Loading ...Silver – Watch Closely
Nothing is set in stone here. You’ve all seen my numerous posts explaining why I think the technical set up is looking superb, and perfect for a very significant move to the upside. I’d be doing a disservice if I didn’t acknowledge other possible outcomes (as Fully and others have very well pointed out). I consider this a low probability, but unlikely things do happen.
I’m not turning bearish, but I do have an open mind.
I liked the silver move on Friday.
The chart is scary but there is a major difference between the top of 1980 and that of 2011, in 1980 both gold and silver made a major top and gold went from 35 to around 850 while in 2011 only gold made an all-time high and much weaker than that of 1980 (from 250 to around 1950) and silver did not even exceed its previous top of 1980.
So the bull market of the 70’s was much stronger and different.
Nice clean chart, NS.
Thank you Alfa.
Good and bad.
Good: I think that it is good that we have been well behaved, sounding restrained and even neg on precious metals prices when things have been looking good.
Bad (I am afraid): I see that about 10 min after the markets have opened the gold price is up about US$15/oz, Ag up too. I’d say that was a good thing if a cure for the new corona virus had just been announced. However I am afraid that it might just be a reaction to the apparent health crisis. If so, not so good and even maybe bad. Spikes up on these bad news thingies tend not to last long and the subsequent downs cause too much demoralization. Even gold acts like “Bob” when reacting to news events. But maybe the gold price is going up for some more substantial reason–people are thinking about chronic financial structural problems. Or if it’s going up for temporary panic/airspec reasons it’ll stay up for better reasons.
Indeed and thanks.