Silver: Another 0.70$ Drop From Here?
Silver: Another 0.70$ Drop From Here? by Rory – The Daily Coin
I watching yet another waterfall drop in both silver and gold this morning. It began unfolding just after midnight last night and the drop continues as of this writing (approx 6:30am CST). What could possibly bring on such a dramatic drop in the metals? War, geopolitical tensions and economies the world over seemingly struggle to get a foothold on real growth, real wages and real production. At one time in the not-to-distant past, this basket of risk would have created the infamous “moonshot” for the metals. Today, with computers, HFT and algorithms it is the string-pullers and button-pushers that determine the exchange rate for the metals, not real world risk.
It seems that Rick Ackerman was looking at all this early on today is predicting that silver will drop, at least, another 0.70$ from here and possibly another $2.00!! WOW! That would put a $9 (single digit) figure on silver. Is that possible?
I posted a worst-case target of 9.35 here earlier, but because things might not turn out that bad, I am proffering an alternative at 13.527 that allows for a less dire outcome. However, that is my minimum downside projection for now, and regardless of what your long-term strategy is for silver, I would not recommend buying any more of it until 13.527 is reached. For purposes of bottom-fishing, you can expect a significant bounce from that number, given the precise bounce in December 2017 from p=16.024. If you don’t subscribe to Rick’s Picks, just click here for a free two-week trial. It will give you instant access not only to the chat room, but to actionable ‘touts’, intraday alerts and impromptu ‘requests’ sessions online. Source
So far Rick’s chart has nailed the movement since mid morning. The drop in silver looks nasty on the chart.
The first chart is static – it will not change. The second chart is a live view of silver and will remain in motion.
If we look at gold are we going to see this same type of movement to the downside? The same type of percentage movement off the lows we are currently experiencing? How much lower is gold moving from here? If gold does in fact breach the $1,000 mark I can not imagine the volume of acquisitions this would spark on a global scale. My guess is, people would be lined up in China and India at the gold markets to stuff their pockets, their backpacks and any other container available to hold gold.
The first chart is static – it will not change. The second chart is a live view of gold and will remain in motion.