Gold / Silver dropping - your thoughts?

[DFF]

Silver's done a lot of technical damage by dropping into the 17's...15 wouldn't surprise me at this point...and looking ahead, we may even go back to 13.

It's in a bear market no doubt about it, and hasn't shown any meaningful signs of switching gears.

That said, it's a good time to buy physical coins and bars...buy when everyone else hates it...then be patient.

 

[Zippyjuan]

Lowest price in silver since 2010. Gold getting closer to $1200 an ounce.

http://www.reuters.com/article/2014/09/22/markets-precious-idUSL3N0RN2MQ20140922

* Silver prices drop to lowest since mid-2010

* Gold eyes key chart support at $1,180/oz, June 2013 low

* Comex, ETF data suggest weak investment demand for metals (Updates market activity, adds comment, NEW YORK to dateline, second byline)

"Given how poorly (gold) trades and the lack of building blocks to support it as well as the break lower on silver, we suspect a bearish break through $1,180 can be seen next," said Tom Fitzpatrick, analyst at CitiFX, Citigroup's technical research unit in New York.

Spot gold touched a low of $1,208.36 an ounce and inched up 0.1 percent to $1,216.46 by 12:19 p.m. EDT (1619 GMT).

 

[oyarde]

Gold is at $1220 . I will probably go look around at some silver coins Wed .

 

[oyarde]

Looks like about $1222 now after going over $1230 this morning .

 

[helmuth_hubener]

Silver's done a lot of technical damage

I must say, sometimes I feel like this quote:

Conza, why do you even bother? lol.

There's no such thing as "technical damage." Technical analysis is hand-waving and voodoo potions. Pi Cycles, Elliot Waves, Head and Shoulders -- it's all nonsense peddled for the rubes. Don't be a rube.

You'd be better off buying a bottle of Head and Shoulders dandruff shampoo, throwing it into the air in your shower, and then buying or selling based on which side of the bottle lands face up.

Now if it lands upright, of course, (against all odds! Amazing!) that's an overwhelming technical signal to back up the truck. Something like that is too unlikely to be a coincidence.

 

[Brian4Liberty]

Silver takes another dive.

 

[Dr.3D]

Silver takes another dive.

Makes me think the economy is about to take a huge tumble.

 

[Acala]

Gold is a funny critter. It is currently not used for the purpose history has found it to be best suited: money. There are historical, legal, and psychological reasons for this. But it at the very least should give one pause and cause to suspect that the market might once again put gold to what markets worldwide and through all of known history have determined to be its highest use. Or maybe not, if something better has been found. Certainly fiat currency is better for banks, governments, and crony-capitalists and as long as they have control, gold will stay largely on the bench. But history isn't over. The only thing that is certain is change. And should those who benefit from fiat money lose their power of fiat, well . . . who knows?

 

[PRB]

Silver takes another dive.

Not low enough. Still waiting.

 

[Brian4Liberty]

An old prediction, from an old thread:

Silver could fall by two-thirds!

Silver prices are now well ahead of their historical average (the red line). The chart doesn't do justice to the extent of the gap that has opened up with respect to a fair price since it ends on the average price of silver during the first quarter of this year (roughly $32), whereas daily prices are now close to $50. In fact, the price of silver would need to fall by nearly two-thirds to get back to its long-term average of $18/ ounce -- not to mention that markets typically overshoot.

http://www.fool.com/investing/general/2011/04/29/warning-silver-will-fall-by-66.aspx

http://www.ronpaulforums.com/showth...l-Fall-by-66&p=5661486&viewfull=1#post5661486

 

[helmuth_hubener]

An old prediction, from an old thread:

Thank you so much, Brian! An excellent illustration of why we should be skeptical of expectations and predictions, including our own. Read through that thread and see how many posters and how sure they are that the article writer is wrong.

Keep in mind also: it easily could be sitting at $100/oz today instead. And then there would be some other predictor who looked like a genius in retrospect. You just never know.

 

[Brian4Liberty]

Thank you so much, Brian! An excellent illustration of why we should be skeptical of expectations and predictions, including our own. Read through that thread and see how many posters and how sure they are that the article writer is wrong.

Keep in mind also: it easily could be sitting at $100/oz today instead. And then there would be some other predictor who looked like a genius in retrospect. You just never know.

It also illustrates the problem of timing. The author said that "silver prices will decline significantly by the end of 2012". The timing was off by a couple of years, but this is also common. When a bubble or investment mania occurs, the predictions of the "pop" usually come many years too early. The dot-com bubble and the housing bubble had people calling it "irrational" for years before the crashes.

And here we are today, with the DOW and S&P in obviously overbought and overvalued conditions. Will they crash 25-75% within the next ten years? Probably. Can they go up for another 3 years? Easily.

 

[helmuth_hubener]

And here we are today, with the DOW and S&P in obviously overbought and overvalued conditions.

Obviously, eh? Can you explain to me why they you believe they are "overvalued" and "overbought"?

 

[Brian4Liberty]

Obviously, eh? Can you explain to me why they you believe they are "overvalued" and "overbought"?

Where do you think the DOW and S&P are going in 1 year, 2 year and 5 years?

 

[PRB]

Thank you so much, Brian! An excellent illustration of why we should be skeptical of expectations and predictions, including our own.

I don't make predictions, so I don't need to look at my own

 

[PRB]

Where do you think the DOW and S&P are going in 1 year, 2 year and 5 years?

No honest person can say he knows.

 

[Zippyjuan]

Gold is getting closer to $1200- at this moment- $1208.

 

[mad cow]

Well,I just ordered 60 troy ounces of silver.

Catch a falling knife and put it in your pocket,never let it fade away...

 

[Zippyjuan]

Where do you think the DOW and S&P are going in 1 year, 2 year and 5 years?

I would say probably up and down.

 

[DFF]

Gold is getting closer to $1200- at this moment- $1208.

Yeah, but gold is holding up fairly well considering the dollar is on a rampage.

Silver meanwhile, due to the fact that it's more of an industrial metal, is getting straight up punked. Expect it to continue going down.

There's no such thing as "technical damage." Technical analysis is hand-waving and voodoo potions. Pi Cycles, Elliot Waves, Head and Shoulders -- it's all nonsense peddled for the rubes. Don't be a rube.

You don't know what in the hell you're talking about, but given your history of idiotic, provocative, troll-lite statements, this doesn't come as much of a surprise.