Loading ...Why Wait?
Posted yesterday at Noon. “If I am going to be correct that both metals will target their respective mvg. avgs. (as posted at their Fri. bottoms) then this pullback will be short and sweet. I expect the rally to resume tomorrow and reach those converging mvg. avgs. by the end of next week.” Gold has reached the target and silver is not too far behind. Why wait for next week, I should have said today! LOL
Timing is tough…but this move is impressive. It’s not Dollar related as the Dx is up today
We could run a lot higher in the next 1-2 weeks, but I strongly suspect that the pullback will be pretty harsh and could likely test today’s level, at least as far as the HUI is concerned. That pullback, maybe in November, will be a tremendous buying opportunity.
That being said, I wouldn’t blame anyone for chasing today’s move. I personally wouldn’t do it by committing all of your funds today though. Buy a 30% position so you at least have some skin in the game, and then wait for the next oversold condition before committing the rest of you funds, even if price is higher then.
I always hesitate when gold moves like this. It usually signals danger-danger-danger in the world. As in widespread war and destruction.
No matter how beaten down, a move like this should (in the midst of great glee, finally!!) give pause as to the “why?” What is gold telling us?
I’m thinking it ain’t a pretty story it is trying to tell. More to come, I’m sure, but it won’t be a smooth road, not for many years to come.
Totally agree that it won’t be smooth run.
However, I think for the first time in over a decade the miners will put in a legit, trending bull run that lasts longer than 6 months. That means higher highs and higher lows, as extreme as I expect those peaks and valleys to be. You buy overstold conditions and any tests of upwardly trending moving averages from here on out, and just hold on for a blown off a couple of years from now. IMO.
Also, at least as far as the silver and the miners are concerned, this move (since the lows from early this month) was predicted from a purely technical perspective. Silver and the miners are ready technically from a very long term perspective to finally move.
Sobering post, scary if it really happens : the entire Middle East will join the war!
https://tinyurl.com/5cwvkk8h
And I’m repeating what I learned from Jim Sinclair: “The main selling takes place when Israel makes a major miscalculation.”
I think that’s what gold indicated today.
GL