I love it when my friends give me shit after the silver and gold slaughter of last week. People have a real sadistic side to them...
Know this trolls and jackals. I bought more. That's how scared I am.
I am really starting to love China. They are starting their own precious metals exchange to compete with the Crimex. So not only does China have an independent and non biased credit rater, Dagong, but now they will have a precious metals exchange that at least initially- will not manipulate free markets by hiking margin 5 times in eight days. Competition.
Today's huge rally in precious metals was just a dead cat bounce (over sold) and some short covering. I am not too excited about it. I think we will find a floor in silver from 35-40. Silver and gold can safely be bought at current levels without too much downside risk. Fundamentally, nothing has changed. The debt picture just gets worse and worse because absolutely nobody is paying principal. Not here, not in Europe. Pomo winds down in 6 weeks and then we get to see just who is going to step up and buy all those treasuries. In the meantime...
They will raise that bullshit debt ceiling a couple tril. More debt and more interest that does not exist. Good times.
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Have May 18th marked on my calendar.
Hong Kong Merc. Exc. opens for gold.
Some time in the next 12 months you might want to consider moving your stash out of the country. Just in case...
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