Goldtent TA Paradise

$20 Silver

1. JSKauai says:

   August 11, 2020 - 1:32 pm at 1:32 pm

   Prophet takers

2. Plunger says:

   August 11, 2020 - 1:43 pm at 1:43 pm

   IMO silver is going to have nothing to do with slower pace. Either up or down.

3. Nautilus says:

   August 11, 2020 - 1:43 pm at 1:43 pm

   Few weeks? More like a few days if it keeps this up.

   But seriously, the 50 WMA could easily get tagged (maybe even a bit lower) and that is currently at $17.86. Assuming this correction plays out over 6-8 weeks, how much ground can the 50 WMA make up in the interim? $19-20 could absolutely get hit.

   My worry as a long is that that type of chart damage has, outside of 2010-11, taken 1-2 years to finally chew through (see price action after similar spikes in 2003 and 2006).

4. Noman says:

   August 11, 2020 - 1:59 pm at 1:59 pm

   Triple digit loss in gold. No way this is multi week correction. Bigger.

   • Nautilus says:

     August 11, 2020 - 2:11 pm at 2:11 pm

     The fact that this is playing out more or less exactly how Gary Savage said it would, I will start worrying if we were to break below $1700 for more than a day.

     Gary thinks this is going to set up the bubble phase in gold, but if it doesn’t, gold is likely in for a bit of a slog getting back to new ATHs–maybe a year or more based on history.

     • Silverhawk says:

       August 11, 2020 - 2:37 pm at 2:37 pm

       Well if we like his first call, they we should trust his 2nd part! This could be a grind the next month or so, but certain ETF’s and stocks will bottom ahead of gold & silver.

5. Silverhawk says:

   August 11, 2020 - 2:00 pm at 2:00 pm

   Oh my, huge selling here.

6. Silverhawk says:

   August 11, 2020 - 2:01 pm at 2:01 pm

   BUTT UGLY candles all the way across the board.

7. YYZ says:

   August 11, 2020 - 2:05 pm at 2:05 pm

   Assuming this phase II is to ’76-’79 what ’00-’11 was to ’73, silver may well just plateau for an extended period with no significant retrace (during ’70’s phase 1, silver retraced significantly after each run, during phase II, no retrace, just steps), big move many years in the making, I’d guess between 23’s and 27’s for several months. No BTFD today, too much inertia (GDX) with bottom channel trend line pulling and possible bounce off the (spot) ATH anticipated still. This was a welcome day.

   • YYZ says:

     August 11, 2020 - 2:40 pm at 2:40 pm

     WOW, didn’t expect this leg down with over an hour to go, maybe Fib 50% GDX + bottom channel + 1,920 ATH hit will happen today – damn, I might just consider getting back in the pool if this keeps up.

8. Noman says:

   August 11, 2020 - 2:16 pm at 2:16 pm

   Very nice institutional memory YYZ.

9. Karl says:

   August 11, 2020 - 2:17 pm at 2:17 pm

   Do I hear 19.75? 19.25? 18? 12? It’s a bit silly or at least it makes me feel punch drunk if I try to play silver. Silver is way too tricky for me. I own a bit of some silver stocks. The companies should survive with lower silver prices and if (as I think is probable) if prices go much higher will do better. I honestly would not be surprised to see below-20 silver in a day or two and above 30 or 40 silver in weeks. I just can’t bother to keep up.

   Gold and gold companies are hard enough to predict.

   • Nautilus says:

     August 11, 2020 - 2:35 pm at 2:35 pm

     In the last 5 years, I am pretty confident in stating that for periods in which silver is rising, we have never seen the divergence between silver miners and silver that we have seen over the last few weeks. It is extremely odd behavior, and not exactly bullish unless you
     are expecting some sort of moonshot in the miners imminently and just take it as more bankster shenanigans to shake people our of mining stocks.

     In contrast, gold miners have been performing much better relative to the metal at least over the last couple of years.

10. Aurum Maximus says:

    August 11, 2020 - 2:43 pm at 2:43 pm

    All noise until I see what happens on the COMEX for delivery.

11. Noman says:

    August 11, 2020 - 2:45 pm at 2:45 pm

    What if we are forming a right shoulder of the 2011 high? Gold monthly shooting star. Just like TIP shooting star on Thursday.

12. Noman says:

    August 11, 2020 - 2:50 pm at 2:50 pm

    If right shoulder that implies a lot of time.

    • Nautilus says:

      August 11, 2020 - 3:10 pm at 3:10 pm

      yes indeed. This move in gold reminds me a lot of the 2006 spike. We didn’t take out that high for almost 1.5 years.

      Who the hell knows.

13. Noman says:

    August 11, 2020 - 3:58 pm at 3:58 pm

    Note volume in GLD exceeds March

    • Alfa8 says:

      August 11, 2020 - 4:05 pm at 4:05 pm

      Good eye. And that high volume at this point could be either good or bad.