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Question
This is a Place of Study after all….first and foremost
Where is this chart going… almost for certain as a next “support” level ?
The psychology of an impulse move like this is The Bull and Bears were in a knowck down dragged out battle for a long while…and finally the bulls have started to give up. “Started” is the key word. They will continue to bail on any bounce likely…limiting the upside…
I know …sucks !
140. What do I win?
You WIN North
An Autographed YaHUI T shirt by none other than Fullgoldcrown ( former goldbug host)
Can’t deny that looks terrible. Many will be under water in the miners now. Looking for a strong rebound to occur, but a return to 100 is a low probability (not impossible).
Can’t offer price, just time. Late Sept.
Not necessarily more direct downside either.
At some point probably, a bounce “soon” then new lows.
I don’t have “soon” on radar yet.
My question is will there be even further new lows next spring?
Almost certainly HUI should touch 135ish. These are dangerous times, and IMO GOLD is telling us the financial system is in the process of unraveling. From 135ish the collapse could intensify. OTOH the herd might then rush to safe haven gold in spite of a soaring dollar. Don’t know yet. Its a time to stay flexible, stay on your toes.
The $EURO is a factor. It projects a drop of another 20% to 90, but if it disintegrates altogether all bets are off.
Remember to own the safe haven 4 G’s in case it gets really bad…
Grub (staple foods), Ground (real estate), Gold (phys), and Guns (and know how to use one!) Then pray it doesn’t come to that.
Et Tu Foxy ?
🙂