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

Respectfully speaking

Rest easy as you are so very safe from any $500 offers most likely, I guess

looks like the same familiar pattern is playing out again with gold and silver.

Hit the yearly low and then bounce higher, followed by a counter trend move higher until it hits overhead resistance and runs down again.

Only winners in this PM down trend is the very few who seem to be doing (well enough individually) searching bank rolls, bags, and boxes.

Even then after you factor in the cost of mileage etc. ~`~`~` who can say.

I don't understand your reasoning. If you are selling your finds, you're receiving less now than you would with higher prices. If you aren't selling, what difference does price make?

Gold with the same exact price action from the past week.. make a yearly low, bounce, then drop... right now we are in the bounce of the yearly low...

what a boringgggggggggggg grind..... I have to say this downtrend has been very boring lately,,, but the more the lower end keeps getting pricked on a repeated basis, eventually it gives in.

Pretty big bounce for gold off the 52 lows today. How many times have we seen this before tho? Many times within these 3+ years we have seen vicious counter trend moves end up fizzling out...

Hardly any reason to believe the downtrend is officially over. NOw, could this be the start of something? Hard to say, anything is possible. Again the element of time will be needed to see if this is the start of something "different" this time.

For now we continue to not give gold the benefit of the doubt until more time has passed and view this move as purely technical in nature.

The coming weeks should give us more clarity.

@cascade

I mean it looks great, you see it and say oh wow " 20 point move up!!" which I mean looks great after such a push down.

However, these kind of vicious counter trend moves are very common in the context of the overall longer term trend. It has been known occasionally that sometimes a move like this can be a turning point of sorts for an asset but we will not know that until after the fact.... if this move holds down the road, there will be plenty of proof in the price action to say so.

However, gold and silver are guilty until proven innocent. They remain in downtrends and nothing is there or has come about to say that downtrend is finally over.

Finally, one could say also sentiment probably got so low that a bounce was due and there is reason to think that we see a lot more buying that will get a lot of folks thinking "hmmm what is going on". There are some notes out there today also pointing at seasonality, especially for silver, which could make prices rise.

I might add that just because we are seeing a move higher doesn't mean that I would want to step in and sell short this move either. I never short rallies as one doesn't know how hard and fast the move will be and I am not in the business of giving up money.

this downtrend trend has really dragged on. I have to say that unlike when it first started breaking much earlier years ago, the breaks at key areas, such as yearly lows, dont have that same flush.

Why? Who knows, I think one reason is on longer term charts you can see levels where gold can bounce from and remember, price has memory, always. We are seeing this bounce because it is an area where buyers have been active... combine that with dour sentiment and viola!... you can get some pretty explosive moves.

As for me, this sort of price action just means I have to continue to delay purchasing coins for my collections.

My silver kilo Kookaburra still costs around AU$700 nothing has really changed over the years.

The 2015 Perth Mint silver kilo Kookaburra has sold out and they are taking on orders for the 2016 minting.