IS GOLD READY TO TAKE OFF? OR IS IT GOING TO DIP AGAIN?
IS GOLD ABOUT TO TAKE OFF?
I have been bullish on precious metals for over 2 years now, especially gold and silver. I made a big mistake last year as I got greedy and bought a lot of gold and silver through borrowing money and I was margin called when everything turned around after Trump won the election. I predicted that Trump would win but what I failed to predict was what would happen after the election. I don't think I was the only one caught by surprise but anyway, looking at the chart now, you can see the price testing a major trend line again. The big question is whether this is it or whether it's going to have another dip.
ARE WE GOING TO SEE ANOTHER DIP?
There may or may not be another dip but if there is, I honestly doubt to see gold trade below $1200.00. It will most likely bounce off the green line and will most definitely break through the orange line this time. Once it breaks above the orange line, it's going to skyrocket in my opinion. I believe it's going to see new highs above $3000.00 before it pulls back. The rally to $3000.00+ could be very quick and fast due to the price suppression, and manipulations to suppress the price would come back in once everyone starts to think that the governments can't suppress the price anymore.
GOLD AND SILVER MINERS
As I said above, I have lost heaps of my savings for going extremely bullish on gold and silver in 2015 and basically using a lot of margin/leverage. I also had bought into some miners without margin/leverage, some of which are down from where I entered but I still have them and I'm going to keep them because I believe that miners have seen their bottom and they're going to absolutely explode sooner or later. I might write a post later and talk about a few of miners that I hold at the moment and why everyone should buy and hold some gold and silver stocks. I'm hoping that the profit I shall make from miners in the near future would wipe off the massive amount of money that I lost last year.
MR. OPINIONATED!
Please be advised that trading stocks and metals comes with a high risk and any opinions, research or other information contained in my posts is provided as a general market commentary and opinion only, and does not in any shape or form constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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Excellent work!
Thank you very much Greg! I've still got a lot to learn from you :]
I did the same; predicted Trump would be elected but failed to predict the path of the market. Lost a lot of money in gold etfs
Sorry to hear that mate. Are you still holding or did you fold? I still believe gold and silver are going to hit new highs and it's just a matter of time.
I think it's got a bit of upside left, but a great deal with it is going to depend on the equity markets and any updates on the Fed's Unwinding Program.
Nice post; thanks for sharing!
This is a major trendline that it's tried to break and has failed multiple times.
something i repeat often to traders i mentor....technical analysis is great. until it isn't.
and the price of gold isn't isolated where you can look at a trendline and assume it'll have to bear any relevance on the right sort of news.
That is why I don't play stocks.
I prefer holding physical precious metals even in the smallest amount; but I don't treat it as stock.
I hope you can recover @msg768 , and I pray that God gives you wisdom in every move hence forth.
Thanks. Buying and holding physical is the best thing to do for long-term investment :]
unfortunately MYR is very weak. So it still costs a bomb even though it is bear-ish in the market.
Gold is a barbarous relic.
It used to be used as money.
So, all of the old (ancient) rich people families (rots-children) have bought up and are hoarding all of the gold. This group of people are also manipulating the price of gold down. In the end, these two pieces will turn gold into a non-thing. As people who care about the economy just ignore this substance.
Imagine a world where bitcoin is 10x as good as the raging bitcoin fan thinks it is now. Gold will never be used as money; it couldn't compete in any aspect. (including holding it in your hand.) And with all of the holdings held in a few hands, it will never be used as a store of value. Why would you hold as wealth something in which the market could be flooded at any time? Why would you hold as wealth something which is mostly held by the most evil people on the planet. Holding it is helping the evil people.
As was before, gold is the banksters money. Silver is the people's money.
But this time, there is an alternative. And people are waking up to just how EVIL the banksters are being.
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Interesting post. Why do you think that gold will go above 3000USD?
What do you think of platinum?
Silver and Gold are God's money and have been tested through time. i have invested in both and want to increase what I have. It is common knowledge that they also have been manipulated for years. at some point the dollar will finishing crashing and the metals will have an opportunity for their day in the sun. i think they still will be manipulated so they may not get too much sunshine. But like you said gold could reach $3,000 MAYBE. I am not as hopeful. They do not want everyone running to metals. So surpresion may continue. Regardless I encourage folks to buy metals, land and stock up on supplies. With inflation on the horizon it is good to be stocked. I fear if metals rise significantly an 80% tax to sell them. UGH! They have to control them. It is good to be non digital with your money when possible as a keystroke of deleting can be done rapidly. Hard assets! Congrats on your reply from Greg. I religiously follow him. Thanks for the great article. - Troy
Thanks and yeah Greg is awesome. All the best with your investment :]