Just throwing this question out there... But do you realize most people here are not American and have to factor in the AUD exchange rate?
Pete, I wasn't referring to you as a "contrarian". I saw you actually made a prediction. I understand that the AUD is what you all follow and not the US dollar. Jim
24-10-2015 leon1998 called scheduled smackdown next week i.e. 26th - 30th of October, Gold had overhead resistance at US$1175 which it broke through and found initial support, this should have sent the metals much higher which they initially did up until a 40min window just after NYMEX close but during Globex trading where the market was flooded with sell orders. Maybe it was a stopped clock call I dunno, all I was saying was regardless of how high it is now relative to last week it appears to be a smackdown and leon1998 appeared to call it
The key points are easier to see in the Gold chart but if you can point out any major difference in the Silver chart at that same timeframe be my guest
leon is from the United States referring to US Junk Silver priced on the US markets in US dollars, do you have the chart in USD rather than AUD, just saying
As is constantly pointed out, the majority of people here deal in AUD. You can't just say "oh I mean't USD" when a prediction fails.
But if you want to switch back to USD just to make a point, look at the USD chart. $15.69 when Leon made his call. Up to $15.88 when he first declared the smackdown. And now $15.59, only 10c lower than the day the thread was started.
His profile clearly says location United States, it's a dot.com web address, the website owner is in the USA (I think maybe still?) and he quoted US Junk, US markets etc. etc. Meanwhile the AUD has been falling like a rock over the past week (see graph below) since economists are predicting the RBA to slash rates as the Australian economy falls into a black hole I honestly don't know leon from a bar of soap, just think it was a little harsh expectation for him to also assume the USD/AUD would also remain steady so that people in Australia would also see the fruition of his prediction also occur in local currency.
Even in USD, as pointed out above, a price rise was not a smackdown, and it now has fallen 10c below the price a the start of the thread, but that's hardly a smackdown, and you can't keep waiting an waiting until finally some later price move justifies an earlier prediction when you've already made that call that your prediction was a success when silver rose.
@tozak, Don't you see the point? These guys NEED to know the exact timing for a smackdown; so that they could make a profit trading it. I am not working for the Banks, I am not the market maker; of course I can't pinpoint the event, peoples are extremely UNHAPPY. :lol:
No. Presumably predictions are based on something logical that can be tested by looking at the result of the prediction. If the prediction is correct then more trust is placed in the reasoning.
To me a smackdown is when the bullion banks flood the market after hours with paper short positions to make a quick buck and to get the price back below resistance levels again and you will see this by a large percentage fall within a relative short period of time. US$16.30 to US$15.80 within 40 mins meets that criteria of a smackdown for me, 3.16% drop in less than an hour. He stated on the 8th of October that it was in the weeks to come then on the 24th of October that it would be within a week, to me the statement is correct, I guess what is in contention then is the definition or interpretation of 'smackdown'.
Here is a brief article written last Saturday about the COT numbers from 10/23. Will be interesting to see today's COT numbers. http://www.321gold.com/editorials/hoye/hoye102915.html Jim
I am afraid Commercials/Banksters are harvesting their short positions now; gold might stay flat @us$1140 for an extended period of time, until peeps believe gold finds support and pile on long position. Then Commercials will hit gold price again, sweeping through these peeps' stop loss. Very evil plan, isn't it
