Monday, June 13, 2011

Paper silver: Better day for shorties

10:18 am (Hawaii) Precisely why I am not long or short paper silver over the weekend. You just don't know which way the puppeteers will take the market. They could make it simple and yank paper between 33 and 39 all summer. Or 30 and 40. Whatever. But they'll do whatever it takes to make money on either side.

AGQ is just off its lows (164.40) and trading at 166.50 after hours. Since hitting its high of 382 (April 28), AGQ has been as low as 152 (May 17). In other words, there's plenty of room to the downside. Below 152, it's empty space to 116.

EXK down 3.4% to 7.75. Below 7.50, clear sailing down to 6.67.

XG down 2.9% to 11.21. Won't touch this until the gold takedown slows. The puppet masters can break paper silver as low as they like, but they are the same entities who have tons of physical gold stashed in their personal vaults. They'll take paper gold down only so far and when they do, they will stack with cranes and backhoes.

Turd Ferguson: Just mucking fugly (June 13 2011)

No comments: