When silver failed to take out $50 in Apr11 it was apparent to the majority of the informed investors/traders that a 50%+ retracement was coming. Anyone that held below $40, probably shouldn't have been playing in the market at all, and anyone who started buying before the $25 level during this correction, did not do their homework. You don't have to be a rocket scientist to know/see that there is a huge multi-decade support band between 17 and 20, which accounts for the support seen in the low to mid 18s over the past year. The buy range for anyone looking for medium to long term silver investment has been clearly defined as 17-20 since the spring of 2010. I personally buy physical in the 18s and low 19s with the expectation that a capitulating event would likely lead to support at 17 failing and an associated dip to 15 (the next big support level). But that dip would be short duration since $15 silver or less for an extended period of time would crush the industry causing sever supply constraints. My recommendation, buy physical in the 18s (19s if your anxious) and hold back some dry powder for a capitulating event that could have silver briefly dip in to the $15-17 range. I personally will double my silver positions if we dip hard below $17. GLTY!
Banksters have handedly taken out gold’s 50 DMA at 1315, now going after the 200 DMA at 1298. Is it any surprise that tensions simultaneously go up in Ukraine. Almost laughable, but now is time to get ready for opportunities. As suspected, silver not being hurt as badly as gold since it didn't have technical averages to target. Anticipate silver will fare better than gold when all is said and done. Only thing to wait for now is how good of a buying opportunity we see. GLTA!
Banksters putting it to the commercials this morning in a big way. Not for profit sellers taking out all the stops. This should be fun to watch. IMO, Banksters will have to crush Gold's 50 and 200 DMAs to succeed longer term. They are going after the 50 DMA as I type.
Bullion Banks/Cartel is taking the Commercials on in a big way this morning with heavy selling. It should be an interesting day. IMO, the banksters will have to crush the gold 50 and 200 DMAs to succeed. We may see gold go well below 1300 if the banksters pull out all the stops. Hard to tell how silver will react, but I wouldn't presume the same since silver is already well below its key technical averages.
"what was his proposal": 45% tax on estates worth $3.5M+
I see what eyecdoc was referring to now. Yes, I agree with you "this gem has not been discovered yet". IMO, it should find itself trading at .10+ near-term. GLTY!
Won't take long for this trend to trickle down to PM prices. GLTA Longs!
They will have to get it out of the banks and convert the fiat to hard assets. May see a velocity increase, but likely only in the local economy. Agree, FACTA should have little effect on the dollar, unless I'm missing something.
Maybe so, but if you are short I would recommend you take a look at the trade specifics the last two days, plus what is happening in the London market as I write. The controllers may just be losing their control. GLTY!
Very aggressive price activity in stocks and PMs the last couple of days. Almost feels like the controllers are losing control. Nice turn around in the PMs today and I’m particularly pleased with HL's activity. Didn't see it coming and wish I was still holding the 3k I flipped yesterday, but still have 9k in the core holdings. I think my shot at adding below $3 is slipping away, but that's a good thing. Looks like the HL shorts are starting to get nervous. IMO the Flood gates will open around 3.35 if the rise can continue. I'm thinking there may be a suitor in the mix?
You got to be pleased with your GS trade. Starting to look like a run to the 200 dma is likely. Nice job!
We may be on the verge of that final take down (capitulation) in silver. Huge volume this morning and down a couple percent. Got to love this volatility :-) There may be enough pressure on the PM spot to take HL below 3; and if not, we know the smoke and mirrors are still on.
Agree with your assessment on HL. I've been building a core position at 3.02 give or take a penny and fully recognize I may be a bag holder if we take another trip below 3. Will extend my core position in the 2.70-.80 range if the opportunity presents itself. I typically trade around my core position. Just closed my trades on HL, AUY and ABX for a couple of dimes and a fifty sent piece. May have sold them early also, especially if gold can hold above the 50dma. GLTY!
Agree, GS has been beat down, but may still head lower. My TA says it catches some support at 150. BAC is the financial stock I have been playing for a few years now. We have gotten to be old friends. I just closed a short position on BAC. Probably closed it too early, but I don't get greedy in this crazy market. Will look to go long on BAC at the 200 DMA unless market starts tanking hard.
Interesting read LC, but nothing new. I think Frédéric Bastiat summed it up below. Just replace economist with elites. It's easy for the elites to suppress PMs in order to prop up the dollar. That is visible and everyone knows it is happening. It's the unforeseen effects the wise are focusing on. GLTU!
“In the economic sphere an act, a habit, an institution, a law produces not only one effect, but a series of effects. Of these effects, the first alone is immediate; it appears simultaneously with its cause; it is seen. The other effects emerge only subsequently; they are not seen; we are fortunate if we foresee them."
“There is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen."
“Yet this difference is tremendous; for it almost always happens that when the immediate consequence is favorable, the later consequences are disastrous, and vice versa. Whence it follows that the bad economist pursues a small present good that will be followed by a great evil to come, while the good economist pursues a great good to come, at the risk of a small present evil.”
– From an 1850 essay by Frédéric Bastiat, “That Which Is Seen and That Which Is Unseen”
Pretty impressive PM open in London today. If prices and volume hold up, should get some decent technical triggers. It took some guts to buy miners yesterday, but I had TSLA, NFLX and LNG put profits I had to put to work which I threw at AUY, HL and ABX. GLTY!