PMs certainly have been an uptrend. A lot of analysts, etc. have turned bullish on miners and gold. I do think the uptrend will continue to $1350 and maybe $1400 or $1450. But I am very skeptical on a sustained rally and think eventually PMs will drop like a rock again. I suspect this rally is setting up a big short trade- when some of the big banks feel it is time to short they will in force. Any other opinions on what will happen?
Talked to my smart friend earlier today who had been buying/trading both GDX and SLV before any one of us did. He said the recent uptrend of PM was caused short squeeze, just like what you all said. Now he has also been buying both silver and gold coins almost weekly. I would rather buy and hold PM coins than all those phony PM ETFs.
As far as the miners go, I think there was a lot of pent up short covering to lock in some awesome gains. Hard to see what the short term future holds. Given how much unrest in the world, the fear trade should keep a floor of $1280 or so IMO. I also see bitcoin's blowup bolstering gold a bit as the 'alternate store of wealth' of choice. Amazing to think just a month or so ago bitcoin was worth more than an oz. of gold. Now it is more than cut in half. Anybody on this board own any bitcoin or other crypto-currency?
I still have some miners(EXK and AUY) that I probably will be selling in the coming weeks. May not sell all but if prices continue to rise I am going to continue to sell chunk by chunk. Hopefully gold and silver keep climbing. I know there has been talk about gold going below $1000. I really don't think that will happen though. But I do think it will have some ups and downs during 2014 and my guess is between $1150 and $1450. But that is only my opinion.