Quick Thought
I think gold and silver are going to sell off after the FED statement. Nothing terrible, just a buying opportunity soon?
I think gold and silver are going to sell off after the FED statement. Nothing terrible, just a buying opportunity soon?
Or not? ๐
Well that escalated quickly ๐
Can they let Powell speak every day??? ๐
new record 3 smilees in a row
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4
Quite the fake out today. Avi Gilbert thinks GLD will go over 2000 before a major correction.
The day of, and a day or two after the FOMC meetings, are pure noise IMO. Sure, the noise may produce very large gyrations, but I don’t think it’s prudent to impute medium term directionality in the day or two surrounding the FOMC. Could I be wrong this time? Sure. Often the BoJ’s announcement, which often comes close to the FOMC, will have a more lasting effect on the metals.
I have concentrated positions in my miners, but all of my miners are red currently while gold and silver are up substantially.
GOTO 2
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A reverse reversed reversal just now !
Crazy shit man
Somebody put up a chart of the teeth on this saw, wild!
Good comments by Nautilus. The reason I thought a pullback was coming was silver was lagging and as Nautilus said the miners were also lagging.
strange action, feels like a pullback coming but who knows
Maybe overnight.
Having gold and (perhaps even more silver) do ok but not shoot too high is not a bad signal from the authorities’ perspective. It is a sign (or apparent, manipulated or allowed) sign that the authorities are allowing lots of fiat money into the system and doing “everything it takes” “to ensure” etc etc. The game is a little different now than it was at certain times in recent years. Right now a massive drop in Ag in particular could cause people to worry about collapses of this or that, of “deflation”. So a little big of exuberance in PM prices is fine, a little bit of a loss works, anything in between. I certainly don’t know, but I think they would intervene to block a big fall as much as a big jump in PM prices right after a FOMC mtg.
Well Chartmaster, thanks for that “quick thought”. Every time I type the bullish song and dance, gold and silver goes into a mini plunge.
At the risk of offending the bulls here, we are currently $31.50 from 2K.Starnge as can be.