Not much to report on today. The video will talk about a lot of the stuff going on and there isn't that much on the video. The day was mainly a time consolidation day as the price moved sideways through time. There was a decent size sell off seeing silver go from $34.80 to $34.20 in the afternoon in under an hour, but a move of sixty cents is now less than two percent and thus it wasn't that big of a move. Volatility is on the horizon as the massive explosive moves are on it's way. We have already seen the price go from its breakout low point of $17.78 on Aug 24 to $35 today which is almost doubled its value in just a little over one half year time frame. I keep talking about these days where Silver can go up massive percentage points (10-20% or higher) and they have not happened yet. They will only happen if there is major things going on and some news story to make it explode. Sort of like the news story in Libya is used to make the price of crude oil go a lot higher. My personal feeling is that Libya is only an excuse to make you think that this is driving higher oil prices and that they will state to you in their newspapers and TV Channels to be the case. Because they tell you this to be true, many people will believe it to be true. For myself the May 6, 2010 "Fat Finger Typo" during the stock market flash crash was the factor that I knew for sure they just make up a reason for the up and down markets. The one reason I have yet to see them make for a silver or gold increase is one like "Gold and Silver went up big today because our money is fiat and backed by nothing. Investors are getting out of trash fiat digital dollars into the precious metals." However, I do look forward to seeing what the Mainstream media will state not only when it gets to $50.00 but over $100.00. Thank you for stopping by today :)
Yeah, that flash crash was a real eye opener, wasn't it?
ReplyDeleteI always wondered if there was any connection between the flash crash and the hearings they were having that day on the new banking regulations. I can just picture a scene out of a Tarantino flick where Paulson throws the market into freefall in a closed door session and waits for the head of the banking committee to beg for him to make it stop just to make sure the politicians get the picture and know who's in charge.
Endless Mountain- Thanks for all your great analysis! I've been watching your blog for the last 5-6 weeks. You do a great job, and I think you deserve a wider audience.
ReplyDeleteI note that you depend alot on Fibonacci analysis. All Roads lead to Rome (a much higher silver price). Many other tools lead to similar levels.
I don't know if you are aware of Gunner24...he uses Gann. His levels are off similar. Check out his free weekly Gold/Silver newsletter which comes out every Monday:
http://www.gunner24.com/newsletter-archive/
I just posted your Blog to the Turd Ferguson blog.