SILVER TRADE ALERT WARNING (4:00 pm EST)
Silver prices are dropping and making new lows today as gold prices, while down, are staying comfortably above their monthly lows. Our silver trade is now at a 6% loss, and although I still see a strong potential for a reversal back up this week, there is still the possibility of prices sinking lower (as silver is much more volatile than gold). I realize that all traders may not want to take such a risk. Conservative traders may wish to bail out now or at least reduce their holdings in silver to minimize potentially larger losses.
Please refer to my blog earlier in the day for the current situation in both gold and silver. I am going to attempt to "ride out" this dip a few more days as the Fed meeting on Tuesday/Wednesday could be a major turning point for the market. I should note here that if gold stays above its monthly low and starts to rally, silver should follow suit even if it first makes a deeper low. Holding my long position in silver and gold for now.
Silver prices are dropping and making new lows today as gold prices, while down, are staying comfortably above their monthly lows. Our silver trade is now at a 6% loss, and although I still see a strong potential for a reversal back up this week, there is still the possibility of prices sinking lower (as silver is much more volatile than gold). I realize that all traders may not want to take such a risk. Conservative traders may wish to bail out now or at least reduce their holdings in silver to minimize potentially larger losses.
Please refer to my blog earlier in the day for the current situation in both gold and silver. I am going to attempt to "ride out" this dip a few more days as the Fed meeting on Tuesday/Wednesday could be a major turning point for the market. I should note here that if gold stays above its monthly low and starts to rally, silver should follow suit even if it first makes a deeper low. Holding my long position in silver and gold for now.
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