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Thursday, January 20, 2011

GOLD SILVER Sell Off THE END? Or a Buying opportunity?

GOLD SILVER Sell Off THE END? Or a Buying opportunity?  nothings changed. it could drop to $10 does not bother me i am not selling it, i would still have the same amount of ping as i did before. People, especially those that are new to buying metals, should not watch the market prices everyday because it can rattle you. It is a long term investment and hedge against inflation, not a day-trading situation. The smart money knows that this is just market consolidation combined with some regualr ups and downs. As you said, nothing has changed in the markets. It's simply a buying opportunity right now so pile it on if you can get it.

What has changed long term for the metals? Nothing!
Quote by Trader Dan Norcini of jsmineset.com
"Silver's breach of $28, a critical chart support level, casts a negative pall over that market. It had been uncovering some decent buying support near the 50 day moving average but that simply evaporated in the general rout among the metals today. Tightness in the physical market is apparently no match for the paper market. Used to be that in the childhood game of rock, paper, scissors, that paper covered rock so I suppose the same applies with the Comex paper market. It now needs to hold $27 or it will drop to $26.40 or so with the potential for $25 in the cards should it fail to stabilize near that level." Trader Dan Norcini

$1076 Gold $22 Silver I dont see it. But who knows I remember when Silver hit $21...then went to below $10 on the comex during the height of the financial crisis in summer fall of 2008. So anything is possible. Do you know what was interesting I was still getting $1150 and $1200 for Gold when The Comex was in the $700's during those days. The US Mint was not minting Gold coins or selling them the second hald of 2008...gee wonder why? Because they knew the COMEX price was a fraud.

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