| Author |
 Replies: 10 / Views: 1,552 |
|
|
Pillar of the Community
United States
3670 Posts |
Every drop has a bottom, million dollar question where is that....
I think with these spot lines certain round figures hold HUGE meaning like 1200 for example, a possible SWING GATE....
Now then we are seeing a tiny push up and it could continue on back up to say 1400 and 25 oz silver who knows before it continues to fall to 1000 oz gold and 10 dollar silver via the ol false recovery....
My theory is we are seeing some WISE money on the sideline now seeing a window and taking the slight gamble that 1200 and 18.50 is the bottom and now we are seeing more buys then sells which correct me if I am wrong is most key component needed to change the direction of this slide?
|
|
|
|
Pillar of the Community
United Kingdom
548 Posts |
I see gold and silver falling further. China's demand for gold has dried up and India's demand is flat. Meanwhile the Federal Reserve is starting to scale back QE.
|
|
Pillar of the Community
 United States
3670 Posts |
Interesting DB, perhaps this is just most likely gonna be a very TINY recovery going into weekend fueled to trigger more weekend sells before more of a fall come Monday and beyond....
Edited by Silverhawk74
06/28/2013 12:53 pm
|
|
Pillar of the Community
United States
5847 Posts |
Nice bounce so far today. Now I'm just waiting for PMs to be suddenly smacked back down in 3, 2, 1...
|
|
Pillar of the Community
Canada
1723 Posts |
I hear you Barry....... After being sidelined for many months, I may be able to make my first purchase of bullion this weekend after such said amount of time. I was really liking the $18.50 area to buy and my fingers are crossed that my hopes of a small purchase comes to fruition at that price point
Edited by samsnate
06/28/2013 1:34 pm
|
|
Bedrock of the Community
13014 Posts |
We had bounce backs like this last time it was in the run down too. Unless it climbs back higher than it was before it started this far it really doesn't mean a whole lot
Edited by basebal21
06/28/2013 2:11 pm
|
|
Pillar of the Community
United States
1454 Posts |
It's essentially been falling all year. Around 6 months ago, silver was still in the low $30's. Even in the beginning of May, it was still over $24. With such a precipitous fall, no one should be surprised that AG is retracing a bit. We've seen it all before. We should at least see a rise of $3-4 before anyone can comfortably say a true rally is afoot. I imagine a lot of people are going to rush out and buy bullion this weekend thinking we've hit bottom. Hope they're not disappointed.
|
|
Pillar of the Community
United Kingdom
1682 Posts |
Are you sure about gold demand in India? http://www.business-standard.com/ar...00744_1.htmlIndia's biggest jewellers' association has asked members to stop selling gold bars and coins, about 35% of their business, adding its weight to government efforts to cut gold imports and stem a swelling current account deficit. To me this article paints a different picture of gold demand in India. |
|
Valued Member
United States
410 Posts |
We started June with $1400 gold and $22 silver. Until we see strong and consistent increase in prices I'll treat this as a bounce on the way down.
|
|
Bedrock of the Community
13014 Posts |
Quote:
To me this article paints a different picture of gold demand in India. The Indian culture itself highly values gold but its nothing new. They use it ceremonially in weddings and as a source to store their wealth but not for the reasons people think. They use it to store wealth because they have a very poor and weak banking system and have no other option. Banks arent even everywhere in the country and there is some distrust of them with all the scams that get run in the country. But youre 100 percent correct the Indian government has been actively discouraging gold imports for quite some time and its killing them. Theyre doing what they can to take steps to get people to use banks more and get off of gold as much as they can and if successful the demand will shrink some. |
|
Rest in Peace
United States
4078 Posts |
|
| |
Replies: 10 / Views: 1,552 |
|
Posted 06/28/2013 12:31 pm
