Short term metals direction?

[Brian4Liberty]

For short term metals traders, where do you see them going in the near future? It feels a bit overbought (in the temporary, short-term sense). SLV has had trouble breaking through the 34 level, pulling back a bit today. What next? Will we break below 30 before the end of the year? Or bounce above 30?

 

[thoughtomator]

If you're trading day-to-day, you can pretty much count on intervention to slap down the price of silver whenever it goes above $35. It practically begs a trading strategy of shorting silver whenever it goes above, and going long when it drops below. If you'd played that over the past few weeks you'd have made a ridiculous amount of money off it.

 

[Brian4Liberty]

Fixed the OP. My prices were based on SLV, not actual silver. Bet there are probably a lot of traders that focus more on SLV and GLD than the metal prices. That could have some interesting ramifications.

 

[Zippyjuan]

Just me, but I am not a big fan of short term trading. The shorter the term, the higher the risk of something unexpected popping up and you being on the wrong side of it. A single news story can move the price in a different direction. Also more frequent trading increases costs which reduces your overall returns. If anybody could consistantly predict short term movements they would be millionares. Longer term investing lets you ride out the little ups and downs and keep your costs lower.

 

[brandon]

Will we break below 30 before the end of the year? Or bounce above 30?

It's really a coinflip. Could go in either direction. I've been holding some slv for about a year now with a $32 cost basis. I think I may close my position any day now because there is just too much uncertainty for me.

 

[Brian4Liberty]

It's really a coinflip. Could go in either direction. I've been holding some slv for about a year now with a $32 cost basis. I think I may close my position any day now because there is just too much uncertainty for me.

There is a lot of self-fulfilling prophesy involved in short term market movements. People start to sell when they think it is peaking, and that in itself creates the peak. People buy when they think it has bottomed, thus creating the bottom. And you don't even want to think about how much the people on Wall St. can manipulate that process. It would be nice to be a major brokerage who can see all of it's clients sell and buy points (i.e. outstanding limit orders).

 

[jclay2]

Just me, but I am not a big fan of short term trading. The shorter the term, the higher the risk of something unexpected popping up and you being on the wrong side of it. A single news story can move the price in a different direction. Also more frequent trading increases costs which reduces your overall returns. If anybody could consistantly predict short term movements they would be millionares. Longer term investing lets you ride out the little ups and downs and keep your costs lower.

Agreed.

 

[Seraphim]

Trading precious metals in paper markets (mostly leveraged, on margin trades) - is a good way to give yourself an early heart attack. You could make a lot of money fast and you can lose a lot of money fast, both based on UNfundamentals and totally irrelevant garbage.

People who hang around these parts (RPF) are privy, thanks to their own activism, certain truths that should not be wasted.

Physical. When it comes to PM's, just buy the metal.

 

[ILUVRP]

i've been thru about 12 potus elections , if a person things obama will be reelected load the boat with gold/silver , intrade has obama at 66% chance of being the next potus.

myself i don't think there is much difference between the 2 parties , i will vote for gary johnson.

most real long term gold lovers would like to see the price go down so they can buy more at a cheaper price .

like said above gold is a long term hold , i see it doing nothing but going up , the whole world is printing paper.

 

[NoOneButPaul]

If you're looking at the short term I wouldn't bother with the PMs.

It's a long game for sure... silver is manipulated regularly by the central banks as well as gold. If you can figure out those manipulations on the paper silver market you might be able to make a good amount of money but that's not my prerogative.

When it comes to PMs I think the best thing to do is buy phyiscal, out of the government's eyes, and wait until monetary order is restored or interest rates start to rise.

 

[Brian4Liberty]

Update: SLV now at 31.73, after hitting a ceiling at 35.

(Disclaimer: this thread/information is purely for fun and entertainment. It is not to be construed as investing advise in any way. Short term trading in any market should be considered gambling.)

 

[oyarde]

Probably be 33 end of the day , but we will see.

 

[Brian4Liberty]

Probably be 33 end of the day , but we will see.

SLV ended at 31.66. Got to keep in mind that SLV is not exactly the same as the price of silver.

 

[DFF]

I use a couple of moving averages to guide my entries, the 13 EMA and the 26 EMA. When they cross, I start entering my position in 1/3's. They're close to crossing now, indicating a move down. How far is anybody's guess.

 

[brandon]

I sold my SLV last week at 33.50. Working on exiting my gold position next.

 

[NickOdell]

I sold my SLV last week at 33.50. Working on exiting my gold position next.

Out of curiosity, why are you selling?

 

[brandon]

My personal reason is because I'm going to use the money to buy a house this spring. There's too much volatility in metals for me right now. I'm still bullish long term on gold and silver.

 

[oyarde]

SLV ended at 31.66. Got to keep in mind that SLV is not exactly the same as the price of silver.

That is right.

 

[Brian4Liberty]

SLV hit 30.93 today...

 

[NoOneButPaul]

Which is why I went to my guy and bought more

I kind of don't want Romney to win because I think it will crash all the metals in the short term but at the same time it will make it an even better time to buy... whenever it crashes I like to get some and silver didn't really have a good week.