IKN, mentioned and linked in the post below has an extensive post and IKN Weekly excerpt that you need to read. See the whole post: A Word on Silver (from IKN 528). It begins thusly…
This piece discussing the potential for a silver breakout and what I planned to do before and after the event appeared in The IKN Weekly edition of two weekends ago, IKN528 dated July 7th, 2019. Another example of the difference between the blog and the weekly (where I actually get some work done), I’m publishing it on the open blog because from where I’m sitting it’s really hard to get a balanced view on this most contentious of metals, all the “silver sucks” versus “silver to the moon” shouting just gets on my nerves. Charts as appeared nine days ago, one company name removed.
Pre-post note: It’s starting to sound a little like a silver pump station around here. But in buying the May low I think I’ve earned the right to have a little fun. The rest of the internet does it, so why can’t dour old me at least highlight some positives without the need to disclaim everything? Okay, disclaimer: your results may vary.
Silver ‘stock’ #1 (SLV) was my favored position for a silver price play (still just a glimmer in my eye when first buying in May) because it carries no mining execution risk. On the downside, it’s not physical silver ownership. But that was not my intent for it.
Silver stock #2 (SVM) was bought on a pullback per the NFTRH Trade Log on July 2nd. The reason, aside from the daily chart was Fred Lacy’s still favorable fundamental view of the company.
Silver stock #3 (FSM) was bought strictly for the chart and my own light research into it. No fundamental egghead (said with affection) backing at all on this one.
Silver stock #4 (AXU) is the lone silver stock trusted enough to be owned by Mark at IKN. Good enough for me, especially since the chart wooed me into buying it yesterday.
Now of course I am probably starting to sound like a dreaded silver bull and that is what I am. But the lunatics are only now starting to come out of the woodwork. I’ve considered it best to be positioned before they go on full tout because as we’ve seen in the past, that momo can really drive the metal and its miners.
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