Short term metals direction?
For short term metals traders, where do you see them going in the near future? It feels a bit overbought (in the temporary, short-term sense). SLV has had trouble breaking through the 34 level, pulling back a bit today. What next? Will we break below 30 before the end of the year? Or bounce above 30?
Last edited by Brian4Liberty; 10-05-2012 at 11:48 AM. Reason: Fixed, been tracking SLV not silver!
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If you're trading day-to-day, you can pretty much count on intervention to slap down the price of silver whenever it goes above $35. It practically begs a trading strategy of shorting silver whenever it goes above, and going long when it drops below. If you'd played that over the past few weeks you'd have made a ridiculous amount of money off it.
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Fixed the OP. My prices were based on SLV, not actual silver. Bet there are probably a lot of traders that focus more on SLV and GLD than the metal prices. That could have some interesting ramifications.
"Power tends to corrupt, and absolute power corrupts absolutely." - Lord Acton
"Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety." - Benjamin Franklin
"Beware the Military-Industrial-Financial-Corporate-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
"Government is not the solution to our problem; government is the problem." - Ronald Reagan
"The only thing we have to fear is fear itself, and we must reject those who spread fear." - B4L update of FDR
"The Ministry of Truth can turn on a dime, and the fury of the ignorant masses can be redirected at will." - B4L
"Marxists become Fascists the minute they become rich, yet they retain the Marxist rhetoric." - B4L
"Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
"Thing is, the world is full of a**holes." - ACPTulsa
Twitter: B4Liberty@USAB4L
Just me, but I am not a big fan of short term trading. The shorter the term, the higher the risk of something unexpected popping up and you being on the wrong side of it. A single news story can move the price in a different direction. Also more frequent trading increases costs which reduces your overall returns. If anybody could consistantly predict short term movements they would be millionares. Longer term investing lets you ride out the little ups and downs and keep your costs lower.
Last edited by Zippyjuan; 10-05-2012 at 01:11 PM.
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It's really a coinflip. Could go in either direction. I've been holding some slv for about a year now with a $32 cost basis. I think I may close my position any day now because there is just too much uncertainty for me.Originally Posted by Brian4Liberty
"No matter how noble you try to make it, your good intentions will not compensate for the mistakes that people make; that want to run our lives and run the economy, and reject the principles of private property and making up our own decisions for ourselves." - Ron Paul
There is a lot of self-fulfilling prophesy involved in short term market movements. People start to sell when they think it is peaking, and that in itself creates the peak. People buy when they think it has bottomed, thus creating the bottom. And you don't even want to think about how much the people on Wall St. can manipulate that process. It would be nice to be a major brokerage who can see all of it's clients sell and buy points (i.e. outstanding limit orders).
"Power tends to corrupt, and absolute power corrupts absolutely." - Lord Acton
"Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety." - Benjamin Franklin
"Beware the Military-Industrial-Financial-Corporate-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
"Government is not the solution to our problem; government is the problem." - Ronald Reagan
"The only thing we have to fear is fear itself, and we must reject those who spread fear." - B4L update of FDR
"The Ministry of Truth can turn on a dime, and the fury of the ignorant masses can be redirected at will." - B4L
"Marxists become Fascists the minute they become rich, yet they retain the Marxist rhetoric." - B4L
"Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
"Thing is, the world is full of a**holes." - ACPTulsa
Twitter: B4Liberty@USAB4L
Agreed.
Trading precious metals in paper markets (mostly leveraged, on margin trades) - is a good way to give yourself an early heart attack. You could make a lot of money fast and you can lose a lot of money fast, both based on UNfundamentals and totally irrelevant garbage.
People who hang around these parts (RPF) are privy, thanks to their own activism, certain truths that should not be wasted.
Physical. When it comes to PM's, just buy the metal.
"Like an army falling, one by one by one" - Linkin Park
i've been thru about 12 potus elections , if a person things obama will be reelected load the boat with gold/silver , intrade has obama at 66% chance of being the next potus.
myself i don't think there is much difference between the 2 parties , i will vote for gary johnson.
most real long term gold lovers would like to see the price go down so they can buy more at a cheaper price .
like said above gold is a long term hold , i see it doing nothing but going up , the whole world is printing paper.
If you're looking at the short term I wouldn't bother with the PMs.
It's a long game for sure... silver is manipulated regularly by the central banks as well as gold. If you can figure out those manipulations on the paper silver market you might be able to make a good amount of money but that's not my prerogative.
When it comes to PMs I think the best thing to do is buy phyiscal, out of the government's eyes, and wait until monetary order is restored or interest rates start to rise.
Proud member of the Silver Liberation Army
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