muses of the moment

September 26, 2012

It is sell everything day

Filed under: Gold and Silver Investing, Precious metals — totallygroovygirlfriday @ 12:16 pm

It is a “sell everything not nailed down” day. Gold is getting hammered but seems to have support in the low 1740’s so far.

Advertisements

2 Comments »

  1. GG,

    Observations:
    Dan Norcini: secondary buying support at the $1735 – $1725.
    Martin Armstrong:
    1. Weekly panic cycle this week (appears to be a panic sell vs. the last panic cycle which was a panic buy)
    2. Monthly direction change in October (which could be beginning right here in late September, but still closing higher than August’s monthly close at 1692.30)
    Gold has been topping and setting up for consolidation for over a week:
    MFI14 topped 9/19/12
    RSI14 topped 9/14/12
    MACD 10,20,4 topped 9/20/12

    Note that I have not sold any physical, nor am I shorting in the paper markets. However, I am holding out for Martin’s forecast of a 1Q2013 bottom before I buy physical again.

    Now, if we get a technical signs of a renewed rally, I will buy on the paper markets to trade or to hedge in case I am forced to eat my words and buy physical at much higher prices.

    …all subject to change at the slightest whim, of course.

    The trick to being a lemming is to pull away from the pack before they all go over that cli……………….

    (splash)
    -Lemming

    Comment by Lemming — September 26, 2012 @ 12:55 pm

  2. Lemming,

    EXCELLENT Points!!

    It is a rough day when they hammer gold.

    gg

    Comment by totallygroovygirlfriday — September 26, 2012 @ 1:04 pm


RSS feed for comments on this post. TrackBack URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Create a free website or blog at WordPress.com.

%d bloggers like this: