Silver Monitoring Thread £ (GBP) only.

[SilverDrum]

1 hour ago, Bars said:

32 kg is not heavy in the form of a barbell, Kb or dumbbell. But when its a lump with no handle its quite hard to pick up. 

That bar was positioned in a way that looked easy, and he bent at the legs....now if we are talking about picking up 32kg of water, without a bucket, i can see the problem 😅

On the subject of silver. Bond auctions happening in the states on Monday. These played a big part in the price of PM's being down before March. Curious to see how things play out after these myself.

 

[Roy]

13 hours ago, sixgun said:

i have lifted 2 monster boxes at the same time

Was that when you transferred them from the boot of your car to the hull of Jose's fishing boat?

Remember, the day of the storm? 😉

[Stacktastic]

13 minutes ago, Roy said:

Was that when you transferred them from the boot of your car to the hull of Jose's fishing boat?

Remember, the day of the storm? 😉

This is starting to remind me of Freddy the frog from Delboy. 
What are the GPS coordinates @sixgun? 
I shall get Rodney a wetsuit & a 200metre garden hose. 

Edited October 24, 2021 by Stacktastic

[sixgun]

Just now, Roy said:

Was that when you transferred them from the boot of your car to the hull of Jose's fishing boat?

Remember, the day of the storm? 😉

It was from a flat bed lorry to the infamous boat.

[sixgun]

Just now, Stacktastic said:

This is starting to remind me of Freddy the frog from Delboy. 
What are the GPS coordinates @sixgun? 
I shall get Rodney a wetsuit & a 200metre garden hose. 

[silversky]

So my guess for next weeks close is flat. I can see it going both up and down (either first) before a close near last weeks.  Possibly a slightly positive flat.

[Gruff]

3 hours ago, silversky said:

So my guess for next weeks close is flat. I can see it going both up and down (either first) before a close near last weeks.  Possibly a slightly positive flat.

I feel about the same, flat for the week. Unless the copper LME thing gets bigger...

[GoldStandardPartyUK]

But great thing about markets, unlike politics or religion is you can put your money where your mouth is and vote with your feet.

[silversky]

51 minutes ago, GoldStandardPartyUK said:

But great thing about markets, unlike politics or religion is you can put your money where your mouth is and vote with your feet.

Politics is at the root of all man's activities.  From the very first moment that proto man became a social being, politics governed everything.

Markets are hyper aware of politics, they rely on politics to sustain the current path, or to upset the apple cart.  Betting on oil?  Are you betting on the ingenuity of oil companies to find more supply?  The theory of peak oil causing a lack of supply?  Or are you really betting on whether or not politics will block ingenuity and get in the way?  It turns out that an election is all that's required for significant change.

Religion might be a bit harder though.  Not sure if you can bet on who the next pope will be. 

[lst65]

On 23/10/2021 at 17:48, silversky said:

That would be me!  I'm currently on 5/5 but really not sure about next week... A lot of things have changed and need to be reassessed.  Silver looks like it could do with a corrective wave which quite possibly already started on Friday.  My confidence for next week is much lower but I'll have another look tomorrow.

Apologies if this is a dumb question but what’s a corrective wave please? And what do you think silver will do in the longer term? Thanks very. 🙂

[sixgun]

42 minutes ago, lst65 said:

Apologies if this is a dumb question but what’s a corrective wave please? And what do you think silver will do in the longer term? Thanks very. 🙂

A corrective wave is a retracement in price - up or down.

[silversky]

45 minutes ago, lst65 said:

Apologies if this is a dumb question but what’s a corrective wave please? And what do you think silver will do in the longer term? Thanks very. 🙂

Don't take my advice on anything please.  I'm just engaging in a bit of light hearted fun guessing the price of silver on a weekly basis.   

