the swimmer. I have seen the dollar and PM's rise together several times in the last decade or so, but the odds say one should get out of the way of a dollar advancing so strongly. That is, long positions in PM's tend not to do well.
if silver falls to 34.26 or lower, shorts will pile in aggressively on any bounce upward.
Recap: WAY earlier in the day i said that as long as silver didn't fall to 34.26 or lower, bulls were safe.
silver spot went to 34.27 as a low of the day. where's that guy who was commenting on my edu-ma-cation?
I follow futures. the silver dec contract low was 34.33.
wrote that dollar index would move back up to 80.04, it's at 80.03 now and looks to close there, I made a killing here...bang, bang, bang. where's the guy who liked to tell me about his currency trader buddies doing this longer than me and I can't be as good as them?
Now here was my error: Fully believed the dollar moving up the way it did would clobber the PM's. This did not happen, PM's only moved down ever so slightly. This means PM's are starting their currency act. a few days of this makes it very bullish for silver and gold longs.
Forecast. Sunday night will see silver prices move back down but I don't want to say where because I might be interested in taking up a long position.
Today was one of the top 5 best trading days ever for me. Any Fund guys out there want to get in on the action, drop me an email, I want a tiny fraction of your 2 and 20. check my previous posts to see how accurate I've been over the years and how much more accurate I've become. i can't be humble after a day like today.