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 Replies: 5,643 / Views: 460,066 |
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Pillar of the Community
 United States
3789 Posts |
Looks like we got our scenario where gold bust through the 1305 with a nasty gap down.
As we talked over the weekend, we were coming to an important point in gold and silver and it happened today, to the down side.
THis will certainly leave technical damage on the price of silver and gold and we should expect more downside ahead.
Does this, however, kill the uptrend? I say no, as I see this price action as the result of 4 years of overhead resistance that MUST be worked through and the only element that will help that along is time.
Finally, if you have profits from earlier in the year, it wouldnt hurt to take some profits and just walk away for now. Allow time to do its thing as I can see gold and silver being dead money for the time being. If you want to dip buy, I say give it a few more days and watch the coming weeks before buying and dont go all in.
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Pillar of the Community
United States
7390 Posts |
Shoot me now. This is hard to watch.
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Pillar of the Community
United States
1804 Posts |
Bang No worries mate I was loaded with blanks  |
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Valued Member
United States
408 Posts |
I think that after the election both silver and gold will shoot up. I say buy low before the election and hold onto your bullion for now. Do not sell now. Hold long term. You will be fine.
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Pillar of the Community
United States
3789 Posts |
lol...
just take a deeeep breath everyone. We talked about this as a possible scenario over the weekend. Gold and silver are still up for the year.
Its just this isn't going to be a pretty uptrend. Its going to be one of those ugly ones with highs followed by deep lows and then, rinse and repeat.
let this flush happen and then, what would be nice is a long time period of nothing, let gold and silver make fresh bases.
I also say that try and resist the urge to buy in the coming days and weeks. let the dust settle
I know everyone is grasping for the "why" and reasons but this is all TECHNICAL in nature.
Edited by yup7676
10/04/2016 2:11 pm
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Valued Member
Canada
192 Posts |
I think it has been alluded to before that while the election plays it's role, it may be often overstated. Perhaps the shifting dynamics of the China economy (such as lowering rates of raw materials purchases) is a bigger factor, and it's a much broader timeline... Personally I wont be shocked to see gold and silver bounce around in this territory for the next 6-12 months. But I'm just a pleb, don't make your investments based on that; though I'm interested if others see similar patterns, I must say.
Edited by NeoSpec
10/04/2016 2:07 pm
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Pillar of the Community
United States
5883 Posts |
Quote:
Do not sell now. Hold long term. Sage advice! I'm still waiting for the price of silver to go back to where it was when I first bought it all back in 2011- 2103 2013...  Edited by barryg
10/05/2016 1:16 pm
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Pillar of the Community
United States
964 Posts |
At Barry,. Did you time travel back from the future (2103). Is America still around? Did Hillary or Trump destroy us? Hook a coin community up
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Pillar of the Community
United States
1205 Posts |
Technical...the robots kicked in, when certain breached numbers were hit...sellllllll....auto-trading.....talk about the "new" way..
The Conspiracy dudes are having a FIELD day today....3.2 Million Ounces of Gold dumped at Comex opening...hmmmmmmmmm.....I smell a rat...
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Valued Member
Canada
312 Posts |
Like a Rock.......down it goes.
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Valued Member
Canada
192 Posts |
Gold down, Silver down, Platinum down.. is that typical? Seems like more of a dollar correction than a PM correction....
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Pillar of the Community
United States
3789 Posts |
I know its hard for everyone here to see these kind of drops. I know everyone has been feeling very giddy and absolutely sure that gold and silver are going to the moon.
As I wrote back 6 months ago, I stated this would be a bumpy ride up. We are seeing that now and I Am kind of surprised folks would be wondering whats happening instead of just letting this play out.
Unfortunately, markets are not easy. Sometimes they play out in a manner that jolts the emotions. That is why we prepare for such things, we look at them in various time frames and look for what scenarios could unfold.
The good part now is everyone is starting to freak out. Now fear is coming in, not of missing out but of seeing more losses. In an uptrend, this sort of move is great as it will allow the trend to reset, it will allow new buyers to come.
