Loading ...PMs — Note to the Permabulls, and similar pundits
As others with notable success reading the tea leaves have stated, this is a BMR. That has been my position.
I will be a tad more specific. Its an ABC correction (off recent lows) within a downtrend that has a LONG way to go.
The risk is NOT with a general market crash, taking PMs with it. Not yet.
To anyone thinking that now might be a good time to load the boat, I would say this.
Not if you are a long term investor, unless you can ride out lower lows.
I have no way to KNOW how deep we go, ultimately. I will have clearer views on that when the larger STRUCTURE nears completion.
We’re not close, at least in time.
For traders … I have nothing saying this b wave decline (off the highs near GDX 50dma) is done.
But c up will be enticing. That’s its job, to lure you back in. GOOD LUCK.
You can try your hand at it, but expect to lose your head (again) if you overstay.
Thanks for the info Pedro. I also got a medium term sell signal on Friday.
Forewarned is forearmed. Thanks, pedro.
I believe we have a month of oscillation up and down. We could quickly drop to the 1750 level then rocket up to 1800. in the next week or so. Or do the reverse. Then time may have run out by early Dec and a definitive direction will emerge. Just a guesstimate.
Not buying until Gold breaks decisively above 1800 and keeps going.
On another note, I may be wrong, but if yields rise next spring there may be a hit to the dividend payers that are hovering around 3% presently. They’ve had a great run since the March 2020 lows.