Tuesday, May 3, 2011

A.M. Kitco Metals Roundup: Comex Gold Lower, Silver Sharply Lower as U.S. Dollar Index Firmer, Crude Oil Weaker

http://www.kitco.com/reports/KitcoNews20110503JW_am.html

Against a wave of liquidation of silver longs (mostly due to another CME hike in margin requirements, <click here>), I am going against the grain and accumulating mining shares (buying the dip).  I'm glad I took partial profits last week, allowing me to raise cash to buy back in today.  Silver could drop more, and while trying to "catch a falling knife" is considered dangerous, I've been eying AGQ for a bit, and I'd rather nibble at $258 than at $382.  If silver continues to drop, I will nibble some more, but never depleting my cash reserves.  Good luck everyone.

See disclaimers in the side bar.

Disclosure:  added AGQ at $289.33, $258.1899, $258.06 and SLW at $36.785, $36.35 today (5/3/11).
Edit 1:  filled at $235.37 with AGQ, and $36.145 with SLW on 5/4/11.
Edit 2:  filled at $215.9999, $214.465, and $201.90 with AGQ, and $35.84 with SLW on 5/5/11.
Edit 3:  filled at $181.02, $189.1799 with AGQ, and $35.844, $36.17 with SLW on 5/6/11.
Edit 4:  sold a tranche of AGQ at $206.80.

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