Gold took out $1200, silver $15. Both and the XAU hit 2 1/2 yr lows, even with the dollar rally taking a day off. And yet not a peep out of anyone on MF. Where's Richard and his prediction of $1400 gold?
Certainly a monster trade for any trend following trader. They are getting hammered. I have no interest in picking a bottom here.
I see what you mean joj....and pj:
Gold Charts
Gold 3 months.............huge downtrend!
Gold 1 year below, breaking out below the lows of 1 year ago:
Silver 3 months MAJOR downtrend
Silver 1 year Major downtrend
Silver 5 years-threatening to head towards support-lows from the start of 2016
Honorable "pj",
There has been definitive talk of gold on this Forum as of late, notably by an E-Wave expert here that graphically displayed the tragic downfall of gold:
https://www.marketforum.com/forum/topic/9242/
Where were you, Sir, in that conversation? And about the mountain of silver you stated that you had accumulated over many years, long ago stated here on Market Forum... Being wrong is part of the business. Staying wrong is mental illness. And that affliction I very much understand. Again I state, there is no need for precious metal backing of a strong leadership. It and of itself is the 'gold standard'. Trump power has made gold and silver obsolete. There is nothing to fear now. Have some hot chocolate~!~
If you are a chart (technical) trader, then there is no indication of the metals hitting bottom yet. If a fundamental trader, then you are out of your mind by now.
I saw that thread, but it was over 2 weeks ago.
You're right I did once hold a relative "mountain of silver", 12 contracts at the max. Sold off all but 2 on the last run-up to $50. Hasn't been fun holding the 2, but silver would have to go well below $0 for me to break-even. Also hold 4 mining stocks and except for Royal Gold, which I paid 4 3/4 for and which is now $82.80 that hasn't been been fun either. Oh, and still have the silver bar I traded in my silver certificates for... makes a good "paper weight".
All in all gotta a agree holding precious metals on a fundamental basis long term has been a bad idea.
"Mental illness" and "out of my mind" could be... ;-(
Wouldn't go that far about people who use e-waves and other "patterns in the sand" to make their buy and sell decisions, but...
Thanks pj!
Now, that's the fiesty 'pj' I recall from days gone by! Thank you for the zesty response. Still often think of your eye issue and anytime anyone ever asks me to what ophthamologist to go to, I tell them to go to the daring one with the cluttered, messy office. For some reason your vivid narration of eye surgeons has stuck in my mind for so long. I hope that you look into some longing some cocoa. Remember that lady cocoa trade devotee that used to grace the Forum eons ago? She authored children's books as well. Take care, dear chap!
that's fine, i'll buy more. silver is on sale.
Coo-Coo Couran was her stage name here...
You have a great memory. Never would have thought any of my posts all that memorable.
I have been watching copper and yes, the drop has been impressive, along with the other metals.
Everything getting hit today except meat, rice & Bitcoin.
Time to start thinking about dinner.