More on the Silver (or Gold) reco:

Posted on 07/19/2011

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The Metals pulled back smartly today on the heels of rumored headway on the debt ceiling negotiations. SHOCKER!

The headline ought to be “Blowhard Pols, especially first termers decides they like being in a position of power and care to stay there”. What a ridiculous farce. We’ll see how that works next November, but until then, please enjoy your bread and circuses.

Anyhow, given the timely retrace in Silver (some $2 or nearly 5% move off highs), I would recommend moving the .05 bid up to .10 to cover for tomorrow. Making .15 in less than 36 hours in Silver (or $750/contract) is nothing to sneeze at, or in the words of countless floor and day traders of yore – you won’t go broke takin’ profits.

How true.

In other laughable news, are we supposed to feel bad for Goldman this quarter? They only put up a profit of 1.05 Billion or 1.85/share on expectations of 2.27. I can picture Blankfein cursing Barney Frank and Chris Dodd all day long.

The regulatory environment isn’t to your liking Mr. Blankfein, and yet you eeeked out over a billion this quarter.

Get a larger violin sir, we can’t hear you in the cheap seats!

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Posted in: Politics, Silver