I'd like to make a prediction here, just for the record.
I see the latest drop as the third of a three-wave (Elliott) correction from the $50 silver top ($1900 gold), with 3 ($30) lower than 1 ($33).
It will resume the upward trend for a fifth and final wave (silver past $50 and gold past $2000), before the big crash / reversal.
nice prediction, i just think the primary direction has changed. i see both silver and gold having a 5 wave correction downwards with silver starting the big wave 3 down now with gold starting 1. this view correlates well with whats going on in stocks and the $DXY. |
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Well, that played out nicely. The drop in silver is madness. Congratulations to you for your prediction and probably short on Gold. Now time to stock up on Bitcoins.  This cheers me up a bit, as I have watched the rise in Gold during the last months with disappointment, while Bitcoin continued its decline. Though Bitcoin until now seems unaffected by everything and a completely detached, independent market. It could be the ultimate hedge, especially when its inflation rate decreases to bearable levels. Will be interesting to see if deflation will decrease Bitcoin’s attractivity. i too believe that money from gold will start flowing into Bitcoins. it won't take much to launch this market much higher. |
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truly, the PM's call was an easy one. my focus right now is on the stock mkt and what happens there.
Have you closed your shorts? You don't see gold dropping below $1600 in the short term? no and yes. |
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i have a question. i want to use an very long complex password that i've memorized. however, i stopped the encryption when i saw just a single password entry window that hides the password itself. reason being is that if i mis type one character and proceed to ok the encryption i'm screwed, correct? if correct, why wasn't a "re-type password" window used?
Just did this myself and it does prompt a second time to re-enter the password before creating the new wallet. thanks. didn't want to press ok until someone told me exactly what was going to happen next. |
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i have a question. i want to use an very long complex password that i've memorized. however, i stopped the encryption when i saw just a single password entry window that hides the password itself. reason being is that if i mis type one character and proceed to ok the encryption i'm screwed, correct? if correct, why wasn't a "re-type password" window used?
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for all those looking for more insight at this point i will provide what i can. obviously any good investing strategy tries to predict what will happen so that one can frontrun the move leading to maximum profit. not call things in hindsight like Dan Norcini and all the other gold pundits.
all things pertinent to what has happened has been already said by me since i began this thread on 8/9/11. i have also provided my longterm view of things. of course, markets are dynamic and i will add things realtime as things evolve. i've poured my heart and soul into this thread and everything is here. so i'm not about to regurgitate the same concepts. these are my own theories and no one elses so i take full responsibility for the accuracy or inaccuracy of what i say.
quite honestly, despite the huge amounts of green on my screen the last coupla weeks, during yesterdays plunge my heart rate didn't budge. no excitement, glee, laughing, jumping up and down; perhaps just a little smile. investing is about being unemotional, humble, adaptable, and constantly looking forward in anticipation for the next move. truly, the PM's call was an easy one. my focus right now is on the stock mkt and what happens there.
good luck to everyone here and their investing.
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@misreality (Boris)
who's getting lost in the trees?
Bobby
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my ZSL up 27.23% just today.
I don't post much here anymore but had to come back because I knew you'd be smiling. It was a good call. My last gold purchase was somewhere in the $800oz territory so I've been on the sidelines for a while now. Think I'll stay there for now, I just wish the damn S&P 500 would come to a resolution with this bear flag. I still need to work on my patience  good to see you back. i hope you haven't given up on Bitcoin. i personally think its bottomed. i think the Dow is retesting the 8/09/11 underbelly and then heads lower for a wave 3. then we'll get a bounce for sure. too much bad news and Ben's disappointment. |
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WTI futures are down, but not as sharply as I'd have expected. Hard to say if that market is immune, or just slow.
Silver is down 25% in 2 days, which is simply insane. I picked some up towards the beginning of the year, and I figured it was my last chance to get in under $30/oz for a couple of years at least. I wish this was coming a few months later in the year, I'd love to have all of my 2012 birthday and Christmas shopping done early at these prices.
if you go back to my OP, i'm convinced we had a manipulated push up to unsustainable levels. you don't get selloffs of this magnitude and intensity unless it was pre-planned. |
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this is a Big Day for Bitcoin! thank you!
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i'm sitting here looking at my trading screens and the entire rest of the stock mkt is barely trading as they watch the destruction of the gold/silver market. they're trying to decide what this means. what it means is the DEFLATION i have been warning about this entire thread.
looks to me like the BOJ has entered the currency mkt and is pushing up the USD. eventually stocks will resume the next leg down wave 3.
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my ZSL up 27.23% just today.
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note this 4y daily USD/JPY chart. a huge descending wedge which inevitably breaks UP.  |
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Obviously, no market can go straight up for a sustained period. As pointed out, the gap below $1,680 needs to be backed and filled. The move wasn't quite vertical, but it was approaching a runaway breakout. It's been consolidating approximately between $1,740 and $1,880 since the August low. A genuine correction should involve the aforementioned gap being filled.
Please excuse my naivety. I'm not much of a trader, more your old fashioned buy and hold fundamentals sort. Is that what has happened today (i.e. we have filled the gap at 1680), if so then my fairly simplistic view as that I should be bullish again? Or broadly speaking are macroeconomic conditions such that we should expect new lows? the gap has been backed, filled, and destroyed. |
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Donald Norman and Amir Taaki are unfortunately not good spokespersons for Bitcoin. i've heard both speak on all the publicly available podcasts they've done and i've not been impressed. in fact, quite disappointed wanting to leap into my monitor screens.
what we need is someone who is well spoken and can think quickly on their feet especially during a debate like this. they need a thorough grounding in Austrian economics and need to stay well read on current financial conditions. the article cited above about Wachovia conducting drug money laundering jumped into my head immediately after reading the OP. i'm sure Norman wasn't even aware of this information. this is Sun Tzu warfare with these banksters and we need representatives who have the knowledge and ability to jump into the mud with these guys but yet counter any false argument they throw out in a calm thoughtful manner.
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i'm sorry but its so obvious you are so f*ckin disoriented over the last couple of weeks of losses i can't sit back and let you throw up all this shit. you put up a stupid video of some day trader that yesterday talks about a 5 min candle trading technique that is DOWN 12% since he put it on yesterday and we're supposed to take what you have to say seriously? you are seriously reaching, man. The funny thing is, after "last couple of weeks of losses", gold price is roughly at where it was when this thread started: no more. |
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 A steep dive, but well within the channel. Next stop $1600. please explain to me how a logarithmic chart is a fair way to represent the longterm price movement other than for the purpose of suppressing the appearance of a parabolic blowoff? |
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Oh, btw gold and silver are ON SALE! Perfect time to load up yeah, perfect time. |
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