What am I nuts?
Am I wearing kevlar gloves that I should think I can catch knives falling at “terminal velocity?”
Maybe. But the charts below illustrate what I saw on Friday in early morning trading. Yes ladies and gentlemen, these are the long term trend lines for both silver and gold you see acting as support here.
My thinking is either these hold up for a nice bounce, or we have continue failure. Whichever the ultimate course, you can see there’s a pretty clear indication of where you should set your stops.
(For the Mexican and other “special” Olympians, that’d below the trend line)
I think we’ve a good chance for at least a tradeable bounce here, but what the hell do I know? You pays the lady, you takes your chances… What I do know is that gold and silver are going to be the beneficiaries of an inflationary Fed policy, and we are still in the early innings. There will be brutal shifts like we’ve seen in the years ahead, but an accumulative policy (at least 10% of the portfolio) is a wise course, in my humblest.
Here’s [[GLD]] with the clear trend line touch:
And here’s [[SLV]] . Again, similar trend line, similar touch and (temporary?) rebound:
Best to you all, Ciao.
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Jake, quit playing your Atari/Nintendo games with your blinking lights and stuff.
Sarcasm off…
I have a feeling by the time we’re done with Mexican, we will have gleaned some colliquialisms that will rival even those of the infamous Ducati.
It’s not even Nintendo at this point…
It’s Pong!
_
lol…Exactly!
Wood,
Me old china plate, Jake buying the raw material of tom foolery will see him carted off in a jam jar as he struggles to find his last bulls-eye to pay for his rosie lee.
jog on
duc
Duc, I hope you know I meant no offense. Your colliquialisms, however odd, are generally witty and appropriate.
Wood,
None taken, knowing that you are an insomniac, I gave you some food for thought, in case you might be bored in the wee hours.
jog on
duc
OEW comments on Oil/Gold:
“Crude continued its downtrend, and has now reached a significant support level, see charts. Still bullish.
Gold dropped $73 this week, 8.4%. It is now trading at close to the support level we expected to see after it reached $1,000 in March. If you recall, after the March highs we expected a correction to the previous 4th wave at $773. Gold did selloff but found support at $846 and rallied to $990. Now it’s back to where it should have been in May. Still bullish.”
Me old china plate, Jake buying the raw material of tom foolery will see him carted off in a jam jar as he struggles to find his last bulls-eye to pay for his rosie lee.
I’m going to make an attempt here…
“My friend Jake buying gold on the downspike is going to torpedo his portfolio trying to catch that one great trade in order to finance his wife/girlfriend’s extravagant lifestyle.”
Jake,
Pretty close.
china plate = mate [friend]
tom foolery = jewelry
jam jar = police car
bulls-eye = 50 quid [pounds sterling]
rosie lee = cup of tea
jog on
duc