Lower and lower targets… What will turn the precious metals around?
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Hey Matthew, how you doing?
Quick question: Why do you utilize so many oscillators? Just something that works for you?
Hi Mark, Some lead/lag and some throw off more false signals than others. For instance, I treat a MACD signal as a warning much of the time and use the TRIX and KST for confirmation. The slow sto leads the full sto and the Chaikin Oscillator and Coppock Curve each have their distinguishing strengths.
I also use different MACD parameters for entering a buy than for selling; As well as different parameters for the 60 min chart vs the daily, etc.
Each is just one tool though. For instance, we now have the Trix and KST confirming the weekly MACD sell signal, BUT we have had a very steep, quick move down into a major oversold reading on the daily chart and many other oscillators are at a place where they can turn up and rally for quite awhile. This and plenty of other considerations leave open the very real possibility that this breakdown will be invalidated (fakeout, shakeout) like the one in June. Note that the last two weekly MACD crosses didn’t amount to much after all despite being “confirmed” by the TRIX and KST —in fact, they marked important lows. Also note that most technicians -no matter how good (and I consider Rick a fantastic one), called for much lower lows at or very near the last two or three important lows.
Okay, that is what I was wondering, if you were using them as confirmation tools against one another.
Well, you know my lower target, as I posted it a long time ago and I haven’t changed it. Funny to that it is close to what Gary and Rick are both now calling for 🙂
Thanks for the feedback! be good!
Here’s to your $1045ish (???) gold.
Haha, I’ll try to be good!
Thanks but it doesn’t bother me if it gets there or not. I’m picking up more bullion near these levels and if it goes lower, I’ll pick up more.
Miners on the other hand….I’m going to wait just a smidgeon longer on the charts.
Good luck and prosperity on your trades!
Mark, I’m sorry if my question marks made it look like I was scoffing at you target. I wasn’t. They were meant to show that I am uncertain about my memory of your target. I wasn’t shooting for even a tiny bit of friendly rivalry. So here’s to your call, you never know. 🙂
LOL! Sorry, Matthew, I never took offense to begin with. I’ve learned to NOT read more into words than what is actually there. My response was simply a statement trying to demonstrate that I REALLY DON’T care if it gets there. If it does, however, and reverses, THAT would be cool because then it would suggest my TA was pretty darned good. I need that as a trader.
Oops! Thanks for clearing that up, Mark.
Good going Matthew.
Explained like a champ. I concur with it all.
Its a very serious shake out. Thats all as far as
I’m concerned. There again, I could be wrong.
Its not over yet.
What is the interpretation Matthew?
Good question! Talk about being bamboozled with horse turnips. Here is a hint though….he is saying buy (because it is always a time to buy) but now instead of going it alone he is invoking the names of others to support his case or to minimize his potential wrongness later down the road. Now the dance is just getting fancier though. It’s kind of like buying a used car. As soon as you are onto the salesman he starts talking really fast and smooth to confuse the issue.
We call them fast talkers for a reason.
Pure bird excrement. I’m not perfect by any stretch (thanks to guys like you, I don’t have to be), but I buy weakness not strength. By doing that when wimpy birds are trembling with fear, I don’t have to be perfect with my timing or trade sizes.
http://stockcharts.com/h-sc/ui?s=GDXJ&p=D&yr=1&mn=1&dy=0&id=p24540195328&a=363485754
A real champ. We get weakness for four years straight and you bought all of it all the way down and advised others to do the same with your fancy pants charts the whole time. If it wasn’t so funny…!
“Four straight years” comes with plenty of opportunities —EVEN IF YOU NEVER GET SHORT! Many juniors doubled and gave the gains back TWICE in 2013, didn’t you notice? Even if you did, it wouldn’t matter because you’re to scared/uncertain to buy around the lows.
Apparently you’re not the nimble trader that you pretend to be?
You are definitely a good guy Matthew. Thanks man for being here!
I was referring to your remarks about buying GDX and GDXJ options right before the crash in 2012 and again in 2013. Look it up. Easy search buddy. You are pretty nimble all right!
Thank you, Al.
Hi genesys, The lines represent some degree of support. I tend to put more importance on horizontal support and resistance lines, but support of some degree shows up more often than most realize.
If SLW takes out the horizontal support at the thick blue lines that I just added, it will be on its way to the 6/2013 low below $18.
Thanks Matthew… Thank you too Birdman…. Birdman, I have to give a recognition to your strong USD call… that’s aligned with my thought too… as all the USD will keep flowing back to its motherland and the victim that is no doubt commodities.
I know you two have some words war going on recently and I’m going to go straight that I dont want to be part of it.
