If I am understanding this properly, once, or if, silver holds above, approximately, $46.70, it will have enough momentum to reach $48.50. From there silver should have enough legs to challenge the $50 mark. Is that about right?
MonkeySmoke - it would have to close the gap to the upside meaning it would have to first hold above $47.15 or so. That would only allow it test $48.50. There is no guarantee that it could take that level out. We jsut have to wait and see.
Dan, thanks for being so generous with your time and knowledge. I hope it is gratifying to know you've helped so many people through these turbulent times.
Would love to get your thoughts on last night's action. Do you think it was a result of CME raising margin rates, or is that just the spin they're using to cover a raid by JPM and HSBC?
SIL/SLV ratio crashed to a record low again today. Ratio Traders are cleaning up. More money was made faster in this trade than the short sellers made during the 2008 stock market crash.
If I am understanding this properly, once, or if, silver holds above, approximately, $46.70, it will have enough momentum to reach $48.50. From there silver should have enough legs to challenge the $50 mark. Is that about right?
ReplyDeleteMonkeySmoke - it would have to close the gap to the upside meaning it would have to first hold above $47.15 or so. That would only allow it test $48.50. There is no guarantee that it could take that level out. We jsut have to wait and see.
ReplyDeleteThanks for the good work Trader Dan!
ReplyDeleteThanks.
ReplyDeleteThanks for the charts and commentary. Looking forward to the gold chart. The volatility was amazing in the PMs today. Hope to sleep a little tonight.
ReplyDeleteThanks Dan.
ReplyDeleteDan, love the commentary.
ReplyDeleteDan, thanks for being so generous with your time and knowledge. I hope it is gratifying to know you've helped so many people through these turbulent times.
ReplyDeleteWould love to get your thoughts on last night's action. Do you think it was a result of CME raising margin rates, or is that just the spin they're using to cover a raid by JPM and HSBC?
SIL/SLV ratio crashed to a record low again today. Ratio Traders are cleaning up. More money was made faster in this trade than the short sellers made during the 2008 stock market crash.
ReplyDeleteHere comes the short sellers again. Brutal selling pressure on all the commodity stock ETF's today.
ReplyDeleteThank you again. I am following your commentaries for several months...you helped me so much in understanding the markets.
ReplyDeleteGDX/GLD now at fresh, new, 52-week lows. No much higher than the last low which was in February 2010, when gold was trading at $1,050.
ReplyDelete