Friday, September 23, 2011

Silver Getting Mike Tysoned

No, not getting it's ear bit off but falling to the canvas dazed and confused. Silver is getting KO'd this A.M down almost another 10 percent....and it's only 6:30 A.M EST

And it should be no surprise. BAC is selling everything it can to raise capital including the sale of Pizza Hut (yes I know, selling pizza delivery men) Let's look at the the top institutional holders of SLV and see why this isn't a surprise. Obviously the silver market is bigger than SLV but I find it to be a good indicator of who is doing what.

People will be crying manipulation, absolute wailing while slamming their hands on the table. Damn you Blythe Masters!!!

I normally like to make a short term trade when an asset drops it like it's hot (almost 20% in two days) but in this case I am not. However, it would not surprise me to see a viscous rally as shorts cover and the "You will have to pry my silver from my cold and dead hands" people step in and try to do something. Also, bullion dealers will be rushing to hedge their books.

No comments:

Post a Comment