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 Replies: 5,643 / Views: 460,388 |
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Pillar of the Community
 United States
3789 Posts |
Just wanted to add a quick bit color to this move today in gold- its currency related. Please refer to the yen, the USD, DXY, whatever you like to use for these,, these are our current catalysts now to get gold and silver moving.
If you are at home and watching and want to add some symbols to your screen here they are-
UUP - USD
Yen - FXY
hope that helps.
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Valued Member
United States
329 Posts |
Silver is produced primarily as a by product of other target minerals. There is plenty of marginal silver sitting idle. Gold to a much lesser extent.
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Pillar of the Community
United States
3789 Posts |
Today we had some movement in the currency markets which no doubt impacted the PMs, with gold benefiting from the waves caused in those markets.
Around midday, gold had a spike up and started to venture into the gap after making a lower low. I don't want to get side tracked here but essentially, the strength in the Yen, after being smoked for months by the BOJ has been showing signs of life and strength, despite the best efforts by the BOJ to stamp it out. Also at the same time, the USD was smoked big time. Just as the Yen spiked up, and the dollar nosed dived, gold shot up.
There could be many reasons why this happened. I wont get into those since this isn't the forum for discussing such things. However, we can circle back and see that gold perhaps could have the strength in the yen and other currencies as a possible catalyst. As always, we need more time to see if this correlation exists and confirms.
Tomorrow again will be key, as almost always moves of importance need some sort of confirmation or follow through. Therefore watch and see how gold acts tomorrow. Can it hang on here and continue into the gap or was today just part of the continued range bound trading where gold hits the trend line and then reverts back down to its lower range.
our proxies
GLD- higher high, lower high
SLV- higher high, lower high
One final note- if you observe the prices over the past week in GLD, its getting much tighter. I would not be surprised that we are nearing some sort of move to get us out of this range.
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Pillar of the Community
United States
3789 Posts |
what a flush this AM, smacked right down from the upper range.
For sure, the trend line is super resistance, AKA that gap, the volume was so heavy of sellers that it will take strong buying to get gold and silver over that point. That's key.
more later
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Pillar of the Community
United States
4337 Posts |
I'm not sure I am understanding the reporting that is happening here. I keep reading what seems to be pure retrospect which can be obtained by just looking at a daily chart.
Where is the foresight?
What is the foresight?
Don't buy yet?
Don't sell yet?
Buy at what number?
Sell at what number?
What happened 12/18/24 months ago that caused the "gap" to close over and over driving prices up?
What happened 1/2/3/4 months ago that caused the "gap" to not close?
How is the current "down trend" different or the same from other historic "down trends"?
What caused those historic "down trends" and subsequently, what events, globally/economically speaking, reversed those to "up trends"?
If these have already been answered in this thread, just tell me approx. what page to go to and I will read that.
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Pillar of the Community
United States
1200 Posts |
dsfw---When considering the conditions that gave rise to your (I think rather telling) questions, one can only hope that the answers to those questions won't be just merely "more of the same."
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Pillar of the Community
United States
4337 Posts |
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Pillar of the Community
United States
3789 Posts |
@DS
yes you need to start reading the thread from the start and you can understand the purpose of the thread, all your answers will be found there.
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Valued Member
United States
385 Posts |
Just bought yet another 10oz Ohio Precious Metals Bar from Provident Metals, came out to be around $132 through credit card total.
idk if I'm an idiot or not but I just realized that today is Friday.
Major swings and shifts happen on Fridays and rebound back on Monday.
was my purchase decision justified lol?
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Pillar of the Community
United States
899 Posts |
silverdollar...if at this time of day - your just realizing it is Friday...you are in trouble already! :)
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Pillar of the Community
United States
4337 Posts |
Quote:
if at this time of day - your just realizing it is Friday...you are in trouble already! :)  I'd say scooping up 10 OZt of silver at anytime in the present is a smart move. I added in recent weeks and I am going to grab some more. I believe long term, 10 years from now, this is the best investment I can make with my money. |
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Pillar of the Community
United States
3789 Posts |
I think its financial suicide to buy here as its highly probable that prices tank lower. Even if you are a long term holder, and I mean long term as in years, at best you are looking at prices going lower and then staying flat for years to come.
Gold and Silver have had a good run and thats in the rear view mirror now.
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Bedrock of the Community
13014 Posts |
Lol better than thinking its friday and realizing its monday
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Pillar of the Community
United States
4337 Posts |
Quote:
as its highly probable that prices tank lower "probable" being the operative word I do not believe anyone can call it. It can and will go either way with the one group telling the other "I told you so". |
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Pillar of the Community
Canada
815 Posts |
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Replies: 5,643 / Views: 460,388 |
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Posted 06/06/2013 9:14 pm
