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Gold and silver prices are down
- Thread starter Rider
- Start date
NHCraigT
NES Member
ZeroHedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com
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richc
NES Member
ZeroHedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
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Varmint
NES Member
What do you think of junior miners who have silver in the ground valued at $0.10 per ounce of silver?
richc
NES Member
I own a few major miners. A small part of my investments. Maybe 5%.
I don't invest in the smaller guys. Just personal preference.
If I'm being honest a majority of my portfolio right now is in 6 month to 2 year treasures earning in the aggragate 5.5% risk free. And state tax free.
In regards to PM's I keep both some gold and silver in physical form. To me it is insurance against the bad stuff happening. Just in case.
Varmint
NES Member
They would never willingly do that no. They might be forced to by currency collapse.
Every year now you have a new record for gold purchases by global central banks. Not because they’re preparing for a gold standard but because they know their currencies need to be backed by something real, and the dollar is no longer a safe asset.
richc
NES Member
Unless you are China and Russia and the rest of the BRICS who would love nothing better than to displace the euro dollar.
Varmint
NES Member
You can see the difference between the stock market and gold market this morning.
Strong jobs news tanks both markets but dip buyers immediately step in to buy the S&P500. There is no Buy All Dips crowd for gold.
Strong jobs news tanks both markets but dip buyers immediately step in to buy the S&P500. There is no Buy All Dips crowd for gold.
Varmint
NES Member
You should use the futures price cause that’s what traders use. It’s currently $2020. That’s major support, next is $1985. This is bears last chance to stop the march past $2100 so they’ll give it all they got.
Hopefully the rumors that the Fed loans out gold to banks to short it arent true.
Varmint
NES Member
I'm hiding under my bed. Family might be able to eat in a week or two. Dogs are looking at me wondering what is wrong. Wife is calling friends looking for handouts.
Please fix this, @Varmint !!!
Unfortunately so many gold proponents preach that gold is going to $10,000, or $30,000 or whatever, so we expect big things, when in reality it is always two steps forward one step back. The new all time daily, weekly and monthly highs were a huge step forward. So we gotta take a step back and test $1985-2000.
Once that’s done we can build momentum for another shot at breaking through $2100.
richc
NES Member
Have not eaten in almost 2 hours. Starting to have hallucinations. Will trade gold for junk food. Can't hold out until lunch.
Win
NES Member
I really don't mind the extended buying opportunity.
Well, there goes the “bullish” December gold run.
I’m down to a torso with no legs. I need a skateboard to use to get around.No lunch. I'm wasting away. I've finished my toes and will beging consuming my fingers soon.
Please, gold, go back up!
richc
NES Member
Seriously though the volatility in gold is absolutely stunning to see a drive to 2150 and right back down to 2000 and below. The shows that we are in a different market and economy where nobody knows where anything is going. I am of the camp that it is going to a very bad place.
It’s not looking likely gold will close the year above $2100 at all with no catalysts. Hopefully $2000 holds but I’m not holding my breath with all assets rallying hard into NY.
Varmint
NES Member
Just a healthy pullback. Weekly close above $2020 support. GDXJ also closed above support at $36.
Last week was super bullish, you can’t negate the all time highs with a little pullback.
We don’t want a weekly close below $1985, that would be bad.
Varmint
NES Member
Jordan Roy Byrne said it’s a weird situation where the gold bulls are very negative (cause they’ve been burned so many times they can’t get out of bearish mode), but generalists who’ve been out of the gold sector are turning bullish.
$2000 is no longer resistance, it’s mow support, bears will try to break that but if they fail, momentum will turn positive and we could easily break $2100 again.
Jordan Roy Byrne said it’s a weird situation where the gold bulls are very negative (cause they’ve been burned so many times they can’t get out of bearish mode), but generalists who’ve been out of the gold sector are turning bullish.
$2000 is no longer resistance, it’s mow support, bears will try to break that but if they fail, momentum will turn positive and we could easily break $2100 again.
Keep spoon feeding me that hopium
Seriously though until general equities pullback gold miners will not catch the bid. Time plus suffering will be the key component for that next bull market.
Varmint
NES Member
Keep spoon feeding me that hopium
Seriously though until general equities pullback gold miners will not catch the bid. Time plus suffering will be the key component for that next bull market.
Focus on gold, miners won’t do squat til $2100 is assured, the narrative that this is still another false gold breakout is alive and well, and won’t die til we’re closing repeatedly over $2100.
Once that happens you won’t need generalists for miners to take off. In fact I’d prefer generalists don’t wake up til miners are well into a huge run. We don’t need them. But we do need $2100 gold.
I’m with ya. Just being facetious. $2100 is the analysts’ watermark which may or may not be the the level to bring in the breakout. It will happen but who actually determines that level?
Varmint
NES Member
Just technical charts. The thinking is that generalist momentum traders will take notice if gold breaks all time highs on the long term charts.
There’s no resistance over $2100 so it’s the perfect setup for a momentum trade to $2450 or $2650.
chris_1001
NES Member
I bought more paper silver today at $21.07
Such a tease earlier this week.
I’m sick of holding this expecting silver or gold to actually move up and stay up.
Sorry to say I’m sick of the apologists.
Both have been in a trading range for far too long. I’d have made more in a 5% savings account than the past 6 months as of today.
Such a tease earlier this week.
I’m sick of holding this expecting silver or gold to actually move up and stay up.
Sorry to say I’m sick of the apologists.
Both have been in a trading range for far too long. I’d have made more in a 5% savings account than the past 6 months as of today.
Varmint
NES Member
Do you mean $24.07?
I don't like buying paper/ETF silver, it's too manipulated. For a silver investment I like SILJ, silver miner ETF. Individual silver miners (producers actually mining silver, not explorers or developers) have too much risk (execution, jurisdiction etc), so I don't buy those either. SILJ will spread your risk out among dozens of companies so that's the way to do it. Just don't expect anything silver related to beat gold to the bull market, gold has to move first.
You need to have the patience of Job to invest in mining companies and PMs in general, cause the bull and bear markets tend to last a decade. We've been in a 12 year secular bear market that's just starting to morph into a new secular bull market. We had brief (1-2 year) cyclical bull markets within the last 12 years which only got people excited and then disappointed.
chris_1001
NES Member
I bought shares today at $21.07
I could have invested the $$ in so many other investments.
This is just a circle jerk.
Sorry, not sorry.
I so want it to go back to $40+
But I’ve been waiting for 15 + years.
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