Marshall Swing: The Daily Show
Well, this past COT period was not particularly interesting, at least from a price change point of view, BUT, today’s (Wednesday) price change is truly interesting and as of this moment silver is down -$1.41 on the day and gold is down -$36.30 on the day. So what does all this mean today? Not much, actually, and I will show you why!! But you have to wait until next week’s COT…
Oh no you don’t, I will show you today!
If you look at the third chart in this article at the Feb 29th date, you will remember gold fell -$77.10 in moderate total volume of 239,522 and silver an astonishing -$2.56 in relatively low total volume of 52698.
You might say “that’s a lot of traded gold and silver contracts, isn’t it?” The answer is an unequivocal NO.
Look at the second chart in this article and it shows the total volume, the Most Active Month volume (where the daily spot price is always determined), and then way down there at the bottom it shows you the positive or negative change for Open Interest that was traded on each day in the Most Active Month. Keep in mind March 10th and 11th are weekend days and meaningless as the market is not open on those days but my Excel chart adds the days in anyway. My Excel chart is created from a database, not me just entering the numbers into it.
What the second chart reveals is the actual Open Interest traded in gold and silver is about 1-5% on any given day of the total volume of the Most Active Month volume.
Did you realize that so few Open Interest contracts traded for those days determine the closing price for any given day? Probably about 1% or less of silver stackers know this truth. Now all the Doc’s readers know!
So what about all that total volume?? Well, about 95%+ of all that volume is just day traders and High Frequency Traders trying to make a profit on that day before closing. They virtually all close their contracts prior to closing of the COMEX at 6PM EST.
Let’s go to the first chart and look at March 6th.
On that day, we see that the gold Most Active Month lost -7539 contracts and the price dropped -$31.80. On March 7th, the Most Active Month lost -9773 contracts and the price gained +$11.80. What primarily happened on those dates is the Bullion Banks and all other players rolled contracts to the 2nd Most Active Month but on March 6th the price dropped significantly, and on March 7th the price rose moderately. So you ask “how in the heck did that happen?” Well, some combination of longs and shorts being rolled to mostly the 2nd Most Active Month accomplished that feat. You have to remember that contracts have to be added to the later futures month because there is always a price war going on there and it is primarily a current war fought over options. If the Bullion Banks allowed price to move up significantly in those later months then they would get killed in Options trading. They are too smart for that. I am confident the Bullion Banks have computer algorithms that tell the nasty Morgue traders exactly how many contracts and at what price to buy or sell on any given day.
On that day, we see that the gold Most Active Month lost -7539 contracts and the price dropped -$31.80. On March 7th, the Most Active Month lost -9773 contracts and the price gained +$11.80. What primarily happened on those dates is the Bullion Banks and all other players rolled contracts to the 2nd Most Active Month but on March 6th the price dropped significantly, and on March 7th the price rose moderately. So you ask “how in the heck did that happen?” Well, some combination of longs and shorts being rolled to mostly the 2nd Most Active Month accomplished that feat. You have to remember that contracts have to be added to the later futures month because there is always a price war going on there and it is primarily a current war fought over options. If the Bullion Banks allowed price to move up significantly in those later months then they would get killed in Options trading. They are too smart for that. I am confident the Bullion Banks have computer algorithms that tell the nasty Morgue traders exactly how many contracts and at what price to buy or sell on any given day.
The next logical question is how can anybody win this war with the Bullion Banks. There are a couple of ways, one much harder that the first:
2. You somehow learn to determine what the Bullion Banks are going to do as far as raising spot price or lowering spot price. That’s a tough one! Almost impossible…
I maintain that the Bullion Banks are in total control over where the spot price is going. They have such HUGE Open Interest positions that they are able to allow price to rise and fall at will. It is only those traders who determine what their next move is that make money in the gold and silver futures market. It is all a game about anticipation and sometimes those anticipations are profitable and sometimes they are not. Only play in the paper markets if you are prepared to lose and keep those stops close so you do not lose your shirt! Anything else is foolish.
A final comment on price determination. Let’s go to yesterday’s results, the last day of the soon to be reported COT (on Friday). We see that -2478 contracts left the Most Active Month. So some combination of longs and shorts, mostly rolling over to the other futures months, determined that price was going to fall -$5.60 in gold and silver rose almost $+0.17 with its Most Active Month losing -396 contracts.
