Congratulations to any GLD shorts. Some articles say there is "no reason" but Cypress is considering liquidating their gold reserves, which would mean other European nations would do the same thing (it would otherwise be unfair).
The question now is do you pull the trigger. I don't trade gold and I have a near perfect track record on ET of being wrong but smart money is probably buying at these levels. Go long
Nice, I only bought a 1/4 of a position, Like I said I went in very small, first time I have bought any silver in a long, long, long time... Will buy my next 1/4 under $8 if it gets there but I see a little bit of a rally taking place this week some time!
I think it's a good idea to start small. I'm not sure where my next buy levels will be. SLV looks to have previous support around 17 or so. So from SLV's current price of $22.41 to $17 is a drop of 25%. This same drop on USLV would be about 75% which would put it near $2.50/share. Of course, the correlations aren't always exact.
Maybe I will buy below 800$, 750$, I'm not sure yet. In the meanwhile I will be laughing hard while reading zerohedge comments about conspiracy theories and such