Bullboard not Bearboard, eh? Stock tanks and everyone clams up here? Or did everyone bail and left in disgust? Anyways the action today marks what I would deem to be a capitulation day with a significant tanking in sp from already previously low levels on high volume. Gold and silver broke some key psychological support levels at $1600 and $30. There might be one or two more days of pain but I think price wise this is very close to it in the short term.
You should be taking an initial trading position for the inevitable short term rally at these levels below $2.20. I would also keep it light since gold and silver will likely be in a bear or sideways market for the rest of the year and gold stocks will test even lower levels than present. USD looks poised to make a significant run after a quick "fake out" to test near term critical support levels that held. If you read my previous post in late Jan 2012 on this BB, I mentioned a potential +50% appreciation in the USD for the next 2 or 3 years, backing it up with long term perspective of what occurred with USD and gold twice before in 15 year intervals dating back 40 years and we are in the early stages of the next cycle which started with the fall 2011 peak in gold. The USD index is deceiving because the Euro was one of the strongest currencies earlier this year and supposedly it makes up over 50% of the basket of currencies that it gets compared to in the index.