The precious metals saw a fast slide lower overnight, with the gold and silver ETF’s, first and second charts below, respectively, are in danger of resuming their established bear markets (indicated by clearly-declining longer-term moving averages above).
While it is tough to chase the gappy metals, I am still stalking ZSL as a silver short. The miners, however, are not getting crushed quite in the way you would expect. However, they are off, nonetheless.
On the third chart, below, note the similar counter-trend rally in Treasuries is in danger of rollover as well. TBT is back on my radar to short. I need to see $106.30 on TLT turn back into resistance to short.
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Ppt must slam alternatives while pumping ponzi as govt creates headline fear
Well, I can’t argue with metals. But I think Bernanke as well as the Gov’t want lower rates.
Yea i agree about rates but i see $PZA is actually up today. Gold and silver seems to scare them much more
Good point.