silver

go to coin shows.  there are 50 dealers in the same room competing against eachother.  last sunday i bought a half ounce eagle for 900 when spot was 1745

google coin shows in your area

Ask and ye shall receive.

Quote Originally Posted by atlasshrugged:



i am out of SLV completely now.  had some remaining from way back but out now.  still holding some GLD but cutting the cord with weakness.  i have to say i am extremely impressed with the relative strength shown by gold vis a vis silver recently.  this tells me something as investors are still seeking some type of solid currency.  can i go "all in" with gold priced only in Swiss Francs or Aussie Dollars?

chart on SLV just got clobbered with distribution and i can see it getting to the 200 DMA at 29ish.  i would rather sell and cash all in this vicinity as i have and buy back even if at higher prices with a higher probability of success.  sold some in February but out now.

we could see a deflationary move before what might be hyperinflation if the only solution is to destroy the dollar.  with no QE3 and Europe cascading this whole trade of "the dollar will go to zero" might not be so "easy" as some have thought.  everything is relative. 

Same position:  out of SLV completely and almost entirely out of GLD now although i have other investments tied to gold though not liquid and traded publicly. 

Let's start with the charts.  I'll stick to these and people can cling to every headline and proclamation by so called experts all they want but the last time I checked price/volume and accumulation/distribution were the name of the game.  In May SLV and spot Silver got trounced on very heavy volume (substantial distribution).  (Maybe in May the market started to anticipate that the Fed could not roll right into QE3)  Predictably there was an attempt to move forward but the base was not properly constructed and it was a sloppy base formation and wide and loose.  These bases are prone to failure and this week shows the "breakout" from the sloppy base indeed failed ultimately.  I'll wait and see if it can form a nice, smooth, boring and steady basing formation and then set up for a breakout.  No shame in being patient. I'd like to see a decent amount of time with low volume and low volatility telling me investors are quietly accumulating and then see if the chart sets up for a breakout that presents you with a favorable risk/reward scenario.  If not just pass and find something else and cash is always king. 

Fundamentals (always secondary for me since the charts already tell you the fundamentals!):  Don't rule out a deflationary move here.  As I stated in more than one thread there would be no QE3 announced at this particular juncture for reasons stated in other threads.  Sure Bernanke could backtrack and announce it hastily and that would only reveal how much of a panic he finds himself in and how clueless he is to find a solution.  Anyways, the statement the other day said his intent is to run Twist until June of 2012.  This means no expansion of the balance sheet and no so called "money printing" other than rolling over securities that mature from the balance sheet.  This is a siginficant shift.  Investors drunk on Kool Aid are so dependent on the heroin hits from the Fed that they could view this as monetary tightening though it is not technically a tightening move.  Precious metals were ramping with FOMC balance sheet expansion and anticipated inflation along with the armageddon trade and oh by the way . . . . a dollar that was declining in a nice and orderly fashion almost tick by tick to the tune of Wall Street's ambition.  Check out the dollar and what it has done in the last few weeks.  Now those "earnings" from overseas converted back to dollars might not look so rosy now will they (not that i give a shit about EPS expectations and other Wall Street bullshit but just some added info). 

Prior to this last FOMC meeting the dollar skyrocketed and Gold weakenedThe dollar and the metals told you there would be no QE3 announced there was no reason to bite your nails waiting for it. 

Listen to the headlines all you want I am sticking with the charts and what they tell me. 

As always, since 2007 unexpected and massive government intervention and manipulation can change things in the short run but this where I am at for now with the precious metals.  Nobody can project reasonably some type of sudden and massive shift in government intervention (such as a surprise announcement of huge QE3) so I'll accept the opportunity cost of possibly "missing" that for now.  Either way the chart for SLV is broken, sloppy, and erratic.  just look back to 2009 and 2010 when it was fairly smooth and even and you can see the difference.