Wild Day!

Well folks, silver has had a crazy, wild, unbelievable day. It started out heading North in the fast lane as it sped up to $49.75. Then it found some considerable resistance, pulled a
U 'y and fell 8 % to 45.80 then settled in around the 46.40 level. Wow! Now that's a day! I think a sideways correction is likely somewhere in the neighbourhood of $45-$48 over the next few days. Although this is little more then a guess as this market could jump higher hurdling over the $50 level which would make the sell off a "failed move" as my buddy Derek over at thesilverlog.blogspot.com likes to say. This would no doubt create a massive move to the upside which would see silver have more impressive gains. Either way the market long term is headed higher and if we get a correction either through price or time, you should welcome it with open arms, and a wallet full of Fiat Trash!

Muahahahaha,

Long Live Silver!!!!!!!!

Obama to cut deficit by $4 Trillion

Barack Obama announced today a plan to reduce the US national deficit by $4 Trillion by 2015. This will be accomplished by increase in taxes and cuts to various programs. Obama did say that he will continue to provide key services to the poor and elderly as well as other social programs. However as the following article from zero hedge points out, Obama has talked tough on the deficit before but failed to walk the walk.

http://www.zerohedge.com/article/obama-speech-details-leaked-promises-cut-4-billion-deficit-over-next-12-years-or-less

Portugal Needs a Bail Out

Portugal announced yesterday that they will be asking for a EU bail out. This has been a long time coming and will likely cause rippling effects across Europe. Analysts expect the sum to be somewhere in the neighbourhood of 70 Billion Euros (just under 100 billion USD). Spain will likely be next to ask for help as the list of European counties requiring financial aid grows. I cannot see this as being anything other than positive for the silver markets in general although I don't think it will be a major cause of any significant price action. Article below.

http://www.theaustralian.com.au/business/news/portugal-asks-eu-for-financial-bailout/story-e6frg90x-1226035045336

Sell All of Your Gold and Silver!!!