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 Replies: 5,649 / Views: 461,261 |
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Pillar of the Community
United States
1804 Posts |
Quote:
@domain555
I am very curious to see how price reacts if/when silver breaks the yearly low.
In my experience, as an example, 20 gets broken, next stop roughly around 15, 15 gets broken, 10 is next on tap.
Guess we are going to find out eventually what happens but the probabilities are stacked in much lower prices for gold and silver.
It will be nice once this downtrend is done, I am holding out any major purchases and its crimping my collecting style lol Hoping this down leg last (about) FOREVERMy eye is on buying cull Morgans under $10 --  |
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Pillar of the Community
United States
1804 Posts |
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Pillar of the Community
Canada
2019 Posts |
Get ready, spot prices will soon be on the rise, buy what you can now.
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Pillar of the Community
Canada
1118 Posts |
Hey Yup, can I ask you a question?
Since silver is falling I don't want to keep it. I sold two generic oz for CAN$40. I sold it at a wee bit of a lose but I was figuring if silver keeps dropping I could buy 2 more oz and pocket a few bucks. Did I do the right thing or should I just have sat on the silver?
Also I have about $100 dollars in USA five cent pieces (I live 2 minutes from Maine and find them CRH). Is now the y=time to switch them out for Canadian paper money?
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Pillar of the Community
Canada
2019 Posts |
Quote:
Is now the y=time to switch them out for Canadian paper money? You mean "plastic"  |
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Pillar of the Community
 United States
3789 Posts |
@harmonica
Yes you did the right thing,, if you were thinking of flipping on those, no sense in holding and watching it go lower on you and having larger losses. At some point in time prices will find their way out of this downtrend so dont worry about prices getting away from you. If you just sat and waited, you run the risk of seeing much lower prices and no one who has attempted to buy any of these dips in silver or gold is sitting on a profit. They are all underwater, dont be like them.
As far as your second question, the USD is still in a nice uptrend, so if you cashed out now, you will still do pretty good and you are ahead, which if I read that right, you will get many Loonies for those bucks, tho, and again I am not sure what time frame you have or exactly the objective but keep in mind the canadian dollar is and has been in a downtrend and its not done going down.
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Pillar of the Community
United States
3789 Posts |
@domain555
.... yea plat has taken a beating,, all the metals have indeed been crushed. Even Palladium who was the stand out unraveled lower.
If you zoom out, you can see the entire commodity complex is falling lower together in tandem. Did you see sugar today,, man.... and even one of the strongest commodities gave it up last week, Cocoa even finally gave in and that was within striking distance of its yearly highs. Take a look at CL_F, (WTI, oil), looks like its ramping up to test its yearly lows again as well..
Some fabulous money has been made selling short commodities and many commodity tied currencies AND world stock markets tied to commodity markets and even non-commodity tied stock markets are getting hit hard but money is being made on the short side such as Russia, Thailand, South Korea, etc etc etc....
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Pillar of the Community
United States
1804 Posts |
@YUP7676 Quote:
Some fabulous money has been made selling short commodities... You are so correct. on your SHORT side thoughts. (In general) COMMODITIES move *faster* in a SHORT position. |
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Valued Member
United States
194 Posts |
Yup - I'm surprised to see silver bouncing this much. Anything different going on here?
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Pillar of the Community
United States
3789 Posts |
@tbolts10
no not really, just your normal counter trend move in an overall downtrend, it should be expected after the selling has has happened.
There is plenty of overhead supply/resistance to stop silver from moving higher and it will find it.
The thing to remember is after periods of momentum in a given direction, counter trend moves happen and all of it is normal.
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Pillar of the Community
United States
3789 Posts |
I been taking it easy this month, thus not doing much trading, just watching and taking off. This month and july are just full of utter boring zig zag moves that really dont mean much in terms of time frame.
Gold and silver have managed to stop dropping and have managed to bounce off their lows. Not really a surprise as they have experienced quite a bit of selling and this bounce really is pretty typical.
What remains to be seen is if these yearly lows are tested again. For the most part, we have seen gold and silver drop to new yearly lows, chop around, go sideways, bounce, drop, and in this recent episode, make yearly lows.
What is clear and without a doubt is the strong downtrend silver and gold are stuck in. Do they get out of this downtrend this time around? Do we see a retest of the lows? Do we make fresh yearly lows?
I have no idea, I have no crystal ball. For now, we patiently wait to see whats the next move of importance and if gold and silver can move away from the yearly lows.
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Pillar of the Community
United States
3789 Posts |
Take note whats going in over night futures session-
World markets are tanking hard, picking up from last week, including the US Markets. ( I might add this heavy selling that started last week is NO SURPRISE, for months the market has been very weak internally and leadership has been very narrow so this was expected and is the normal end result, there are no more buyers for now)
In any case, take a look at gold and silver. Super weak. Nothing more do I need to say. Gold and silver are not safe havens for now and are just BROKE, plain and simple. Do not expect them to fly to the moon. Only the US long bonds are the ultimate safe haven in this storm.
Edited by yup7676
08/24/2015 02:55 am
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Pillar of the Community
United States
3789 Posts |
Well, we carried into the overnight futures into the regular hours and look at gold and silver.. still super weak.
I dunno about you all, but I would not be interested in an asset that is supposed to be a safe haven and yet clearly is showing its dead and broke.
With this sort of weakness in gold and silver.... I cant help think we will see gold and silver go much lower.
Bottom line- buying gold and silver right now in this environment is a suckers game.
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Pillar of the Community
United States
3546 Posts |
Quote:
...gold and silver go much lower... ...supported by the greater probability that traditional factors historically causing inflationary trends seem to be absent or minimally active at best i.e. - - China's steep decline in economic activity and their significant currency devaluation consequently adversely affecting future US job growth and production output... - Other free world economies likewise feeling these similar negative effects of China's actions... BUT do not totally discount PMs yet since the fed may have to raise interest rates over the long haul to counteract the inevitability of the deleterious effects that a soon-to-be 19 trillion dollar debt would have on any country's economy: not just the US. During this stretch gold 'may' rise somewhat in response to these factors. But most importantly it is imperative to have a contingency plan since we might have a tree shortage which would stop the printing of US currency. |
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Pillar of the Community
United States
5856 Posts |
I would think China is just correcting itself from their over inflated market and properties, but I agree the second economic power does have influential power to the US future jobs and growth production.
The Dow may drop to 14,000 points, that will put us back where we were around 2009.
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Posted 08/04/2015 3:56 pm
