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 Replies: 5,643 / Views: 459,904 |
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Pillar of the Community
United States
1205 Posts |
Nobody would have thought to go bear gold, if Trump got it...only the contrarian with mega-B....s would have made that move. My miners suck again, but, some BIG people lost some HUGE amounts of money yesterday...nothing went the way the pundits said it would.
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Pillar of the Community
 United States
3789 Posts |
Yes, as of yesterday, we are seeing massive rotation and speeding up of the rotation. I think last week I talked about coals, regional banks where I been sitting at, its almost as if the market, by its sector rotation was already counting on Trump winning.
In any case, this is a fast tape right now and financials as an example, are getting the bulk of money. I would say miners continue to flop here for a while and continue to roll over.
doesn't mean the uptrend is done, for that to happen we need to have it confirmed by price and thats going to take time.
However, I wouldnt expect much from gold and silver except for them to continue to drop lower for the time being.
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Pillar of the Community
United States
3789 Posts |
and just like that, gold has erased its 2 week move and moving lower as 1243 was broken and as you can see, as that broke, much lower prices came in.
If you are a dip buyer, please dont rush in today or next week. Breaking 1243 is going to bring even much lower prices, perhaps even 1200 will be on tap.
For sure, prices are breaking down here, again.
At the same time, however, we do not want to rush in and say "thats it for gold, its done." The fact is gold, silver are not going to be pretty as on their way up. It is going to be a very super ugly uptrend and we are getting the confirmation we need to say that.
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Pillar of the Community
United States
606 Posts |
Wagner has been great. We bought around $1255 in October and kept moving our stop losses up until it sold around $1288. He has been on the sideline since then.
This site is pure entertainment. I've never seen so many different conflicting posts over the past month. Uptrend regardless of politics, prices going up, prices going down, maybe near a downtrend, sideways!
I guess you get what you pay for.
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Pillar of the Community
United States
3843 Posts |
Silver down $1.49 to $17.33. Hope it continues down so I can acquire some more "cheap" silver.
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Pillar of the Community
United States
1205 Posts |
pummeled...absolutely smashed...not even looking at trading accts...
How many people made the call for RECORD stock highs, AND a Trump win? Congrats if you played that card. My deepest condolences, if you didn't...I feel your pain.
My call was Hilary=little to no changes in spot....Trump, up $100+.
Montana, hey, go easy on us...were just regular folks here, not professional traders or pundits(many, if not MOST were wrong too).
My disadvantage is no 24/7 trading ability..I would have LOVED to have done some FOREX moves, Peso/Dollar, as the results unfolded.
As usual, many made a lot, and, many lost a lot. Since I hold my miners for the long haul, there is nothing to do but wait for sunnier days.
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Pillar of the Community
United States
7390 Posts |
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Pillar of the Community
United States
1205 Posts |
I did add some more gold at goldmoney..what the heck..it's only money!
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Pillar of the Community
United States
3789 Posts |
Just some thoughts-
You cannot apply logic to markets.
The first signs of this trend getting ugly were first in October with the break of the range. You can see why I bailed back there. Experience tells me range breaks are good places to exit and book profits. Since I am not a dip buyer and only buy the break of ranges higher or 52 highs, I personally had no reason to be buying gold or silver. Instead, I been sitting in regional banks and coal.
On a Shorter time frame, gold and silver have had and continue to break down. Some people like to buy these dips. Some institutions to like to buy these break downs at certain technical levels.
So sure, gold and silver look ugly. For the public, for those of you on this forum, if you cannot handle this sort of price action, if you cant handle the constant twists and turns in this market, you probably shouldnt be in it and probably are carrying too much in gold and silver.
Also, if you cannot grasp that all market are dynamic and ever changing and are subject to wild, violent, sudden moves, then you should not be putting your money into financial markets, especially the commodity markets.
As a trader, I Am completely familiar with these violent moves and constant changes. I have been here before, I have seen this many times. The vast majority of you here are not involved from sun up to sun down in markets.
For me, as a trader, I work based on the tape, whats happening now. Whats happened in the past. In all cases, its based on my experiences with the trend, price action. As the tape changes, I change.
