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John O
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First Fear, then Anger - Theodore Butler - Butler Research

Last week was not fun. I switched out of silver and equities and into oil mostly as well as a little gold at the end of April and got drubbed by the commodity implosion. I sold silver at $48.20, as it was clear to me that silver was technically set for a reversal, but got walloped in oil.

I don't like the way the rules are constantly changed without any clear mechanism or predictability, the CME's temporary suspension of crude price breakers last week being a case in point, but also the arbitrary changes in margin requirements.

Having said that, silver's time was up, at least in the short term, and what is more, although I would rather not have experienced last week's fear and dismay at all, the fall in oil now sets up for a much higher price target than seemed possible in the short term. $145 in the next three months seemed possible if difficult before the commodity collapse, but now $145 looks like the bare minimum.

It's possible I am wrong, but I am looking forward to taking out my revenge on the oil market. The devaluation of the dollar via manipulation of interest rates far outweighs any manipulation in the rest of the market. There is nothing they can do to stop the trend of higher commodity prices.

Commented 4902 days ago

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Beginning of the headline :The historic decline this week in silver creates strong emotion. Watching great amounts of wealth disappear, quite literally in minutes amid disorderly trading conditions is a genuine fear for any investor. Worse is seeing no obvious legitimate reason to explain the carnage... Read More

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