Just noticed silver went below $17 today and thinking SII is over priced and admiring SLW's 17.50 RSI. No position. FR is at a level that has me happy I sold my son's "bottom fish " catch a month ago! I own no positions in pm s so my only bias is to try and catch a bottom. I get a pm sub where the guy has just finished selling his last position this week! But don't despair, he has been consistently wrong! I have no idea whether he catches up to his 'broken watch' and will finally be right this time, or not!
I continue to be skeptical about Asian buying of physical, this assumption of robotic buying for cultural reasons. While absolutely true that there is strong cultural traditions for gold, there is also a big dose of speculation too, and they can see its performance. I've not tracked how gold's done relative to the yuan or Indisn currency, but they know how gold's done relative to the dollar.
If we finally get a blow up of the Chinese markets (QE that makes the FED look like a joke, stupid spending on stupid things for the sake of stupid economic growth) does gold become a source of liquidity? The crackdown on corruption continues and this should continue hurt physical purchases. A lot of the gold demand in India for jewelry ends up in the Middle East. And oil is going where? I don't know where the bottom is and the bottom will be hit one day despite every negative factor going against gold and silver, respectively!
I think something big and ugly will need to happen to make the shorts cover and to reverse the tide, to mark the final bottom??? Just seems like a tough way to make a buck when everything ends in a question mark, just like it did when I lost my first thousand in gold so many years ago. But you know, I'll no doubt be back one day. Who'll carry on, my demographic issue with jr speculations is another major issue. Vet's graph of yesterday speaks to that wonderfully. It might take the 10% or the 1% having to speculate in the Venture, lol, as if that's how they made their money.
I suspect they'd rather own Apple. |
