Best of the Week
Most Popular
1. Gold vs Cash in a Financial Crisis - Richard_Mills
2.Current Stock Market Rally Similarities To 1999 - Chris_Vermeulen
3.America See You On The Dark Side Of The Moon - Part2 - James_Quinn
4.Stock Market Trend Forecast Outlook for 2020 - Nadeem_Walayat
5.Who Said Stock Market Traders and Investor are Emotional Right Now? - Chris_Vermeulen
6.Gold Upswing and Lessons from Gold Tops - P_Radomski_CFA
7.Economic Tribulation is Coming, and Here is Why - Michael_Pento
8.What to Expect in Our Next Recession/Depression? - Raymond_Matison
9.The Fed Celebrates While Americans Drown in Financial Despair - John_Mauldin
10.Hi-yo Silver Away! - Richard_Mills
Last 7 days
Stocks: When Grass Looks Greener on the Other Side of the ... Pond - 3rd Apr 20
How the C-Factor Could Decimate 2020 Global Gold and Silver Production - 3rd Apr 20
US Between Scylla and Charybdis Covid-19 - 3rd Apr 20
Covid19 What's Your Risk of Death Analysis by Age, Gender, Comorbidities and BMI - 3rd Apr 20
US Coronavirus Infections & Deaths Trend Trajectory - How Bad Will it Get? - 2nd Apr 20
Silver Looks Bearish Short to Medium Term - 2nd Apr 20
Mickey Fulp: 'Never Let a Good Crisis Go to Waste' - 2nd Apr 20
Stock Market Selloff Structure Explained – Fibonacci On Deck - 2nd Apr 20
COVID-19 FINANCIAL LOCKDOWN: Can PAYPAL Be Trusted to Handle US $1200 Stimulus Payments? - 2nd Apr 20
Day in the Life of Coronavirus LOCKDOWN - Sheffield, UK - 2nd Apr 20
UK Coronavirus Infections and Deaths Trend Trajectory - Deviation Against Forecast - 1st Apr 20
Huge Unemployment Is Coming. Will It Push Gold Prices Up? - 1st Apr 20
Gold Powerful 2008 Lessons That Apply Today - 1st Apr 20
US Coronavirus Infections and Deaths Projections Trend Forecast - Video - 1st Apr 20
From Global Virus Acceleration to Global Debt Explosion - 1st Apr 20
UK Supermarkets Coronavirus Panic Buying Before Lock Down - Tesco Empty Shelves - 1st Apr 20
Gold From a Failed Breakout to a Failed Breakdown - 1st Apr 20
P FOR PANDEMIC - 1st Apr 20
The Past Stock Market Week Was More Important Than You May Understand - 31st Mar 20
Coronavirus - No, You Do Not Hear the Fat Lady Warming Up - 31st Mar 20
Life, Religions, Business, Globalization & Information Technology In The Post-Corona Pandemics Age - 31st Mar 20
Three Charts Every Stock Market Trader and Investor Must See - 31st Mar 20
Coronavirus Stocks Bear Market Trend Forecast - Video - 31st Mar 20
Coronavirus Dow Stocks Bear Market Into End April 2020 Trend Forecast - 31st Mar 20
Is it better to have a loan or credit card debt when applying for a mortgage? - 31st Mar 20
US and UK Coronavirus Trend Trajectories vs Bear Market and AI Stocks Sector - 30th Mar 20
Are Gold and Silver Mirroring 1999 to 2011 Again? - 30th Mar 20
Stock Market Next Cycle Low 7th April - 30th Mar 20
United States Coronavirus Infections and Deaths Trend Forecasts Into End April 2020 - 29th Mar 20
Some Positives in a Virus Wracked World - 29th Mar 20
Expert Tips to Save on Your Business’s Office Supply Purchases - 29th Mar 20
An Investment in Life - 29th Mar 20
Sheffield Coronavirus Pandemic Infections and Deaths Forecast - 29th Mar 20
UK Coronavirus Infections and Deaths Projections Trend Forecast - Video - 28th Mar 20
The Great Coronavirus Depression - Things Are Going to Change. Here’s What We Should Do - 28th Mar 20
One of the Biggest Stock Market Short Covering Rallies in History May Be Imminent - 28th Mar 20
The Fed, the Coronavirus and Investing - 28th Mar 20
Women’s Fashion Trends in the UK this 2020 - 28th Mar 20
The Last Minsky Financial Snowflake Has Fallen – What Now? - 28th Mar 20
UK Coronavirus Infections and Deaths Projections Trend Forecast Into End April 2020 - 28th Mar 20
DJIA Coronavirus Stock Market Technical Trend Analysis - 27th Mar 20
US and UK Case Fatality Rate Forecast for End April 2020 - 27th Mar 20
