I gotta hand it to you bayou , you were spot on calling this downturn. How did you know ?
I bought in about $20 ish & got out about $18 ish for a 10% hit.
A couple ideas I have. I read on Zero Hedge recently that the $85 billion the Fed is printing each month is going into foreign banks . So perhaps everyone over anticipated the immediate effect it would have on US money supply and PM's .
"We urge readers to check the weekly status of the H.8 when it comes out every Friday night, and specifically line item 25 on page 18, as we have a sinking feeling that as the Fed creates $85 billion in reserves every month... it will do just one thing: hand the cash right over straight to still hopelessly insolvent European banks "
Secondly I got a call out of the blue today from a PM dealer whom I purchases some physical silver from a few years at around $18 . He gave me the usually pitch including how January was a record month for silver sales at the Mint. I told him I would get back to him later if interested.
Then I began to wonder if the dealers are over loaded with inventory from January record Mint sales and now see PM's tanking . They are gonna take a big hit unless they find some bag holders PDQ . The movie Margin Call came to mind .
I think I'm gonna stay in cash for now & see what happens . Any thought from you would be appreciated.
Yes -- Louisiana! I think the bottom is either here or VERY close. Friday is options expiry but max pain on GDXJ is $19. The best gold caller out there is Bob Moriarty at 321gold. He sez we are almost there (that was 1/25/13). So we shall see. Nice little fake move today at 8:30 -- POG all recovered now. The doom and gloom is so thick you can cut it with a knife. Plus all these amateur hour shorters on the gold stock boards suggest the decline is over. (God doesn't allow people that mean and stupid to make money!) Good luck everyone. Hopefully this post will stay. This is the third time I have tried to respond to your post.