Can markets be neurotic or hysterical? Markets are made by people, and currently I believe we have a lot of semi-hysterical people in this market. The Dow was up over 100 earlier, but closed at plus 88. Stocks are not cheap. My feeling is that the only bargains around are silver and gold. I bought a batch of American Eagle one ounce silver bullion coins today, on the temporary weakness in silver. I believe silver is the single biggest bargain around, at today’s prices. I understand that physical silver is so scarce that the US government is buying silver in the open market in order to mint its coins. On the other hand, my local coin dealer says there’s plenty of silver available. But I wonder for how long.
Four things I dislike about this market. Heavy insider selling, margin debt near record highs, S&P financials are in a large, negative ... Log in or subscribe to continue reading.
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