Randolph Duke: "Now, some of our clients are speculating that the price of gold will rise in the future. And we have other clients who are speculating that the price of gold will fall. They place their orders with us, and we buy or sell their gold for them."
Mortimer Duke: "Tell him the good part."
Randolph Duke: "The good part, William, is that no matter whether our clients make money or lose money, Duke & Duke get the commissions."
Mortimer Duke: "Well, what do you think, Valentine?"
Billy Ray Valentine: "Sounds to me like you guys are a couple of bookies."
--Trading Places
Wound up peeling off the paper gold and silver trade this am. Was getting 'that feeling' as we opened with another gap higher.
Big move in short time, with silver up over 30% since initiating exposure in early Aug.
The journey with PHYS didn't last long, as it went out the door with the others. I just didn't like how that security was trading. Thru my eyes, it was not tracking spot gold like GLD did. Over the long run, that may not matter. But since I'm often trading these 'paper' gold proxies, I found the PHYS action irksome.
Might gold and silver continue higher from here? Fer sure, dude. I'm just sensing too many piling onto the 'QE will make gold zoom' bandwagon in the short term. That and the gappy daily moves have me moving to the sidelines for a spell.
Should trends continue, exposure to physical bullion will still permit participation in the move.
position in gold, silver
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What you will be looking for is a day that closes above the prior day's high and most likely 'breaks' out to the upside to close above a trading range. This is the twitching worm that causes the public to leap before they look.
~Larry Williams
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