Gold! & Silver (Long?)

Well, the sentiment around the world is that the price of gold will rise. I’ve heard crazy figures, like $4000. Is it possible? Probably long-term, but if gold reaches even $3000, experts indicates how that would mean something went really wrong in the world economy. If you want good tips from an economist who has had many truthful predictions, look at Peter Schiff. He does podcasts 2/3 times a week.

My technical analysis indicates that there could be an upward push. The RSI is subdued and a nice bullish flag formed, as indicated in the chart below. You can call that an ascending triangle as well. I’m doubtful there is going to be a rally today (you never know) but in the next few weeks, or days, continued pressure could indicate a continuation upwards.

That being said, I have no position in gold, however, I have an open position in silver. My pending order hit on the long side around $16. Yes, I am hoping for a breakout and not a pullback. It is ranging around the 61,8 fib and I am looking to exit the trade around the 78,6 fib.

Any analysis, tips, comment and advice is much appreciated
Love, hope and honesty for and from you all is what the world needs.

Gold and silver are commodities. Trading through these can be done through the Multi Commodity Exchange. It is the largest commodity exchange market in India and the sixth largest across the globe. Commodity trading mainly involves gold, and there are different billion options to choose from.

Here are some tips on commodity trading for gold and silver to begin with –

• Select a broker. Brokerage firms are the best way to enter MCX. You should choose a firm that matches your aspirations and ideals. Make sure the broker is registered under MCX.
• Register yourself for trading in gold or silver, and it is a must in the application form. Fill with relevant details and a copy of the necessary documents. Complete the registration by submitting the form.
• Every commodity requires a minimum investment amount and makes sure it meets your investment need. The minimum amount for gold is INR 5,000.
• You cannot trade in gold unless you transfer the amount to your broker. Transfer through DD, cheque, or net banking.

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Aw man, wish you had gone in with that long gold trade! Are you still long XAUUSD? :open_mouth:

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Kept an eye on gold to trade silver. I’ve been waiting for this bullish movement and luckily caught it.

Ah that’s awesome! Happy ending after all. :slight_smile: Anything else you’re looking at these days?

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Keeping an eye on silver, as well as the weak dollar. I don’t think there is a bottom in the dollar just yet.

Got it thanks! Thoughts on bitcoin? :open_mouth:

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We are approaching milestone prices in gold and silver:

Gold (already in record price territory) is approaching $2,000 / Troy ounce, and

Silver is approaching $25 / Troy ounce (not a record).

The gold/silver ratio, which reached absurd levels around 113:1 in the Spring, has now settled back to a less-absurd 80:1. If history is a reliable guide, the gold/silver ratio should be somewhere in the 60:1 to 70:1 range.

The recent spectacular upmove in the price of silver has been powered by (1) strengthening gold prices, and (2) a narrowing G/S ratio, as silver plays catch-up.

Since earlier this year, physical metals have been in short supply, or simply unavailable on the retail market. Off and on since winter, a large bullion dealer I have traded with in Dallas has listed pages and pages of out-of-stock merchandise (both gold and silver) on their website.

Here’s one example (screen-shot taken today) –

Throughout the Spring, I was stacking silver, and it was a challenge to acquire simple items like 10-ounce silver bars and fractional silver rounds.

Several fundamentals are driving precious metals prices. Helicopter money is at the top of that list.

According to Conventional Economic Theory: As the U.S. government continues to shovel cash out to individuals and businesses, in an attempt to forestall a major depression, all that helicopter money is diluting the USD money supply and setting up the preconditions for galloping inflation (and possibly hyperinflation).

Another theory, Modern Monetary Theory, argues that it’s okay for sovereign nations to create and spend as much helicopter money as needed, in order to mobilize idle resources in the economy. During this Chinese Bat-Virus Pandemic, sustaining idle workers and struggling businesses, long enough to get them up and running as the economy recovers, would appear to qualify as “mobilizing idle resources”.

According to Modern Monetary Theory: The U.S. can drop helicopter money all over the country, and still avoid all the dreadful consequences predicted by Conventional Economic Theory, provided all the excess liquidity created by the helicopter money is systematically withdrawn from the economy, after the crisis has passed. And therein lies the problem. The helicopter money is wildly popular politically. Wringing the excess liquidity out of the system later will be bitterly unpopular.

The precious metals markets are betting that the “bitter wringing” will never happen, and that the decades-long erosion in the value of the USD will continue and will accelerate. Consequently, the current weakness in the USD – and much more severe weakness anticipated in the future – account for a large part of the current strength in gold and silver prices.

