I’ve seen it so many times in the last Decade or so since I started Stacking Precious Metals. Gold and/or Silver look like they are about to explode out of Pandoras Box and then a massive wave of Selling comes out of nowhere to smash it back into place. This time has been no different because after hitting a new Record High on Monday, the Gold price was then smashed. It recorded a $115 loss from the high intraday and that's the 6th biggest absolute intraday drop in the history of spot gold trading...with most of that loss occurring within an 8 hour window.
Image Generated by AI
Notably, the other 5 big drops were all in the last 12 years (post-GFC) and we once again have the Genie back in the bottle with Gold price back below the key $2,050 USD level....for now. What this looks like on the Chart now is a confirmed Quadruple Top and personally I don’t know how long that top is going to hold because it's looking very vulnerable.
The interesting part about all of this is that despite the Gold price being Monkey-Hammered like this, it’s still trading at a price ratio of over 83:1 compared to Silver, which is historically fairly extreme. This suggests that Silver is being contained even more tightly than Gold and may even be a better buy at todays prices than Gold. As Gold goes Silver tends to follow and Silver is a much more volatile metal than Gold so if Gold does manage to Break Out properly then there could be some massive upside to Silver.
I knew that would happen, almost looked at a quick short bet to get some hedge on my positions. I dont have deep enough pockets to play that game though.
!pimp
You must be killin' it out here!
@tbnfl4sun just slapped you with 1.000 PIMP, @buggedout.
You earned 1.000 PIMP for the strong hand.
They're getting a workout and slapped 1/2 possible people today.
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I was expecting the Smash down, no surprise. Looks like $2k may be the new floor.
I'm not really surprised either. I just forgot how often the smackdown happens.
It took a beating because the US dollar index is up over 100 points.
Causation, Correlation or Co-incidence? I say Correlation. Dollar UP and Gold DOWN is part of the same confidence trade IMHO.
Ive been thinking of buying silver but I only know where to buy silver online and Im not sure if thats very legit at all?
I know of a crypto site that has a silver and gold market, reckon I should buy some or nah?
Hard to say. If you were going to buy some physical silver I'd recommend looking in your nearby area for a bullion dealer or coin shop and start out with a bricks-and-mortar business. The premium might be slightly higher but the risks of getting swindled would be lower.
Thats the thing, do these digital stuff really stack gold or silver for you or is it all just digital... feels way too schetched
!PIZZA
I say keep buying while it's cheap. Even if silver and gold moon, I plan to keep buying incrementally and just leave it all to my kids for their future.
Makes it a buying opportunity, although silver is probably the better value. I think we all saw it coming, but all at once was a bit interesting!
I'm sort of happy this a great buying opportunity
I thing this leg down is a buying opportunity for those who love gold and other precious metals. are you buying more?
I can't wait to finally buy myself gold but until then I cannot relate to anything😂 that you are saying
You sure get some nice up-votes...
So do you, now that you've joined us on HIVE. You're welcome.
You're right about that...
I know some people may be sad about the price but it is an opportunity so that some people can buy Gold and Silver
The good thing is that despite the volatile nature of the market, Gold remains a solid investment in the long term
It is so nice, this the right time to buy
Gold price here, again goes on increasing.
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!DHEDGE !PIMP
You must be killin' it out here!
@trumpman just slapped you with 1.000 PIMP, @buggedout.
You earned 1.000 PIMP for the strong hand.
They're getting a workout and slapped 1/2 possible people today.
Read about some PIMP Shit or Look for the PIMP District
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