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 Replies: 5,643 / Views: 460,313 |
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Pillar of the Community
United States
606 Posts |
Thanks Yup,
interesting you mentioned Wyckoff as I have followed up Livermore with reading his work.
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Pillar of the Community
Canada
2019 Posts |
Is this a stocks forum or a PM forum lol, the lines seem to be getting blurred...  |
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Pillar of the Community
United States
606 Posts |
Yes. By the way northern coins, do you own a shop?
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Pillar of the Community
Canada
2019 Posts |
No I don't own a "shop" I have a "work shop" /garage though.. I am guessing thats not what you mean. |
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Pillar of the Community
 United States
3789 Posts |
@northerncoins it is a PM forum and we have talked almost 99% about PMs. Naturally, folks are going to have questions that bleed over and I dont see anything wrong with that. This place is all about helping anyways isn't it? I would like think we have helped a lot of folks understand markets and PMs, miners and other metals by having these smaller side discussions. PLUS, we have managed to stay away from politics which is great IMO. I have pretty much shared everything that relates to PM prices, even if we have used non PM examples.  |
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Pillar of the Community
United States
3789 Posts |
Ok so to recap for this up coming week-
these are the numbers you keep in mind going forward:
Silver- As we said last week, we broke out of the range and CLOSED below it. The burden is now on the buyers to get silver back up into the range. The rough range we have been trading in is 21.23 on the high end and 19.60s on the low end.
Buyers need to get this back up into this range, back into that range or silver is going lower, simple as that.
Gold- 1319 is the low end of the range with a high of 1362ish. Gold has tried repeatedly for many months to get to the high end of the range, even making yearly highs a few times but then getting turned away. Gold as of this writing STILL in the range unlike silver. However, one must ask, is gold going to be lead by silver lower?
IF we break the 1319 range and no attempt is made by buyers to get it back into the range we mention above, gold goes lower. Simple.
Those are your areas to watch on gold and silver. I want to mention also that IF we drop lower, it does NOT mean gold and silver are done or that the uptrend ends right there so dont get all into a tizzy or panic mode. Allow time and price to establish where prices are going and dont get ahead of yourself!
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Pillar of the Community
United States
3789 Posts |
and there you have it, the push lower starts today, those levels broke.
Now what we want to watch is when does the buying kick in? Are we we going to see silver and gold start on a steady series of lower highs and lower lows (which would give us clues of continuing weakness in the short term time frame) or are prices going to dip and buyers show up to rapidly bid back the PMs and miners?
Watch how the miners act in the tape today, take a look at not just your holdings but other names as well.
..and as always, take everything day by day.
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Pillar of the Community
United States
606 Posts |
@Yup,
I'm starting to wonder if you are better at when to buy then when to sell.
Edited by MontanaCMR
08/22/2016 11:42 am
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Pillar of the Community
United States
3789 Posts |
@MOntanaCMR
Have no clue what you just said. Who said anything about selling? I am talking about price action, did I say sell? Do you know what my time frame is? DO you even understand what I have said in the most recent posts?
Edited by yup7676
08/22/2016 11:46 am
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Pillar of the Community
United States
3789 Posts |
another interesting observation... we have the safe haven 30 year note (the long bond) making HOD yet gold and silver remain in the red, tho as I type this, gold is starting to positive...
will gold and silver follow? occasionally these are up together in tandem
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Pillar of the Community
Canada
3049 Posts |
Montana: If you bought in when Yup suggested you're still doing well! He did say this is still an uptrend and there may be dips...
All this shows is that the lower end of a range had been tested and finally broken... Personally I'm not worried about this yet... I would watch to see what happens after this... (another low range gets broken... I would then consider selling..) but you have to see how the market reacts
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Pillar of the Community
United States
1205 Posts |
It's too "late" to sell...the time to sell would have been early last week...why sell now, and just get less profits? It will all come back in time...I can see selling if someone only bought for short term profits...but, for long holdings, core positions, not even goin there...things can, and do turn around in a jiffy in this quick-moving sector......all the times I have tried to time the market cost me money..invariably, the day after a panic sell, things go up.....since I bought in early, there is plenty of green cushion left here.
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Pillar of the Community
United States
606 Posts |
I sold about 60% a little over a week ago (on a Thursday). It's been mostly down from there.
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Pillar of the Community
United States
3789 Posts |
It amazes me how some people, even when this is put into the simplest of terms, still cannot grasp what is happening. Thank god I am not in the teaching business.
For the love of god, if one was sitting in this since the trendlines were broken up higher earlier in the year OR if you started buying miners when they made their first 52 highs MONTHS ago, you are sitting a major cushion and these dips should mean NOTHING to you for now.
This is why I have always said, you BUY right when the move starts, set a stop and then sit on your thumbs. Then you avoid the worries about where to sell, whats happening to the gains, is the trend over, all of which I think MontanaCMR is struggling with.
Now, could this set up for the start of a counter trend move, where prices dip lower? Maybe, it could. But we dont just sell immediately because we see a range get broken lower, we have seen this same "movie" before and then prices find an area of support and move higher. You can't just say "oh sell here, time to get off". You must use the element of TIME and price and not rush things along.
But hey, its your money not money so I dont care lol
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Pillar of the Community
United States
606 Posts |
I'm just glad I moved some money out before it dropped about 5%. Now I can move it back in when I feel the price action is better.
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Replies: 5,643 / Views: 460,313 |
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Posted 08/20/2016 4:40 pm
