The day's price movements

Welcome to the Precious Metals Bug Forums

Welcome to the PMBug forums - a watering hole for folks interested in gold, silver, precious metals, sound money, investing, market and economic news, central bank monetary policies, politics and more.

Why not register an account and join the discussions? When you register an account and log in, you may enjoy additional benefits including no Google ads, market data/charts, access to trade/barter with the community and much more. Registering an account is free - you have nothing to lose!

The brotherhood of Darkness is in full on commodity smash mode this morning. At some point, buying pressure will have to force short covering. If some big players finally step in and demand delivery of meaningful quantities of metals, the fireworks could become epic.
 
I wonder why they made such a big withdrawal? Are they expecting something?
 
It's the Brotherhood of Darkness 'fellas,, nothing more and nothing less. We'll see a big spike in shorts at the COT unless they're creating an opportunity for themselves to cover.
 
So could they be trying to force out all the shorts to try and stabilize the prices? I'm still trying to figure out how the market works and when it begins to make sense then I usually stumble across an article that confuses me haha
 
really wish i would have waited until this week to make my purchase lol
 
oppie2005 said:
really wish i would have waited until this week to make my purchase lol
Click to expand...

You probably have a lot of company. Everyone who bought in the last 2 weeks probably feels much the same.

The solace is that you had the understanding of the issue to buy PMs in the first place, and that you had the wherewithal to do so.

Be thankful you aren't lost in the darkness of ignorance or so poverty-stricken you could do not about it.

There is always something to be thankful for.
 
Jay said:
down even more this morning. ugghhh. no money. (to buy).
Click to expand...

Set up regular monthly purchase amount in your local currency. If you come into a one time cash surplus event, resist the urge to drop it all at once on PMs. My rule of thumb is to never spend more than 2-3 times my regular monthly purchase in a month. If you buy on a dip and it dips further the next month this allows you to make a second large purchase on the further dip.

$.02
 
benjamen said:
Set up regular monthly purchase amount in your local currency. If you come into a one time cash surplus event, resist the urge to drop it all at once on PMs. My rule of thumb is to never spend more than 2-3 times my regular monthly purchase in a month. If you buy on a dip and it dips further the next month this allows you to make a second large purchase on the further dip.

$.02
Click to expand...

nice...
 
Personally, I'd wait till it goes above the 50 day sma and stays above it for at least a day before buying any at all. But that's my paper trade, has little to do with stacking, for which DCA'ing works nicely. It's about to cross the 50 going down at the moment if it hasn't already. That's never a good time to buy. See chart at the link.

This chart is what I use for my paper trades. See how simple it can be to make money on gold? Just buy when it crosses the 50 going up (since everyone else uses a different timing, it works), and put a trailing stop around 3-4% on it and forget about it. This means you're out about half the time, and could be using the money in something else going up at that time. Dumb system, but look how well it works if you really follow it - you made a few short/small-loser trades and a couple longer/big winner trades over the last year. This has been working for me (when I do what I'm supposed to) for a few years now, and you get more cash to add to the physical stack with this trick. Gold really doesn't move fast often, so it's a less risky trade than most stocks, but more profitable than most too. Very nice risk/reward ratio as these things go.
http://quotes.ino.com/chart/index.html?s=FOREX_XAUUSDO&t=&a=&w=&v=d12
 
benjamen said:
For those that watch the charts, is this a smash on the market or just commodities following equities downward?
:popcorn:
Click to expand...

Gold looks like a giant cup and handle on a weekly. Same could be said for the $XAU. Market is getting crushed right now.
 
I guess it's over by tomorrow when the FED will announce some more QE hopium. Since the COMEX opening the dollar has strengthened more than the metals have lost. The huge intraday gap between the metals and the dollar is narrowing. Volumes are pretty high at the COMEX today. I guess the commericials are out there covering shorts. op/ex is on Thursday, too. I wouldn't be surprised to see gold hovering arround $ 1700 until then. After that we could see the reversal. I definitely expect a dip below $1700, even if just very briefly.
 
swissaustrian said:
I guess it's over by tomorrow when the FED will announce some more QE hopium. Since the COMEX opening the dollar has strengthened more than the metals have lost. The huge intraday gap between the metals and the dollar is narrowing. Volumes are pretty high at the COMEX today. I guess the commericials are out there covering shorts. op/ex is on Thursday, too. I wouldn't be surprised to see gold hovering arround $ 1700 until then. After that we could see the reversal. I definitely expect a dip below $1700, even if just very briefly.
Click to expand...

Will look for your posts in the future before spending a bundle.
 
benjamen said:
Now this begs the question: buy physcial now or wait for a further drop?
Click to expand...
It's a good price medium term, but there is a possibility of another plunge today at the FED announcement or tomorrow at the options settlement (op/ex).
 
benjamen said:
Now this begs the question: buy physcial now or wait for a further drop?
Click to expand...

RSI is at a 35 on a 14 period. When we get sub 30, it's usually the end of the correction (within a week) and we SHOULD get a pretty big bounce from those levels. Sometimes there is a retest (ala december of last year and in 08) but usually you get a good bounce (10%+)
 
PMBug said:
Well, it didn't last long.
Click to expand...

?

We haven't reached 30 yet. an immediate drop to 1684 area would get us that signal. That would be a good time to start making purchases IMO..

Hell.. Gartman is on CNBC right now talking bearish on gold.. We've GOT to be near a low
 
I'd wait to buy phyzz till I saw some choppy bottoming action like we saw in June-August on this chart. It might not be at the same price level as then, but it should look like that barring some "event" like finding out all the German gold really did go poof. That's about what it would take to stop dropping like a rock as it is now.
http://quotes.ino.com/chart/index.html?s=FOREX_XAUUSDO&t=&a=&w=&v=d12

Helps to zoom out a little in time to get some perspective here. We're playing for the long term when we stack. Trading, another story. My trading gold is at its minimum level right now as well. The ticker is the ticker.
 
fed does nothing.. shocked they didn't do more damage to gold or the shares.
 
Does anyone have any idea why the market is moving sharply down even though the USD is also losing value today?

:popcorn:
 
I'm pretty sure they call it "manipulation", although there is an outside chance that this is true, free market organic physical silver and gold selling because you know.....our economy is so much stronger now.

<sarc off>
 
MOPE-

St. Louis Fed President Bullard (new voter) says jobless rate in the 'low 7s' may let Fed end QE

Fed's Bullard: Favors Idea of `Tapering' QE
 
You must log in or register to reply here.
Back
Top Bottom