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

Exactly,so throwing numbers out like 1,100 are absurd. Its better to follow levels then to take a wild guess far into the future. One doesn't try to predict but rather follow price as it happens and unfolds. As a trader, I dont care about being "right", rather I care to follow price with its twists and turns.

I am not in the guessing or predicting business.

So basically, you are just narrating daily market action then? Not all predictions and guesses are to be interpreted as being worthless. Maybe you paint them all with the same brush, sounds like you do. I can think of a couple very smart people who I follow, who accurately predicted precious metal price targets a couple years out. Were they just lucky a few times?

Expect a snooze fest here for the week as we all go off on vacation.

Perhaps December we see more action our next move. Will it be a repeat of next year where rates were increased and gold moved higher? Who knows.

What we know- in the short term time frame, silver and gold have been breaking down. Still in up trends and up for the year. Only the element of time, can give us resolution as to whether the up trend is going to be in jeopardy or just needs more time to make a base and that all the selling has been absorbed.

I will be out till Monday. In the meantime, dont panic, listen to the price action, what kind of action do you see, as in higher highs or lower highs and lower lows? is a base or range form?

1 yr. gold chart not looking very good as of this morning, thinking much lower prices are coming if we don't get a good bounce shortly. Will have to see how we close today.

The usual paper dumping ..the endless puke, as the article writers call it.

Changes take sooooooooooo much time, and, 99% of the hot air never gets done. Rich getting richer, poor people getting poorer. Nobody knows what will happen in the future. My bellybutton tells me, when I see sharp rises in ANY economic entity(stocks now), the ensuing DROP is 300% as hard as the upswing, it's just the way this whole thing works. The day will come when the bubbles pop.
Someday, paper gold may be extinct. It has ruined the entire trading ecology, with speculation and free money betting any ups and downs, with billions in trades in 1 micro-second, triggering landslides like we saw today(like, the 9th time this year).
Read THIS..from 2001...this crap has been going on a long time, and, barring a insane flip to a gold standard(highly unlikely), will continue for years and years:
The case for gold is that the dollar has been overvalued for an extended period, as we wrote a year ago in The US Dollar: Over Owned and Over Valued. Its overvaluation was integral to the financial mania that has come and gone. The depressed price of gold has been core to the system of beliefs underpinning dollar overvaluation. To the extent the depressed price of gold reflected more than natural causes, one can expect the retribution of market forces to be fierce once they gain the upper hand. The mania and the supremacy of the dollar are history. With so many of these positive macroeconomic developments becoming more evident, it is disappointing that the gold producers continue to emphasize the promotion of gold as jewelry. A higher profile and stronger stance on monetary issues would be timely and most welcome. It would not take much of an investment to bolster the intellectual rationale to rehabilitate the metal's role as a financial asset. Restoration of gold as the foundation for a multinational global currency is something the global economy could actually use. Now, that would be really good theater.

by John Hathaway
August 23, 2001

I got so badly burned buying miners I would never touch them again. I might buy the actual metal especially if price of gold and silver continues to drop. Supposedly, with labor shortage and housing shortages inflation may rise and that should help precious metals because labor costs follow higher prices and then the cycle goes on and on until the music stops. If you have profits in stocks or gold or anything now is a good time to take them and hold on and buckle the seat belts. Nobody knows what will happen but if you have profits you cannot be hurt by taking them.