Metals Rally
Tim Knight | Apr 10, 2013 12:18AM ET
Everything shiny was popping higher yesterday – gold, silver, and the miners that dig ‘em up.
I came this close to buying iShares Silver Trust ETF (SLV) calls yesterday, but I didn’t, and obviously that was a mistake. Poor old silver is so battered that it was almost guaranteed to bounce, although I think all these metals will roll over (yet again) since they are still within the throes of a long-term downward move.
As if I’m near a downed power line during a thunderstorm, I’m not touching anything metallic, but keep an eye on the SPDR S&P Metals & Mining ETF (XME), as I think it could be bouncing to attractive shorting levels here.
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