40 replies to this topic

[robo]

GDXJ is holding up well ( it usually leads gold) considering how much gold is down. 

 

I just bought my second tranche of the day @ $32.61. Waiting to see how we close, but I'll be adding if we move lower...

 

Edited by robo, 15 June 2018 - 09:56 AM.

[fib_1618]

From the June 1st Weekly Breadth Update:

 

"Special note this week comes with the precious metals asset class as the XAU advance/decline line is now getting squeezed by the apex of its symmetrical triangle, while at the same time, the Precious Metals advance/decline line has lost its bullish divergence as it continued to weaken. With the Aussie advance/decline line maintaining its course of making new all time lows, the short term expectation has now has turned around toward a bearish resolution for the metals overall...probably having more to do with a strengthening dollar than anything else."

 

From the June 8th Weekly Breadth Update:

 

...while the precious metals A/D lines continue to compress to the point where a dramatic move in this asset class is likely to happen sooner than later."

 

From the Chat Room discussions of June 12th:

 

2018-06-12 17:15:14 fib1618: the price of gold continues to bang its head against EMA resistance
2018-06-12 17:15:18 fib1618: nothing bullish there
2018-06-12 17:16:00 fib1618: though the ADX indicator has now relaxed enough where a new trend can begin at any time
2018-06-12 17:16:43 fib1618: the price of silver continues to barely keep its head above water of the 200 day EMA
2018-06-12 17:17:40 fib1618: seems the gold bugs are hoping for a precious metals breakout to the upside and are trying to "lead off"

 

Fib

[Chilidawgz]

As long as the dollar continues upward stay far away from the gold and gold shares. I see no assurance that gold has bottomed:

 

 

Edited by Chilidawgz, 15 June 2018 - 10:46 AM.

[kssmibotm]

I would need to see a sustained breakout of 1370 in gold to turn bullish.  Until then, avoid gold and buy UUP.

[cycletimer]

Thanks CT Im very short term next 3-5 days. Something going on here will all commodities down big.

These markets are extremely manipulated.  Just as they're being manipulated today on the downside, the forthcoming upward push higher will be manipulated on the alongside.  Keep in tuned with the C.O.T. reports.  

[cycletimer]

The way I've been buying precious metals is the physical bullion.  In this case I've been steadily buying on an ongoing basis.  Under $1250 I was buying one ounce per month continuously like a normal investor would dollar cost average into mutual funds I was doing this with gold bullion (either bars or coins) until we went above $1250, then I stopped.   The ETF's are just a longer term radeon the macro.  I will sell these in time.  The physical metals I'll hold indefinitely as I consider them an insurance policy more than an investment. 

 

I posted this top my blog awhile back:

https://firechecklis...i-cash-bullion/

[Rich C]

The last time I bought gold was 2003 at 400, sold in 2011 or so, at 1200.  I know I don't know enough about that market to short term time it, so I don't.  I made my first gold buy this month, a small position.  I plan to hold for a long time, a few years.  Over that time, I expect the deficit to expand greatly.  The last time we did a big tax cut (2001 and 2003) we were told it would pay for itself by "dynamic scoring" and the deficit would go down, it didn't.  I suspect the same this time.  The recent omnibus spending bill added 1.3 trillion to the deficit over 10 years.  Are they going to do anything on "infrastructure", that would be big.  This week we had year over year inflation at 2.8%, highest since 2012.  With unemployment at 3.8%, wage inflation should start to kick in.  If we get some inflation going and growing deficits, I think the longer term prospect for gold should be higher.  In that environment, I think the dollar would weaken.

 

What are other long term thoughts on gold?

[SemiBizz]

Going well under $1000...

 

There's no safe harbor from the US$ Virus...

[fib_1618]

There's no safe harbor from the US$ Virus...

 

Meanwhile, against other global currencies...

 

Fib

 

[tsharp]

Going well under $1000...

 

There's no safe harbor from the US$ Virus...

 

I see gold dropping to that range also... to between $800-$1000... and yes, the dollar bull is helping this situation.  Gold will be a buy down in that level though, as I can see a run at some point to say $5K... that's a way down the road though.

 

 

Link to chart:  https://postimg.cc/image/7x3i2iz7d/