Silver took a huge hit on breaking news coming out of Washington DC on May 1st, 2011. United States President Barrack Hussien Obama announced the death of al qaeda leader Osama bin Mohammed bin Awad bin Laden (Arabic: ????? ?? ???? ?? ??? ?? ?????, ?Us?mah bin Mu?ammad bin ?Awa? bin L?din; March 10, 1957 – May 2, 2011
So the story goes….
U.S. Navy S.E.A.L. Team 6 entered a massive compound in Pakistan via huey to oust the bad guy.
After they got their guy in roughly 40 to 50 minutes, he was given a proper muslim burial at sea off of the aircraft carrier Carl Vinson, based out of Sand Diego CA. due to claims that no country wanted his remains
Silver was as low as $42.20 from an opening of over $47 upon the news of Geronimo and E KIA, the official code words for target identified and mission accomplished.
Gold and platinum seemed to hold there ground fairly strong as silver climbed back as high as 47.40 throughout the day to end .01 under $44 at $43.99
A lot of weak hands just got shaken out of the silver investment. Buying was rampant as the sharks smelled the blood in the water and bought on the these dips. Silver is currently up, trading at $44.57.
London was closed today, just as it was last Monday during the most recent $5 swing in silver. As Americans sleep after a historic day, silver may trade just as erratic as it did on the NYMEX and COMEX, on it’s continued path to $50.23
Reactions in the middle east are being monitored closely upon the news of bin ladens death in anticipation of some sort of retalliation and any rippling effects they may have on the financial world.
If you thought you missed the boat on silver, history is now on your side as this historic day gave everyone another chance to buy silver on it’s way up. Keep in mind the swings are getting greater for the white metal and could be in store for some considerable volatility in the near term. Exposure to some of the more stable metals, gold and platinum may pose as a great anchor to weather this storm.
As mixed emotions fill Americans across the country about celebrating the death of an individual, there are many jubilant gatherings at the moment. Thank you to all my friends and family that have been overseas over the last decade, the dedication of all personal during the 9/11 disaster, and the families for all, that lost their lives over this time span. A chapter has been closed in the history books, the one that follows will be twice as interesting.