Wrapped in a state of imaginary grace
I made a pilgrimage to save this human's race
Never comprehending the race had long gone by
--Modern English
Precious metals getting smelted today with gold down almost $90 and silver off by nearly 15% (!). Obviously my small venture into SLV yesterday wasn't the best of timing...
Support for GLD looks to correspond to the multi-year uptrend line which corresponds to 152ish.
SLV looks to have support right around here at 30, although it doesn't feel very strong. Stronger support may reside below at 25-26ish.
Have taken 'placeholder' positions in both metals and will be a better buyer lower.
positions in GLD, SLV
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif)
1 comment:
Gold was down 5.5% today and -9.2% for the week. Gold is leading all major commodities for the year at +15.2%, but appears to be for sale to meet margin calls.
Silver was down 14.2% today and -23.9% for the week. Silver is currently down 0.7% for the year and has relinquished the yellow jersey.
Lead, Natty Gas, Copper, Nickel and Tin are all down over 25% year-to-date.
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