If you check out this past week’s COT summary at http://harveyorgan.blogspot.
If you combine the Large and Small Speculators, then you see who holds what Open Interest (contracts that are not sold before the day’s closing) and how HUMONGOUS the war is for the daily spot price as well as the spot price in the next few most active months. Hundreds of thousands of Open Interest contract positions!!!
If you combine the Large and Small Speculators, then you see who holds what Open Interest (contracts that are not sold before the day’s closing) and how HUMONGOUS the war is for the daily spot price as well as the spot price in the next few most active months. Hundreds of thousands of Open Interest contract positions!!!
Despite all that it is only the sold or bought, longs or shorts, that do not close on each day that are the final determinations of the daily spot price.
So, why don’t the day traders and High Frequency Traders keep their Open Interest positions past the daily close? Because they are expert (or not so expert) in making money off the spot price fluctuations during the trading day.
Now, one more concept… Let’s suppose that all the Bullion Banks and Speculators do not buy or sell a single contract in a trading day. At the beginning of the trading day spot price for gold is $1700. Then it would be the day traders and HFTers that determine the spot price during the trading day BUT when they all sell out before the daily closing then the spot price would be EXACTLY where they found it at the beginning of the day! Though the spot price during the day may have gone up $100, and gone down $200, once the day traders and HFTers have left the scene before closing the spot price would return exactly to $1700.
Maybe total volume was 400,000 during that day? At the end of the day, it is a little simple sum of a fraction of shorts and longs Open Interest that determines what the spot price is at closing.
And that, my friends, is how massive volume has very little or no effect on determining spot price, except for the psychology of the Bullion Banks and the Large and Small Speculators watching the action.
Look at the third chart again for the gold and silver action on Feb 29th. We see that the Most Active Month in gold lost -17991 contracts and dropped $-77.10. Silver lost a minor -1163 contracts but lost a whopping $-2.56 !!!
Why did it take so little for silver to go down so much?
One word. FEAR. Fear from seeing a tremendous drop in gold in a minute or two. So a bunch of silver longs followed and got out very quickly and it only took the Morgue a few well placed shorts to drop price like a rock. It was no more than an expert sigh for them in silver.
Until next week!
Happy stacking…
42 comments:
the pictures are missing ... :(
Fuck this shit and buy phisical silver
@ 2:25
I agree. I don't what the point of the article is. I'm not sure what he means by volume (my ignorance) but I thought the whole point was they just sold zillions of paper ounces onto the market. That's not volume?
Anyway, who gives a shit, just stack and wait for physical shortages.
Thanks Marshal/Doc.... THIS. IS why this "anon troll" visits ur site daily. I want to try to understand the manipulation, and what I can do about it... Nice post.
"I maintain that the Bullion Banks are in total control over where the spot price is going."
This is misleading. Does this mean they could make the spot price go down consistently and indefinitely (or vice versa)?
Clearly, the answer is NO, or else silver would still be trading at $4/Oz today. The paper markets set the short-term 'spot' price of silver, but it is the physical supply and demand aspects of silver that ultimately sets silver's currency value. Silver, after all, is a real, physical precious metal, despite what COMEX or any other non-physical trading market for silver would have people believe.
Physical = Physical (reality)
Paper = Paper (derived from physical)
Without the physical, the paper version could not exist. This small distinction makes all of the difference in the world.
This is also the profound power of 'stacking' physical. For every 1 Oz of physical silver removed from the market, 100 to 400 times of paper derivative silver is removed as well. And, 100 x 0 = still 0 (zero).
This article is for people who want a technical understanding of what happens, not for people who don't care.
The point is that massive volume has virtually no effect on the price calculation at closing.
That is why virtually every day there is a huge price drop the closing price drifts higher as day traders and HFTers close out their positions.
If you know that information, you can make a ton of money in trading all the various ETFs and futures products, options, and make a ton for further physical purchases.
Yes, you are right, millions of paper ounces were sold (and bought) but the real story is how little Open Interest ounces it takes for the Bullion Banks to manipulate the paper market.
Futures are not like the stock market. That is the basic point to grasp. In the stock market, you can have a ton of shares and usually a small portion of shorts. In the futures markets there exists 1 short for every 1 long.
It is a completely different ballgame.
I know the charts are hard to follow but the reward is in being able to determine the best time to purchase physical.