You guys can debate all you want but please don’t use any of my comment attributed to either side of you as an armor for your war.
Genesys.
It definitely is a very serious shakeout, Heavy!
The worse it gets the more bullish I feel. I almost feel like buying some physical again…..
You are absolutely nuts, Bird. You’ve been on the warpath against me for having the same “feeling” that you now claim to have!
IT must be the EBOLA… every bird of long attitude………ebola…
I enjoy the scent of gold bugs getting smoked in the morning. Too bad you never listened to me. I suppose you will also be a seller all the way back up too….just to close out losses and break even if you can.
The smoke you smell is the paper burning on top, “remember the gold pyramid”
Thanks Jerry…but you still don’t get it. All the good vibes that keep getting broadcast by a few people around here have done untold damage to those who do not know better but follow them like idols. I am only saying I don’t appreciate it anymore.
I don’t follow all miners, kinda hard to do, but of the ones I follow only Timmins seems to make money. All others lose.
I don’t follow any majors but I hear there are 1 or 2 that make money.
Maybe base metal miners make money or potash.
I would think losing miners should close up shop, but I guess they just sell shares to oblivion.
Anyway, would be interesting to have a list of miners that actually make money, if there are any. Must be one or two out there somewhere.
CFS, something wicked is coming our way.
CRJ.TO (CLGRF in U.S.) is making money again and trades at one-third of book value.
http://finance.yahoo.com/news/claude-generates-q2-net-profit-123000666.html
It is up 2.7% today on its U.S. listing.
CRJ also has great exploration upside:
http://finance.yahoo.com/news/claude-resources-drills-26-77-130000536.html
Disclosure: I own it so DON’T buy it.
🙂
And that’s one reason why I read most of the comments——looked up this company (which I was unaware of) and like a lot of what I read.
DOC! I’ve said for a long time that Matthew provides a lot of useful info on this site and he seems to get ignored. Now, can’t say I’m in COMPLETE agreement on some issues, but that is neither here, nor there and is completely irrelevant.
Bird, have you been listening to what I have been saying lately?
What have you been saying? I did not see any posts from you on the Weekend show.
I’m not sure what Rick means, is he saying that when the World goes through a crisis that it will be enough for China to merely hold a sizable portion of gold without pegging the yuan to it. How will we ever get out of this mess of fiat currency. Money has to be backed directly by something or we will have a repeat of the financial mess we are currently in. In the electrical world circuit breakers are backed by fuses because a short or overload condition can blow right through breakers but with a fuse you get one time protection which means it must be replaced.
Al, Cory, Rick, Doc, and all…..saw in a recent Goldcore article:
“Like everything in China, the SGE thinks big and it currently employs a network of 58 certified vaults, 55 of which are for storing gold and 3 of which store silver. ”
Seems to me 55 vaults for gold and THREE for silver is quite a statement regarding relative above ground stores of the respective metals, don’t ya think????
That is a very interesting ratio, MNH
I’m curious if rick sees 1126 in the next 2 weeks or so or if he sees a bump up from 1180 as a resistance level?any more details are appreciated
Just picked up more GDXJ at 34.33. My next order is bit lower.
Haven’t visited the site in quite a while… came in today to judge the sentiment on a bad day. I see it is as pessimistic as ever. I think this is the best contrary anecdotal evidence you can have — when sentiment is bad on a precious metals discussion board.
When the choir can’t stand the preacher, how much worse can it get?
In any event, I must be as stupid as the Chinese government, because I added to physical again. Will continue to do this, during the intermediate pockets of weakness, for as long as they’ll let me.
For the few on here who are still looking for a reason to own gold — just remember that the Chinese are continuing to mine it IN China for an all-in cost that exceeds $2000 per ounce. Some argue north of $2500. In my opinion, they are the smartest people in the room and if they’re willing to exchange 2000+ of their dollar bills for every domestic ounce of mined and refined gold, I guess I feel comfortable buying it for less than $1300.
For those keeping score, I still own all my mining shares. Was down about 3% on the day today.
Have a good Autumn everybody. (will post to the other boards as well, just to say ‘hello’ to anyone I’ve missed here)
You are definitely missed Eric? Please don’t be a stranger!
So Eric …where is your good ole friend. ? bearman…..uh ha.ha.ha
Well, maybe I missed you guys coming back from enjoying the
conversation regarding gold over dinner. Isn’t that swell.
Gold buddies…..
SLW:
http://stockcharts.com/h-sc/ui?s=SLW&p=W&yr=3&mn=3&dy=0&id=p33808182207&a=368348153