iShares Silver Trust (SLV)

[shankapotamus]

That's a real cocky remark considering how the dollar has been growing stronger and the market made an EOD rally. I have UUP puts too, btw. Save your assumptions for better bets.

You metal-heads are the ones with a narrow view IMO. There's a sick amount of speculation and pumping, especially from the government and hedge funds. I tune out the noise (like you) and stick with the charts. They've made me a pretty penny since the big market pullback. If you're lucky, precious metals won't make a sudden drop like what happened a few months ago. Profits are profits, and if the hedgies want to hit your stops one afternoon they damn sure will do it.

Barclays warned that precious metals could be riding a rather slipper slope if economic exasperation deepens and the dollar shows more signs of strength. The firm’s analysts wrote that a slowdown in gold’s 2011 run “warns of a consolidation phase for gold” over the coming weeks.

They added:

“We look for the range lows near $1,700 (an ounce) to provide buying interest and expect a base to form ahead of there for the next leg higher through the $1,921 all-time high toward our projected target at $1,970 and then the psychologically important target at $2,000.”

As related this morning, MF Global’s Tom Pawlicki, a confirmed gold bull, is expecting gold futures to fall into the $1,750 range in the next week or two.

Gold for December delivery dropped Monday by 2.5% to $1,813.30 an ounce on the Comex. Meanwhile, silver for December delivery fell 3.4% to $40.22 an ounce.

The Market Vectors Gold Miners ETF (GDX) finished lower by 2.9% while the Global X Silver Miners ETF (SIL) closed down by 4%.

http://blogs.barrons.com/focusonfunds/2011/09/12/gold-silver-suffer-along-with-stocks-shades-of-2008/?mod=yahoobarrons