I read Turd's blog yes, but do not following him. He's a bit out-of-pocket telling people to buy however, I notice he apologized for the overboard enthusiasm later. Good for him. I'm really getting fresh enjoyment each day following this silver story. Silver has people really involved and thinking about this economy, and just what is going on (anyway?). The last time group-think provided such intensity was when people tried to figure out the residential real estate market AFTER it crashed. The silver story it seems has divided people into camps, and there appears to be several of them. I'm in the camp with Ted Butler on the metal supply side of the story, and also with Eric Sprott's work. But then there's a geopolitical layer above that, even more fascinating. Which btw, having people like us with boots on the ground (so to speak) in India, and Asia, Canada and the rest of the world, in one place comparing notes is highly useful. I used to manufacture in gold, so i am soundly aware of the 22K India culture, and how the metal is closer to money in your culture, added to the fact 86% of the gold buying is from Asia. Seeing India accept the price over $1,000 without a hick-up and keep right on going, was worth noting. Then i learned about the Chinese situation. Wow, that's when the lights began to switch on for me. I have no trouble seeing gold at $3,000 now; nor at $5,000. When USD loses its grip, it could be $100,000, its all confetti at some point. So i don't think people really need to worry about the parabolic side, because there will be more intense things to worry about before that happens, if it happens. The US dollar is losing its treasury status, this has been going on for a decade. That's what Iraq was all about. That game is over now. Once you get that part of the story, you no longer worry about the price of gold, only that you have some.
Last edited by Donald; April 29th, 2011 at 06:21 PM.
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I think anyone long is joining you.
But then, up it comes.
Sunday night at the movies now has some competition. a few million people worldwide starring silently at the kitco graph.. wondering what to do, hehe.
My guess is the HK proxy is pushing down hard against light bidding, and the desired effect will be to scare the pants of everyone.
If so they were buying at the top of the market, and after a quick run up to a known resistance level. You're supposed to be selling into a sudden rise like that, not buying. So they learned a lesson maybe, buy in the dips; perhaps now? But this is a correction, and it could go on for awhile.