For weeks now I have been posting about the very tight range that the precious metals markets have been trading within. I have repeatedly written that "CAUTION" is the word of the day.
Today GOLD made a very BIG move, just not in the direction that many BULLS had hoped for.
The LOW came in today at $1886.25 per ounce, a price last seen on August 11th. The BULLS did recapture the $1900 per ounce mark before the close, but severe damage has been done.
When GOLD catches a cold, SILVER usually catches pneumonia!
The LOW in SILVER came in at $23.81 per ounce, a price not last seen since August 11th.
GDX, the miners, CLOSED at $39.82 below the lower Bollinger band at $39.88.
With the stochastic pointing down and GDX below the Bollinger band, the BEARS have put the 100 day moving average of $38.11 into play.
The BIG culprit in all of this is the DOLLAR.
I will let you decide if the chart shows a large base from which the dollar can rally.
CAUTION remains the word of the day.
If you are a stacker, then great news the shiny stuff just got cheaper.
Peace out and stack on!
When the price of Precious Metals go down, the value of these go up:
Maybe these have lost value in those, but I still like these:
The price, in fiat, has fluctuated from $9 to $10.5, for Silver US Silver Half Dollars, in the last two weeks.
The good thing is that I got rid of that green booger. Go figure.
Walkers are my favorite!
It's on SALE! I love a bargain price!
Oh man, and I just bought a bunch of silver before the dip. Maybe this is my opportunity to stack some more.
You received an upvote of 100% from Precious the Silver Mermaid!
Thank you for contributing more great content to the #SilverGoldStackers tag.
You have created a Precious Gem!
How low would you guess it will go?
I want to pick up a few ounces!
Posted Using LeoFinance
Gold and silver did hit most of my targets today. The lower numbers come in around $1850 for gold and $22.26 in silver. Time wise I am looking at mid to late October.
Some serious technical damage being done to the PM charts. It's not for certain we are going lower as we are still at a support level but it's looking a lot more like a Descending Triangle now.
Add to that we are entering a rather weak time of the year for gold, and the overall stock market is a bit tipsy. The battle between deflation and hyperinflation rages on!
The whole market is wacky right now.
Surprises everywhere!