PM Rally

[brian0918]

According to Kitco, Gold touched $1700!

[slvrbck]

$1700 welcome back!!!

[Jonflyfish]

Perhaps silver from 32.90 and gold from 1710 are worth protecting with a hedge.
Always mind your risk.
Cheers!

[Jonflyfish]

Perhaps silver from 32.90 and gold from 1710 are worth protecting with a hedge.
Always mind your risk.
Cheers!

Luck of the Irish perhaps.
Cheers!

[Jonflyfish]

Perhaps silver from 32.90 and gold from 1710 are worth protecting with a hedge.
Always mind your risk.
Cheers!

Going out on a limb here but I suspect that things might accelerate and further weaken the precious one's.
Cheers!

[Market Harmony]

Thanks Jon. Keep it up

[NHsorter]

Well crap, I bailed out of NUGT last night before the close. Thought I was pretty slick a couple hours ago, but these unemployment numbers seem to be cementing QE3 now so everybody hold on tight.

[Country]

QE3 SEPTEMBER 12...

The rally will continue in earnest...

[Mossy]

Wow. Ignore the charts for two weeks, and ZOOM!

[Oakair]

Did not expect 33$ silver this am...quite the nice surprise over coffee

[goodcents]

So where are we going from here guys and gals??

[NHsorter]

So where are we going from here guys and gals??

Long Term, UP!

[blackrabbit]

Feel good Friday is in full effect! Momma told me there would be days like this. I agree that the rally will continue for into next week or more, but what do I know? I do know that I have done well buying a stack of metal that is worth way more than I paid.

[goodcents]

Come back next Friday and pose this same question again

[fb101]

After today we're going to be in overbought territory (if not already) and we have FOMC looming.
we're overdue for a correction.
Watch your back and be prepared.

[shinnosuke]

Jeopardy player: I'll take PMs for $400, Mr. Trebek.

Alex: Alright, the answer is Germany.

Jeopardy player: Uhm...why are all commodity prices higher?

Alex: That's right!

[slickeast]

After today we're going to be in overbought territory (if not already) and we have FOMC looming.
we're overdue for a correction.
Watch your back and be prepared.

They are certainly trying to smack down prices.

[brian0918]

I had to go and invest in some USLV yesterday, so obviously silver falls off a cliff today.

[slickeast]

Take a look at the silver chart. I had a feeling today TPTB would make their move. What is the latest news on QE3?

[68Camaro]

Prices recovered from the earlier today combination of irrational exuberance and smackdown. TF says

http://www.tfmetalsreport.com/blog/4173 ... ut-control

... All in all, though, that The Cartels are rigging lower prices ahead of The Bernank tomorrow is a very good sign. Perhaps you don't recall that, on 11/3/10, The Cartels raided price right up until the QE2 announcement. They knew what was coming and they were trying to initiate raids in order to cover shorts. We are likely seeing the same strategy play out here.

...
As described earlier this week, a huge rally into tomorrow would have been a major warning signal the The Bernank was going to "disappoint" and that the banks were preparing to drop the hammer. That they've chosen, instead, to raid price 24+ hours before Bernank is actually quite bullish. So, be prepared for further weakness and selling cascades but do not be afraid. Look for a spot to buy the dip and cross your fingers for tomorrow.

[fb101]

If you take a look at the dollar index chart here: http://quotes.ino.com/chart/?s=NYBOT_DX&v=d12
you can see we're breaking support levels like they were rice paper BUT
It also shows the dollar is bouncing off a trend line; a break below means higher PMS, break up means lower.
If the dollar comes north off this trend line, pms will dip for a little while, but IMO the long term is up.

Just my opinion, not my advice. JFF gives the worlds best advice - DYODD!

[Beau]

.
THANKS johnflyfish you did it again now they believe you!!!!!

[Jonflyfish]

.
THANKS johnflyfish you did it again now they believe you!!!!!

You are too kind Thank you!
Perhaps it moves higher, even much higher but I just hedged at 1772

[Jonflyfish]

Market volatility has resumed to terrific levels.
Please mind your risk!
Cheers!

[mflugher]

Jon, if you have time;

How are you hedging? I assume you are buying futures contracts on margin as your main PM vehicle. How does one hedge against losses without also losing possible future gains?

Albeit all my paper trading is done via my IRA so I have limited options, mostly using the leveraged ETFs... I'm just wondering, I'm all out sold Uslv @ $40.85, it is now about $1 more which is fine, that's close enough to the top for me I have open buy orders @ 36.xx and 34.xx for approx 2/3 and 1/3 my PM play money, but as of now I'm out.

Honestly $40BLN/month doesn't seem like much QE to me, heck the pentagon uses that on their monthly taco bar I believe...