Anyone who buys physical needs to truly understand how totally manipulated the paper price is and understand the risk in volatility of price.
(Reposted from other thread which nobody read)
Hey guys, what's Clive Maund sayin' about the recent plunge?! ('Important message for shellshocked gold and silver investors')
Is it saying he thinks the bottom is in? Maybe situation in Iran is deteriorating (according to Zero hedge)? Or to be wary of a further drop? I dunno, this all seems precarious to me. And what with the 'whistleblower' article above, who knows what Monday will bring (CDS auction)? Who knows what hidden things could come out of the woodwork? And will the stockmarket correct anytime soon? Aaaarrggh (lol)
I need a triple vodka and coke...:)
I missed the bottom in December even though the COT's were very bullish as I thought the Greek thing would blow up. But now it's the CDS stuff and lack of QE, plus COT's not quite as bullish as they were then. Seems there's always someting to stress over. Oh for the old days of just low interest rates, asian buying and endless QE...
@Anonymous March 15, 2012 2:50 PM
What I am trying to do by posting these articles is to show people clearly how they go along believing the myths of demand and supply like you do.
Physical demand has, currently, little to do with the COMEX spot price of silver. Almost everyone lives under the oppression of this myth until they fully understand the total manipulative power of the Bullion Banks and their massive short and long concentrations.
I have discovered, in recent months, that the rise in gold and silver prices since 2008 has been "allowed" by the Bullion Banks.
The Bullion Banks allow price to rise for the purpose of drawing more sucker paper players into the game so the Bullion Banks can rape, pillage, and sack them...
And that is why today's spot price is not $4 as you think it might should be if they exercise their will without repudiation.
Those are misconceptions that the precious metals buying public have been fed by our "leaders" in the PM markets who want paper players to drive the price higher, and higher.
That constant chorus of buy before it is too late is sounded like people like Gerald Clemente is a paper player and got his head handed to him as a MFGlobal client/loser.
How does stacking physical eliminate paper silver? It increases the leverage on the available supply but I do not believe it directly reduces any paper silver. If all of the silver of SLV was secretly sold, the paper leverage would go to infinity, but if no one is allowed to trade in their paper silver for physical...
@ Anon March 15, 2012 3:12 PM
You are correct. Stacking physical has no effect on paper COMEX price or volume of paper contracts.
The only way stacking physical can eliminate paper silver on the COMEX is if the stackers (little guys, big guys like Sprott, miners, and institutions like major funds and like the University of Texas endowment fund, for example) take full investment authority and place a huge portion of their cash holdings into physical.
Then the physical supply to the COMEX would be squeezed or eliminated and we would get a market based on actual supply and demand.
Currently there is not quite enough demand. But if a few miners and institutions heed what Sprott is saying then physical supply would be squeezed and the COMEX as it exists now would be history.
"The Bullion Banks allow price to rise for the purpose of drawing more sucker paper players into the game so the Bullion Banks can rape, pillage, and sack them..."
The manipulation (suppression) of silver and gold prices has little to do with 'drawing sucker players' into the game, and everything to do with manipulation of trust in the debt-based fiat paper 'money' system. When one realizes that the entire world financial system is rooted in the fiat debt-based monetary system that exists today, it becomes crystal clear why gold and silver prices must be manipulated and kept down.
Silver and gold are real money. The US Dollar is counterfeit debt-based fiat 'money'. In order for people to accept the fake, the real must be suppressed (or else people would choose the real). Why does anyone think that gold and silver had to be demonetized when fiat paper 'money' came into the limelight. If this reasoning is unsound, let the authorities allow silver and gold to compete with the US Dollar as legal tender.
But in fact, the authorities purposely made gold and silver non-money (demonetized), to allow the US Dollar to serve as world reserve currency.
Gerald Celente has made made valid and reasoned points about the current state of affairs, and the need to protect oneself with real money gold and silver. The fact that he was a victim of MF Global theft in no way detracts from his message.
The rise in prices of silver and gold send a message to the world that something is very wrong with the current debt-based fiat 'money' system. Let him who has ears hear and take heed.
"You are correct. Stacking physical has no effect on paper COMEX price or volume of paper contracts."
