Varmint
NES Member
Holy shit, $2045 gold and $27 silver?
Miners are blowing through resistance.
Miners are blowing through resistance.
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Gold and silver prices are down
- Thread starter Rider
- Start date
GDX and GDXJ almost breaking through $40 and $50.
Varmint
NES Member
Gold will probably hit a brick wall around $2075 and silver $28. Still hugely bullish.
What's the thought of the paper silver and gold following suit? Will we see records? Or will Joey B step in and do something to stop the momentum?
I have to assume some of this is tied to sleepy Joe’s EO that’s about to drop on crypto
Varmint
NES Member
I think this is the beginning of the breakout of long term cup and handle formation after 18 months of consolidation of the move to $2070 in 2020.
The first test of that level is very likely to fail, and we may retest $1950 or $1900, but everything looks very bullish for gold and miners. Silver usually lags gold and is not quite as bullish, but if gold breaks out above the all time high, silver will go nuts.
Varmint
NES Member
I think it’s more of digital assets in general.
Besides the invasion, I think gold if benefiting strongly from all the actions against digital money: the freezing of protester accounts in Canada, the freezing and seizing of Russian assets, and the freezing of Russian central bank reserves. All of this says you can’t trust any digital asset that’s in a bank.
And central banks everywhere realize the US can and will negate your US dollar reserves whenever they feel like it. Gold is the only safe bank reserve.
The move to gold $3000 may come sooner than we expected.
Varmint
NES Member
Looks like you had to buy gold stocks that are not OTC - my TD Amerttrade is like that, they charge me for OTC trades which sucks. Fidelity doesn't so I can buy small amounts of OTC stocks.
USAS is no longer recommended by my newsletter guys, due to issues with their sites, and the fact that developers in general have been hurt by oil going up while the gold price stays stagnant. So the cost of building a mine is going way up without the benefit of higher gold. That's changing now, which is why USAS and other developers are shooting up in price. I'd hold onto that since they will benefit greatly from higher gold.
GSV I own, that's a decent company, definitely hold onto that one, also SILJ - that one has bottomed and should be moving up.
richc
NES Member
Win
NES Member
I celebrated the move past 2K with a wonderfully worn and original looking $10 Indian that I found on apmex of all places. Hope to have it in hand soon.
Varmint
NES Member
Yeah why not go ahead and go straight to $2500, I’m down with that!
![[laugh]](/xen/styles/default/xenforo/smilies.vb/012.gif "Laugh [laugh]")
richc
NES Member
Can anyone help me understand how this legislation has any teeth at all?
It prevents Americans from buying or selling gold from Russia. Ok... fine. But what about India, China and many other countries who buy large volumes of gold? Won't they buy it? How the hell does this hurt Russia at all?
Inquiring minds want to know why our politicians bother with BS legislation. Aren't there better things to do, like get the Keystone pipeline back open???
JFC
It prevents Americans from buying or selling gold from Russia. Ok... fine. But what about India, China and many other countries who buy large volumes of gold? Won't they buy it? How the hell does this hurt Russia at all?
Inquiring minds want to know why our politicians bother with BS legislation. Aren't there better things to do, like get the Keystone pipeline back open???
JFC
U.S. senators want to target Russia's gold reserves
www.kitco.com
Varmint
NES Member
Can anyone help me understand how this legislation has any teeth at all?
It prevents Americans from buying or selling gold from Russia. Ok... fine. But what about India, China and many other countries who buy large volumes of gold? Won't they buy it? How the hell does this hurt Russia at all?
Inquiring minds want to know why our politicians bother with BS legislation. Aren't there better things to do, like get the Keystone pipeline back open???
JFC
U.S. senators want to target Russia's gold reserves
www.kitco.com
I think they're trying to drive gold past $2070 resistance.
Seriously though, I'm sure they're expecting other countries to follow suit to ban gold trading with Russia. It's similar to oil, yes they can sell it to China, and this will be great for China who will get multi-year sweetheart deals on oil and gold out of this. It'll probably drive up the price of gold as it has oil.
On the plus side, Washington can look like they're doing something.
Further isolation of the US. Guaranteed to happen.Can anyone help me understand how this legislation has any teeth at all?
It prevents Americans from buying or selling gold from Russia. Ok... fine. But what about India, China and many other countries who buy large volumes of gold? Won't they buy it? How the hell does this hurt Russia at all?
Inquiring minds want to know why our politicians bother with BS legislation. Aren't there better things to do, like get the Keystone pipeline back open???
JFC
U.S. senators want to target Russia's gold reserves
www.kitco.com
SERIOUSLY?!?!? WTF @Varmint...you told me I was going to be rich! I already spent my 10’s of dollars on gas for my bath tub so I can soak my body in all its glory.
Varmint
NES Member
And you will - as long as $1900 holds.
I wouldn’t mind if it pulled back once or twice before it goes up any more. I need to buy a little more once I get into my new house.
Win
NES Member
Buying opportunity. I'd be happy to see it go lower so I could buy more but I don't feel like there is much chance of that happening. I don't know how much more money is really going to flow into NFTs, digital tokens, metaverse real-estate and other fanciful things.
Varmint
NES Member
That's the spirit!
The chart for gold looks fantastic. A retest of support is a good thing (assuming it doesn't fail lol). It builds a longer-lasting bull market. There is not much support at $2000 since we blew through it fast in 2020 and 2022. The major support is at $1950 and $1900.
Hey how come I'm poor today?
Because you need to buy more gold for the stack and the powers that be figured they’d cut you some slack.
Varmint
NES Member
Gravity.
USAS could within the next 1-2 years meet its all time high if gold continues to move towards $3k and silver to $50.
Varmint
NES Member
$3k gold will make the turkeys fly, as they say. Not that USAS is a turkey.
Varmint
NES Member
Looks like $2000 is the new $1900.
Was just looking at that and thinking the same thing. No cease fire, Russia looking at alternative options wrt energy war, the Fed commitment to a rate hike, and uncertainty abounds.
Btw did I hear correctly that Powell blamed inflation on Congress/Fed, disagrees with the Davos crowd, and might get super hawkish if the midterms flip red?
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