Pity the silverbug.
(click to enlarge)
I kind of half followed their rantings about conspiracies, manipulations and massive shorting of the metal last week. For what it's worth, it's pretty clear that one of those three is at least half true. Sure, the metal got shorted. Why this is a conspiracy and not a simple winning trade is still not clear, though.
Anyway, as mentioned in other parts, if the world's leading silver market watchers have absolute proof of illegal practices in the silver market (as they seem to have claimed over the past couple of weeks), where is the legal action? Why hasn't it started yet? Or maybe my previous post on the matter is the real story, i.e. a big player made a trade and won. That simple.
But anyway, that chart is a pretty simple read right now, so if I were a silver addict I'd be rejoicing right now, not ranting and raving. That is one seriously oversold medium of trading people, and SLV (or the metal itself via futures or bullion or even coins if you like) is looking like a seriously good place to go long.
Finally, I was reminded today (via another subject and an e-mail) of the three cardinal rules of the stock market, and it's worth repeating them here. They apply to metals as much as stocks, and if a single silverbug reads them and sees a bit of light it will be worth all the badmouthing the others decide to throw at me (insults to otto.rock1 (AT) gmail (DOT) com, please....put them on the comments section and I'll just delete them, dudes: you get no public glory here, I'm afraid):
(click to enlarge)Anyway, as mentioned in other parts, if the world's leading silver market watchers have absolute proof of illegal practices in the silver market (as they seem to have claimed over the past couple of weeks), where is the legal action? Why hasn't it started yet? Or maybe my previous post on the matter is the real story, i.e. a big player made a trade and won. That simple.
But anyway, that chart is a pretty simple read right now, so if I were a silver addict I'd be rejoicing right now, not ranting and raving. That is one seriously oversold medium of trading people, and SLV (or the metal itself via futures or bullion or even coins if you like) is looking like a seriously good place to go long.
Finally, I was reminded today (via another subject and an e-mail) of the three cardinal rules of the stock market, and it's worth repeating them here. They apply to metals as much as stocks, and if a single silverbug reads them and sees a bit of light it will be worth all the badmouthing the others decide to throw at me (insults to otto.rock1 (AT) gmail (DOT) com, please....put them on the comments section and I'll just delete them, dudes: you get no public glory here, I'm afraid):
1. Buy low sell high
2. Never fall in love with a stock
3. Remember rule one at all times
2. Never fall in love with a stock
3. Remember rule one at all times