Looking forward to my tasty New Year's celebration tipple. Don't let it discourage you that silver's only got to go up 45% in the next 10 weeks for you to win, something that's never happened before in history, but you never know.
Thanx pumice--I stand corrected.
Makes you wonder..why the big panic at the last lot of figures resulting in QE3?
At any rate,the improvement of late does not seem to be causing the ''vertical descent'' skol has predicted.
So far its been range bound ups and downs.
Thanx pumice--I stand corrected.
Makes you wonder..why the big panic at the last lot of figures resulting in QE3?
At any rate,the improvement of late does not seem to be causing the ''vertical descent'' skol has predicted.
So far its been range bound ups and downs.
Give it time. it only happened Friday and it's Monday now. (Columbus Day in the USA, as people cogitate their gold 'investments')
It's descended 3% in the last 24 hours of trading, something's going on. From Jon Nadler's latest newsletter:
In the case of silver, a similar topping price pattern has developed as the overcoming of the $35.50 resistance area was not achieved. Market observer Clive Maund (periodically contributing in Kitco commentaries) warned that (based on the sizeable short position among commercials and the aformentioned topping pattern “a bloodbath is believed to be imminent in the silver market, now that its cheerleaders have herded their flocks into the corral, ready to be fleeced again.”
So, is this, in your opinion, the start of the move to $15 that you often make reference to or is it lower??? I am not convinced that we will see it at $15. In fact, it has been unable to break below the $26 mark.
Not sure many of these commentators know what is going on. Just sensationalising one way or the other. They always have their own boat to float.
You have mentioned a descending triangle and so go along with the view that this portends bearish behaviour?
The chart is a descending triangle since the beginning of last year, and although I'm not a technical expert, a book I have here says descending triangles usually, but not always, breakout in the direction of the original trend.
It has a base about the $28 mark, so I think it will eventually break out below that.
The parabolic spike to $50 last year is a clue that the party's more than likely over.
Reply With Quote
Originally Posted by Pumice
Bookmarks