I am bullish long term on gold and silver too. However, I personally had my best day yesterday with over 50,000 shares of ZSL long. If you look at the behavior of silver since 2003 it has had several spikes in its uptrend moving about 100% each time and collapsing 30-40% once the monthly RSI hits over 80. In addition gold has triple top and divergence is present in both GLD and SLV rsi's. One can definitely hold through this correction but my answer is why? when you can make money both ways?
=============== bTv; Good analysis,points. While i may or may not set a price target; the 100%more or less [average] target in your post sounds fine. Cant speak for the RSI/80% The original poster got the long term trend direction right ; medium term trend direction right, even though silver has spent a year in downtrend/sideways trends before also. As far as why every one is not a trader, cant really say; but some investors do save on comissions[Even though I consider it money well spent ] Some look on silver as not having an expiration date like corn does. And some people dont even care silver has peaked to valley 50% more or less ; valley to peak more than 100%/Good trend. ................................... Non of this is a prediction.
Hey murray this is for you and others on the board that may like my channels. I will not get into any arguments into whether people should mind them or not but they work for me. This is an update with the short squeeze pushing against the long term trend line. In the last bar we have broken down to challenge the intermediate term (green) channel. A price move below this channel can result in trend reversal. Today is a very pivotal day in my opinion. I will give everyone a heads up if the price breaks the intermediate channel (in green) since it would be very ominous price action.
I sold 1/3 of mine at 36.50 yesterday. I'll redeploy the cash and profit into miners that are beaten down, I think.
Wow, really? Sold it at 36.50 huh? Pretty lucky when it only traded at that price for what....15 seconds? Wish I was that luck to pick the absolute tops. Amazing so many ETers can do, and I cant.
No, I think it went up another 20 cents after that, and then fell off, at least on the futures it did by the time I got back to my screen. I don't have a chart of bid/ask for spot, so I watch the futures to decide generally when to buy or sell. When I sell, I get the asking price for spot plus or minus adjustments for what it is that I'm selling. I had bought it in the low-mid $12's to upper $12's about 3 yrs ago, so it was a good trade, IMO. I'm down to 1/6 left after selling again yesterday, which I will probably sell yet this week. I'm not selling because I think its done, just selling because I need the cash and its up the most of anything I've got that I can sell. PS: To be precise, the spot ask I got was $36.49, but I'm guessing you are looking at some altogether different number anyway.
From the looks of things this morning, I didn't do too bad selling yesterday at $35.98 either. I saw it had gone up maybe 20 cents after that, but its real difficult to catch tops for me. I almost always sell way too early
In the long run we all know where the metals are most likely headed, but this article could have put in a short term top..