Loading ...Perspective
The smash in gold and silver since a week ago Friday has definitely been demoralizing and done considerable damage to our precious metals portfolios. However, some perspective is in order. For this last week, gold was down only one quarter of one percent and silver was actually UP 1%. As I posted yesterday, there is still about two weeks of backing and filling to come before we have a major upward move to challenge the August highs. Don’t get scared out or discouraged, good times are not too far down the road.
Just looked at Goldseek where it shows you what gold and silver have done for the month and last twelve months. Gold is unchanged since the beginning of the year(ten trading days) and silver is up 3.7%.
Thanks CM
Problem is the Miners took off and broke out big time and then completely collapsed as many were adding positions for the breakout
Dastardly
Yup. Lost a lot on that false breakout. Sick of these damn miners and gold and silver. They ALWAYS go down far fast and in bigger price changes than they do to the upside. Insanity.
The miners are leading. Down.
There are loads of SHS patterns developing in the charts these past 8 – 9 months. That’s a fairly large pattern in the PM world. In many cases, directly below the neckline is a straight run up, with no pause to build support. If the dam breaks the ride down could be swift and sure. A reverse symmetry move.
In the face of bullish PM fundamentals what could trigger such an abrupt turn around? A rising dollar? A debt implosion? Rising interest rates? A collapsing stock market? War? I don’t know, but the charts are suggesting that one ought to be cautious. Jeez, even miners posting superb drill results are sagging.
In any case it is best not to stand unprotected on a trap door lest it open.