Keep'n the faithOctober 11, 2007 was the last time we saw 1.27, we had just increase the count to 73MM oz, 5 million in the bank and the price of silver was 13.75.
Today with 103MM, 75MM in the lab, 16 million in the bank, silver at 17.40 we hit 1.27 again, wow!
For what it's worth O.K. volumes MA(20) has been steadily declining since our 2.10 closing high back in march from about 425,000 to about 140,000 today, so this decent though getting steeper of late has been on lighter and lighter volume. No one ever said the markets were rational, but with irrational behaviour comes opportunity.
As a side note,
US Investment banks are still gorging them selves at the fed window, and instead of lending the money out they
hand it over to their traders to speculate in the commodities markets.
The most recent U.S. Financials rally was instigated by the FED mandate about short selling, naked short sellers had to close out positions in 19 financial institutions that are now off limits including Fannie and Freddie, from the size of the rally alot of players had their fingers in the cookie jar. The FED is really only enforcing a regulation that had already been in place but no one was following the rules. Don't think this rally has much legs left
Today the House approved Paulson's aid plan which includes, as requested, an unlimited line of credit for Paulson to exercise on behalf of the two companies. It just keeps getting better doesn't it but you have to give them credit for their ingenuity. Have you ever noticed they virtually never make mention of where all this money is coming from...oh to be an american tax payer
No wonder Ben looks like he has a permanent migraine
can you say nuevo peso argentino!