Silver pushes to a new recovery high, trading over $15 today. This makes it up $2 since the first day of trading of the ETF. Pundits that predicted a dump after the ETF launch look wrong. Not even the blockbuster news of Buffett selling his 130 million ounces of silver caused barely a ripple.
The retreat in the stock market looks orderly. Looking at the volume leaders, nothing stands out. The market is overbought, so a decline is normal. Let's see if the QQQQ can hold support at 40 (chart), right now at 40.70.
I am looking to buy some ETFs (exchange-traded-funds), the Japan ETF, EWJ, Australia, EWA, and Canada, EWC in particular. A long term shift to raw materials being more valuable will be a great boon to Australia and Canada and the ETFs are a way to play them. The ETFs provide diversification, and liquidity. I am in no hurry on these and may look to gradually build up a position.
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