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Wondering what your thoughts are on this. Did PM's bottom out today? Obviously no one knows for sure, but I was wondering what the general feeling was today from RCers.

Overall I must say that I am pretty happy that I dumped DXD and loaded up on NUGT this morning. Lets see if this keeps going! gogogo!

Or is it just the dead cat bounce?

I still think 25.00 is never going to happen, so I think buying now is a great idea. The down is close and the up is the moon in the long run.

I have loaded up since it went below 31 again. 31 is seeming high now, of course, but when it's "fake silver" you can inch back up with derivatives.

It does seem like a dead cat bounce. However, I think a lot of hedge funds, institutions, etc, have been taking profits in gold as the year ends and that has been forcing the price down (silver has just basically been following gold for the most part). The US dollar has been strenthening a bit too which usually puts downward pressue on gold. Going forward it does seem that a lot of currency is coming into the system worldwide which is historically good for silver and gold. I think that helps the arguement that there is a good chance these levels could be a near-term base for both metals. Maybe a few dollars downside for silver and another hundred for gold. Copper seems to have built a base here between 3.25 and 3.50. Some different factors effecting price of CU though.

hope not, but ive been "pulling the trigger" under 30. hit 26 today.

slickeast wrote:Or is it just the dead cat bounce?

Dead cat? Nah. Cats have nine lives, remember?

LCB (live cat bounce) will forever be entrenched in my memory! gee thanx beau!

barrytrot wrote:I still think 25.00 is never going to happen, so I think buying now is a great idea. The down is close and the up is the moon in the long run.

If you are going to buy silver, I agree with others now is just as good a time to START BUYING. The prediction of $25 silver I made many weeks back was just a prediction about a moving target on a given time line. Some of us spotted a trend and have commented about it. That trend is full blown now. Spot doesn't have to hit $25 for everyone to buy. Now is a good time to BUY. If it drops even lower to $25... BUY SOME MORE!

I think we are near the bottom of the trend. It could go lower and it could go back up; no one but God knows and He isn't saying. Don't wait for $25. Buy now. If it goes lower, buy more. That being said, do your own due diligence. Make your own decisions.

penny pretty wrote:LCB (live cat bounce) will forever be entrenched in my memory! gee thanx beau!

Now let's just hope the liddle puddy tat doesn't shred the furniture as she claws her way back up!

IMHO, I believe we saw the bottom early Thursday morning, which was the bottom of the SILVER flash crash that the big boys were watching for any weakness. There is strong support at $25 which was the beginning of the entire upward rise to $50. Now, that does not mean we are going to the moon anytime soon. Technical damage needs quiet time to mend. However, a short-term move to just under the $32.50 resistence would certainly be feasible in the first few weeks of January. More backing and filling after that. While $26 held, it would not surprise me if we had to have a triple bottom at $26, retested for a third time in the first quarter of 2012. No one knows for sure, but these are my best guesses.

The market will fluctuate.

Cheers!

My best guess is that, there will be times when the market moves strongly upwards. At other points it will seem to just creep higher. Then there will be days when it seems rangebound. When you least expect it, the market could drop precipitously in one day, giving up a week's worth of gains. A month from now, silver could be at the same level as today, or a fair amount higher, even a lot higher. But it might also plummet and broach long time support at $22 if the euro derails. Let's check back in a month and we'll see if I was right.

Jonflyfish wrote:The market will fluctuate.

Cheers!

Like Morsecodes tagline, there will be growth in the spring, chance the gardener

I sold off my NUGT at 19.64 and now I am out of all paper holdings. Gonna wait a while now for a stupid move in one direction or another and pounce for a rebound. This nice little turnaround on NUGT came really close to making up for the losses that I had with NUGT over the last few weeks. I took a bunch of little hits on the way down trying to time the bottom. Whoops! 2011 still ended up being a good year for my holdings, but it was a lot of work doing so. Hard to look away from the screen in this market. There are times now when I liquidate everything if I don't think I'll be able to access my account for a spell. Kinda turning into a day trader.

So right now I am just long on physical metals and a little bit o FRN's.

I'm still expecting a test under $26 before silver moves noticeably higher.
That being said, I did not buy any silver Thursday morning. Had my finger on the dialpad but didn't place the call.
Obviously have missed a fairly big move and might be out by now.
But I'll be patient, silver isn't close to breaking through any technicals on the way up.

Happy new year everyone.

I'm long silver (mainly fake) the most I've ever been! And I'm down on the majority of it, having bought heaving at 31 and again at 29.

Being fake though, there is very little chance of a loss since the option premiums are quite healthy as well.

Anyone that didn't buy in the 26's that had the chance is probably not bullish on silver. Which is fine.

If you are bullish and you didn't buy, then please look up the definition of "bullish" and change your stance to "bearish"

Picked up a couple more rolls of Ag rounds and another oz of Au.

It is often puzzling when signs of risk were mentioned quite some time ago and people commented on how a decline in price doesn't matter (even if a 50% decline requires a 100% advance just to recover) but when the price does move up a wiggle or two (perhaps by just enough to cover the spread on some generic rounds etc) from the most recent extreme low, people start dancing in the streets. Market psychology is fascinating.

Cheers!

Jonflyfish wrote:It is often puzzling when signs of risk were mentioned quite some time ago and people commented on how a decline in price doesn't matter (even if a 50% decline requires a 100% advance just to recover) but when the price does move up a wiggle or two (perhaps by just enough to cover the spread on some generic rounds etc) from the most recent extreme low, people start dancing in the streets. Market psychology is fascinating.

Cheers!

Ha, that's probably true.

In this case though, I think the majority of the cheering is because at 27 or 28 silver is still well up from a couple years ago and so most people are "up" on most of their hoard.

I think we are seeing an end of year twitch in the market. The factors that pushed precious metals down are still in play, and getting worse. It will be a while before metals seperate and head up, IMO.

And picked up still another couple rolls of 90% and another oz of Au. Stretching my cash thin, but I'm not expecting to see much lower than this for any length of time.

The first few weeks of the new year have historically seen a drop in both PM's and stock prices. If I were buying (which I'm not) I would wait a few weeks.

Country wrote:IMHO, I believe we saw the bottom early Thursday morning, which was the bottom of the SILVER flash crash that the big boys were watching for any weakness. There is strong support at $25 which was the beginning of the entire upward rise to $50. Now, that does not mean we are going to the moon anytime soon. Technical damage needs quiet time to mend. However, a short-term move to just under the $32.50 resistence would certainly be feasible in the first few weeks of January. More backing and filling after that. While $26 held, it would not surprise me if we had to have a triple bottom at $26, retested for a third time in the first quarter of 2012. No one knows for sure, but these are my best guesses.

BOTTOM!!

Yep. Now Gold is up 2% already for the day. That's the normal "max allowed". Let's see if they try to shut it down at that, or if this market has greater legs than TPTB have resources or will.

Derivatives already complacent.
More volatility to come....
Cheers!