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GOLD SETTING UP MAJOR BOTTOM SO COULD WE SEE A BREAKOUT RALLY BEGIN SOON?

Scorpio

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#1
GOLD SETTING UP MAJOR BOTTOM SO COULD WE SEE A BREAKOUT RALLY BEGIN SOON?

February 17, 2021


There has been quite a bit of chatter related to precious metals lately. The rally in Cryptos, particularly Bitcoin, and various other stocks have raised expectations that Gold and Silver have been overlooked as a true hedging instrument. As these rallies continue in various other stocks and sectors, Gold and Silver have continued to trade sideways over the past 6+ months – when and how will it end?
GOLD SUPPORT NEAR $1765 MAY BECOME A NEW LAUNCHPAD
My research team and I believe the recent downside trend in Gold has reached a support level, near $1765, that will act as a launching pad for a potentially big upside price trend. This support level aligns with previous price highs (May 2020 through June 2020) after the Covid-19 price collapse, which we believe is an indication of a strong support level. As you can see from the Gold Futures Weekly chart below, if Gold price levels hold above $1765 then we feel the next upside rally in metals could prompt a move targeting $2160, then $2400.

The February 2021 Gold contract expires on February 24 – only a few days away. The CME Delivery Report shows an incredible amount of contracts already giving notice of a “Delivery Request”. This suggests that on or near February 25, a supply squeeze for Gold and Silver may become a very real component of price.
For example, there are 32,831 contracts requesting delivery for February 2021 COMEX 100 Gold Futures as of February 16, 2021. That reflects a total delivery obligation of 3,283,100 ounces of Gold. The Silver contract deliveries are similar in size. As of February 16, 2021, here are 1,865 February 2021 COMEX 5000 Silver contracts requesting delivery. That translates into over 9,325,000 ounces of Silver.
Be sure to sign up for our free market trend analysis and signals now so you don’t miss our next special report!
We still have another five trading days to go before the February contract expires. How many more futures contract holders will pile into the Delivery Que at COMEX and how will this translate into any potential price advance or decline?
SILVER TRENDS HIGHER – ALREADY SHOWING STRONG DEMAND
Silver has already begun to move higher while Gold continues to wallow near recent lows. Our research team believes the next few days of trading in Gold and Silver could become very volatile as global traders suddenly realize the demand for Deliveries may squeeze prices much higher. Traders should stay keenly aware of this dynamic in the Precious Metals markets as we may continue to see futures contract delivery requests out-pace supply as Precious Metals prices continues to move higher.
The 100% Fibonacci measured move technique we are showing on these charts helps us to understand where and how upside price targets become relevant. If support on these charts hold and the February 24, 2021 futures contracts expire with strong demand for physical deliveries, then we believe an upside price squeeze may setup fairly quickly (over the next 5 to 15+ days) in both Gold and Silver.

We need to watch how Gold reacts near this support level and to pay attention to the delivery data from COMEX. If these levels continue to increase over the next few days, before the February 24 expiration date, then we need to consider how and when the price will start to reflect this strong demand. Currently, Gold price activity does not properly reflect what is happening in Silver and Platinum related to the demand for metals. We believe, over the next 30 to 60+ days, this will change as Gold may enter a new bullish price phase – targeting $2400. At this point, we believe the answer to this question will become known by February 25th or so.
Precious Metals, Miners, Rare Earths, and Junior Miners may set up some really interesting opportunities for traders. The entire Metals/Miners sector has been under moderate pressure recently and we believe that trend may be ending soon. 2021 is going to be full of these types of trend rotations and new market setups.
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https://www.thetechnicaltraders.com...-so-could-we-see-a-breakout-rally-begin-soon/
 

nickndfl

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#3
Gold & silver have intrinsic value. Even ammo is slotting in between copper and silver IMHO. The price of hard goods is increasing, especially when you cannot get lazy, stupid Americans off their asses to go to work because the government is giving away currency in an attempt to control the population.
 

WillA2

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#4
There's an awful lot of paper being glued to walls of the COMEX. You would think after all this time, when the roof is finally ripped off folks will hopefully be able to see it for what it is. A house of paper with no founsation.

