Yes, I once thought that way when all that news on the USD current account, and how the US would go bankrupt, etc. Right at the end of 2004. Remember when the Euro went to 1.36? I tried to go against that freight train and was a bug on the winshield. Be my guest to go against this one. Maybe you'll get lucky.
Past history shows that when it retreats about 5% in 1 day, it's a good sign that the shorts have the temporarily advantage, which normally continues for a quite a while, this time though who knows how long the sell off will last. P.S. Don't forget that the ones that are interested in buying silver shares/futures/physical are interested in the coming sell off more than ever. I think there will be minimum buying against the sellers.
Well, I had gotten back in at 11.65, but just got out again at 11.72. I think you guys are right. Something's going to give. It just has to. Um...doesn't it?
sheesh ... about a 40 cent range overnight in silver and the spreads were all over the place as well as bids being dropped etc talk about a crap shoot !
From IFR: "A number of reports in the last few hours cite analysts who are turning bearish commodities, particularly as higher global rates are seen squeezing liquidity in this sector. The Globe and Mail reports today that Merrill Lynch Canada is downgrading the materials sector (i.e. metals like gold and silver) to neutral"
typical.... most brand name brokerages don't make money in commodities since they have big bond and stock brokers to feed...and their food is JoeSixPack and his 401K money..... until Grandma buys 5 tons of zinc and dumps it in the backyard...dont look for retail houses to cheer on commodities
gotta remember, central banks, bullion banks and dealers are short precious metals in size. a real run on them threatens the existence of their business