tfmetalsreport.com / By Dr Jerome / November 23, 2016 at 7:13 am
I recall back in the wild days leading up to May of 2011 that a number of regulars on the old blogspot site began to warn of a downturn in silver. They were nearly shouted off the discussion boards with some blunt words. This place was a bullish as it gets and I watched the AG price rise up through the 40s with greed and glee.
But the bears were right, and those who took the warning seriously and hedged their stacks did not regret it. I suspect that some of you have been hedging all the way down to $14 last year. I wish I had, but my own bullish bias has prevented me from hedging. Even when I opened up an account to trade futures in order to hedge my stack, I blew out the account by getting all excited that gold was rising and putting on bullish positions. I try to douse my bullishness with the reality of the charts these days.
Back in October, I noticed a pattern that I want to share.
Gold has been trading in a downward channel from its highs at 1370 last August. I first noticed the channel when it bounced off of 1245 after a large orchestrated manipulative takedown through the 200 day MA. Election night is the anomaly, briefly breaking out of the channel. The banks quickly demonstrated their control by morning. Today, we are back at the bottom of the channel, riding the channel down for the past 7 days, and now supported by the 100 week Moving Average that Turd has brought to our attention.
I suspect another Banker-orchestrated takedown approaching.
By year’s end, gold cannot be seen as a better investment than stocks.
We began this year at $1120 in gold. Can you imagine the turmoil if gold had held $1370 to the end of the year, closing with a 22% gain? Meanwhile, the SP only rising from 2037 to 2200 or so? A gain of a mere 8%?