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Personally - I would buy physical gold (Delivered) - but would NOT touch “Paper gold” - with yours !

Bear in mind the first “Bankers” were Goldsmiths who sold many multiplles of teh acual “Gold” they had in their posession ! - I don’t trust “Paper Gold” at all !

Me too! Crazy to hear those projections and at the same kitty time, imma get excited 'bout the prospect! :heart_eyes_cat:

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I don’t think $4000 is a crazy prediction at all. When the Dow was at 1000 who would have thought it would even go to 10,000?

There are many fundamental reasons why gold can and should go much much higher

Currency debasement, negative real rates, and very few large gold deposits being found.

But as a trader it’s isn’t good to focus on these predictions. It can blind you as to what is in front of you.

I spent many years being a gold bug and still am very successful trading it. So let me tell you one thing about the gold community - they always think the dollar is going to collapse, that gold is manipulated and that very soon it’s going break free of it’s shackles and go to the moon.

Gold will get to 4k at some point im sure, but it isn’t going to be tomorrow or even next year.

Focus on the here and now and take all price predictions with a huge grain of salt.

Gold has been stunning recently but me thinks there is far too much bullish sentiment and so it needs to fall to rebalance that sentiment.

I hope I’m wrong because I’m long gold right now but be prepared for a shake out - the summer doldrums are usually a bad time for gold and silver.

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Wow… :open_mouth:

Yuu are kitty right on the money!

Will take note of this.

Im bettin long coz of lookin’ at the “fear” backdrop bein stronger than the overbought sentiment - that of the US-China tensions and the “weak dollar” thesis based off this pandemic with technicals as the final arbiter.
Good luck to us! :heart_eyes_cat:


I once got very very very badly burned by following gold/silver bug predictions too closely.

I had made a ton of money over about 6 months being long silver. All the projections were it was going to $50 an ounce.

It got to around $49 on an intra day basis - but I was stopped out somewhere around $47 I think. Loadsamoney made.

But my mind was stuck on the target of $50 (dumb I know)

So I got back in, stopped out at a loss, tried again stopped out at a loss

I was making it up as I went along.

After a few attempts I just held - as silver then proceeded to crash to late teens

Mentally I was decimated - it took me a year to recover.

But I never ever thought about a price target again and it was the last time I ever held a loser.

There are so many frauds writing in the sector - they make their money from promoting constant fear the world will end.

Others treat gold as some type of religion.

So be wary, the world is not in a great place I agree but I would never bet against humanity’s ability to overcome.

With that said gold is one of the great markets to trade - the %r gains can be stunning if you know how to trade it.

Wow :heart_eyes_cat:
I am sort of a silver fan myself coz silver is cheaper than gold givin you more bang foww your buck. I gotta admit deep down I am hoping XAGUSD goes back to those pawesome levels. :sweat_smile:

This kitty has been there before too! (It was one of the NZD pairs I think) It was when i closely followed certain analysts and followed em blindly/ I guess we’ve all been there. hihi… :sweat_smile:

I feel ya… But at least you got back on your paws! :cat:

Cheers to that kitty lesson! Same here! 1st lesson NZD, 2nd lesson XAUUSD

I kitty knew it! There were “conspiracy theories” before that certain writers were made to write a “theme” depending on what was needed to be broadcasted to retail traders.

Good luck to us and do well! :heart_eyes_cat:

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Not sure why all the cat references but I love em - got three Persians myself.


Thank you! Please forgive my gimmick. :wink:
1.) I adore cats (too much)

(Thor, Tigger)
2.) I feel like they give out good vibes and make things feel better. In the serious and tough world of trading, i try to throw in a lil enthusiasm and give people a boost of happiness and confidence like “If a silly cat can do it, so can I!” :smirk_cat:

Of course I try my best not to be too “cattish”. hehehe… I am happy to meet a fellow cat-loving, gold-swingin, silver-tradin fellow. :smile_cat:


Great explanation, and I agree. The US economy is going to have a rough few years, which will then effect the world economy. The democrats are definetaly not going to ease the pressure and might just continue printing money.

Bitcoin is difficult. Though I like its properties and the idea behind it, I can’t find real value behind it. The technology behind it is fantastic, but I wouldn’t suggest anyone to invest more than 1% of their invetable income into Bitcoin. In terms of trading the BTCUSD, if you are making money, why not?

I love thus conversation. :joy:

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Indeed. That is always what it boils down to!