Quick charts on silver and gold. Both hit new highs early this morning but sold off with the rest of the market. The selloff was actually mild and they held key support, to finish essentially unchanged.
The dollar did as one would expect, which was just the opposite of the metals. Given that QE2 is very much a real possibility, the metals will trade in a vacuum until the money printing Fed stops.
Staying in silver, gold, miners may be the only way to protect assets, but I am still looking for consolidation or even a slight pullback….to add more!
Trade the extremes!