With our largest long position, Ultra Silver (AGQ) up by 15% in a session and a half, we're going to sell a third here around $62. I cannot see anything the Fed doing hurting gold or silver, but we've been buying on dips so I am just going to lock in some profits.
While gold has reached new nominal highs, silver has been lagging a bit of late - but it was surging ahead of gold much of the previous few months. Silver has use in industry unlike gold, so its more of a duopoly play on both store of value and economic growth, while gold is simply the former. We've actually been overweight silver and underweight gold.
I am going to put another limit order to sell one third at $66 which is the current resistance to see if Ben Bernanke's reign of dollar destruction can give us a quick rally post 2:15 PM in the precious metals. If not, we'll just buy back on dips. A break over $67s would obviously be very bullish (please note - TA should be done on the underlying index - in this case SLV, not the 2x, 3x ETFs - just making use of this chart in this case)
Long Ultra Silver in fund; no personal position