Thursday, March 1, 2012

Gold and Silver Hit

Gold and Silver took a hit today. Jim Sinclair has warned often enough of extreme volatility coming in these markets. It is beginning.

Hold physical and sleep well. Ignore the short term machinations of men.

Here's a great summary from Jesse's Cafe Amercain:

"This notion that gold and silver are selling off because Bernanke is not going to do QE3 is ludicrous.  He does not need to do QE3.  The Fed is all over these markets in Operation Twist.  Jim Rickards has explained this scenario many times that I have linked here.

What is the answer? Unless you are a full time experienced trader playing with 'cool money,' stop trading. This market is far too thin and given over to gimmicks for the average person to participate. It really is.

Take long term positions that suit your investment situation, and then ignore the noise that the trading desks throw out to shake people from their positions, painting pictures on the charts to shape perception.

Bernanke is still powerful, but the trends in the longer term are even more powerful.

The volatility and gaming in the markets will only get worse, as they are thinly traded and dominated by a few big trading houses that act as they choose, almost with impunity. And if a major default is coming, the volatily will go through the roof.

You have three choices. Buy, sell, or stay out of the daily trade.

And for the vast majority, the last choice is the best, especially while the markets are given over to such inefficiency and corruption. I'm sorry, but that is the way it is. And its a shame on the government, but unfortunately these days the powerful and the elite have none.

If you have the overwhelming urge to gamble with your money, take a trip to Las Vegas or Atlantic City.  The food is better, the drinks are cheaper, and the games, although still stacked against you, are at least relatively honest.

And you don't have to worry about the Casino looting your accounts and safe deposit boxes to cover their own personal gambling losses."

Gold in New Zealand dollars: $2042.11 per oz
Previous all-time high: $2311.02 per oz (15 Nov, 2011)

Silver in New Zealand dollars: $41.49 per oz
Previous all-time high: $59.19
per oz (30 Apr, 2011)

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