How long will that take?
 

solarion

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#5
Metals once again being monkey hammered into the NY open.

1613668562771.png

How long will that take?
That is the $100m query. As of close yesterday the crimex had 1,963 Ag contracts(9,815,000 oz) and 33,085 Au contracts(3,308,500 oz) standing for delivery. It'll be interesting to see how many more are rolled over and what remains at the deadline next week. Given the clear spike in investment demand, it'll be interesting also to see how long the crimex can keep this up. The retail channel is clearly depleted and needs restocking and Sprott is stacking a couple million ounces a day just in the PSLV. One has to wonder how long the paper scammers can keep good metals down...given the way physical is flying off shelves.

1613668652617.png


The manipulators will surely beat up the metals heading into delivery notification deadline next Wednesday. I began nibbling on gold for the first time in years at 1795. Will stack some more while they beat it up with their paper scams leading into next week. There's a lot of resistance to knocking paper gold significantly below 1800...so I'll stack at a faster rate as 1750 draws nearer. Silver and platinum feel like coiled springs just waiting for the oppressive weight of all the paper to come off them before they explode higher. ...gold isn't likely far behind imo.
 

Casey Jones

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#6
There's an awful lot of paper being glued to walls of the COMEX. You would think after all this time, when the roof is finally ripped off folks will hopefully be able to see it for what it is. A house of paper with no founsation.

How long will that take?
First, all the gulls that have been stampeded into the Buttcorn trap, have to realize they've been had.

That will take time. Maybe years, unless we have an EMP and they alluva sudden cannot access their "money."

All of the Elites' effort now seems to be channeled into debasing gold price-discovery and steering those who don't trust the printed-dollar-fiat, away from precious metals. Into some other sort of trap.
 

WillA2

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#7
I think PM investing in a simple way. I own a share for every troy ounce I can manage to hang on to.

I wouldn't give a plug nickel for the paper. The plug is worth more.
 

solarion

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#8
First, all the gulls that have been stampeded into the Buttcorn trap, have to realize they've been had.

That will take time. Maybe years, unless we have an EMP and they alluva sudden cannot access their "money."

All of the Elites' effort now seems to be channeled into debasing gold price-discovery and steering those who don't trust the printed-dollar-fiat, away from precious metals. Into some other sort of trap.
ROFLMAO

Keep hating on bitcoin buddy...the douchebags at the federal reserve and crimex thank you whole heartedly. "ZOMG we can't rig bitcoin markets, but we can recruit an army of useful idiots to hate it! ...meanwhile CRUSH precious metals with our paper scams so people have no escape from our crappy rigged equity and debt markets!"

One bitcoin now buys 1918 ounces of paper silver, 41 ounces of paper platinum, or 29 ounces of paper gold.

I can assure you that people with common sense are converting cryptos to stacks of PM right now. To not do so would be idiotic, the value proposition is insanely imbalanced toward metals.

The elites are using paper to smash your gold stack...you know this. They don't/didn't/NEVER needed bitcoin to do that. Bitcoin is just doing what PMs would rightly be doing if they too weren't being crushed by the weight of tons of paper. ...but your need to blame bitcoin because you personally dislike it is amusing.
 

Casey Jones

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#9
It's a trap.

And the secrecy around its creation suggests, basically demonstrates, it's a Deep State con-job. Prevent the sheeple from going to gold.

There is just nothing there but Bigger Fools. You have no returns, as you would with equity instruments; and you have no physical property, as you have with money.

Look, this is old territory for us; and I have nothing new to say. Pyramid participants all profit in the early stages; and the cons who set the pyramids up, get out early.

Eventually there will be no Bigger Fools. Now that EVERYTHING is monitored on the InterWebZ, turning off Buttcorn would be a falling-off-a-log snap. And it will happen, when the next "existential crisis" is manufactured.

If you think you can time it, go for it.

I would sooner put my savings on the craps table.
 

