Yonder Lies the Blowoff Top?

[GoldWampum]

Blow-Off Top
http://www.investopedia.com/terms/b/blowofftop.asp



What Does Blow-Off Top Mean?
A steep and rapid increase in price followed by a steep and rapid drop in price.
Here is an example of a blow-off top, a steep rise followed by a steep fall.

Silver...



Thoughts on 'at? Friday? Monday? Never ever in a thousand years?

'at would put in under 20 somewhere, befoe another rizin.

[smilershouse]

What's that. . . . . .a 3-4Pc drop for a few months?

SH

[smilershouse]

No wait a sec,

isn't that about a 2 Pc drop?

Maths, never been a strong gift of mine.

SH

[Irons]

Will we go screaming down along with the stock market like in '08? Who knows? I'm holding! Or I would be holding if I actually had any GS to hold.

[phideaux]

The "blow-off" is in the phony phiat paper peso that people call "money." Gold and silver are merely the yardsticks to measure its collapse.

What's the oppostie of a blowoff, crash? The U.S. peso is down 83% over the last 9 years.

(price of gold inverted)

[Spike]

Look no further..

When you see this....run

[phideaux]

Right you are, Spike.

Hey, just noticed, "Spike" is a key part of that chart. Are you its namesake?

[GoldWampum]

Don't fight it. Let it happen. Who said anything about selling? It's just not a great time to buy IMO. You know it's coming... call it whatever you like. A blowoff simply occurs when something has risen too far too fast, and silver and gold are currently doing that. It's not fiat or paper or anything else. It is the human element. It retracts when exhausted, and then continues. Charts are people... the pattern doesn't even need a name or a priceline. IT, just is... It's a matter of where it occurs and to what degree.

People 'round here just get sensitive when it has the name of a metal on the chart.

No offense intended...

[silverwood]

Yes a whiff of correction permeates the air in the precious metals arena. I have posted this idea before, that when those who oppose precious metals find that selling massive amounts of paper precious metals are not doing the job, they refer to the blowoff trick. As J Sinclair says it all about MOPE. When you think about it, when you encourage PMs to rise wildly and suck into that rise the unaware only to have the price collapse of its own weight trapping those unaware creating losses in their financial wealth. This accomplishes some key things. Namely you've now created resistance as the price tries to rise back it is met with selling from those who just want to get even also further discouraging them from investing again, and it buys more time in the fiat game.
With that said I think our dear professor is a smart player. He has goosed most markets up with only a promise of some "QEII candy" and his timing seems to be impeccible as we approach the midterm elections. A key event will be the next FOMC meeting and the MOPE that will be provided. I would be suprised if PMs corrected hard prior to then.

[GoldWampum]

With few exceptions, all commodities do this... we'll see though, it's only a one day retraction so far.

[fasTT]

I am loving this wall of worry conversation.

[GoldWampum]

I am loving this wall of worry conversation.

Just a discussion. No worries. It does what it does.

[GoldWampum]

Bump... just for giggles.

[Irons]

We're doomed, the sky is falling!!! Who pushed silver down the elevator shaft?? That isn't funny you know...

[SNICKLE 1980]

and me needing to sell some soon for an emergency. go figure. but 20 buck silver is still mighty impressive in my book. 23.40 and dropping right now , but still no worries.

[GoldWampum]

OOOOOOOOOOoooooooooooooooooooh. That mean old Mr. Sluggo.

[Hope+Change]

...any day now...

[jelly]

you know, silver kinda scares me looking at the 2 yr. chart... looks like we are due for a correction anytime now.

[bulloncoins]

Lots of people are waiting for one. I don't think it will last very long when it happens. Too many people ready to jump back in, and the cheaper it can get...the more people will be ready to buy.

I have not bought much more than a few oz for gifts and such since $20.00 silver. I thought $12.00 was about as high as I was willing to bet...

Now, if I see anything in the $20.00s again, I'll buy as much as I can find. And I am a cheap SOB...
There are many ahead of me with plenty of dry powder and lot deeper pockets.

[Libertaurum]

GW's timing might have been off a bit, but his point is well taken. I wouldn't be surprised to see silver back in the high 20's, low 30's by summer with a GSR of about 60-65. We'll see, said the blind man.

[Libertaurum]

Done deal, GW.

[Irons]

We're doomed, the sky is falling!!! Who pushed silver down the elevator shaft?? That isn't funny you know...

LOL!!! Thats still funny 6 months later!!