This is total BS and must be called out as such. What this is saying is that COMEX will trade silver whether any physical silver exists or not. That is patently false. The price rise in silver and gold have nothing to do with 'Bullion Banks allowing it to rise', and everything to do with physical supply constraints. Stop this propaganda non-sense.
@Anon March 15, 2012 3:26 PM
I wouldn't make these statements if they were not mathematically true.
I agree with most everything you state except we must admit that the only way The Morgue and HSBC can make money in commodities is by more paper players coming into the paper game.
Otherwise, they make nothing. The Morgue made $2.8 Billion last year in commodities and the majority of that in gold and silver paper trade.
Gold and silver are real money. The only real money. But as of today they are only valued by the world as what the paper COMEX says they are worth.
It is just us stackers who know that one day they will be worth far more when currency(s) are backed with gold.
In order to get to that hard money backing, the COMEX has to go by the wayside. People like Celente and Sinclair do not tell us that truth. The countries of the world, who would back their currency with gold are not going to accept spot price being determined by the COMEX which is a US Government controlled stain foisted by their puppet, JP Morgan. Can't imagine China or Brail or India backing their currencies with gold and letting the American banks be the determinators of price. NOPE.
Celente is just one of a while host of gold and silver celebrities who say buy paper, buy paper, buy paper (or like James Turk the other day who said a ton more long paper players are coming into the COMEX and the shorts will get squeezed).
Isn't it funny that all those gold and silver celebrities never instruct anyone to sell paper gold and silver FOR ANY REASON AT ALL?
Think about it.
They make their living in exhorting most Large and Small Speculators into the paper game so people like Celente can get his paper longs to go up huge in price and then he can sell and convert to physical.
It is a suckers game. I'm just telling you the truth. Hardly anyone else will.
@ 3:30 - So are you saying my example is not accurate with SLV? Why do they need physical silver backing SLV if there is no way to get the physical?
Most silver is traded in paper and settled in paper. Most people seem to be okay owning silver in this form. Removing physical silver will not affect the volume of paper trading, and if anything will increase the needed volume of paper trading to satisfy demand until, like thetruth2564 says, their is an actual physical squeeze.
My point is, while buying physical is clearly the correct way of owing silver, a purchase of physical silver in no way CURRENTLY affects the volume or price of paper silver.
@Anon March 15, 2012 3:30 PM
Use your math skills...
Paper on the COMEX trades at 100 times physical. On the Over the Counter market paper trades about 300 times.
How little physical silver has to exist to be virtually none or non-existent?
As exists today, there are no physical supply constraints and there never have been on the COMEX. There has not been one single article written in all these years of there being a documented physical supply constraint for/on the COMEX.
That's the facts...
That was interesting - still a lot that I don't understand - but if I get time I will study this article in the hope of understanding more. What I am 'getting' is the loss of the thrill of an anticipated price hike in silver - yes I have been hoping that I would double or treble my investment in a very short time - that the fundamentals of supply and demand would indicate that silver should go up dramatically, but I am ready to give up on hoping that every price hike is the one to infinity and beyond, I now know that the talk of a paradigm shift in how silver is viewed by the market has been around for decades (and still hasn't happened in a big way)and I now consider my 'stack' (to which I will be adding 200oz today) to be a long term investment - time to forget about it and just keep it safe. Last thrill...I sniff something big happening on the 20th March...if it doesn't then I will stop expecting Poseidon!!!
One minute there is a total shortage of Silver.
The next minute the "shorts" are in a hopeless position and are going to lose their shirts.
Two minutes later we are all going to be Zillionaires as Silver goes to $5000 an ounce. This predicted by all the gurus.
Three minutes later the bullion banks are in total control and there is nothing anyone can do.
PLEASE give us a break and stop with all this roller-coaster change of thinking.
Stick with one idea and stay with it.
Yep, all eyes are on next week.
If we see contagion in the CDS then I expect the bottom to drop out of silver as the Morgue will want to dramatically reduce their positions. it will be a shark feeding frenzy.
If the CDS is orderly auction next week then all eyes are on April and the Greek elections.
They could throw out the current government and void the EU bailout.
That's what they should do, admit their mistakes, and get a fresh start in life for their future generations.
If they void the bailout then the absolute bottom of gold and silver will be seen and once at the bottom the sky is the limit as the COMNEX will fail and a defacto physical market will take its place.
George,
All of those factors are in play. Also everyone says that silver is a roller coaster ride. Either deal with it or get out.
