Back in July, in a post on gold I spouted off:
So again, wake me at $875, we'll cover some shorts and look at silver.The silver shorts go back to the $25 range, gold to $1700.
November silver $15.90 up 8.2 cents.
From the short side of long:
Why Are Precious Metals Declining?
In recent posts, we have been discussing a potential precious metals break out and a possible reversal in trend. After rallying pretty strongly for the last several weeks, the sector has now given up some ground. So what is going on and how will the prices behave in the coming weeks?
Hedge funds and other speculators have piled net long bets on Silver
HT: Abnormal ReturnsSo far the 200 day moving average has acted as a strong resistance across the board in the precious metals sector. Gold (NYSE: GLD), Silver (NYSE: SLV) and Platinum (NYSE: PPLT) all stalled at this important pivot point. Same is true for Gold Miners (NYSE: GDX), Gold Mining Juniors (NYSE: GDXJ) and Silver Miners (NYSE: SIL).From a contrary perspective, hedge funds and other speculators have piled into assets such as Silver over the last couple of weeks. This is a rather sharp reversal in sentiment and usually tends to signal a correction during uptrends or a potential for another leg down during downtrends....MORE