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main1event
27th November 2009, 07:11
I thought this might happen, and I think we are in the start of a leg down. Gold and Silver were getting a bit frothy, so a correction was to be expected. Dont get your undergarments all in a bind, nothing goes straight up, there are always pullbacks. I see a potential target for silver to hit 16.50 on this pullback.

After the correction, we are going to see a larger move in both commodities sometime in January lasting to April. I would take the opportunity of this dip to buy.

What is Truth?
27th November 2009, 07:17
I thought this might happen, and I think we are in the start of a leg down. Gold and Silver were getting a bit frothy, so a correction was to be expected. Dont get your undergarments all in a bind, nothing goes straight up, there are always pullbacks. I see a potential target for silver to hit 16.50 on this pullback.

After the correction, we are going to see a larger move in both commodities sometime in January lasting to April. I would take the opportunity of this dip to buy.

Thanks Main, please disregard my PM sent to you. If we hit $16.50 the premium on the physcial siver would put us close to $18.00 so in that situation it wouldn't make sense to sell now. But if silver were to tank to $9.00 again then that would be a different story. But at $9.00 silver I doubt you would be able to find small bars in the shops again.

What is Truth?
27th November 2009, 07:34
How do you think this Dubai debt situation is going to play out? Isn't this much more than a typical TA correction?

main1event
27th November 2009, 08:10
Of course its more than a TA correction as I said this is all about counter party risk. Who is left holding the bag. This creates fear and the baby gets thrown out with the bath water and right now its a flee to dollars. Eventually Gold and Silver will turn around when the dollar cant support this rally. I believe the dollar could go as high as 80 to 81 on this rally. So gold and silver could have a very sharp pullback especially over the next 5 days.

I would either short this market or sit on the sidelines. Now is not the time to become a knife catcher.

cowboycarl04
27th November 2009, 08:51
Coincidentally, the US stops minting and selling of gold same day as the massive drop. Doesn't make much sense to me. I can understand a "correction" or "pull back" or people take profits in paper contracts and selling.

Now Dubai worried that they will default on their debt is apparently the big reason for the massive sell-off.

Can anyone explain to me why? Is it because multi billion dollar investment firms want to take profits now in whatever investments they have in fear of some of their investments overseas will fail or what?

MasterQ
27th November 2009, 08:56
Of course its more than a TA correction as I said this is all about counter party risk. Who is left holding the bag. This creates fear and the baby gets thrown out with the bath water and right now its a flee to dollars. Eventually Gold and Silver will turn around when the dollar cant support this rally. I believe the dollar could go as high as 80 to 81 on this rally. So gold and silver could have a very sharp pullback especially over the next 5 days.

I would either short this market or sit on the sidelines. Now is not the time to become a knife catcher.

Main, I would like to add from the trader perspective to NOT catch the knife if you are leveraging bars.

Let me be so bold as to clarify your statement. /ahem

Buy for DELIVERY during this dip however low it goes. If you want to save some up front costs then look to the 100 day to finally be sought. I'm not saying it will ultimately hit but if you like playing the waiting game then choose a % and go with it. If you think we can get within 20% of goal then get a buy order in and hold on!

-Q

silverheartbone
27th November 2009, 09:00
The banksters are pushing back as hard as they can.

Screw them.

Buy the dips.

main1event
27th November 2009, 09:14
I continue to say buy physical, especially here. No more ASE's are going to be produced and for how long, they are on sale now.

As i keep saying $1.00 or even $2.00 is nothing on the grand scheme of things.
I cant say where gold or silver is going, or when the dip will stop. Just as this Dubai incident occurred, gold and silver will rally one day significantly. It will happen overnight and you wont be able to buy.

I own alot of physical, I believe in diversification so I trade paper as well. Besides if I were to pull my money out of my IRA account, I would be hit immediately with a 10% penalty and then taxed on top of that.

TheLoneRanger
27th November 2009, 09:29
???? we have gone up more in one day on a couple of occasions recently than we are currently down in either silver or gold.. how does this rate being a correction, or anything more than a downside example of the current price volitivity in PM's??????

cybermorpheus
27th November 2009, 09:33
Up again!

That is a short live correction!

MasterQ
27th November 2009, 09:36
???? we have gone up more in one day on a couple of occasions recently than we are currently down in either silver or gold.. how does this rate being a correction, or anything more than a downside example of the current price volitivity in PM's??????

TomAto TomatO

Any dip is short term Lone.

Correction is terminology for need of some dips, pullbacks but you may look at it more on the severe perspective as $5-6 drop not $1-2.

