What Happens To Gold And Silver Next? Look Out Below?

Knock, knock knock.....hello is there any one out there?
Pretty quiet here, I wish I had something to input but it looks like we're going to be hanging around these numbers for awhile. Anyone have a deck of cards?
cheers
Liverpool

Just watching them slide sideways to down. Have been playing the miners though and doing well. They have been beat up for a long time now. nlp

I have this feeling....dont know why either , but I think gold will start to climb... but atlas its just a feeling..

Welcome back Yup...

Would be nice, wouldn't it? Unfortunately, there will be no silver to be had at that price. Premiums would eat up the difference in any savings.

Yup: I, (and I am sure many more) are waiting on you to tell us to "BUY!". I will accumulate cash and wait for the word. I'd love to buy now, but want to wait for the "GO" from Yup.

If it's not soon, I can wait. If you can call it right and have me wait until it hits $10, i'll be able to double down. However, if you don't tell us to "Buy" and it hits $30, these 177 pages lose all credibility.

Balls in your court Yup, sooner or later you will have to provide direction and not just talk about what already happened.

Hey guys thanks for the welcome's back! It was good to be out for a while and glad to be back here with everyone and the entire community that I enjoy!

When I come here, its very encouraging to see on this thread how many of you can see the narrative we are getting by observing price movements on a daily basis, and however boring and silly it seems that they go up and down, this price action is painting the big picture, each day that goes by we get clues and we get one day closer to what the market proposes to do next.

Kg5 is exactly right: I am not a fortune teller. I cannot call a bottom, I cannot call a top. No one can, no one ever will, it is impossible. Its been tried for decades, ever since markets have been open, and no one has ever called an exact bottom or top in any asset.

In fact, what is important in speculating is not looking for that exact bottom or top. What is of utmost importance is observing and getting confirmation when that move of importance happens, whether it is selling or buying.

To do that, we need to patiently watch and follow price action, followed by volume and thats exactly what we have been doing together for these past 177 pages.

sure, someone could say that we are going no where, same place same spot. Yes thats true, but that should be of no surprise, as if you have been following closely this thread, you will see we have discussed many times how prices repeat. This is all part of the process, prices repeating, coupled with the element of time.

For that reason, we cannot say that $10 dollar is the "bottom". Perhaps it rips way below 10. Maybe we never see 10 again. So instead of blindly trying to guess a number, it is better to allow price show us where it wants to go.

For the time being, we havent seen that. If anything, we see a clear downtrend in silver, one that, once again, is giving all the signs that it wants to retest its yearly lows.

As I have said many times, the more an area of price is probed, the higher the probability that it gets breached. At the rate that silver is going, its entirely possible we again see those lows in silver from late May. What happens from there, we have to wait and see.

One thing is clear:, price has memory and silver is running into areas of support from previous years and bouncing off them. But again, the more an area is tested, the more likely an area finally gives in. This happens as price moves up and down.

Finally let me say this- the ball is NOT in my court. It is not up to me to decide what the prices will be, when to buy or sell; thats the markets job. My job is to pay attention to price because price never lies. It never has led me astray once and it will confirm when its time to buy or sell. When its time to sell or buy, I will be ready because I have been waiting, putting the pieces together and finishing the picture its been painting for me.

Next up, just two simple charts to illustrate where we stand with gold and silver.

As a dealer I would like to respond on comments about premiums. Premiums don't last forever. They usually only last till either the market decides the prices really are not going to go back up. In which case they need to lower their premiums NOW before 'everyone' else, figures it out and lowers their prices. Or it becomes the case where your customers will not buy because your premiums are so hi.

Typically you get people in who will buy when they see the price has gone down. They don't even look at the premiums; until they get home are realize they did not make a good deal. THOSE customers probably will not be back.

Then you have the people who are looking for a deal because they see the price of silver has gone lower and then get angry because the premiums are so high. Now I know lots of dealers that get upset over this one. They have NO problem buying a Morgan silver dollar at $13 and selling at $35. But Heaven forbid if the price of silver tanks 30 percent and the customer expects the price to go down to $28! Those customers will probably NOT come back.

All of this combines to form downward pressure on premiums.

One of the most successful dealers in my area bought at a dollar under spot and sold at a dollar over spot. In the long run he was very, very profitable. Sure he had to sell occasionally at a loss. But anyone with a good accountant knows you can turn that into a tax advantage.

Premiums almost always come down. Almost always. Unless there is a price adjustment UP before the decision is made to lower prices.

yup7676, hit basics for a moment. What do you think silver and gold will do in the next 3 months? I don't want you to mind read, or be a super intellectual prediction expert, just in your own thoughts, what do YOU think.