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Here I am off on a pleasant fishing trip, and some of you are already gnawing your neighbors’ fingers to the third knuckle in white-eyed panic.
Please, sirrah, leave aside your neighbor’s foreleg and listen here. Have a shrimp cocktail. Read a pleasant romance novel. Present your spouse or beloved with a surrepetitous boss upon the lips and pronounce yourself arduous. But for pity’s sake, let’s not loose our bowels here over a nasty couple of days draw down.
Noted, this speech is not for ye varicose vets who have been with me since we began back in May of ’09. Most of you wise folke have stacked piles of coin in your garage and pantry to the point of bringing alarm to your neighbors. Such would be true had you been moderately disciplined, and kept your core close whilst raising cash at opportune times when the rivers were high and the bloodlust roiling.
For those of you new to the scene (and it appears there are new folke popping up all the time on my site), I implore you to take care here. Do not self immolate. I would rather you slice, stack and eat 17 bologna sandwiches while you wait for this pullback (one in a long line now) to quiet rather than seeing you sell in a convulsive panic.
In the meantime, my own patience grows thin, and I was even audacious enough to begin adding to my AGQ horde again today. What of it? It was only some 20% of my peak shares and it was at $261.80 a share — a good $120.00 off the recent highs! Might I get some more even lower tomorrow? I sure hope so.
I’d better be nimble though, as this thing has come so very far, so very fast. Remember my silver commodity chart from last night? Where I’d hoped for a tag of the 50-day EMA? What haste we’ve made toward that goal just today:
What’s more this fast tracking has given silver’s double ETF — AGQ — a premature visit to the 50-day EMA already. As a result, I’m not sure AGQ has much left to give here:
Will we hammer that 50-day one more time tomorrow? Odds on, I’d say it’s likely. But then again, I was never quick, so I’m just going to take this slowly, and with aplomb.
I also bought back some more EXK today, at $9.89. I’m back to a 75% position in that stock from my core of 50%. You see how this works? It’s a little sloppy, a little messy, but in the end, it makes for great gains. I also grabbed more AG today, at my early price of $18.01 (again, on a GTC order in place for two weeks now) and later a little more below that in the upper $17’s. I’m near to a full position in that stock a well, but have one more “lunker bait” order in there in the lower $16’s.
One gold stock I love, despite it’s recent oxygen robbing action, is ANV. I’ll let you guess where my orders lie for this one, tomorrow:
Cast your nets upon the waters, friends. Captain Bernanke has promised many fish, via multiple dynamite stick detonation. Sure it’s not fair, but should we turn up our noses at free cod?
All the best.
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Thank you good sir. I had a slew of orders not fill today save for PAAS and SIL.. am hopeful tomorrow they do. Your patience + wisdom through this entire run has been so generous, thank you for all Jake.
What my friend kohai said.
What my sis Lindsay said.
Hi Sis!!
Hey Jake,
With QE2 ending isn’t that bad for the whole PM trade?
Here’s the catch:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/3/11_Jim_Rickards_-_QE_is_dead,_long_live_QE!.html
Don’t miss the season finale of Justified tomorrow.
I miss it a lot but always DVR it.
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VERY probably a plus day today in GOLD, but after that, expect a “dip” below $ 1500 the following days.
You buy into the theory that futures contracts are being replaced with SLV as a result of the increases in margin requirements for those markets? If so, SLV could be the new game in town unless they turn to the miners but SLV is a “one and done” means to an end.
I think miners are the play.
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http://www.youtube.com/watch?v=H0QE5A056Ro
…If any of you have silver shorts out there, now is the time to remove them.
Well shit, im getting in today…starting with 1/3rd tranche positions. Lets see where this takes us.
Here is my lineup of choice:
AGQ
SLW
ANV
EXK
Any ommissions?
I changed it up….going half gold and half silver.
put in orders for the following a bit below yesterday’s close:
EXK
SLW
GDXJ
XGC
1/2 tranche each….about 8% of total portfolio value. Lets see where this takes me.
Got all of them just now at what i think are prett good prices. I will buy another tranche if it goes a lot deeper, otherwise i will just ride this stake.
Thank you for this post!
Indeed patron!
Slowly, and with aplomb.
I’ll have the blonde please.
Looks like you are getting taken to the Woodshed on that AGQ trade. Still believe in the Savage C-Wave?
I’m down $4 on a $262 investment. Are you kidding?
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now 16.
Got more at $232.66
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Why all of the haters? Take the advice/thoughts or leave them. Jonti, why don’t you post your trades and keep us posted real time like Jake does? Oh wait, I’m assuming your buy was the $12.83 tick on ZSL and you are going to sell when it gets to the top, right?
Only thing worrisome about silver here is /DX oversold level
Looks like SLV is starting to fall through that trap door. When will you relent and tell us that Savage fooled you with his wave theorum. Let me tell you something. Silver is crashing like the NDX did in 2000!!! There is no moving average, no silly “wave” theory, and no line on a chart that will save you. Why try to catch a falling life? Are your shares of CSCO from the year 2000 still an investment?
and why are you the fucking expert here? If you are such hotshot, start a blog and post the link…
Jonti — might I refer you to a good priest for your troubles?
