A few days ago I posited on the potential for silver as a long trade. FWIW I didn’t buy the metal but have slowly and carefully, been picking at a silver junior trade (subbers know which one). Today’s silver price re-lapse puts that theory in doubt and it sure looks as though the metal needs a bounce, right here right now, else stocks are going feel the welter burden of the 18 handle.
As usual, a reminder that trading mentality isn’t investment mentality. I’m looking for the near-term play here, longer term stuff unrelated.
UPDATE: And bounce it did. We live in a world where an unexpected result from a very noisy US data number can add U$20 to an ounce of gold in Bangladesh. Oh the humanity.