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Silver’s lost its mind and is seemingly out of control. It’s up another 75 cents tonight at at new highs in the upper $43.30’s. Like a monkey that just had his rhubarb stick stolen, I’m standing here and continuing to sell into the whirlwind.
For example, I let loose another 600 shares of AGQ, this time at over $285. I marvel at that price, as I can remember buying AGQ in the $20’s the first time around, and now you can make the downpayment on a decent Miami Beach condo with only 100 shares.
I also sold more EXK, more MVG, and started selling SLW for the first time this year. Last, I sold a large piece of my NGD, which had become cumbersome in it’s size, but is now more manageable.
Don’t get me wrong — I still have some 65% of my original PM positions, I just have a gut feeling, honed on many years of having that same gut knifed by this thinly traded murderous market, that it’s time to take some profits here. Pigs get slaughtered, etc.
I will continue to look for a break here in the silver momentum. I don’t expect it will very long when it comes, but it might be scary enough to shake some of our weaker hands. I will look for more opportunities to divest into the whirlwind tomorrow as well.
My best to you all…
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Cut way back on SLV and silver mining positions end of last week. Just standing by til you say time to buy.
Hope your weekend was at least somewhat relaxing for you and the family. Here in Oregon, we actually saw the sun today 🙂
oh, and I’m using some of my PM gains to pay for a nice family get together on Easter. Courtesy the Senator. Greatly appreciated Jake.
Will we ever short silver? I sent out a short probe last week and got a tooth knocked knocked out. Silly me.
I sold my long and shorted this morning, small position, tight stop. We’ll see what happens.
he he.. that didn’t last very long. Thank God for stops. 🙂
S&P just went negative on the US, there goes Silver. Might want to hold off selling. Long Seeds, Silver, Whiskey, and Women.
Rating Action
On April 18, 2011, Standard & Poor’s Ratings Services affirmed its ‘AAA’ long-term and ‘A-1+’ short-term sovereign credit ratings on the United States of America and revised its outlook on the long-term rating to negative from stable.
Now that’s what I call a blow off top! By the time you login to the trading platform ZSL is up over a buck.
EXK looking good! Any thought on this one Jake? PPT likes it for a re-load.
Is investor exuberance irrational? You bet! Is it going to end soon? Absolutely! Is this ridiculous and illogical run over? Not by a far shot.
Look into history. This is the end of a powerful and repeating commodity cycle that will drive the price of silver to $50, $60, $70 and up over the next 2 months. This environment is not for the risk averse. Take profits if you’re chicken, but I’m staying in as more and more sheeple come pouring into the market.
Never short silver.
What part of “temporary” do you not understand? AGQ up again today while the miners are down. I’m not saying go short or even “sell all, ” but rather, “take a dollop of cream off the top”
Never short silver.
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http://www.youtube.com/watch?v=e9bU0r6JP4s
Well done, Jake.
Carry on.
Hey Jake,
Stepped in for some PM trading share buys today, after waiting patiently
Proud owner of some additional ANV, IAG, NGD, SLW, SSRI & SVM .
Up 3% on a few of them already.
Take it easy brotha,
Chivito