It sounds to me like you rely on others to tell you how to think.
If it were just a private bank using its own funds and power to trade commodities, even to drive prices up or down, we would have no complaints.
This situation is far worse that that. This bank, JPM, is a member of the Federal Reserve, and has access to the presses. They are using government largesse and their position at the seat of power to rob traders across the board. Fascism should not be advocated or tolerated the way we see it condoned in the US today. Since their actions support the US gov's fiat spending and empire building, the regulators and treasury officials are powerless and a waste of tax dollars. Don't cash those paychecks CFTC, you're worthless.
@Anon 5:12
Exactly!!!
The Commercials act in concert with each other and understand what their goals are.
The Large and Small Speculators cannot act in concert. They are just a bunch of private individuals, investment companies and smaller banks, and institutions who try their best to make a profit or stay even through hedging.
The Bullion Banks just have to make a few well placed trades to make their moves.
The rest of us player, in the paper market, make thousands of moves everyday but none of them in concert (or knowing what the other players are doing).
That, plus the Bullion Banks hold an overwhelming majority of the Open Interest.
Silver could go on sale next week if CDS contagion is rampant in the defaulted Greek bonds, but the bottom will not drop out.
The Morgue has little to no physical silver to sell and they will have their hands full with all the CDS they backstopped and the derivities they sold on Greece. Who really holds massive quantities of physical silver except for Sprott's PSLV? The SLV is probably full of rehypothecated paper silver with multiple, multiple ownership claims to each physical bar. JPM may be begging Uncle Binky Bennie for a couple trill of computer generated zero's to contain this upcoming credit event.
AC_Doctor
Hey Doc.
Since you are very in tune with the relevant market schedule, IT WOULD BE GREAT if you can on Fri or Mon give us a "Front Running" article of vital things such as Options expiry, Bond sales, Bernanke talking and any other vital events that will occur that most likely affect silver. A small opinion section what you think will happen. Why not help us who did not see/remember the options expiry that happened this week. We can maybe beat them in paper and not just Phys.
Thanks for all you help.
Dummy
That is a BRILLIANT idea, just like Zerohedge but for silverstackers! :)
I get confused with the options expiry, is it on 27/3 this time? :
http://www.cmegroup.com/trading/metals/precious/silver_product_calendar_options.html
And does the price often drop in the days BEFORE the expiry, rather than the expiry day itself? Nothing happened in Jan/Feb, so could there be a nasty surprise for March?
Thx
Thanks thetruth2564 I agree with much of what you wrote--that I had a chance to read.
Silver contracts are like fiat dollars--fiat silver if you will. Taking a lesson from the Fed, they'll just keep printing, adjusting the ratios as needed. It really does seem arbitrary.
Short squeeze on "real" silver is much needed. Therefore, buying physical is much needed. Hopefully, the mistrust in the system will continue to grow, aiding the value of silver.
Posted by George Silver:
"One minute there is a total shortage of Silver.
The next minute the "shorts" are in a hopeless position and are going to lose their shirts.
Two minutes later we are all going to be Zillionaires as Silver goes to $5000 an ounce. This predicted by all the gurus.
Three minutes later the bullion banks are in total control and there is nothing anyone can do.
PLEASE give us a break and stop with all this roller-coaster change of thinking.
Stick with one idea and stay with it."
Hear here! Exactly, I'm with you.
I do enjoy listening to the prognosticators and sensationalizers though. James Turk is one such fellow. And I've never heard of him saying to sell or buy paper Gold and Silver. In fact, quite the opposite. I know I can recall him saying that you have to have the physical many times. I think he and others like him are excited at the thought and prospect of the Comex's physical supply running out and PM's and finally, finally, becoming recognized for what the really are, money. Paper currency is not money, it's just paper. Because the Government says paper is money does not make it so. Money is determined by people and the market. Those are just my opinions/beliefs. You must make up your own mind. Hopefully based upon sound principles and common sense.
Should James Turk and people like him stick to the facts a little more rather than sensationalize quite so much? Perhaps. But it's hard not to be excited about the prospects of an actual free market system. And you can't have free markets without free market money.
I want to add that, I think James Turk and others are beginning to talk more about smashes in the prices and market manipulation. I could be wrong. But, perhaps they thought this paper money game would have ended well before now.
