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It’s raining cats and dogs here, and the drowned goats are accumulating on the banks of the river.
Time to start accumulating said goats for want of a strong spiced jerky that will carry you through the latter days when the Bernank’s stricken peso won’t even be exchangeable for a handful of magic beans. Do you have your targets set? I have mine.
Go ahead, put an order in for SLW at $38.00, and maybe some AGQ at $295 and some EXK at $10.30. Who knows? You could get lucky. Or you could get sad. You can miss by a nickel on either side of the stanchion. But what fun would life be with no chance, no uncertainty?
Whatever the case, I will be waiting and watching during this pullback. Like an otter stalking an adder, I’ll be waiting for some opportune moments to rebuild my EXK/SLW/AGQ positions. I also think that RGLD will come exactly back to the $55-56 breakout level from which it recently launched. The ANVil may even return to the lower 30’s for those who missed it last time.
What opportunity awaits those Quakers who have missed so much over the last glorious month. Even if you were never a fan, there will be opportunity for you to laugh with the bull very soon.
Very soon.
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Sold half silver bar holdings upon the morning reversal at the local Coin Shop … told him to expect to see me back in a few weeks if not sooner.
Curious. Why your preference for trading physical silver?
Say I bought a silver bar for $250 when silver was at $23/oz. I paid cash at the coin shop. Now I walk back into the coin shop and sell the silver bar for $450 and receive cash. Where is the bread trail for the IRS to follow me home?
Like Doyle Lonnigan said in The Sting, “Ya Follah?”
Then again, Teahouse is also making an assumption that the silver bars will be there in a few weeks to buy back. They might be gone.
ooooo… Gotcha!
wouldnt it just be easier to hedge your physical using puts or an outright short position?
@Huggie – Was also thinking some sort of hedge would be better. Save petrol. 🙂
While everyone is yelling fire and running for the exits I calmly look down and see that a butt has lit a piece of tissue paper on fire in the trash can….
True.
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Looking forward to it–and thanks for the suggestions on potential entry points
Has anyone calulated their net return after all expenses of all this trading in and out of gold and silver pm’s vs periodic buys over the last year or 2?
In other words, additional gains (over an accumulate only strategy) minus losses, commissions, taxes, AND the value of the additional time you spent doing all that.
Just wondering.
No, but no one is advocating getting all the way out and then all the way back in here.
You should be “trimming the sails” when we’ve had extended periods over the 200 and 50 day EMA’s, and readying yourself with some cash to grab some more on dips.
It’s a fine way to boost your returns (yes, after taxes and commissions) without sacrificing your core positions.
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After perfectly timing the tops and bottoms four times since Silver was $17.00 I got cute and started shorting silver via ZSL last week (basically I sold the break out). I got my ass handed to me until today and I am only half way back as of this hour.
Lesson learned. Trim the sails indeed.
Never short a raging bull.
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I guess I was just early…good thing I held on through the pain. Trade of the year for me.
Reload in the troughs, trim in the peaks. Also allows me to cycle inventory into better setups within the space. Taking profits feels good too.
JIG
the miners are being taken to the woodshed.
Where I will be waiting for them with open arms.
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The people want to know how you celebrated JIG day?
In sackcloth and ashes, quaffing sour dandelion wine.
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AAU, ANV and NGD are marching to Pretoria
JG,
With the end of QE2 slated for late June, granted that Bernanke will replace maturing MBS inventory with Treasuries, and the continued deficits incurred through Congressional spending which will require funding either via sub rosa printing, or increased debt issuance and sales; here are my questions.
*What effects on all the above to interest rates at the benchmark 10yr?
*If rising, what effect on PM’s?
*If falling, what effect on PM’s
jog on
duc
Big Put buy in ANV today … otm Sep $30 puts with 4k + vs OI 310, on the ask at $1.05, 1 lot of 2,500
they are getting sucked in.otm’s are way to safe for the writer, and way so cheap and safe for the buyer.perception wise.
Congrats on your huge wins this year – I should have listened to you but instead I sell put spreads on stocks like BIDU and PCLN instead
1) Why does SLW suck so bad? Up nothing since the beginning of the year with SLV flying?
2) You are abundantly rich – why aren’t you on some tropical island somewhere instead of working 9-5? I ask this because I’m getting out of the rat race with far fewer dollars just because I can
I’m watching the $HUI for gold and it came close to the 50 day ema today. I just want ONE more down day here or, is there no hope for a drop to the 200 day? We used to look there Jake to buy….
Too many of my trader friends are telling me “get out of Silver man! It’s over!” I am glad to have found Senator Gint for his epic calls, riddle like blogging and careful PM planning. Can’t say I’m rich but I can say I’m still alive in this shark of a market and I’m learning. Thanks Jake.