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S W
Member since May 2012
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Silver: the next Apple? - Goldmoney -

Well what does one say about this $400 an ounce silver prognostication of James Turk?

1) I like the silver story. Probably too much! Why? Because I only sold half of my holding at the $50 mark. Had I sold the lot I would have been able to buy twice as much recently. I am not unhappy about this, and the reason is that the price is still going down in the short term. Sure it may breakout to the upside of his Descending Flag Pattern but we do not know that yet, in fact it may still go lower and a lot lower. **** you can draw lines anywhere on a chart to suit.

2) the PTB are looking bullish with their reduction of their short position. Does not stop them selling more of what they don't have!

3)Even though Apple Co and Silver have a similar chart pattern this is purely coincidental and a meaningless comparison other than to demo why you should hold thru thick and thin ( supposedly). I suggest a lot of people have gone bankrupt doing just that.

4) $400. Why? Is it that precious? Not likely. Is there a shortage...maybe but there is still a lot in the ground. I reckon half the people in India wear a kilo of it everyday plus there's all the silverware in cupboards all over the world.

5) Maybe someone will try to corner the market a la Hunt. Fat lot of good it did him.

6) Turk should know better than to make baseless claims like this. Silver will go into permanent backwardation well before the price gets to $400 an ounce. There will be fireworks and a lot of misery and you will be lucky to buy a loaf of bread for $400 if that happens.

PS I will buy more silver when I see it going up again. That could be soon and in line with Turk's analysis. I don't know. But I know this... Patience is a virtue.

Commented 4627 days ago

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Beginning of the headline :More downbeat economic news from Europe yesterday sent the euro down to $1.2790.AsThe Wall Street Journal points out, this is the single currency’s lowest level against the US dollar since September 2010, following the initial turmoil in European sovereign debt during the spring and summer of 2010... Read More

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