Thursday, May 5, 2011

$US still at 73??

To my amazement (not really shocked at all actually) the cancerous $US is out of breath again, and sitting upon its crutch at 73.

And the while Gold got clocked last night, and silver-well we know exactly whats going on there now dont we?

Here are my thoughts for the day and the trades I'll make:

If the $37 sticks on (SLV) on spot holds $38 decently, I will sell 50% of my PUTS. I will then wait for the dollar to roll over, and at that time buy some CALLS, and if I really find myself seeing what I need to see, I will BUY some more phyzz here as well.

I have no idea how these next two margin hikes will spread the contagion of sell orders, but $38 seems like a fair 50% fib retracements to me, and I feel comfortable enough to exit half of my bearish PAPER position, and start using the proceeds for physical.

IF, we cant hold $37.50 (spot)....$34-32 will be short lived. I would be shocked to see if break this level, unless Gold rolls over and loses 1500 as well.

Lots of factors today...goodluck. If you like gambling, pick up some ounces here at $38 for shits and gigs.
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24 comments:

  1. RichMay 5, 2011 at 8:34 AM

    Bernanke speaks at 9:30 today. See if gold/silver rise as per Peter Schiff. :-)

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  2. Mr. Secular TrendMay 5, 2011 at 8:37 AM

    I Have a message for the bullion banks

    http://seculartrends.blogspot.com/2011/05/hey-bullion-banks.html

    ReplyDelete
  3. YousifMay 5, 2011 at 8:41 AM

    Will definitely be getting some more phyzz® today.

    GBP vs CAD is awesome for some more miners today! Ready and waiting for TSX to come online.

    They don't call it the "devil's metal" for no reason!

    Silver, let's get physical.

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  4. The SwanMay 5, 2011 at 8:46 AM

    I bought today - figured it couldn't go much lower. I am new to the fold - sold up and started buyimg physical 5 months ago after researching and concluding that the shit will hit the fan someday. I have a question. In Oct 2008 when the financial crises was happening, why did silver price fall so much? I would have expected it to rise due to uncertainty?
    Also, thanks SGS - you do a great job mate. I am getting established financially but one day I will thank you generously.

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  5. aaronkMay 5, 2011 at 8:47 AM

    dollar just shot up.....why...Bernanke ????

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  6. ColinMay 5, 2011 at 8:49 AM

    SGS,

    I hope and trust you are right.

    Trading is a huge balls game, I flushed my paper a week ago but holding my phyzz of course.

    Can't count on the Bernank having his golden touch but I am hoping the dollar gets spit roasted with PM's at one side and the index currencies on the other after he speaks.

    Amsterdam Colin

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  7. AnonymousMay 5, 2011 at 8:51 AM

    I have been looking at the forex. New Zealand got good news. It goes down. Australian got bad news, it got clubbed. EURO got little news, Euro also got clubbed.

    Someone is pushing USD and JPY up. Yen is at the earthquake level before BOJ intervene. Yet no action being done.

    My conspiracy theory is that Obama wants re-election. High oil and commodity price is in the way. Also, they need someone to buy at Treasury auction. If other currencies sucks, then there will be more people buying at Treasury auction. And Obama has a better chance to got re-elected.

    Unfortunately, stock market plunge. He can't win. It is burning candle at both ends.

    It bound to blows up. I am becoming a believer now. I am seeing a lot of financial manipulation that violates the logic.

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  8. UnknownMay 5, 2011 at 8:52 AM

    I am a new investor in silver , i was wonder what you guys think. is it better to buy American Eagle Coins or 100 oz Northwest Territorial Mint Silver Bullion / Pan American Silver Bullion Silver bars ??

    also what website do you guys recommend to buy phys. silver bars from ? thanks for the help :)

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  9. silvergoldsilverMay 5, 2011 at 8:55 AM

    minted coins forget bars unless they are 10 oz or below

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  10. silvergoldsilverMay 5, 2011 at 8:59 AM

    And scene: jobless claims explode to 474K, beyond the worst economist expectation, far above consensus of 410K, and well above the previous (upward revised of course) number of 431K. This is the worst claims number since Aigist 2010. Game over for the US "recovery."

