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Thin, especially the Sprott funds.
The disadvantage they have is that their floats and daily volumes are deep enough to allow them to be used for momentum trading and shorting in arb plays, as compared to other bullion vehicles. They also pay no dividends, and redemptions for bullion are minimal.
The battering the miners have taken is remarkable. Some of them have attractive PE's and dividends that are catching my interest once again as long term holdings.
As a word of caution, relatively high dividend yields may be attractive but can also be a sign of other troubles depressing the stock price and inflating the yield, temporarily in some cases.
The metals bounced today.
There is still the possibility of a lower base forming, but it is probable than we are closer to a bottom than otherwise might be expected.
The artificiality of this selling was notable and unmistakable. If some regulator says that they cannot find price manipulation in these markets, then they really are not looking for it, just following orders.
Last week I said I thought the market would find a footing around 1550 to 1570 and that is still a good outlook. I think we might see a bottoming process into next week's option expiration, with the final tests in the days after expiry depending on how many new holders of futures their are from call options in the money.
Chris Powell of GATA put out a message today that is worth reading. What Then Must We Do?
We do not seem to be able to count on much these days. Such are the times of currency wars, and the craven silence of careerism. In the end, truth will out, and real wealth will remain.
The Philly Fed number came in much lower than expected.
There is no recovery. Capitalism has itself caught in the trap where the concentration of wealth and lag of growth in the median wage, relative to productivity, is strangling the 'virtuous cycle.'
I think the jawboning from the Fed was designed to dampen the growing bubble in financial assets.
Let's see if the correction is done. It seems to have strong support around 1490 in the futures.
