| Author |
 Topic  |
|
|
Country
1000+ Penny Miser Member
USA
3121 Posts |
 Posted - 12/07/2009 : 15:44:53
|
Sure looks like we had a positive reversal in GOLD and SILVER today. Bernanke indicated that US zero interest rates are not going to change anytime soon. The $USD took a nose dive and PMs warped higher. We may get some consolidation, but I get the feeling the BULL market for PMs is about to take another leg higher as we go into year end.
A correction in a BULL market is a pause that refreshes.
|
---> Come to the new and improved realcent: http://realcent.org
The things that will destroy America are prosperity-at-any-price, peace-at-any-price, safety-first instead of duty-first, the love of soft living, and the get-rich-quick theory of life.
– Theodore Roosevelt
|
Edited by - Country on 12/07/2009 17:09:21 |
|
|
beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
|
|
AGgressive Metal
Administrator
USA
1937 Posts |
Posted - 12/07/2009 : 17:55:03
|
| This is a hiccup - even if the Fed tightens, the economic shock that would cause would propel gold even higher. Its damned if they do damned if they don't - low rates mean inflation and high rates mean a deeper recession and more bank failures. Either way, gold and silver look good for at least the next year and probably the next 10 the way things are going. |
And he that hath lyberte ought to kepe hit wel / For nothyng is better than lyberte / For lyberte shold not be wel sold for alle the gold and syluer of all the world.
-Caxton's edition of Aesop's Fables, 1484 |
 |
|
|
Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 12/07/2009 : 18:15:42
|
i would be hesitant to call the all clear. the prices when up like a rocket. its normal to have a pull back and is not inconsistent with a long term bull market. typically it will pull back to the 50 day moving average. not sure what that would be. if i had to guess i'd say 17 or lower. can anyone pull up a chart. kitco has some that seem to show the 30 day moving average at about 18.20 and the 60 dma at 18. if that's the case, then it would be extraordinary for it to fall much lower, unless the market makers were really trying to wipe people out.
EDIT according to yahoo the 50 dma is about 17.21 and the 200 dma is about 14.65. Would not be surprised to see it move down to 17.25 or so, and a deeper correction south of 15 bucks is a possibility.
things usually go down a lot faster than they go up so exercise some patience here and dollar cost average if you are buying. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
|
Edited by - Lemon Thrower on 12/07/2009 18:19:26 |
|
|
|
Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 12/08/2009 : 14:10:40
|
quote:
Originally posted by Lemon Thrower
i would be hesitant to call the all clear. the prices when up like a rocket. its normal to have a pull back and is not inconsistent with a long term bull market. typically it will pull back to the 50 day moving average. not sure what that would be. if i had to guess i'd say 17 or lower. can anyone pull up a chart. kitco has some that seem to show the 30 day moving average at about 18.20 and the 60 dma at 18. if that's the case, then it would be extraordinary for it to fall much lower, unless the market makers were really trying to wipe people out.
EDIT according to yahoo the 50 dma is about 17.21 and the 200 dma is about 14.65. Would not be surprised to see it move down to 17.25 or so, and a deeper correction south of 15 bucks is a possibility.
things usually go down a lot faster than they go up so exercise some patience here and dollar cost average if you are buying.
ok, its fallen another 70 cents or so down to 17.53. will be interesting to see if it penetrates 17.20 - if so it will probably keep falling down to 15. if not it should bounce.
|
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
|
|
|
|
daviscfad
1000+ Penny Miser Member
USA
1664 Posts |
Posted - 12/08/2009 : 14:43:43
|
| I figured it would tumble down. I think its going lower which i hope b.c that means buy |
Inquiring minds want to know |
|
|
|
ScottyTX
Penny Hoarding Member
USA
508 Posts |
Posted - 12/08/2009 : 14:49:27
|
| Well, its seems the dollar trading is driving pm prices around lately. If it continues to strengthen... back up the truck because Scott'y loading up! |
|
|
|
AGgressive Metal
Administrator
USA
1937 Posts |
Posted - 12/08/2009 : 15:03:40
|
| If it drops below $15 I will be selling every non-essential item in my apartment to buy 10 ounce bars, lol. Anyone need a Playstation or law school text books? haha |
And he that hath lyberte ought to kepe hit wel / For nothyng is better than lyberte / For lyberte shold not be wel sold for alle the gold and syluer of all the world.
-Caxton's edition of Aesop's Fables, 1484 |
|
|
|
Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 12/08/2009 : 16:17:35
|
quote:
Originally posted by AGgressive Metal
If it drops below $15 I will be selling every non-essential item in my apartment to buy 10 ounce bars, lol. Anyone need a Playstation or law school text books? haha
if it fails to penetrate 17.20 or so, hangs around there and starts up, its probably an all clear to buy. if it breaks 17.20, i would be more patient before jumping back in. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
|
|
|
| |
Topic |
|
Did the PM Correction End Today?
Forum Locked
