Silver News

The Mission Of The Silver News Surfer Has Always Been & Will Always Be - To Preserve Your Wealth, Protect Your Purchasing Power and Create Generational Wealth!

May Health Wealth And Success Be Yours!


BOA Closes Silver Short Position, Sites Bearish View Was Wrong

September 20, 2013 8:32 am est

The Mission Of The Silver News Surfer Has Always Been & Will Always Be – To Preserve Your Wealth, Protect Your Purchasing Power and Create Generational Wealth!

May Health Wealth And Success Be Yours!

On to the business of protecting your wealth…

My apologies. Even I got caught up in the distraction of the FED meeting and failed to inform you about today.

Do you know what today is?

It’s a Quadruple Witching Day in stocks and QW induces massive volatility… so fasten your seat-belts. (read in more detail)

images-20

 

There are a couple short videos’ I’d like you to see today, but first, lets keep out eye on the ball shall we? It’s hard to do, trust me, I know. Even I can’t keep up with it all and you see how much time I put into my research.

I read this morning that Mortgage slowdown forces new layoffs at Wells Fargo. This isn’t some Credit Union with just a few employee’s guys, this is a massive bank!

This may come as a surprise to you, but all that data over the summer that created all this massive volatility and suggested that the economy was moving full steam ahead was obviously false.

TBTF Banks like these don’t wan’t to layoff people, especially in the mortgage department – That’s the one area that shows strength, or lack thereof in the economy. Maybe Ben is aware that the housing data is not as great as it is stated?

In the following “VIP” short videos, It was said that Bernanke is playing a game of reverse Robin Hood, robbing poor to pay rich with the continuation and decision not to let up on QE.

Also,a “Must See video, Boehner: The health care bill is a ‘train wreck’ and ‘must go’ while Warren Buffet says Debt ceiling fight ‘damn dumb,’ 

Rick Santelli’s Look At ‘Wimpy’ Economy  shows the GDP numbers in great detail and shows that we are not and cannot grow in any sustained manner down the same path as we’ve been going.

And by going down this same path, presents greater risks then we saw in 2008. In fact, Wells Fargo Strategists warns that Stocks are about to plunge.

Also, in other news, Fraud Fortress: JPM Settles London Whale, Admits To Violating Securities Laws So if they admit to violating securities laws, what other laws are they violating that we don’t know about…yet?! The Manipulation of the silver and gold price perhaps?

The fact of the matter is that everything is out of control everywhere we look and the worst problem is that nobody knows how to get us out of this mess – (This was actually caused by the same people who were supposed to fix it. It has cost the US taxpayers trillions and trillions of dollars. Not only for what was pumped into the system, but the actual salaries we’ve paid these guys who don’t know what they are doing)

This is where confidence (of both the US dollar and Government) will collapse and a mass exodus ensues – The next 6-12 months will sure be an interesting time.

You might not like reading this stuff, but I’ve always felt that “people will lie, but the numbers don’t.”

When I read certain things that just make sense in their presentation, as ugly as they are, how can I question the facts therein?

The more you read the truth, the better prepared you become:

The Greatest Debt Crisis The World Has Ever Seen Is Coming

 

Allow me to assist you in understanding these ever changing and challenging financial markets and more importantly, how you can profit on the upside potential and protect yourself from the downside risks….

Now, onto the breaking news that matters…

 

Clive Maund: Silver Update – Silver’s major reversal pattern, which, like gold’s, is a Head-and-Shoulders bottom. Once this rally gets to the “neckline” of the Head-and-Shoulders bottom pattern, which is the first resistance level shown, the base pattern will be complete, and action yesterday suggests that silver will then proceed to break out upside from the pattern, probably swiftly, but when it does it will soon confront a major hurdle, which is the strong and clearly defined line of resistance at about $26 at the April breakdown point.

This resistance is strong because this price level generated three significant reversals to the upside prior to the April breakdown. Having said that, action across the sector was so bullish yesterday that we can confidently expect silver to break above the $26 level in due course. When it does it will be an important bullish milestone, as once it gets above this level, it is likely to accelerate to the upside.

Read More Here Also view his Gold Update Here

Bank of America Closes Silver Short, Says Bearish Precious Metal View Was “Incorrect” – The Wednesday Bullish Candlestick formations (Bullish Engulfing Candles) in gold and silver say that our bearish view on precious metals now incorrect. Indeed, this is supported by the US $ breakdown and the increasingly constructive environment for risk assets generally.

As such, we are cutting our Silver Short and moving to the sidelines. Silver should see a test of long term resistance at 24.24/26.23, in the sessions and weeks ahead while gold should re-test its 1433, August highs. In both cases, watch trendlines at 23.20 & 1375. A close above confirms the bullish candles and upside trajectories.”

Read More Here

The Most Frightening Takeaway From The Historic Fed Decision – The fact that the Fed didn’t taper sends all kinds of terrible messages about the state of things, and I suspect it will take the markets a couple of days to digest that reality. So far we have seen a little bit of short covering and muted euphoria in the markets, but I think that once participants realize that the Fed is not tapering, it will cast a terrible pall over what they see as the state of the economy.

So markets are going to digest this over the next couple of days, and once the short covering has died down, and once people take a good hard look at an economy that really isn’t recovering, they are going to look at the position the Fed has backed itself into and the actions it has taken this week and realize that the Fed has now painted itself into a corner it can’t get out of.  They will realize that if the Fed doesn’t buy the government bonds then nobody is going to buy them.  Then people will start to really worry.

Gold rose almost $60 yesterday.  Logic and common sense would tell you that gold will continue to go higher.  It’s the only real beneficiary of this lack of tapering, which is unequivocally bullish for gold.  So gold should go higher, and I certainly don’t think yesterday’s announcement has any negative connotations for gold whatsoever.

Read More Here

Platinum as an Investment (Part 3 and final)