Looks like the much vaunted "cup and handle" formation is complete and silver is showing good strength at the moment while there isn't a lot else going on in the market - in other words, it moving on it's own steam. We could get a nice move here in the next few days I reckon that could confirm the downtrend is dead and the bottom for silver is in.
If the AUD was still 71 cents, then we'd be looking at +$22.50 spot. It interesting that both the Au dollar and Ag spot are going up in tandem.
Absolutely. I am not really looking at the AUD price action. Breaking out of the downtrend is all about the USD price action. AUD is strong at the moment, but if we drop our rates soon-ish we'll still realise a pretty nice bump in the silver price here before too long.
Aren't they both going up because of a general bump in commodities prices? Higher commodities prices equals an improved Aussie economy.
Yes, it's all true. But our wise and wonderful leaders in this country don't want to see a strong AUD. Expect them to lower rates to push it back down soon. That is how the currency wars work.
I still don't get how on earth they convince people having a weak AUD is good for exports....."you will sell more" so be happy while leaving out "but you will need to sell x% more to match the x% drop just to be at parity before we started playing with the currency"
And especially when parts and other material used to manufacture most often than not come from overseas to begin with and need to be bought in USD or another currency
Agreed. Cup & handle complete, & hanging for a price breakout above the cloud on the weekly. Daily looks schmicko. Daily: Weekly:
So we as Aussies are screwed...are we not? If the price of spot metal USD goes up and the AUD vs the USD goes up...Aussies don't win! If the price of spot metal USD goes up and the AUD vs the USD goes Down...Aussies win! So as many folk have said... the USD will eventually tank and that means the AUD will rise and Aussies who hold metal will be pissed-off! Lower AUD vs USD equals happiness if you own precious. Higher AUD vs USD equals happiness if you are in a buy position. It's a really tough market if you want to buy when the AUD is low and it's a great time to buy when the USD is trashed. So for all those bulls...make sure you are in the currency that is "the" winner. Aussies who own metal are going to get smashed if the USD dives. (Except those who own collector bullion coins)
Not really. Just buy puts on the US dollar as a hedge against a rising AUD or even buy silver miners who aren't exposed to the Australian dollar........oh sorry, I forgot "silver stackers" forum. At least you can start looking at buying from APMEX again. There should be a sweet spot where the Aussie falls and the silver price rises in USD terms, but it'll be a while off yet.
Silver retesting the $16 USD level tonite. It's not going to take much to break out from here. Stay tuned silver lovers.
Wasn't really a call. Just wondering if you think silver is still currently breaking out or if you're switching to silver is going sideways.
I am still bullish on silver but I am prepared for the likelihood that I might be in for some pain in the short term. I'd expect the breakout to occur on the next serious flight to safety. That could be next week or it could be months away.
It didn't take much to break down from there. An ever-returning story: when lotsa topics about breakout and to da moon, some have their fist hovering above their sell button, just needing enough willing suckers as counterparty. And after the fists came down, the breakdown topics popup again, with the same hovering their fist above the buy button, just needing enough willing suckers as counterparty. Some posts ago you said "Stay tuned silver lovers." You are positive about a higher price, which is receiving less silver. You are negative ('pain') about a lower price, which is receiving more silver. Lovers are happy with more of what they love. You read as someone with hate that wants to sell the love instead. Just saying!
