Friday, September 23, 2011

Smelt Fry

Dream of better lives the kind that never hate
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

1 comment:

dgeorge12358 said...

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.