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IS GOLD FINALLY GOING TO GET ITS FINAL WASHOUT I HOPE???
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[quote:Punk-A$$ets:MV8yNTU4MzI5XzQ2NTUxMzQzXzNCMTAzMjBF] [quote:Feistylorax:MV8yNTU4MzI5XzQ2NTUwMTMzX0NGNjkxN0My] [quote:Punk-A$$ets:MV8yNTU4MzI5XzQ2NTIzNzQ5X0M0RTU2NzU3] [quote:Feistylorax:MV8yNTU4MzI5XzQ2NTIyNDk1X0MyMDc4QzBE] Im too poor to afford Gold but I have stacked quite a bit of silver thanks to the low price. [b] I believe the "strong dollar" is just a sign of the impending crash.[/b] I am hoping that silver is near a bottom, but I am watching for the housing crash for the sign that it will be spiking. There seems to be a direct negative correlation between the housing market and the price of precious metals. Since I plan on turning my silver into a home, I am eagerly anticipating. Yet I look at this as a learning experience. the more I learn about the market the more I learn to play it later for profit. [/quote] Excellent post. Silver has a bright future. We're all just nutters to most until the next run up. [/quote] Punk Assets~ what is your perspective with the new trade agreement with the euro~Chinese non dollar trade agreement? I am of the opinion that the market volatility is going up and that that one key event might be before the elections, though there are a lot patterns that show the manipulations continuing... the market the past 3 days it was open for example... [/quote] I think those trade agreements are but a small fraction of the total world transactions. Worldwide INVESTMENT is far far larger. So, I dont think it means much. I learned this from Martin Armstrong. He wrote an article about how everyone in the world has borrowed in dollars (because they were cheap to pay back at the time) and so everyone is short the dollar as a result. He calls it the largest short position in history. So now the domino has been toppled and the dollar has started its remarkable rise. He's saying it'll more than DOUBLE from here so I just dont think the metals have a chance while people sell off their losers to get dollars to unwind positions. I'll try to find the writing I speak of. [/quote]
Original Message
Any gold bugs left? I've been waiting in the wings for what seems like forever - waiting for this bear market in gold to get over and done with. With todays sell off we might be close to seeing new lows in gold.
Dont get me wrong, Im still looking for very high gold prices in the years to come but I still think we're going to see $1000 gold give or take 10%. $15 silver give or take 10%. I repeat, we have NEVER back tested the $1000 level in gold - yet.
There is an uncanny resemblance to the recent trade range in gold to the previous one. Broken link below.
finviz.com/futures_charts.ashx?t=GC&p=w1
Notice the $200 trade range between $1600 and $1800 lasted for more than a year before we got the washout. The current range of $1200 to $1400 is almost an exact copy for time and price range and with the breakdown today we should plunge once we break $1200 again. It would seem $1180 is as important now as $1530 was in the last flush.
If the current pattern holds, the final lows in gold wont come until later this year or very early next year.
Incidentally, Martin Armstrong has said Jan 2015 is an important turning point for gold and that gold would rally strongly after his next ECM change Oct 1st, 2015. In another writing he also said a low in gold in 2015/2016 would be perfect for a blistering rally in gold thereafter that takes it to new highs in 2017/2018.
Just touching base with any gold bugs that might be left. Hang in there. Our time is coming but patience is still required. Probably better to hold GLL or DUST for the time being. A monster trade in NUGT and JNUG is probably not too far off.
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