Wednesday, July 18, 7:06 am EST. Well, if the lines of price support I was writing about in recent posts, which failed and gave way yesterday, were just what I had said they were… then, the next most obvious action would be that such selling would likely beget more selling… as others give up, throw in the towel, and get out! That would appear to be what is happening now. Prices are off a pretty good amount overnight… Gold’s off .4% and silver another .9%.
Some new price bottom is going to have to be found. Technical price action has been damaged. That which was believed would be support, and that it would hold… as I had thought, too… is no longer applicable. Support broke. It’s likely now that some time is going to be needed to repair the technical damage… And, this previous support is now to likely become future overhead resistance.
So, this is good. More are getting out. They’re selling, taking their loss, and moving on. Some may never come back. As I’ve said before. The harder it becomes, and the more get out and go away, the greater the future gains, when the real rally should commence. It now appears that the real rally is going to be commencing… from a lower price level than was previously thought. O, well…. I’ll watch, and I’ll wait.
I want to participate in one real Bull Market in the metals in my lifetime, if I can. I learned that the metals are just about the most cyclical, and volatile industry group of them all, and I’ve also learned that those who are any good at all in involving themselves in the ‘investment’ and trading of such a volatile and cyclical group, can make fantastic returns, and create fabulous wealth. With a portion of that which I have, I am hoping to catch one such ride as that… pretty much for the fun of it, I suppose, as I don’t actually need to, at all!
Here’s to your accumulation of real wealth!
Harold F Crowell