US Stock Market Upswing Meets Employment Data - 27th Mar 20
Will the Fed Going Nuclear Help the Economy and Gold? - 27th Mar 20
What you need to know about the impact of inflation - 27th Mar 20
CoronaVirus Herd Immunity, Flattening the Curve and Case Fatality Rate Analysis - 27th Mar 20
NHS Hospitals Before Coronavirus Tsunami Hits (Sheffield), STAY INDOORS FINAL WARNING! - 27th Mar 20
CoronaVirus Curve, Stock Market Crash, and Mortgage Massacre - 27th Mar 20
Finding an Expert Car Accident Lawyer - 27th Mar 20
We Are Facing a Depression, Not a Recession - 26th Mar 20
US Housing Real Estate Market Concern - 26th Mar 20
Covid-19 Pandemic Affecting Bitcoin - 26th Mar 20
Italy Coronavirus Case Fataility Rate and Infections Trend Analysis - 26th Mar 20
Why Is Online Gambling Becoming More Popular? - 26th Mar 20
Dark Pools of Capital Profiting from Coronavirus Stock Markets CRASH! - 26th Mar 20
CoronaVirus Herd Immunity and Flattening the Curve - 25th Mar 20
Coronavirus Lesson #1 for Investors: Beware Predictions of Stock Market Bottoms - 25th Mar 20
CoronaVirus Stock Market Trend Implications - 25th Mar 20
Pandemonium in Precious Metals Market as Fear Gives Way to Command Economy - 25th Mar 20
Pandemics and Gold - 25th Mar 20
UK Coronavirus Hotspots - Cities with Highest Risks of Getting Infected - 25th Mar 20
WARNING US Coronavirus Infections and Deaths Going Ballistic! - 24th Mar 20
Coronavirus Crisis - Weeks Where Decades Happen - 24th Mar 20
Industry Trends: Online Casinos & Online Slots Game Market Analysis - 24th Mar 20
Five Amazingly High-Tech Products Just on the Market that You Should Check Out - 24th Mar 20
UK Coronavirus WARNING - Infections Trend Trajectory Worse than Italy - 24th Mar 20
Rick Rule: 'A Different Phrase for Stocks Bear Market Is Sale' - 24th Mar 20
Stock Market Minor Cycle Bounce - 24th Mar 20
Gold’s century - While stocks dominated headlines, gold quietly performed - 24th Mar 20
Big Tech Is Now On The Offensive Against The Coronavirus - 24th Mar 20
Socialism at Its Finest after Fed’s Bazooka Fails - 24th Mar 20
Dark Pools of Capital Profiting from Coronavirus Stock and Financial Markets CRASH! - 23rd Mar 20
Will Trump’s Free Cash Help the Economy and Gold Market? - 23rd Mar 20
Coronavirus Clarifies Priorities - 23rd Mar 20
Could the Coronavirus Cause the Next ‘Arab Spring’? - 23rd Mar 20
Concerned About The US Real Estate Market? Us Too! - 23rd Mar 20
Gold Stocks Peak Bleak? - 22nd Mar 20
UK Supermarkets Coronavirus Panic Buying, Empty Tesco Shelves, Stock Piling, Hoarding Preppers - 22nd Mar 20
US Coronavirus Infections and Deaths Going Ballistic as Government Start to Ramp Up Testing - 21st Mar 20
Your Investment Portfolio for the Next Decade—Fix It with the “Anti-Stock” - 21st Mar 20
CORONA HOAX: This Is Almost Completely Contrived and Here’s Proof - 21st Mar 20
Gold-Silver Ratio Tops 100; Silver Headed For Sub-$10 - 21st Mar 20
Coronavirus - Don’t Ask, Don’t Test - 21st Mar 20
Napag and Napag Trading Best Petroleum & Crude Oil Company - 21st Mar 20
UK Coronavirus Infections Trend Trajectory Worse than Italy - Government PANICs! Sterling Crashes! - 20th Mar 20
UK Critical Care Nurse Cries at Empty SuperMarket Shelves, Coronavirus Panic Buying Stockpiling - 20th Mar 20
Coronavirus Is Not an Emergency. It’s a War - 20th Mar 20
Why You Should Invest in the $5 Gold Coin - 20th Mar 20
Four Key Stock Market Questions To This Coronavirus Crisis Everyone is Asking - 20th Mar 20
Gold to Silver Ratio’s Breakout – Like a Hot Knife Through Butter - 20th Mar 20
The Coronavirus Contraction - Only Cooperation Can Defeat Impending Global Crisis - 20th Mar 20
Is This What Peak Market Fear Looks Like? - 20th Mar 20
Alessandro De Dorides - Business Consultant - 20th Mar 20
Why a Second Depression is Possible but Not Likely - 20th Mar 20

