Loading ...As someone said on another
gold site…
This is absolute bullshit.
Could have made tons of $$$ in the general market – instead bleeding myself dry in this endless crap.
No relief in sight. Charts schmarts. So far, all the bull baloney has been a bunch of hooey, other than that big run-up from Jan 16 – August 16. Then we gave most of that back. Bull market? Bullshit market. The fact is, the opportunity costs alone are enough to make a grown man cry. Factor in the steady drip-drip-drip of losses, and it’s a crying jag.
Spock’s rocks, many could be bought now for less than January 2016.
Another comment from another gold site: “where is the money going to come from to drive gold prices and gold stock prices (heck, I’ll throw in silver along with that) UP.” No stinking millenial’s have the $$$ NOR the interest/understanding to start buying this crap. And our kind, mainly the boomers and those right behind, have already blown our wad. Wall Street is busy making fortunes while the sun shines…and it has indeed been shining for those invested in the general market.
And come on now, folks. How much of a hit do we have to take before realizing the light at the end of the tunnel is not just a train, it has already run over us.
Hope is not a strategy. It is the pit of death.
Thanks SB that is exactly the kind of comments I am seeing as well. We now need them to not post about PMs and forget they exist, pile into the SM and then we will be primed for the next move. UP of course 🙂
silverboom, well said. You really captured the essence of what a lot of us I’m sure are feeling and experiencing. I got into the Rocks early on, but nearly all of the gains have evaporated. And the original mantra “be patient, it could take 6 or 12 months, or even 18 months in some cases” has morphed into “it takes 2 years” — from now?? Anyway, it’s been quite an adventure, and not exactly the one I expected! I suspect that the bottom is going to come sooner than most expect, leaving many behind, or later than most expect, leaving a lot of us broke, lol.
It really is frustrating, I know. If we don’t bounce at $1180 and finally breakout in a big UP move, this sector will be laid waste. It really is all about that massive long term wedge now.
Among many EW counts one of the count calls for a bounce from 1180 to high no mre than 1285. ANS then head down to below 1000. If this count becomes the reality yes then PM is doomed in my rest of life.
Sad!!
Your T/A has to supply you with exits, not just entries.
And with all due respect, your technique has to be repeatable … and testable.
Ad hoc one off methods aren’t reliable.
Assuming we get the c of B wave I’m expecting …. in five waves with possible subdivisions in the 3rd or 5th … be sure to have that exit plan. But that’s a year off at least if not more.
I really have little faith after lots of miners are at january 2016 level.
Last august lots of gold/silver stocks gained an average of 500% in 6 months and peaked.
One year later we are returning at the starting point,this is not a bull market behaviour.
Not bull market behaviour, more like bullshit behaviour.
The PM space is populated with fraudsters, charlatans and men talking their books. It seems to attract retail investors who tend to become fanatical
about gold and the miners for some unknown reason/s. As Julian Bridgen wisely says, gold, silver and the miners are, for now, just a leveraged
short on $USD. Unless and until $USD begins a long term downtrend, gold and the miners will not resume a bull market.
Talk of gold hitting very high numbers, e.g. $3k plus, is bull$hit because if gold is hitting those numbers and continuing to rise it means things are
genuinely beginning to fall apart and the world of The Mandibles draws closer.
Never have any emotional attachment to any financial asset class. It’s just a means to an end, period. It shouldn’t matter to you a damn whether the price
of a financial asset is going up or down, the only thing that should matter is whether or not you are making money out of that move.
“Talk of gold hitting very high numbers, e.g. $3k plus, is bull$hit because if gold is hitting those numbers and continuing to rise it means things are
genuinely beginning to fall apart and the world of The Mandibles draws closer.”
I’m not so sure… I mean gold went from 300 to nearly 2000 and the world really didn’t change at all if you didn’t work for Lehman.
True, I’m rushing whilst doing this. I have a Yen-derived target of around $8k for gold purely based on Japan beginning to fall apart, never mind
the US.
As for the likelihood of a Mandibles-esque future, that’s for you to decide and live with the consequences, whether right or wrong.
As Jesse wisely said, “The writing is always on the wall, it’s just that few men choose to read it”, which is a polite way of saying,
“Denial isn’t just a river in Egypt.”
I’m looking for as low as $550 by the way, as are others. Should that price come to pass in a “2008 redux”, most miners will be near worthless.
That’s the time to buy. There’s a reason why Rothschild said “Buy when there is blood in the streets”.
