Loading ...Great Analysis & Wise Council
I have read Michael Ballanger’s commentary for years and he is one of the best. Great analysis and wise council often mixed in with humor and life lessons. This was written and sent to his subscribers just before the Sunday night smackdown. He alluded to the possibility but didn’t actually say such an event would happen immediately but he was looking for August to be an entry point and said Silver could get back to the$22 lows of last Dec. As I said yesterday in a brief comment exchange with Plunger, it looks like the metals are not going to have a sharp bounce. It is more likely they stabilize and rally quietly and slowly while the miners actually start to lead and outperform but in a slow, steady fashion rather than any eye popping moves, more of a slow, steady grind higher. https://www.streetwisereports.com/article/2021/08/09/the-wall-of-containment-how-bankers-control-precious-metals-market.html
I am trading with the strategy that the PM stocks do have a bounce here for possibly 2-3 weeks. It is a bit of guess work. But I am cautious about the fall crash season. My prime indicator the GSR just triggered a crisis watch yesterday. This typically gives a 2 week to 2 month warning. If it occurs could suck everything down with it. If it did occur this is where I will be looking for a bottom in the PM stocks.It’s nip and tuck day to day. But I do feel the PM market just experienced a POR. It really began in Mid-July with heavy junior selling. There was a get me out now urge and that progressed to the hard sell of the past few days. PORs don’t have to be since price action events, sometimes they are, but this was more of a process.
I do think the general stock market is likely to have a significant correction/crash in Sept./Oct. Could use a debt ceiling/ default standoff in Congress as the catalyst/excuse? As far as whether that will take gold and silver down at the same time would be the expected scenario given that is what almost always happens. I wonder if this time surprises and there is a massive reversal into gold and silver when they fall initially with stocks,bonds, the dollar and everything else and reverse higher as the place to hide and when Congress eventually relents and goes on to business as usual everyone realizes inflation is here to stay and accelerate!