Yeah the big boys knew it was coming and shorted big time, so it may not have much more to drop. It will be interesting to see what happens on Monday. It may be a reverse case of "buy on rumor, sell on news"--that saying applies when the news is good. When the news is bad, it's "sell on rumor, buy on news." So the downside may already have played out. The ones who shorted on Thursday and Friday may already be buying on Monday. Tonight's action in the Asian markets will give us a clue. If we see bargain hunting in the Asian markets tonight, the shorts may start covering on Monday.
I didn't know the margin hike was coming, so I bought AGQ when silver got down to the $30 area, because I don't try to second guess what's going to happen, I just go by levels. At $30, silver is at the level it first hit on December 5 of last year, shortly after QE3 started, and it hasn't been that low since February of this year, so I figured it's a pretty good place to buy. If it goes down further, I'll buy more. Let's see what happens tonight and tomorrow, GLTA.
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