It’s A Silver World – We’re All Just Living In It

Silver silver silver silver silver.  It’s the main focus of most of what I read on a daily basis, mostly because it’s my largest position (long), but also because there are a plethora of prognosticators on the subject.  It’s hilarious (and sad), though, to watch the silver-bugs panic and rant about “raids” and manipulation on every pullback.  Today, for example, silver is getting whacked… all the way down to… where it was Thursday afternoon!  Oh the horror!  Come on, noobs – nothing goes straight up.  Silver has been an absolute monster lately – anyone who is surprised by a 2% pullback should recheck their assumptions.

In other silver related news, $PSLV is drastically underperforming today ( -4.25% vs -1.94% for $SLV as of this writing).  You’ll surely read panicked questions later from PSLV holders, wondering WTF happened to PSLV today, but none of the silver blogs will have the answer, because none of the silver blogs worry about minutiae like SEC filings.  I’ll give you one hint as to why I think PSLV is down today:  remember that F-1 filing I wrote about last month?  It became effective Friday evening, which means that today is the first day that the shares can be sold under the F-1 registration.

Thus far, every attempted pullback in silver has been met with tremendous strength – the price action has been remarkably strong and relentlessly resilient.  Let’s see if that continues.

-KD

long SLV

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