Market Oracle FREE Newsletter


Silver in Crisis

Commodities / Gold & Silver Nov 21, 2008 - 11:25 AM GMT

By: Zeal_LLC


Diamond Rated - Best Financial Markets Analysis ArticleThe unprecedented financial turmoil plaguing all markets these days is dominating everyone's attention. In a troubled time when the flagship S&P 500 stock index can plunge 30.0% in a single month, it is hard to think about anything else. Thus many smaller markets, like silver, are languishing in relative obscurity.

Silver, an asset which many investors thought would thrive during a financial-market panic, has been scourged mercilessly. After briefly surging above $20 in March, it nonchalantly traded between $16 and $19 or so for the next 5 months. Silver was on top of the world, consolidating high, and all looked well.

But since early August, the global financial panic has radically reshaped the silver landscape almost beyond all recognition. So far in November 2008, silver has averaged just $9.73 on close. The stocks of the world's biggest and best silver miners, companies that held so much promise only 6 months ago, are now down 80%+. It really feels like Armageddon for silver investors, a once unthinkable living nightmare.

I've been a big silver fan since this gold bull started in early 2001. I bought a lot of physical silver back in the early 2000s and first formally recommended silver coins (US 90% bags) to our subscribers as a long-term investment 7 years ago this month when silver traded in the low $4s. Several of my core long-term investments are elite silver producers. So as a long-time silver investor, I am sure feeling the pain too.

Since silver has fallen off a cliff and even its best producers have cratered, silver investors and speculators are feeling tremendous anxiety. Me too, this crisis situation is just unreal. Like so many things in these crazy markets, today's horrific silver environment would've seemed impossible not too many months ago. So this week I decided to take a look at silver in crisis and see what insights we could glean.

To start, we need some perspective. Despite what it may feel like, silver has not been singled out. From early March to late October, silver fell 56.7%. Most of these losses snowballed since mid-July, a span over which this white metal lost an unbelievable 53.0%. This is terrible, no doubt. But realize over this same period crude oil, the king of commodities, plunged 63.3%! Heck, even the geometrically-averaged (hence very slow to move) Continuous Commodity Index is down 43.0% since early July.

Silver's losses are not happening in a vacuum. They have been driven by exogenous forces far beyond the usual small and insular silver market. The financial panic has driven a wholesale deleveraging of all assets, including commodities. It is crucial to keep this in mind. Considering silver technically in isolation, ignoring these unprecedented times, will certainly lead one to draw the wrong conclusions on its troubles.

And silver is unique among commodities even in the best of times. Its small market size, phenomenal historical price spikes, and fanatical following have forged it into one of the most volatile and speculative commodities on the planet. While its secular bull is indeed fundamentally-driven, inflows and outflows of speculative capital have driven violent swings all around this core uptrend. Silver has never been for the faint of heart, it takes no prisoners.

Because of this heavy speculative component driving silver's wild gyrations, speculator sentiment is disproportionately critical to silver's near-term fortunes. If silver speculators are greedy and excited, silver can rocket higher like it did in early 2008. But if silver speculators are fearful and scared, silver can plummet like it did in recent months. Speculators' mood swings drive silver's short-term price swings.

As I've traded silver and silver stocks over the years, it has become clear that one factor dominates silver-speculator sentiment much more than all other factors combined. It is gold's performance . Gold is the king of precious metals, its behavior governs sentiment for the entire PM complex. When gold is strong, silver traders get bold and buy aggressively. But boy, when gold is weak silver traders run for the hills.

