How's that for craziness? That was an almost 12% drop in silver in less than 24 hours!!
Just a quick note as I will be driving home from Mr. Hyde's this morning. Notice a couple of things:
1) Gold hung in there very well and is back above $1500. Considerably less volatile. If you want to be in the metals but can't stand days like yesterday, gold is a lot easier to stomach.
2) The POSX still looks awful.
3) The "press conference" of The Ben Bernank tomorrow will likely, at some point today, give the POSX a bid and cause the PMs to roll over and move back down toward last nights lows. I doubt they'll make it but they'll surely see some weakness.
What I'd really like to see in silver now would be a dip back down to the lows of yesterday morning. It would be on a very short-term chart but you could then make the case of a head-and-shoulder bottom to this very short correction. With that in mind and considering the pattern that led us to expect the correction in the first place, I'll be looking to buy this morning IF silver can get pushed back down toward 45.50.
More later. Keep the faith and have fun!! TF
1:00 EDT UPDATE:
Turd is back at his post. I'll have a new thread in about 90 minutes. In the interim, notice:
1) Gold is clearly pegged to 1500 for expiry and silver is pegged to 45. A sign of manipulation.
2) The PMs are being driven lower in the face of a falling/flat POSX. A sign of maipulation.
3) I gave you a May expiry/notice target of $45 about four weeks ago. The Wicked Witch gave you $48 Saturday. I then gave you the high probability of a sharp, brief pullback in the days 4 to 2 before first notice day.
My question is: Why all the angst? Why the willingness to believe all the topcallers who haven't been right for years but they're paraded out every time the metals have two, consecutive downticks?
Pattern tells us that, beginning tomorrow or Thursday, the metals will rally into late next week. More in a few. Please be patient.