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

grab this while still cheap!SILVERCREST..afilliated with First Majestic(which is kickin but too, until today)

SVCMF
5,000 0.7215 -0.0035 cost $2,115.00 current price $3,607.50 0.00 1,492.50 PROFIT =70.57%

Not tonight...back to $17.36 ask price 1000pm, pst. FUNNY how spot is creeping UP AFTER the Deutsche Bank was forced to settle a massive price-rigging conspiracy and implicate Scotiabank and HSBC in the process.
Hmmmmmmmm..guess the "big boys" are taking a few weeks off to figure out Plan B.

But will it go lower? Back down to 15?

Pretty explosive move this AM out of silver. Shouldn't be really any surprise as again, we discussed how silver has been range bound and resolved the range to the upside the other day and this is just follow through.

Notice how we are seeing silver within pennies of the yearly high. This constructive price action over weeks and weeks has brought us to within striking distance of the highs.

The yearly high for silver is 17.77 today the HOD was 17.72, we are very very very close.

Clearly, silver is going higher, especially when the yearly high is hit.

Here is what you do going forward with silver.

We can see a pull back occured this AM just as prices rushed higher. Again, it is so simple to see why. We had the gap up on Tues, follow by more buying yesterday and then today. For now, on a short term, the buyers are tired. They have done their job, they have bought and others have continued to buy.

So again, no surprise that silver is acting tired. It should be expected, in fact it should be welcomed. Here is why-

We dont know how deep the pull back could be until we see what happens. MAYBE it is a deep pull back in price after all this buying. MAYBE it isn't deep because the buyers and buying is so strong that this dip is bought up.

So instead of worrying about how deep the pull back will be or when it will happen, which none of us can know or predict because we beholden to the market and must react how it expresses itself via price action, pay attention to:

1- How does silver close today. Can it close over yesterdays close? Already it has dipped below yesterdays LOD but recovered.


2- 17.78 That is our key number, we see that hit and silver officially makes yearly highs and it can be said with full confirmation and authority that without any doubt silver is in a full blown up trend along with gold.


There really is no need to worry about a correction if you bought properly. Remember, you should have been buying at the two previous points earlier that we discussed. If you missed those tho, you still will have a proper entry point which we will discuss later. However, going back to corrections, you should be WELCOMING corrections. You cannot escape them and they serve a purpose. Simply put, corrections allow for the healthy continued run of a trend, whether it trending up or down. I say this because as a trader, you are always looking for a proper entry point to either add or execute a trade and these corrections allow you to do this.


A word to the wise- dont attempt to predict where or when a correction happens. The reason you dont do this is because 1- you cant predict it and 2- you will end up messing with yourself.

Markets will correct when they want too. All too often I see people/traders jumping at the gun when an asset has been running hard and say "here comes the correction". Then two days later, guess what, the asset is running higher, much higher from where it turned down. At the same time, you have folks say "oh man, I shouldnt have sold that, I thought it went too high" or you have people saying, "oh I thought it was going to pull back and it didnt why"?

Again, IF you have been buying properly, corrections shouldnt matter to you. If you find yourself trying to predict a correction, the probabilities are high the market is going to completely go against what you are thinking should happen.


Ok, I have gone on too long here. Let us wrap up the key points with silver

1- dont worry about a correction or trying to predict it.

2- profits will take care of themselves, if you have profits right now, let them ride, let the trend work for you.

3- EMBRACE CORRECTIONS. They are normal, healthy, necessary and allow the trend to run even further and allow other areas to add to a position.

4- If you entered a position PROPERLY based on price action, you have very little worry or stress. Buying/selling right affords you the ability to forgo emotional stress or worries about your money.

The next stop to load up on silver is 17.78. If you missed all the other entries, buying the 52 week high would be a totally appropriate spot to buy. I know I will and always do. If you already have been buying as it broke key trend lines, I would say dont worry about it or you could add to your position but it would better to make that purchase smaller than your previous one.

