Silver price about to plummet

[sixgun]

Yes he has gone up in my estimation - we may disagree about somethings but respect to the man (i presume man).

[Guest]

[Wonger]

On 23/03/2019 at 10:13, RichRock said:

RichRock, I hope you will still be posting when the Dow Industrials hit $40000, Silver hits $4 not $3 ( you could not not even get that right) and the GBP/USD hits 1.9350, but something tells me you will have gone very quiet long before then, as Ive stated previously you will end up very rich taking the opposite side of these trades my friend!😀

As I am feeling generous I will also include Bitcoin, long $3135, target $6000, then short $6000, target $1200.

[Oldun]

Wonger on ignore but still of course but has anyone asked him to say what company he works for ? He mentioned a trading desk back a few pages. Maybe he could get some customers here ?

 

[KitboyE17]

1 hour ago, Wonger said:

RichRock, I hope you will still be posting when the Dow Industrials hit $40000, Silver hits $4 not $3 ( you could not not even get that right) and the GBP/USD hits 1.9350, but something tells me you will have gone very quiet long before then, as Ive stated previously you will end up very rich taking the opposite side of these trades my friend!😀

Gosh I remember those days when the US$ was close to 2:1. I used to go on monthly business trips to the States in those days with an empty suitcase and only 1 spare pair of clean clothes. Then straight into the Mall at Short Hills NJ 😎

[Wonger]

I think it would be a very long time before anyone on this site considered being a "customer" your more likely to invest in a hit man fund! 😀

It would be useful to have a discussion of why Gold and Silver is a wise investment here, its an Equity and Bond bull market still, rates are going to be driven considerably further down, so until rates and Equity returns start to approach the yield of Gold and Silver it does not make sense for any meaningful investment flow, I think that time will come, but its too early still, the cycle is against you and the recent rally from the lows last year was driven by short covering and now we have started another leg down.

[DanShanks]

On 15/03/2019 at 15:53, 999magnum said:

I just received my tax return. I'm waiting for the spot to drop to $13. Nothing else matters to me now.

The low of $13.50 a few years ago will not ever be broken. Im sure of this.

 

Maybe paper silver but never real silver that low ever again

[Wonger]

5 minutes ago, DanShanks said:

The low of $13.50 a few years ago will not ever be broken. Im sure of this.

 

Maybe paper silver but never real silver that low ever again

So if paper Silver trades at lets say $12, why would I pay you $13.50 and above for it?

[DanShanks]

1 minute ago, Wonger said:

So if paper Silver trades at lets say $12, why would I pay you $13.50 and above for it?

In 2007/8 the paper silver price plummeted to under $8, but you couldnt buy real silver anywhere near that, the premium made it almost double

[Wonger]

5 minutes ago, DanShanks said:

In 2007/8 the paper silver price plummeted to under $8, but you couldnt buy real silver anywhere near that, the premium made it almost double

I agree there will be a disconnect, but I expect it would occur at far lower prices, was you trying to buy at that time?  

[HawkHybrid]

On 22/03/2019 at 11:58, Wonger said:

If Gold and Silver take out the highs of 20/02 all bets are off and I was wrong, until then I will short every rally. 

 

gold has now retraced more than 61.8% of it's move down

from ~$1350. gold making a higher high doesn't seem so

farfetched now does it?

 

HH

[Wonger]

1 hour ago, DanShanks said:

In 2007/8 the paper silver price plummeted to under $8, but you couldnt buy real silver anywhere near that, the premium made it almost double

You will agree with Jim then

[Wonger]

46 minutes ago, HawkHybrid said:

 

gold has now retraced more than 61.8% of it's move down

from ~$1350. gold making a higher high doesn't seem so

farfetched now does it?

 

HH

Yes it has traded marginally above the 61.8%, careful though celebrating this, it maybe short lived!

Silver is lagging behind.

[999magnum]

2 hours ago, DanShanks said:

The low of $13.50 a few years ago will not ever be broken. Im sure of this.

 

Maybe paper silver but never real silver that low ever again

Man that's a kick in the groin. I was hoping to make a huge purchase of at least 10 ounces at that price. Well, I guess I'll go and drink bourbon and smoke some cigars with that cash.

[Abyss]

1 hour ago, HawkHybrid said:

gold has now retraced more than 61.8% of it's move down from ~$1350. gold making a higher high doesn't seem so farfetched now does it?

