It's been amateur hour at my place with timing my silver purchases of late, so I thought why not draw some lines on a chart a have a crack at a little TA. Certainly couldn't do worse than the 'experts' (http://forums.silverstackers.com/topic-45914-clive-maund-gold-silver-report-6-10-13.html). Anyway I came up with this: It appears to me that we are now on our way to sub $19 an ounce territory. Also noticed the time between the rallies has only got farther apart as we get further away from the April 2011 highs. I recon this move to the bottom of this channel could coincide with Janet Yellen's swearing in as Chair at the Fed.
That chart is depressing...must admit, last 3 years in the silver game been tough...should we all be selling up now and getting in again $4 an ounce cheaper"?
Sure hope your right, I sold some gold back at the last peak $1420ish and intend on putting it back into phiz again.
I've never had the balls, crystal or otherwise, to lock in a loss on the hope of the cheaper place to buy back in.
Why stop at around $19. If you extend that chart even further in the same line of projection, you will eventually get $0 silver. While I appreciate knocking the expert's charts, charts like this are useless. How many more people will be burned by charts this and in upcoming months / years.
A few different (more accurate imo) trend-lines for you to consider... I'm still not buying. P.S. SLV (just the medium I prefer to play with)
The optimist would draw two lines to make a level line (resistance) right there at $24 flat, 1st line six squares from the end and 2nd line sloping UP (rising )$18 to $20.
I realize the flaw in my logic... As if a hedge against currency inflation is ever really likely to ever go to 'zero' during an era of such massive amounts of money printing!? Though, nothing is moving as we would 'normally' expect it. As ZH refers to it, we are in the strange dimension of the 'New Normal'. a dimension where the main street real productive economy is on it's knees, yet wall street is in the trees. I'm sorry to be so depressing, I just don't see any 'good' news for silver on the short term horizon. Looks like there will be no default this year in the US. And we could be about to go into yet another tough week for precious metals. I'd imagine Fridays smack down will triggers a massive amount of stop loss orders on the GLD & SLV ETFs driving the prices even lower. Price could drop off a cliff. Could be heading into a repeat of the Feb through April 2013 sell off. Perhaps even break out lower of the declining channel its been stuck in for the last 2 and a half years. Lets hope it bounces off the bottom. I know I need to.
Charting is a total waste of time as there is absolutely no way it can predict the future price. Fitting lines and parabolic curves is easy with the data after the event but who on this forum thought silver would fall so much in the past year or so and if we had such a forecast most of us would have sold. In reality once silver started falling we either thought it couldn't go any lower or we saw this as a buying opportunity until it fell again .. and again ... then it gets too scary to take a 30-40% loss so we all hold on praying for better days. The charts may show that trend now but they certainly didn't a couple of years back when the price was on the way up.
Meh, only if you're solely into bullion. Now is the best time to get your hands on some semi-numis and numismatics. Makes no sense to stay out of the market completely and I have been able to buy some items that I really like.
Check the Silver T/A thread. There was heaps of warning, and some did well by selling physical or selling short.
