I've been trading silver for a long, long time. This supposed breakdown today in silver doesn't conform to anything even remotely logical.
The breakdown in essence kills that part of the reinvigorated silver bull begun in August 2012. I could run through fundamentals and all, but mathematics is what I base my trade on, and mathematically it makes no sense. If by 3 to 5 pm silver could get back above 30.60 and gold back above 1639, then this would have been the mother of all shake outs, but I have a hard times believing it can happen.
I'm stepping back and just watching now. funny thing is i made money today but i don't feel so good watching silver.
For a while now, some of the EW guys have been calling for silver to drop into the 29s, at least, before we get a strong uptrend later on. Remember our discussion in the previous thread? I sold my puts today but I hope to reload them soon.
We've all be writing about how Russia has been buying gold and thought sales in India may go down.
Today's news about how the buying by central banks is as high as it's ever been, we KNOW it's just a matter of time........
But youmake your money trading,so that's a different game. But agree, there's more than meets the eye here.
SEE, thats not how the market works....The central banks have been buying for quite sometime and that has led to stagnate to lower prices.....When everyone is buying and the price isnt flyin you need to be very concerned.....
We all know that the M2 money supply is DECREASING contrary to what most in the PM market understand......Hence the stagnating PM prices over the last 2 years...Pay very close attention in the comming weeks...There will be a very hard shake of the tree....
I have been buying silver and gold since 1998...Very low cost base...This sideways trade is very disconcerting however we will be getting lower prices in the comming weeks....Load up with dry powder!!!