Got to admit, the last time I felt this lousy and defeated was the night of January 27, when I wrote the entry linked below. Please take a few minutes to review. Not only are all of the points I made still valid, maybe my emotions have once again called the bottom. We can only hope.
Many have asked about the miners. First of all, I guess we now know why the miners stunk up the joint for the past two weeks. For years, the miners have been used as a reliable indicator of future, short-term price trend in the metals. In our euphoria, most of us failed to fully heed their recent warning. Live and learn (again), I guess.
Now, the question becomes, when do we buy them again? Well, first, we have to look at a silver chart, a gold chart and the HUI.
Here are your silver charts. Pick your favorite and pick an entry spot with which you're comfortable.
And here are your gold miners:
OK, that's it for today. I think I'm gonna go get drunk and forget about shit for a while.
I'll have more later only if I sober up and/or something significant happens. ;)
p.s. The new site will have a live chatroom. We're looking to perhaps integrate the current offline chatroom to save time and expense. Does anyone have the web address and current password?
7:00 pm EDT UPDATE:
I'll try to type legibly but this is how I feel right now:
I want you to re-read this:
"Second, you absolutely must read this. If you don't fully grasp it the first time, go back and read it again.http://www.zerohedge.com/article/another-decline-registered-silver-brings-total-comex-physical-multi-year-lows
33,000,000 ounces means the Comex only has enough silver to settle just 6,600 contracts. That, my friends, is the financial equivalent of blood in the water.
Please understand, all of the recent Cartel-inspired bloodletting is directly related to this issue. They needed to scare sufficient quantities of specs out as well as remind potential "sharks" that they still make the rules and won't go down easily. They also desperately need to buy time, too. It's worked.
But the sharks are still there, watching and waiting. If you observed the action Sunday night, you saw that the steep drop was not so much an EE beatdown as it was a total absence of bids (buyers). This trend has continued yesterday and today. Our BoS seem to be regrouping and planning their next move, all the while the price continues to come in and offer even more attractive entry points for them."
And then read this:
Be patient. We've lost a battle but the war continues.
A moment is coming where, in their arrogance, they will have overplayed their hand.
This may be it. TF