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

Cyprus and the United States really arent comparable economies. What happens there doesn't affect what goes on here any more than the Middle Easts treatment of women affect Womens rights here. Cyprus might not even be in the top 100 for world economies, Ghana is ahead of them on most lists. You have to combine the entire EU to pass the US and that is just barely larger.

miggs,

I remember 2008, most employee's saw their 401K started to dwindle down over the week and loss 30-40%. And some of us took few years to recover! Others may not be as lucky...

Here's what silver and gold (and SLV and GLD) will do:

It will rise up to the low $30/oz/$1600/oz range by Halloween, and remain steady until January when it will dip again going into the spring/summer.

And unlike anyone else on here, I stand behind what I say. Anyone who feels they are more qualified, who is brave enough to put their money where their mouth is, and back their talk with cash can join me. One ounce to the closest without going over. Just list your per oz price by Halloween. Whoever wins isn't full of $*#& like most "experts" talking about precious metals.

@Miggs

No I would disagree, GS is not a deep insider. One reason being is that rival banks do exist, therefore front running them or going contrary to them. Furthermore, the commodity market is much too large to be dominated by one insider. So I again disagree, Goldman would not be a deep insider. I also want to add, that all banks, brokerage houses and financial service groups make HORRIBLE calls in all asset classes, Goldman Sachs INCLUDED. As a trader I can fully attest to that because I see it everyday of the week.

I would have to agree with my other friend Baseball regarding Cyprus being a non-event as well. I don't take this position either to take sides either, as Miggs is my friend as well. No, I say Cyprus was a non-event solely based on the price action of the euro. We see absolutely no damage, fear or panic was inflicted on the euro at the time period and any short term worry that did happen did not tank or weaken the euro going forward.

Currencies are a great barometer of the markets view of how healthy and stable things are. Furthermore, Cyprus did not impact Europe or the EU and put it in the toilet. Again, using the markets to back that claim up we can see major European markets have not fallen hard or stuck in their lows or dragged down by Cyprus going forward. Again, we can look at the markets of France, Germany, Spain and even GREECE, yes I said Greece and we can see they have all recovered and remained stable after a whole lot of mess and problems in the eurozone.

So I mean are there bank failures? YES, without a doubt. Have there been runs on banks? YES. Will there be more of that in the future. YES. However, does this mean that banks are no longer safe? Does it mean we must allow ourselves to believe that everyday will bring us closer to an implosion? Should we pull our money out of the banks? Well, I dont think its wise to allow fear to scare us and be living in fear like that. Some of these things have been used as scare tactics. I for one have never seen it profitable or wise to worry or even to listen to those who constantly preach a "doom and gloom" via the media or other outlets they use.


Finally I have some wise words for Anj. Anj, as a trader, I have never made money by allowing ego or strong feelings or opinions to guide me. The markets are much too powerful and have too many participants for me to have an impact. Therefore, what has worked for me over the years and have made me money and allowed me to continue to trade is following the trends, the price action and putting everything else aside.

Everyone, even fellow traders, who attempt bravado and are so sure of themselves and predict things are always either wrong and/or dont have substantial money in the markets so it is easy for them to go around making wild guesses. I don't gamble and I don't bet. Nor do I have anything to prove. In addition, I only care to be proven right by the MARKETS not by any individual, because after all, my whole game is to be on the right side of the market to make $$$$$. Nothing else matters.


That is why as a trader, to me, I have no invested interest in either lower or higher prices. It comes down to having the probabilities that an asset is either ready to move up or down. If it doesn't do nothing, then I do nothing. As a trader, with my experience and the patterns repeating over and over, I see gold and silver as still in a downtrend and as broken assets that will need more time to show where the next BIG move happens.

@Jim

That's a great point and something I forgot to mention.

Trends can play out for YEARS. Silver and gold have had great runs. In between trends there can be counter trends, its all part of the process. But a strong trend just doesn't disappear 1-2-3.

Biggest factor going forward is the element of TIME. That will determine where this goes. But I tell you, the amount of technical damage silver and gold have received on the sell side are not something you just brush off.

When pmz started its big fall beginning from 27 down 24 in one day I jumped onto the pm retraction bus.....

I called it out with 4 dollar silver thread and a stick stuck in the downward spokes at 17.50 lol....

After seein dollar rise I said we in a semi recovery or false recovery as often mentioned an said I expect it to go to 25 or so before turnin south again....

Just as Yup an I saw it did not hit that next gap up so bout a week ago I said we goin back down for Christmas an now we see sub 23 again....

Seems like to me we have been tracking its movements via prediction pretty well my magic 8 ball is red hot lol....

On the Syria thought-I met a guy recently oddly enough on ebay as he asked me question about item I had for sale....

I exchanged a couple emails with him and it turns out his girlfriend had just past on an he is in a real bad place and feels he needs to do something to change the world in her honor so to speak, very admirable...

He said I should write a letter to congress in protest to Syria-I simply said go watch the movie Cloud Atlas and you will understand that strong will always suppress the weak no changing that. As in the story there was one Asian cloned girl who was in a sense a Jesus metaphor, via she sacrificed her life to end Tyranny in her time. She new she was gonna die and be captured for her efforts but she sacrificed her self to open eyes and change her world....

She told them right before they were about to put her down when he asked her if he believes in anything beyond death and she said....

"When one door closes another one opens."

"Are lives are not our own from womb to tomb we are bound to others and every crime and every act of kindness birth our future...."

We call that karma eh....

The procrastonator may say-Why even bother writing a letter to congress waste of time. But on the opposite end of that spectrum, that same Asian girl before she is put down in future has a vision of her former life as a slave owners daughter a couple hundred years earlier, where her and her fiance took a stand against slavery as her finance was good with the pen and had power to change people's perceptions....

The mean slave owner (her father) told them both (Mr. Smith from the Matrix) Your efforts to end slavery is like one lost drop in a vast ocean and the fiance replied-What is the ocean but a multitude of drops....

This is pm board but all to often huge events like this do become relevant on a pm board IMO....