Craig Hemke: Gold & Silver Update
Craig Hemke: Gold & Silver Update by Rory – The Daily Coin
Whenever there is something strange to happen in the “markets” like what happened last week when the Sydney precious metals market opened, I like to speak with people that have a lot more knowledge than myself.
If you recall on Tuesday August 1 and Wednesday August 2 there were very outsized spikes that showed up within, literally seconds of one-another back-to-back nights. Tuesday we saw a massive spike down, in silver, followed immediately with a rebound spike to the upside. Wednesday, in the silver market, at almost the exact same tick on the clock, we saw a large spike down that did not reverse like the previous night. Both gold and silver have been sliding to the downside ever since.
Friday, with the release of the BLSBS nonsense we saw another beatdown in both metals. Was Friday an echo from what happened on Tuesday and Wednesday? Probably not.
If you followed along the past couple of weeks we had discussed, in some detail, how the metals, especially silver, were set for a nice move to the upside. All the “technicals” were in place and everything looked as if silver had to move higher. Of course, all this means is we should proceed with extreme caution. We did warn of something like what happened on Friday, August 4, but we had no idea it was going to be a bloodbath.
As of today. Monday August 7, neither of the metals have recovered from the beating that began last Tuesday.
I sat down with Craig Hemke, TFMetals Report, to find out what is going on. As a subscriber to his site I was able to follow along with all Craig’s analysis and make some decisions about what should or should not happen. Also, I had been reading and listening to a couple of other analyst who had reached the same conclusions as Mr. Hemke and felt comfortable discussing the “set up” that had formed in the metals. Well, we now know the algo’s were having nothing to do with the “set up” and actually stepped in to show who is in charge.
We can only hope the beatings are subsiding and “normalcy”, whatever that is, can return to charts and graphs. It’s a great update provided by Craig from beginning to end.