I have to congratulate everyone on the face of the earth. The
way I have been hearing and reading everyone knew silver was going
to crash, so everyone must have bought ZSL and they are now up 50
%. ( I do credit Matt for giving me the heads up to sell most
of my paper silver on Monday ). ( never did buy any physical )
The rest of the world now has to figure out when to sell ZSL. I am
sure they will tell me they sold it right at the top after it drops
50 - 60 %, because it was so obvious.
well I sold quite a few 100 ounce silver bars last week to local
dealer/distributer.
your post comes off like you are annoyed about something, which
is strange?
Anyway the blog over the last 3 weeks was filled with a lot of
emotion about silver (it was actually a neat study in
trading/emotion dynamics and technicals) you had members saying to
buy now it's going over 100, and other members cautious or short.
Our analysis was that it was a parabolic move in the short
term and just not sustainable, we've traded long enough and have
seen enough of those kind of moves in our
trading career to know that it was not sustainable,
that's why I covered silver in all my newsletters the last 2
weeks.
Now as far as knowing that silver would top at exactly at $50,
yes know one knows exact tops, but $50 was a nice round number and
there was negative divergence on a 60 min chart, so the technicals
were there (see the chart)
Now regarding ZSL, I had a nice channel on a 60 min chart that
provided an entry, as well as a daily. On the daily the 50 MA
will be a sticking point and whenever you move out of a steep
downtrend, you always some kind of pullback, so I imagine that ZSL
will pullback soon.
Also look at the 60 min chart, it's at the 50% Fib, that and the
61.8% Fib are areas to take some profits.
and get more silver for your money once the correction exhausts
itself....personally, I can see a big hope chest full of silver
bars for your baby!! What a great long term gift that could
be!!!
A funny story about silver bars, I heard a story about a guy who
had a lot of them and stored them at his house. However
instead of hiding them in a safe etc, he left them out in the open
but painted them black and used them as door stops LOL, no one even
knew or paid attention to them since they looked like a black door
stop. The 100 ounce bars are about the size of a brick and
very heavy so I guess that would work.
It would be funny if someone had broken into his house because
they would have taken the TV and other things, but would have left
the door stops LOL
Ted Binion buried six tons of silver bullion and rare coins in
the Las Vegas desert worth $7 to $14 million at the time of his
death in 1998 at the hands of his girlfriend and her secret
lover. The lover was caught at the vault trying to steal the
silver following Binion's death, which then revealed the murder
conspiracy. Unfortunately for Binion, he was a man too far
ahead of his time. See details at:
http://en.wikipedia.org/wiki/Ted_Binion
My brother used a 70lb bag/bucket of junk silver coins as a door
stop during college in the late 70's. No one had a clue. Just sat
out in the open for years.
Sold it his senior year 79-80, just because he didn't want to
drag it all around after he left school....talk about lucky
timing...he made a bundle
I have to congratulate everyone
Posted by randy on 5th of May 2011 at 09:52 am
I have to congratulate everyone on the face of the earth. The way I have been hearing and reading everyone knew silver was going to crash, so everyone must have bought ZSL and they are now up 50 %. ( I do credit Matt for giving me the heads up to sell most of my paper silver on Monday ). ( never did buy any physical ) The rest of the world now has to figure out when to sell ZSL. I am sure they will tell me they sold it right at the top after it drops 50 - 60 %, because it was so obvious.
well I sold quite a
Posted by matt on 5th of May 2011 at 10:11 am
well I sold quite a few 100 ounce silver bars last week to local dealer/distributer.
your post comes off like you are annoyed about something, which is strange?
Anyway the blog over the last 3 weeks was filled with a lot of emotion about silver (it was actually a neat study in trading/emotion dynamics and technicals) you had members saying to buy now it's going over 100, and other members cautious or short. Our analysis was that it was a parabolic move in the short term and just not sustainable, we've traded long enough and have seen enough of those kind of moves in our trading career to know that it was not sustainable, that's why I covered silver in all my newsletters the last 2 weeks.
Now as far as knowing that silver would top at exactly at $50, yes know one knows exact tops, but $50 was a nice round number and there was negative divergence on a 60 min chart, so the technicals were there (see the chart)
Now regarding ZSL, I had a nice channel on a 60 min chart that provided an entry, as well as a daily. On the daily the 50 MA will be a sticking point and whenever you move out of a steep downtrend, you always some kind of pullback, so I imagine that ZSL will pullback soon.
Also look at the 60 min chart, it's at the 50% Fib, that and the 61.8% Fib are areas to take some profits.
matt...you can rebuy lower
Posted by perthx on 5th of May 2011 at 10:26 am
and get more silver for your money once the correction exhausts itself....personally, I can see a big hope chest full of silver bars for your baby!! What a great long term gift that could be!!!
quite a few bars?? How
Posted by dylan398 on 5th of May 2011 at 10:20 am
quite a few bars?? How about hooking me up with a free SPY membership....:)
A funny story about silver
Posted by matt on 5th of May 2011 at 10:27 am
A funny story about silver bars, I heard a story about a guy who had a lot of them and stored them at his house. However instead of hiding them in a safe etc, he left them out in the open but painted them black and used them as door stops LOL, no one even knew or paid attention to them since they looked like a black door stop. The 100 ounce bars are about the size of a brick and very heavy so I guess that would work.
It would be funny if someone had broken into his house because they would have taken the TV and other things, but would have left the door stops LOL
Not So Funny Story
Posted by dahbull on 5th of May 2011 at 10:44 am
Ted Binion buried six tons of silver bullion and rare coins in the Las Vegas desert worth $7 to $14 million at the time of his death in 1998 at the hands of his girlfriend and her secret lover. The lover was caught at the vault trying to steal the silver following Binion's death, which then revealed the murder conspiracy. Unfortunately for Binion, he was a man too far ahead of his time. See details at: http://en.wikipedia.org/wiki/Ted_Binion
But not in terms of burying things in the Vegas desert!
Posted by lessarda on 5th of May 2011 at 10:50 am
Junk silver coin bag
Posted by perthx on 5th of May 2011 at 10:33 am
My brother used a 70lb bag/bucket of junk silver coins as a door stop during college in the late 70's. No one had a clue. Just sat out in the open for years.
Sold it his senior year 79-80, just because he didn't want to drag it all around after he left school....talk about lucky timing...he made a bundle
LOL!!!! Yes, I remember you
Posted by jtverr on 5th of May 2011 at 10:28 am
LOL!!!! Yes, I remember you mentioning that a while ago and I tell that story to friends.
Don't let them get to
Posted by dylan398 on 5th of May 2011 at 10:00 am
Don't let them get to ya......
I think you should buy
Posted by jtverr on 5th of May 2011 at 10:00 am
I think you should buy physical silver.
buy some puts..
Posted by zach06 on 5th of May 2011 at 09:53 am
they are cheap compared to the 50 move. lock in your green for a month