Going forward, it would be nice to see gold and silver sell even more. Get the mood even more depressed so that it clouds the mind to forget that gold and silver are,, yes. in up trends. Then allow it to base or form a range and just do nothing, let everyone forget about gold and silver and then allow them to move out again.
In the meantime, dont expect that because we see bounces that we are going to be out of the woods in regards to selling. Rather, expect some bounces but dont expect them to hold. Allow this some time to play out before rushing in.
If you are itching to buy, dont. Let the dust settle, maybe look for another drop to buy, but dont go all in, nibble.
This is going to take time to sort itself out so you will have plenty of time to buy silver and gold. Everything in markets is about a progress, it doesn't happen over night, so be patient.
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Pillar of the Community
United States
1205 Posts |
Good words to "live by" YUP, thanks for the reminder. It would be nice to keep things above their 200 day moving average. Hey, whatever happened to that prediction of the "death of the dollar" 9-30-16?
About THE only thing I'm doing the conspiracy guys would enjoy, is slowly moving my checking and savings(and, stocks in the same bank, different dept.), OUT, and, into Goldmoney...downside is fairly minimal, I mean, spot below 1095 is possible, but, I see a higher floor of 1175 at worst here, down the line)...and, upside can have rewards....beats the heck out of 1% interest rates, and, since my Bank IS owned by a HUGE French Banking Company, I will sleep at night, if they get into monkey business aka Germany-style crap, and, lock the doors to the atms(that's the real nut bars' favorite end-game doomsday scenario...millions will lose everything!)...at this point, to be honest with you, my faith in ANY bank is pretty much gone...I'd rather have control, with physical holdings my "safety valve", and, my cash, well, it's being moved now...
You know, one thing you don't hear anything about(HELLO YUP)....BITCOIN....I have 5...yep..just 5...bought at about 300....Now, I'm wondering, with all this turmoil/conspiracy noise...doomsday noise...Bitcoin news has been NIL....wonder if THAT's about ready to take off? Millions have taken their money out of banks, and into this...which is why all the scrambling to setup crypto-currency platforms....the banks have lost billions in "mattress" money, due to zero interest rates, and, are mad about missing the alt-currency tide...it won't be long at all, until that dominates the headlines, as the big boys create whatever their planning now...stay tuned. Paper money will die at some point.
1 last thought...remember "Greece"?...or....China? Totally obliterated our markets recently, for short periods of time....NOW, nothing can hurt it...something is way haywire, as normal "stocks down, Gold Up" has vanished into a "bad news is good news" market(can you say "propped"?).....that's why I think after the elections, it will revert to
"Bad news IS Bad news", and, back to "Stocks Down, Gold UP"....1 small sneeze, anywhere in the world scene, and, watch out below for stocks, and, hopefully, watch out above for bullion.
There was NO significant 1 factor, which led to todays huge drop, which makes for a LOT of crazy stuff being said. They say if what happens in bullion(the apparent known manipulation), happened in ANY other arena, it would be investigated in a jiffy. I wonder what the truth really is? I'd love a whistleblower to step up, and spill the beans on what happens in those dark rooms......but, anyone contemplating that would have a bullet with their name on it, for sure, so, aint gonna happen.
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Valued Member
United States
408 Posts |
Quote:
Sage advice! I'm still waiting for the price of silver to go back to where it was when I first bought it all back in 2011-2103... I'm on the 10 - 20 year plan. That is why I don't play the stock market. I don't feel like watching the markets daily and panicking at every little thing. I don't want the high stress lifestyle. I just watch precious metal prices and, if they go down, I evaluate whether I am going to buy more bullion. That's it. If I see an upward trend, where I can make a substantial amount of return on my precious metals investment, I will sell. If silver falls to nine dollars, guess what I will be doing? I won't be upset. I will buy, buy and buy a load of silver and sit on it.  |
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Valued Member
United States
300 Posts |
A fair bet that this ratio will at least make it to the moving averages. What happens after that is not know, but I would not bet on 200 being a regular occurrence.  |
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Replies: 5,643 / Views: 460,066 |
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Posted 10/04/2016 12:52 pm
