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Correction direction

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Correction direction

Postby 68Camaro » Wed Aug 24, 2011 4:45 pm

Personally think most of the correction has happened. Gold was technically oversold, and with no further "really bad" news in the media this week, TPTB helped it correct back down toward the 50 day MA. Not a bad thing. Gold *could* further correct down to the upper 1600s, but that will depend on the news the rest of this week. No matter, the long term trend remains up, and I have to chuckle at the knuckleheads commenting on the end of the gold bull run. Nonsense.

Silver is NOT oversold, and it's a great buying time.
In the game of Woke, the goal posts can be moved at any moment, the penalties will apply retroactively and claims of fairness will always lose out to the perpetual right to claim offense.... Bret Stephens
The further a society drifts from the truth, the more it will hate those that speak it. George Orwell.
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Re: Correction direction

Postby Delawhere Jack » Wed Aug 24, 2011 5:27 pm

Monthly smack down before options expiration Thursday. Metals say:

I'LL BE BACK!
I've gone Galt. Obama and all the other commie's can kiss my a....
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Re: Correction direction

Postby 68Camaro » Thu Aug 25, 2011 2:13 pm

From the time I posted the above, both Gold and Silver hit a local bottom and bounced up. Isn't interesting how the biased financial headlines gloat about gold dropping 200 off a record high (barely over 10%, no biggie), but don't talk about that it has bounced off that bottom and recovered >50 of that 200 in what previously would have been record time. SIlver hit 39 and is now back up to 41. Did dollar averaged buying on way down, and now only need a slight bit more recovery in both to have made a profit on those trades on the dip...
In the game of Woke, the goal posts can be moved at any moment, the penalties will apply retroactively and claims of fairness will always lose out to the perpetual right to claim offense.... Bret Stephens
The further a society drifts from the truth, the more it will hate those that speak it. George Orwell.
We can ignore reality, but we cannot ignore the consequences of ignoring reality. Ayn Rand.
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Re: Correction direction

Postby Delawhere Jack » Thu Aug 25, 2011 4:40 pm

I was off by a day on the options expiration date, it is tomorrow. Another crush-down in price may occur tonight-tomorrow.

http://gold.goldprice.org/2011/02/gold-and-silver-options-expiry.html

http://www.heritagewestfutures.com/downloads/futures-options-calendar.pdf

Let's see what comes out of BB's mouth tomorrow re QEx. It could put the wind back in pm prices, Irene style.
I've gone Galt. Obama and all the other commie's can kiss my a....
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