Loading ...Bought some silver miners…
I purchased some AG, AXU and EXK today. At this point, it’s quite possible that silver tags its 20 WMA, which is currently sitting at $22.08. I would expect that level to offer support and at least a zone for a bounce if not an absolute bottom.
The 5 day RSI on silver is hitting extremes on a multiyear basis. If we get another day of this, I will buy some more tomorrow.
Again, safest thing at this point would be to wait for a weekly swing low in gold as it is very likely to represent the cycle low.
How about AGQ?
Sir Plunger or Sim Rambus, I forgot who recommended it?
GL
AGQ is 2x leveraged silver. I absolutely would never recommend trying to pick a bottom with such a product. You can go broke quickly.
Stick to an unleveraged position until we get confirmation of a cycle low (i.e., a weekly swing low in $gold). In fact I would recommend staying away from leveraged ETFs all together as they have significant decay vs the underlying.
Great advice! May be wait for Fed to step in when there’s blood on the street in broader markets?
While I feel we may have bottomed today, it’s very possible we get some follow through tomorrow.
That being said, gold and silver are not going to go straight to the 200 dma even if I am wrong.
Again, safest thing is to wait for a weekly swing low in gold.
Best to sit on the sidelines! This is UGLY. Wait for a swing low.