It sounds like you drank the Kool-Aid masmas. I hope you are right, though my enthusiasm is a little more tempered.
That doesn't mean it's worth any more than it currently is. Zero evidence for that except wishful thinking.
Sorry mate, but all of that reads like a paraphrasing of various 'experts' I have also read recently and, while I don't think we should totally ignore them (they know a million times more than I do), they all have a vested interest. For me, the whole 'silver is precious' thing is hyperbole. While I reckon it's a viable investment vehicle, all this talk about huge industrial demand driving prices up (to me) is a bit dodgy. Silver has been used in electronics for decades, and while it's true that we're 'consuming' more of said electronics, the growth in those markets has slowed significantly in recent years. Added to that, if recession were to hit as per forecasts, among the industries hardest hit IMO would be those producing 'optional' products such as.....mobile phones, computers, the latest TV sets, etc. Hence industrial demand will fall. I am buying silver in the hope that it will preserve a reasonable percentage of the value of my buying power in the vent of another GFC in my retirement, by virtue of it being a traditional 'barter commodity' - i.e. I'm in this for the long term. I don't have the skill or luck to pick and flick as others do, to make a profit. I doubt you do, too. Be careful!
Yes SteveS, Your memory serves you well. I do participate in another blog or post as well. I agree with you mate for long term hold of PM's, I guess this week is the chance to get into it while it is still cheap. Moreover I've also regularly follow Jim Rickard's interview here: https://youtube.com/watch?v=9x_47_MWDic clearly PM's is one of the best and safest way to invest before the recession hits.
Masmas, a week ago you wrote "I've just stumbled upon this website: http://pro.portphillippublishing.com.au/s8rsigoldsegb/ERSIS842 when planning to buy some books to educate me in how to invest gold in the best way possible, eg. When to buy and when to sell, etc..." and now you're a regular follower of Jim Rickards. You have lost all creditability and it's clear from your comments "Did you ever see a volcano explode? Well get ready because precious metal prices will be taking of like a rocket into outer space!" you have know idea what you're talking about. Even your analogy is wrong, volcano's don't explode into outer space.
Baron, Who should I follow ? Don't judge me yet mate. So far I'm reading Jim Rickard's book and it does make sense to me at least. Have you read into his book or article yet ?
lake Toba, could have reach out really high, when such a big eruptions, there would be plenty of gold to be discovered, prices would be going lower provided there are no victims
I can recommend Jim Rickard's book, The new case for gold for anyone considering investing in precious metals. Even a strong proponent for gold like Jim Rickard recommends only investing 10% of your portfolio in precious metals. The run on gold and silver this year has been strong and it hasn't and won't always be the case so one shouldn't let excitement cloud judgement. I will let other people make additional reading recommendations however you should read widely and formulate you own opinions. Unique opinions are always welcomed and even if your opinions aren't correct you will learn something in the discussion process. However it is never wise to repeat someone else's mantra without conviction. It's also good to see that you have started investing in precious metals. The last piece of advice is that it's always good to have an exit strategy for when you need to liquidate your holdings.
If gold breaks below 1320 - its a big deal. That will be your confirmation most probably Leon I don't know your reasons why you shorted, but I can see a few reasons why you would want to short it, and I can see a few reason you would want to go long. Bull reasons USD is in downtrend , AUDUSD is not breaking down bearish on the charts, gold is getting into oversold. Bear reasons Interest rate hike potential in the US, gold already making a 30% run from Dec/Jan, silver and the GDX showing weakness, bearish divergences appearing in the weekly gold chart, weekly USD/AUD looking like its got some upwards potential So pretty scary here for both bulls and bears I think If gold does rally here - I think the XGD will touch 6000 and pull back maybe to 4500 If gold doesn't we'll be pulling back to at least 4500 now maybe as low as 3500 emotionally I have a bearish bias, but its too hard to call
SilverSanchez, Which news source or chart website that you follow daily ? I'm interested to know since reading Bloomber have confused me over the weekend of the potential US IR rate rise
I use http://stockcharts.com/ but im noticing its not always accurate until the second day which is really annoying so maybe I need to find a different one. I also use incredible charts but sometimes that lags as well As far as news I get public news and a variety of private opinions on that news. With Gold TA I usually find correlated markets and look at them as well when Gold is unclear, for example AUD/USD currency pair is helpful sometimes in settling a bull or bear bias when gold is unclear.
Mr. Sanchez, I'm using this website: https://www.tradingview.com/chart/XAUUSD/ But then I still do not fully understand why those people drawing the traingle and many other colourful lines on the graphs ?
Gold spot is below 1,320 usd/oz now. More downside ahead, prepare to cover my short position below 1,300.
LOL, 1,309 usd/oz now; I am watching silver price as well. If Silver hits 18 usd, will cover my gold short
https://www.tradingview.com/chart/X...ERMAN-S-TRICK-THE-GOOD-THE-BAD-AND-THE-CHART/ on this graph there is a green diagonal line from the top left of the chart - this is the resistance line from the previous high from 2010/11 The triangle represents the resistance/support lines as the price moves into the contracting range - its only drawn when two lows and two highs are in to give the most basic requirement of two points to draw a line. Its classic technical analysis