Ebie

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#10
[QUOTE="WillA2, post:

How long will that take?[/QUOTE]

2025 or before.
But a lot is going to happen between now and then...
 

solarion

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#11
It's a trap.

And the secrecy around its creation suggests, basically demonstrates, it's a Deep State con-job. Prevent the sheeple from going to gold.

There is just nothing there but Bigger Fools. You have no returns, as you would with equity instruments; and you have no physical property, as you have with money.

Look, this is old territory for us; and I have nothing new to say. Pyramid participants all profit in the early stages; and the cons who set the pyramids up, get out early.

Eventually there will be no Bigger Fools. Now that EVERYTHING is monitored on the InterWebZ, turning off Buttcorn would be a falling-off-a-log snap. And it will happen, when the next "existential crisis" is manufactured.

If you think you can time it, go for it.

I would sooner put my savings on the craps table.
So you keep saying about the OPEN SOURCE project that you know nothing about. You've been wrong, wrong, wrong, ...and wrong. In fact, not much of what you've said about cryptos has been right...yet you bring them up in every thread. You could just put "I hate bitcoin" in your sig and stop crapping on every thread. This is a thread about gold...why even take the opportunity to crap on cryptos? ...because you personally dislike them? Pretty sure everyone knows that by now.

I'm done thread crapping about this. People can read your post history on the subject and determine for themselves if you've a single clue what you're talking about...you don't.

Sorry bear for the thread crap. Just sick of the bitcoin vs metals debate. They both have their uses...it's not a binary choice.
 

Casey Jones

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#12
Who created bitcoin?

His REAL NAME. Where was he educated. What was his life-history. Was he a con man with prison time? Was he a priest or monk, with a deep commitment to the bettering of humanity?

Open source my ass. If it's open source, bitcoins could be cloned. The code could be broken.

Look, I've said it a dozen times: Do what feels right for you. But I don't see anything there but a financial train-wreck unfolding.
 

BeefJerky

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#13
So you keep saying about the OPEN SOURCE project that you know nothing about. You've been wrong, wrong, wrong, ...and wrong. In fact, not much of what you've said about cryptos has been right...yet you bring them up in every thread. You could just put "I hate bitcoin" in your sig and stop crapping on every thread. This is a thread about gold...why even take the opportunity to crap on cryptos? ...because you personally dislike them? Pretty sure everyone knows that by now.

I'm done thread crapping about this. People can read your post history on the subject and determine for themselves if you've a single clue what you're talking about...you don't.

Sorry bear for the thread crap. Just sick of the bitcoin vs metals debate. They both have their uses...it's not a binary choice.
Can you just put "I love bitcoin" in your signature line and stop shitting crypto propaganda in every thread?
 

solarion

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#14
Can you just put "I love bitcoin" in your sign line and stop shitting crypto propaganda in every thread?
Yeah, I brought it up. Piss off. Post #6 is the first occurrence of a crypto thread crap here.
First, all the gulls that have been stampeded into the Buttcorn trap, have to realize they've been had.

That will take time. Maybe years, unless we have an EMP and they alluva sudden cannot access their "money."
...and THIS is my first post in this thread...post #5.

https://www.goldismoney2.com/thread...reakout-rally-begin-soon.441307/#post-2121112

Do YOU see a mention of bitcoin there? ANY cryptos? Can you read?

Who's thread crapping again? You two need to get control of your irrational hatred of that which you plain as day do not understand and are unwilling to investigate. /ignore
 

solarion

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#16
Agree, and those with an open mind will have opportunities to move assets between them all to maximize gains/preserve wealth...all outside the US dollar system. There's no reason to limit ourselves to just the GSR to take advantage of imbalances. There's an Au/Pt and Ag/Pt ratio as well...for those, like myself, that like the super dense silvery alternative.
 

Casey Jones

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#17
and THIS is my first post in this thread...post #5.

https://www.goldismoney2.com/thread...reakout-rally-begin-soon.441307/#post-2121112

Do YOU see a mention of bitcoin there? ANY cryptos? Can you read?