But regarding the terminology I used, a corrective wave is a phrase that's commonly referred to in elliot wave theory.  It's a wave which runs counter to the direction of a larger trend.  The theory postulates that when a market is either rising or falling in an impulsive move, it happens in 5 waves.  1 forward, 2 backwards a little, 3 forwards strongly, 4 backwards about the same as 2, and 5 forwards to complete.  Waves 1,,3 and 5 are in the direction of the trend, and waves 2 and 4 are against the trend.  After those 5 waves are complete, and the price has moved up or down, a corrective move then takes place, which is in the form of a three wave counter trend move.  This wave is labelled a,b,c with wave a being backwards, b being forwards and c being backwards.  Wave a will be constructed of either 3 or 5 little waves, wave b will be made of 3 little waves, and wave c should be the largest and made up of 5 little waves.

If what we've seen is a new wave 1, wave 2 will downwards will be coming soon and it will be made of 3 little waves.  It is this wave that I envisage to come soon or possibly it started Friday.  After that completes in possibly 1-2 weeks, wave 3 should be long and strong.  By the time wave 5 completes, I can see it taking us well up into the 20's again.

It could of course be argued that this current move over the last 5 weeks is in fact only a corrective wave itself and that the downtrend of the last year will resume.  However.... this recent wave has formed 5 little waves rather than just 3, which lends a little weight to it being a new upward trend.  

Lot's of books on Elliot wave theory. You can get a bit lost in all the different timescales and labelling when you start introducing x waves to make the failures work.

[silversky]

Sixgun beat me to it with a superior visual explanation!

I'm of the opinion that we reached wave 5 on Thursday and have embarked on an a wave on Friday.  Exceeding £18 strongly will invalidate that opinion.

[lst65]

9 hours ago, silversky said:

Don't take my advice on anything please.  I'm just engaging in a bit of light hearted fun guessing the price of silver on a weekly basis.   

But regarding the terminology I used, a corrective wave is a phrase that's commonly referred to in elliot wave theory.  It's a wave which runs counter to the direction of a larger trend.  The theory postulates that when a market is either rising or falling in an impulsive move, it happens in 5 waves.  1 forward, 2 backwards a little, 3 forwards strongly, 4 backwards about the same as 2, and 5 forwards to complete.  Waves 1,,3 and 5 are in the direction of the trend, and waves 2 and 4 are against the trend.  After those 5 waves are complete, and the price has moved up or down, a corrective move then takes place, which is in the form of a three wave counter trend move.  This wave is labelled a,b,c with wave a being backwards, b being forwards and c being backwards.  Wave a will be constructed of either 3 or 5 little waves, wave b will be made of 3 little waves, and wave c should be the largest and made up of 5 little waves.

If what we've seen is a new wave 1, wave 2 will downwards will be coming soon and it will be made of 3 little waves.  It is this wave that I envisage to come soon or possibly it started Friday.  After that completes in possibly 1-2 weeks, wave 3 should be long and strong.  By the time wave 5 completes, I can see it taking us well up into the 20's again.

It could of course be argued that this current move over the last 5 weeks is in fact only a corrective wave itself and that the downtrend of the last year will resume.  However.... this recent wave has formed 5 little waves rather than just 3, which lends a little weight to it being a new upward trend.  

Lot's of books on Elliot wave theory. You can get a bit lost in all the different timescales and labelling when you start introducing x waves to make the failures work.

Thanks so much - that is a very expansive answer and thanks for your time/coaching. Appreciate it. 

[HerefordBullyun]

I postulate when I polish my silver trumpet if that helps!

[CANV]

I’ve always found a chartist can make any chart tell you whatever you want , mess around with the X axis to include or exclude what you do or don’t want .

change the scales to add drama or reduce it.  I worked with this mob for 30 years at a bank.  They never had any skin in the game and the stock excuse when it all went tits was  along the lines of  ‘resistance has been broken the uptrend is over and we expect a downward channel to form from (get another graph out with a longer dated X axis).  Blah blah blah.   Or the opposite when the price went up.  

