Okay today is Wednesday, May 11th 2011.. what is with this 11 11 following me around all day everyday? I suppose its going to be my lucky day. Therefore, i created this blogspot thing for the first time.
What's so special about today?
- My favorite silver mining stock is due to report earnings after the close today. (fingers crossed)
- I found out about a new drink that my boy @WALLSTBULLY put me on. (cant tell you about it lol)
- Silver (Commodity) giving back 7-8% from yesterdays close.
Problem here? I'm long SILVER.
My Thoughts..
I've been long silver for quiet some time since it was hovering around 37-39/oz. After the capture of Osama the commodities markets obviously plummeted. For the simple reason the USD took off the lows. Since Oil, Gold, Silver etc.. trades in US funds it will have an inverse relationship to the trading of the us dollar. Bin Laden cost us 3 trillion dollars in the past 15 years obviously the so called capture is good for the economy due to the cease of costs in the spending to find him. There were talks on who will recieve the 50 million dollar hit on him and now they are saying that there is no need because the CIA and the Navy Seals were doing their job they are not entitled for the reward, which i think is total BS.
Anyway's, I feel the strong and steep correction in Silver and Oil is imperative for a huge retracement. Silver was up over 18% since the low on the 6th of May to give back over 8.73% as of now being up a little over 9% since the low. Since the CME raised margin requirements on Silver (4) (FOUR) (four) (4) times in the past week.. it all shows me that the SILVER demand cant be supplied with the sellers forcing their bids higher to keep the bubble going..
Bottom line, I'm long silver and i like certain stocks that mine based out of Canada..
Stay put for more news and insights...
Top Picks for this week as of Fridays close.. even though its Wednesday..
BYD.. 9.51
CCL .. 39.76
SVM... 10.86 (added today)
AMR.. 6.41
What's so special about today?
- My favorite silver mining stock is due to report earnings after the close today. (fingers crossed)
- I found out about a new drink that my boy @WALLSTBULLY put me on. (cant tell you about it lol)
- Silver (Commodity) giving back 7-8% from yesterdays close.
Problem here? I'm long SILVER.
My Thoughts..
I've been long silver for quiet some time since it was hovering around 37-39/oz. After the capture of Osama the commodities markets obviously plummeted. For the simple reason the USD took off the lows. Since Oil, Gold, Silver etc.. trades in US funds it will have an inverse relationship to the trading of the us dollar. Bin Laden cost us 3 trillion dollars in the past 15 years obviously the so called capture is good for the economy due to the cease of costs in the spending to find him. There were talks on who will recieve the 50 million dollar hit on him and now they are saying that there is no need because the CIA and the Navy Seals were doing their job they are not entitled for the reward, which i think is total BS.
Anyway's, I feel the strong and steep correction in Silver and Oil is imperative for a huge retracement. Silver was up over 18% since the low on the 6th of May to give back over 8.73% as of now being up a little over 9% since the low. Since the CME raised margin requirements on Silver (4) (FOUR) (four) (4) times in the past week.. it all shows me that the SILVER demand cant be supplied with the sellers forcing their bids higher to keep the bubble going..
Bottom line, I'm long silver and i like certain stocks that mine based out of Canada..
Stay put for more news and insights...
Top Picks for this week as of Fridays close.. even though its Wednesday..
BYD.. 9.51
CCL .. 39.76
SVM... 10.86 (added today)
AMR.. 6.41
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