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

@domain555

oh god I been watching Plat and Pall myself and they are also looking like death. I tried a trade in Palladium in October when it was making a break over the trend line in price but I was stopped out for a loss.. not too shortly after I was stopped out it started falling off a cliff. If I can say anything, I am so glad I ALWAYS respect my stops and take that loss rather than STAYING wrong and blowing up my account, ugh!

@pocket change 50

I am sorry to hear about your pain and my other fellow canadian collecting friends, that just sucks. Yea, the canadian dollar has been stuck in a downtrend for about 3 years now and it doesn't show any signs of trying to move up. I would say if the 70s break, 60s are the next place the CAD goes. Dont feel bad tho, the Aussie dollar was looking good last week until todays damage happened. The Aussie dollar had some major technical price damage happen today.

I dont know whats going to happen but I have to say things do not look good at all. We have problems with junk bonds, even high grade corporate bonds in the US look like crap, the transports look ugly (truckers, railroads) almost all world stock markets are in the toliet..... so who knows whats up... and yet you balance that with other positives I really again, have no idea what is going on or going to happen.

This bear is only holding Morgans & Peace dollars.

I did buy (1) 40% IKE last week, however.

2016 is starting out pretty interesting.

Not sure we can really make out anything in regards to silver and gold. As we have discussed before, everything is a process and takes time.

Could it be a start? Sure, thats how moves of importance start, but again, it is a process. Little by little we get the pieces of the puzzle. Nevertheless, it is much to early to tell if things change for the PMs this year.

One final note is that in some circles, going forward, there is a seasonality bias in the favor of gold into part of February going forward. In this case, we still refer to price action over seasonality patterns while keeping an open mind.

oh btw, @macmercury , I wanted to mentioned something the other day, I usually dont talk about these things as they dont really fit in the goals of this thread BUT the japanese yen, yes has been really been on a tear here and is also considered a safe haven currency, tho not as supreme as the USD.

However, the main point is that yes, the Yen looks like,if this price action continues, could be breaking out much higher in the near future and might be another currency up there with the USD.

One final note is that usually, if you are looking for "good" times, you dont want to see a higher yen. Whether that happens, time will tell, but it has been on a tear recently and coming into some important areas in terms of price.

Where will precious metals go? Up or down? A few thoughts.

If gold acted like a normal commodity it would already be going down big time. IMO normal commodities are damaged by government debt expansion. They have to go below cost to keep the lights on in the countries that produce them, and the US/Euro Zone/Great Britain/China can outprint oil wells in Saudi Arabia and copper mines in Indonesia and Peru.

But precious metals act differently. They are not consumed and don't need replacement. They are not a significant source of very many national revenues via mining. They are insignificant in value compared to sovereign debt, so the big debtor countries that are large holders can't gain much by large-scale liquidations.

So IMO precious metals continue as value placeholders. And you can hold them in your hand, unlike investments composed of debt instruments. If the underlying government hyperinflates (Venezuela eg) or the business collapses, the debt instruments are worthless pieces of paper. I have stock certificates from General Motors and Kodak that fall into that category. All they are now are pretty memories. A gold coin is prettier.

@mdpmedia

I have no opinions, as they are always wrong and I dont make money on them. I will however say that before gold and silver look better, they need break some key trend lines and price and we arent near any of them yet.

I will also repeat that with the declines in the market, which I TOTALLY welcome as 2015 was a crappy sideways market and I am ready to take advantage of the downtrend starting in 2016 and sell world markets/stocks short, I want to remind everyone that gold and silver are not safe havens.

Their performance this week was still pretty lame. If they are to change, they need more time and should show if 2016 is going to be different. we are far from that.

hope to have some new charts up, havent done those in a while

Check out this 1.5 HOUR PLATINUM chart

I would not be surprised at a 7 handle