[Minimalist]

Daniela on Stansberry Research interviewing Gerald Celente talking about the caught market rigging by Wall Street on Silver and Gold. 131... One HUNDRED and THIRTY ONE FEDERAL JUDGES WERE ACTIVELY INVESTED IN THE RIGGING OF THE METALS MARKET. They walked away with $billions and got fined a couple of millions of $s.

He (Celente) is 100% correct in calling this "financial system" a crime syndicate. That is all it is, a cartel - crime syndicate. The prices of metals are being hammered. Fake news of "found silver" or "found gold". Its a joke.

[Gruff]

7 hours ago, HerefordBullyun said:

I postulate when I polish my silver trumpet if that helps!

Always the best time to postulate... 

[HerefordBullyun]

4 minutes ago, Minimalist said:

Daniela on Stansberry Research interviewing Gerald Celente talking about the caught market rigging by Wall Street on Silver and Gold. 131... One HUNDRED and THIRTY ONE FEDERAL JUDGES WERE ACTIVELY INVESTED IN THE RIGGING OF THE METALS MARKET. They walked away with $billions and got fined a couple of millions of $s.

He (Celente) is 100% correct in calling this "financial system" a crime syndicate. That is all it is, a cartel - crime syndicate. The prices of metals are being hammered. Fake news of "found silver" or "found gold". Its a joke.

got any links mate?

[Minimalist]

2 minutes ago, HerefordBullyun said:

got any links mate?

 

[silversky]

4 hours ago, CANV said:

I’ve always found a chartist can make any chart tell you whatever you want , mess around with the X axis to include or exclude what you do or don’t want .

change the scales to add drama or reduce it.  I worked with this mob for 30 years at a bank.  They never had any skin in the game and the stock excuse when it all went tits was  along the lines of  ‘resistance has been broken the uptrend is over and we expect a downward channel to form from (get another graph out with a longer dated X axis).  Blah blah blah.   Or the opposite when the price went up.  

Very true. Charting can only really ever give a little bit of probability guidance and that's all.  Prices and emotions usually don't turn suddenly on a dime, which is why the price doesn't rise or fall in a straight line.  The five waves described in Elliot can be seen as emotional states.  Just like in real life, Things take time to sink in and doubters take time to be converted into believers and ice versa.  This is why I like the elliot wave theory as a guide.  But it's only a very rough guide of course, and unlike the "professionals" you describe, I've actually got skin in the game!  

[HerefordBullyun]

3 minutes ago, silversky said:

 I've actually got skin in the game!  

Unless your are tottenham fan theres no fore in it!

[DarkChameleon]

19 minutes ago, silversky said:

Very true. Charting can only really ever give a little bit of probability guidance and that's all.  Prices and emotions usually don't turn suddenly on a dime, which is why the price doesn't rise or fall in a straight line.  The five waves described in Elliot can be seen as emotional states.  Just like in real life, Things take time to sink in and doubters take time to be converted into believers and ice versa.  This is why I like the elliot wave theory as a guide.  But it's only a very rough guide of course, and unlike the "professionals" you describe, I've actually got skin in the game!  

The media can turn a wave into a ripple or tsunami so it's worth knowing what the financial pages will print tomorrow more then what the fed do today...one reason piers morgan got the sack when he was editor, betting on what he was going to print the next day

[CANV]

Indeed. I reckon the science behind the emotions of trading are far more interesting than charts.  Although you can’t beat big fat supply and demand .

You would get chaps trading Brent in the old open outcry pits of CME or whatever it was called thinking they had a handle on it .

the smart small traders where the ones who took the BP guy to lunch 

[Martlet]

25 minutes ago, CANV said:

Indeed. I reckon the science behind the emotions of trading are far more interesting than charts.  

Charting is the emotions of trading.  It's taking a cue from the trend to gauge where or how far the herd will go next.