I'm glad I'm completely out of silver, but I do have a small position in GLD, and Spot Gold was hit along with silver, though not as sharply.
Spot Gold was actually up to 1578, another all-time high, but is now at 1551. Some typical dirtbag crap behind closed doors is going on once again, but I'll be surprised if Spot Gold opens in the morning below Friday's closing price. There is simply too much global demand from central banks.
6:18 pm (Hawaii) Spot Silver volatility? Insane. New York took it from 48 to 42.50 in minutes. Then Sydney took it up to 44 and Hong Kong took it to 45+. It's leveled off since and is at 44.33 now. As of Friday, I didn't want to mess with anything silver until spot dropped to 45 ... but this is beyond crazy. The Cartel is sending a clear message. They are shorting the shit out of Spot Silver and they'll drop it another 5 bucks plus at any time. At this price, though, it's not like the world is at the mercy of the naked shorters. A few billionaire buyers could easily take advantage of this discount and take it back to 46 or 47, even 48 or 49. That's the stage Spot Silver occupies now.
Meanwhile, Spot Gold is trying to stand firm at 1550, now at 1553.70. It dropped to 1543 or so after Sydney and HK opened shop. If it doesn't rally back to its high, I'll probably wait for a second selloff tomorrow before adding any more GLD or opening a small position in NGD or DGP.
6:27 pm (Hawaii) I was outdoors this afternoon, so I'm just finding out that Bin Laden is dead. What does this mean for the market? Does this explain the drop in Spot Gold and Silver?
11:33 pm (Hawaii) Spot Gold holding on above 1550. Spot Silver rallying back up over 45 just now. I'm expecting another takedown on silver, though. This shit is not about bin Laden. It's about the usual puppeteering by CME/JPM on a Sunday night/Monday early a.m. If Spot Silver goes to 42 or 40, I won't be surprised. Hong Kong is about to close shop. London is on royal wedding holiday, dumb as that sounds. I want a position in silver (via EXK, SLW or PSLV or maybe SLV, that slut) cheap, but I thought 45 would be good enough. Now it's wait-and-see time. It won't go down and down forever.
My guess is Spot Silver touches 40 before the opening bell. There are simply not enough BIG buyers at this point. They're waiting for a near-term bottom, no rush to get back in after an all-time high. Spot Gold should hold fine above 1550, though. Buying pressure had been pent up for several weeks until the bump late last week.
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