RE: TAComex posts are above my pay grade.
SLX? Case can be made that we are in a Channel from $.60 to approx. $.80 which would be a logical spot to rest for awhile. If silver cooperates and you know i'm in the " just a bounce " camp.... with Silver going lower. Funds or investors looking for " value " have to be looking at us. May or may not buy but we're on everyones radar at these prices.
https://stockcharts.com/h-sc/ui?s=SLX.TO&p=D&yr=1&mn=0&dy=0&id=p73777012814
Here is a gold chart. From last week showing just fibb #'s and RSI Logical support/resistance of around 1475/1520.
https://www.jsmineset.com/wp-content/uploads/2011/05/May1311Gold.pdf
Silver? Dan Norcini said the(5/1) following..... weekend before the " crash ".....not sure what he's saying now. or his past calls. Just some excellent points made at much higher silver. with some points that make sense. Common sense. Hedge funds making money. Period.
"Dan Norcini warned over the weekend(of 5/1) on the KWN Weekly Metals Wrap that there was, “Potential for a top”, “Negative divergences”, “A great deal of distribution”, “Very dangerous market for people to trade”, “Undercapitalized speculators, they are going to learn they can be separated very quickly from their money.” Those were just a few of the red flag warnings for traders and investors from Dan Norcini over the weekend regarding the silver market that proved to be deadly accurate.
When asked what he is looking at right now in silver Norcini replied, “I want to address the silver backwardation issue. Many investors and traders feel that silver should not be dropping in price because of the backwardation structure. They point to this fact as proof that silver is in short supply and demand is phenomenal.
That may be entirely true, I don’t know, but the fact is that when we are dealing with the Comex silver market we are dealing with a paper market. Keep in mind that hedge funds that trade the paper markets do not care about fundamentals. They are pure technicians who rely solely on their computer trading algorithms to make trading decisions. These algorithms are utterly indifferent to the realities in the physical market.
The bottom line is once these algorithms move into a sell mode, the hedge funds will unload until they’ve exhausted their selling, regardless of the physical market structure. Meaning the paper market does not care about the physical market.”
When asked about the action in the mining shares Norcini stated, “It’s evident that while the metals were moving strongly to the upside, the mining shares were lagging dramatically. In my opinion, this is the effect of the ratio spread trade that I have discussed on KWN many times in the past.
The ratio between the HUI and the gold price had gotten so far out of whack as a result of this spread trade that either the shares had to move higher to catch up to the metals or the metals had to move lower to close the gap between them and the shares. At some point I think the shares are going to catch up to the gold price. For this to be remedied you need to have the shares strongly outperform gold to the upside at some point.
Because they (gold shares) so severely underperformed against the metals, I think the shares will bottom first before the metals will.