Where we stand now, I see gold and silver as an asset still in an uptrend, but it sure is ugly. It is breaking down but it would be unwise to just let emotions run and say "oh man this is ugly, its done". I am going to let time and price play out and do there thing. I seen this wayyyy too many times when things look like they are going to really go in a direction and then suddenly things shift and you are reminded why you dont forget about the overall trend.
To me, I can careless if gold and silver broke down and rolled over into yearly lows. Just point me in the direction of the trend in any asset and I will play the direction. I have ZERO attachment to any asset, to me they are all the same, what I only care about is if I can make money and manage my risk.
If you are not feeling well with your current position in gold and silver, if you profits but sweating that they are diminishing, think of selling or setting out. Get smaller.
Remember too that money is flowing somewhere all the time. If it isn't going to gold and silver, it is going somewhere else.
Edited by yup7676
11/11/2016 7:19 pm
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Valued Member
United States
154 Posts |
My C.S. account looks worse than it ever has. Should have sold the miners when Yup first stated the PM were going to make a dip. Would have had 50% profit. But figured in this for the long haul so left it alone. Could have jumped back in at lower level and had more miners stock. Oh well. Will add as I can, but with Christmas shopping coming up, investing may take a back burner.
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Pillar of the Community
United States
3347 Posts |
Bonds and bond mutual funds are also getting beat up. Time to buy a number of things, but maybe not just yet. I wish my Obamacare premium would get slammed....have to buy that unfortunately...
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
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Pillar of the Community
United States
3789 Posts |
a lot has happened in a handful of days. when I see this sort of price action across various markets, I expect it continue until it fizzles out from it being such an explosive move.
What I am referring to is markets exploding higher while bonds, gold got smashed.
Let me keep this short and sweet-
Gold- 1218.70 gets broken, then count on lower prices.
Silver- breaks 17.11 and lower prices come.
Gold has really been rocked hard and while this sort of heavy selling eventually leads to a bounce, dont be surprised by more selling.
The PMs are a MESS. Stay the heck away unless you are an adventurous dip buyer but the odds are against you.
That said, the PMs are STILL in up trends. Wrap your mind around that. I know its hard for all of you too understand that and probably view that as a contradiction but thats ok, all of you here clearly are novices and cant grasp the twists and turns in markets nor can handle them... and thats OK. I Am not putting any of you down. This is just how markets are right now and can be.
In fact, the past few years, overall, all financial markets have had these wild violent swings that makes hanging on, even with the trend, very hard. This has been especially strong and evident in all commodities.
The kind of tape we are facing in all assets is one that is ALL over the place. We go from "oh my god we are going over the edge of the cliff!! to "oh my god, its great, rainbows, unicorns, to the moon we goooo". This is the kind of tape we are in. Either get used to it or walk away. Those are your two choices.
Finally,if you feel shell shocked from the drop last week in gold and silver, dont feel bad. EVENTUALLY, all this crazy wild violent move behavior is going to end and a clear direction WILL show its hand. You must be patient tho.
Silver and gold look like death and will remain to look like death. As I said the other day tho, it would be UNWISE and allow emotions to run wild by saying "PMs are dead". They will be dead when the price action tells us there is no absolute coming back. No one can predict the future. Silver and gold are a day to day, week to week, month to month thing. For this reason, dont be surprised that we go from "hey it looks good" to "dang it looks bad". Again, if you cant handle this sort of price action, then best you leave and disappear. You have no business in being in gold and silver if you cannot comprehend this fact going forward.
going forward, I expect silver and gold to continue to break down until they stop, simple as that. From there, we have to see if the next move breaks down again and gets us to yearly lows OR we get a series of bounces that moves us higher and holds.
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Pillar of the Community
United States
606 Posts |
Wow, what a difference a week makes. Maybe Yup was just kidding about buying without constraint...
"Gold looking beautiful like a south american/cuban female...
...... So wake up and start buying your gold and silver without constraint. the next leg is coming."
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Pillar of the Community
United States
3546 Posts |
Quote:
...the next leg is coming.  It may not be in the immediate future but once new tax reform and econ. stimuli engage and stimulate growth, PMs will be back on track. |
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Pillar of the Community
United States
3843 Posts |
And silver continues to decline -- now at $16.96 per ounce.
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Replies: 5,643 / Views: 459,904 |
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Posted 11/10/2016 2:09 pm
