I am new on Silver. Will not try to be expert on this. But I studied it in the last few weeks. I did buy and gained about 13.5 % on the previous lots. If you said you were expert and traded this for sometimes, I'd expect you to know some of these stories.
Anyway, I want to share the info to Danny and others. Assume you already knew.
If you should have read the article from Morgan Stanley (MS) on Thurs morning. I think the article was the reason for a drop. But I don't see facts back up the story. That was why I made decision to buy it back. MS argued that Silver will go higher in 2013, but it would not be high as they predicted. I think they (MS) were or maybe under the water on their previous bets and tried to cover their acts. Of course, this is only my guess.
Here is why I think silver will go higher. There are so much demands at the moment. I did took profit on Wed without knowing that MS's article came out on Thurs. I thought I ran too fast, someone will try to say something to pause the moment.
Several reasons that make me think, Silver is good to be long hold.
Silver Bars Being Secured By HSBC – Buy $876 Million Worth From Poland
Listed metals producer KGHM signed an estimated PLN 1.67 billion deal on 2013 sales of silver to HSBC, KGHM said in a market filing yesterday.
The flood of inflows into silver backed ETF’s and investment demand for coins and bars internationally. Analysts polled by Reuters expect silver to rise in 2013.
Technical experts stated that "... bullish technically and could lead to silver testing the next level of resistance which is at $34/oz..." Trading at 31+ on Fri.
The U.S. Mint has sold out of 2013 American Eagle silver coins and will resume sales the week of January 28 when the US Mint said inventory would be replenished.
Chinese silver turnover surged to 2,200 tonnes on Friday and analysts say Chinese investor’s interest in silver is continuing to rise as many are looking at silver as a cheaper alternative to gold.
Silver bullion imports by China remain robust too. Silver imports were 228 metric tons in December, according to data released by the customs agency. Do you know how many oz of silver from 228 metric tons that is? It would be about 8,042,460,000 oz
Holdings of iShares Silver Trust, the world's largest silver ETF, stood at 10,689 tonnes on Jan. 22, up 604.9 tonnes, or nearly 6 percent, from the end of 2012.