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IS GOLD FINALLY GOING TO GET ITS FINAL WASHOUT I HOPE???
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[quote:Punk-A$$ets:MV8yNTU4MzI5XzQ2NTUxOTQxX0Q4ODlENkY0] [quote:Antipodean:MV8yNTU4MzI5XzQ2NTUxODkxXzZDRTVDMjhF] [quote:Punk-A$$ets:MV8yNTU4MzI5XzQ2NTUxODMxXzk2MEEyQTA0] [quote:Antipodean:MV8yNTU4MzI5XzQ2NTUxNzI1XzgzMjA5ODYx] Hey. I just found this thread but geez I wish I stumbled upon it months ago! I just read all your posts, and you've been pretty bang on. I've been buying PM for the past few years and have a decent average but I've also been playing etfs and have been burnt hard. Do you run a subscription newsletter or anything? Do you still have your hedge shorts in place? Still picking $15-16 low for silver? [/quote] No, I dont run any newsletter. I dont have that kind of knowledge. Id recommend staying away from the top 10 leading metals sites and that will get you started. Read some Martin Armstrong. What he says makes sense and there are no made up boogymen. I closed all positions some time ago and had a nice net profit. The only position I have running currently is a small long position in the juniors but I could get stopped out for a small loss today. Ike Iossif said it wasnt quite time to go long on a bounce and I should have listed to him. lol [/quote] Awesome thanks. I'll get reading right away! I've added this post to my favourites so I'll be watching it closely. If gold breaks $1180 then do you expect the flood gates to open down to $1100 or beyond. I'm sure a break of $1180 would scare the shit out of a lot of gold bugs! [/quote] Well, I thought we'd be there already but gold is still hanging tough. I really dont know. I still think we can bounce soon. [/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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