The day's price movements

ancona

Praying Mantis
Messages
3,359
Reaction score
25
Points
0
Location
Waaay south
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.
 

Jay

Yellow Jacket
Messages
1,510
Reaction score
1
Points
0
I don't get it either. Silver is getting whacked.
 

.snap

Fly on the Wall
Messages
13
Reaction score
0
Points
0
I wonder why they made such a big withdrawal? Are they expecting something?
 

ancona

Praying Mantis
Messages
3,359
Reaction score
25
Points
0
Location
Waaay south
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.
 

.snap

Fly on the Wall
Messages
13
Reaction score
0
Points
0
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
 

oppie2005

Predaceous Stink Bug
Messages
129
Reaction score
1
Points
0
really wish i would have waited until this week to make my purchase lol
 

Jetstream

Big Eyed Bug
Messages
318
Reaction score
3
Points
0
really wish i would have waited until this week to make my purchase lol

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.
 

benjamen

Yellow Jacket
Messages
1,587
Reaction score
6
Points
0
Location
Migratory
down even more this morning. ugghhh. no money. (to buy).

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
 

Jay

Yellow Jacket
Messages
1,510
Reaction score
1
Points
0
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

nice...
 

DCFusor

Yellow Jacket
Messages
1,667
Reaction score
10
Points
0
Location
Floyd, Virginia
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

Yellow Jacket
Messages
1,587
Reaction score
6
Points
0
Location
Migratory
The USD is gaining strength, but all the metals are falling even faster:
http://www.kitco.com/kitco-gold-index.html

Luckily for me, I have been to busy to go make my monthly purchase!
:cheers:

For those that watch the charts, is this a smash on the market or just commodities following equities downward?
:popcorn:
 

DSAbug

Yellow Jacket
Messages
1,045
Reaction score
0
Points
0
For those that watch the charts, is this a smash on the market or just commodities following equities downward?
:popcorn:

Gold looks like a giant cup and handle on a weekly. Same could be said for the $XAU. Market is getting crushed right now.
 

swissaustrian

Yellow Jacket
Messages
2,051
Reaction score
0
Points
0
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.
 

superhero

Predaceous Stink Bug
Messages
167
Reaction score
0
Points
0
Location
Left Coast
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.

Will look for your posts in the future before spending a bundle.
 

swissaustrian

Yellow Jacket
Messages
2,051
Reaction score
0
Points
0
Now this begs the question: buy physcial now or wait for a further drop?
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).
 

DSAbug

Yellow Jacket
Messages
1,045
Reaction score
0
Points
0
Now this begs the question: buy physcial now or wait for a further drop?

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%+)
 

DSAbug

Yellow Jacket
Messages
1,045
Reaction score
0
Points
0
Well, it didn't last long.

?

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
 

DCFusor

Yellow Jacket
Messages
1,667
Reaction score
10
Points
0
Location
Floyd, Virginia
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.
 

DSAbug

Yellow Jacket
Messages
1,045
Reaction score
0
Points
0
fed does nothing.. shocked they didn't do more damage to gold or the shares.
 

swissaustrian

Yellow Jacket
Messages
2,051
Reaction score
0
Points
0
fed does nothing.. shocked they didn't do more damage to gold or the shares.
Not on the day before op/ex, that would have primarily damaged the bullion banks. That's not what the FED is designed for :snidely:
 

benjamen

Yellow Jacket
Messages
1,587
Reaction score
6
Points
0
Location
Migratory
Does anyone have any idea why the market is moving sharply down even though the USD is also losing value today?

:popcorn:
 

ancona

Praying Mantis
Messages
3,359
Reaction score
25
Points
0
Location
Waaay south
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>
 

DSAbug

Yellow Jacket
Messages
1,045
Reaction score
0
Points
0
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
 

pmbug

Your Host
Administrator
Messages
9,305
Reaction score
2,139
Points
268
Location
Texas
Top Bottom