7:53 am (Hawaii) I was just about to pick up a few shares of ZSL at 13.75 when I hesitated for a minute, not a second more, and it shot to 14.04 in an instant. Sure enough, spot silver crapped out, dropping from 39.50ish to just above 38.50. This is why I don't mind holding DGP long term, but always view AGQ (and ZSL) as day trades.
It took just a few minutes for ZSL to come back below 14.00 now that the big sellers are out for the time being. They're coming back here in the high 13.80s. I might get that 13.75 after all.
FAZ has also rallied again, now at 56.30. Yesterday, I'd hoped to see gold at 1650, even 1625, before buying some physical. It's clear now, though, that until Bernanke announces QE3 or the market shows certain signs that stimulus has returned, the action will be electrifying, painful, ecstatic and unnerving.
Update 8:11 am (Hawaii) Indices are all more than -3% down now. EU decisions leave the USD as the only green spot on the board. Might be time to pick up some UUP (21.39, +1.5%).