I should have realized it was Gary you were after. Man, for the nicest guy in Vegas (by a long margin) he sures does pick up his share of nutters.
If silver is going the way of the Hunt brothers, I suggest you load up on ZSL right here.
Please let us know time and price.
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in AGQ 240 June calls, not afraid at this point
ZSL just went overbought!! Do we not sashay to the broker outlet of our choice at this point and fecklessly purchase every and all silver products?
I am loading up on my last bits right here. Already announced on the PPT.
Aside — are you a dentist by any chance?
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I own a dental lab. plenty of scrap gold and silver flying around here.
Hey Jake,
Thought you would really appreciate this article which goes hand in hand with that ECON video from the other day.
http://mises.org/daily/5216/Six-Fundamental-Errors-of-the-Current-Orthodoxy
Anything from Mises is worth its weight in gold.
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Battle at the 50-day…
It doesn’t matter what I say or do or if I start a blog or whatever. Nothing is going to stop SLV from getting to the low 30s and Im not even sure if it will stop there. Dont blame the messenger for delivering news you dont want to hear. You might as well hear it now, know it now, then later on when your account is wiped.
How will my account be wiped, Jonti?
I am not margined or really leveraged (save for AGQ and some very small option plays), and I bot SLV in the $5-$7 range (and have sold half of it since… too slow for me).
I also started buying AGQ below $40.
How will my account be wiped, exactly?
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Don’t waste your time Jake–clearly he lost his way from the Yahoo boards and needs to find his way back.
Jonti–click below and you’ll be back where your trolling will have the desired effect…thanks for coming out
http://messages.finance.yahoo.com/mb/SLV
Winning ….
Ahhh so you have it setup where anything you do or say will be right no matter what happens to Silver. If Silver takes a dump, then you bought AGQ below $40 and, hey, it was a small position anyway, right? Typical financial blogging exercise to never be wrong on a trade even if it really goes against your actual call. Typical…
Jonti,
You know not of what you speak, give it a rest.
Jonti — some last advice before you repair to your Yahoo! troll board:
Sell HIGH,
Goonch LOW!
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Dude–seriously, are you 14 years old or something?
Go fuck off and post on youtube or something. This is a serious site for investors who know the risks and deal with the losses. We don’t need your bullshit trolling. Do your parents know you’re posting here?
Jonti,
Do you have any interest in any silver related puts or shorts?
Jonti, if your head weren’t located in your colon you would know that Jake has been on the PM train for literally years now. His cost basis, while hard to fathom, is likely even lower than your IQ.
Shorting Silver is a dumb move btw. Better to just stay out if you are a bear.
/SI looks like it’s putting in a double bottom on the hourly and 4hourly, RSI curling up and oversold as well as MACD everytthing except the daily so far.
gooooo!
Nice bull flag on the 5 min for AG …
Almost done here … Added AG & MVG to my FVITF silver holdings and waiting on EXK for a fill now.
GL to all!
Jake, have you seen the MRS up in Toronto?
My wife you mean?
Or Medoro?
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Medoro … LOL
Thin but interesting story …
Where does one find the story?
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Saw it on Bloomberg, Taking Stock with Pim Fox yesterday.
Look at that, everything bouncing nicely.
Today has been a good goonching day.
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Nom Nom Nom
Jake,
Made my final add to favorite EXK today at 9.60, not great at buying the bottom but I try.
Well done, sirrah. I don’t think I got my last “goonch bid” but I came pretty damn close.
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BTW — I did get that ANV — at $36.05… and it preceded to go even lower than that!
Back above the water line now, though.
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Snagged
EXK @ 9.71
SLW @ 37.23 & 36.52
Slw 37.23 was earlier this week
Ever heard of this guy/firm?
Interesting presentation
http://www.stansberryresearch.com/pro/1103PSIEOAVD/LPSIM487/PR
Sensationalist. Not helpful.
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I now enjoy fishing after catching ANV for 35.95 on a GTC order from yesterday morning. Those girls are sofa king hot.
Nice.
There’s just so many Silver haters now.. Saying the run is over.. it’s going to $25.. etc. I like that ZSL flagged Overbought in the PPT. It nailed the last dip to perfection. Never seen you so active in the PPT today Jake. It was much appreciated.
Another great indicator is when the likes of “Jonti” show up. Definite sign of a short term bottom.
🙂
Thanks for all the advice, Jake!
No problem, Marc. You had some very sweet pickups yourself today.
😉
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Might be able to get silver stocks even cheaper tomorrow;
I didn’t buy but a little SIL, too chicken even though it was quite tempting.
Another margin hike, the 4th this week?
has/does AG hedge(d)?
Added to EXK @ 9.51, SLW @ 36.24. Thanks Jake!