tfmetals report close very bullish silver
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Message: tfmetals report close very bullish silver
Into The Close (updated)
We should all be very enthused by the action today....a little sad and apprehensive, too. Days like these just make it more obvious that we are correct. Yes, the current economic system is ending. Fortunately, there is still time to prepare but prepare we must. Hard times lie ahead.
Here's your gold chart with a level to watch into the close. Watch $40 silver, too. I'll be traveling this afternoon so I won't be able to update again until this evening. Good luck!! TF
Here's your gold chart with a level to watch into the close. Watch $40 silver, too. I'll be traveling this afternoon so I won't be able to update again until this evening. Good luck!! TF
2:30 EDT UPDATE:
A very impressive close. Has anyone else noticed that 4 of the past 5 Fridays have seen significant, Globex buying after the close. The pattern continues today. Recall that we discussed this yesterday:
Silver, ahh silver. Some have construed my flat position in silver to be a lack of faith. I assure you it is not. I could not be more excited about the next three weeks. I'm simply hoping for a dip so that I can leverage back into an even bigger position. We all made a lot of money back in February. The buying panic as we approached "first notice" day for the March contract took silver UP about 15% in 8 days. In the end, the Death Star did not technically default...but...The Cartel still doesn't have the silver to satisfy all of those who will stand for delivery in May. In fact, the way that they have been settling for cash, instead, almost guarantees that those standing for delivery will only increase in May. IF we can get a dip here, buy it. I'll be buying it with both hands. The next three weeks in silver are going to be great fun."
In fact, you might want to go back and re-read that entire post:
Later in the day, yesterday, I wrote this:
"As you know, I exited all of my silver calls two days ago. I expected some mid-week selling pressure that could take us back toward 38.25. Hasn't happened. The darn PMs have tried to roll over but that keep catching bids at the same level every time. Because of that, the levels are now reasonably stout support that may not get violated. Throw in some WTI at $110 and ole Turd is itching to buy some May silver calls. I still own all of my June 1500 gold calls. Not touching them for a while. However, as described in this morning's thread, the May silver train may be about to leave the station. IF the pattern from February repeats, we could see $45 silver by the 21st or 24th of this month. As always, I will let you know what I decide."
Fortunately, I did get back in. I own some May 40s, 41s and 43s in addition to my June 1500s. I sold the last of my May 110 crudes this morning and currently do not have any crude options.
We'll have a lot to consider over the weekend as we prepare for next week. Though I'll be occupied until late Sunday, I will try to sneak away from time to time to add thoughts and links of interest. The rest of this month promises to be crazy. Crazy fun but also crazy volatile. I have to admit that I was a little apprehensive yesterday when I first typed that silver could see $45 before the end of this month. Now? Not so much.
Have a great Friday. Relax, be happy and have fun. TF
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