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 Replies: 21 / Views: 3,895 |
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Pillar of the Community
 United States
586 Posts |
Silver spot at $16.44/oz now, downtrend has started.
FOMC might have a rate hike in the middle of December; that's when Silver could hit $16 or less.
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Pillar of the Community
United States
586 Posts |
Many cyber week special and promotion will expire by the end of this week.
Next Monday, Watch Out Below ...
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Pillar of the Community
United States
586 Posts |
http://news.goldseek.com/COT/1512160416.phpNumber of contracts held by Commercial Traders: (each contract is 100 oz) Long 116,831 -8025 Short 363,372 +13,460 Weekly Gold futures report showed Commercial Traders increased short position furiously. Their short/long ratio has overextended to 3.11:1 (At Sept 8th's top, same ratio was 3.09:1; and you know what happened next). WATCH OUT BELOW. 
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Pillar of the Community
United States
586 Posts |
Another smackdown day for Silver, $16.20 per oz now.
Short-term target: $15.80
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Pillar of the Community
United States
586 Posts |
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Pillar of the Community
United States
586 Posts |
$15.84 now; very likely to retest annual low of 15.20 area.
finger-crossed.
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Pillar of the Community
Canada
1051 Posts |
I've got some US dollars tucked away for just such an occasion, bring on the $10 silver!  |
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New Member
United States
6 Posts |
Hello Leon, I'm new to this site and to collecting metals. I've been reading this topic and wondering your thoughts on gold. You've been pretty accurate on silver lately and I have saved money on holding out for 10oz bars. I plan on picking up a few bars in the coming days now. But I'm also wanting to pick up some gold, I just don't have a good gut feeling on it though. I feel gold is really overvalued right now. Any tips, am I just uninformed?
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Pillar of the Community
United States
586 Posts |
@notsure,
Your feeling is correct: both gold and silver are overvalued.
However, even in the downtrend, price could still have ups and downs (interim high and low). I believe we're approaching an interim low in a week or two.
If you're itchy to buy, the best bet is to wait for Christmas since there will be specials and promotions which can reduce the premium.
But for the long term, I believe silver will fall to $12-13 region and gold might break below 1,000.
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New Member
United States
41 Posts |
Sure, it's $15.78 right now :)
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Pillar of the Community
United States
586 Posts |
http://news.goldseek.com/COT/1512765091.phpGold & Silver Futures COT report weekly update: (num of contracts held by Commercial Traders, each contract is 100 oz of gold) Long 132,509 +15,678 Short 322,399 -40,973 Commercial Traders were unwinding their massive short positions in an unprecedented speed, wow. At current rate, two more weeks, we could see an interim bottom. Isn't that Christmas? Didn't I tell you wait until Christmas?
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Pillar of the Community
United States
1119 Posts |
My bullion dealer had mentioned to me this weekend many people had been in in the last week or two selling physical silver and gold to buy Bitcoin. I can only assume there are many more people selling paper to do the same
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Pillar of the Community
United States
586 Posts |
Since GSR (Gold-Silver-Ratio) is hitting high end of box range, I believe Silver price's volatility might reduce.
In other words, Silver price movement might track gold's by 1X, instead of 1.5X or 2X.
If gold's price target is $1220; then silver's would be $15.4x area.
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Pillar of the Community
Canada
1051 Posts |
Arrggg browser redirect.
Edited by 1cent
12/13/2017 10:53 am
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Pillar of the Community
United States
586 Posts |
Three-step ABC down wave.
Wave A: from 1300 to 1240, about 60 in size;
Wave B: from 1240 to 1263, (38.2% fibonacci retracement);
Wave C: equal or larger than wave A, from 1263 to 1203!
I am using Elliot Wave; since Banksters' short position is still heavy if not massive that there is very likely another leg down ahead.
In other words, this rebound will be short lived.
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Posted 11/30/2017 7:04 pm
