What to do after Friday’s brutal $37 plunge in the silver market.
EMAIL: Don’t Get Distracted Or Discouraged
February 2 (King World News) – Email from King World News reader Terry C: Hi KWN! I‘ve been an avid reader / listener for years. Just want to say thanks again for all you do.
The only input I have to other readers is: Don’t get distracted by the paper gyrations, it’s nothing but folly — unless you are in paper!! Hard asset holders enjoy!! You may want to start including the Shanghai Index in your periodic monitoring of precious metal. China will be calling the shots eventually with the “Real” physical prices of metals.
Be safe and God Bless!
Terry C
Silver Plunges $37 On Friday
Graddhy out of Sweden: Silver dropped $37 yesterday… $37!
At the end of a parabolic move the first real downday can be brutal. The signs were there that it was topping here, but Friday we got a down-day that was more than brutal.
KING WORLD NEWS NOTE: Friday’s Brutal 37% Takedown In The Silver Market Was Extreme By Any Measure
This is why you in your trading portfolio start selling in tranches when you start seeing the real signs of a top. This we have done at the service during the last few weeks.
And your long term miners portfolio you do not touch, or you “trade around” it, i.e. sell 20-35% at the top in order to buy it back at the coming low.
The blue rising wedge in the chart above (up against big resistance on higher time frames) was one of many signs that it could roll over with force here, and that we also got, with a bit more force than expected; a 15-18% first down-day would have been normal, but a 31% down-day is extreme. And maybe not that natural. Plus, it meant that it did the around the apex move down (my own term and pattern) in just one day.
Other signs were e.g. all the other rising wedges in the space, that metals moved higher but miners did not follow, the large indecision-like candles for metals Thursday, the big fat bearish engulfing candle for GDX very late in the daily cycle day 33 Thursday, etc, etc.
This is most likely a parabolic up-move topping. And one needs to have seen a few of these in order to be able to handle them correctly.
That is one of the many reasons why it is absolutely vital to follow the right people.
A big up-move can digest the move (correct) by dropping in price, or by going sideways in time. Most of the time we get both in some sort of combination. Now the job is to figure out where the next big low will be, plus have a plan for what to do once there.
What Does It All Mean?
King World News note: Silver remains very cheap vs gold, and the XAU mining stocks vs gold are at one of the cheapest levels in history. Remain patient because the bull market in the metals and mining stocks is far from its conclusion. It will end in a historic mania that will be one for the history books.
Friday’s Brutal Gold & Silver Takedown
To listen to Alasdair Macleod discuss Friday’s gold and silver takedown CLICK HERE OR ON THE IMAGE BELOW.
Billionaire Pierre Lassonde Predicts Gold Price Will Hit $25,000
This is one of Pierre Lassonde’s greatest interviews ever where he predicts jaw-dropping prices for gold, silver and mining stocks and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
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