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 Replies: 5,649 / Views: 461,403 |
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Pillar of the Community
United States
2764 Posts |
Thank you for all the illustration charts. It DOES help a lot when reading yup's post and look at the charts for illustration/clarification.
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Pillar of the Community
 United States
3789 Posts |
@SA4H
Well I am glad to hear that, I'll keep doing that.
So looking at the past few days and today we see today we have caught a bounce, the media would have you think that it was because of Yellen's comments.... yet the entire marketplace has known Yellen's stance so its exactly not news but it is more that gold has run into another area of support, therefore bouncing and no doubt help with the help short covering.
For the time being, gold and silver have once again stopped from slicing through and re-testing their yearly lows. That sets us up for either being caught in a range way to the upper end again, where there will be resistance in price or it forms a new range. The last scenario could be gold and silver giving up the past 2 days gains and dropping again, tomorrow should give us more clues.
Stay tuned.
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Pillar of the Community
United States
3789 Posts |
Guys sorry been very busy with work as of late so a late night post-
watch silver here closely, we are back again to testing that price area, looks like again we could see a re-test of the lows, Same with gold it also looks like it wants to test lower.
should be interesting to see if we do punch lower here.
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Pillar of the Community
United Kingdom
548 Posts |
Gold heading downwards again. No huge drops, but a whole series of small ones.
$1252/oz as I write this.
To think that this time last year sovereigns were going for £270. Now they're £200 or less.
Edited by Demarco Bishopp
11/20/2013 4:30 pm
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Pillar of the Community
United States
3789 Posts |
Couple of observations here-
1- Taper is coming, that is clear
2- Fed QE is NOT supportive of gold and silver
3- after attempts to bounce of those pivots I showed in last week charts, that was breached today with authority.
I;ll have an updated chart today, my apologies for the delay here been busy with the market. Bottom line, seeing the action today, and the price not even retracing but continuing to fall intra day, I would put the probabilities even higher that we re-test yearly lows and then the big question is,,, do we bounce from the yearly lows set in gold and silver or do we bounce.
This whole time, silver and gold have chopped, bounced, dropped, bounced, dropped and churned and done nothing. Today we got an explosive move. more later tonight
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Pillar of the Community
United States
3789 Posts |
BTW-
for my friends that been nibbling here and there. In the coming days, I would hold off on buying, resist any urges or Ads that come your way saying "great deals now".
I do think we can get follow through from today so it would be best to watch the coming days before doing a nibble.
BTW BTW- keep in mind to look for coins that have had high premiums and are coming down, those are the gems to own going forward as silver and gold go down in price, IE Somalian elephants.
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Pillar of the Community
United Kingdom
548 Posts |
I won't be touching pure bullion for a while yet. Consumer prices on bullion websites where I live have dropped something on the order of 5% just in the last week or so. I think if you buy now you're going to get stung almost immediately.
I'll feed my hobby with some pre-decimal coinage for the time being. At least those values are slightly more stable.
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Pillar of the Community
United States
3789 Posts |
yea I agree DM.
How low we go? Several scenarios are in front of us. One thing is clear and I have been repeating myself endlessly, the retracements in gold and silver have just been that and nothing more, which is sooooo typical of an asset thats been sold and sold and sold and sold. Then the range develops and bammm and thats finally broken.
BTW DM, you guys are getting to a possible b/o in the Pound where it zooms to `1.70, 1.80.... thats going to be interesting to watch in the coming weeks and months, man the pound going back to 2 would be hella funny to see, time will tell!! but anyways,.... going back to gold and silver, if one can just hold off for the coming days from doing anything purchase wise that would be best.
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Pillar of the Community
United States
919 Posts |
Can't wait for $700-800 gold. Last year a LCS dealer tried getting me to buy his graded gold when gold was at $1800. I said no thanks I will wait. I asked when he bought most of it. He smiled and said early 2000's. I told him I would be glad to pay him 2-3 times what he paid but not 5-6 times. He told me most of the $20 pieces were bought at about $350-400 each. If we can get below $1000 I may pay him a visit. I know people say it won't happen but it seems to be headed that way.
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Pillar of the Community
United States
2764 Posts |
Spot drop but (as always) premium is creeping up..... silver need to end the week below $20/oz for any possible lower in premium (usually the premium is lagging spot decrease by about 1-2 weeks - as what I've seen in the past).
Thanks yup. I can't wait to see your next charts (showing lower and lowest support line - ie: bottom of the bucket).
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Pillar of the Community
United States
4870 Posts |
Can't believe silver is now below $20/ounce today! How low will it go?
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Pillar of the Community
Canada
746 Posts |
Quote:
for my friends that been nibbling here and there. In the coming days, I would hold off on buying, resist any urges or Ads that come your way saying "great deals now" Yeah, and watch out for the latest ad: "come on in and trade your gold for bitcoins!" Although tempting, appears to be risky!.... Holding off for the nibbling for a bit yet. Sticking to my popcorn in the meanwhile...  |
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Pillar of the Community
Canada
2805 Posts |
Darn... just after coming away with about half an ounce for 25 cents...
Oh well, when silver really drops I can clean up without having to get my hands filthy in mixed coin bins :)
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Bedrock of the Community
13014 Posts |
Quote:
"come on in and trade your gold for bitcoins!" Although tempting, appears to be risky!.... The only gold I would trade for those would be fools gold. |
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Pillar of the Community
United States
1590 Posts |
I'll echo Yup and a couple of others. Don't go out and buy today, or anytime real soon. Premiums always go up in retail after a big drop. I had a bunch of customers hit the shop this afternoon looking for spot on Silver. I expect that if we see this price point hold that premiums will fall after Thanksgiving.
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Replies: 5,649 / Views: 461,403 |
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Posted 11/14/2013 12:35 pm
