Stock market bulls, “champions on the internets”: prepare for a hideous pullback in all indices. Let the slide in precious metals be your crystal ball. This is not an isolated event. We are about to undergo a liquidation in the commodity sector, both gold and silver will liquidate a little more than others.
Yes, it’s true, I am long a lot of AG going into a god damned meatgrinder tomorrow. Am I happy about that?
Yes, I am absolutely riveted by the trading in silver this evening, watching it get its nuts beaten out of it. I’ve also been in New York these last few days, attending to parties and family events–chauffeuring the family back and forth–attending to their whims.
As soon as the market opens tomorrow I will be greeted with “TOTAL MASSACRE” in my silver position, as well as my other small crappers, hedged by cash (which is only 25%) and my HDGE position, which is almost 20% of my book.
I expect to undergo losses and will figure out how to proceed as the day progresses. The knee-jerk thing to do will be to sell AG and chalk it up as a “stupid idea.” But I’m not so sure the miners will drop as much as silver is this evening. You might just get a mean reversion trade, with investors betting on a capitulatory bottom.
We all know this is wishful thinking. The God damned bottom is gonna drop out of the miners tomorrow and I will get to enjoy its splendour in full bloom.
I got long some spot silver about an hour ago. Still if the big boys want it to go down. Down it will go.
This is an orchestrated stop run and margin liquidation, so the big boys can buy cheap. A week or two max and we’re heading back up to surpass all time highs.
Scariest thing, I think, is the volume of guys saying this. Not precisely the same scenario, obviously, but seems like people were saying the same thing about AAPL when it was down by $150.
You’re WAY better off long the miners than the metals that’s for sure at this point. Some of the names are almost at the “eh, whatever” point as they watch the metals implode. Namely $ABX. Looking to get long that name.
Miners were crushed today in Australia trade.
I’ll be adding to my 2015 SLV LEAPS and 2015 GDX LEAPS tomorrow or sometime next week. If I don’t make money on those by 2015, I’ll eat my hat. Of course that’s probably all I’ll have to eat.
I have the same idea, but tomorrow is too early. It will continue to drop.
HOPE is not a strategy!
LIQUIDATION is!
I stand by my AG purchase. Ill be licking my wounds, but I’m fresh in this name and can hold my breath a long long time.
No one worry. Tax hikes class warfare and foodstamp parachutes are the future. Nothing will ever go wrong again.
and I was just looking at a silver mine yesterday
It’s 6 am ET and EXK is down to $5. Wow, just wow. I was looking at it Friday afternoon, glad I held back.
Buy the miners at book value.