Long Position on Silver and Gold?

[MrPrena]

Interesting read

This Is A ?Suckers? Stock Market Rally
Chris Vermeulen
FX EmpireApril 15, 2020, 6:24 AM MDT
Everyone I know who is not involved in the stock market or has little knowledge about it is calling me and asking what stocks, indexes, and commodities to buy because everything is so cheap and dividends are juicy again.

https://finance.yahoo.com/news/sucke...122402728.html

[Sawin]

“Sell In May and Go Away”

[MrPrena]

May settlement date 4/21.
I might adjust my entry pt after speaking to people who know more oil.

[roberth]

Oil is negative by $7.

[MrPrena]

Yes and now:

Crude Oil May 20 (CL=F)
NY Mercantile - NY Mercantile Delayed Price. Currency in USD

0.0500 -44.5100 (-243.62%)
As of 2:27PM EDT. Market open.

[MrPrena]

Okay, Since may20 closing time is couple hours away, let's focus on June and July Contract.
(btw, i am not going to talk about my detail hypothesis i was suppose to write, may20 is a bust and i was $ off a lot)

Biggest variable we need to fill to help out oil market (and make $ while at it).
1. When will governors of all 50 states get rid of stay home order and allow business to flow? (per state and per industries etc), so that we can find out the % of oil demand.
2. Would consumer and travel have confidence to travel back to what they use to do? (speculations and guess, only Cult leader will tell you the bogus numbers).
3. How many storage space is left?
4. We do know the supply side is somewhat fixed by "commitment of output."

[Sawin]

I’m trickling into ERX as its down huge. It doesn’t have to get back to normal levels to make a little $ at this point.

[roberth]

1 & 2 - I think people will be rarin' to go once these stay-at-home orders end.

Some travel stocks are inexpensive right now, might be a good time to buy in.

3 - https://www.eia.gov/petroleum/supply/weekly/ they talk about crude oil stocks, meaning storage in this context (i think)

[MrPrena]

Interesting read.




https://www.forbes.com/sites/jimcoll...ve-plunge/amp/

Apr 20, 2020,11:13am EDT
The U.S. Oil ETF, USO, Is The Culprit Behind Oil?s Massive Plunge
Jim CollinsContributor
Markets
Watching the May contract for oil futures this morning, I was shocked at the amount of coverage given to ?oil?s plunge? Monday morning. That may be because I watch the May 2021 WTI futures contract, which has fallen $0.18 per barrel to $35.34 in early Monday trading, not the May 2020 contract which has fallen an astounding $7.42 (more than 40%) to $10.84 per barrel and drawn all the headlines.

.......

The solution here is for USO?s fund administrators to dissolve it, as happened with XIV. Those administrators made a minute change in the fund?s composition last week?shifting holdings to the second- and third-month contracts instead of fully rolling over from the front-month contract to the second-month contract two weeks prior to expiration??but that was merely the proverbial shifting of the deck chairs on the Titanic. USO has outlived its usefulness, if it ever had any.

[roberth]

There is a video here on tanker storage

https://www.bloomberg.com/quote/CL1:COM

I didn't watch it yet.