Heard it discussed on Bloomberg this week and also was a nice article in last week's Economist.
Remember when Bush did it? That tax cut that basically Uncle Same paid everyone off a couple hundred bucks to keep quiet about our economy being offshored? It doesn't work. It's a shot in the arm when your leg is bleeding out.
Even if we break out above this afternoon, I'd really like to see more volume. With the US holiday on Monday I'd be nervous to be long or short here (but I'll be staying long).
Someone doesn't like this thread. Maybe they need to go look at GS February SELL on this stock when it was trading $2.75. That was right after they finally admitted they had to abandon their dollar strength trade that netted them a -5% loss.
One of the guys on Bloomberg yesterday was asking the guest about gold pricing and currency, etc. At one point he's like look I have no idea why people buy gold, when they buy gold, and what they buy it for. I'm just like wow.
I am considering, perhaps the silver market is beginning to accept a higher gold trading range, and so as others have mentioned, we have bargain hunters just loading into silver (even though silver is up over 20%!). It all seems to mean the market in general is supporting higher gold prices medium term and finally trading around that acceptance. Miners like AUY are far from bankruptcy.
In Q1, AUY sold 1.9M ounces of silver at avg $14.94 profitably. So that's an almost extra $7.6M cash in the bank at these prices. Not necesarily stock moving, but noteworthy none the less. At $25 silver that's almost an extra $20M cash and that needs to be paid attention to.