Corrections in a bull market are swift, short and brutal...
But they are also awesome buying opportunities...
For any newbies...here is my best advise...
Once you build your position in the PM space...sell 1/3 of your position into strength (sell it when you are tempted to buy more)...and buy it back when you are tempted to sell it all... that is the essence of buy low and sell high...
Is Silver creating a multi-decade bullish Cup & Handle pattern? Possible!
Silver peaked at $50 in the early 1980s and then proceeded to fall for years. It peaked again at $50 in 2011 and it has declined for the past 8-years.
The two peaks at the $50 level could be the top of a bullish cup and handle pattern.
One this is for sure, Silver has been very weak over the past 8-years, as it has declined over 65%! The 8-year decline in Silver has created a uniform falling channel.
The move higher in Silver of late does have it breaking above the falling channel at (1). This breakout sends a bullish message to Silver owners.
The next important resistance test for Silver comes into play at the $17.64 level! What would it take to determine if Silver has created a multi-decade bullish cup and handle pattern? A clean break above the $50 level, which is still a “long, long” way off!
Does anyone know of a good gold trading service or newsletter? There was one very good one that I’m trying to find. I thought it was Greg Welden, but I don’t see anything of his that is exclusive for the metals markets.
Zed, didn’t you post one recently?
added to here: One thing I want to add to that, how are hospitals going to be able retain their employees? Same with private practice and dentists... this is going to be a fiscal nightmare for the whole system when people can't pay up. (I posted both places, too much trolling the post, sorry about that lol)
I think spx is heading back to last Dec lows. The only question is will that hold or drop another 10 to 15% below that to match the metaphone ending pattern? dow would be below 22000, and then add 10% below that would settle a bottom at 19,800
I agree that if that's all someone 60-69 has to retire on they're in big trouble. Most intelligent old timers have a wide reaching portfolio where they have wealth stored in a significant number of assets sensitive to a number of different economic environments. Spread and store your wealth far and wide and you will sleep well at night knowing that you may never get rich using that strategy but, you'll always be solvent!
I agree that if that's all someone 60-69 has to retire on they're in big trouble. Most intelligent old timers have a wide reaching portfolio where they have wealth stored in a significant number of assets sensitive to a number of different economic environments. Spread and store your wealth far and wide and you will sleep well at night knowing that you'll always be solvent!
The mark-up phase should become real buy the dip territory but for now we are still getting established. My personal take, and what I would try and do if I where an 'evil bankster' is if the market was turning against me I would go for volatility just to scare the crap out anyone who wasn't of the highest conviction. The problem with this is that as you go one it gets more expensive and you end up fighting more and more high conviction players hence getting caught short becomes a bigger danger.
The system melts up into the center of the empire. Note Gold prices virtually everywhere are at new all time highs yet still rallying in USD. The marginal buying is coming from the periphery and US smart money. Joe Sixpack USA will not get there for a while. JMO