Who's thread crapping again? You two need to get control of your irrational hatred of that which you plain as day do not understand and are unwilling to investigate.
You cannot discuss the movement of one without considering the other.

None of this exists in a vacuum. It's the dynamic that has to be explored. Why was gold at $200-ish 22 years ago? There were reasons. Without exploring them, you cannot understand why.

Why with all this money-printing is gold not going up in proportion? Again, you have to explore why. Else you're just staring at numbers and shrugging...like...like a Millennial.
 

Scorpio

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#18
which means nothing, as all of it is inaccurate as hell,

if we were to value metals or bcoin against the amount of fiat created since 1980, the widening fiat to 'real' spread is unreal

now of course, years ago, we had mistakenly assumed this fiat creation would manifest into metal prices. Now sure they are up some, but nothing in comparison. Thereby leaving a whole lot of runway for bcoin or others.

the debate isn't crypto vs metals, it is fiat creation against all other.

to my personal detriment, many things over the years have not been invested/speculated in because of my personal beliefs. Much to my financial dismay, but I can live with that. Doesn't matter whether you are speaking of joogle/joozon/fbook or chitcoin. All the same to me and untouchable.

yet that doesn't mean I don't ask 'what if' now and again
but fiat greed doesn't steer my ship, never has, never will
 

BeefJerky

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#19
Yeah, I brought it up. Piss off. Post #6 is the first occurrence of a crypto thread crap here.

...and THIS is my first post in this thread...post #5.

https://www.goldismoney2.com/thread...reakout-rally-begin-soon.441307/#post-2121112

Do YOU see a mention of bitcoin there? ANY cryptos? Can you read?

Who's thread crapping again? You two need to get control of your irrational hatred of that which you plain as day do not understand and are unwilling to investigate. /ignore
You told the guy to put I hate Bitcoin in his signature line. I asked you to put I love Bitcoin in yours. At no point did I tell you to piss off. You're a vitriolic little piece of shit that would get a beat down in real life if you weren't hiding behind a keyboard. You seem to go around this board hurling little insults.

FYI- I didn't respond to the posts you mentioned. I asked the question based on your post #11. I guess it is you who cannot read.
 
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solarion

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#20
the debate isn't crypto vs metals, it is fiat creation against all other.
Quoted for truth. The real enemy of the little people couldn't possibly be more clear. My sense is the masses are finally "getting it" and moving from "I need recurring income into retirement" to "ZOMG I need something to protect me from the dollar scam". Hence premiums on physical. Hating on other alternatives to the fiat system simply because they're moving in a relatively free market...due to NOT having their "price" set on the crimex...isn't helping anyone other than the elite.

I've little doubt gold & silver would be doing precisely what cryptos are doing if they were allowed to do so. As a result I'm swapping what has done well for what has been suppressed and thanking our rulers for distorting the ratios. Ultimately I prefer metal in hand, but recognizing they're being held down means I cannot count on them to protect me from inflation...until that manipulation can be ended.

Edit : The paper metal monkey hammering the past several days...so much lulzy. Go shop for PMs locally or online...they're busy as hell as well as sold out on most of their products. Where's the supply/demand price discovery mechanism? ...oh right, people at the crimex dislike transparency, so they hide it under a mountain of paper metal.
 
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solarion

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#21
Stacked a bit more physical Au overnight after yesterday's bloodbath. It looked a bit too beaten down. Spot was 1777 at the time I pulled the trigger and all that was available were bars and Aussie circles with very little difference in premium(100 over). Much like physical silver and platinum, anything generic makes little sense in here as the premiums are high on everything, but there's very little space between premium sovereign coins and generic rounds/bars. Meanwhile one is prettier and fetches higher buy back prices...bit of a no brainer. I've been loading up boats with anchors and haven't stacked anything generic in months.

A trip to my favorite two local coin shops yielded next to nothing. One literally had nothing to sell except hideously overpriced slabbed crap and gold eagles(yuck). The other had some New Zealand sovereign silver in small quantity, zero gold, and zero platinum. Nothing. I left with the little bit of silver the guy had on hand. Never seen supply of physical so tight as now.