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  11. RichMay 5, 2011 at 8:59 AM

    coconutrumplus: Welcome to the desert of the real... :-)

    http://www.youtube.com/watch?v=tgBViHeiSKM

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  12. JPDGMay 5, 2011 at 9:04 AM

    Dollar shot up because the Euro got hit.

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  13. AnonymousMay 5, 2011 at 9:11 AM

    Check the charts for the past 24 hours. Yesterday employment data was not good. USD and yen still goes up. New Zealand had good news last night. It goes up against USD, but 15 minutes later, it erased the gain. And overnight, New Zealand lost 0.5%.

    Bloomberg online radio is questioning about the currencies moves and commodities moves. It is just outright manipulated. Early this morning, a news feed saying "swiss bank has been reported as an aggressive seller of AUD".

    Siss... remember wikileak incident ?

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  14. zepsterMay 5, 2011 at 9:11 AM

    Yen up / Euro down. I wouldn't be surprised if the dollar rally's for a bit.

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  15. 2pac4yaMay 5, 2011 at 9:14 AM

    @ SGS.... minted coins forget bars unless they are 10 oz or below

    what is wrong with 100 oz bars in your opinion?

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  16. triggerMay 5, 2011 at 9:19 AM

    and SGS how about 1000 oz bars? :-)

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  17. BuckanearMay 5, 2011 at 9:20 AM

    Why buy now at $38, the CME is now announcing 2 hikes per day. Wait for the bottom which will be no rate hikes for 2 weeks and total collapse of futures. I keep thinking of that arrogant mofo who bought a $ Million short July $27. That SOB was an insider and knew exactly what was coming. Promotion and a bonus for the team player with the knee pads. He said July!

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  18. silvergoldsilverMay 5, 2011 at 9:22 AM

    when SHTF, no one will be able to afford 100-1000 oz bars for barter.

    And no idea how you will be able to run with those in your pockets.

    Start trading in your higher denominated bars for smaller 1-5 oz coins/bars

    ReplyDelete
  19. 2pac4yaMay 5, 2011 at 9:27 AM

    @ SGS when SHTF, no one will be able to afford 100-1000 oz bars for barter.

    you are a smart guy who seems descent at forecasting... when do you forsee this happening?

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  20. Garry LindsayMay 5, 2011 at 9:29 AM

    When SHTF anybody who has cash will not have a salary that will be able to afford a 100oz bar. Remember, even though we want Silver to go $500, it means our $100,000 salaries become $5,000 which is about the same as a 100oz bar is now!

    Silver/Gold ratio at 40, ...again! Argggghh!

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  21. BuckanearMay 5, 2011 at 9:32 AM

    Sorry OT but on point. I watched the Assange interview. Poor bastard. For releasing the truth to the world he will be extradited to the US, found guilty for espionage and death by lethal injection. It will be painless Julian we heard capitulation in your voice. You will die for a good cause and your name will be in the history books. This is your America - nobody fucks with Hillary (Lucifer) Clinton! My point is - Corruption is everywhere and you will live longer looking the other way bitchezz!

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  22. flauntMay 5, 2011 at 9:33 AM

    bouncing around 37.50... if it breaks are you going short again sgs?

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  23. Garry LindsayMay 5, 2011 at 9:46 AM

    I actually I half made a joke last week that I get paid in silver instead of cash in exchange for no raises going forward! The request was declined.

    After the last few days, they screwed up!

    ReplyDelete
  24. silvergoldsilverMay 5, 2011 at 9:56 AM

    no I'm not shorting it. Thats a death wish Ben says anything this could be at $43 by noon....doesnt look like it though

    ReplyDelete

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