Do I get a you suck award?
Hayden
Posts: 112
I covered all my short positions in silver today .
0
Comments
I knew it would happen.
probably someone who has a lot of losing trades.
<< <i>Not if you have to ask. >>
Liberty: Parent of Science & Industry
<< <i>Hey, give us a heads up next time, brah. >>
I did post here not too far back that I thought silver was overpriced
I made my case that silver was overvalued more thoroughly in March.
I still stand by that analysis, but I'm buying before the market opens. It's a risky move, and much more speculative than the decision to short, but I think speculators will offer support and that we will very likely see a significant dead cat bounce in the coming days. The condition of the global economy has not changed enough in the last two days to justify a $10 drop. Unlike other commodities, silver is a small market easily influenced by speculative demand, a fact that contributed to the freefall we saw last week and once which will likely help boost the price next week. The fact that 90% is trading at a premium right now provides a good sentiment indicator.
I would also be selling volatility on silver right now if I had the ability to do that.
edited for grammar