Loading ...Smart Or Stupid?
That is the question now facing the bullion banks. We must grudgingly congratulate them on orchestrating this massive takedown in gold and to a lesser extent silver. What they do here will answer the question , Smart or Stupid. If they take advantage of this opportunity to close out all their silver shorts, they may have some losses on some of those positions but they should have made enough on their short gold positions to offset most of it. That would be the smart move. Extricate your precarious position where you were facing likely bankruptcy if silver exploded to where it is eventually going to, while you continue to be short. You would live to fight another day. OR you can be stupid and figure you can continue to live on the edge and stay short and or add to those positions like has been done for decades. We won’t know which way they go without the benefit of at least a little hindsight. Take a possible small loss today and live to fight on or continue to risk your and your shareholders equity to the likelihood of total loss down the road?
They can continue this indefinitely with an infinite amount of made up money at their disposal.
Miners are their bitches.
Sounds more like you are making excuses for your inability to read a chart properly.
Take ownership for your failures, don’t blame “orchestration”.
This has been in the charts since last fall for gold.
And quite possibly, from here on out for silver.
Please remind me again what your bottom target is for gold spot, and what type of ‘recovery’ if any? BTW, it would be appreciated if you could ignore the impulse to sling mud. Thanks.
Hats off. You are one of the few people who called for a long period of weakness from the beginning of the correction. I was a bit too hopeful that gold would continue to make higher highs and high lows on the intermediate timeframe.
I was hopeful in the late Dec timeframe also. The setups were there. Just never any sustained moves, and I never got even a fleeting “LT” buy signal.
As for YYZ, I don’t “do” targets. I react to chart signals. I have made several comments here calling for tags of the lower monthly bolly (GDX 21) and monthly RSIs under 35, as in previous bear runs (GOEX currently at 48). There could be bounces before we get there, but I suspect we will.
And … I’ll venture to say my 2014 EW piece still sees a chance for 500 to 750 spot, because I see margin calls down the road like never before. Those lows, if we get them, would be several cycles ahead. Gold shouldn’t take this call personally. Its just the consequence of nearly NO credit if we get a banking system failure. And don’t tell me that can’t happen. Seems almost a certainty to me. Too much credit begets not enough. WAY too much credit begets NONE.
Chartmaster has a traditional approach to charting, so please don’t give him grief. No one really knows what will happen next, not even you, though you tend to be more right than wrong.