Nope...my poor brain has not yet figured this on out. How does GSR determine the general direction of the metals?
In a PM bull market silver rushes ahead charging down the guns like polish cavalry of ww2. In a bear market silver gallops over the cliff like a crazy rabid horse
RM, Not liking the way it is coming down for a bounce at $28ish. I had that pencilled in for a trade a little lower than That Guy's level, but now I think we will see a test of the $26 ish floor. Thought we'd get down here again but a bit shocked it's quite this fast. Depends on US which isn't open yet. But if it crashes down into it, personally I think it will go lower in the coming days. Feeling like a genius at the moment. Sold 1350 ounces within pennies of the top on the cliff surge so I need to check myself and go back to patience mode
Thank you ^_^ I always seem to have a tendency to wait for weekend closes before buying anyway. So might leave it another week if US market doesn't do much to price.
I don't agree that it will fall much further. I remember a few weeks ago one analyst mention that if PM fell suddenly for no reason in early 2013 (which he expected) he would not expect it to last long. I am seeing inventory dry up. This take down had no legs only rumours. Do you think for 1 second they will stop QE to infinity in 2014. Total BS. They cannot cut 1$ in spending never mind 1.5T$ / year.
Items like 20g Au bars have hardly dropped in price and some like PM are out. http://bullionmoney.com.au/categories/Gold-Bars/
If the metals are drying up, then I am going ahead and say that this will the bottom. Fingers cross. I know...not very techincal
Should be interesting next week. Reversal in US Friday stopped what was looking like a blood bath (at least for now). Weekend close as it did leaves me to believe that the $28's are more likely for a good bounce as TG was pertaining too. However, I still think there will be more downside later year. Actually I've got a level for gold I'm happier with to trade off. Spectacular swing on Friday Silver.