Loading ...Major Support For Gold
A look at a two year chart of gold shows it is once again testing the major support level at 1675. It triple bottomed at that level in March, April and August of last year. I believe it will hold and may even do something similiar, in that it revisits once or twice over the next two or three months. That isn’t my preferred or most likely case, but a distinct possibility. I am more inclined to think that once a rally begins it will be powerful and not provide a lot of easy entry points without having to pay up. I am more focused on silver, as I believe after leading the way down, it will also lead the way up. It’s bottom is so far holding up better and should rally first and be strongest. For now I am watching and waiting, next week if things play out, as expected, I will be adding to positions.
why would silver lead the gold ? Do central banks hoard it ? Do Europeans pack 400 lbs of it and drag it to safety as they flee? Just some thoughts CM. The 4th knock usually opens the door.
Silver almost always outperforms gold percentage wise on both the way up and down. I explained why I thought it would lead based on the charts and how they have been trading. If you try to attach fundamental or news items to why markets do what they do you are going to miss things. Stocks and metals move on buying and selling not what people think CB or anyone might or might not do. It is my opinion about silver leading. We will see in the weeks to come if that is how it plays out.
Fundamental or fundametal fundamentle . All seem fitting.
Nice word play, I like it.
Silver hasn’t bettered its 1980 high the last high at $30 is considerably lower than 2011 and 1980. Silver being much cheaper than Gold per ounce is an easy story to sell. Silver tends to run last not first. I would be surprised if these Silver to $200 claims pan out. $1670 Gold doesn’t hold there is no telling how low we go.
Yup, I am still waiting to break even on my silver bars from 1978. I may die before that happens. Obviously the world is in a recession, copper sees it. Fundamentals mean squat so it should rise, right ?