If PoG does fall to those levels, you buy “at the bottom” and subsequently make huge returns, you know at least one man committed suicide when price fell
that low so whatever money you may make is nothing to be smug about either. Moreover, it’s all those charlatans, fraudsters and men talking their books
who are partly responsible for those suicides but they don’t give a damn. The only thing they give a damn about is the $$$$ is their own pockets. Rick Rule
springs to mind and Sprott for that matter, both just talking their books, that’s how they got rich, letting someone else take all the risk while they make
their $$$$ out of offerings, loans, ETP’s, etc. and don’t take any. If you even listen to a Rick Rule interview have a drink every time he says “warrants” and
you’ll be half drunk by the end of the interview.
Boomer !
Yo are a Rambus Member right ?
Soooo…He has been Long The General Markets and Short to Flat the PMs forever….Why take a subscription and just ignore it !
????
silverboom, your sentiment is proof positive of a successful management of perceptions campaign. Fiat money requirers confidence from the population using it. Do you think it is a coincidence that key government positions like Treasury Secretaries are populated mostly by Goldman Sacks people? These guys are managing our perceptions through price action in the pm space. What do you think they are trading at the Fed’s trading desk and their affiliates? There are always consequences to price rigging one big one is interfering with future supply from mining. We are headed to price levels that if they are sustained for any significant period of time will result in supply problems down the road. So that is what I am watching for. The old saying that rings true…”the cure for low prices is low prices” I bought some silver eagles right at the $15.60’s area thinking that support would hold. Well the market is now telling me lower prices are coming and the lows from 12/15 are most likely to be tested.
Lost for words at this point. All markets have a risk level and miners more than most can break you heart if you let them. I do not think that the fundamentals have changed and we still have ridiculously low interest rates and fiat money, so in the end reality will impose itself. It will not be different this time.
I know this feeling. Went thru it in 2013 w/ the scary breakdown – B4 I found Goldtent and saw a post from Plunger recommending reading Stan Weinsteins famous book. That changed everything for me. So having been tru the pain, I joined Spock last year, bought right at the bottom and SOLD partial positions into the pops. Thank God I did. I currently hold only 2 miners for the long term. Plan to add more at a cycle bottom as the charts setup. But my trading style has evolved and I will take profits again on the next run as needed. I dont have what it takes to ‘sit tight’ and watch positions bleed, hedge or not. No thanks. The more time goes by, the more I’d just rather take my paycheck on Fridays. Never thought I’d be a swing or day trader let alone a scalper.
Ditto here Gary…I bought early and sold about at about 20% from the top
e didn’t know it was a top but being up 120% I didn’t want to lose again.
I cannot just sit and hold either.
Got many rocks now but the hedge HGD has offset the loses very well.
This is a very tough and emotional sector…good luck to all however you play it
Tenters,
All of these comments are a great example of the discourse we should be pursuing. S-Boomer your comments are harsh, but I applaud them as they are correct. Different perspectives, but no petty attacks from everyone. Of course the sentiment here is what one sees near a bottom. Yes, lot’s of discouragement. But what is highlighted here is the problem with being a gold bug vs a cold hearted objective market operator. God bugism requires a one trick pony approach. When it goes up it’s awesome, however bull markets are seldom and one needs to recognize the lack of a bull market and move on to other pastures. As it turns out the Jan-Aug 2016 rally was just a pop off the bottom. A tradeable rally for sure, but that’s it. I do tend to think that it was the first leg up in a new bull market and we are in the retest of that low. It is taking 1-2 years to do that. But I certainly don’t know this is the case thus we should just watch and wait from the sidelines as this process plays out. Its why I have for the most part been out of the PM space since Late Aug 2016. I have traded a few pops, but have not been in it under the belief that the bull is back. Let’s let the HUI get down to 135 or so then evaluate then.
In the mean time the strategy is to trade opportunities which present themselves. I think the general market is in a topping process. FAANG stocks are in distribution. This year I have had 3 major trades. Short oil, short PM stocks and Short QQQ since early June. Buy and hold is off the table for now. We must adapt our strategy for the market conditions. Don’t be a one-trick-pony
Thanks Plunger, wise wise indeed. Last August it was the fear of missing out on the rest of the rally that kept some of us in (although taking a few profits along the way) now its the fear of losing money that will be keeping many in and also many on the sidelines. Next time we see a rally, then some will sell into it but then, of course it may continue on up. We face many difficult weeks to come. Roll on 2018.