In light of this truth, and considering how universal this financial panic's impact has been, we can't consider silver's behavior in isolation from gold's. Gold sets the PM tone, and silver amplifies it. If you are the least bit skeptical of this, I encourage you to study market history to investigate it on your own. I wrote an essay last year, Silver Lagging Gold , that illustrates this strong tendency with 7 charts spanning nearly 4 decades.

Today's silver crisis needs to be pondered in light of gold. It won't and can't make sense in isolation given all the unprecedented financial-market extremes we've witnessed in the last couple months. So in my technical charts this week, I rendered silver (blue) on top of the gold price (red). This first one takes a look at the past year or so in the precious-metals complex.

Silver started this year strong, blasting 50.4% higher from December 2007 to March 2008 to dazzling new multi-decade highs. On a nominal basis, silver hadn't been above $20 since October 1980. And on a real inflation-adjusted basis , silver still hadn't exceeded $20 since March 1984. So seeing silver above $20 this year was very exciting and a big deal in a secular sense. Silver bulls were naturally ecstatic.

But note above that during this early-2008 silver surge gold was also strong. Over this same span of silver's rally, gold powered 24.6% higher. Gold was hitting a series of all-time nominal highs of its own in early March when silver was over $20. When gold is strong, silver speculators get excited and flood into the volatile metal. So it leverages gold's gains, by 2.0x in the case of this particular silver surge.

Unfortunately these maturing PM uplegs were cut short by a surprise from the Federal Reserve. Instead of slashing rates by 100 basis points on March 18th as the markets expected, the Fed only cut by 75bp. It was still a huge cut, it still should have hammered the US dollar. But provocatively the heavily oversold dollar started rallying on the Fed's “restraint”. Gold plunged and dragged silver with it. By early May silver had fallen 22.3%, amplifying gold's own selloff by 1.6x.

Then in much of May and June, silver simply consolidated sideways. Note above that its daily rallies and selloffs mirrored gold's closely, as usual. In early July gold caught a bid and silver followed. But gold's rally wasn't all that large and silver speculators weren't too convinced it was worth chasing. Silver only rallied 18.6% over this span, merely amplifying gold's gains by 1.3x.

All today's silver woes started in mid-July and accelerated into August and September. Between $17 and $18 in late July, still in a typical mild summer-doldrums downtrend , silver looked solid. It wasn't until it broke below $16 in early August that silver technicians started to get scared. And indeed, if you considered silver in isolation it was plummeting down through its key support zones like a mobster wearing cement shoes.

Between mid-July and mid-September, silver plunged a breathtaking 45.5%! It was the worst selloff of this entire silver bull by far, as you'll see below. Speculators had to abandon silver at a frightful rate to drive such an incredible sell-side imbalance. Why did they flee? Because of gold's behavior. Gold was knifing down through support zones too, which quickly turned sentiment deeply negative in the entire PM realm.

Over this same span of silver's brutal selloff, gold was down 19.9%. So silver leveraged gold's decline by 2.3x. This is not far above the 2.0x leverage silver saw to gold in early 2008 during its upleg. So while silver's behavior was terrible in an absolute sense, relative to gold it wasn't beyond the pale. Interestingly this comparison is even a bit skewed thanks to gold bottoming 3 days before silver in September.

If you optimize this mid-July-to-mid-September decline to the exact days of gold's swing instead of silver's, the silver-to-gold leverage ratio looks even more normal. Silver fell 44.5% to gold's 23.8%, a solidly normal 1.9x. While I am certainly not trying to downplay the magnitude of this silver crisis, realize that relative to gold's decline silver's selloff wasn't atypical at all. Silver amplifies gold's behavior, to both the upside and downside .

This begs the question, if gold killed silver speculators' sentiment then what happened to gold? The unprecedented global financial panic, first in bonds and later in stocks, drove one of the fastest and largest US dollar rallies in history. Foreign investors rushed to buy US Treasuries to protect their capital, and they had to buy dollars first. Gold futures traders saw this huge dollar surge and sold gold aggressively. I wrote an entire essay on this particular unique gold/dollar event last month if you want more background.

Out of mid-September's lows, silver surged following gold. On September 17th, gold rocketed 11.1% higher in its biggest single-day rally since January 1980. Silver speculators naturally loved this, bidding silver 15.2% higher that day. By the time this rallying spell ran its course in late September, silver was up 29.3% which leveraged gold's own gains by 1.8x. But although the bond panic into dollars had abated, the stock panic into dollars was just starting. The dollar surged, gold fell, and silver plunged again.

