Broke that resistance level of $2020. 
-
If you enjoy the forum please consider supporting it by signing up for a NES Membership The benefits pay for the membership many times over.
Gold and silver prices are down
- Thread starter Rider
- Start date
Varmint
NES Member
Broke that resistance level of $2020.
We need to close above it for a day or two of course.
Win
NES Member
I bought some Hecla Mining (HL) and some Dolly Varden Silver (DOLLF). The miners are even lower now than they were a few months ago - or at least my miners are lower now ![[laugh]](/xen/styles/default/xenforo/smilies.vb/012.gif "Laugh [laugh]")
$2031
Varmint
NES Member
Varmint
NES Member
Nothing sketchy going on here. 
richc
NES Member
Holy shit, I go take a leak and gold is through another resistance level.
At my tender age taking a leak is more important than the price of gold...
![[party]](/xen/styles/default/xenforo/smilies.vb/021.gif "Party [party]")
Can silver break $25 today?
If we get a monthly close on Gold at $2050 and Silver at $25 I’ll be very pleased.
richc
NES Member
Chatted earlier today with a buddy who was in the executive suite at Bank of America for years. Brilliant guy. Knows and loves the financial markets.
I've known him for many years. He's always been a stock guy.
At the moment he's advising a mix of bond and gold as a hedge against inflation. He's nervous about the markets.
This is a dyed in the wool, old school investor. I'd never thought he'd even consider PM's.
richc
NES Member
yogi
NES Member
Varmint
NES Member
Wow, $2041 close. That’s very significant. There’s no real resistance except the all time high now around $2085.
Don’t count out the big banks, they do not want a monthly close up here. There will be an attempt by the banks to get it back under $2000 by Thursday’s close.
Don’t count out the big banks, they do not want a monthly close up here. There will be an attempt by the banks to get it back under $2000 by Thursday’s close.
Varmint
NES Member
I bought some Hecla Mining (HL) and some Dolly Varden Silver (DOLLF). The miners are even lower now than they were a few months ago - or at least my miners are lower now
Interesting today to see what miners did.
Some juniors are up 20-30%, I think this is naked shorts running for cover.
You can legally do naked shorts (shorting without actually borrowing the stock) on miners in the Canadian market. So you can more shorts than shares in a stock. One miner I have is up 90% this week I suspect due to short covering.Some stocks didn’t move at all, there’s certainly no increase in buyers yet, need to break out above $2100 for that.
Lot of miners up 4-5%, I suspect this is savvy investors who sold for tax loss and were looking to get in cheaper, and had to move early in case gold breaks out.
Varmint
NES Member
Gold still going up after hours, now $2049.
Silver being dragged along kicking and screaming, now $25.15.
Gold can sometimes do $100 moves in a day. Unlikely but we could see $2100 quickly.
Silver being dragged along kicking and screaming, now $25.15.
Gold can sometimes do $100 moves in a day. Unlikely but we could see $2100 quickly.
Varmint
NES Member
Gold Feb 2024 Futures are getting close to a breakout. Right now the market is using Dec Futures but it’ll roll over to the Feb number in December.
The banks magically drove gold under $2000 on the last trading day of Sept and Oct. they’ll try again Thursday.
The banks magically drove gold under $2000 on the last trading day of Sept and Oct. they’ll try again Thursday.
Varmint
NES Member
The correlation isn't very strong recently. 3 month chart of gold vs DXY shows no inverse correlation the last 3 months.
chris_1001
NES Member
Go take a few more! LolHoly shit, I go take a leak and gold is through another resistance level.
ETA: Golden shower…
Last edited:
Varmint
NES Member
My understanding is the later dates have higher prices because 5% interest rates imply a cost for holding futures til a later date.
Varmint
NES Member
Gold all time weekly high is $2028.
All time monthly high is $2009.
Let the battle begin.
All time monthly high is $2009.
Let the battle begin.
Varmint
NES Member
Gold is now defaulting to the Feb 2024 Futures contract, so it's showing $20 higher at $2063 now.
Varmint
NES Member
Going to take quite an effort by the banks to get gold back under $2000 by end of trading tomorrow.
Varmint
NES Member
And there it is, all time high monthly close of $2056 . . .
Oh wait, some shenanigans going on.
Gold dropped $20 in the last minute of trading. It’s magic, like government inflation numbers!
Oh wait, some shenanigans going on.
Gold dropped $20 in the last minute of trading. It’s magic, like government inflation numbers!
Last edited:
Similar threads
