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We are within days(possibly hours) of reaching my buy targets for gold, silver and numerous mining stocks. Get your funds and stock lists ready. Remember, even if there is a sharp upside reversal after hitting bottom, there should be a slow drift back down before the real upside action sets in, so don’t chase. We are much closer to Thanksgiving, the long wait is almost over.
Personally, I am leaning towards today being the daily cycle low in $gold. I am also expecting a very aggressive daily cycle this next cycle, although we will probably have to wait until after Nov. 3 to really take off. We shall see.
And even if gold does tank, I think it will wait until after Nov. 3 to do so.
The election is now “within days” so I agree the bottom is close.
Yesterday was the perfect shakeout day, with trendlines across the metals sector getting taken out. I know Gary Savage sold yesterday.
Not close. Not even in horse shoes.
When I said close I repeat “within days,” price could still be in the neighborhood of 5% for gold and significantly more for silver. As I have said for months, the buying opportunity comes in November.
OK … I focused on “possibly hours” as a strong indication that ‘days’ meant a mere handful tops. References to Thanksgiving (US), and 5% for gold and “significantly more” for silver leave the door open for roughly another -$100 in gold and several dollars in silver. Those kinds of windows don’t work for me …. I try to nail turns inside three days (ideally within 24 hrs) because of the leverage I use. So on my terms, we’re not close. Trading styles vary, stops vary, and precision/language matters to some more than others.
If you followed my posts you would know I have been talking about the upside of the bullmarket for gold and silver not resuming until Thanksgiving. Whenever I have posted on gold and silver or commented on others posts I have said the bottom wasn’t in that the correction since August was still ongoing. I don’t think anyone here has been more “precise” in my specific language on my calls.I don’t get them all correct but my precision has never been fuzzy. Unlike yourself, who for some reason today seem to be more intent on criticizing then actually having a different view and providing your specific targets and time frames.
“more intent on criticizing then actually having a different view and providing your specific targets and time frames.”
I take each post one by one. I don’t keep a running track of what someone posts, day to day or week to week.
And you don’t either.
Because I’ve been very clear on this site, going back to Aug/Sept that I saw a MULTI MONTH correction underway. And in recent weeks, I’ve REPEATEDLY indicated that my targets for GDX and SPX were at their respective 200 dma’s.
As far as being “precise” … I don’t see your claims that we might bottom within hours, or close to Thanksgiving, as fitting that definition. Perhaps I over reacted to your post … which to my reading implied, back up the truck NOW. I merely wished to NOT BE SILENT in tacit support, but offer as forceful but diplomatic counter view. My understanding is that this site has quite a few new visitors, and so I sought to introduce some balance.
This is going to be my final comment on this thread as this has become quite tedious. I am not going to repeat myself and all my quotes and comments. Nothing I have said used or even implied “backing up the truck” and members who read my posts know when I have that sentiment I use those exact words, such as when I incorrectly said it about IBM recently. Don’t put words in my mouth. Thats it for this topic. Good eve.