Between late September and late October, the white metal fell another 33.3%. It was amazing, earlier this year I never thought we'd see silver in the $8s again. Nevertheless, despite silver's atrocious absolute levels it only leveraged gold's own decline over this span by 1.8x. No matter how ugly silver looks in isolation, compared to gold (its primary driver) silver's recent selloff was not out of proportion.

Now that you've considered all silver's big swings over the past year, look at this chart again as a whole. All silver has done in going from $14 to $21 to $9 is follow and amplify the underlying moves in gold. Silver's daily and multi-day rallies/selloffs in this chart mirror gold's exceedingly well, as usual fitting like lock and key. Technically, silver is merely gold's little lapdog as it always has been. Without gold strength to ignite silver speculators' greed, silver can never rally for long on its own.

Silver's only problem since August was gold . And a big part of gold's problem was a giant contraction in speculative capital deployed. Due to forced redemptions, margin calls, and sheer fear, traders all over the world pulled capital off the table. Their selling forced virtually all prices lower. Unfortunately gold was not an exception this time around, as it should have been during a full-blown panic. And with gold weak, silver didn't stand a chance.

In recent weeks, angry and shell-shocked silver enthusiasts have been looking for a villain to blame. While conspiracy theorists from various factions will shrilly disagree with me, I don't think there is a silver-specific culprit to tar and feather for the extraordinary chaos of the past few months. Gold got crushed and silver followed and amplified gold as it always ultimately does. End of story.

But one thesis today suggests mainstream stock investors added to this silver plunge by dumping their holdings in the SLV silver ETF . Last week I investigated this claim for gold made by opponents of gold's ETF , and they were groundless. I was curious about SLV so I checked out its holdings. The results will be very surprising to many and suggest stock investors buying SLV are much stronger hands than expected.

While speculators abandoned silver since mid-July, stock traders owning SLV didn't really succumb to this irrational panic. SLV's total holdings, amazingly enough, actually grew and hit new all-time record highs during the silver crisis of recent months! A steep uptrend in SLV's bullion holdings that began during the sharp early-2008 upleg somehow held intact through the brutal late-2008 correction. The silver ETF actually helped retard silver's selloff!

SLV holds silver in trust for its investors. Its mission is to track the silver price. This only happens naturally if SLV supply and demand trends are very similar to underlying silver supply and demand trends. If relatively more SLV is demanded than silver, this ETF must issue shares and use the proceeds to buy physical silver to equalize this demand differential. The opposite is also true, SLV must sell silver bullion and buy back shares if SLV selling pressure exceeds that in silver futures. If these mechanics aren't clear to you, I explained all this last week for GLD. SLV works the same way.

If SLV and silver always had the same supply-demand pressures on a minute-by-minute basis, SLV's holdings would never need to change (outside of the modest annual management fee). SLV's holdings only grow when SLV demand exceeds silver's and only shrink when SLV supply exceeds silver's. Since SLV still grew its holdings even while silver cratered, SLV buying pressure in recent months was greater than the selling pressure driven by silver's collapse. This is incredibly impressive.

SLV has grown fast during silver uplegs, grown slowly during silver consolidations, and has even grown or remained stable during silver selloffs. Stock traders want to be able to get silver-price exposure via their usual stock-trading accounts, so SLV demand has continued to grow despite silver's wild volatility. No matter how you feel about metals ETFs personally, you can't argue that SLV contributed to silver's recent weakness. This ETF actually had to buy physical silver during this futures-based selloff!

Whenever you analyze silver it always comes down to gold in the end. If gold is strong enough for long enough, silver will explode higher as speculators flood in to drive one of its characteristic parabolic spikes. If gold is drifting in a consolidation, silver will dutifully follow in a sideways grind of its own. And if gold sells off, silver speculators will abandon silver in a heartbeat without thinking twice. Gold is the key.

I fully know silver is a religion for some investors who will own nothing else but this metal, its producers, and its explorers. More power to them, silver is definitely very exciting and exceedingly lucrative when it rockets higher. This being said, silver is still at the mercy of gold. This final bull-to-date chart of gold and silver, from my multi-decade study of this relationship, offers some important lessons.

Yes, silver has awesome potential. Yes, its secular bull has already carried it from around $4 to nearly $21 at best. Yes, investors and speculators in silver including me and our subscribers have made fortunes trading it and its producers. All this is true, there are many reasons to love silver going forward. Yet ultimately, silver is slave to gold. It is a hyper-volatile speculation that amplifies gold-driven PM sentiment.

