I kept my new euro's since over a year. Hoping for a stronger euro. Hoping for a lower silver price. Hoping...
This week is going to be very interesting and I trully believe that the PM's are heading up, just my opinion. By the way I stopped buying Miners, to unstable right now and I'm sticking to physical. Keep Stacking By the way Jim, I found you. Lol [youtube]http://www.youtube.com/watch?v=opKZMvvQy4k[/youtube]
It's looking a bit dicey today for your short position Leon. Will you cover or keep the fight going? Jim
hardcore leon... i'm still sittin on the sidelines, though I did buy a tube panda privvys! Those cute little bastards got me.
Good luck Leon! I hope you are right because I want to buy some cheaper silver. I went to the store today and even the most cheapo stuff is over $15 an ounce again. Are you playing Comex to short or using inverse ETF's, options, etc? I had a futures account many years ago but only played futures options no actual contracts. Jim
This is a typical climax run. Remember what happened in the first half of last year? Such a no-brainer to short the pop
Yeah.. I also saw this happen at the beginning of the year last year in charts. It seems like every Jan/Feb there is a run up then a subsequent retracement down. However, I'm too chicken to act on it.
Curious as to why you short Slv instead of buying a put. I typically buy puts since I am looking for a short term play and they require less margin. Example: slv currently trading at 13.95. To short 100 shares need 697.50 margin. If slv drops $1 you make 100 or 14% which is awesome but you have unlimited upside risk (I know you'll stop it at a certain level) Buying a 14.00 put though has you essentially the same shares short of the market and costs currently $50. So if slv drops $1 you make 100 or 200% and have a max risk of $50. Yes there is a time frame (March 18) but isn't this a short term play anyways? Edit to correct the symbol thanks to autocorrect.
I will not be surprised to see this as the last pop down. Into the 900's, smashing confidence in the gold sector. Just what we need. Then go long.
US dollar is looking kind of weak. I guess they've figured out there will probably not be any more rate increases any time soon? I think silver is going to break $15 today or tomorrow. Maybe the big shorts (like Leon ) are waiting for it to rise a bit before they smack it down. With the latest COT data it's kind of strange to think the price will keep going up short term. I am going to sell some of my Engelhard cool stuff to a collector here and would like to put the proceeds into some cheaper bullion (sub $14 spot). Just my opinion. Jim
If being able to predict the direction of gold and silver were as simple as analysing the COT reports and going in the same direction as the commercials on a weekly basis everyone would be doing it. They'd be no reason to look at anything else
Since I have been watching the COT numbers, said indicator has been fairly prescient. Short term movements are what I am referencing. I would not depend on them enough to short PM's though. Although I am a long term PM bull, I am not blind to data that suggests PM's might drop in price short term, unlike some. We'll have to see if what I am saying is correct this time. PS COT numbers are not the ONLY thing I look at, but are the only thing I mentioned in my post. EDIT: I think we will get to the 200 day moving average before we drop back (a smidge over $15). http://stockcharts.com/h-sc/ui?s=$SILVER Jim
Completed my silver short position today by adding last batch of shorts @14.9 My average cost sits about @14.7 per oz. We will see how things develop from here, with commercial traders on massive shorts.
