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 Replies: 5,649 / Views: 461,282 |
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Pillar of the Community
 United States
3789 Posts |
for this morning couple of notes-
take a look at gold, it broke 1145.90 but caught a bounce. same typical pattern of recent, near breakdown/break down of price and bounce.
Silver puts in today a lower high and lower low over yesterday.
Its early still but we'll see if the sellers step up today.
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Pillar of the Community
United States
3789 Posts |
more of the same: slow steady grind down.
Gold has taken out yesterdays low and established a new low for the week.
Silver also took out is low from yesterday.
Both silver and gold are in this pattern of lower highs and lower lows which results in a big push lower. Remember how we talk here about when price probes an area repeatedly, it often it happens.
That is what we are seeing this week, in slow motion. I say slow motion because each time it moves lower, it is follow by a bounce off that low.
That brings me to the conclusion based on this pattern of price action that the constant selling is going to result in a bounce as the higher risk would be be selling short for the time being.
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Valued Member
United States
194 Posts |
I might sell off a little gold if we get a decent bounce here :( - not feeling good about either gold or silver.
Edited by tbolts10
07/16/2015 5:25 pm
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Valued Member
United States
336 Posts |
@ tbolts10
Well if you decide to sell, let us know, I'm sure a lot of members in this community would gladly consider purchasing, especially with the going spot prices ;)
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Valued Member
United States
194 Posts |
I'll probably be listing a 2013 buffalo here pretty soon
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Pillar of the Community
United States
1804 Posts |
tbolts Quote:
I might sell off a little gold if we get a decent bounce here :( - not feeling good about either gold or silver. Agreed I'm not buying PMs In the short run believe will will see a 13 handle before we see a 17 handle on 5,000 oz Sept Silver futures. However, I am not selling my Peace or Morgans |
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Valued Member
United States
194 Posts |
I completely agree I think numismatics will hold their value pretty well through this.
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Pillar of the Community
United States
3789 Posts |
I am with you guys, I am just holding off here for now on big purchases. There are several gold coins I would love to add, 1 oz coins but I figure I Can be patient and wait and get more with my money as prices drop.
Heck, IF gold and silver were not in a downtrend I would be more than happy to buy for my collection, at least I would know prices are going lower.
So, patiently I wait.
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Valued Member
United States
194 Posts |
Yup - got any good investment picks? Lol I have some cash burning up my ameritrade account doing nothing!
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Pillar of the Community
United States
648 Posts |
yup7676 - question for you. I've followed your posts since you've joined day one. If the trend is down. Have you considered or have done any shorting of stocks - such as SLV?
Edited by tripncoins
07/16/2015 9:40 pm
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Pillar of the Community
United States
3789 Posts |
Pretty interesting morning, with an important event for gold this AM.
First, both silver and gold continue to be sold, 5 days now in a row for gold. the more they get sold, the more chances of a rebound, but for now, we are seeing a slow motion grind down pace for both metals.
What is key here. Gold has made a fresh yearly low. Probabilities are high that from here the selling accelerates and gold goes higher. Temper that fact with the constant selling we have seen. Let the market do what it wants too but buying gold at these levels would be a major mistake as you are carrying risk that prices will drop much lower.
Silver also lower but has not made a yearly low despite being down repeatedly. Same type pattern.... with one difference....
Silver has yet to touch yearly lows as gold. So the question is- is Silver going to track gold in hitting yearly lows?
I have no clue or idea. I am watching price and as always, there are multiple scenarios the two being either the selling accelerates here and we a crazy push down OR the constant selling brings about a rebound in prices.
For traders, unless you caught this selling short late last week, coming in short now and you risk getting your face ripped off. However, if you are buying for a trade and looking for a rebound, you run the risk that the selling continues.
Watch the price action and be patient.
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Pillar of the Community
United States
3789 Posts |
@tripncoins
I have sold short silver and gold, primarily when they had their bigger moves into the down trends in the past 2 years and I have also bought silver and gold for trades in the past year. I have also sold short miners as well in the past 2 years.
However, as of recent, no I have not sold silver or gold short. I was looking at selling them short as recent as this week but how they have set up are not for my time frame.
Time frame is key as a trader. some traders are looking for a short term move. In my case, I am looking at a longer term time frame on a trend AND one without violent counter trend moves, I am looking at risk versus reward and there have been plenty better assets to trade compared to gold and silver going forward.
Early on selling gold and silver was a nice trade but with the counter trend moves and sideways chop, that is not for my time frame and there are hundreds of other assets to trade without that type of price action.
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Pillar of the Community
United States
648 Posts |
Interesting - thanks yup7676
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Valued Member
United States
336 Posts |
I visited the July Antique Fest today to have look around. Its always interesting to see what the silver and coin dealers are up to. Many of the coin dealers had their bullion pulled and were not for sale. The silver deals were selling with premiums between 5 and 6 dollars (some of them I swear only change their prices if the spot price goes up lol). Junk silver was going for 4 dollars over spot like normal there. The two dealers I usually have a good talk with about silver and numismatics in general were not there for this show, they will be there in Sept though. All in all it was still fun.
Edit: forgot to mention the premium over spot at the last show in early June was 1-2 dollars.
Edited by EconBrony
07/19/2015 2:57 pm
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Pillar of the Community
United States
5856 Posts |
Dropping quick over Asia/Europe, down $35 for gold and $44 for platinum.
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Posted 07/16/2015 2:02 pm
