Chart is courtesy of Google Finance
First trading day in October and that is what it looks like. When you have a sector wide down day like this then it really doesn't matter what a stock has done the last couple of days or what the trend is, when that happens the stock joins the sell off as investors pull their money out to get some cash on the sidelines until the commotion clears. I call it panic selling in Orko Silver's case but looking at the volume today which stands at a mere 50K I don't really think we have that much of a downside to look at.
Looking at the dollar which rose by 0.484 cents to around 77.187. I call that a fools rally but do also admit that it pulls down the commodities.
Daily Chart
Chart is courtesy of marketclub.
Marketclub - Orko Silver Corp. Trend Analysis.
Well, we made a close at 0.84 which is not what I expected yesterday but was expecting today with a first October day like this one. I think most people who have a higher leverage in gold and silver stocks had to look very hard to find any green shoots in their portfolio.
This could go either way so I'm not gonna call it. Since I am however confident that there is a bottom around here somewhere I think we just might go sideways on lower volumes as everyone who wanted to sell has sold by now. Anything further under 0.84 is a perfect opportunity to add to your position.
Lets hope panic does not get hold of the markets again like it did today.
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![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
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Many of the silver junior have pulled back..ie. GPR , SPM, etc....all got slightly ahead with silver rally and now there is some lingering fear gold and silver will pull back like they historically do when Comex Boogymen( bullion banks) start screaming record high open interest. Lots of precious metal bears ready to write about another top here....mho
ReplyDeleteHi,
ReplyDeleteDon't tell me about it, seemed like a Christmas portfolio last night.
I think in these times there has to come a tipping point where even the massive shorts the bullion banks hold wont even come to matter. When that moment comes they will be the ones who get burned. Looking at whats happened already and what soon will come (Q3 results, more banks added to the crash list of now around 90 or so) gold will break the all time high.
No time to be bearish about gold now and especially not the junior market which is still down like 40 50% since the crisis???
Ever reducing silver and gold producing mines. I'd think whatever is undervalued and oversold now will outperform the broader markets in time.
I'm a holder so I don't mind the little bumps along the ride. It would be a nicer road without the bumps but yeah...I'll ride it out.
cheers thnx for your comment.