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I Expect Silver To Continue Move Lower In Near Term

11 May 2011 4 Comments

Silver plunged something like 30% last week, then bounced for a few days – a text book dead cat bounce – and today dropped big again.  I expect this to continue at least to the $30 level and I still think silver could correct as low as $20.  I put a short term short trade on silver by using the ZSL and will take gains in that if it it plays out as I expect, then buy back into silver in the area around $20 (if it indeed goes as I expect).

See chart below:

Note how the gold losses on day when silver goes down are much more muted.

4 Comments »

  • Money In The 20s said:

    I'm kicking myself because I had a target price of $12 for ZSL and the lowest I saw it was $12.83… I missed out on a nice profit

  • fxgeorges said:

    Silver might be almost as important as oil to our military….and crude oil is a hell of a lot cheaper and easier to source than silver. Our war strategy is now to launch large multi million dollar missiles from afar packed with sophisticated electronics larded in silver and blow it all to smithereens. $45 is like giving it away for free still… for the work you have to do to get it. silver isn't tin or zinc. It's a precious metal and needs to be treated with respect. So they better let the price rise or the hoople heads are going to continue to buy it all up and put in their hidey holes and they'll never get it back from them. They don't want to tell the hoople heads how valuable it is. The hoople heads think it is but they don't know for sure so the best strategy for the Pig Men is not to say anything and just keep letting the price rise till they price the hooples out of it. The hooples are getting too rich on physical silver and they can't stand it. I love it.

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