Gold-

remains range bound even after the pop from this early AM. Until it breaks the yearly high of 1287.80, dont expect much but continued range bound trade.

Amazing posts, Yup.

I've been following that gold advisor guy on YouTube and think you two could be the same person. He makes it sound like is could be a generation event with silver uptrend. Do you feel it's possible?

It seems like a lot of variables are falling into place to make a nice run. Is this particular uptrend in metals, even if it's just gold, unique in your perspective?

You mention stick with a set amount. However, would you double or triple down if you thought the price action was better than an average trade? Or is this a set up for poor decision making in your view. I know I moved more than I had initially planned thinking a set up like this, at least from my perspective, is pretty solid and not an every year occurrence.

I did take profits on 10% today before reading your last thread. Wish I had waited.

@MontanaCMR

I really dont know, I view every trend, whether a downtrend or uptrend in the same manner, which is, where do I get onboard to buy it/sell short, for as long as possible and then hop off with nice profits.

To me, whether its silver, russian rubles, soybeans,etc.. its all the same, just looking for trends and then to bank coin.

The only thing I can say about this trend, that makes it interesting is-

1- after 4 years of being in a slump and being in a STRONG downtrend, it broke out and is pushing higher.

2- if it can challenge those in 2011, that will be interesting.

Trends dont just start up and die the next day. They can run for months, years, decades.

I will say this- if silver can breach the 2011 highs and then breach its historical highs, we are going much higher with silver and 50 an oz for silver will be just a memory. Since there is ZERO price memory after 50, there is no overhead supply so assets tend to really accelerate in terms of price.

We will see. I really dont try to predict or think into the future, fact I really dont do much thinking. I set myself with watching patterns expressed in price and move along with that tide. I find that profts take care of themselves and if I Am wrong, by following the price, I get out, thus by saving my capital and STAYING wrong.

No I wouldnt double down or triple down. We call that sizing. You start planning your sizing BEFORE you put your money down. You plan size AND your exit, in case things roll over on you first. That is why we leg in.

Remember: we cannot predict what happens in the future. We do know that trends do work. We know yearly highs confirm the trend. So putting money to work, on the way up, is where you are saying "ok this is working, continues to work".

We also view the trend as our friend. But we also know that the market will have many bumps along the way. Some trends get roughed up with market conditions. That is why we do not, in the middle of a trend, go larger in size jsut because its working. One doesn't know if something looms around the corner and smacks the trend hard and then impacts your outlook on the trend.

So no, I would not double down, triple down. The fact is, to me, these type of returns on trades are common. In a trending market, a trader can return double digit returns in a day, a week. I have had trades where I am pulling in these high percentages in a day, in a few hours, a few weeks, a year, a month etc. So long as the market is trending and you can find specific areas that are trending, you can get large returns on a consistent basis.

so again, you dont change your game plan mid stream just because you are experiencing good returns. That will set you up for problems and frustration.

There are some circumstances where you might change things slightly but that isn't something we are looking at right now.

You really did not need to take profits here. Again, one must fight the emotional urges to take profits too soon, to over stay etc.

However, when we are at the start of a move in a trend, the better thing to do is to sit and wait, sit on your hands so to speak. It is a very hard thing for a human to do, and if that is instilled into us as traders, I can see how the general public would really have a hard time with this.

At the end of the day, you personally must do what you think is best. What is best for your emotional needs. This is not to say that you are weak or strong. But in trading, in markets, once one's own money is at work, the emotions come out.

I can understand with you saying "heck I wont be up this high again" since its not something that is common. But remember, in markets, they move, higher or lower and for a much longer time than a mere mortal human can comprehend. Remember, you cannot apply logic to markets either. The only logic that one will put into place in markets is the method as to how you position yourself in an asset.

That is why I emphasis to properly buy and sell and we do that by following price.

Wow, we have follow through buying this morning after the bell. Not only is silver not giving up an inch of overseas gains but it's trying to push higher

u think we are going back down now? Recession is comming hide