Gold blows past $2,000, and silver blows past $25.
(screen-shot taken at 6:30 pm EDT, August 4)
1 Like
The dollar is going weak now. Time to switch to crypto perhaps!?
I just went long the dollar today - I love the contrarian trade
Hello John, When you say you went long the dollar, do that mean you went long on the Usdx and if it was was it on the daily or an 8 hour? As I only have Mt4 with Daily. Or did you use some other method to go long?
Cheers
Did you consider Usd/Cad Daily? IB on my feed anyway
I didn’t take that, its not a pair I generally trade. I did see the bar your talking about though.
There is one in the GBPUSD today. That would prove interesting because if it triggers it might negate our USD trades.
Yes we see some crazy estimates like 3K or 4K but remember the time when it made $1900 after QE 1. Many market pundits thought it will go even higher because of inflation threat but eventually it wasn’t confirmed. That’s the issue with calling a peak with every leg of growth it seems like it is unstoppable.
I actually think gold is going to 15k or more.
But…it will take time and there will be pauses, consolidations and corrections along the way.
It took nine years to break the old high - it’s abit like the 1970s all over again.
1 Like
I can’t guess a price, but with the inflation the USA is creating, and the unprecedent rise of the stock market, gold will definitely continue its path higher, for now. LT I can definitely see it going to $3000 or more.
So can you please explain to me if it is worth investing in silver while it is so cheap? My friends and acquaintances say that you should not invest in silver because over the years the price of silver only falls and does not rise at all. I am advised to invest instead of silver in gold coins because they are of great value as a precious metal and, in addition, as a collectible. True, I clearly don’t know where to buy gold coins. I am looking for a very high quality good service with a large assortment. It is desirable not just gold coins, but also collectible ones. Thanks in advance for all your answers and for your help, I am very grateful to Johnscott31 and tiaanjfourie.
1 Like
In my opnion, Investing in silver (and gold) is a good idea. It is a good hedge against Fiat currencies, which is a shaky investement long term. Though gold is at new time all time highs, the state of large economies around the world is dire, which means a possible larger inflow into commodities. Short and medium term, gold and silver could weaken to a stronger dollar, however, long term, I can see gold, and especially silver, doubling its price.
Fyi, the only reason I think dollar will strengthen is because the US stock market bubble might pop near term. That being said, a rise in the dollar because of a weak stock market might not even mean a rise against commodities. We just might see gold range around $2000 for a few months before breaking out.
Silver is cheap? - I remember first trading it in the $5 range!
Actually it’s an interesting question that perplexes the silver bugs.
Where to begin…
Well there was and I assume still is a theory out there that silver has long been kept down in price by end users and bullion banks.
First off it was Kodak, then it was JP Morgan.
I really have no idea how true this all is - but if you read the work of Ted Butler, he claims to have proof of these price suppression schemes.
One day silver is supposedly going to da moon. I still hope it does.
But one of the theories as to why the ‘evil bullion banks’ suppress the price is to make the dollar look strong.
And it’s possibly easier to control silver prices than gold because it’s a small market.
There is tons of info online about all this if you know where to look.
I traded silver many years and could bore you all with the minute details.
But in the end I figured sitting around reading about conspiracy theories didn’t help my trading.
I’m sure one day silver will have it’s day in the sun. At the bull market top in silver it is supposed to take 16 ounces to buy 1 ounce of gold - so yes using that metric silver is still very cheap.
1 Like