I just know what I believe in and even though I don't have much, I keep adding what little I can to my stack. And I know, I will not stop doing so.
OneTinSoldier, I think you are right that we have seen the word manipulation in a couple of authors/speakers columns in recent months that I had not heard them mention manipulation before...
The reason they do not like to mention manipulation is they are giving advice to big paper buyers as well as some buyers of physical. If they talk about manipulation too much then they will scare off the big paper players completely. If the non-Bullion Bank paper players only knew...
I think most of the commentators know that before silver and gold rocket off to the moon the COMEX has to fail and prices will drop quickly to $15ish silver and $1000ish gold, maybe lower. I can easily see $550 gold and $12-15 silver because those are price points for producer miners to break even. It will happen quickly and there will be little chance to buy physical on the way down and you will not want to buy it on the way up because why pay $200 then for what you can pay $32.50 today?
I don't see any of the commentators talking about this scenario.
I know this sounds almost ludicrous but in the current paper spot market I see no mathematical way PMs can beat the Bullion Banks at their own game.
You all are dumber than a box of hammers.
Is shitco full up, or did ynot2k ban you for no reason.
Ive read similar pieces as this article from other pumpers. This article just provides hope to those who are still holding their silver... My question is when do you ever decide to sell? Keep stacking for how many years?? And if the economy tanks do you think you'll be walking around buying houses for silver coins? You think the admin of the west would allow that?
Well all i get from all this and pretty well everything that has been said for the last 6 months is that no one really has any idea of what is going on. Up, down and sideways seems to be the order of the day and someone is always around to explain who is to blame.
sour taste article.
I do not understand. The bullion banks control the spot price(he says), but then we have that big take down a couple of weeks back because 236,000,000 "paper oz" get dumped. If volume doesn't effect market closing price, what caused the crash? I am not understanding this, doc or another poster can you help? I am not ashamed that i don't understand it, if a broker did my job, he would hurt or kill himself and or others. If I was doin his job, I would just lose all my money.
Anon 11:22 this is nothing to understand. No one really knows what is going on day to day in the silver and gold markets.. Its just noise. Doc has no idea but he puts up this heroic pumper articles to give people hope. Is complete bullshit.
They are accomplishing their goal of pyschological warfare because we are all driven crazy by these more frequent drastic price crashes! Everything else is allowed to rally - Citibank $3.00-$35.00 on crappy fundos is one example. Silver can't seem to rally anymore without being forced by the EE to give it all back. It makes me sick, the CFTC investigation sham makes me sick and the endless obsession with Apple makes me sick. Noone ever mentions how much silver is needed for every Apple product and every bomb for all these stupid wars we are fighting, yet our ounces have to be valued on this paper BS! Where is the outrage?!!
Sounds like you have enough to go around.
Naysayers
I won't be deterred or manipulated by ANY moves in price. I believe what I believe and I believe I'll keep stackin. Go ahead, expound your knowledge, show me how smart you are. Prove me wrong. Until then shut the fuck up!!
Crazy Canuck
AC_doctor
That's what I was thinking....exactly.
Great minds think alike
fools seldom differ
keep some powder dry for next week people!!
Crazy Canuck
Why is it so hard to understand that JPM et al, can create paper valuations at will. The graphs and charts are trying to make sense of a fiction that is the dream. It's all fraud and there is no reality in fraud. Buy the dips stay away from leverage and go fuck your wife!
I know it's a cliche and all, but I'm in the Lindsey William camp when he says "If it's written on a piece of paper, it is only worth the paper it is written on". That goes for US dollars, silver contracts etc... At the end of the day, I still prefer to have physical silver and hard tangible assets.
Keep stacking. A 300% increase in value in 4 years sound alright to me.
The bullion banks control spot, but the value of them dragon and kangaroo silver coins from down under just keeps on sky-rocketing.
LPP
DID EVERYONE FORGET THE ROLE OF US DOLLAR AS A RESERVE CURRENCY VS PRECIOUS?! Once US Dollar loses that status (as is happening right now) PMs are going up and away because physical ALWAYS wins against fake in a currency crisis as history shows. C'mon, people, speculating is for "experts" and gambler-types and if you are not one of 'em them you should be long on it. Don't fret, keep steady and sure that fundamentals own speculation in long term. ..and what is really long-term these days? ;) Have some patients, don't let the bullies scare you out of it.
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