Both metals on the TA side have been overbought and silver showed some loosening 2 days before Thanksgiving in the Sto's to only show some strengthening 1 day before.

Volatility is the best word for it but don't get your panties in a bunch if some of us throw around pullbacks and corrections. :P

Nothing is going to be very drastic or deep, especially when looking at 25 silver at least for a short term target February 2010.

-Q

main1event
27th November 2009, 09:38
I for one hope Silver closes above its close on Wednesday. That would be a huge bullish event. You learn more about a market when it pulls back by its ability to rally.

MasterQ
27th November 2009, 09:42
Up again!

That is a short live correction!

We are still under the 9 day and took out recent break low of 18.36.

I agree this could be short term if we don't take out 18.05 or so.

18.85 is now the recent high next to 18.97.

Look to break back above those two, especially the 18.85 to mark the short term in this leg.

The bounce after this mornings drop has much to be concerned about as I have still been waiting to see if we get something like last year. At least to the 100 day which is sitting at 15.95 or so.

Get the popcorn out. Next week is going to be one very busy week!

-Q

What is Truth?
27th November 2009, 09:53
It appears PMs have found a solid floor at least for today. The DOW hasn't dropped too much considering the Dubai news. Europe's markets are moving back up after dealing with the Dubai situation. Maybe it will still come back to haunt us next week, but not as much damage as I had feared early on this morning.

But all of this proves my point that those who believed silver could only go up where just plain old wrong. Unexpected **** happens.

podrag
27th November 2009, 10:08
I haven't seen this before. Instead of capitulating and running through stops after a 70c selloff the market is coming back really nice and might form a hammer.

These manipulative tactics are backfiring. It's a bit like the rope-a-dope... let the manipulators throw their punches (ie. pull their bids) and then come into the market before a major selloff is rigged. There's a smart buyer coming into the market and all JPM are just exposing themselves more and more the more they try to short this market. I think they might be cornered.

Eventually the establishment man ie. George Foreman ie. JPM will run be over-run the the people's man ie. Mohammed Ali ie. the physical market.

I'm loving this market action right now.

MasterQ
27th November 2009, 10:09
Last time we had noise in the 9/18 day channel the dip went further.

http://i45.photobucket.com/albums/f94/mrqdesade/repeat.jpg

(Graph is from 10/16-10/31)

Could this coming week be the week of sideways action and then one last dip for the year?

Since the time of year is important it is necessary to note that November did NOT receive the seasonal mid month dip. This was definitely much to the chagrin of many investors looking to get in long and feared missing the train.

Month closes out next week and we begin the solid month of December to dig in your heals and wait out the ride to the top 2010.

-Q

Relayer
27th November 2009, 10:14
Thats why master traders like JSinclair and Trader Dan have been saying do not trade the PM's unless you want your head handed to you! Just keep stackin and enjoy the fireworks!! The upside is far from over.

agotter
27th November 2009, 10:15
good morning all

Had this weird dream....dreamt that some resort city/country said they were dumping the world and everything started to cut lose i mean everything., Gold dropped like a rock, silver went shiney side up and was taken the slide too, the asian markets were jumping off their chairs. Now here comes the scarey part, during this end of the world, my laptop fairey told me to go to the land of fx candlesticks and behold my hand was drawn to pulling the trigger at the london open. christmas was paid for this year, and the wife rejoiced. :D


Has anyone else have one of these dreams?

"note to self" never mix turkey and espresso vodka.

Im afraid we havent heard the last of this...keep your eye on the little Is. nation of Mauritius, they didnt just take possession of 2 mt of gold for nothing.

DaleFromCalgary
27th November 2009, 10:19
I'm not easily angered, but it is annoying that the mass media keep babbling about a flight to US$ as a safe haven. By whom? And why?

Relayer
27th November 2009, 10:28
Knee jerk reactions by those whose thinking has been been programmed.

Last nights dollar rally has become the opportunity to get out of the dollar by those who still use their brain.

The fact that the dollar nosedived this morning could also be manipulation. The US government doesnt want the dollar higher, just wants you to believe they want they dollar higher.

main1event
27th November 2009, 10:43
Yes, its obvious now that nobody wants the dollar. You wont hear me say this often but forget about TA. Gold and silver are about to go to places we've all been dreaming about. The dollar is a liability and nobody wants to be caught holding FRNS.

silverheartbone
27th November 2009, 11:24
Damit! :mad: Back over $18 before I could get my act together and get to the local coin shops for some 90%. Not even a proper dip.