We all have been patiently watching and waiting for this trend to end after the Silver drive-by shooting. I believe we are very close to the end of this trend. As you all know I am not a technical trader and put little credence in technical analysis in such a market that is rigged on many levels. Think about it,the physical inventory is manipulated by the paper market trading billions of ounces overnight when most of the world’s market were closed leading to a $6 crash in 15 minutes. On top of that manipulation,we have all of the derivatives that multiply the winnings for those in the know. The markets are then manipulated with rate hikes,margin requirements,and rule changes. Look at the FOREX markets that just outlawed trading precious metals. Then you have the dollar,which is what silver is valued in,that in itself is a lie. Finally,I believe the Elite put most of this technical analysis to get the Pavlovian dog traders/traitors to instinctively react to the signals the Elite put out.
All that being said,it looks like this consolidation trend is coming to an end.
The only caveat I see is this July 15th drop dead date on the FOREX trades on PM’s. I do expect the Elite to pull more cards out of it hat and use some of the mythical SLV to back up the CRIMEX. The downside risk is down to $31 at the 200dma which if you are holding physical is no big deal. The upside is $960 Silver…They may try one more drive by,but any short term gains they make in the paper market will be met with long term physical problems as the CRIMEX inventory shows. Long term there is NO winning for the Elite if we stick to our buy physical only strategy. If you trade silver,mining shares or warrants you really need to gut check yourself and decide why you are playing this market. It is my belief that if you have any FRN’s in the market you are in the Elite’s casino and they will never let you out with any significant winning with out changing the rules or manipulating the market. If you have money in IRA,401ks,savings or any other dollar denominated asset you need to think about getting out while the music is still playing. What are you going to do when we have another panic like in 2008? The worse part this time around,you know better now. ( Read:The Treasury is Coming,Got a 401k or IRA?)
I fully support the Silver Viral Project. This project is a great way to increase the awareness for investing in physical silver. (If only more people put effort into this project than the Ponzi Scheme Bitcoin…) Stop dragging your feet and act as if the is no tomorrow. Beat the rush and panic now.
I have quite a few silver options expiring in December.
I just read the same thing from James Turk that he believes the end of this downward trend is near. With silver back at $36, 1/2 of my options are finally at even money and the other 1/2 might require silver to go to $40. Based on the possibility of this trend being almost over AND the continuous thread of a looming debt crisis, two diverging possibilities, would you just take your money out of this paper NOW! Or am I taking a great risk by waiting even a week or two. this article suggests that the manipulators could come back again and do the same.
My goals is to get out of all paper but I would like to maximize what I have if possible.
What do you think?
I see a dip coming with the deflation scare and I would not be surprised to see a FUBM too.
Maybe not NOW but soon. I pulled out of paper already as phyz is my friend.