Does anyone care to make any predictions as to the direction of PM's prices next week?
PerryHall
Posts: 46,277 ✭✭✭✭✭
Will PM's continue to fall or will there be a rebound? I know you guys have an opinion so let's hear it.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
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<< <i>I see a rebound!!!!!!!!!!!!!!!!Either way i am still stacking!!!!!! >>
Yup. Most of us are stacking for the long haul---next several years. I see the current prices as a buying opportunity. These prices will look cheap in a few months.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
of answering your question, my guess is that we'll stay range bound for a while.
<< <i>Next week really doesn't mean too much to most of us. Most of us stack for the long haul, but for the sake
of answering your question, my guess is that we'll stay range bound for a while. >>
Next week means something to those looking for a buying opportunity. Agree that most of us are in for the long haul.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
I knew it would happen.
Overall I'd say up early next week followed by more downward action into Thursday or Friday. Gold futures expiration comes the Tuesday before Thanksgiving which is close enough to Friday's SM options expiration to roll it all up into one event. I could see gold getting an earlier hit to coincide with late next week's action. The miners typically take a hit on SM expiration so next Friday should be no exception, esp with gold futures expiration only 2 days later. These 2 events are often separated by 1 to 1-1/2 weeks. On this rare occasion they are nearly together. And on top of that there are TBond 2,5,7 year auctions on Mon-Wed before Thanksgiving. That gives a lot impetus to hammering gold at least one last time at the end of next week. Next Friday would be the 8th or 9th down day in this trend. So the window of late next week to early the following week certainly fits well with the current cycle. I guess that only makes me 17% confident that gold and silver will finish next week higher than this week. But right now if there's heavy weakness next Thurs-Friday I'll probably be a buyer.
Probably another up move heading into early December that could take gold to $1450+. Silver might still be too heavily wounded to make another high this cycle. It became far more extended than gold so it may not go any higher this year. But I'm not betting against it. Gold is possibly the safer bet imo as the gold to silver ratio rebounds back up after it's incredible run from 68 to 49 over the past several months. But, looking at the last 4 major rallies this decade, the current price of silver may only be the half-way point in this move since last summer.
roadrunner
I think PM's will be higher next Friday than they closed this Friday.
MOO
TD
<< <i>I expect the price of silver to remain above $1.00 ... that's all my crystal ball would give me.
But the crystal ball market will skyrocket!
Intermediate outlook is heavily dependent on world's economic problems and how they are addressed. Things continue to worsen by the day with no solution in sight other than to continue devaluing currencies.
Long term outlook is heavily dependent on fears and reality of inflation. This is why we stack 'em and why we view short term and intermediate term dips as buying opportunities.
Stackers - Stack on!
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
<< <i>Up and down at random intervals........... >>
What a wild and bold prediction.
Camelot
Not to panic though, it's headed higher.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
<< <i>
<< <i>Up and down at random intervals........... >>
What a wild and bold prediction.
Or, if you want to get specific, from the left side of the graph to the right side.......
<< <i>Does anyone care to make any predictions as to the direction of PM's prices next week?
>>
No.
The trend is still higher and $24 is weak support.