The Gold and Silver Thread

[KissMy]

We may be seeing the beginning of the end of the dead cat bounce. Silver has reversed pretty hard overnight after hitting $39.50 in Asia, coming within a whisker of the $40 range I was expecting. It has since reversed $2 but is trying to stabilize. This may be an opportunity to short.

I haven't looked at the volume yet but the price swing is nearly the same as the past 3 days & at the same time. If it follows the pattern it dropped ar 6:00AM CT & should turn up right now at 8:30AM CT

 

[Toro]

I have covered my silver long at a small loss. I think any strength are shorting opportunities.

 

[KissMy]

I have covered my silver long at a small loss. I think any strength are shorting opportunities.

If you go short, do it at the end of the day. Gold & Silver rise all day & then gap down by morning. Make money while you sleep.

 

[Toro]

I have covered my silver long at a small loss. I think any strength are shorting opportunities.

If you go short, do it at the end of the day. Gold & Silver rise all day & then gap down by morning. Make money while you sleep.

It has been my experience that trading isn't dependent on time of day. That pattern may hold for a bit then reverse violently.

 

[KissMy]

I have covered my silver long at a small loss. I think any strength are shorting opportunities.

If you go short, do it at the end of the day. Gold & Silver rise all day & then gap down by morning. Make money while you sleep.

It has been my experience that trading isn't dependent on time of day. That pattern may hold for a bit then reverse violently.

Oops my bad. You were right. Major down turn happened after it tried to climb this morning.

 

[Toro]

If you go short, do it at the end of the day. Gold & Silver rise all day & then gap down by morning. Make money while you sleep.

It has been my experience that trading isn't dependent on time of day. That pattern may hold for a bit then reverse violently.

Oops my bad. You were right. Major down turn happened after it tried to climb this morning.

That seems to always happen to me.

 

[Mr Liberty]

I shorted this today at about 11:00 EST. It was probably a mistake. It may rise before the market opens. I usually don't buy unless there is an established trend. If it is still below $36.00 I will be OK. I hope you longs did not get burned too bad.

 

[KissMy]

The US Corp of Engineers is about to open the Morganza Spillway in Louisiana. This will flood & shut down many Oil Refineries & damage the main fuel pipeline feeding the entire North East USA. Crude Oil prices are falling on this news & gasoline & fuel oil prices are rising. This is giving the US dollar a lift today.

 

[liebuster]

The US Corp of Engineers is about to open the Morganza Spillway in Louisiana. This will flood & shut down many Oil Refineries & damage the main fuel pipeline feeding the entire North East USA. Crude Oil prices are falling on this news & gasoline & fuel oil prices are rising. This is giving the US dollar a lift today.

'

I see you've changed your avatar...

 

[Toro]

I re-established positions in gold and silver today. Both have been reacting fairly well the last few weeks. I think gold is easier than silver here, since gold has far less overhead to deal with. Gold only fell 7% top to bottom during the vicious sell-off in commodities whereas silver fell 35% in a few weeks. That means there are a whole bunch of recent buyers of silver above these levels who are under water who may be looking to escape their positions as they approach break even. If silver can progress despite this, it will be bullish.

I am not fully invested and will look to add to positions in the near future. I usually buy options but options are expensive so I have been buying ETFs. As always, if I am wrong, I will quickly cut my positions. I view this as a trading position.

Good news is that speculative positions in silver are now back to levels when silver was less than $10.

USD Short Covering, EUR Capitulation Ending, Silver Spec Longs At Two Year Lows | zero hedge

 

[KissMy]

The US Corp of Engineers is about to open the Morganza Spillway in Louisiana. This will flood & shut down many Oil Refineries & damage the main fuel pipeline feeding the entire North East USA. Crude Oil prices are falling on this news & gasoline & fuel oil prices are rising. This is giving the US dollar a lift today.

'

I see you've changed your avatar...

Yes I did change my Avatar back because the corrective run-up in the US Dollar is over. So many investors were leveraged against the dollar that it had to spring back. That has ended & it is time to bet against the dollar again. Nothing much has changed in the world as far as fiat currency goes. Most currencies are still dropping & many like the US Dollar are in serious peril.

I went Bullish on Gold on Thursday.

 

[Toro]

I liquidated all my precious metals positions today. I am sitting mainly in cash right now.

 

[KissMy]

I have been in Gold, Corn & Cash since May 19th. I have stayed away from silver.

I own physical Gold which performs better than stocks such as Cameco that has & will continue to get hit as the world backs away from Nuclear Energy after Japan's meltdown.

We are just 28 days away from the Fed extending QE2 or starting QE3.

 

[Toro]

QE2 will be extended as the Fed has already said they would be buying bonds to replace the bonds on their balance sheet expire. I'll wait to see about QE3 though. If QE3 is coming, there will be a lot of time to make money off it. I'd prefer to see the whites of their eyes before firing.

 

[KissMy]

QE2 will be extended as the Fed has already said they would be buying bonds to replace the bonds on their balance sheet expire. I'll wait to see about QE3 though. If QE3 is coming, there will be a lot of time to make money off it. I'd prefer to see the whites of their eyes before firing.

Treasuries have been dropping as investors embrace the “RISK OFF” trade. Extending QE2 is a must & QE3 will have to push investors out of Treasuries or the “RISK OFF” trade will roll the stock market. With 9% unemployment & the bad jobs numbers coming out we are seeing the whites of their eyes. All the current political posturing will cave in at the last minute.

 

[Toro]

I've shorted gold at $1533 as a trade. My stop is at $1545. My initial target is $1500.

I've sucked at trading this year however.

 

[Mad Scientist]

QE2 will be extended as the Fed has already said they would be buying bonds to replace the bonds on their balance sheet expire. I'll wait to see about QE3 though. If QE3 is coming, there will be a lot of time to make money off it. I'd prefer to see the whites of their eyes before firing.

Just got another oz. of Silver in the mail today! Come on QE III!

 

[william the wie]

I've shorted gold at $1533 as a trade. My stop is at $1545. My initial target is $1500.

I've sucked at trading this year however.

No offense but with the asset markets apeshit crazy isn't this the time to pull in horns and concentrate on not losing your ass?

 

[Toro]

I've shorted gold at $1533 as a trade. My stop is at $1545. My initial target is $1500.

I've sucked at trading this year however.

No offense but with the asset markets apeshit crazy isn't this the time to pull in horns and concentrate on not losing your ass?

I'm about 80% cash right now. This is a quick trade. Plus, if things are going to go haywire, they are more likely to do so on the downside than the upside.

 

[william the wie]

I've shorted gold at $1533 as a trade. My stop is at $1545. My initial target is $1500.

I've sucked at trading this year however.

No offense but with the asset markets apeshit crazy isn't this the time to pull in horns and concentrate on not losing your ass?

I'm about 80% cash right now. This is a quick trade. Plus, if things are going to go haywire, they are more likely to do so on the downside than the upside.

I certainly agree with that last part but I am of the opinion that flight to safety is likely to mean higher values for Gold and USD, obviously you do not share that opinion could you tell me why? I do not like unpleasant surprises from data I overlooked and it sounds like you may have data that I did overlook.