I'm not buying physical silver any cheaper than yesterday so your so called 'smackdown' means nothing to me.
I warned you guys by posting the figures from most recent futures report. Commercials/Banksters' short position is just too high to ignore. Today is just a warm-up; I can see more smackdowns are coming. If you plan to buy physical, I would suggest wait for Thanksgiving Day. Don't fight the Banksters; they have the printing press.
That was a good fight from Large Speculators in the morning; since they seldom succeed, I am betting gold down for the next few weeks.
Wrong chart there Pete. Ya need to use the one quoted in the right currency. Note: this is a live chart that is constantly updating. http://www.kitco.com/charts/livesilver.html Cheers!
Man you guys are hard to please, I say leon1998 called it. He did not say to you guys the ultimate time to buy will be next week he said the aggregate amount of commercial short positions would be increasing resulting in a smackdown next week and that is exactly what happened.
Just predict a smackdown or smackup or both without any dates, and then claim voctory at any slight move in the direction you predicted. I remember when people used to talk about a Friday night smackdown which meant a noticeably lower spot price compared to the day it was stated. .
Actually what is more important now to Stackers, is NOT to buy any physical until four or five weeks later. Today's price action showed that Banksters are serious about defending their massive short position; and they will make a profit in the following weeks. The same tape had been played so many times before; why would you believe this time will be any different? Is there any sign showing Banksters losing control of precious metal market? heck NO.
Stewart Thomson's "Gold: A Scary Drop, And Then A Pop" gives a nice synopsis with a nice setup forming. extract: 3.Please click here now. That's the latest COT report for gold, and the huge buildup of commercial bank short positions can cause significant nervousness amongst amateur gold investors. 4.That's because these short position buildups are often followed by somewhat violent price declines. History has shown that these declines are solid buying opportunities for courageous gold investors. 5.Please click here now. That's the daily gold chart, and the technical situation is superb. 6.Gold burst upside from a symmetrical triangle pattern, as I predicted it would, and a painful pullback to the apex (about $1130 in this case) is typically the next technical event to occur. 7.The banks are likely anticipating this pullback, and adding short positions to profit from it. Gold is showing tremendous resiliency after the breakout. 8.Please click here now. The US dollar versus Japanese yen chart is used by FOREX traders as a key lead indicator for gold prices. The dollar is beginning to look a bit shaky on this daily bars chart. as linked here: http://www.321gold.com/editorials/thomson_s/thomson_s_102715.html
I am expecting Silver spot settle back to US$14 area around Thanksgiving; at least that's when I plan to purchase some bullions. By then, holiday specials might lower the premium. And the next buying opportunity might come next year April or May; I won't be surprised to see US$13 or less. However, premiums might jump at that time.
Leon, Thanks for your posts. Seems like some here like to be contrarian just to be contrarian. One day they argue bullish, next day bearish. It just depends on whose post they want to attack. None of them ever seem to make their own predictions, so they are never wrong. Too bad they don't seem to want to find the real answer as to where the markets might be headed, whatever that may be. Just my opinion. Jim
