Loading ...* Here’s an Idea: Let’s talk Gold
While the bulk of my indicators (3 from MetaStock) are bullish February 2021 Gold, I’m as nervous as a long-tailed cat in a room full of rocking chairs.
Rambus has me nervous, and if that’s not enough, so do two excellent technicians with the third one waiting for confirmation of an upside breakout.
Please read the three attached reports and provide a soothing response to the old BooBooMan – or turn up my anxiety meter!
Gold Bugs Should Pray for the Demise of Commodities (M. Pring 12-30-20)
Technical Focus on Gold December 29th
Thanks to all, and [hopefully] a Prosperous New Year!
If Rambus has you scared boobooman maybe you missed his Update today
INHO Today was a big day for the PM Complex
Thanks for replying, Fully.
Rambus said on Tuesday, December 22 that he saw a “Yellow Flag” in the precious metals and they should be monitored closely. Apparently he saw a potential H & S Top building out. Whenever Rambus becomes nervous I become VERY nervous. (68% of my liquid assets are in precious metals, half physical with only about 10% in mining stocks,)
Martin Pring also makes me nervous. I read his basic book on Technical Analysis more than thirty-five years ago when I was a young broker at Dean Witter Reynolds. Pring is a pretty good “Big Picture” technician. You already know how much respect I have for Lorusso – he’s made many outstanding calls in the past and I’m glad he leans bullish right now, but he sees the necessity of an upside-breakout for confirmation.
Today was an up day, thank heavens, but trading volume was low – less than half of what it was during most days in November. We need to see a CLOSE above 1912 basis Feb ’21 Comex with a high-volume affirmation of at least 250,000 contracts traded. 300,000+ would be much better. If that happens I’ll believe Feb Gold is headed for $2,400 by June.
Thanks, BooBoo. I’m cautious too. I don’t trust the low volume moves.
Hadn’t seen the info from your links prior to reading this post. The first regarding silver confirms my 2021 silver targets posted earlier this week. Don’t worry about the volumn. Today and or Monday when the breakouts occur the volumn will come flooding in to confirm.
Rambus is about the best up-to-date, up-to-the-minute accurate reading of markets you can get. He gave me the willie-nillies with that caution flag post, and I’m already a negatron when it comes to gold and silver. (They are the kings of whip-sawing moves that kill the soul.)
So when he goes a tad positive (like yesterday) I go confirmation hunting. Good old Northstar is across the big pond making gazillions with his calls on uranium stocks. And he is one accurate guy, with plenty of patience. He has been bullish on gold/gdx for a bit now, and his chart work is calling for the next move to be UP starting right now. Actually, a few days ago.
And though many here have a negative opinion on Bob Moriarty, the guy puts his money where his mouth is. He pounded the table on Maple Gold. He turned me on to several ultra juniors that if I had had the patience I would have undergone a life-changing experience. Several doubles/triples from that guy in the last six+ months. And he’s turned gold positive. Finally, I subscribe to a cycle service and they went positive this week.
So I have returned to the poison water of PM stocks, and now fully loaded once again. Including calls on GDX, FSM, AUY.
I attribute low volume to the holiday period, and it does not worry me. Who is around to trade between Christmas and NY??? The games begin in earnest on Monday. And the chaos will only worsen…..