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Charts from the Lunatic Fringe.

Zed

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dpong

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PPLT volume recovered by close of today. Yesterday was multi-national holiday. Last 4 days volume were green bars with well greater than average volume.

That said, PPLT is *very* extended, registering very overbought. Platinum/Gold ratio is at historic lows. One should capitalize Historic lest one be guilty of understatement. ST correction could be expected. LT it is dirt cheap vis-a-vis PM's and seems to have started to adjust that. I would be surprised but not stunned if it could not be bought cheaper than today's price relatively shortly. But LT prospects should be good.

sc-22.png
 
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Zed

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louky

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Zed

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Zed

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Strawboss

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Gary, "dumb money bidding up silver"

The GSR is still over 80 and there is "dumb money" in silver?

Give me a freaking break....

You wont see the dumb money in silver until the very end of a major move...i.e. - when the smart money sells their silver to the dumb money...
 

Goldhedge

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If you had 1 oz silver and 10oz gold would you trade the 10oz for silver?
 

Strawboss

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Strawboss

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If you had 1 oz silver and 10oz gold would you trade the 10oz for silver?
With GSR over 80?

I would probably trade 8 oz for silver and keep the other 2 oz. for major SHTF insurance...
 

Zed

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Me thinks the HK dollar peg is gonna BREAK...

And that will unleash HELL...
HK might just become that Lehman moment this time around.
 

jelly

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Really not liking the action in the miners right now. Not confirming the action in the metals.
Silver going vertical. I'm thinking tthis doesn't last long before we correct.
 

Zed

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Really not liking the action in the miners right now. Not confirming the action in the metals.
Silver going vertical. I'm thinking tthis doesn't last long before we correct.
Gold hasn't quite "done it" yet... can't take 1494 off the table right now and below that low 14's?
 

Zed

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Zed

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Zed

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Zed

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Zed

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Zed

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Gold... pay attention NOW!

 

louky

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1503 pivot between the boxes, so higher targets still valid for now. 1588 is 61.8 fib of the entire decline from 2011 to 2015 (see bear porn chart i posted previously ABC). Also 1593 top of the box.

The next time gold does assault higher, it should be moving like $25+ per day. Could be soon as long as 1476 area holds, i believe.
 
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Zed

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Zed

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Rip Van Winkle

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PPLT playing with top of new channel?
 

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Strawboss

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So...we just printed a long legged doji on the hourly gold chart...

1.png


So...why is this potentially important? Well - as it turns out a long legged doji can signal a reversal - especially after a strong uptrend...

https://www.investopedia.com/terms/l/long-legged-doji.asp

Now granted - this is only on an hourly chart so nothing too significant...yet.

But - we are in the zone where the rally might be getting a bit long in the tooth...and some of the momo guys might be looking to book profits off this move...(and the shorts might be looking to make a stand...)

My gut feel is that we will have a correction sooner than later...nothing too serious - but it might last for a month or 2...

Is this the beginning of that? Probably not. But it could be...
 

dpong

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Interesting interview with Alasdair Macleod from last week. OK, the interview is a bit of a Zzzzzz... But the information is very interesting.

If Macleod is correct, the falling interest rates on the US dollar are forcing arbitrages to get creamed. Especially so should rates actually turn negative. Thus it would be those who have borrowed gold from the bullion banks, smart, sophisticated, large, and now somewhat frightened money who are causing this move in gold as they are forced to cover short gold positions. (They sold the borrowed gold to provide funds to arbitrage some other trade!) Not "dumb money", but the opposite. If, and I stress IF his thesis is correct, then the awaited correction in gold could be a dud.

 
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Strawboss

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Armstrong has long predicted that the USD would get very, very strong - and that initially gold would drop...but then would rise in tandem with a rising dollar...

Are we seeing the beginning of that taking place?

1567614098274.png
 

Weatherman

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My gut feel is that we will have a correction sooner than later...nothing too serious - but it might last for a month or 2...
No argument from me, but I have a different "gut feel". Gold and silver have been exceptionally strong, and my gut feel is that corrections could be shallow and brief. My guess is that there are many buyers waiting for an opportunity to buy the dips. If so, then the buy the dip crowd could mitigate downside in a correction. I would not be surprised if corrections in the strong metals markets are more like sideways pauses than sharp sell offs. Time will tell!
 

itsamess

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Interesting interview with Alasdair Macleod from last week. OK, the interview is a bit of a Zzzzzz... But the information is very interesting.

If Macleod is correct, the falling interest rates on the US dollar are forcing arbitrages to get creamed. Especially so should rates actually turn negative. Thus it would be those who have borrowed gold from the bullion banks, smart, sophisticated, large, and now somewhat frightened money who are causing this move in gold as they are forced to cover short gold positions. (They sold the borrowed gold to provide funds to arbitrage some other trade!) Not "dumb money", but the opposite. If, and I stress IF his thesis is correct, then the awaited correction in gold could be a dud.

Alan Greenspan says it’s ‘only a matter of time’ before negative rates spread to the US

A whole new world?
 

Strawboss

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1567615213475.png
 

dpong

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Goldhedge

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Armstrong has long predicted that the USD would get very, very strong - and that initially gold would drop...but then would rise in tandem with a rising dollar...

Are we seeing the beginning of that taking place?
That's the question on everyone's mind.

At least mine.... Avoiding the emotional "get some now before it's too late!" pump that always happens when gold moves....

Been fooled for far too long to get too crazy here.... that said, a retest would be nice....
 

savvydon

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Easy does it mate!... first you are talking correction, and now you are firing rockets... you have my head spinning!

Seriously, though, I agree we are vulnerable to a correction at the point, but I do think it it comes it won’t be particularly deep or prolonged. I am going to take a little cream off the top of my miners portfolio just to confirm the reality of this thing. Maybe 25% or so off the strong performers. In the meantime, the strongest confirmation of the significance of where we are in my mind is the uptick in posting and attention we are starting to see here at GIM2.

Fire away!!
 

Strawboss

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1567618418201.png


Coming soon to a theatre near you...
 

Strawboss

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Easy does it mate!... first you are talking correction, and now you are firing rockets... you have my head spinning!
Fire away!!
The rocket was fired in jest...biggest rally in silver in quite a while and no one posted a rocket...so figured I would oblige...

Seriously though - look at the negative divergence in gold v. RSI... history STRONGLY suggests there will be a correction...

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