Imminent Silver Correction

[Sheikh_yer_Bu'Tay]

Jon,

Looks like you were right. Many "gurus" are now talking about Ag dropping downwards to $30. You were the first to offer a warning about the correction I know of. Thanks for the warnings.

I am not worried about it. I mentioned I felt we skipped a correction at 30-32 a while back. But I still don't understand it. The dollar is at a three year low, the silver shorts haven't changed their game, the Fed keeps pumping out monopoly money, BRIC nations are jockeying to become the new reserve currency, and so on....

They can't hurt me a bit. I last bought at $18. My dollar cost average for Ag is $9.70!! Hahaha!

I hope you will hang around. It is a pleasure to read your comments.

Best wishes,

The Sheikh

[Treetop]

For my .02 cents on the tension between neilgin and jonfly I think theres merit to what both of you are saying. I do think "da boyz" exist and try to do a bit to the price of silver, I just dont think they can ACTUALLY control it. Just kick it when its down, or surprise it from around a corner from time to time so to speak....
Perhaps Im wrong.... who cares really.....

Both of you seem to think silver will be off the charts comparatively valued in dollars in the long term. One of you got crushed by the markets before, and you see that happening in silver. Perhaps your right or wrong, who cares. another continues to do well trading in this way, and has usually (not always) been very accurate. Again doesnt really matter.... We all have a little piece to say in all this ourselves, and millions of others like us, we are indeed part of the market. So I think all our stories are worth hearing.... the said I think neailgin has a solid point and it hurt him to learn it the hard way. Jon feels he would be ready, and knows its a risk... perhaps I read into that myself, really doesnt matter.....

My ultimate point being that I want to hear BOTH of your stories. We ALL know silver is volatile, and the way things are likely to get more so. I wouldnt be to surprised to see 25 dollar silver, and 200 in the same year. times are strange, and so are people.

[Mossy]

...some may hate the unions, but i ask you all, talk to your great grand parents, grand parents, etc....ask them what the unions once meant to a single working man with NO bargaining power of his own. My people slaved in the garments industry, UNTIL they organized.

Small quibble on who destroyed the unions: The union members did by voting in bosses who ran on the platform of robbing the business owners.

My father was union, and so was I. We argued about featherbedding and about stealing stuff being shipped through the port. I was right, the shippers went to containerized cargo and the number of workers needed dropped to about 10%.

[Jonflyfish]

Get ready. The markers are aligning for another correction.

Cheers.

[Jonflyfish]

Initiated a short position at $38.78

[68Camaro]

I don't have your technicals Jon to guide me quite so quantitatively, but as I've recovered losses and made a profit on the drop, it does seem like a good time to collect, specially if these cycles are going to continue (and maybe make some money on each cycle). So I have put in several near-term upper limits to start selling off the extra paper, the lowest of which didn't quite kick in today. No need to be greedy and wait too long - which is sort of what happened to me two weeks ago (my hands are slightly tied as to how/when I can sell). I hope I didn't set them too high or wait too long, we'll see tomorrow.

Edit - note I'm trading in PSLV, which isn't scaling exactly with spot. But close.

[Jonflyfish]

Added the the short position @ $39.03

[Jonflyfish]

68Camaro- Glad to hear you are in the money. Always appreciate reading your posts.

Cheers

[Jonflyfish]

@ $37.91, some folks might begin covering some shorts.

Cheers

[Jonflyfish]

Covered some @ $37.62.
Hit & Run
Cheers

[Jonflyfish]

...and $37.12

Cheers!

[Jonflyfish]

All out @ $36.74

Ok will stop blogging here.

Cheers

[shinnosuke]

All out @ $36.74

Ok will stop blogging here.

Cheers

That's not blogging. It's tweeting!

[Jonflyfish]

All out @ $36.74

Ok will stop blogging here.

Cheers

That's not blogging. It's tweeting!

Hehe- Wouldn't want to be caught tweeting that with silver at $36.60, a bounce up is now imminent
Cheers

[shinnosuke]

All out @ $36.74

Ok will stop blogging here.

Cheers

That's not blogging. It's tweeting!

Hehe- Wouldn't want to be caught tweeting that with silver at $36.60, a bounce up is now imminent
Cheers

Don't think we've found the bottom yet. $36.47

[Jonflyfish]

Couldn't resist. Long @ $36.47 for a hit & run trade. Likely won't be here to chirp the exit so don't audit this LOL

[68Camaro]

Big boys are pounding the heck out of it today... Apparently going for two weeks in a row to try to suck the life out of it...

[Jonflyfish]

We added our final long silver allocation at $32.37

[Thogey]

This was a great thread to review.

[Cu Penny Hoarder]

This was a great thread to review.

Yes, it shows how people thrive off saying "I told you so". Short term they are sometimes correct, long term they are usually very wrong.

[Jonflyfish]

This was a great thread to review.

Yes, it shows how people thrive off saying "I told you so". Short term they are sometimes correct, long term they are usually very wrong.

It's not about misrepresenting the facts. It's pays to be nimble and keep your eyes open to what the market signals.
U mad bro?

[Thogey]

No kidding! All JFF does is analyze the market conditions. I don't understand half the jargon he writes about. But the fact is, as illustrated by JFF, manipulation or not, it is what it is and the money is moving. This happens regardless of the reason folks have for moving it.

It's impossible to predict anything long term, except we die, and you better be ready for that.

I'm a stacker. I love when silver is on sale. and it has always been available to easily sell when I need cash.

This trading stuff sounds awful! I'll stay a simple man, work save and live.


I love reading the 'smart folks' opinions here and I don't see why some of you people get so piss*d off about another's opinion about the market?

What ticks me off is that someone in my neighborhood has a jack-ass, and that damn thing starts hee-hawen at 5am.

It must be at least 1/4 mile away, but I'm about to call the sheriff and tell them I'm about to shoot a jack-ass.

People's opinion about the market has no effect on my attitude.

So lighten up

[Sheikh_yer_Bu'Tay]

This was a great thread to review.

Yes, it shows how people thrive off saying "I told you so". Short term they are sometimes correct, long term they are usually very wrong.

It's not about misrepresenting the facts. It's pays to be nimble and keep your eyes open to what the market signals.
U mad bro?

Ha! What is there to be mad about? Jealous, maybe Not me! I marvel at how all limby nimbly you gotta be JFF.

Come on now! I want it to go lower so I can stock up! There are a lot of companies in my profession on the verge of going belly up 'cause they ain't ready for this shift! I want to have plenty on hand to capitalize with!

[Jonflyfish]

Perhaps another dip is coming.
Either way, volatility is not going away anytime too soon.

Best,
JFF

[aristobolus]

Perhaps another dip is coming.
Either way, volatility is not going away anytime too soon.

Best,
JFF

Jon, a serious question. Is our economic system possibly ready to collapse? Is a new currency around the corner? A new world order? I ask because you seem to have a unique perspective, and not driven by emotion.