bullmarketthinking.com / By Tekoa Da Silva / February 25, 2013
This morning I spoke with a contact in London who manages a bullion & precious metals equity fund, part of a multi-billion dollar asset management firm. While he cannot be referenced at this time, I asked his thoughts on last week’s terrifying smash of the metals and miners.
Here’s what he said:
“I bought some silver investments for myself last week when I felt we washed out…but you know what, I think we’re really done here. There’s only so much [they] can do on the short side…and you saw that volume in the silver futures market last week. It’s not sustainable. When those people want to get out [the shorts], that will lead us higher.”
When asked if any new interest came into the market, he said, “[Right now] it’s all the same people, and we’re all still playing in the same paddling pool. Until it turns into a swimming pool, and then an ocean—we’re going to be range-bound.”