SS, long term the euro crisis will drive PM prices much higher and at some point news of the ECB stumbling over measures to resolve their sovereign debt problems will drive silver and gold upward. But during the last couple of months, the opposite has been true regarding negative news coming out of Europe. Last night, during the wee hours, Germany announced there would be no easy, short term solutions coming from the weekend G20 proposals. Most had hoped a massive bailout would be announced by 10/23. Most realize that Germany has it right. There are no easy solutions for long term problems. Thus, the euro takes a hit on the overnight news from Germany, the dollar bolts upward, and commodities (silver and gold included) plus equities are driven lower. We've seen this broken record play out like this for months. Soon...it will change, at least for "hard" currencies.
I sold more of my silver miners this morning at the open and have purchased them back at lower prices. I don't consider myself a trader but this morning's projected decline was just too obvious. If silver hits $30 again (doubtful) I'll load up on a lot more physical. Nobody can "read" the future but I predict silver will be well north of $35 by Thanksgiving. Who knows, maybe we just hit the bottom. GLTA
Sirs, you seem to know your metal business very well. I look forward your posts and will appreciate you keep posting your research to share with us. My in law is a metal broker told me the same that metal price will rise entering November through New Year and ease in Spring.
I understand your thinking and agree with you. With the current European debt crisis and our current debate in the Congress over resolving our nation's debt reduction efforts, we should see plenty of silver price movements in the weeks ahead. I'm now waiting for lower silver prices before buying any more. SS