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

You're upset because Yup didn't arrive to save us at the top of the market? Even if he had, as you mentioned, nobody would have believed him. It would have been a Cassandra-like message, lost in the noise. Just go back to the beginning of the thread and you'll find he was openly mocked just by claiming prices were on their way down when spot was in the upper $20 range. And every time silver went on a little upswing, the silverbugs would come out of the woodwork pointing out how wrong he was, and everyone would have a good laugh and mock him for his daily updates.

I give him credit for sticking around in the face of such nakedly ugly opposition. I certainly wouldn't have, which would have been mean and shortsighted on my part for condemning the adults among us over the crass antics of a vocal minority of spoiled, unruly children. Because, regardless of what people write about the guy, I'll continue to believe he's done a great deal of good around here - certainly better than the hordes of PM cheerleaders who used to fill these virtual halls - saving untold members and lurkers tens of thousands (or more) in lost revenue by his warnings that PMs were trending downward, not upward, like so many of us desperately wanted to believe.

So congrats, once again. You're doing a mostly thankless job, Yup, but I'm glad someone from the trader's desk finally stopped by and took the time to come in and school the unwashed masses on how the PM markets really work. I seriously doubt any of your brethren will be walking through that door anytime soon.

Take a bow

@traevin -

Hey I appreciate your support and kind encouragement! I also appreciate everyone else who can see, understand what I am saying and "gets it".

Where the venom comes from, which I mean I am OK with it and its like water off a ducks back, after all trading is a VERY competitive environment, is like, ok whatever lol

Ill say it again, I have no gain in this, not looking to be right, not looking to say "I told you so".

The main goal is to let folks understand how market work, that price action is the key element on how funds move, and how it all ties into getting price going. Why an asset moves in any direction doesn't have to be a mystery. None of this stuff that I DO repeat over and over, is new.

Its all practiced worldwide at hedge funds, banks, prop firms, individual traders and more. It goes back to the founding of Wall Street. There is NOTHING NEW in what I Am saying. Price action is fact and everything that happens in the markets now has happened in the past.


I am going to repeat myself here too: I am not against gold and silver. I was buying and trading it as it hit all time highs,,, to where I finally saw it was not pushing higher. I owned GLD personally until I saw the signs. I still like collecting gold and silver. If you think I am bashing gold and silver you really havent been reading what I say.

Anyways. in the coming days I hope to get a few charts up so we can see how these patterns develop.

BTW,,, in the short term,, 15 is going to be key for silver. I am expecting a bounce, but momentum to the downside could be strong enough to keep running.

IF 15 doesn't hold, then I would have to think that based on price action, getting down to 10 would be the next level. How soon or fast depends on the market. SO...

keep an eye on the following-

1- does silver breach yesterdays low,,,which is 15.20

2- does it breach the yearly low...which would be 15.11..

3- once it breaks 15.12,and hits 15.11, making a new fresh yearly low, does it break here and push lower ..

4- OR does it flush and bounce hard off of that area and close in the green.

Finally look at gold, what does it do. Gold and silver have been exchanging the baton lately on the race down.

All those things are going to give us clues as to where is there some sort of support and how far a bounce goes.

Be patient, dont worry, the train is not leaving the station...

see you in a few hours all lol good nite!

yup7676





I too am looking for a bounce AFTER a close below $15.00 via DEC 2014 5000 oz COMEX Silver.

I do use trend lines with this value. And the price on a closing basis drops a small amount DAILY

yup you da man. May I please ask how long have you been into commodities?

By the way, I only started reading about silver a few months ago and I am not sure what that green color that currently says

+.24 is all about.

yup7676




I cut my teeth about 35 years ago on Futures.

IMHO there is a close tech correlation between commodities and Equities.

The big difference is that commodities are a net ZERO sum institution, where as equities are not.


As I look back, I wish I had taken a more balanced portfolio in my retirement funds. More equities.

And the same for my savings accounts. More Equities.

@llewellin

Glad to be of help. Absolutely nothing wrong with gold and silver. Just right now, as one can see, they are worth taking a stab at. No sense in putting good money into something that we dont know how low will it go. Thanks for sharing your feedback!

Dollar cost averaging a declining asset, especially a commodity, as we can see, is a very bad action to take. I will say it again, how do the folks feel that bought in at every dip feel? It cant feel good and I Am sure even tho everyone says they will buy more as it goes lower, they will hesitate and think whether they really want too.

Sure, I could see dollar cost averaging in say a market index, say SPY... even as it falls, at least you are going to get a dividend payment that will grow in size. I could see it in individual stocks that aren't in a downtrend.

But a commodity in a downtrend? Thats just a recipe for disaster... just as saying one is in it for the "long term". What happens when in say, 20 years, you need some money.. and you HAVE to sell,, at a loss?

So while the majority here think its great to dollar cost average silver and gold, as we have seen with gold and silver, clearly its not a great idea because anyone has bought the decline in silver and gold is sitting underwater.

Thats not a great way to start an investment.

WELL...there you go.

From looking at the thread, looks like no one believed it for the most part.

What a shame.. because thats exactly where it was falling down. I remember buying the b/os at yearly highs and noticing in April that I was now getting stopped out of the yearly b/o...even after it had worked many many many times...which was clue number one for me....

Thats where we started to get lower highs and lower lows.. and eventually the big yearly breaks to the downside...

On top of it, he was using a great proxy, SLV. Bummer he didnt keep it up, I am sure it was very discouraging to be laughed at constantly.

Well, hey, hat tip to Mr Ceylon62.