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Old 02-28-2012, 10:28 AM   #1
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Four minute 30 cent spike

Silver is off the cjharts today! I just watched a huge spike in just about four minutes time we got a thirty cent spike. Something is up in the silver pit today. I hope this is the start of another massive spring fling!
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Old 02-28-2012, 10:51 AM   #2
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YET ANOTHER ADVANTAGE to already having decent sized hoards of PMs:

-- You keep buying on the spike up. Why? You keep building up a higher "cost basis"... You just keep the receipts at the higher prices... My average cost basis (gold): that would be $1500, bitchez. Look at my receipts, oh, but I did not keep them all, silly me.

Last edited by DoChenRollingBearing; 02-28-2012 at 11:08 AM. Reason: smelling!
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Old 02-28-2012, 11:02 AM   #3
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I see right now (12:00 noon) that both the gold and silver charts may have to change their scales soon, as the lows of the day were at the open and the highs right now, both prices at the very bottoms and tops (respectively) of each graph... NICE SPIKES!
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Old 02-28-2012, 11:03 AM   #4
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Heh, I'm digging it, I didn't take the last trading sell signal on either and just held...it really was different this time...at least for the moment. Putting on those stops now.
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Old 02-28-2012, 11:08 AM   #5
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They just changed the scales on the two graphs...

Good trade there DCFusor!
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Old 02-28-2012, 11:49 AM   #6
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Not quite on topic, but I've been buying BTE and HES on the dips too - they seem to respond quicker to the flood of fiat than even gold and silver. Tight stops there - if this becomes a real political football, you can expect a big dip in the oil co's. You can watch the prices of oil futures to get some minutes or hours of heads up too - a nice feature of that, as for that - they move slower than gold ETFs that seem to get the futures priced in instantly.

If you're playing a game, for blood or money, it pays to choose to play against people not as good at it as the gold etfs sometimes....(not even considering they're probably fake anyway).

While I'm being OT, I have to say my trade of the year, last year and so far this one, has been in AGNC, which pays $1.25 (per quarter)/16.27% dividends, bought on dips, usually around the ex dividend or (gosh people are dumb) dividend payout dates.
Lookee this - I'm up over 11% on these holdings (which are huge) since October last and the next ex div date is march 5...Maybe not as good as gold on good spurts, but it ain't bad either.
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Old 02-28-2012, 12:30 PM   #7
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Now we're up a buck seventy. How come this feels like a set-up? Silver is going too far, too fast. I think we'll see a small correction before the weeks is out, barring any geopolitical disconnections.
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Old 02-28-2012, 01:09 PM   #8
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Golden boy Ben speaks tomorrow though. Hang on to your hat.
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Old 02-28-2012, 02:13 PM   #9
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My own rule, ancona - and I've been hurt bad when breaking it - is if it feels too good to be true, it is, or will be soon. If trading, this makes me put on the close stops. If I'm wrong, the opportunity cost isn't high - I can buy back in and still catch most of the move anyway, but if I'm right and it was too good to be true - then I get to keep all my money to buy back in at the new bottom, or a lot closer to that.
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Old 02-28-2012, 04:47 PM   #10
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DC,
My DCA is quite low, since I got in at around 9 bucks and stopped big buys at 18. What I want to do is what I did last year. I sold a thousand ounces at 40 something, then bought it back at 29. If I can do that once a year, I can earn back the 130,000 it cost us when the wife spent three months in the hospital with Leigonella pneumonia in 2010
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Old 02-28-2012, 05:33 PM   #11
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I just found this gem at Zero Hedge, it is a discussion of gold and oil and Iran.

He does not use the term "Freegold", but that is essentially what it is about.

According to him, Iran could do it... Just by allowing offering to sell 311 barrels of crude for 1 oz of gold... VERY interesting, and not a FOFOA book!

http://www.asymptotix.eu/news/gold-m...-peter-trzaska
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Old 02-29-2012, 05:50 AM   #12
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There are rumors that Iran was working on an oil for gold deal with India a while ago, but nothing has been confirmed. Not sure what that author is on about with his specific (and undervalued) price points. Peeps will always negotiate the best deal they can get.
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Old 02-29-2012, 06:23 AM   #13
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Quote :
...
Silver is a game, but one hell of a game. Another try by silver at $50 looks imminent.
...
http://www.jsmineset.com/2012/02/28/...ess-rehearsal/
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Old 02-29-2012, 06:42 AM   #14
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Probably obvious to the paper traders here, but for the peeps who don't follow the charts for technical analysis every day:
Quote :
With silver breaking above the $37 level and gold trading $20 higher, today King World News interviewed legendary Jim Sinclair’s chartist Dan Norcini. Norcini told KWN what we are seeing today is a major breakout in the silver market and panic from the shorts: “Today we are seeing a strong move higher in silver and in gold, but particularly the silver market, which is up over 4%. Once silver took out $35.50 in a strong push, they ran a huge number of stops to the upside. There were a lot of shorts covering, Eric, there was literally a panic among the silver shorts.”
...
“You have strong resistance in silver showing between the $40 to $41 level. That’s where silver is going to encounter some selling. If silver breaks above that resistance level, we should see a move to the $45 area.

It’s important to note that silver has now broken above its 50 week moving average and that average has capped this market going all the way back to October of last year. So, as I said this is a very significant breakout, Eric.

This last COT report showed hedge funds net long 28,000 contracts in silver. The highest level the hedge funds have held is net long 48,000 contracts. So these hedge funds have an awful lot of contracts they can add if they decide to start piling back into the silver market. You can certainly make the case that silver is not excessively crowded, even though we’ve had a pretty good run here.”
...
http://kingworldnews.com/kingworldne...w_Worried.html
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Old 02-29-2012, 08:12 AM   #15
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ancona, you're a heck of a lot more patient than I am! But that might work better too. From that PMBug is saying - short squeeze - your intuition might be right this time. Once the shorts are all squeezed out, the first seller triggers a pullback, and buyers wait for it to be over before getting back in. I play that pattern all the time in many things. It's only the slower runups that get the mom and pop longs pulled in during the rise to make it last a long time - takes them awhile to get the news and get going on it.
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Old 02-29-2012, 08:46 AM   #16
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Here we go again! Just look at that five minute spike! Just like yesterday, five minutes - thirty two cents. Brilliant. My fear here is that teh shorts will eventually have so much skin in the game that they go all in for a viscious take-down.
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Old 02-29-2012, 09:01 AM   #17
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Looking at the SLV etf, volume was real high on both moves compared to the recent average.
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Old 02-29-2012, 09:20 AM   #18
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Look at the drive by shooting man! Nearly a buck in seven minutes or so. This is horseshit.
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Old 02-29-2012, 09:37 AM   #19
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USD spiked. Is Bernanke talking now? He was scheduled to do so at some point today.

...

Yep, ZeroHedge confirms the Bernank spoke and indicated no clear signal for QE ==> lol
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Old 02-29-2012, 10:45 AM   #20
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So, we have a $2.25 takedown as of right now. Where the hell is the CFTC on this shit???

No one can tell me this is anything other than price manipulation by an organization with the ability to throw unlimited amounts of un-backed paper at this bitch. I'm so mad I think my fucking skull is going to explode.

I want a head on a fucking stick.......that's what I want.
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