My spot chart says $51.75 Silver this AM

The problem, of course, is that you can only identify peaks in hindsight. The peak here might be the $52.26 we saw earlier today, or it might be some level we hit tomorrow, next week, or next year.

I've tried to buy dips before. Same problem there. Buying silver when it dips 10% is great - as long as that isn't the start of a multi-year 70% slide.

 

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I bought the dip in 2009-10 for about $15 average, shipped to my door by dealers who had to sell, something, to pay brick and mortar and payrolls. Buy one coin, addl came free shipping. Easy to pick off 10-20 low end auction items to fill the box. Sold about half at $32 oz after the peak. Saved all the best for my albums. Been buying slowly since 2020.
Maybe you can’t see the peaks, but you can see a dips.
This time is easier. Worldwide silver deficit and ETFs. Yahoo!

 

...but short squeezes are inherently limited, meaning that if it's really a short squeeze making prices squirt this high, they're likely to fall back just as abruptly.

 

But the squeeze is due to the supply deficit and realization of same. Just gonna take it to the next level. 2 more short term interest rate cuts expected this year. OK, I may have to take off some positions at $65. Can I let the GLD just run?

 

It’s up, gold over $4100 and silver over $52.

 

EVERYTHING was up today, including the stock market. All markets are fickle, especially the equities markets. I blame 90% of that on AI algorithm trading bots though. I've always said technical analysis of stock trading is a self fullfilling prophecy. It always made my trading friends livid when I said it.

 

There's no such thing, BM.

Today was a risk-on trade after the big Friday drop, spurred on in part from friendly talk from the White House.

My nephew actually writes code for what many people call the "algorithimic bot whatevers"....it's the same stuff we saw 40 years ago with so-called "portfolio insurance."

Just computer trading with lots of folks going both short and long various asset classes. Nothing nefarious.

 

Gold is at $4,189 in the overnight COMEX futures.

https://finviz.com/futures.ashx

 

Yep. Shorts on PMs in this market will get cooked. Mainly hedge funds and producers trying to balance their long holdings

 

I never meant it was nefarious. However, when people are using all of the same trading tools, same analytics, etc, markets will move in the same direction at the same time, creating it's own momentum unless a wild card event takes place to upset the applecart. That's why I teased them that technical analysis is a self fullfilling prophecy. It used to make one friend really mad.

 

I think you may be right. A lot of the short position is just a cheap insurance policy for longs in case of a sudden big reversal. (when buying puts with short term expiries) I know I would not sleep well right now with a naked short position.

 

Always good to take a profit. So I hopped off my silver position this morning. Still riding on with physical holdings of 200 oz average of $20. Plus my albums. But a nice friendly squeeze feels good. If we get a 3-5% dip, it’s back to the rodeo
I do read your posts my friend

 

I think the one area where TA really works a majority of the time over many time frames is with foreign exchange, especially short-term. That's an area most don't play in except institutions.

 

I used my PM and Bitcoin profits to buy stocks on Friday's dip and will do it again on the next one. Nice to have cash on hand for quick purchases. I will replenish my PM holdings in a year or two when prices are down again.

 

And hopefully all that is tax shielded by a Roth.

 

Always

 

Excellent!!

 

Well it’s back to the rodeo with silver SLV
$2500, 50 ounce equivalent, on the morning dip. Up 3.4% on it, $35
Can’t do that every day but I may just let it ride

 

That Mercury dime I found in the CoinStar a week or two ago contained $3.35 worth of silver.

This morning, it contains $3.90 worth of silver.

 

Only if you sell it.