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

I would only mention that be cautious going forward to everyone. We are in the summer months which are very crappy, there is very little volume so its thin out there.

Moves can be exaggerated and head fakes abundant. I personally dont see any reason to be buying right here or anywhere lately, nothing has set up properly.

While gold and silver are still in uptrends, they could certainly roll over hard in the short term. These are not months to be pressing hard. Less is more in any asset from roughly June until September.

Thanks for the FOMC!

I KNEW I should have bought that 1 Oz BU platinum yesterday...

Weird. Thoughts of a rate hike spiked pms this morning. News came down of no hike and it dipped for an hour then it started skyrocketing. Strange but awesome whatever the reason

@Montana
Thank you. I think I did very well with timing. Should have waited until between 9:30a and 10a this morning though, as I know from watching lots of action in that time frame, then gains given up as it did today after buying. But wanted to finish my glass of wine and get to bed. When I got up this afternoon after the markets had closed, checked portfolio, and was up hundreds of dollars. Everything went up I had, expect it's the news from the Fed. It made me nervous here towards the last NOT to have a holding in the market other than my physical in PM. I realize there will be dips, maybe some deep ones as yup suggested, I may need to just stop checking the portfolio everyday from here on since I intend to stay where I'm at, don't like seeing red at the top. But know it will be green soon enough. I read the news about how ugly people are to each other in the World, about how smaller countries governments and banks are in trouble, negative interest rates, limiting the amount a person can take out of their account, riots in the streets just for food, Europes banks in serious trouble, Chinas economy having trouble, our Market hitting all time highs and yup has stated our market is broken (awash with helicopter money?) I just feel things unfortunately will only get worse before it gets better. Fiat currency has never worked out in history. I feel good about where I am with the physical and with miners now.

I've got CDE also..they have been doing well..up...up....up....I think they do other metals, platinum..which could be a big bonus with that spot doing well.

range bound continues to be the big theme. We had a few dips that quickly were bought up.

On gold we are roughly working with the low end of 1319 and the high of 1377.50, which is our yearly high.

On silver we are working in a range as well, with our high end being 21.23, the yearly high and 19.60s as the low end.

We break the yearly highs and by now, you should know that yearly highs bring on more yearly highs. This is range we are in a similar pattern from months before, in fact its a very common pattern in all assets.

The direction we break, along with follow through is the higher probability direction we take.

The observation I will make is that despite the fact that we are in some of the crappy months for volume, thin markets, many gold, silver miners have been hitting yearly highs which is a positive if you are a buyer. I would take this to signal just how strong this uptrend is in the PMs.

Why do we observe this? It is fact and common knowledge that in a tape that is choppy and absent the majority of participants that break outs, as an example, tend not too hold. In other words say you buy a stock at a yearly high after it moves out of a base or range. Technically one would be correct for buying a break out out of a base.

However, without the usual participants that are usually there, the break outs can falter and disappoint. With gold and silver, we are seeing many names break out and when they did, they also had follow through, which is a positive.

Going forward, August could end up being an interesting month.