In silver's bull to date, literally all of its gains have come from just 3 fast uplegs. Silver's bull really didn't begin in earnest until early 2003, about 5.5 years ago and about 2 years after gold's own bull began. Out of 22 calendar quarters of silver bull, silver only gained big on balance in about 7 quarters. Note above that all 7 of these big silver quarters, distributed across 3 mighty uplegs, happened when gold prices were strong.

Silver is strong only after gold is rallying high enough for long enough to ignite excitement in precious metals. When gold consolidates and excitement bleeds away, silver is weak. And when gold corrects, silver amplifies gold's downside moves quickly and efficiently. So when gold succumbs to rare extraordinary weakness, any prudent silver investor or speculator will expect silver to suffer even more.

And although the global loss of confidence in all speculations drove silver's biggest correction of this bull by far, I also wanted to point out that extreme silver declines are par for the course from time to time. In early 2004, silver plummeted 32.8% in 24 trading days. In mid-2006, silver plummeted 35.1% in 23 trading days. So its 2008 selloffs of 22.3% in 40 days and 45.5% in 45 days aren't too out of character. Indeed, 40+ day declines for silver are actually a slow pace for a sharp selloff!

Silver always has been very volatile and always will be. Since it is such a small market with so much exciting history and such a fanatical following, speculators will continue to exert an outsized influence on silver. And if the last 4 decades of history continue to hold true, as I suspect they will, the biggest single factor influencing silver sentiment by far will be gold's own price performance. Gold is the key to silver.

So if you believe in gold's long-term fundamentals , that its secular bull will continue to power higher on balance for years to come due to increasing investment demand, shrinking mined supply, and incredible fiat-paper inflation worldwide, then there is nothing to fear in silver. Silver will follow, and amplify, gold in the end. Yes silver is in crisis today, it has been eviscerated technically. But this is an anomaly.

Flight capital desperately buying US dollars to buy US Treasuries to escape a once-in-a-generation global financial panic drove a massive and fast dollar rally. Futures traders saw this and sold gold and other commodities aggressively. Naturally silver fell as gold sentiment imploded. And relative to gold's extreme decline, silver's selloff was not outsized. It was just about right given the magnitude of this anomaly.

At Zeal we've certainly been beaten up by this silver selloff too. Our long-term physical-silver and silver-stock investments were driven to brutally-low levels I never thought we'd see again. Despite this intense pain, this financial panic too will pass like all before it. As soon as confidence returns to the financial markets, probably driven by a major stock-market rally , capital will return to the commodities realm. Gold will benefit greatly and silver will follow it higher as always.

We actually took advantage of this carnage to add a new long-term investment position in an elite silver miner we've long wanted to own. Details are in the current issue of our acclaimed monthly newsletter . If you watched silver soar from $11 in summer 2007 to $21 in March, and wished you could've gotten into silver stocks on the ground floor, today's anomaly is a very rare second chance. Subscribe today and don't miss this incredible opportunity.

The bottom line is silver has indeed been slaughtered. It hurts. But despite unbelievable technical carnage, silver's plunge was not unreasonable given the size of gold's own selloff. As a highly-speculative asset even in the best of times, silver's poor performance during a peculiar panic episode when all speculations were shunned should not be too surprising. Speculators simply abandoned it.

While extreme times can drive extreme price levels, realize that financial panics never persist for long. While silver probably won't hit new bull highs soon after rationality returns, its fundamentally-driven equilibrium price is probably up in the mid-teens at worst. That's much higher than today's levels! As financial-market confidence returns, and gold's bull resumes, silver's crisis of confidence will end too.

By Adam Hamilton, CPA

So how can you profit from this information? We publish an acclaimed monthly newsletter, Zeal Intelligence , that details exactly what we are doing in terms of actual stock and options trading based on all the lessons we have learned in our market research. Please consider joining us each month for tactical trading details and more in our premium Zeal Intelligence service at …

Questions for Adam? I would be more than happy to address them through my private consulting business. Please visit for more information.

Thoughts, comments, or flames? Fire away at . Due to my staggering and perpetually increasing e-mail load, I regret that I am not able to respond to comments personally. I will read all messages though and really appreciate your feedback!

Copyright 2000 - 2008 Zeal Research ( )

Zeal_LLC Archive

© 2005-2019 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules