bird, USA "Supposedly has" so much gold but when was the last time it was seen or counted? When the WTC collapsed, one truck full of gold (going away from the center) was found, but what about all the rest of the gold that had been held there? If gold were "dumped" (sold) by the U.S. to pay debts, then what, after no more reserves were available? Wouldn't that weaken the dollar making inflation more likely or worse (and therefore, gold/silver more expensive)?
USA has almost 8700 tons of gold. Europe just dumped 1 metric ton on the market. What happens if the USA starts dumping gold to pay down debt? Just saying.. Europe has now placed a new seed of doubt in the heads and the Crimex is charging higher margins... Hard saying.. just didnt want to be spineless like our Swiss buddy who disappeared... We will see what tomorrow brings. NGD is in the red and I'm not sure if gold/silver is now selling into strength. Each day is the next box of chocolates:)
The ZSL is not acting like a 2x reverse ETF. This morning when SLV was up 7%, ZSL was down 21% for a 3x reverse. Now, SLV is up 5.5% and ZSL is down 19.7% for a 3.5x reverse. It will be interesting to see where it ends up today.
In any case, I think the run up in the pms will last through the end of the quarter. I think both the market and the pms will rally thru Friday.
Well at least you have guts! You stand by your convictions, as do the longs (with one exception who shall remain unnamed) Are you sure these countries have any gold to sell to pay off their debts? If so, does that mean it goes from the government to the central bank or from one central bank to another?
I haven't sold my short, looks like no safe haven in Gold
Not only were the net purchasers in gold, the blew it out the door tonpay down debt.
I might have been a bit early but gold/silver is a storage of wealth that the governments will sell to pay off debt.
This is not a safe haven right now.
I am going to sit back and watch some more. Between margin hikes and countries selling, this investmaent looks tenuous at best.
Hi Fox, I agree. Things will get better for AXU and it would be nice to get back to a happier board. I'm usully a lurker and miss tburke,hatchmo Hagg sven etc.
BTW I hear Maund has a large position in ZSL. Always felt his Tech. analysis was suspect? Is he a mouthpiece for the Dark side ? I wonder?
schadenfreud only the Germans could have created this word. Hope we get back to a happier board soon. Miss all the good guys. Long term AXU will do very well with silver above $20.00.
Also find bill a pain in the hinter land. Things should get better.
I think some folks are overlooking one of the really nice features of ZSL versus actually shorting silver. While silver may fly to the moon, exposing shorts to unlimited losses, ZSL cannot drop below zero (he he).