After the brutal high-volume smackdown last Friday, it would have been almost unheard of for gold and silver to sustainably resume the upward path again immediately, which is why the rally earlier this week failed as “bagholders” used it to get out at a reduced loss just as we expected. Silver in particular has followed the trajectory set out in the article
CORRECTION DOWNSIDE TARGETS FOR GOLD AND SILVER almost exactly and is now approaching our downside target for this correction at about $65 with further losses this evening compounding the heavy $17.40 loss today on the CME. Gold is holding up better, having briefly touched our downside target at $4400 intraday on Monday, which is due to strong underlying support at $4250 - $4400 that we had earlier noted. On the silver and SLV charts it looks like we are seeing the completing C-wave of a 3-wave A-B-C correction.
Normally we would expect to see a longer hangover after a parabolic blowoff such as we have just witnessed in the metals, but these are not normal times and the dollar – and all fiat – is spiralling the drain in a doom loop. This is why the metals could resume the upward path much sooner than we would otherwise expect. So we may very soon find ourselves scrambling to pick up more silver stocks if it looks like they are taking off higher again and it wouldn’t be a bad idea, since silver is arriving at our downside target, to start getting them on board again now. Copper looks like it is shaping up for a big rally on the next metals run and so, using the opportunity presented by the metals correction, we went for a couple of copper stocks today at favorable prices that are looking set to do well once the sector takes off higher again.
Silver is going much much higher – if you doubt that then look again at the CHART OF THE AGES. Greg Mannarino thinks as much too in this 16 minute video SILVER PRICE ALERT and for those of you who don’t know him, don’t make the mistake of thinking that because he’s gone off on a Rastafarian tangent that he doesn’t know what he’s talking about.
Going off on a tangent myself, here is a stunning drone video of the 9-11 Memorial that you may not have seen. I am amazed that, after 6 years, this video has so few views, but of course, most people don’t know about it.
Staying off on a tangent I came across a very thought provoking video (really an audio) last night entitled I WILL TEACH YOU HOW TO FEEL IT which if true is very profound and empowering. After watching I thought, why not try it? – got nothing to lose and maybe a lot to gain. Perhaps some of you will feel the same way about it too.
End of update.
Posted at 7.30 pm EST on 5th February 26.