There was a trader on CNBC's Fast Money tonight that said he'd be buying silver again when it gets to $40. He actually thought that $40 might happen tomorrow (Wednesday 4/26). Well I don't know about that, but his $40 call was interesting. He also thought that silver was going to $60 later this year. I was thinking Silver would correct down into the mid $30's (which would be a 50% retracement of it's explosive run from $20 to $50). And I thought it might take 3 weeks to a few months to get there (not 2 days!). I think this pullback is VERY HEALTHY for silver and will provide a more stable base for silver to make it's next run. Bernanke's press conference is tomorrow ... that's sure to make things move.
Based on what the Dow did today, and based on my belief that the crooks on Wall Street run this country and give Bernanke his talking points, it will be an uneventful if not somewhat rosy spiel. 2012 is a pres election year: Nothing drastic will happen between now and then. Just my take.
I think it is OK to play as a quickie, if one has the time, but I think a logical move would be back into combo silver and gold mining companies until I see what support silver has. Silver is going to respond to the big holders and not to small retail customers like us, so the miners might give a balance. I think you owned GG before, and that is a good combo miner, IMO. My thoughts are that after the silver play, gold will be the major PM support. Silver->miners->gold. I am still out of silver, but added to my miner's today a little, and will continue. No arguments with people who think I am wrong and their silver is right, but this is my direction currently in PM. Still like Rare Earths, and added a little to that today also from my "silver earnings". I think many will be listening to that broadcast! Jim
yes, i agree ... i bought a little bit of AGQ, SLV, and GLD for my retirement accounts right after the announcement ... I still think silver could sell off at some point (which i why i just put on relatively small positions) ... if it goes up great ... if it drops a lot, i'll buy more
It looks like silver is consolidating to the $45-$46 range. In the back of my mind I have been thinking for a while now $1500 gold and $45 silver seems like a good consolidation point. Of course Bernanke's testimony shortly could shake things up, but from what I'm hearing there's nothing new or unexpected being reported.
I believe that $50 is still going to be a large resistance level unless drastic events occur. I would wait until a day or so in the $50.50 or above level before getting in more. IMO. Jim
Look at gold though ... broke through resistance at $1510 and flying that has to be bullish for silver
If you are buying for long term, you missed the dip yesterday. That being said, today is a good time to buy, any day is. The correction to $45 was in harmony with the overall trend silver has established since late last year. Keep in mind, the same people calling for $60 by the end of the year were calling for $36 in January. They are only looking at charts, they do not have any real knowledge. The ones with knowledge know that the sky is the limit, they will explain charts and systems to measure movement. But at the end of the day, the long term physical position remains buy when you can, if a dip comes around all the better.
That is very good IMO, because I realize like everyone else,including Bernarke, that there will be some inflation, but not hyperinflation, and the USD will we weak for a while. That should bring gold up, but I don't have that faith in silver at the moment, until it passes the 50+ mark, as I think it is well over-extended in comparison. I would ride that horse again with the rest of the raiding party if it did show legs beyond 50. IMO. JIm
AGQ (a double long silver ETF) was up 13.57% today ... that's a ONE DAY move of nearly 14%!!! Holy cow.