Gold has almost retraced 61.8% of it's move down ($1323.7). We could see price go higher to .786% fib $1335.2 but when move higher exhausted then I do see lower prices initially testing $1282-$1285 and if support fails then most likely fall next support level $1243-$1263. Once these support level achieved reanalysis the charts and make the next best most likely probability guess. In nutshell that all technical analysis is looking at charts and trying to guess the most likely probability for the next wave of price action.

8 hours ago, Wonger said:

RichRock, I hope you will still be posting when the Dow Industrials hit $40000, Silver hits $4

So when somebody says Silver hit $4 or the Dow index hit 40,000 unless your name is Marty Mcfly and you have meet Dr. Emmett Brown who has handed the keys to his Delorean nobody can predict future price of commodities/stock indexes or currencies. At best all you doing is taking a wild guess.

[HawkHybrid]

gold futures is well past it's 61.8% retracement.

 

I was going to say that a move past the 61.8%

retracement is a sign that it's not as impulsive to

the down side as wonger makes it out to be.

I'll wait and see if gold follows the gold futures or

not.

 

(I'm currently not bullish on gold as I think it'll trade

within a larger range for months. I'm just not super

bearish.)

 

HH

[HawkHybrid]

looks like a near term futures reversal at ~$1330.

(just require the follow through to hold up)

 

if true this would suggest a decent chance of a move

back to $1300 followed by a move back up to $1350.

(no indication of the strong move down yet)

 

HH

[Wonger]

Now looking to close all gold shorts and go long, it now looks like we will have a false breakout above the ascending triangle resistance at 1375 and fully expect a $1400 handle to be printed before the big sell off, this was always a possible scenario and now it looks the most likely, this will sucker in the last of the buyers. 😀    

[Wonger]

Gold shorts closed at $1316, Silver shorts closed at $15.45, now long both Gold and Silver at the same levels. 😀

False breakout above the ascending triangle resistance at $1375 printing into a low $1400 handle is now expected before the big sell off.  

[Wonger]

[HawkHybrid]

1 hour ago, Wonger said:

 

by this chart we haven't hit the top of the triangle yet?

I draw my bottom triangle line using the last 2 bottoms.

ie from the dec 2016 bottom and aug 2018 bottom.

if you run that line into the future you get my predicted

$1200-$1240 to hit sometime dec 2019 on wave e.

 

HH

[Wonger]

18 minutes ago, HawkHybrid said:

 

by this chart we haven't hit the top of the triangle yet?

I draw my bottom triangle line using the last 2 bottoms.

ie from the dec 2016 bottom and aug 2018 bottom.

if you run that line into the future you get my predicted

$1200-$1240 to hit sometime dec 2019 on wave e.

 

HH

Yes I understand your view, I am just looking at it a little different here, I see we had a false breakdown of support last year and now I expect the opposite false breakout to the upside before the sell off, this false breakout to the upside was actually my expected scenario last year, Im not entirely happy with any sell off until this false breakout to the upside occurs and the action of the last few days tells me its now game on, it would really bring in the last of the buyers especially appearing to consolidate into the low $1400's, Im now bullish here for $100 odd run to the upside, but the bear hat will then be put back on. 

[Abyss]

One of the reason I believe silver can never go to $4 oz because of production mining costs. GoldSilver (w/ Mike Maloney) Published on Mar 26, 2019

[Wonger]

9 hours ago, Abyss said:

One of the reason I believe silver can never go to $4 oz because of production mining costs. GoldSilver (w/ Mike Maloney) Published on Mar 26, 2019

If you sold enough futures contracts you could drive it down to $4 yourself today, why would mining cost stop you?

[Abyss]

52 minutes ago, Wonger said:

If you sold enough futures contracts you could drive it down to $4 yourself today, why would mining cost stop you?

Unfortunately within the Gold and Silver markets regulators turn blind eye to bullion banks manipulating the markets so is it possible spot Silver price to plummet to $4 then I would have to say yes it is BUT.....

Is $4 spot silver sustainable? No.

Would price spot silver stay at $4 any reasonable length of time? No.

Would you be able to buy say 1oz Silver Eagle $4 plus usual premium 2 to 3 dollars above spot? No.

$4 Silver complete disconnect between the paper and the physical market and it would not take to long for equilibrium reestablished.